HomeMy WebLinkAboutORDINANCE NO. 397 LID 15 - SIGNED
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ORDINANCE NO. 396, CONT.
Councilman Max Mickelson
Councilman M. D. Morrell.
moved the adoption of said ordinance, which motion was seconded by
The Clerk was then instructed to call the roll on the passage of the ordinance and the roll call on
said passage of Ordinance No. 396 resulted as follows:
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Those voting AYE:
D. D. ~Vilding
Max Mickelson
M. D. Morrell
A. E. Archibald
Norman Genta
Robert Erikson
Those voting NAY:
None
The ordinance was thereupon, by the Mayor, declared to have been duly passed, and the Clerk of the
City was directed to publish said Ordinance No. 396 in full immediately in at least one issue of the
Hexburg S,tandard, a newspaper published in the City of Rexburg, Madison County, Idaho
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There being no further business to come before the meeting
seconded and carried, adjourned.
the meeting was, on motion duly made,
(Seal)
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ORDINANCE NO. 397
AN ORDINANCE CONCERNING THE CREATION OF, IMPROm1ENTS IN, ASSESSHENTS AGAINST PROPERTY
IN, AND STREET IJl!..PROVEMENT aorms FOR LOCAL Ilc1PEOV~.:t,'(ENT DISTHICT NO. 15, FOIt CONSTRUCTION
AND RECONSTRUCTION OF CUHES AND GUTTERS AND THE CONSTHUCTION OF DRAINAGE ~'IORKS
INCIDIiliTAL TO SAID IMPROVE)lENTS 'HITHIN SAID DISTRICT; AND PROVIDING TVHEN THIS ORDINANCE
SHALL BE IN EFFECT.
WHEREAS, the City Council of the City of Rexburg, Idaho, has heretofore adopted proceedings for
the construction of improvements in Local Improvement District No. 15 for the construction and
reconstruction of curbs and gutters and the construction of drainage works incidental to said
i'cprovements within said district, Ordinance of said City No. 395, confirming the assessment roll
for such improvements having been duly adopted and approved on July 13, 1955, and
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VmEREAS, notice of assessments to property owners in said District has been duly published in
accordance with the requirements of said Ordinance No. 395 and the laws of the State of Idaho, and
VffiEREAS, the share of the cost of the construction of improvements in said District assessed to
the owners of private property in said district is $12,532.66 and
i1HEREAS, during the 20 day period following the confirmation of said assessment roll the owners
of private property paid $3,495.33 on the principal of their assessments, and
\!H3HEAS, on March 21, 1951, the City Council of said City adopted, and the Mayor of said City
approved, Ordinance No. 373, creating a ~oca1 Improvement Guaranty Fund, to be used to guarantee bonds
and warrants of local improvement districts in said City,
NOW, THElillFORE, BE IT ORDAINED BY THE MAYOR Al\i1J COUNCIL OF THE CITY OF REXBURG, IDAHO:
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Section 1. That all of the proceedings heretof~re t~en and .adp~d for tie lreation of said
Local Improvement District No. 15 for the construction and reconstruct!on of curbs and gutters and
the construction of drainage works incidental to~aid ~provements within said district, and for the
construction of improvements therein, and t~e assessment of a part of the cost of constructing such
improvements on and against the private properties in said district, including the provisions of
said Ordinance No. 373, which shall apply to the bonds hereafter mentioned, shall be and the same are
hereby ratified, approved and confirmed.
Section 2. That the unpaid assess:nents chargeable to the abutting, adjoining, contiguous and
adjacent lots, blocks and parcels of land within said city, shall be paid for in installments, payable
as nearly as may be possible in ten equal annual pa.yments on or before the 8th day of August in each
of the years from 1956 to 1965, both inclusive, and bearing interest on the unpaid principal thereof
from the 8th day of August, 1955, at the net rate of interest as specified and determined by the
outstanding street improvement herein autriorized, one year's interest being payable annually on or
before the 8th dny of August in each of said years, both the principal of and the interest on said
assessments being payable in lawfu.l money of the United states of America at the office of t he City
Treasurer of said City as heretofore more specifically provided.
