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HomeMy WebLinkAboutORDINANCE NO. 320 BONDS - SIGNED ~/ - --- - ---~7 -------~ I ORDINANCE NO. 320. 'I I I i II I- Ii Ii ) rr AN ORDINANCE AUTHORIZING T'tE ISSUANCE 0F BntffiS T0 THE TOTAL A1',iOl:J.NT OF $92,000.00, TO REFUND, BY 7-rAY OF EXCF..ANGE, A LIKE AMOUNT OF THE OUTSTANDING, VALID, BINDING AND ~TBSISTING BONDED INDEBTEDl~SS OF . THE CITY OF REXBURG, IDAHO, AS FOLLOWS: "BONDS NUMBERED 1 TO 70, BOTII NID.mERS INCLUSIVE) OF THE DENOMINATION OF $1,000.00 EACH, DATED OCTOBE~ 1st, 1919, AND KNOWN AS n~un~ICIPAL SEV{ER COUPON BONDS", IN THE TOTAL AMOUNT OF $70,000.00; "BONDS InJlillERED 1 TO 10, BOTH ~UlmERS INCLUSIVE, OF TEE DENOMINATION OF $1000. EACH, DATED OCTOBER 1ST, 1919, KNOWN AS " MUNI CI PAL S mEET ITvIPROVEliiiENT COUPON BONDS", IN THE TOTAL AMOUNT OF $10,000.00; and () "BONDS NUMBERED 1 TO 12, BOTH NUIvLBERS INCLUSIVE, OF THE DENOMINATION OF $1,000.00 EACH, DATED OCTOBER 1ST, 1919, KNOWN AS ~MUNICIPAL FIRE DEPART1~NT COUPON BONDSd, IN THE TOTAL AMounT OF $12,000.00; - I I I I WHEREAS, The 0ity of Rexburg, Madison CO'llllty, Idaho, by qrdinance No. 238, adopted and I I I I ~ h numbers inclusive, in the denomination of ~l,OOO.OO each, being "Municipal Sewer Coupon Bondt" I' I of the City of Rexburg, dated October 1st, 1919, due October 1st, 1939) optional at any time I I II I' !i tlAND LEVYING A TAX TO PAY THE PRINCIPAL AND INTEREST ON SUCH BONDS AS THEY FALL DUE, AND PRESCRIBING A BOND AND COUPON FOID-!". and approved November 25, 1919, issued its negotisble voupon bonds numbered 1 to 70, both after October 1st, 1929, aggregating the total sum of $70,000.00, bearing interest at the rate of 6% per annum, payable semi-annually on the first days of January and July in each year, am 7lHEREAS, The said City" By Ordinance No. 239, adopted and a oproved on the 25th day of I I l'ovember, 1919, issued its egotiab1e coupon bonds nnmbe red 1 to 10, both numbe rs ine Ius ive, (~ " in the denomination of Od~e e&CJb., be ing llM'lllliciapl St reet Improvement Coupon Bonds" of \J said City, dated October 1st, 1929, in the total :":~-~;ii payable semi-annually ,~ .::* . 1919 i::-r ':;~- -~-~'>' - ~% t: 11.':~ t.I. rs t due October 1st, 1939. optional at any time after October .00, bearing interest at the rate of 6% per annum, days of JanuarY and july of each year, and 7v'HEREAS, The said 01t1' b1 Ordinance No. 240, adopted and ar,proved November 25, 1919, issued bonds numbered 1 to 12, both numbers inelu~ive, of the denomi- nation of' 'If,l,OOO.OO each, being "Municipal Fire De}.lS.rtment Soupon Bonds", dated October lstpr: 1919, due October 1st, 1939, optional at any time atter October 1st, 1929, in the total Bum of $12,000.00, and bearing interest at the rate of 6% per annum, payable semi-annually on the first days of January and July of nch year, and ~ImREAS, More than ten years have elapsed since the issuance of said bonds, and it is now optional with the said City to payoff, redeem, retire and re~lnd the outstandin~ amounts of said issue in the sum of $92.000.-00, which is hereby warranted and declared to be a leval, valid and binding obligation of said City incllrred for lawf~l municipal purnoses, and 'VE3REAS, The said Ci ty of Rexburg, Madis on County, Idaho, is a body politic and c oY')ora te, duly organized, existing and operating under and by virtue of the laws of the State of Idaho, the 1~yor and Council of said City have determined and do hereby determine that the issuance of' l'unicipa1 Coupon Refunding Bonds drawing interest at the rate of 4-3/4% per annum, being the lowest interest at which bonds can be negotiated, for the purpose of paying off, by way of exchange, the amount of the general bond issues herein referred to. will be to the best interest of the City of Rexburg. by reason of extending the time of payment of said indebt- edness. and that the iSSUAnce of said Refunding bonds will reduce the rate of interest which the City is now re~uired to pay, will not increase the indebtedness of the said City, but will be to the benefit and profit of the City, ~, ...,t ~ \... ~ ~ - - - ~ 7 - - -., - - - ~ ~ - - -- -- - ~ 7 - .. -... -"-"" ......... ~, ......... ~... .... '-' O!O.O.8ARNARDaTA.CO.. aT.LOU'S ORDINANCE NO. 320. (Continued) NOW THERER'RE, BJ; IT ORDAINED BY 'rH3 !vlA..YOR AND COUNCIL OF THE CITY 0F REX~URG, IDAHO: Section 1.