HomeMy WebLinkAboutORDINANCE NO. 330 BONDS - SIGNED
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ORDINANCE NO. 330
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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF llUNICIPAL COUPON REFUNDING BONDS
OF THE CITY OF REXBURG, MADI SOH COUNDY, STATE OF IDAHO, IN THE AMOUNT OF
'37.000 FOR THE PURPOSE OF REFUNDING AIm REDEEMING A LIKE AMOmTT OF OUTSTANDING
BONDS OF SAID CITY, AND PROVIDING FOR TI~ LEVY AND COLLECTION OF AN A1ryfiJAL TAX.
SUFFICIENT TO PAY INTEREST ON SAID BONDS AND ALSO TO CONSTITUTE A SI~IKING FUND
FOR THE PAYMENT OF PRINCIPAL THEREOF.
WHEREAS, pursuant to Ordinance No. 285 enti tIed IlAn Ordinance providing for the refunding
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of Ten Thousand Dollars ($10,000.00) Water Works Bonds of the City of Rexburg, Idaho, d~ed
August 1st, 1913, payable August 1st, 1933, but redeemable at any time after August 1st, 1923,
at the option of said Ci ty, also :providing for the issuance and prescribing the form of such ~
refunding bonds and providing for a tax levy to pay both the principal of and the interest
upon said Refunding Bonds, 11 which Ordinance was duly passed by the Ci ty Council of the Ci ty :.
of Rexburg, 1adison County, State of Idaho, on the 26th day of September, 1923, there was
authorized the issuance of lIunicipal Coupon "Water Works Refunding Bonds" of said City, in
the amount of Ten Thousand Dollars ($10,000.00) for the purpose of refunding outstandin~
indebtedness of said City, which bonds bore date the Fi rs t day o'f November, 1923, due and
payable the First day of November, 1943, and redeemable any time after November 1, 1933,
bearing interest at the rate of five and three-~uarters per centum (5-3/4%) per annum,
payable semi-annually on the First day of January and the First day of July in each year, in
the denominations of One Thousand Dollars ($1,000.00) each, numbered consecutively from One
to Ten, both inclusLve, and
WHEREAS, all of said bonds were duly and lawfully issued and sold, Bonds numbered One,
Two and Three having been redeemed; that said bonds numbered Four to Ten, inclusive, of the
above described issue, have been and now are the legal and valid obligations of the City of
Rexburg.
The City having always paid the interest on said bonds promptly when due, the
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full faith and cred1 t of the Oi ty being pledged for the prompt payment of interest and
principal on sa~d bonds, and
WHEREAS, there are no moneys in the Sinking Fund available for the retirement of said
bonds or any of them, and
WHEREAS, it is now optional with the City of Rexburg to payoff, rettre, redeem and
refund the outs~anding amount of said issue in the sum of Seven Thousand Dollars ($7,000.00),
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WHEREAS, all of said bonds will mature on November
, and it is the opinion of
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this City Counc~l that it will be for the bes t interests of. :the ..City of Rexburg and. the
tax payers thereof if the maturity date of these bonds canb~ extended through the issuance
of refunding bonds, payable serially in from two to ten years t~pm the date of issue, so
that it will not be necessary to meet a sizable maturity in any one year and so that the
payment of said bonds can be made over a longer period of time, and
VrnEREAS, pursuant to Ordinance No. 286 enti tIed: f1An Ordinance providing for the refund",..
