HomeMy WebLinkAboutORDINANCE NO. 258 SEWER IMPROVEMENT PONDS - SIGNEDv i O 7
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amounts assessed ~~.gainst each lot or tract of land hereinbefore described, from and
after the final publication of this ordinance, and shall have priority over all other
liens except general taxes.
'?VFTFREr'1S, an emergency exists this Ordinance shall take effect from and after
its passage, approval and publication as required by law.
PASSED This 20th day of august , 1C 20.
APPROVED This 20th day of Aug
(S E A L )
Attest;
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Ci C erk.
"EX~I7PIT J"
ORDINANCE N0. 258.
AN ORDINANCE :'~T'"'NCRi?i~TG AND PRCVInI^?G t+~R THE ISS?TA?fCE, EXEr_.T~TIC~1, S:~LE, AND
y
DELIV?~RY C'~ S?'ECIAL aSSESS~'E?!?T SE«lF~t'AGR I2tl~PROVE?.tFriT PordDS, IN T1~E AGGREGATE FRINf IPAL
S?~?~ 0?±' X116, 050.34 TO PROVI ~7E r±'CT?~?DS "OR Tt?E C('11STRT?CTION OF THE I?RTRCVErRENTS IN AP?D ~'OR
LOCAL SEWERAGE IAgPROVE~~tE21T DI STRI rT NC .1, IN THE CITY O~ REXPt!RG , tRADI SCN COT'NTY IDAHO ;
~ PROVIDING ?+'OR T?-~E FOR?F AI~?D DATE CE SAID PC~1DS, A11D THE TI?lE 0~+' UAY??E'I'?T TuER~'OF; PROVIDING
FOR THE CGLLECTION 0?~~ SPECIAL ASSESS"~ENTS ~'OR SAID I?"PROVE?+.+!F~TTS HERETG?~'CRE LEVIED AND
ASSFSSEDt1PCN TuE FROP'+RTY IN SAID LOCAL Ia"PRGV}+'P?~EATT DI STRI ~T Sr`FT+'I f'IENT TG PAY T~rE IN
AC('RtTING nPON ^AID PONDS PRC?FPTLY ~;N AT'D AS TuE fiA~'!E rALLS DtTE, AND ALSO TG DIS~'HARGE
T?~E PRI~iCIPAL TuFREOF AT l?AT?TRITY; REPrALING ALL CRDIT?ANCES, OR PARTS T~'EREOF, IN CONNLIt~
HERE~!~ITH, AND DECLARI'?G Ate E?~RGENC,Y.
~IHEREAS, Heretofore and on the 15th day of July, ~'. D. 120, Grdinance No. 253
of said city was passed and approved, said ordinance confirming the assessment roll for
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Local Sewerage Improvement District No. 1 in said city; and
WHEREAS, Thereafter in form, time, and manner, as required by law, notice of
the time within which the assessments names in .said assessment roll might be paid in cash
without penalty, interest, or costs, was giuen by the city treasurer, and within the
time so provide d,~5667,'+95 was paid to the city treasurer on account of said assessments,
and on this date there remains outstanding and unpaid assessments in the total sum of
X116,050.34
WHEHEAs, It has been-and is hereby ascertained and determined by this council
that it i$ not oR~ly advisable and to the beat interest of the said city, but also ne~w~~::::
eesary ghat special assessment sewerage improvement 1~onds in the aggregate principal sum
of X116,050.34 bearing interest at the rate~of six per centum (6~) per annum, payable
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semi-annually, be issued and sold to provide finds for the payment of the costs and
ex~ensee' of the improvements in said Local Sewerage Improvement District No. 1, and
that the proceeds be paid to the contractor for such improvements; and
"ARE AS, The special assessment sewerage' improvement bonds hereinabove and here-
.-. inafter mentioned by this council have been duly awarded and sold to Drake-Ballard
Company, with offices at Minniapolis, Minnesota. who were and are the highest wnd best
bidders therefor, at a price exceeding the par value of said bonds; and
~-HEREAS, Each and all o.f the., proceedin~zs had in cre~.ting Local Sewerage Improv-
ement District No. 1, and in making of the assessment for the cost of the construction
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NOW, THEREFORE, In consideration of the premises,
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of the improvements therein, have been and are regular and in due form of law,
to the statutes of the state of Ida.ho;
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BE IT ORDAINED BY THE 1'J AYOR A~fD rOHNrI L OF TFE rITY O~ REXPURG, 1~ADI SON COUNTY, II
IDAHO: II
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Section 1. That it be and is hereby ascertained, determined, and declared that I
each and all of the proceedings had and taken in the making of the assessment for the cos'l
of the creation and organization of Local sewerage Improvement District No.1, and the ~l
construction of improvements therein, have been and are in all respects regul~r and in du
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form of law, accordi ng to the consti tut ion and eta tutes of the stste of Idaho, and the II
ordinances of said city;" and that the "sse ssment of the property in said Local Sewerage il
Improvement District No.1, and the amount thereof, as shown by the assessment roll, confi.ted
and approved by ordinance No 253 and filed with the city clerk on the 11th day of June, A'i.
