HomeMy WebLinkAboutORDINANCE NO. 238 SEWER BOND - SignedORDINANCE NO 238
"AN ORDINANCE DECLARING THE RESULT AND VALIDITY OF THE SPECIAL MUNICIPAL
SEWER COUPON BOND ELECTION HELD IN AND FOR THE CITY OF REXBURG, IN THE COUNTY OF
MADISON, STATE OF IDAHO, ON WEDNESDAY, TO-WIT: THE FIRST DAY OF OCTGBER, A.D. 1919, UPON
THE PROPOSITION OF ISSUEING $70,000. MUNICIPAL SEWER COUPON BONDS; DECLARING DUE
ADVERTISEMENT AND SALE OF SAID BONDS OF AND BY SAID CITY, TO FERRIS AND HARDGROVE
OF SPOKANE, WASHINGTON, AS THE HIGHEST AND BEST BIDDERS THEREFOR;AND PROVIDING FOR
THE ISSUANCE, EXECUTION AND DELIVERY OF SAID BONDS TO SAID PURCHASERS; PRESCRIBING
THE FORM OF BONDS AND PROVIDING FOR THE LEVY OF A DIRECT ANNUAL ADVALOREM TAX
SUFFICIENT TO PAY THE INTEREST ON SAID BONDS PROMPTLY WHEN AND AS THE SAME FALLS
DUE AND ALSO TO DISCHARGE THE PRINCIPAL THEREOF AT MATURITY, DIRECTING THE CITY
TREASURER TO PAY THE PRINCIPAL AND INTEREST DUE ON SAID BONDS AT THE BANKING HOUSE
OF KOUNTZE BROTHERS, IN THE CITY AND STATE OF NEW YORK, DECLARING AN EMERGENCY
WHEREBY THIS ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND AFTER ITS PASSAGE,
APPROVAL AND DUE PUBLICATION AND PROVIDING THAT THE SAME SHALL THEREAFTER BE IRREPEALABLE
UNTIL, THE INDEBTEDNESS REPRESENTED BY THE SAID BONDS, BOTH AS TO PRINCIPAL
AND INTEREST, SHALL HAVE BEEN FULLY PAID, SATISFIED AND DISCHARGED; AND REPEALING
ING SECTIONS 5 and 6 OF ORDINANCE NO .229, AND ALL OTHER ORDINANCES, OR PARTS OF
ORDINANCES, IN CONFLICT HEREWITH";
WHEREAS, in accordance with Ordinance No. 229 of said City, passed and
approved August 29, 1919, and thereafter duly published, a special municinal coupon
bond election was called and ordered to be held in and for said City of Rexburg,
Idaho,on Wednesday, to-wit: the first day of October, A.D. 1919, for the purpose of
voting upon the question of issuing and selling the coupon bonds of said City in
the sum of $70,000, for the purpose of providing funds for the Construction of
sewers in said City.
WHEREAS, the City Clerk has caused due and sufficient evidence of the
lawful publication of said Ordinance No.229, and the election notice, to be furnished
to the City Council, and the said Council has caused the same to be filed of record
as a part of the proceedings of said city; and
WHEREAS, in further pursuance of said Ordinance No229, notice of sale of
said bonds was published for the time and in the manner required by law, and in pursuance
of said notice of sale, said bonds were duly awarded and sold to Ferris &
Hardgrove, of Spokane, Washington, the lawful purchasers thereof, at a price in excess
of the par value of said bonds, together with all accrued interest thereon at the
date of delivery.
NOW, THEREFORE, in consideration of the premises:
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF REXBURG, IN THE
COUNTY OF MADISON, IN THE STATE OF IDAHO.
SECTION I--That the special Municipal Sewer Coupon Bond election held in
and for the City of Rexburg, in the County of Madison, in the State of Idaho, on
Wednesday, to-wit: the First day of October A.D. 1919, be, and the same is hereby
determined and declared to have been duly called, noticed and held in strict
accordance with law.
