HomeMy WebLinkAboutORDINANCE NO. 239 BOND ELECTION - Signed
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Q.O.D.BAIINA"'O'!~!!!...-_._____~__________________
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-.. ORDINANCE :N)?'. 23"
All ORDINANCE DECLARING THE RESULT AND VALIDITY OF THE SPECIAL MUNICIPAL S1REEi'
IllPROVEW:NT,~QUPON BOND ELECTION HELD IN AND FOR TEE CITY OF REXBURG. IN 1'HE COUNTY OF
MADISON. STAT! OF IDAHO. ON WEDNESDAY, 'ro-WI'l': THE 1ST DAY OF OCWDR, A. D. 1919. UP-
ON THm PROPOSI'I'ION OF ISSUING .10.000. MUNICIPAL S'IREET IMPROVEMENT COUPON BONDS; DE-
CLARING DUE ADVER 1'I SEMEN l' AND SALE OF SAID BONDS OF AND BY SAID CI1'Y 10 FERRIS &: HARD-
GROVE OF SPOKANE, WASHING'IDN. AS TEE HIGHES'l' AND BEST BIDDERS THEREFOR; AND PROVIDING
FOR 'l'HlG ISSUANCE. EXECU'1'ION AND DELIVERY OF SAID BONDS 'ro SAID PURCHASERS; PRESCRIBING
'l'HE FORM OF BONDS AND PROVIDING FOR TEE IEVY OF A DIRECT ANNUAL AD VALOREM TAX SUFFI-
CIENT 'ro PAY THB IN1'EREST ON SAID BONDS PROMPtLY WHEN AND AS THE SAME FALLS DUE AND
ALSO '10 DISCHARGE THE PRINCIPAl; THEREOF A'l' MATURITY; DlREC'JlING THE CITY 'l:REASURER n:)
PAY 'l'BE PRINCIPAL AND INTEREST DUE ON SAID BONDS AT TEE BANKING HOUSE OF KOUNTZE BRO-
THERS. IN THE CITY AND STAm OF NEW YOBR; DECLARING AN EllERGENCY WHEREBY 'l'HIS ORDINANCE
SHALL TAKE EFFECT AND BE IN roRCE FROM AND AF'lER I T8 PASSAGE. APffiOVAL AND DUE PUBLIC~
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ATION; AND PROVIDING l'RAT THE SAME SHALL TBEREAFmR BE IRREPEALABLE UN~'IL THE INDEBnJD-
DSS REPRESEN1ED BY THE SAID BONDS. BOTH AS '1'0 PRINCIPAL AND IN TERES '1', SHALL HAVE BEEN
FUI.LY PAID. SATISFIED AND DISCHARGED; AND REPEALING SEC~rIONS 5 AND 6 OF ORDINANCE NO.
231. AND ALL 01'BER ORDINANCES. RESOLUTIONS A11D ORDERS. OR PARTS THEREOF, IN CONFLlCT
HEREW! ~'H.
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WHEREAS. in accordance with O~dinance No. 231. of said City. passed and approved
August 29th, 1919. and thereafter duly published. a special municipal coupon bond e1'c--
tion was ca11~ and ordered to be held in and for the city of Rexburg, Idaho, on Wed-
nesday. to-wit: the First day of October. A. D.. 1919. for the purpose of votir~ up-
on the question of issuing and selling the coupon bonds of said oity in the sum of
.10,000. for the purpose of providing funds for the purpose of improving streets and
alleys in said city.
WHEREAS, the City Clerk has caused due and sufficient evidenoe of the lawful
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publication of said Ordinance No. 231, 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
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of the proceedings of said City; and
WHEREAS, in further pursuance of said Ordinance No. 231. notice of sale of
said bonds Was published for the time a.nd in the manner required by law. and in pursu-
ance 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
valu~ of said bonds. together with all accrued interest thereon at the date of deliv-
sry. .
NOW, THEREFORE, in consideration of the premises:
BE I T ORDAINED BY THE MAYOR AND COUNCIL OF 1'HE CI TY OF REXBURG. IN THE COUNTY
.OF MADISON, IN THE STATE OF IDAHO: .
Section. That the special Municipal Street Improvement Co~pon bond elect-
ion held in and for the City of Re~burg, in the County of Madison. in the State of.
Idaho. on Wednesday. to-wit; the Firat day of Ootober. A. D. 1919, be and the same is
hereby determined and declared to have been duly oalled, noticed and held in strict aC8@
ordance wtth law.
