HomeMy WebLinkAboutOrd No 1205 - LID 48 CreationInstrument # 421752
REXBURG, MADISON, IDAHO
2-28-2019 10:46:51 AM Na of Pages: 5
Recorded for: CITY OF REXBURG
KIM H. MUIR Fee: 0.00
Ex -Officio Recorder DeQuty (,�
CITY OF
REXBURG
America's Family Community
ORDINANCE NO. 1205
AN ORDINANCE OF THE CITY OF REXBURG, IDAHO, CREATING
LOCAL IMPROVEMENT DISTRICT NO. 48; DESCRIBING AND
SETTING FORTH THE BOUNDARIES OF SAID LOCAL
IMPROVEMENT DISTRICT; PROVIDING FOR THE IMPROVEMENTS
TO BE MADE THEREIN; APPOINTING AN ENGINEER TO PREPARE
THE NECESSARY PIANS AND SPECIFICATIONS FOR THE WORK;
AUTHORIZING THE ADVERTISING FOR BIDS FOR SAID WORK AS
AUTHORIZED BY LAW; PROVIDING FOR THE PAYMENT OF COSTS
AND EXPENSES OF SAID IMPROVEMENTS TO BE ASSESSED AGAINST
THE PROPERTY WITHIN THE DISTRICT BENEFITTED THEREBY
AND THE METHOD OF ASSESSMENTS; PROVIDING FOR THE
ISSUANCE OF LOCAL IMPROVEMENT DISTRICT BONDS AND
WARRANTS; PROVIDING FOR RELATED MATTERS; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City of Rexburg, Idaho (the "City"), is a municipal corporation
organized and operating under the laws of the State of Idaho and is authorized by
Idaho Code Title 50, Chapter 17, to create local improvement districts for public
improvements, and to finance said improvements by the issuance and sale of local
improvement district bonds or warrants, which bonds or warrants are payable solely
from assessments upon the property benefitted by said improvements; and
WHEREAS, the City Council (the "Council") of the City has determined that it
is in the best interests of the City and its residents, and of the property and residents
within the proposed local improvement district, to create a local improvement district
for the construction of certain improvements, and other related expenses; and
WHEREAS, after proper publication and mailing of notice to the owners of
property within the proposed improvement district of intention to create the proposed
local improvement district, a public hearing was held by the Council on January 16,
2019, at which hearing the residents and owners of property within said proposed local
improvement district had the opportunity to protest the formation of the local
improvement district.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
COUNCIL OF THE CITY OF REXBURG, IDAHO, as follows:
Section 1: The Council hereby finds and declares:
a. That Local Improvement District No. 48 will be in the best interests of the property
affected and of the Rexburg City;
b. That there is a reasonable probability that the obligations of Local Improvement
District No. 48 will be paid;
c. That the value of the property subject to assessment within Local Improvement
District No. 48 (such value being determined by the current assessed valuation of such
property for ad valorem tax purposes as shown by the records of the Assessor of
Madison County, Idaho) exceeds the sum of the estimated costs to be assessed against
the property included in Local Improvement District No. 48; and
d. That the Council has heard, considered, and passed upon any protests which were filed
in writing in advance of the hearing held and conducted on January 16, 2019 as more fully
set forth in the proceedings of said hearing, and all of such protests are hereby overruled,
except to the extent reflected in the description of the boundaries of L.I.D. No. 48 set
forth in Exhibit "A" which is annexed hereto and by reference made a part hereof.
Exhibit "A" can be viewed at the Clerk's Office at City Hall. The boundaries of the L.I.D
48 encompass the real property within Rexburg city limits, located primarily along 2"d
North between 5`" West and 2"d West, 2"d North between 2"d East and Madison Ave, 2"d
South between 3`d East and Millhollow Rd, and Terra Vista Dr between 4`h East to
Shoshone Ave.
Section 2: There is hereby established and created a local improvement
district within the City, to be known and designated as "Local Improvement District
No. 48" ("L.I.D. No."), the boundaries of which local improvement district, all situate
in Madison County, Idaho, are particularly described in Exhibit "A" which is annexed
hereto and by reference made a part of this Ordinance.
Section 3: A description of the improvements to be constructed (the
"Improvements") is as follows: the installation and/or replacement of streets, curbs,
gutters, sidewalks, water lines, sanitary sewer lines, storm sewer lines and other
improvements as necessary, together with related improvements and costs of
engineering, legal services, publication, interest on borrowed funds during construction,
bond issuance costs and reserves, and other related expenses.
