HomeMy WebLinkAboutORDINANCE NO. 496 BONDSORDINANCE NO. 496
AN ORDINANCE AMENDING SECTION 4 OF ORDINANCE NUMBER 493
ENTITLED: "All ORDINANCE AUTHORIZING THE ISSUANCE OF $125,000
GENERAL OBLIGATION STREET BONDS OF THE CITY OF REXBURG, C014FIRMING
THE SALE OF SAID BONDS, A14D PROVIDING FOR THE PAYMENT THEREOF."
BE IT ORDAINED by the mayor and city council of the City of Rexburg, Madison County,
Idaho, as follows: - -
Section 1: That Section 4 of Ordinance Number 493 of the City of Rexburg, Idaho,
adopted on April 29, 1969, is hereby amended to read as follows:
"SECTION 4: That to pay interest on said bonds falling due to and including
December 1, 1970, there shall be levied in the year 1969 on all property within the City
of Rexburg, in addition to all other taxes, a direct ad valorem tax sufficient to produce .
the sum of $10,849.50, and thereafter to pay the interest on said bonds as the same falls
due and also to pay the principal of said bonds as the same matures, there shall be levied
on all taxable property in said city, in addition to all other taxes, a direct annual ad
valorem tax in years and amounts as follows:
YEAR
PRINCIPAL
INTEREST
TOTAL
1970
$4,000
$7,113.00
$11,113.00
1971
4,000
6,873.00
10,873.00
1972
4,000
6,633.00
10,633.00
1973
4,000
6,403.00
10,403.00
1974
5,000
6,155.50
11,155.50
1975
5,000
5,880.50
10,880.50
1976
5,000
5,605.50
10,605.50
1977
6,000
5,303.00
11,303.00
1978
6,000
4,973.00
10,973.00
1979
6,000
4,635.50
10,635.50
1980
7,000
4,261,75
11,261,75
1981
7,000
3,859.25
10,859.25
1982
8,000
3,422.00
11,422.00
1983
8,000
2,950.00
10,950.00
1984
8,000
2,478.00
10,478.00
1985
9,000
1,276.50
10,976.50
1986
9,000
1,445.50
10,445.50
1987
10,000
885.00
10,885.00
1988
10,000
295.00
10,295.00
Said taxes in each of said years shall be and are hereby certified to the County Auditor
of -Madison County on or before the third Monday of September of each year in addition to
all other tax rates so certified. -It is specifically provided, however, that the City
of Rexburg . may apply to the payment of principal of and interest on said bonds any funds
lawfully available therefore which may be derived from other, sources; but the aforementioned
taxes shall never be diminished prior to payment of all of the bonds herein authorized
except, in any year, to the extent that other available funds shall have been applied to
or set aside in a special fund to be irrevocably held for the payment of principal or interest
or both payable from said taxes for such year.
The taxes herein levied shall be in addition to all other taxes levied by the city,
and shall be levied, assessed and .collected in the same manner and at the same time in each
year as other city taxes are levied, assessed and collected. The full faith, credit and all
taxable property in the City of Rexburg are and shall continue pledged to the punctual payment
of principal of and interest on said bonds, and any such principal or interest falling
due at a time or times at which proceeds of the taxes herein levied are not available in an
amount sufficient to pay such principal or interest, shall be paid from the general fund of
the City of Rexburg and reimbursement to the general fund made from the proceeds of said
taxes when they shall have been collected."
Section 2: That all ordinances and resolutions or parts thereof in conflict
herewith are to the extent of such conflict hereby repealed, and that this ordinance shall
be published in one issue of the Rexburg - Journal, the official newspaper of said city, and
shall take effect and be in full force immediately upon its passage, approval and publication.
Section 3: That if any section, paragraph, clause or provision of this ordinance
shall ever be held invalid or unenforceable, such holding shall not affect the remainder of
this ordinance, which shall continue in force and effect to the same extent as if said in-
valid or unenforceable portion had not been included herein.
Passed and approved June 4, 1969.
Mayor _160�
Attest.:
(City Clerk)