Section 3. That't,he Treasurer of the City of Rexburg be, and he is hereby authorized and
empowered, and it Shall-Be his duty, to receive and collect all assessments levied to pay the cost of
said iqTovements, the installments thereof, the interest thereon, and the penalties accruer1, including
without lLmiting the generality of the foregoing, the whole of the unpaid principal which becomes due
and payable immediately because of the failure to pay any installrnent whether of principal or interest,
when due, and to pay and disburse such payments to the person or persons lawfully entitled to receive
the same, in accordance with the laws of the state of Idaho, ami all the ordinances and resolutions of
said City heretofore or to be hereafter adopted. All mo~ies constituting the payment of principal of
said unpdd installmenhs of assessments shall be placed in a sepc>,rate fund to be designatee "Bond Fund
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GIO.D.I"RNARD ITA. CO.. aT.LOUI'
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ORDINMlCE NO. 397, CONT.
of Local Improvement District No. 15 for the construction and reconstruction of curbs and gutters and the
construction of drainage works incidental to said improvements within said districtll, and shall be used
as soon as they are available therefor for the purpose of paying the principal of t he street improvement
bonds in regular nW.1erical order hereinafter authorized, and for no other purpose whatsoever, .::nd as
security for suchpaynlent said fund is hereby pledged. All monies constituting the paYrlent of interest
on said unpaid installraents of assessments shall be placed in a separate fund to be designated "Interest
Fund of Local Improve.rnent District No. 15 for the construction and reconstruction of curbs and gutters
and the construction of drainage works incidental to said imporvements within sa.id district" and shall be
used as soon as they are available therefor for the purpose of apying the interest on said street i!'1p-
rovement bonds, and for no other purpose whatsoever, and as security for such pAyment s aid fund is hereby
pled'-:.ed. Should there not be sufficient money in said interest fund to pay .'111 of the interest Coupons
falling due at one time, then interest coupons shall be paid in the numerical order of the bonds to whi ch
they were attached. Said funds shall be kept separate and apart from each other and fro!" any other funds
of said City or otherwise, and shall fror:l ti'e to time, as they are accumulated, be depasited in s11ch bank
or banks as are designated as depositories of public monies for t he funds of said City under the
depository laws of the State of Idaho for the deposit of public funds, The City Treasurer be, and he is
also hereby authorized and empowered, and it shall be his duty, to receive and collect all of the receipts
of J1'lUnicipal taxes and char'es levied and collected for guaranteeing the payment of said bonds to pl;oce
said monies in the Cit,y' s "Local Imp::'ovement Guarantee Fund", as heretofore provided, to disburse there-
from said monies for the payment of the interest on and the rrindpal of the bonds herein2fter authorized,
if nece~)sary to redeem said bonds at maturity, both principal and interest, and otherwise to maintain and
manage said fund in the manner heretofore specified.
3ection L~. That the City Treasurer ~3hall give public notice of the installments of assessments be-
coming due, principal, interest and pen21ties for delinquencies, pursuant to Section 50-2938, Idaho
Code, and ,,11 la"\1s amendatory thereof and supplemental thereto. The failure of't1he City Treasurer to
publish or mail any such notice or to do C'ny other act or thing required by this section shall not
affect such an assessment or instalL-;-;ent, nor extend the tir"e for payment thereof, but shall subject
the Treasurer to liability to the taxp3yer for any damage he nay sustain by reason of such failure.
Section 5. That if the owner of any lot or parcel of land assessed for said i~lprovements shall
be delinquent in the payment of any assessment installr,ent of principal or interest due, it shall be
the duty of the City Council to cause H. J. Randall, the original purchaser of the bonds herein
authorized to be issued, to be Uru1ediRtely notified of such delinquency, in writing, and if Sc,ch del-
inquency shall not be paid within ten days after the date of such delinquency, tr'en said CounCil,
at its own expense, shall forthwith collect the assessment and foreclose the special assessment lien
against the rroperty or properties wherein the delinquency exists in the method now or hereafter
provided by the Local Improvement District Code of the staOe of Idaho for the collection of said
assessment and the foreclosure of said lien, or othe~vise as provided by law.
