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C T or
REXBURG
RESOLUTION NO. 2015 -04
BY THE REXBURG CITY COUNCIL:
A RESOLUTION DECLARING THE NEED TO CONSTRUCT AND
ACQUIRE WATER FACILITIES; APPROVING THE PROJECT AND
AUTHORIZING THE CONSTRUCTION AND ACQUISITION OF SAID
FACILITIES; PRESCRIBING AN INSTALLMENT PURCHASE AND
TRUST AGREEMENT AND RELATED DOCUMENTS AS THE MOST
SUITABLE MANNER FOR SECURING CONSTRUCTION AND
FINANCING OF SAID IMPROVEMENTS; AUTHORIZING THE FILING
OF JUDICIAL CONFIRMATION PROCEEDINGS; DIRECTING CITY
OFFICIALS TO PROCEED WITH SAID FACILITIES AND FINANCING
THEREOF AND WITH THE FILING OF JUDICIAL CONFIRMATION
PROCEEDINGS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, officials of the City of Rexburg (the "City") have determined that it is
necessary to expand and improve its water facilities in order to provide adequate capacity
for meeting current health and safety requirements; and
WHEREAS, City officials have recommended that certain water facilities for the
City (collectively, the "Project ") be constructed and acquired to meet the above needs and
requirements; and
WHEREAS, City officials have recommended that the financing, acquisition and
construction of said Project be accomplished by an installment purchase and trust
agreement and certain supplements thereto in an aggregate principal amount of up to
$11,100,000.00 (the "Agreement ") with certificates of participation, and related
documents, and that prior to entering into the Agreement and the other documents, the
City should obtain judicial confirmation of its power and authority to enter into said
Agreement under Title 7, Chapter 13, Idaho Code; and
WHEREAS, the City on March 4, 2015, held a hearing concerning the Project and
the City's consideration of filing a petition for judicial confirmation as required by Section
7 -1304, Idaho Code, as amended, after fifteen (15) days' notice thereof published in the
Rexburg Standard Journal and notice to any individuals requesting it pursuant to Sections
7 -1304 and 7 -1306, Idaho Code, as amended, and at said hearing all testimony was
received and considered, and at least fourteen (14) days has passed since the date of said
hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF REXBURG, MADISON COUNTY, IDAHO:
Section 1. That construction, acquisition and financing of the Project is
necessary in order to meet the health and safety needs and requirements in the City.
Section 2. That construction, acquisition and financing of the Project in order to
meet said requirements is hereby directed and authorized subject to any requirements for
competitive bidding.
Section 3. That the Agreement and related documents are hereby approved and
authorized, subject to any competitive bidding requirements, as the manner and method to
finance the construction of the Project in the amount stated above, subject to the judicial
confirmation of the City's authority to enter into said Agreement, and the filing of such
proceedings under Title 7, Chapter 13, Idaho Code is hereby authorized.
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Section 4. That the City officials and counsel are hereby directed to proceed
with the construction of the Project as provided herein and to proceed with the filing of the
judicial confirmation proceedings authorized herein.
Section 5. That this Resolution shall be in full force and effect from and after its
passage and approval.
PASSED by the City Council of Rexburg, Madison County, Idaho, this 18`x' day of
March, 20.11..,.
'c and S. Woodland, Mayor
6.
ATTEST:
By: h
Blair D. Kay, City Clerk