HomeMy WebLinkAboutBond Summary SUMMARY OF
ORDINANCE NO. 1229
AN ORDINANCE OF THE CITY OF REXBURG, MADISON COUNTY, IDAHO, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A WASTEWASTEWATER REVENUE REFUNDING BOND, SERIES 2020, IN A PRINCIPAL AMOUNT
NOT TO EXCEED $3,865,000, FOR THE PURPOSE OF REFUNDING THE CITY’S OUTSTANDING WASTEWASTEWATER REVENUE PROMISSORY NOTE, SERIES 2010; PROVIDING FOR THE CREATION OF AN ESCROW FUND AND
THE REDEMPTION OF THE OUTSTANDING WASTEWASTEWATER REVENUE PROMISSORY NOTE, SERIES 2010; PROVIDING FOR THE COLLECTION AND APPLICATION OF WASTEWASTEWATER REVENUES TO PAY THE PRINCIPAL
OF AND INTEREST ON THE BOND; ESTABLISHING FUNDS; PROVIDING FOR THE FORM, EXECUTION, REGISTRATION, MATURITY, AND PAYMENT OF THE BOND; PROVIDING COVENANTS RELATING TO THE BOND AND THE
TAX-EXEMPT STATUS OF THE INTEREST ON THE BOND; APPROVING A FORM OF LOAN AGREEMENT; APPROVING A FORM OF ESCROW AGREEMENT; PROVIDING FOR RELATED MATTERS; APPROVING A SUMMARY OF THIS ORDINANCE
FOR PUBLICATION; AND PROVIDING AN EFFECTIVE DATE.
A summary of the principal provisions of Ordinance No. 1229 of the City of Rexburg, Madison County, Idaho, adopted on May 6, 2020, is as follows:
Section 1: Defines the terms and phrases used in the Ordinance.
Section 2: Makes findings with respect to the refunding of the City’s Wastewater Revenue Promissory Note.
Section 3: Describes the City of Rexburg Wastewater Revenue Refunding Bond, Series 2020 (the “Bond”).
Section 4: Provides for the manner and method of execution of the Bond.
Section 5: Provides for the place and manner of payment of the Bond.
Section 6: Appoints the City Treasurer as Bond Registrar.
Section 7: Provides for the prepayment and defeasance of the Bond.
Section 8: Establishes funds and provides for the refunding of the Refunded Note.
Section 9: Provides for the issuance of additional bonds.
Section 10: Provides for a pledge of revenues.
Section 11: Provides for investments of surplus funds.
Section 12: Provides general covenants for the Bond.
Section 13: Provides special covenants for the Bond.
Section 14: Approves a Loan Agreement with, and provides for the sale of the Bond.
Section 15: Provides for amendments to the Ordinance.
Section 16: Provides for validity of issuance.
Section 17: Provides remedies for Registered Owner of the Bond.
Section 18: States that the Ordinance constitutes a contract with the Registered Owner of the Bond.
Section 19: Provides for severability.
Section 20: Repeals prior inconsistent ordinances, to the extent of any inconsistency.
Section 21: Authorizes the Mayor, City Clerk, and City Treasurer to execute any additional documents necessary to sell and deliver the Bond.
Section 22: Provides for the publication of the Ordinance or a summary thereof and the effective date of the Ordinance.
The full text of Ordinance No. 1229 is available at City Hall and will be provided to any citizen upon personal request during normal office hours.
DATED this 6th day of May, 2020.
CITY OF REXBURG
_____________________________
Jerry L. Merrill, Mayor
ATTEST:
_______________________________
Deborah Lovejoy, City Clerk
CERTIFICATION OF ATTORNEY
I, the undersigned Special Legal Counsel for the City of Rexburg, Madison County, Idaho, hereby certify that I have read the attached summary of Ordinance No. 1229 of the City of Rexburg
and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance.
Dated as of the 6th day of May, 2020.
Attorney at Law