- That there has been nresented and filed as a part of the records of this I, II \j Council, a Certificate of the City Clerk and City Treasurer of the City of Rexburg, Idaho, I showing that the outstanding general bonded indebtedness as of the 21 day of March, 1935, ! amounts to the total sum of $157,000.00, and it is hereby ascertained, determined and de- clared that said Certif'icate is a correct statement of the general bonded indebtedness of the Ci ty of Rexburg; that all of' said indeb tedness was lawfully incurred for munic ipa1 purposes, authorized by the Constitution and General Laws of the State, and constitute bond- ing and subsisting obligations of the City now outstanding; that said outstanding general , bonded indebtedness in the aggregate, at the time of the issuance of the bonds hereby refundef' not inclusive of bonded indebtedness for water works, did not exceed the statutory and Constitutional Limitation at the time of such issuance; that it is to the profit and advant- age of said Gity to payoff, retire, redeem and refund $92,000.00 of said bonded indebtedness. as mentioned and described in the pre-amble hereof, by the issuance and sale of Refunding Bonds herein referred to; that said Refunding Bonds can be issued without said City incurring any additional indebtedness or liability exceeding the statutory limitation, and that there is no cash in the Treasury of said City a~plicable to the discharge of the bond issue herein desc ri bed. Section 2.- That upon the surrender QY the holder o~ holders and cancellation of the herein~efore described bonds of said City, or upon the deposit in trust of sufficient funds with a Banking Institution to pay the outstanding bonds.fLl~2frount of the new refunding ,,:~, bonds shall be issued and delivered in full and stric....tOxm1.1jfWi t'h the lcrovisions of Chapter 2, Title 55, of the Idah 0 Code Annotated, and 4J_,~e~t~" thereof and sUl:rplementaI'Y' ' thereto. Section 3.- That for the purpose of provi~ing neo..-a~ funds with which to payoff, retire, redeem and by way of exchange, refund $92,000.00 in amount of the valid, legal and binding outstanding indebtedness of said City, as mentioned in the preamble hereof, there shall ,be and there is he reby authorized and d.irected to be issued the following negotiable coupon bonds of ~aid City, namely: I Retunding B~nd8 of the City of Rexburg, Madis on County, Idaho, to an amount aa-grep;at ing the principal s~ of $92.000.00, composed of bonds dated May 1, 1935, numbered, maturing and ... af denominations as follows: WMBIRS DENpMINATION TOTAL MAIDRITY (Both tno. ) 1-0 $1.000.00 $3,000.00 May 1, 1937 4-6 1,000.00 3,000.00 May 1, 19,38 7-9 1,000.00 3,000.00 May 1, 1938 19-12 1,000.00 3,000.00 May 1, 1940 13-16 1,000.00 4,000.00 May 1, 1941 17-20 1,000.00 4,000.00 May 1. 1942 21-24 1',000.00 4,000.00 May 1, 1943 25-28 1,000.0~ 4,000.00 May 1, 1944 89 -32 1,000.00 4,000.00 May 1, 1945 33-37 1,000.00 5,000.00 Kay 1, 1916 38 -42 1,000 ;JOO 5,000.00 May 1, 19'7 43-17 1,000.00 5,000.00 May 1, 1948 48-52 1,000.00 5,000.00 May 1, 1949 53-58 1,000.00 6,000.00 May 1, 1950 59 - 64 1.000.00 6,000.00 May 1, 1951 65 -70 1,000.00 6,000.00 :May 1 , 1952 71-77 1,000.00 7,000.00 May 1, 1963 78-84 1,000.00 7,000.00 May 1, 1954 85-92 1,000.00 8,000.00 May 1, 1955 ., , Ji !"".d"t' .,-C..:J bearing interest at the rate of 4-3/4% from their date until paid, payable semi-annually on the first day of May and November of each year, beginning the first day of November, 1935, both principal and interest :thereon payable in lawful money of the United States of America, at the office of the City Treasurer of Rexburg, Idaho. Trle interest snaIl be representeq. "--'. ~ / ~ --...,~;:,.K ~ - ~ ~ - -} - - -e/ ----- --- <:::)7 - ----~ ~- <:::)7 -- ORDnrANCE NO. 320. (Continued) -------------1--- I :1 by coupons attached to each bond. each coupon representing a half-yearly payment of interest i~ II \i ,\ i\ I I : \1 II ~ ~ I upon the bond to which it is attached. Sec tion 4. Said bonds and each of the interest coupons to be thereto attached shall be in substantially the following forms. to-wit: ,) No. :~l. 000.00 UNITED STATES OF MlERICA STATE OF IDAHO OOU.NTY OF MADIS ON CITY OF REXBURG !: C 0 l llUI~ICIPAL OtJP N REF{J1TDI~rG BOl~D :: !I KNOW ALL MEN BY THESE PRESENTS That the City of Rexburg, 1,Iadison County. _State of Idaho,i: Ii acknowledges itself to owe and for value received, hereby promises to pay to the bearer hereo~ ! ) the principal sum of ONE THOUSAND DOLLARS . 