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ing of Thirty Thousand Dollars ($30,000.00) Grading and Curbing Bonds of the City of Rexbur~~:'"
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Idaho, dated August 1st, 1913, payable August 1st, 1933, but redeemable at any time after
August 1st, 1923, at the option of said eity, also providing for the issuance and prescribing
the form of such refunding bonds, also providing for a tax levy to pay both the principal
of and the interest upon said refunding bonds," which Ordinabce was duly passed by the City
Council of the City of Rexburg, 1~dison County; State of Idaho, on the 26th day of September,
1923, there was authorized the issuance of Grading and Curbing Bonds of said City, in the
amount of Thirty Thousand Dollars ($30,000.00) for the purpose of re~lnding outstandin~
indebteLness of said City, which bonds bore date the First day of November, 1923, due and
payable the First day of November, 1933, bearinr! interest at the rate of five ant thrp.e-
~uarters per centUm (5-3/4%) ~er annum, payable semi-annually on the First day of January
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r ORDINANCE NO. 330 (Continued) T
!, and the First day of Ju17 in each year, in denominations of One Thousand Dollars ($l,ooo.oo)i,
II each, numbe red c onsecu ti vely from One to Thi rty, both inc lus ive, and Ii
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i WHEREAS, all of said Bonds were duly and lawfully issued and sold and have been and !i
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are now the legal and valid obligations of the City of Rexburg, the City having always naid Ii
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the inte rest on said bonds promptly when due, the full fai th and c redi t of the City being Ii
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WHEREAS, there are no moneys in the Sinking Fund available for the retirement of said Ii
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pledged for the prompt payment of interest and principal on said bonds,
and
bonds, or any of them, and
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WHEREAS, it is now optional with the City of Rexburg to payoff, retire, redeem and
and
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refund the outstanding amount of said issue in the sum of Thirty Thousand Dollars ($30,000.qO),
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tax payers thereof if the maturity date of these bonds can be extended through the issuance Ii
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WHEREAS, all of said bonds will mature on November I, 1943, and it is the opinion of
tbis City Council that it will be for the best interests of the City of Rexburg and the
of refunding bonds, payable serially in from two to ten years from the date of issue, so
that it will not be necessary to meet a sizable maturity in anyone year and so that the
payment of said bonds can be made over a longer period of time,
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF REXBTJRG,
NtADISON COU.NTY, STATE OF IDAHO: --;
Section 1. That for the pftrpo8e of refunding Seven Thousand Dollars ($7,000.00) Water ~ork~
Refunding Bonds of the Cit~ of Rexburg, ~~dison County, Idaho, in denominations of One
Thousand Dollars ($1,000.0~) each, numbered from four (4) to ten (10), both inclusive, bear-
ir~ ~nterest at the rate 0 tlv. and three-quarters per centum (5-3/4%) per annum, payable
semi-annually on the F1:n~~; ,.r'Of January and the First day of July in aach year, dated
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November 1st, 1923, due c ~.j.7abl. November 1st, 1943, redeemable at the option of the
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City at any time
ber 18", 1933,
And for the further purpose of refunding Thirty Thousand DOllars.~'ooo .00) Grading
and Curbing Refunding Bonds of the Ci ty of Rexburg, ~;iSon County, Id.> in denominations
of One Thousand Dollars ($1,000'..00) each, numbered fro~one (1) to thirtu (30) both inclusive,
bearing interest at the rate of Five and three-quarters per cent~ (5:~/4%l per annum, paya-
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ble semi-annually on the F:i,rs't day of January and the Firs t day of J'll.t1"in each year,: da ted
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November 1st, 1923, and pa~abl. November 1st, 1943, redeemable at the.-CJption of the City at
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any time after November 18t" 1933, there shall be issued Municipal Coupon Refunding Bonds
of the City of Rexburg, Madison County, State of Idaho, in the amount of Thirty-seven
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Thousand Dollars ($37,000.00), dated January 1, 1937, and in the denominations of Five
Hundred Dolla rs ($500.00) each, numbered from one (1) to seventy-four) 74), both ine Ius ive,
bearing interest at the rate of not in excess of three per centum (3%) per annum, interest
payable semi-annually on the First day of January and the First day of July in each year,
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due serially in numerical order as follows:
Bonds Nos. 1 to 7 inclusive, due January 1, 1939
Bonds Nos. 8 to 14 inclus ive, due January 1, 1940
Bonds No-s"; ..l5 to 21 inclusive, due January I, 1941
Bonds Nos. '82 to 29 inclusive, due January 1, 1942
Bonds Nos. ao to 38 inclus ive, due January 1, 1943
Bonds Nos. 39 to 47 inc lusi ve , due Uanuary 1, 1944
Bonds Nos. 48 to 56 inclusive, due January I, 1945
Bonds Nos. fJ7 to 65 inclusive, due J anua r-;{ 1, 1946
Bonds 'Nos. 66 to 74 ina1. us ive , due January 1, 1947
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:3oth prinoipal and "jnte rest of said bonds shall be due and payable at the office of the
City Tre~rer~~ Rexburg, Idaho.
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aro.D.IIARNARD ITA.CO., IT.LOU'.
ORDI~~NCE NO. 330 (Continued)
Section 3. Said Bonds and Coupons shall be in substantially the following form, to-wit:
UNITED STATES OF AE3;RICA
STATE OF IDAHO
M.ADISON COUNTY
CITY OF REXEURG
~rrn~ICIPAL COUPON
Refunding Bond
Series of Janua~ 1. 1937
No.
to pay to the bearer hereof the sum of
FIVE Hm~DRED liOLLARS
($500.00)
on the First day of hJanuary. 19__. with interest thereDn at the rate of not in excess of
three per centum (3%) per annum from date until paid. payable semi-annually, on the First
day of Janua~ and the First day of July in each year. both principal and interest being
payable in such funds as are. on the respective dates of payment of the principal and of
II interest on this bond legal tender for debts due the United States of America, at the office
of the City Treasurer in Rexburg. Idaho, u~on presentation and surrender of the annexed
I coupons as they respectively become due.
