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HomeMy WebLinkAboutORDINANCE NO. 486 ELECTION - TYPED ORDINANCE NO. 486 AN ORDINANCE CALLING AN ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF THE CITY OF REXBURG, IDAHO, WHO ARE TAXPAYERS, THE PROPOSITION OF THE ISSUANCE OF STREET BONDS OF THE CITY OF REXBURG, $125,000.00 AND PROVIDING FOR THE ISSUANCE OF SUCH BONDS IN THE EVENT THEY ARE VOTED AT SUCH ELECTION. WHEREAS theconstruction, grading, draining and otherwise improving streets and intersections for the said city is considered by the City Council of the City of Rexburg to be necessary and essential to the health and well being of the inhabitants of said city: and WHEREAS said city does not have funds available to pay the cost of the foregoing and has determined it advisable to finance such cost through the issuance of the bonds of the city pursuant to the provisions of Chapter 10 of Title 50 of the Idaho Code, and in order to do so desires to provide for the holding of the election required by the laws of the State of Idaho; and WHEREAS this City Council has, be Ordinance Number 484, adopted this day, called an election for March 18, 1969 to determine the issuance of Sewer Bonds and by Ordinance Number 485, adopted this day, called an election for March 18, $200,000.00 1969, to determine the issuance of $75,000.00Water Bonds and it is desired to hold the election on the aforementioned bonds for street purposes at the same time and places as the election on the bonds for sewer purposes and for water purposes; NOW, THEREFORE, Be it ordained by the mayor and council of the city of Rexburg, Madison County, Idaho, as follows: SECTION I: That a special election is hereby called to be held in the City of Rexburg on March 18, 1969, at the same time and places as the election called by this City Council on the issuance of Sewer Bonds pursuant to Ordinance Number 484, $200,000.00 and on the issuance of $75,000.00Water Bonds pursuant to Ordinance Number 485, this day adopted, for the purpose of submitting to the qualified electors of said city who are real property taxpayers of said city the following proposition: PROPOSITION NUMBER 3 QUESTION: Shall the City of Rexburg, Idaho, issue and sell its negotiable coupon general obligation bonds to the amount of for the purpose of providing funds with which to $125,000.00 construct, grade, drain and otherwise improve streets and intersections, in and for said city, as more fully provided in Ordinance Number 486 adopted on February 5, 1969? SECTION II: That the polls at said election shall open at the hour of noon and remain open continuously until 12:00 o'clock the hour of 8:00 o'clock p.m. and then close. Said election shall be held at the polling places specified in the form of election notice set out in Section 4 of said Ordinance Number 484. SECTION III: That all persons who at the time of the election are qualified electors of the city and who are real property taxpayers thereof, properly registered and possessing the qualifications of residents, shall be qualified to vote at said election, and that the ballots to be used at said election shall be in substantially the form set out in Section 3 of said Ordinance Number 484 calling an election on said Sewer Bonds. SECTION IV: That notice of said election shall be given as provided in Section 4 of said Ordinance Number 484. SECTION V: That if at said bond election two-thirds of the qualified electors of the city who are real property taxpayers of the city voting thereat assent to the issuance of said Street Bonds, such bonds of the City shall be issued as hereinabove provided and shall mature over a period commencing at the expiration of two years from their date and ending twenty years from their date, and shall be payable in accordance with the provisions of Section Idaho Code and the Municipal Bond Law of Idaho. 50-1026, SECTION VI: That the persons named in Section 6 of said Ordinance Number 484 are hereby appointed to act as judges and clerks and constables of said election. SECTION VII: That said bonds shall be issued if carried as aforesaid, and payment shall be made through the levy of taxes on all taxable property in the City of Rexburg, beginning with the year 1969 and continuing until principal and interest shall have been fully paid, in such amounts and at such rates as are necessary to assure the prompt payment of such principal and interest, and it is hereby ordered that such taxes shall be levied annually at the time and in a manner the general taxes for said city are levied in each year, in addition to all other authorized taxes and assessments. The proper officer or officers of said city are hereby authorized and directed to do all things requisite and necessary to carry out the provisions of this section and to apply the proceeds of the taxes so collected to the payment of such principal and interest. SECTION VIII: That all ordinances or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed and that this ordinance shall be published in one issue of the Rexburg-Journal, the official journal of said city, and shall take effect and be in full force immediately upon its passage, approval and publication. ADOPTED AND APPROVED February 5, 1969. Mayor A.H. Brock (Seal) ATTEST: City Clerk Beulah Johnson