1920, is correst and in accordance with the consti tution andstatutes of said state and th
ordinances of said city, and is the amount of the total cost of said improvement; and that
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the amount of said assessment so ~ssessed upon any land, lots. pieces, or parcels of land
within said Local Improvement district, a.nd subject to assess"'1entfor the cost a.nd expen
Sect10n 2. That for the purpose of providing funds for the payment of the cost
thereof, shall be and is hereby declared a lien upon said land, lots, pieces, or parcelA
land, and shall and dues take precedence of all other liens and shall be collected togeth
with interest on unpaid installments at the rate of si~per centum (6%) per annum, and
be foreclosed in accordance with the provisions of the statutes and ordinances in such
made and provided..
expenses of said improvements in and for said Local sewerage Improvement District No.1,
there shali:be and the.re are hereby, authorized, ordered, and directed to be issued,' sold
,,:fi' and dilevered in the name of said city, to Drake-Ballard Company, of Minniapolis, Minn. ,
negotiable coupons bonds in the aggregate principal sum of $116,050.3~ , which bonds shal~ be
known as and des ignate d "Special Assessment sewerage Improvement Bonds;" sha.ll be One
Hundred seventeen in number, numbered consecutively from 1 to 117, both inclusive, of the
denomination of $l,OOOJeach; shall bear date of August 1, A.D. 1920. sh~ll be a.bsolutely due
and payable Augustl, A.D. 1930, but shall be redeemable on any interest pa~~ent date prior
thereto, as provided by law and in this ordinance. said bonds shall bear interest from
thei~date until paid at the rate of six per centum (6%) per annum, payable semi-annually
on the first days of February and August, respectively. in each year, which installments
of interest to date of m~turity of principal shall ,be evidenced by approprtate coupons
attached to each bond; and both principal of and interest on said bonds shall be paya"ble
in gold coin of the Unit~d states of America, out of "Local sewerage Improvement District
No.1 - Bond, Interest, ~nd Sinking Fund," at the office of the City treasurer in" Rexburg,
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Idaho, or at the National Bank of Commerce, in the city and state of New York, U. S. A.;
at the option of the holder.
section 3. That each of said bonds and each of the interest coupons to be there.
to attached shall be in substantially the following forms, respectively, to-wit:
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(Form of Bond)
UNITED ST'M'ES 01i' AR!~RICA
STATE OF IDAHO
rorrHTY 0 F M ,\DI SON
CITY 011' REXBURG
Special Assessment Sewerage Improvement Pond
Di strict No. 1
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G11O.P.....RHARD itA. CO.. IT.LOUII
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KNOW All, rlfEN PY THESE PRESE"T'TTS, That the city of Rexburg of Madison County, Idaho,
acknowledges itself to owe and for value received hereby promises to pay to the bearer
hereof the principal sum of One Thousand Dollars on or before August 1, If30, together
with interest on said sum from the date hereof until paid at the rate of sic (6) per
centum per annum, payable semi-annually on the first days of February and August, respe~
tively, in each year, as evidenced by and upon the presentation and surrender of the
interest coulons hereto attached as they severally become due; and both the said intere~
on and principal of this bond are hereby made payable in gold coin of the United States
of Americaof, or equal to ,Lthe present standard of weight .j.nd fineness at the office
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of the City Treasurer in Rexburg, Idaho, or at the National Bank of Commerce in the city
and state of New York, U. S. r\., at the option of the holder, out of the local Improve-
ment Fund heretofore created for the p.j.yment of the costs and expenses of the improve-
ment in Local Sewerage Improvement District No.1, in said city, and not otherwise.
This bond is issued by said city for the purpose of providing funds for the
payment of the costs and expenses of constructing sewers in and for said Local Sewerage
Improvement District No. 1,' pursuant to, under by virtue of and in all respects in full
and strict compliance with the constitution and Chapter 80, Seccion Laws of Idaho
of 1~11, being an act entitled: 'IAn Act amending Section 2353 of the politica.l codes
of Idaho, relating to assessment and bond issue for sewerage improvements; and declar-
ing an emergency", passed by the legislature of said state at its l~ll session 'a.nd
approved March 13, 1911, and all laws of said state supplementary thereto and amenda.tory
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thereDf.