SETI0N 2-- That the result of said election has been duly
certified and returns thereof duly made to and canvassed by the Mayor and
Council, and said canvass shows that on the question submitted, there were
423 votes in all cast, of which 283 were in favor of the issuanoe of
$70,000. sewer Bonds,and 132 ballots were against the issuance of said
Sewer Bonds,and 8 ballots were spoiled; and that a majority of more than
two-thirds of all the ballots cast at said election was in favor of issuing
bonds to the amount of Seventy Thousand Dollars, ($70,000.) for the purpose
as stated in Ordinance No.229.
SECTION 3--That it be and is hereby certified, recited and warranted
that at said election a majority exceeding two-thirds of all of the
qualified electors who are taxpayers of said City present and voting at
said election voted in favor of issuing $70,000. Municipal Sewer Bonds, and
that the City; Treasurer, under the general supervision of the Mayor and
Council of said City, is hereby duly authorized and empowered to issue and
sell the municipal coupon bonds of said city, of the character, to the
amount, and for the purpose afore said.
SECTION 4--That in accordance with Ordinance NO. 229, passed and
approved August 29, A.D. 1919, notice of proposal to issue and sell $70,000.
Municipal Sewer Coupon Bonds of and by the City Of Rexburg, Idaho, and
inviting bids therefor, was duly published once each week for a period of
five (5) consecutive calender weeks in the "Rexburg Journal," a weekly newspaper
printed,published and of general circulation in the City of Rexburg, the
first publication being in the September I2th, A.D. 1919, issue, and the last
publication being in the October 10th, A.D. 1919, issue, and evidence of such
publishing has been furnished to the mayor and council of said city, in the
form of publishers affidavit.
SECTION 5--That the municipal coupon bonds hereinbefore and
hereinafter mentioned have, pursuant to the advertised notice of sale aforesaid,
by the City Treasurer, under the genereal supervision of the mayor and
council, been duly awarded and sold bearing six (6) per cent interest, to
Ferris & Hardgrove, of Spokane, Washington, who were the highest and best
bidders therefor, at a price in excess of the par value thereof, together
with all accrued interest to date of delivery; and it is hereby determined
and declared that said bonds could not be sold at par if made redeemable
prior to the dates of absolute maturity thereof.
SECTION 6--That for the purpose of providing funds for the construction
of sewers in said City, and patricularly, a trunk sewer, the following
bonds shall be executed,namely:
Municipal Sewer Coupon Bonds of the City Of Rexburg,in the County
of Madison, in the State af Idaho, in an amount aggregating the principal
sum of $70,000. comprised of 70 bonds, numbered consecutively from 1 to 70
both numbers inclusive, of the denomination of $1,000. each, dated October 1,
A.D.1919, absolutely due and payable serially in numerical order, in equal
annual amounts of $7,000. October 1st, in each of the years 1930 to 1939
-- - ---.------- -..........-......, ~.........J
& '-".......,-.&0' A '-"{Jo..~\,..Jl0' J\....l~JJ\J
_.__ ___.__G.!2.:..Q.Jl~STA>CO..ST.:.L~_____~.___.,__ _~_, ___.___ ___
-
----~- --. -+ ----- --- ------
inclusive, bearing interest from their date until paid,at the rate of six (6)per
centum per annum,payable semi-annually on the first days of January and JulY,resp-
ectivelY,each year,coI!llIlencing July Ist,I920,both principal thereof and interest there
on payable at the office of the City Treasurer, ot at thBBanking house Df Kountze
Brothers,in the City and State of New York,U.S.A.at the option of the holder.
SECTION 7--Thatteach of said bonds,anq each of the interest coupons attach-
ed thereto, shall be in eUbstantially the following forms, to-wi t:
. ( Form 0 f Bond)
UNITffiD STATES OF AMERICA
State of Idaho
County of Madison
Municipal Sewer Coupon Bond
of the
Ci ty of Rexburg
No
$1,000.