Section 2. That the result of said election haa been duly certified and re-
turns thereof duly made to and canvassed by the Mayor and Council. and said canvass shows
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that on the question eubmitted, there were 423 balot. in all cast, of which 317 were .~~---I
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favor of the issuance of said $10,000. street Improvement Bonda," a.nd 98 ballots were II
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tagainst the issuance of said street Improvement Bonds"", and 8 ballots were spoiled; and II
that a majority of more than two-thirds of all ballots cast at said eleotion was "In favor
of issuing bonds to the amount of Ten Thousand Dollars (tlO,OOO.)", for the purposes as
stated in Ordinance No. 231.
SECTION 3. That it be and is hereby oertified, reoited and warranted that at
said election a majority exoeeding two-thirds of all of the qualified electors who are
taxpayers of said oi ty present and voting at said election voted in favor of issuing
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110,<0.00. "MJ,lnioipal Street Improvement Coupon Bonds, and that the Ci ty Treasurer, under
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the general supervision of the Mayor and council of said oity, is hereby duly authorized
and empowered to issue and sell the municipal ooupon bonda of said oity, of the oharacter,
to the amount and for the purpose aforesaid.
SECTION 4. That in accordance with Ordinanoe No. 231, passed and approved
August 29th, A. D.1919, notice of proposal to issue and sell $10,00. Municipal Street Im-
provement Coupon Bonde of and by the Ci~y of ReKburg, Idaho, and inviting vida therefor,
was duly published once eaoh week for a period of five (,) oonsecutive walendar weeks in
the "Rexburg Journal", a weekly newspaper printed, published and of general oiroulation
in the City of Rexburg, the first publication being in the September 12th, A. D. 1919,
issu., an' the last publioation being in the Ootober I-bth, A. D. 1919 issue, a.nd evidence
of 8UC~ publication has been furnished to the Mayor and Counoil of said City, in the form
of publi8~er's affidavit.
SECTION,. That the municipal ooupon bonds hereinbefore and hereinafter mentioned
have, pursuant to the advertised notioe of sale aforesaid, by the City Treasurer, under
the general supervision of the Mayor and Counoil, been duly awarded and sold bearing six
(6) per oent interest, to Ferrie & Hardgrove, of Spokane, Washington, who were the highest
and best bidders therefor, at a prioe in exoess of the pa~ 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
ther eof .
SECTION 6. That for the purpose of providing funds for the purpose of improv-
ing streets and alleys in said city, and the buildir~ of suoh bridges acrosa streams in
the city as may be incident to the improvement of streets, the following bonds shall be
executed, namely:
Munioipal Street Improvement Coupon Bonds of the City of Rexburg, in the County
of Madison, in the State of Idaho, 1n an amount aggregating the prinoipal sum of '10,000.
comprised of 10 bonda numbered consecutively from 1 to 10, both numverw inclusive, of the
denomination of $1,000. eaoh, dated October I, A. D. 1919, absolutely due and payable.
serially in numerical order, in equal a.nnua1 amounts of el,OOO. October.lst, in eaoh of
the years 1930 to 1939, inolusive, vearing interest from their date until pa1dat the rate
of six (6) per centum per annum, payable semi-annually on the first days of January and
JUly respeotively, in each year, commenoing July 1st, 1920, both prinoipal thereof and in-
terest thereon payable at the office of the City Treasurer, 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.
SECTION ,. That eaoh of said bonds and each of the intereetcoupons attached
thereto, shall be in Bubstantially the fOllOWing forms, to-wit:
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QlO,O,'ARNARDS~ ST,t-QU.I
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((I?orm of Bond)
UNI mn STA1ES OF AMERICA
! S~'ATE OF IDAHO
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COUNTY OF MADISn
Municipal Street Improve~snt Cou~on Bond
of the
CITY OF REXBURG.
.1,000.
I No.
. KNOW AI,L MEN BY THESE PRESENTS, That the Ci ty of Rexburg, in the County
1 of Madioo n, in the StB. te of Idaho, acknowledgell i helf to owe, and for value re-
caived, hereby promises to pay to the bearer the nrl'nCl'TJal sum
_ _ of One Thousand Dollars
on October 1st, A. D. 19_, together with interest on said sum from the date hereOf~un::
III tl'l ":).' aid at the rate 0 f six t
. ~ per cen urn per annum, payable semi~annually on the first da,s
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of January a.nd July, respectively, in ta.ch year, beginning July 1st, A. D. 1920, a.nd
on said First day of October, as evidenced by and upon the presentation and surrender of
I the in terest ooupons hereto attached, as they severally beoome due; and bo th~ the said
interest on and principa.l 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 off-
ice of the City Treasurer in Rexburg, Idaho, or at the Bankir~ House of Kountze Brothers
,in the City and State of New York, U. S. A., at the option of the holder; and for prompt
~ay~ent of said principal and interest at maturity, the full faith, credit, resouroel
land all taxable property of said City are hereby irrevocably pledged.
