HomeMy WebLinkAboutORDINANCE NO. 337 BONDS - SIGNED
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ORDINANCE NO. 337
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WHEREAS. there are now outstanding and unpaid certain of the general Municipal Coupon I
Refunding Bonds of the City of Rexburg. Madison County. Idaho, hereinaf~er described, Which:
bonds mAY now bs r.,tdssmea. at ths option ot "tlls said CU;V, and to the prati t and adTSntage .
ot euch municpi&l corportation end without incurring an'.' additional liability, by the j
issuance o~ 1!'8funding bond. tor 1;he purpose of r eturing 1;he same. and it has been heretofoT
ascertained and de1;ermined by the City COUDcil of this city that said bonds may be refundedl!
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at this time by the issuanee ot re:tu.nding bonds at a lower rate of interest than that borneji
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AN ORDINANCE PROVIDING FOR THE ISSUE OF THE RE:FUN>>-
IN(J BONDS 0 F THE CITY 0 REXJ3URG, IDAHO, IN THE
PRINCIPAL AMOUN! OF .20.000.00, roR THE,PURPOSE OJ'RE-
FUNDING AND RETIRING A LIKE AMOUNT OF THE OU~TANDING
BONDS AND BONDED INBJ[BTEDNESS 0 F SAl D CITY, BEING THE
MUNICIPAL OOUPON REFt.TNDING VONDS OF SAID CITY DATED AS
OF JANUARY 1, 1927, BONDS NOS. 1 to 50, INCLUSIVB, A.Jm
JlA.KING PROVISION FOR THE LEVY AND COLLECTION OF AN ANNUAL
TAX TO PAY THE INTEREST OF THE REFUNDING BONDS AUTHORIZED
HEREBY AS IT'MLLS 11UB OlJ)?PllR ~ PAYMENT OF THE PRINCIPAL
THEREOF, AND CREATING ANDCONS!ITUTING A SINKING- FUND IN THE
DFFICE OF THE TREASURER OF THE CITY OF REXBURG FOR THE PAY*
MENT OF THE PRINCIPAL OF SUCH REFUNDING BONDS AT THEIR
MATURITIES: AND PROVIDING roR THE ISSUANCE OF SAID BONDS
AND THE RETIREMENT OF THE BONDS REFUNDED THEREBY BY EXCHANGE.
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by the bonds now intended to be refunded; and.
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WHEREAS. all of said .utstanding bonds were duly and lawfully authorized, o,-ared. isaned
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and sold and oonstitute,l.the valid, constitutional outstanding obligations of said City, and,
the interest upon said bonds has at all times been paid promptly when due and payable,
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which said outstanding bonds are payable ~rom taxes levied on all the taxable property within
said City and out of and trom sinking tunds duly established for the payment of said indebt-
edness. as required by thejcoDstitution and laws of the State of Idaho; and,
WHEREAS, there are DO Jmoneys on hand in the treasury ot said City available :tor tl!Ile
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Seotion 1: ~at the outstanding conded indebtedness of the city of Rexburg. Madison
County Idaho~ consisting o~ the following outstanding bonds o~ said City. viz:
Bonds Nos. 1 to 50, inclusive. of the denomination of $500.00 each
aggregating $25.000.00 in prinCipal amount, of the Municipal
Coupon Refunding Bonds of the Gity of Rexburg, County of
Madison, State of Idaho, dated as of the 1st day of January,
~927. issued by said City for the purpose of redeeming and
refunding a like amount of the valid and legal outstanding
bonded indebtedness of said City pursuant to Ordinance 'No. 292
thereof. and as described therein. duly passed, approved and
published as required by law, which said bonds. now '8 .. re-
tunded. bear interest at the rate of five per centum trom
their date until paid. payable on the first days of Januar.v
and July of each year. both principal and interest being pay_
able at the office of the City Treasurer of Rexburg, Idaho.
or at the Pacifio National Bank in the City of Boise. Idaho.
and S*ate of Idaho. U.S.A., at the option of the holder. all
o~ said bonds being payable Januar.y 1, 1947, but redeemable
at the option of said City on or"after January 1, 1937; which
said bonds are payable out of and from ge~eral taxes levied
and collected annually upon and from the taxable property
Wi thin said Oi t1' and out of and from a Sinking ]'und duly
oreated and constituted for the rijdemption of the principal
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GEQ.D.8AItNAftDSTA.CO..IT.LOUII
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of said bonds, all as also set forth in
the foregoing Ordinance No. 292 o~ said
City.