I ]~his bond is issued by saiC_ City for the :purpose of ref'uYldin.g; and redeeming a like
amount of valid outstanding indebtedness of said City and is one of a series of bonds of like
I date and amount and is issued in conformity with and full compliance with the constitution
and laws of the State of Idaho. particularly Chapter 24, Title 49 and Chapter 2 of Title 55
of the Idaho Code. 1932 Edition, and all amendments thereof ~rid all other laws a~plicable
the reto.
It is hereby certified, reci ted and declared that the full faith, cred.i t and taxable
property within the City of Rexburg, Idaho. are and shall continue to be pledged for and until
the full payment of the p r1ncipal and inte rest of t his bond ; that eve'ry requi reme nt of law
relating to the issue thereof has been duly complied with and that this bond and the bonded
indebtedness so refunded and redeemed hereby. are within every debt and other limit prescribed
by law and the Constituti~n; that the ~n~~btedness of the City has not been increased by the
issue hereof and that provision has been made for the collection of an annual tax to pay
the interest on this bond as it falls due, and also to pay the principal thereof when due.
IN TESTIMONY T~VHEREOF. the City of Rexburg. , Idaho. has caused this bond to be si:~ned by
its Mayor. countersigned by the City Treasurer and attested by the City Clerk, the seal of
the City affixed and the coupons hereto attached signed with the gacsimile signature of the
City Treasurer, which official, by the execution hereof, does adopt as and for his own proper
sig~ature his faQsimile signature appearing on each of said ooupons, all as of the First day
of January, 1937.
Countersigned: !:,.:.
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Trea..
Mayor
Attest:
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I SEAL 1 C 1 t;f,< t:r ~rll:.
To eaoh of ~a1;l;~onds shall be attached a coupon for eaoh installment of interest
oontemplated by ,aid bond, which coupons shall be numbered oonsecutively, beginning with
No.1. Said coupons shall provide tor the payment of Dollars ($ )
for each six month~interest installment. and shall be in substantially the following form,
to-wit:
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No. July $
On the First day of January, 19 , the City of Rexburg, in the County of ~~dison and
State of Idaho, will.pay to the bearer hereof the sum of Dollars ($ )
in such funds as are; on the date of payment hereof, legal tender for debts due the United
States of Americ., at the office of the City Treasurer in Rexburg, Idaho, being six months
interest then due on its Munioipal Goupon Refunding Bond, Series of January 1, 1937.
(Facsimile Signature)
Ci ty Treasurer.
Section 4. The interest due July 1, 1937, shall be paid from the General Fund of the
Ci ty of Rexburg, Idaho, and fo r the purpose of reimbursing said fund, and .for t he purpose of
paying the interest due on January 1, 1938 and thereafter as the same falls due, and also to
constitute a Sinking Fund for the payments of said bonds and as the same shall mature, there
shall be levied on all taxable property in said City of Rexburg, in addition to all other
taxes, a direot annual tax in the years and suf~icient in amount to produce the net amounts
required.
Section 5. It shall be the duty of the City Council of said City and it is hereby
required, annually. at the time and in the manner provided by law for the levr1ng of other
city taxes, to ratifY and oarry out the provisions hereof with referenc~to the levying of
taxes and requiring the officers of and for said City to levy, extend akd colleot such taxes
in the manne r provided by law, for the purpose of c rea ting a fund for the payment of the
interest upon and the principal of said bonds, and the said taxes when collected shall be
kept for and applied only to the payment of said interest and principal of said bonds, as
hereinbefore specified, but nothing herein contained shall be so construed as to prevent said
City from applying any other funds that may be in the City treasury and available for that
(Coupon)
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ORDINANCE
NO.
330
(Continued)
Section 6. That said Thirty-seven Thousand Dollars ($37,000.00) Municipal Coupon
Hefunding Bonds, Series of Januar.y 1, 1937, shall be advertised. delivered and sold in
compliance with Chapter 2 of Title 55, Idaho Code Annotated, 1932.
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Section 7. This Ordinance, upon its passage and approval, shall be published in one
issue of the Rexburg StandaIU, the official newspaper of said City, a weekly newspaper
printed and published and of general circu~tion in the City of Rexburg, Idaho, and shall
take effect and be in full force immediately upon its passage, approval and publication, and
shall be irrepealable until the indebtedness hereby created shall have been fUlly paid,
satisfied and disoharged.
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See tion 8.
All Ordinances, or parts of Ordinances of the City of Rexburg, Idaho, in
oonflict with this Ordinance, or any part hereof, are hereby repealed.
PASSED AND APPROVED, this 6th day of November, A. D. 1936.
Attest: ~4,.{)~
Cl tyClerk. ' - -
(SEAL)
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