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This bond is issued by said City for the Purpose of improving streets and alleys
in said Oi ty. purs';,ant to E.. vo te of the qual ified eleotors who a.re ta.xpayers of S ai d
cw.ty present .and vo'ting upon the question at a speoial eleotion 19.wfully ca.lled and duly
lheld therein for the purpose, prior to the issuance of this bond, at which bond elect---
liar. a majority exceeding two-thirds of the qualified eleotors who were taxpayers of said
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ICity ~reael1t and voting thereat voted in favor of the iss'..lr.a.nce of this bond and in accord-
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la.noe wi th an ordinanoe duly adopted by the l-layor and Council of the sa.id 01 ty and eff-
ective prior to the issuance of this bond; and under, by virtue of, and in all respects
(in full and strict complianoe with the consitution of the State of Idaho, the privisions
;of Chapter 159 of part 1 of the compiles la.ws of sa.id State, and all legislative ena.ct-
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[menta amendatory thereof and supplementary thereto.
And it is hereby certified, recited and warranted that aaid City 1s
nOW and has been for many years past, a body politic and corporate, duly organized. ex-
1sting and operating zas 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 oontrol of a duly organized
council a. the duly constituted corporate authority thereof; that all things, acts, and
conditions required by the constitution and laws of the stat~ of Idaho to exist and to
happen and be done and performed precedent to and in the issuance of tms bond, in order
to constitute the same the valid and binding obligation of. said city, do existand have
happened and been done and performed in regula.r and due form and time; that the total
indebtedness of said oity. inoluding this bond, does not exceed any oonstitutional or st-
atutory limitation; and that due provis~on has been made for the levy and oollection of
a direot annual ad valorem tax on all of the taxable prouerty in said oity, in addition
to all other ta.xes, sufficient to pay the intexe at accruing hereon promptly w~n and a8
the same falls due and alIa to discharge the principal hereof at maturity~
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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, countersig~ed 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 fac-simi1e signature of said city Treasurer the First day of
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October, A. D., 1919.
(SEAL)
Mayor
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Attest: :
City Clerk.
Counter signed: :
City Tr'easur er .
(Form of Coupon)
No._
$
On the first d~ of
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The City of Rexburg, in the County of Madison, in the State of Idaho, for value
received, promises to pay to the bearer hereof, the sum of
Do11a.rs
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
Banking House of Kountze Brothers, in the City and State of New York, U. S. A., at the
option of the holder, for intere'.t then due on its municipal Street Improvement Coupon
Bond, dated October 1st, 1919.
No.
Ci ty Treasurer.
Section 8. That eaoh 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
eaoh of the inter~t coupons to be attaohed to eaoh of said bonds shall be executed by
the engraved fac-simi1e signature of said City Treasurer, and the officers in this para-
graph mentioned are hereby authorized, ordered and directed to cause said bonds and oou-
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pons to be ~repared substantially in the forms, respectively, hereinabove set forth, and
shall be registered by the City Clerk, in a public record boo~ kept for that purpose in
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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
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 proger
descriptio~ thereof for future identification; and when said bonds shall have been so ex-
eauted 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.
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010. D. 8AR"ARD ITA. co., IT ,LOU"
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I: shall be and the same is hereby ordered appropriated and paid by the Ci ty Treasu.rer from
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Ii the general expense fund of said Ci ty, and to reimburse said fund for the amollnt 80
i borrowed from it, and\also to pa, the interest accruing on said bonds subsequent to July
1110 t . A. D.. 1920 . pr~mp tly when and as the e a.me fall. due and to cons t itu te and main te.in
II a. sinking fund suffioient trJ discharge the prinoipal thereof at maturi ty, there shall be
I and bY thi. ordinanoe there ie hereby levied upon all of the taxable property in eaid
II City in a.ddition to all other taxes, the following direct annual ad valorem taxes, to-wit:
TAXES FOR MUNICIPAL S'lREET IMPROVEMENT COUPON BONDS.
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i the net sum of .600., in eaoh year, being for interest.
SECTION 9. That the interest falling due on said bonds on July 1, A. D. 1920,
1m the year 1920, a tax sufficient to ~roduce the net sum of $1,200. for interest.
In each of the years 1921 to 1928, both inclusive, a ,tax sufficient to ~roduce
In each oft he years 1929 to 1938, both inclusive, the following taxe 8, to-wi t::
Year Amount for Amount for To tal.