19__, together with interest on said sum frrnn the date hereof until on ':..:., paid at the rate of four and -three-fourths per cent (4-3/4) pe r annum, payable semi-annu.a lly on the fi rst days of May and November in each year, as evidenced by and upon presentation and surrender of the interest coupons hereto attached as they severally become due, and both the said interest on and prinoipal sum of this bond are hereby made payable in lawfUl money o~ I the United States of Amerioa. at the office of the City Treasurer of Rexbure, Idaho, and for the prompt payment of said princi pal and inte res t at rra.turi ty the full fai th. credit, res ourc.,s and all the taxable proparty of said City are he reby irrevocably pledged. This bond is issued by safa City for the purpose of providing funds with which to redeem and refund a like amount ot its valid am. legal outstanding bonded indeb tedness pursuant to an Ordinance duly adopted the layor and Common Council of said City at a lawful meeting thereof held prior to the 0'1 this bond. and under, by virtue of. and in all res-pects in full and strict conforml the Constitution of the State of Idaho and Chapter 2, Title 55, Idaho Code Aot.~mendatory thereof and supplementary thereto. And it is he reby cedI: el, reei 'bed and warranted that the City of Rexburg is now and has been for several years pas~ a body politic and corporate duly organized, existing and opera- ting under and virtue of th. Constitution and Laws of the State of Idaho, and it is now and has been always under the oontrol of a duly organized Common Counoil as the duly constituted corporate authority thereof; that all thimgs, 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 oonstitute the same the valid and binding obli- gation of said City, do exist and have bap:pe'ned and been done and perfonned in regular and due form and time; that the bonded indebtedness for the refunding and payment of which this bond is issued was lawfully incurred and authorized by the Constitution and laws of the State of Idaho at the time it was incurred, and its refunding and payment constitutes a valid, binding and subsisting legal bond obligation of said Oity and was of a character authorized by law to be refunded; that in issuing this bond the said City has not incurred any addition- al indebtedness or liability exceeding in any year the income or revenue provided for such year, and 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 thereof as required. by said ~terest ooupons, promptly when and on the date the same falls due and also to dis- ~. J , charge the principal hereon at maturity. IN TESTIMONY WHEREOF. The City of Rexburg, in }[l8.dison County, Idaho. by its l[ayor and Council, has caused this bond to be signed by its Mayor and attested by its City Clerk" ,....::~!~ - -- - ... -, ~... -.I '-'A .. '-.............-..0' .. '-..:~"-'~&b' A'-'l,"""AA~ GEO.D.BARHARD ITA. CO., IT .LOUI, r . ,I :! under the corporate seal of said City, and to be countersigned by its City Treasurer, and I 'I 1: II the coupons thereto attached to be sip-ned by said Treasurer by his facsimile signature, and " Ii \1 said officer does, by the execution hereof, adopt__as and for his own proper signature the :11 facsimile signature appearing on said coupons as of this 1st day of }~y, 1935. II ORDINANCE NO. 320. (Continued) Attest: Oi ty Cle Iic (SEAL) IvTay 0 r Countersigned: Oi ty Treasurer (:roRlvI OF COUP<DN) :1 NO. $ The Oi ty of Rexburg, :Madi son COllnty, Idaho, will pay to the bearer on , ,19 , at the office of the Ci ty Treasurer of Rexburg, Idaho, the sum of Dollars ($ -) being the amount due that day for six month's interest on its II,~llnicipal Coupon Refunding Bond, issued in conformity with the provisions of Chapter 2, Title 55, of the Idaho Code Annotated, and Acts Amend.atory thereof and supplemental thereto, dated J..Iay 1st, 1935 and numbered . Oi ty Treasurer. (REGISTRATION CERTIFICATE) State of Idaho, ) County of Madison, ) SSe Ci ty 0 f Rexburg. ) I, the undersigned, City Clerk of the City of Rexburg, in lIadison County, State of Idah 0, do hereby certify that the wi thin bond has be en duly regis tered in a TIubj ic record book kept for that purpose on file in my office, said registration being in all respects as req.uired by law, and that the signatures of the :Mayor, Clerk and Treasurer of the City of Rexburg, and the signatures on the coupons are the genuine are the p'enuine facsimile signa- tures of the City Treasure