shall be refunded, paid and redeemed by the issuance of sa4d City, and the officials thereot,
in the manner provided by law, of the general MuniCipal Coupon Refunding Bonds, Series
A of 1939, of said City in the principal amount of $25,000.00, which said bonds Shall
be known and described as the ~unicipal Coupon Refunding Bonds, Series A of 1939", and
as further described and set forth in the bon4s~'rm and coupon form hereinafter set forth
which said bonds shall be datsd February 1. 1939, shall be of the ~Qnomination of $1000.00 I
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each, and payable, both principal and interest, in lawful money of the United States of ;
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America at the office of the City Treasurer in Rexburg, Idaho, or at the Rexburg State ~
Bank, in said city, at the option of the holder, shall b~numbered from One (1) upward in
numerical order and bear interest at the rate of three and oue-itou.rth pe r c~mtum (3-1%) per.
annum, payable semi-annually atter date during the life of said bonds and at maturity,
which interest shall be evidenced by inte~st coupon. attached to said bonds; and Bonds
Nos. 17 to 25, both inclusive, and any of (said bonds, shall be redeemable at the tption of
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the C1 ty on any interest payment date on or after five years from date of said bonds, upon
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I notios of ths intsntion uf the City so to Fedeem pUbliShsd in a newspaper printed and pub-
!I lished Wi thin the Ci ty of Rexburg, Idaho, at least once thirty days prior to the date fixed
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by the City Council for the date of such redemption;whereupon, ,:runds sufficient for the in-;
tended redemption being present at and in the place of intended redemption, which shall
be a place of payment of said bonds, unearned interest upon the bonds thus called for re-
demption shall cease to be payable.
Bection 2:
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Said refunding bonds and the "iri-rest coupons attached thereto and. the
registration certificate whch shall be printed thereon and in all other respect., shall ~e
substantiall7 in the following form, via:
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$1000.00
UNITD StiTES OF AMERICA
a.ft.~or.:'IJWlI1):
COUNTY 'OF ltADISON
CITY OF REIBtJRG
:MUNICIPAL COUPOB REPUImING BOND
SERIES A OF 1939.
lOfOWlf ALL M!!:N BY THESE PRESENTS: ~at the Ci ty of Rexburg, Madison County, Idaho,
aOknowle4ges it~el:t to owe, and for value receivel hereby promises to pay to the bearer
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lereo:t the sum of
on THOUS.A1fD DOLLARS
(tlOOO.OO) on the first day of February, A. A.. 19~ with interest thereon at the rate of
three and one-fourth per centum (~) per annum :tro*ate hereo:t until paid, payable semi-
annuall1 after date on the first day ot August and Feiruar,r in each year, upon presentation
and surrender ot the annexed interest ooupons as they re_pe.*.wely become due, both principal
and interest being payable in lawtul money of the United States of America at the office of
the ~reasu..r ot said City, in Rexburg, Madison County, Idaho, or at the Rexburg State ~ank
in Rexburg, Idaho. "at the option of the holder thereof. and tor the prompt and full payment
of said princip.l and intere8t as they mature and accrue, in fUll Ya!~JL; credit and all tax-
able property .~t~l~ 8a1d City are, and shall continue, irrevooably pledged.
~hi8 bont is one of a series and issue of the Municipal Coupon Refunding Bonds, Series
A of 1939, o:t ~d City, of the demoninati.on of': One ~ousancl Dollan, ($1000.00) eac~, aggreg-
ating Twenty-flY. thousand Dollars ($25,000.00) in principal amount, numbered from one (1)
to Twenty-five (26), bO'h inclusive, of even date, denomination and tanor hereWith exoept as
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Ordinance No.337 - continuel
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Ordinance No.337 thereot,. passed and approved Febroary 15th. 1939, and duly published on Fej ruary
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16th. 1939; this bond and the re funding bond issue 0 l' which it is one are issued in 'confo ~
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1 ty with and after tull compliance with the Cinsii tution and Laws of the State of Idaho anJi
Chapter 262 of the ,.Ses8ion La.s of Idaho of 1927 and a 11 other law8 applicable thereto, an~i
pursuant to sald O~inance and the resolution8 and other valid proceedings of the Mayor an~!