Principal Interest.
1929 $1,000. $600. $1,600.
1930 1,000. 540. 1 . 540 .
1931 1,000. 400. 1,400.
1932 1,000. 420. 1,420.
1933 1,000. 360. 1,360.
1934 1,000. 300. 1,300.
1935 1,000. 240. 1,240.
1936 1,000. 100. 1,100.
1937 1,000. 120. 1,120.
1938 1,000. 60. 1,060.
and said taxes when collected shall, by the Treasurer of said City, be kept in a separate
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fund to be known and designated as "M~nicipal Street Improvernent Coupon Bonds, dated
October 1st, A. D. 1919, interest and sinking fund", which shall be irrevocably pledged
to and used soley for the payment of the interest aocruing on and the principal of said
street improvement bonds hereby authorized when due, so long as any of "said bonde ar the
interest ooupons thereto appertaining remain outstanding and unpaid, but shall be used
for no other purpose whatever until the indebtedness so cohtracted under t~s ordinanoe,
prinoipal and interest, shall have been fully paid, satisfied and disoharged.
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 oi ty taxes, to ratify and oarry out the provisions hereof wi th reference to tlle
levying of taxes and requiring the offioers of and for said city to levy, extend and
colleot suoh taxes in the manner provided by law, for the purpose of oreating a separate
fund for the payment of "the interest upon and the principal of said bonde, but nothing
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herein oontained shall be so oonstrued as to prevent said oity fron applying any other
funds that may be'in ita treasury and available for that purpose to the payment of said
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interest or principal as the same respeotively mature, and the levy or levies her~in pro-
vided for, ~1GaxiJlDzJlJl%x~:t_xaxUJax~ may thereupon. to tha t ex-
tent 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 tax-
8S for interest may to the extene of the interest on the bonds 80 paid be diminished.
SECTION 11. That on the l,th day of June and Deoember, respeotive1y, in each
year, oommenoing June 1,6h, A. D. 1920, so long as any of the inter_at coupons apperta~n-
ing to the bonds hereby authorized to be issued, remain outstanding and unpaid, the City
Treasurer shall and he i8 hereby authorized, ordered and direoted to remit by and through
the purohasers of eaid bonds out of any money in h!e hands belonging to said City, in the
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form of cheok or draft payable in New York City, U. S. A'J to the Banking House of
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Brothers, in the City and State of New York, a sum sufficient to pay the semi-annual in-
tereat accruing on said bonds on the first days of January and July, respectively in each
yeaa, and any and all excrow charges made by said bank for handling 8aid ooupons; and on
created under the prOVisions of this ordinance, to remit, by check or draft, payable
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the l5th day of Se~tember. in eaoh of the years 1930 to 1939, inclusive. the said City
Treasurer shall and he is hereby authorized, ordered and directed out of the sinking fund
New York, to the said Banking House of Kountze Brothers, a Bum suffioient to pay the
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ipa1 amount of said bonds falling due in said years. together with accrued interest there- I
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on to October 1st, in each of said years. and any and all excrow charges made by said bank I
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SEOTION 13. That the Mayur, the City Clerk, and the City Treasurer. respectively, Ii
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of said City, are here~y authorized," ordered and directed to furnish the aforesaid purohas-,
for handl ing the
same.
SEC TION 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 a.nd are hereby decla.red to be the highest bidders therefor, at a.
price in excess of the par value thereof, together with all acorued interest thereon to
date of delivery-- upon payment of the agreed purchase price therefor; and said Treasurer
shall hold the proceeds derived fro~ the sale of said bonds subject to the order of the
Mayor and Council of said City to be used soley for the purpose aforesaid.
ers of said bonds with such certifioat.s, transcripts, ordinanoes or other documents as
will fUlly evidence the proceedings had relative to the issuanoe of said bonde, the regular~
ity and sUffioiency thereof. and the acta of anyone, either or all of said offioers in
the premises are hereby dea1ared authorized. ratified, approved and confirmed.
aECTION 14. That it be and i8 her.sby certified. recited and waranted that all
conditions, aots 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 Per-
forn:ed.
SECTION 1;. That the provisions of this ordinance and of eaoh of the bonds and
inte8est coupons iasued pureuant thereto. s~~ll constitute and the same are herEby de-
clared. 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 bonds and the interest coupcns
thel'eto a,pper taining .
SEe TrON 16.
That Sections 5 and 6, of Ordinance No. 231. passed and approved
AugUAt 29th, 1919, and all other ordinances, resolutions and orders, or parts thereof,
heretofore a.dopted in conflict wi th the provisions hereof. or which would In any way pre-
vent the passage and adoption of this ordinance at this nleeting, be. and the same ar",
hereby repealed.