KNOW AI.L MEN BY THESE PRESMNl'S l'hat the ci ty of Rexburg, in tna Coun ty of
Madison, in the State of Idaho,acknowledges itself to owe,and for value received,
hereby promises to pay to the bearer the principal sum of One Thousand Dollars on
October I,A.D.I9____, together with interest on said sum from the date hereof until
'.
l; 1
"'.>
;~ ,
paid at the rate of six per centum per annum, payable semi-a.nnually on the first days
j
Ja.nuary and July respectively,in each year,beginning July I,A.D.I920,and on said
Firat day of October,aa evidenced by and upon the presentation and aurrended of the
interest coupons hereto attached,aa they severally become due;and both the said
interest on and principal of this bond are hereby made payable in gold coin of the
United States of America.,of,or equal to, the present standard of weight and fineness
at the Offioe of the City Treasurer in Rexburg, Idaho,or at the House ot Kountze
Brothers,in the city and state of New York,U.S.A.,at the option of the holder;
and for prompt payment of said principal and interest at maturity, the full faith,
credit,resources and all the taxable property of said oity are hereby irrevocably
,
.t.
; '"
.,. .'
I.....'..... '....:.':,
.,...... I.
)
pledged.
This bond is issued by the said city for the purpose of constructing Gewer~
therein,pursuant to a vote of the qualified eleotors who are taxpayers of sa.id oity
present and voting upon the question at a special election lawfuliy called and duly
,0
h$ld therein fo~ the purpose,prior to the issuanoe of this bond,at which bond
eleotion a majority exceeding two-thirds of the qualified eleotors who were taxpayers
t t
of said oity present and voting thereat voted in favor of t~e issuance of thls bond
and in accordance with am. ordinance duly adopted by the mayor and counoil of said
~
and effective prior to the issuance of this bond; and under, by virtue of
and in all respects in full and strict compliance with the constitution
of the state of Idaho, the provision of chapter 159, part I, of the compiled
laws of said state, and all legislative enactments amendatory thereof and
supplementary thereto.
And it is hereby certified, recited and warranted that said city
is now and has been for many years past, a body politic and corporate, duly
organized, existing and operating as a city under and by virtue of the constitution
and laws of the state of Idaho, and is now and has been always,
under the control of a duly organized council as the duly constituted
authority thereof; that all things, acts,and conditions required by the
constitution and laws of the state of Idaho to exist and to happen and be
done and performed precedent to and in the issuance of this bond, in order
to constitute the same the valid and binding obligation of said city, do
exist and have happened and been done and performed in regular and due form
and time; that the total indebtedness of said city, including this bond, does
not exceed any constitutional or statutory limitation; and that due provision
has been made for the levy and collection of a direct annual ad valorem tax
on all of the taxable property in said city, in addition to all other taxes
sufficient to pay the interest accruing hereon promptly and as the same
falls due and also to discharge the principal hereof at maturity.
IN WITNESS WHEREOF, the city of Rexburg, in the County of Madison.
in the state of Idaho, by its mayor and council has caused this bond to be
signed by the mayor of said city, attested by the city clerk, countersigned
by the city treasurer,and sealed with the corporate seal of said city;
and each of the interest coupons attached hereto to be executed by the
engraved facsimile signature of said city treasurer the first day of
October, A.D. 1919.
(SEAL)
John L. Ballif Jr.
Mayor
Attest:
City Clerk
Countersigned:
City Treasurer
(Form of Coupon)
No.