Section 6. That the assessments and the interest thereon have been a nd shall continue to cons-
titute, and are hereby declared to be, a lien in the several amounts assessed against each lot or
tract of land hereinbefore specified from and after the 13th day of July, 1955, the date on which
lien shall be superior to t he lien of any mortgage or other encll.:"'3brance, whether prior in t Lle or not,
and shall constitute such lien until paid, subject to the extinguishment of any such lien by the sale
of any property on account of the nonpayment of general taxes.
Section 7. That for the purpose of defraying a portion of the cost of said improvement, t here be
issued, in the name of the City of Rexburg, Street Improvement Bonds of said Local Improvement District
No. 15 for the construction and rec mstruction of curbs and gutters and the construction of drainage
works incidental to said improvements within said district, Series September"l, 1955, in the aggregate
principal amount of $9037.33 consisting of 47 bonds, numbered consecutively from 1 to 47, both inclusive,
which bonds shall bear date as of the 1st day of September, :1,955, shall be in denominFitto~ hereinafter
set forth, prdtided however, that bond No.1 shall be of a denQl~~nation other tha~ a. multiple of
$100.00, and shall bear interest at the rates hereinarter 8~cifled, payable annually on the 1st day
of September in each year, said interest to be evidenced bl coupons attached to said bonds. If, upon
presentation at maturity, payment of any bond is not made as herein provided, interest thereon shall
continue at the same rate until the principal thereof is paid in full. Said bonds shall be f~llly
negotiable and shall have all the qualities of negotiable paper, subject to the specific provisions
stated herein, and the holder or holders thereof shall possess all rights enjoyed by holders of
negotiable instrUments under the provisions of the Negotiable Instruments Law. Said bonds shall be
numbered, shClll be in the denomination of, shall bear interest and shall mature serially in regular
numerical order in the amounts designated on the 1st day of September in each of the years indicated
as follows:
Bond Numbers Interest Rate Bond Amount Year
(All Inclusive) (Per Annum) Denomination MaturinR Mat\lrin~
1 4% $437.33 $437.33 9/1/56
2 4% 500.00 500.00 9/1/56
3-6 4% 100.00 400.00 9/1/57
7 4% /500.00 500.00 9/1/57
8-11 4% 100.00 400.60 9/1/58
12 4% 500.00 500.00 9/1/58
13-16 4% 100.00 400.00 9/1/59
17 4% 500.00 500.00 9/1/59
18-21 4% 100.00 400.00 9/1/60
22 4% 500.00 500.00 9/1/60
23-26 4% 100.00 400.00 9/1/61
~ 27 4% 500.00 500.00 9/1/61
28-31 4% 100.00 400.00 9/1/62
32 4% 500.00 500.00 9/1/62
33-36 4% 100.00 400. 00 9/1/63
37 4% 500.00 500.00 9/1/63
38-4; 4% 100.00 400.00 9/1/64
42'.- . 4% ~OO.OO 500.00 9/1/64
43-46 4% 100.00 400.00 9/1/65
47 4% 500.00 500.00 9/1/65
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OP~INANCE NO. 397. CaNT.
Said bonds and the coupons thereto attached shall be payable in lawful money of the United States of
America at the office of the City Treasurer of the City of Hexburg, Madison County, Idaho. Said bonds
shall be signed by the Mayor, attested by the City Clerk and countersigned by the City Treasurer of
the City of Rexburg, and each bond shall have affixed thereto the corporate seal of said City. The
coupons shall bear the facsimile signatures of the Mayor, City Clerk and City Treasurer, which officers
by the execution of said bonds shall adopt as and for their sign41tures the facsimiles thereon appearing
on said coupons, and when said bonds are executed, said aoupons shall constitute the binding obligotions
of said City for said interest. said bonds and coupons bearing the sigmltures of the offi,cers in office
at the ti!:Je of the signing thereof shall be the valid and binding obligations of Rexburg, notwithstanding
that before the delivery thereof and payment therefor an,y or all of the persons whose signatures <'Jppear
thereon shall have ceased to fill their respective offices.