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City Countil of s.Ei.id City. i
It is hereby certified, :recited and warranted that said Ci ty is a municipal corporatitln
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under the Constitution and ,laws of the state of Idaho; that all acts and things requisite t'o
the issue he reof have been duly and mgularly :pe rformed and tully eomplied with; that this
bond is duly and regularlJ'[ i8sued; that aJ..l t,hinga, acts and conditions required by "the
Constitution and Lawa of t~e State of Idaho to exist and to happen and to be done and per-
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formed in the issuance of ihis eond in order to constitute the same the valid and b:iJlding
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obI igation 'of said City, d~ exia'. ~d have happend and have been done and pe rformed in
regular and due form and t~me; 1h~t. the inClebtedness of said City has not been increased by
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the issuance hereof, and t~at the'tota)!'l1lebteaness of said City, including this bemd, ~;,;
dies not exceed any constitutional or.tatutory limitation upon municipal indebtednes8;'e.nd
that due provision has been made for the payment of the interest upon said bonds during the
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year 1939 abd for the levy and coll~ctlon of a direct annual tax upon all taxable. proIl rty
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in said City. in addi tion,~~.)~l other taxea, sufficient to pay all the in"e~.acc~lng
and on all bonds of the bond :issue 0 l' which thi s band forms a part, promptly when the same
becon:es payable; and aJ..so to constitute a Sinking Fund for the payment of the principal he
hereof and all of thi bonds of 6'aid bond issue promptly as the same becomes pBiyable,y; and.
Wi thin ten years from the date of this bond.
IN WITNESS WHEREOF, The City of Rexburg, Madison County, Idaho, has caused this band
to be s:igned in its corporate name by the Mayor of said City and to be attested by the
Clerk of said City under the corporate seal of said City. and to be countersigned by t.he
Treasurer of' said llity, and has caused the interest coupons attached hereto to be signed
with the facsimile signature of said City Treasurer as of the first day of February. 1939.
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ATTEST:
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CI T'f 0 F REXBURG, ID! 0 .
By ~)eA5"'G~,~ .
~or
Treasurer
(Form of Inte rest Coupon)
No.
$
On the first day of ~~~~~'~Y19_, at the City of Rexburg, Idaho, promises to pay
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a!o.D. BARMARD SlA. co., ST .1.OUII
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Ordinance 1337 - Continuted
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to bearer hereOf Dollars ($ ) in lawful money of the j'l
Uni ted States of Amerioa at the offioe o:f the Oi ty Treasurer or. at the opt ion 0 f the I,'
holder. at th e Rexburg Stat e ~ank in Rexburg. Idaho. being six months f inte re st then du
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on its Munioipal Coupon Refunding Bond. Series A of 1939, Bond No._.
Treasurer of Rexburg, Idah 0
(The Coupons upon the bonds subjeot to redemption, being Bonds Nos. 17 to 25, inclusiveJ
shall bear the following additHmallanguages, viz:
ffThe atiached bond be ing subject to redemption as provided the rein, upon
such prior redemption all unearned interest evidenced by this coupon
shall oease to be payalbe ll.
'(Registration Certifi'CSte to be Executed by)
( Oi ty Clerk and Ci ty Treasurer )
CERT IFICATE OF CITY CLERK AND 0 ITY TREASURER
WE, tae undersigned Clerk and Treasurer of the Oi ty of Rexburg, Idaho, do he reby
certi:f'y that the wi thin bond has been duly registered in pe nnanent public record books
kept in our respective offices fa r the purpose 0 f such registeration, in full compliance
with the provisions of Chapter 262 of the Sessions Laws of the States of Idaho of 1937
and all other laws applicable thereto, such registration showing the number, date,
amount of the bond, rate of interest the reon, date of maturi ty, place of payment and the
number and demoniations of the attached coupons; and 1he undersigneOl Treasurer dees
hereby certi:f'y that before the delivery of' this bond be received the prope r c onsideratio
in exohange the.efor.
4~~/ Cl~h->>
le:rk of t e i ty of Rexbu rg, Idaho
Treasure r of the Of ty of Rexburg, Idah 0
Section 3: The ultimate rraturity ofsaid refunding bond issue shall be ten years
from the date of said bonds and th e annual bond. maturi ti es thereof shall J:le amoMized
and pays. ble in acco rdance wi th the p rovisioJi8 of Chapter 262 of the SessiOD laws of'
Idaho of 1927 entitled "Mim<1cjpa1 Bond Law" of the State of Idaho. and in accordance
with the mqui rements of' said A.ct. said bonds _ve been amortized in ace ordance wi th
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the provis~on8 thereof'. and shall be payable accordiJlg to the following amo rtized
IO~.;Le of Maturities. vis: t':- .