Section 4: The costs and expenses of the Improvements shall be assessed
against the abutting, adjoining, and adjacent lots, and lands and other properties
benefited by the Improvements, according to a front foot method or a square foot
method, or in proportion to the benefits derived to such property by said
improvements, or a combination thereof, subject to any variations there from to be
determined by the Council.
Section 5: Said Improvements are additional improvements.
Section 6: The total estimated cost of the Improvements is $2,165,877.
Approximately $1,748,003 will be paid by the City, representing the amount of benefit to
the general public resulting from the Improvements. The balance of the cost will be
paid by a levy of assessments on the property benefited on the basis set forth in Section
4 of this Ordinance. Said assessments may be paid in annual installments of principal
and interest, over a period which may be less than but which shall not exceed thirty (30)
years, as shall be determined by the Council, if not otherwise provided by law.
Section 7: Costs and expenses assessed as herein provided shall include the
contract price of the Improvements, engineering and clerical services, advertising, costs
of inspection, costs of collecting assessments, interest on any warrants issued, legal
services for preparing the proceedings and in advising with regard thereto, services of
financial advisors, necessary reserves, and costs of issuance of any bonds or warrants.
Section 8: The City Engineer is hereby appointed as engineer for L.I.D. No. 48
and shall prepare the necessary plans, specifications, and advertisement for bids for the
construction thereof Advertisement for bids for such work shall be published and
contracts awarded in accordance with Section 50-1710, Idaho Code.
Section 9: For the purpose of paying any contractor for the cost of the
Improvements for L.I.D. No. 48, or otherwise defraying any of the costs of the
Improvements as they become due, the Mayor, the City Treasurer, and the City Clerk
are hereby authorized and directed to cause to be issued, sold, and delivered, on behalf
of the City, interim warrants of L.I.D. No. 48, which warrants shall be in such form and
amounts (not exceeding, in the aggregate, $200,000), as the Council may hereafter
provide by resolution, which warrants shall be redeemed and paid in full, together with
any accrued and unpaid interest thereon, from the proceeds of the sale of the bonds or
warrants or the prepayment of assessments of L.I.D. No. 48. The first proceeds of the
prepayment of assessments and the sale of Local Improvement District No. 48 bonds
or warrants are hereby pledged for the payment and redemption of the principal and
interest on each interim warrant issued pursuant hereto.
Section 10: This Ordinance shall be published once in the official newspaper of
the City and shall take effect and be in full force immediately upon its passage,
approval, and publication.
Passed by the City Council of said City and approved by the Mayor on the 20�' day of
February, 2019.
CITY OF REXBURG
Madison County, Idaho
ATTEST:
Deborah Lovejoy, City Cl
(STATE OF IDAHO)
ss:
(County of Madison)
By
rry L Terrill, Mayor
I, Deborah Lovejoy, City Clerk of the City of Rexburg, Idaho, do hereby certify:
That the foregoing is a full, true and correct copy of an Ordinance entitled:
AN ORDINANCE OF THE CITY OF REXBURG, IDAHO, CREATING
LOCAL IMPROVEMENT DISTRICT NO. 48 DESCRIBING AND SETTING
FORTH THE BOUNDARIES OF SAID LOCAL IMPROVEMENT DISTRICT;
PROVIDING FOR THE IMPROVEMENTS TO BE MADE THEREIN;
APPOINTING AN ENGINEER TO PREPARE THE NECESSARY PLANS AND
SPECIFICATIONS FOR THE WORK; AUTHORIZING THE ADVERTISING
FOR BIDS FOR SAID WORK AS AUTHORIZED BY LAW; PROVIDING FOR
THE PAYMENT OF COSTS AND EXPENSES OF SAID IMPROVEMENTS TO
BE ASSESSED AGAINST THE PROPERTY WITHIN THE DISTRICT
BENEFITTED THEREBY AND THE METHOD OF ASSESSMENTS;
PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVEMENT DISTRICT
BONDS AND WARRANTS; PROVIDING FOR RELATED MATTERS; AND
PROVIDING AN EFFECTIVE DATE.
Passed by the City Council of said City and approved by the Mayor on the 20`s day of
February, 2019.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
said City this 20th day of February, 2019.
Deborah Lovejoy, City Clerk
Attachment: LID 48 Property Worksheet