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All of said bonds shall be subject to prior redemption whenever there is money in the bond fund i:
of said District, in addition to that necessary to redeem the naturity of the principal of said bonds I'
next accrueing as hereinabo.ve provided, sufficient to pay the princiral of one or more of said bonds, WhiCh'I'
bonds shall be called and paid in their numerical order. Notice of prior redemption shall be given by I,
the Treasurer in the name of the City of Rexburg by publicaUon of such notice at least once in each II
calendar week on any day of the week for at least four successive weeks, the first publication to be
at leaE,t thirty days prior to the redemption date, in a newspaper of general circulation in the City,
ar~ a copy of such notice.shall be sent by registered mail at least thirty days prior to the redemption
date to H. J. Handall, E:exburg, Idaho. Such notice shall specify the number or numbers of the bonds to
be so redeemed (if les8 than all are to be redeemed) and the date fixed for redemption, and shall
further state.~t.pa.t on such redemption date there will become and be due and payable upon each bond so to
be redeemed at't'he offic.e of the Treasurer of the City of Hexburg, the principal amount thereof with
accrued interest'l.o' t. redemPtion date, and that from ODd nfter such date interest will cease to accrue.
Notice having been given in the manner hereinbefore provided, the bond or bonds so called f or redemp-
tion shall become due and payable on the redemption date so designated and upon presentation thereof
at said office, together with all appurtenant coupons maturing subsequent to the reder'lption date, [" nd the
City of Rexburg will pay the bond or bonds so called for redemption.
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Section 8. That said bonds, the coupons thereto attached, and the certificate thereon, shall be
in substantially the following form:
(Form of Bond)
UNITED STATES OF AIJERICA
STATE OF IDAHO
. COUNTY OF I:ADISOtJ
CITY OF REXBURG
No.
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STREET IUPROVEHENT BOND
LOCAL IMPROVEMENT DISTRICT NO. 15
FOR STHEETS FOR REXBURG, IDAHO
Series
CITY OF REXBURG, IN THE COUNTY OF }'iADISON, STATE OF IDAHO, for value received, hereby
acknowledges itself indebted, and promises to pay to the bearer hereof the sum of
OOLLARS
thereon at the rate of per centum per
in each year, upon prese~tation and
c ~pons as they severally become due, both principal
y of the Unite' ,States of America at the office
The bonds of this series are subject to call wheneyer there is sufficient money in the
Bond Fund of Local Improvement District No. 15 for the construction and reconstruction of
curbs and gutters, and the construction of drainage works incidental to said improveoents
within said district, to pay the principal of one or more of said bonds which shall be called
and paid in their nwnerical order.
This bond is issued for the purpose of paying a portion of the costs and expenses of
constructing certain street :irD.provements in the streets, avenues and parts thereof, made in
Local Improvement District No. 15 for Stl'eets for Hexburg, Idaho, pursuant to resolutions
a:ld ordinances duly adopted by said City of Rexburg under and by v irtue of the law known
as "Local Improvement District Code", Chapter 29, Title 50, Idaho Code, and all other laws
thereunto enabling. In conformity with said Code, it is hereby provided that the principal
:3Um herein named shall.be payable from a separate fund designated "Bond Fund of Local
Improvement District Nq. 15 for the construction and reconstruction of curbs and gutters
and the construction of drainage works incidental to said improvements within said districtll,
pledged solely for the payment, in regular numerical order, of the principal of the bonds
of the serie:3 of which this is one, and consisting of all .r:1onies constituting the paYIl1Bnt
of principal of assessments unpaid at the time of the issuance of t his bond, and the interest
hereon shall be payable fro:'l a separate fund designated as "Interest Fund of Local Improvement
Distric.t 1;0. 15 for the ccmstruction and reconstruction of curbs EJnd gutters and the
cDnstruction of drainage works incidental to said improvements within said district", pledged
solely for the payment of the interest on the bonds of the s ries of ,'!hich this is one, and
c~)nsisting of all monies constituting the pa:;ment of interest on assessnlents uppaid 8t the ti-'e
of the issuance of this bond, provided the princippl of and the interest on the bonds of which
this is one shall, if nedessary, be redeemed at maturity from the City's "Local Improvement
Guarantee Fund II heretofore duly authorized and created, and not otherwise.
