HomeMy WebLinkAboutResolution 2015 - 04 for Jucicial Confirmation (Water Facilities).pdf
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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 PROCEE D 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.
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 4th day of March,
2015.
Richard S. Woodland, Mayor
ATTEST:
By:
Blair D. Kay, City Clerk