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SCBEDULE OF MATURITIES
, Bend Numbers
,;; ( Inc1usi ve ).. Denomination llaturi ty Total
1 r. 2 tlOOO.OO Februar;y I, 1941 $2000.00
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3 4 1000.00 Fe b rua17 I, 1942 2000.00
5 ,. , 1000.00 Febrtlar;y I, 1943 3000 .00
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8 - 10 1000.00 Februal'J' I, 1944 3000.00
II - 13 1000.00 Febroary I, 1945 3000.00
14 - 16 1000.00 Februa17 I, 1946 3000.00
17 - .:J.9 1000.00 Fe b rua17 I, 1947 3000 .00
20 -22 1000 .00 Fe b ruary )., 1948 3000.00
2Z - 25 1000.00 J'ebrn.ary 1. 1949 3000.00
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willoh sohedu1e of annual IIBturi ti es has been, and is, calculated as nearly as prec i tca-
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b1e, in suoh principal amounts as will, together wi th acoruing inle rest on all outstand-
ing bonds of said refunding bond issue be met and paid by an aqual annual tax levy for
the P8lVm.~ of' the prinoipal of said :refunding bands and interest thereon during the
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term tor "Wh1oh said bonds shall be issued; and the first maturi ty of said bonds shall
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be Februar;r 1, 1941, and bonds of said authorized refunding bond issue as speoified
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hereinbefore. shall be redeemable at the opti on of the Oi"7 prior to their fixed dates
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Ordinanoe #337 - Continuted
of na turi ty, as p rovidf,td for he reinbe fore.
Section 4: The interest o~ said acnds, calculated at the rate borne by said ban
which shall accrue upon said bonds to and including the first day of the month of Febl1ta -)
1940, shall be paid out of t he General Fund of said City and an appropriat ion for ent
of said interest out of said funds in hereby ordered for such purpose, and "the moneys ..
used for such payment of interest shall thereafter be :repaid to the Fund. from which so ta en out
of the first taxes collected for the payment of interest upon sl.id bonds; and for the pu ose
of reimbursing said j md for the amount 0 l' sat d in te re st moneys a.ppropriated, am to be)
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appropriated, and pald. 'tfiereout for the foregoing purpose, and also to meet the interest
upon said bonds accruing thereafter during the year .939 unt il Feburay 1, 1940, and an-
nually thereafter until the payment or redemption of all of said bonds according to thei
terms, there shall be leviel and collected in the year 1939, in addition to all other
taxes, in the manner and at the time and by the officers, all as provided by law, on all
taxable property wi thin the said City a direct annual ad valozem tax sufficient in amo'UlIt
to produce in and for the year 1939 (until February 1. 1940), and in each year thereafte
during the life of said bonds, the respective aggregate sums of inte re st becoming payable
upon said bonds in each and all of sai d years; and c omme ncing wi th and in the year 1939
and. annually thereafter and including ihe year prior to the last maturi ty of said bonds
determined herelna8"f'er., in order to pay the principal of said bonds according to their
maturities as herei~before prescribed and to constitute a Sinking Dund for the payment o~ the
principal of sate bond. .s they mature, as thereinbefore p:oovided, there ltlall be levied
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in the year 1939 and annlllally t~ re&:tter, on all the taxable property in sai i City. in
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addition to all other tafes, a ~ther direct annual ad valoreJD tax,Y$Ufficeint in amount to
produce in said year, &n~ in each year thereafter during the ]jf'e of salibonds, including the
year prior to the year ot the final bond maturi 'ty, that amount' of bon4Jtnc ipal maturing l,
in said year a.nd me. turi~ in eaoh year the rea:f'ter accordding to the schldule set fo rth
therinbefore and to cons~i'tute a Sinking Fun4 fo.r the payment of sa14 bond issue within
the pe riod of final naturi'ty 01' said ref'unding bonds; _toh said interest taxes when collected
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shall be placed in a seperate :fund in the office of 'the Treasurer of said City, which
interes't Fun4 is hereby- Qrder;Q;d and created therein; which interest 'taxes when oollected
shall be kept therein and used solely :fb r the purpose of the p~nent of Eaid band interest
amounts; and all sai d taxes for the payment of bond principal m.eneollected shall be
paid into a seperate Sinking Fund in the office of the Treasurer of said City, whioh
Sinkinl Fund is hereby ordered and created in said office; and all such bond primipal.
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_xes shall be kept therein and used solely for the prupose o~ the payment of bond principal.
and said bonds as they shall mature; and all such taxes Shall be levied, assessed, certified.
extended and collected by the proper,officers and at the 'times. all as fixEUi. by law, ani
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as other taxes are levied. assess ed, elll'rtified, extended and collected in. for and by
said City and by the said officers thereof, until the principal and interest of all such
bonds and interest thereon shall be fully paid. Should 9rJ:.y tax for the payment 0 f bond
principal or interest on any such refUnd.ing bonds at any time not be levied or collected
in time to meet such payments, such princjpal p8\Yment and interes't on such bonds shall be
paid out of the current expense, general expense or general fund of said City and the
moneys so used for such payment shall thereafter be :reIBid to the fUnd l'rom whcih so taken
out of the first axes collected thereafter for the payment of IUch bondi+Principal or
interes't; and it shall be the duty of said City and. its officials to levy and to collect
and to cause to be collected, a.ny aUi tional ta.xes 8h:tch may be necessary th ereafter to
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Ordinance 1337
Cant inu....