If at any tie there shall not be sufficient money evailable for the pa,VrrJent of interest
falling due at any time on all of said bonds from the Interest Fund of Local Improvement
District No. 15 for streets for Hexburg, Idaho, then interest coupons shall be paid in the
numerical order of the bonds to iNllich they are attached. If, upon presentation at mdurity,
payment of this bond is not made as herein provided, interest thereon shall continue at the
same rate until the principal hereof is paid in full.
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QIO.D..AAHAIIO ITA.CO.. .T ,LOUI.
ORDINANCE NO. 397, CONT.
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The holder of any bond issued under the authority of said "Local Improvement District Codell shall
have no claim therefor against the municipality by which the same is issued, except to the extent
of the funds created and received by assessments against the property within any local improvement
district as therein provided for, and to the extent of the Local Improvement Guarantee Fund created
under the provisions of said Code; but the municipality shall be held responsible for the lawful
levy of all special taxes or assessments berein provided for and for the f;1ithful accounting,
settlements and payments of the special taxes and assessments levied for t he payment of the bonds
as therein provided for. The owners and holders of such bonds shall be entitled to a complete
enforcement of all assessments made for the payment of such bonds.
The assessments made and levied ta pay the cost and expenses of the 1nork or i" prove!'1ent authorized
by the provisions of said "Local Improvement District Code," :)r any law of the Sti"te of Idaho,
constitute a lien upon and ;-;gainst the property in said Local I!!lprovement District ~'!o. 15 for streets
for Hexburg, Idaho, upon which such assessment or assessments were made and levied from and !"!fter
the 13th day of July, 1955, the date upon which the ordimmce levying such assessment or assessments
became effe~tive, which lien is superior to the lien of arw mortgage or other encumbrance, whether
prior in time or not, and shall cOLstitute such lien until paid, sub,lect to the extinguishment of
any such lien by the sale of 8ny property on nccount of the non-payment of general taxes.
IN TESTIMONY "]lEH30F, the said City of
countersigned by its Treasurer and attested
coupons to bear the facsimile signCltures of
day of , 1955.
Hexburg has caused this bond to be signed by its Hayor,
by its Clerk under its corporate seal, And the annexed
said officers, and this bond to be dates as of the
l\ayo9~~J
Countersigned:
(Seal)
ATTEST:
{: lYu-tt~, -rn h\-.n Onl
City Clerk -----ov
Treasurer
(Coupon Form)
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On the day of , unless the bond to which this coupon is attached
has been called for prior redemption, the City of Rexburg, in the County of Madison and
state of Idaho, will pay the bearer hereof
DOLU PS
in lawful money of the United States of America out of the Interest Fund of Local
Improvement District No. 15 for the construction and reconstruction of curbs and gutters
and the construction of drainage works incident~l to said improvements within said
district, for Aexburg, Idaho street Improvement Bond, dated the day of 1955,
bearing
No.
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City Clerk ' r't:.
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Treasurer
(Certificate Form)
CERTIFICATE OF FlliGISTRATION
STATE OF IDAHO,
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cotfN~Qf MfillISON,
CITY OF REXBURG,
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I, the undersigned, City Clerk of the City of Rexburg, in the County of Madison,
state of Idaho, do certify that the within bond has been duly registered in a public
record book kept for that purpose in my office, in all respects as required by law,
and that the signatures on this bond are the genuine signatures of the Mayor, City
Clerk and C~tYTreasurer of the City of Rexburg, Idaho, and that the signatures on
the coupons' are the facsimile signatures of said o~ficers.
If.rruTJal mf
City Clerk
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(Seal)
Section 9. That said bonds, when executed, shall be issued to H. J. Randall the lawful
purchaser thereof, and when so issued shall transfer to said purchaser or to any owner or owners
thereof, all the right and interest of the City of Rexburg in and with respect to every assess-
ment against the property in said District liable ~o assessment for such local improvements, and
the lien thereby created against the property of such owners assessed as shall not have availed
.. mselves of the provisions of law in regard to the redemption of their property from the lien
such assessment and shall authorize the owner or owners and the holder or holders of said
bonds to receive, sue for, and collect, or have collected such assessment embraced in an,Y such
bond or through any of the methods r:rovided by law for the collection of assessr"!ents for local
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ORDIN~NCE NO. 397, CONT.
improvements; and the City of Rexburg hereby pledges to such owner or owners and hOlder or holders the
exercise of all lawful corporate powers in the collection of the assessments for the redemption of
said bonds.