$
On the first day of
A.D. 19_
The city of Rexburg, in the county of Madison, in the state of Idaho,
for value received, promises to pay the bearer hereof, the sum of
dollars in gold coin of the United States of America of; or
equal, to, the present standard of weight and fineness, at the office of the
City Treasurer in Rexburg, Idaho, or at the Banking House of Kountze Brothers,
in the city and state of New York, U.S.A., at the option of the holder, for interest
then due on its Municipal Sewer Coupon Bond, dated October 1, A.D. 1919
No._
___ City Treasurer
SECTION 8-- That each of the bonds hereby authorized shall be signed by
the mayor of said city, attested by the city clerk, countersigned by the city treasurer,
and sealed with the corporate seal of said city, which seal shall be impressed
thereon; that each of the interest coupons to be attached to each of said bonds
shall be executed by the engraved facsimile signature of said city treasurer, and the
officers in the paragraph mentioned are hereby authorized, ordered and directed to
cause said bonds and coupons to be prepared substantially in the forms, respectively,
hereinabove set forth, and to execute the same for and on behalf of said city,
as and in the manner aforesaid; and after their execution and before bonds are
delivered to the purchasers thereof, they shall be registered by the city clerk,
in a public record book kept for that purpose in his office, which shall show that
said bonds were issued by said city, the amount of each bond, its number, date of
issuance, time and place of payment, rate of interest, number of interest coupons
attached, name and postoffice address of the purchasers and a proper description
thereof for future identification; and when said bonds shall have been so executed
and registered as aforesaid, their legality shall not be open to contest by said
city, or by any person or corporation for or on its behalf for any reason whatsoever.
SECTION 9-- That the interest falling due on said bonds, on July 1, A.D.
1920, shall be and the same is hereby ordered appropriated and paid by the city treasurer
from the general or expense fund of said city, and to reimburse said fund for
the amount borrowed from it, and also to pay the interest accruing on said bonds
subsequent to July 1, A.D. 1920, promptly when and as the same falls due and to constitute
and maintain a sinking fund sufficient to discharge the principal thereof at
maturity, there shall be and by this ordinance there is hereby levied upon all
the taxable property in said city, in addition to all other taxes, the following
direct annual ad valorem taxes, to-wit:
TAXES FOR MUNICIPAL SEWER COUPON BONDS
In the year 1920, a tax sufficient to produce the net sum of $2,400,for
interest.
In each of the years 1921 to 1928, both inclusive, a tax sufficient to
produce the net sum of $4,200., in each year, being for interest.
In each of the years 1929 to 1938, both inclusive, the following taxes
to-wit:
Year; Amount for Principal; Amount for Interest; Total
1929 $7,000. 4,200. $11,200. .
1930 7,000. 3,780. 10,780.
1931 7.000. 3,360. 10,360.
1932 7,000. 2,940. 9.940.
1933 7,000., 2,520 . 9,520 .
1934 7,000. 2,100 9,100.
1935 7,000. 1,680. 8,680.
1936 7,000. 1,260. 8,260.
1937 7,000. 840. 7,840.
1938 7,000. 420. 7,420.
and said taxes when collected shall by the Treasurer of said City, be kept in
separate fund to be known and designated as "Municipal Sewer Coupon Bonds" dated
October 1, A.D. 1919,
interest and sinking fund" which shall be irrevocably pledged to be used solely
for pavement of the interest accruing on and the principal of the sewer bonds
hereby authorized when due, so long as any of said bonds, or the interest coupons
thereto appertaining remain outstanding and unpaid, but shall be used for no other
purpose what ever until the indebtedness so contracted under this ordinance.
"principal and interest, shall have been fully paid, satisfied and discharged.
Section 10 -- That it shall be the duty of the mayor and council
and, they are hereby required annually at the time and in the manner provided
by law for the levying of other city taxes, to ratify and carry out the provisions
hereof with reference to the levying of taxes and requiring the
officers of and for said city to levy, extend and collect such taxes in the
manner provided by law, for the purpose of creating a separate fund for the
payment of the interest upon and the principal of said bonds, but nothing herein
contained shall be so construed as to prevent said city from applying any other
funds that may be in its treasury and available for that purpose to the payment
of said interest or principal as the same respectively matures, and the levy
or levies herein provided may thereupon to that extent be diminished, and upon
the payment of the principal of any of the bonds issued hereunder in said manner
or by the use of the sinking fund herein provided for, the taxes for interest
may to the extent of the interest on the bonds be diminished.