And it is hereby certified, recited and warranted that said city is now and
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pr~ced~t to and in the creation of the said Local Sewerage Improvement District No. 1
and the'consttuction of sewers therein and therefor, and the issuance of this bond in
o'rder i\ consi tute the said bond the v;;ilid and binding obligation of said city, and
1.
pa!abl~~~s afor~said, d~ exist and have happened and been done and performed in regular
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and due.:~'form an~ time;: that the t ot'l costs a.nd expense s of said improvement h<.l.ve been
duh le,ied a.nd assessed as special ~bsessments for sewerage improvements upon all of
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tM~l. l~~S, lost I and p~tl' es and parcels of land in said local sewerage Improvement Di str-
i';~ !fo::.l. 80patatelY d' in addition to all othe'r taxes. a.n4 said special asseBsmentB
&1;1 a ;ien upon \ said 1 ds, lots and pn.eces and parcels of land, and take precedence
of all other li~ns; that due provision has been ma.de for, and sa.id city hereby guarante~
the oollection of said special assessments sufficient to pay the interest accruing herem
promptly when and as the same falls due and also to discharge the principal ~ereof at
maturi ty.
In comfonnity with subdivision 15, chapter 80 of said session laws of ISll,
it is hereby recited that "The holder of any bond issued under the authority of this
chapter, shall have no claim there-for against the city, town or village by which the
same is issued in any event, except for the collection of the sI1ecial assessment mcide
for the work of improvement for whi ch said bond was issued. but thi s remedy in case
of non-payment shall be confined to the enforcement of such assessment.
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"A copy of this subdivision shall be plainly written, printed or engraved
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face of each tond so issued."
This bond is redeema.ble by said city on any interest payment date, upon call of
the Treasurer 01' said city made prior thereto by pul,lication for thirty (30) days in the
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official newspaper following the "delinquency of any insta.llment of the assessment.
IN TESTPrONY WHEREO'<', The city of Rexburg, of l::adison county, Idaho, by its city
council has caused this bond to be signed by the mayor of said city and attested by the cle
thereof, countersigned by the City treasurer, sealed with the corporate seal of s~id city
and recorded by said clerk; and each of the twenty (20) interest coupons hereto attached
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to be signed by the engraved facsimile signatures of said mayor, tpeasurer and clerk, the
1st day of August, A. D. 1920.
Attest: ~ ~ ,-fj~,,;
erk .
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( SEAL)
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Counters igned:
Ci ty Treasurer.
(Form of Coupon)
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Coupon No. _
$
On the first day of Februury
August, A. D. lS
The City of Rexburg, of Madison county, Idaho, for value received, promises
to pay to the bearer hereo~ the sum of Thirty
dollars in gold coin of the United states
of A.merica of, or equal to, the present standard of weight and fineness, at the office of
the city treasurer in Rexburg, Jdaho, or at the National Bank of commerce, in the city and
state of New York, U. S. A., at the option fo the alder, being six months' interest then
due on its Special Assessment sewerage Improvement Bond, District No.1, dated August 1,
A. D. 1~'20,
No.
(Fac-Simile signature)
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Mayo r .
Attest:
(Fac-simile signatu~e)
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Clerk
Counters igned:
(Fac-simile signature)
C i ty Treasurer
Section 4. That each of the bonds hereby authorized shall be signed by the mayor,
countersigned by the city trea.surer, a.ttested by the cler, and sealed with tbe corpora.te
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GEO.D,''''RHAftD STA,CO..IT.LOUII
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seal. respectively, of said city, which seal shall be impressed thereon, and recorded
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by said clerk; thut eurh of the interest coupons to be attached to €ac~ of said bonds
shall be signed t,y the engraved fac-simile sirnatures of said mayor, clerk, and treaa-
urer; that the officers of said city in this section mentioned are hereby authorized.
ordered, and diredted to cause said bonds and coupons to 1::e preJ.:i1ured substantially in
the forms, respectively, hereinabove set forth, and to execute tl1e same for and on
behalf of said city and in the manner aforesaid; and that the city treasurer cause the
said bonds to be delivered without undue or unnecessary delay to said Drake-ballard
Company, of Minniapolis, l~inn., the lawful purchaser of the same, upon payment being
made to said treasurer of the agreed purch~lse price therefor; th<.A.t said treasurer shall
hold the proceeds of the sale of suid bonds in a separate fund subject to the order
of the said city council, to be used exclusively for the purpose of paying the cost of
said improvements, but the purchaser of said bonds, or any subsequent holder, shall
be in no wise responsible for the application of the proceeds of the sale of said bon~
by the said treasurer, council, or any other officers of said city; and said bonds.
or any part thereof, which have been delivered to said purchaser, shall thereafter
be incontestable and their legality shall not be open tp contest by any person or
persons, corporation or corporations, or by the said city, for any reason or reasons
what soever.