r. City Clerk. Section 5. That each of the bonds hereby authorized shall be signed by the Mayor of the City of Rexburg, Idaho, and attested to by the C1t1 ~le. ot said liity, who shall also, the seal of said City, which seal shall be k, back'~l# each bond, sealed with 'f~~i an4tountersip"ned by the City sign the certificate of registration to be endorse' r::,':"~ Treasurer, and each of the interest coupons to be ai"" each;.f said bonds shall be signed by the facsimile signature of said Treasurer, .hleh said oft1oer shall by the execution ~ of such bonds, adopt as and for his own proper signature his facsimile signature appearing on each of said coupons, and the said officers are hereby authorized, ordered and directed to cause said bonds and coupons to be prepared substantially in the forms, respectively, ,I hereinbefore set forth and to execute the same for and on behalf of said Ci ty as and in the manner aforesai~; that af'ter their exeoution and before said bonds are delivered, they shall be registered b~ the City Clerk of said City of Rexburg, Idaho, in a book kept in his office i for that purpos~, which shall show eaoh bond, 1~s number, place of payment, rate of interest, : I the number and denomination of ooupons attached, date of issuance, amount, date of maturity, date and amount of sale and the name and post offioe address of the purchaser, and each of said bonds, when so registered by the said City Clerk, shall be said City Clerk be forthwith delivered to the City Treasurer who shall likewise register said bonds and thereafter deliver the same as provided in Section 2 hereof. Section 6. That the interest falling due on said bonds prior to the collection of the first annual tax levied for that purpose, shall be paid from the General Fund of said City or from any funds in the hands of the Oi ty Treasurer belonging to said City and available ~ for that purpose t and for the purpose of reimbursing said fund or any moneys that may be used for that purpose and provide the necessary fund s to pay the interest accruing on said bonds promptly when and as the same falls due, and to constitute and maintain a sinkin9" fund sufficient for the discharge of the principal thereof at maturity, there shall be and there t" is hereby levied upon all the taxable property included in said City, in addition 'to all other taxes, the following direct annual ad valorem taxes, to-wit: ) fund to be known as "Refunding Bonds, 1~y 1st, 1935, Interest and Sinkin~ Fund", which shall be irrevocably pledged to and used solely for the payment of the interest and principal of the said bonds hereby authorized, when due, so long as any of said bonds or interest coupons thereto appertaining remain outstanding and unpaid. Provided, however, that any excess of such fund over and above the necessary amount required for the payment of the said princi~al and interest, shall revert to the general fund of the said City. For greater certainty the Common Council of said City ~f Rexburg. Idaho, shall, in each of said years 1935 to 1955, both years inclusive, include the bond tu ~,reinbefore levied for such years in the annual estimate J'\~'>{: ' for said City for such year, and sai4 bond tax shall in each of said years be certified, ex- tended upon the tax rolls an col:)...ted by the s.ame officers, in the same manner and at the 1::~;~..~<?~)':f -,'- ,~~ Section 7. That thl /~ of' the interest coupons i this Ordinance and each of the, refunding bonds and each thereto, shall constitute and the sam~ are hereby same time as the taxes purposes for said City are certified, extended and colle cted. declared to be a binding and irrevocable contract between said Oi ty, and the purchaser of I i said bonds and the holder fr~m time to time for each of said bonds, and the interest coupons thereto appertaining. Section 8. All Ordinances or parts of Ordinances or resolutions in conflict or inconsis- · tent herewith are hereby rep~aled, and this Ordinance shall be in full force and effect from and after its passage and approval by the 1myor of the City of Rexburg, Idaho, shall be record- ed in the Book of Ordinances. of said City kept f0r that purpose, and shall be published in the Rexburg Standard, a weekly newspaper of general circulation in said City. Passed and approved this 21st day of ~~rch, 1935. ( SEATJ) ~l ttest: T. G. Richman ---.- Ci ty ClerE--- Arthur Porter, Jr. J.:!ay 0 r 'I ^'.J'. . 11 \. ',. .....-...,... - ._--, ~ . --" "