SECTION 11-- That on the 15th days of June and December, respectively,
in each year,commencing June 15th, A.D. 1920, so long as any of the interest
coupons appertaining to the bonds hereby authorized to be issued, remain
outstanding and unpaid, the City Treasurer shall and he is hereby authorized,
ordered and directed to remit by and through the purchasers of said bonds out
of any money in his hands belonging to said city, in the form of check or draft
payable in New York City, U.S.A. to the Banking House of Kountze Brothers, in the
City and State of New York, a sum sufficient to pay the semi-annual interest
accruing on said bonds on the first days of January and July, respectively,
in each year, and any and all escrow charges made by said bank for handling said
coupons and on the 15th day of September, in each of the years 1930 to 1939,
inclusive, the said City Treasurer shall and he is hereby authorized, ordered and
directed out at the sinking fund created under the provisions of this ordinance,
to remit, by check or draft, payable in New York, to the said Banking House of
Kountze Brothers, a sum sufficient to pay the principal amount of said bonds falling
due in said years, together with accrued interest thereon to October 1st, in
each of said years, and any and all escrow charges made by said bank for handling
the same.
SECTION 12-- That said bonds when executed as and in the manner provided
by this ordinance shall be and they are hereby ordered delivered, by the City
Treasurer to Ferris & Hardgrove, Who were and are hereby declared to be the
highest and best bidders therefor, at a price in excess of the par value thereof,
together with all accrued interest thereon to date of delivery-- upon payment
of the agreed purchase price therefor; and said treasurer shall hold the proceeds
derived from the sale of said bonds subject to the order of the mayor and council
of said city to be used solely for the purpose aforesaid.
SECTION 13-- That the mayor, the city clerk, and the city treasurer, respectively
of said city, are hereby authorized, ordered and directed to furnish the
aforesaid purchasers of said bonds with such certificates transcripts, ordinances
or other documents as will fully evidence the proceedings had relative to the
issuance of said bonds; the regularity and sufficiency thereof, and the acts of any
one, either or all of said officers in the premises are hereby declared authorized,
ratified, approved and confirmed.
SECTION 14-- That it be and is hereby certified, recited and warranted
that all conditions, acts and things necessary and essential to the validity of the
bonds of said city hereinabove mentioned and required by law to be done, have
been fully done and performed.
SECTION 15-- That the provisions of this ordinance and each of the bonds
and interest coupons issued perauant thereto, shall constitute and the same are
hereby declared to be a binding and irrevocable contract between said city and the
purchasers of said bonds and the holder from time to time of each of said bond.
and the interest coupons thereto appertaining.
SECTION 16--That sections 5 and 6,of Ordinabce No.229, Passed and approved
August 29th,1919, and all other ordinances, resolutions and orders, or parts thereof
heretofore adopted in conflict with the provisions hereof, or which would in any
way prevent the passage and adoption of this ordinance at this meeting, be, and the
same are, hereby repealed.
SECTION 17--That this ordinance being necessary for the immediate prevention
of the peace, health and safety of the inhabitants of the city, an emergency
is hereby declared and said ordinance shall take effect and be in force from and
after its passage, approval and due publication, and shall thereafter be irrepealable
until the indebtedness hereby created, both as to princital and interest, shall have
been fully paid, satisfied and discharged.
PASSED BY THE COUNCIL This 25th day of November, A.D. 1919.
APPROVED: November 25th, A.D. 1919.
(SEAL)
John L. Ballif Jr.
Mayor
ATTEST:
Roy D. Garner,
City Clerk