Section 5. That in all cases where any assessment or any installment ther~
of. or interest thereon, as provided in the said assessment roll for said Local Sewer-
age Improvement Di strict No.1, and in said ordinance No. 253. confirming and approv-
ing said assessment roll, becomes due. the sam~hall be paid to the city treasurer
whoes duty it is to collect such assessment. and all SUInS so paid shall be placed in
the fund known as "Local Sewerage Improvement Di stri ct No. 1 - P.ond. In te re st, and
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Sinking Fund" and shall be applied solely to the payment of the costs and expenses
of said improvements and the redemption of the said bonds issued therefor.
section 6. That on the 15th days of January and July in the year 1921, and
on the 15th days of January and July, respectively, each year thereafter so long as
any of the interest coupons appertaining to the borfds hereby authorized to 'be issued
remain outstanding and unpaid, the city treasurer shall be, and he is hereby. author-
ized, ordered, and directed to remit. by aAd through~the aforesaid purchaser of said
bonds. out of the moneys in said "Local Sewerage Improvement District No.1 - Bond.
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. Interest and Sinking Fund," in the form of check or dra.ft. payable in New York, U. S. 14
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.to the' Ba.t 1on~1 Banl of ,CommeJ'ce, in the said city of New York, a sunt.suffie ient to
"pay the semi~~nnual interest accruing on said bonds on the first days of February and
August. reepectively, in each year, and any and all escrow charges made by said b~nk
for handling $aid coupons; and on the 15th day of August, A. D. lS20. the said City
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treasurer shall be, and he is hereby. authorized, ordered, and directed so to remit to
said National ~ank of Commerce. in the said city of New York. a surnm sufficient to
pay the principal amount of said bonds outstanding and becoming due on the 1st day of
December next thereafter, together with all interest accrued thereon, and any and all
escrow chargee made by said bank for handling the same.
Section 1. That the cale and award of the said special assessment sewera~
improvement bonds. hereinbefore mentioned, heretofore made by the mayor and council
of said city upon the best terms at the lowest rate of interest at which said bonds cm
be sold, namely: at six per centum (6%) interest per annum, to Drake-ballard Company
with offices in Minniapolis, Vinn., the highest and best bidder therefor. be and the
same is, hereby ra ti fied, approved and confi nned.
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Section 8. That .the~ayor and council, and the cler~ and t!easurer, respectitel ,
of said city, al~, any or either of them, are hereby authorized, ordered, and directed to
furnish the aforesaid purchaser of said bonds with such certificates, transcripts, or other
documents as will fully evidence the proceedings had preliminary to. the issuance of said l'olds,
the reguldrity and sufficiency thereof, and the act~f anyone or all of said officers are
hereby authorized, ratified, approved, and confirmed.
Section 9. That it is hereby made the duty of the city treasurer, before the re-I
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dernption of any of the bonds in this ordinance authorized, to mail written ~otice to the S~~d
Drake-Ballard Company, stating the bonds to be redeemed and the date on which said redempt-II
ion will be made. The said notice shall be so mailed at least thirty days prior to the dat
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of such redemption. I
section 10. That it be and is thereby certified, recited, and warranted that all I
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conditions, acts, and things necessary and essential to the validity of the bonds herein-
before mentioned and required by law to be done, have been fully done and performed.
Section 11. That the provisions of this ordinance and each of the bonds and
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each of the interest coupons issued pursuant thereto, shall consti tute, and the sar-le are
hereby 4eclared to be, a binding an~ irrevocable contract between said city and the pur-
chaser of said bonds and the holder from time to time of each of said bonds and the interes
Section 12. That all resolutions, ordinances, or orders, or parts thereof, in
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coupons thereto appertaining.
conflict with the provisions hereof, be and the aame are hereby, repealed, rescinded, and
annulled.
Section 13. That this ordinance shall be forever irrepealable until the indebt-
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edness hereby created, both ae to principa~nd interest, shall have been fully paid, sat-
isfied, and discharged, as prQvided by the constitution and statutes of the state of Idaho.
Section 14. That this ?rdinance being for the purpose of providing funds for the
immediate payment of the cost, and expenses of improvement in said Local Sewerage Improvement
District No.1, the same shall therefore be in full force and effect from and after its'
passage, approval, and due pUblication, according to law.
Passed this ~ day of September, A. D. 1920.
APPROVE D:
se~tember 8th. A. D. 1920.
( SEA L )
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