Section 10. That all interim warrants heretofore issued, if any, to pay for the construction of
the i'lprovements in said Local Improvement District No. 15 for the construction and reconstruction of
curbs and gutters and the construction of drainage works incidental to said improvements within said
district, for Rexburg, Idaho, together with the interest due theron at the date of the issue of said
bonds, shall be redeemed and retired from the proceeds of the sale of said bonds.
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Section 11. That any holder of anyone or more of said bonds, or any of the coupons representing
interest thereon, may, either at law or in equity, by suit, action, mandamus or other appropriate
proceeding in any court of competent jurisdiction, protect the liens created by this ordinance on
the proceeds of said assessments and an,y guarantee fund, and may by suit, action, mandamus, or other
appropriate proceedings enforce and compel the performance of any duty imposed upon the said city by
the provisions of this ordinance, including, without limiting the generality of the foregoing, the
segregation of assessments and the proper application thereof.
)
Section 12. That the officers of the City of Rexburg be, and they hereby are, authorized and
directed to take all action necessary or appropriate to effectuate the provisions of this ordinance,
including, without ;Limiting the generality of the foregoing, the printing of said bonds and the
execution of such certificates as may reasonably be required by the purchasers thereof, relating,
inter alia, to the s~ning. of. the bonds, the tenure and identity Of. municipal officials, the amounts
certified on~. . ~ss. e'~. . enb-- r. oil together with the amount of cash payments, the accuracy of property
description~.,.~e~ 01'\1i.~ ~13~nable certificates and the delivery of the bonds, and the
absence of-l1.tiga 1.on ~~er~r th~"'tened affecting the validity of the bonds.
Section 13. That all ordinances or resolutions, or parts thereof, in conflict with the prOV1Slons
of this ordinance, are hereby repealed. This repealer shall not be construed to revive any ordinance,
nor resolution, or part thereof, heretofore repealed.
Section 14. That after said street improvement bonds are issued, this ordinance shall be and
remain irrepealable until said bonds and the interest thereon shall be fully paid, certified and
discharged, as herein provided.
Section 15. That this ordinance may be amended or supplemented by an ordinance or ordinances
adopted by the City Council in accordance with the laws of the stu. Idaho, and "'it-hout the receipt
by the City of any additional consideration, with the written consent of the holders of seventy-five
per centum (75%) of the bonds authori~ed by this ordinance and outstanding at the tl''1e of the adoption
of such amendatory or supplemental ordinance, provided, however, that no such ordinance shall h.'lve the
effect of permitting:
An extension of the maturity of any bond authorized
by this ordinance; or
A reduction in the principal amqap. t of any bond or
the rate of interest thereon; o~
The c~eation of a lien upon or a pledge of revenues ranking
prior to the lien or pledge created by this ordinance; or
A red~ction of the principal amount of bonds required
for consent to such amendatory pr iupplemental ordinance.
Sect.,ion 16. Tblat should faDy court of competent jurisdiction hold that any part of this ordinance
is void o~. ff.ec.t..i.ve..., ~., ch ho....~. ~. 'shal;l-net affE!ct the re_in~g :facts hereof, the intention being
that each p~~lJe,[~,..u..:~~~~\~~.:'''',,, . _ .
Section 17. That, by reason of the fact that certain areas within the Gity of Rexburg need said
local improvements, 'it is hereby declared that an emergency exists, that this ordinance is necessary
to the iarnediate preservation of the public peace, health and safety, and that it shall be in full
force and effect from and after its passage, approval and publication, as provided by law.
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PASSED by the City Council of the City of Rexburg, Idaho this 17th day of August, 1955.
APPROVED by the mayor of the City of Rexburg~ Idaho, this 17th day of August, 1955.
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, APPROVED:
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(Seal)
A'fTEST:
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City Clerk
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