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be levied or collected because of any such default of payment.
It smll be ~Jme duty 01' said Citym through its proper officers, annua:U.y to carry
out the provisions hereof with reference to the leving and collection of taxes and the
devotion of the same for the payment o'f interest and principal of said bonds, as pro-
vided hereinbefore; but nothing herein contained shall be so constructed as to prevent
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sai4 City from applying any other funds that rray be in the City Treasurer and available
for that purpose to the payment of said interest and principalAs the same respectively
mature, and the levy or levies herein provided for nay tqe:r:'~y.p~~ to that extent be
diminished, and upon the payment of the principal of any of the bonds issued hereunder
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in said manner, the levy or levi es herein provided for the payment of the interest and
principal may to the extent of the bonds so paid, be diminished; provided, however, that
the City shall first appropriate such other funds to and for the payment o"f said bond
principal a:ad/or bond interest and transfer the same into the bond interest tund a:nd/or bond
principal sinking fund before making any diminution o:t any such levy or levies.
Section 5: That said bonds hereby authorized to be executed as herein provided
as soon after the adoption of this oroinance as may be, and thereupon they shall be by
the City Clerk and Treasurer of' said City duly registered and by t he Treasurer deposi ted
wi th the Rexburg State Bank o:t Rexburg, Idaho, to be there held in escrow wi th approxpnate
instrucitions "for delivery in excmnge for and upon surrender of the bonds he rein authorized
to be refunded, Said bonds as so surrendered shall be oancelled simultaneously with the
issuance and delivery of the bonds hereby autho<rized; and the said Treasurer is hereby
au thorized and direoted to publish such notioes smd calls for the redempti on of said ou t-
standing bOI\.dS as shall be consistent with the prmvisions hereo:t and as permitted by law
for t he ret.f~ment of said outstanding bonds and the issuance of the re funding bonds
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authorized helreb7. and that at least fifteen (16) ~s prior notice of such intended re-
tirement of said bonds and d:edemptioD thereot sball he given to each of the holders of
said bonta by one publieattlon o-r such notioe in the Rexburg Joumal, a newspaper printed
and published in Rexburg, Idaho, at least 15 days prior to the date of suoh intended re-
tirement and exchange of said bonds, and that similar notice o:t suoh intended retirement an
a.:md redempti on. as aforesaid, shall likewise be gi veil to each and all 0 f the hoilders of said
outstanding bonda where the names and adflresses .he:reof are known by mat ling a copy thereof'
unto eaoh such bond holder at Ida proper address through the United States mail at Rexburg,
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Idaho, at least fifteen
d~s prior to said date of intended retireIlE nt and d-edempt ion;
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a!}d &. copy of aaid notiee shall be posted in the office of the City Treasurer of Rexburg,
Idaho and sba+l be delivered, or mailed, to the "Pacifie IBtional ~nk in ~he City of
Boise, 5-.1;. ~f Idaho, U.S.A.". heing one of the, payee. ..o~ sai4 outstanding bonds, 8.t least
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fifteen day. before the said da1;e of intended retirerrent and redemption; Provided that
nothing herei*" shall jlreveni thte prior exchange 0 f s aid bonds with the c onseui of the
holders of satd outstanding bonds; and upon the accomplishment kl:t' said re fundiD& imo:' :1"-
tirement ot sai4 outstanding bonds by the issuance of said re~ding bonds, ei ther in
whole or in J.rt, the sai4 Rexbul"g State BftDk whioh shall be the J:sorow Agent and Fiscal
Agent for 111. aooomplishment of the foregoing exchange, shall make and :tile such oerti fi-
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oates of i1;.t~omPliane. with the terms of this Ordinance as shall be sufficient to show the
retirement ot sail. outstanding bonds and ihe issuance of 1he :refunding bonds authorized
hereby.
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Ordinance #337 - Continuted
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Section 6:This ordinance shall take effect and be in full force from and after its I:
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passage and approval and due publicaticn in one issue of the Rexburg Journal, a legal new",:paper
printed and published in Reaburg, Idaho. and being the offic 181 newspaper of said City fo t
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the pu~o8e of' said publication. I
Ordinance int1'04u.c.' February 15. 1939.
Ordinance passed and approved February 15, 1933.
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ATTEST:
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Clerk., r
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