SECTION 17. That this ordinance being necessary dor the immediate preservation
of the peach, health and safety of tt~ inhabitants of the city, an emergency is hereby
declared e.nd asid ordinanoe sbaJ1 take effect and be in force from and after its passage
appr'oval and due publication, and shall therea.fter be ir "repeala.ble until the indebtedness
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hereby created, both as to principal a.nd ir..terest, shall have been fUlly paid, satis-
fied and discharged.
PASSED BY THE COUNtmL, This 25th da.y of Novemb~~,! A. D. 1919.
APPROVED::November 25th, A. D. 1919.
( SEA L ),
.~d
Mayer. "
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Att'st:
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'", ORDINANCE NO. 240.
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"AN ORDINANCE DECLARING THE RESUIJT AND VALIDITY OF THE SPECIAL "tIlUNCIPAL
FIRE DEPARTMENT COUPON BOND ELECTION HELD IN AND FOR THE CITY OF REXBURG IN TIm:
,
COUNTY OF MADISON, S1'ATE OF IDAHO. ON WEDNESDAY, 1U-WIT: '1.'HE FIRST DAY OF OCTOBER~J
A. D., 1919, UPON THE PROPOSITION OF ISSUING $12.000. MUNICIPAD FIRE DEPARTME1~T
COUPON BONDS; DECLARING DUE ADVERTISEMENT AND SALE OF SA.ID BONDS OF AND BY SAID CITY
'IO FERRIS & HARIG ROVE , OF SPOKANE, WASHING 'ION, AS TEE HIGHES'I' AND BEST BIDDERS 1'HERE-
FOR,; iUJ""D PROVIDI1\l FOR THE ISSUANCE. EXECU'I'ION AND DELIVERY OF SAID BONDS TO SAID
PURCHASERS; PRESCRIBHra THE FORM OF BONDS AND PROVIDUra FOR TIm LEVY OF A DIRECT
ANNUAL AD VALOREM TAX SUFFICIENT '1.0 PAY THE IN'I'ERES'I' ON SAID BONDS PROMPTLY WHEN AND
AS Tim SAME FALLS DUE AND AI.80 TO 1)I~~HARGE 'I'HE PRINCIPAL THEF.EOF AT l1A'I'URIT'l; DIRECT-ir
LNG THE 01 '1'Y 'IREASURER '10 PAY THE "PRINC IPAL AND IN TERES l' DUE ON SAID BONDS A T THE
BANKI1"'G HOUSE OF KOm~'I'ZE }3R01.~S, IN 1'HE CITY AND STATE OF NEW YORK; DECLARING AN
EMERGENCY WHEF.EBY THts ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND' AFTER I!S
PASSAGE, APPROVAL AND DUE PUBLICATION; AND PROVIDING THAT THE SAME SHALL THEREAFTER
BE IRREPEALABLE UNTIL THE INDEBTEDNESS REPRESEN'lED BY THE SAID BONDS. BO TH AS 'ro PRI+;
NCIPAL AND INTEREST, SHALL HAVE BEEN FUI.LY PAID, SATISFIED AND DISCHARGED; AND RE-
PEALING SECTIONS, and 6 O~ ORDINANCE NO. 230, AND ALL OTHER ORDINANCES, RESOLUTI01iS.
AND ORDERS, OR PAE'I'S 1'HEREOF, IN CONFLIC'I' BEREWITH;"
WHEREAS, in acoordance with Ordinance No. 230, of said City; passed and
approved August 29th, 1919, and thereafter duly published, a special municipal cou-
pon bond election was called and ordered to va held in and for said City of Rexburs.
Idaho, on Wednesday, to-wit: the First day of October, A. D. 1919, for the purpose
of voting upon t}~ question of issuing and selling the coupon bonds of sadd city in
the som of .12,000. for the ~urpoBe of providing funds for t}~ establishment. equip-
ment, and'maintenanoe of a fire department, and for the purohase of suitable and neo-
eSB&ry apparatul and bulLldings for the use thereof, in and for said oi t~l; and
WHEREAS, the oity clerk has caused due and sufficient evidence of the law-
ful publication of Baid Ordinanoe No. 230, and the election notice. to be. furnished
to the' City Council, and the said Council has caused the same to be filed of record
aa a part of the proceedings of said city; and
WHEREAS, in furhher pursuance of 8 ~d Ordinance No. 230, notice of sale of
said bonds was publiShed for the time and in the manner required by law, and in rur-
Buance of said notice of sale, said bonds were duly sold to Ferris & Hardgrove of
A