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Ord 1334 Police Facility Bond Election Ordinance/ ORDINANCE NO. 1334 Rexburg Police Facility Bond Election AN ORDINANCE OF THE CITY OF REXBURG, MADISON COUNTY, IDAHO, ORDERING A SPECIAL BOND ELECTION TO BE HELD ON THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY IN AN AMOUNT NOT TO EXCEED $16,750,000 TO PROVIDE FUNDS TO FINANCE THE CONSTRUCTION AND FURNISHING OF A POLICE STATION FACILITY AND RELATED COSTS; ESTABLISHING THE DATE, TIME, AND PLACE OF THE SPECIAL BOND ELECTION; APPROVING A FORM OF BALLOT; PROVIDING FOR REGISTRATION OF VOTERS; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Rexburg, Madison County, Idaho (the "City") is a municipal corporation duly organized and operating under the laws of the state of Idaho; and WHEREAS, the Mayor and City Council (the "Council") of the City have determined that the interests of the City and the public interest require the incurring of an indebtedness of the City in the amount of not to exceed $16,750,000 to finance the cost of construction of a police station facility, together with costs incident thereto; and WHEREAS, the proposed indebtedness would exceed the City's income and revenue provided for the current fiscal year, and the Council has determined that the necessary funds should be raised through the issuance and sale of general obligation bonds of the City, subject to the approval of two-thirds (2/3) of the qualified electors voting at the election called for that purpose as provided hereinbelow. NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the City of Rexburg, Idaho, as follows: SECTION I: THE PROJECT A. The Mayor and Council hereby find, determine, and declare that the interest of the City and the public interest require the incurring of an indebtedness exceeding the income and revenue provided to the City for the current fiscal year in the amount of not to exceed $16,750,000 for the purpose of paying the costs of construction of a police station facility, including necessary professional services and related costs (the "Project"). B. The cost and expenses of land acquisition, design, engineering, legal fees, construction, and installation of the Project are estimated to be $19,625,595, including the payment of all preliminary expenses incurred and incident to the Project and properly incident to the issuance of the bonds as such expenses are set forth in Idaho Code Sections 50-1019 through 50-1026A. C. Subject to the following subparagraph, construction, and installation of the Project as described above are hereby ordered. D. Subject to the approval thereof by the qualified electors voting at the election for which provision is hereinafter made, general obligation bonds of the City shall be issued pursuant to the provisions of Idaho Code Sections 50-1019 through 50-1026A, inclusive, and Title 57, Chapters 2 and 9, Idaho Code, in the amount of not to exceed $16,750,000, to pay the costs of the Project. SECTION II: BOND ELECTION NOVEMBER 4TH, 2025 A bond election is hereby called to be held within the City of Rexburg on Tuesday, November 4, 2025, in conjunction with the regular municipal election, for the purpose of voting upon the proposition set forth in Section 4 of this Ordinance. The polling place or places for the bond election shall be determined by the Madison County Clerk, and the election shall be conducted by the Madison County Clerk. The Madison County Clerk shall appoint election judges and election clerks for the polling place or places for the bond election. SECTION III: ADMINISTRATION OF ELECTION The polls of the bond election shall open at the hour of 8:00 o'clock A.M. on November 4, 2025, and shall remain open continuously until the hour of 8:00 o'clock P.M., at which time the polls shall be closed. The administration of the election shall be conducted by Madison County in accordance with Chapter 4 of Title 50, Idaho Code, Title 34 of Idaho Code, and this Ordinance. The ballot proposition to be voted upon at the bond election, as set forth in Section 4 of this Ordinance, shall be separate from any other proposition being voted upon at or in conjunction with any other election being held and conducted on the same date. Only those qualified electors of the City casting valid ballots upon the proposition set forth in Section 4 of this Ordinance shall be counted in determining the number of qualified electors voting at or participating in the bond election. SECTION IV: BALLOT PROPOSITION The proposition to be presented to the qualified electors of the city shall be in substantially the following form: CITY OF REXBURG Madison County, Idaho GENERAL OBLIGATION BOND ELECTION November 4, 2025 INSTRUCTIONS TO VOTERS: In order to vote IN FAVOR of the proposed bond issue, please make an X or other mark in the space to the right of the words "IN FAVOR OF issuing bonds to the amount of not to exceed $16,750,000 for the purposes stated in Ordinance No. 1334." In order to vote AGAINST the proposed bond issue, please make an X or other mark in the space to the right of the words "AGAINST issuing bonds to the amount of not to exceed $16,750,000 for the purposes stated in Ordinance No. 1334." If you, by mistake or accident, mark, deface, mutilate, or otherwise spoil this ballot, please return it to an election official and obtain another ballot. SHALL THE CITY OF REXBURG BE AUTHORIZED TO INCUR AN INDEBTEDNESS AND ISSUE AND SELL ITS GENERAL OBLIGATION BONDS PRINCIPAL AMOUNT OF NOT TO EXCEED $16,750,000 TO PAY THE COST OF CONSTRUCTION OF A POLICE STATION FACILITY, TOGETHER WITH RELATED IMPROVEMENTS AND COSTS, THE BONDS TO MATURE AND TO BE PAYABLE FROM A LEVY OF TAXES OVER A TERM WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED FIFTEEN (15) YEARS, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 1334, ADOPTED ON AUGUST 20, 2025. The purpose of the bond is for building and construction of municipal essential services facilities consisting of police and city operations/emergency communications. The interest rate anticipated on the proposed bond is 3.92% per annum. The total proposed principal amount to be repaid over the 15 year life of the bond is $16,750,000; the total interest anticipated to be paid over the life of the bond, based on the anticipated interest rate, is $5,839,638; the total amount to be repaid over the life of the proposed bond, principal and interest, is estimated to be $22,589,638. The estimated average annual cost to the taxpayer on the proposed bond levy is a tax of $61.51 per $100,000 of taxable assessed value, per year, based on current conditions. The water system has debt in the amount of $6,746,137 that is paid solely by water utility revenues and not by property taxes. The City currently has no other general obligation debt. IN FAVOR OF issuing bonds to the amount of not to exceed $16,750,000 for the purposes stated in Ordinance No. 1334[ ] AGAINST issuing bonds to the amount of not to exceed $16,750,000 for the purposes stated in Ordinance No. 1334[ ] SECTION V: QUALIFIED ELECTORS Every person eighteen (18) years of age or older, who at the time of the specified bond election, is a United States citizen who has been a legal and bona fide resident of the City for at least thirty (30) days immediately prior to the date of election, if properly registered as required by law, shall be qualified to vote at said election. All electors must be registered before being able to vote at the bond election. The Madison County Clerk is the registrar for the City, and voter registration shall be conducted pursuant to the provisions of Section 34-1402, Idaho Code. Any person who is eligible to vote may register on election day by appearing in person at the polling place established for the election, by completing a registration card, making an oath on the form prescribed by law, and providing proof of residence in the manner provided by Section 34-408A, Idaho Code, as amended. SECTION VI: BALLOTS The Madison County Clerk shall cause the official ballot for the bond election to be prepared in a sufficient quantity for the bond election. SECTION VII: NOTICE Notice of the bond election shall be given by Madison County Clerk prior to the election by publishing notice of the election in the official newspaper of the City, the first publication being at least twelve (12) days prior to the election, the last publication to be not less than five (5) days prior to the bond election. In accordance with Section 34-602, Idaho Code, as amended, the second publication of the notice of election shall be accompanied by a facsimile of the sample ballot for the bond election. SECTION VIII: CANVASS When the polls are closed, the election officials shall immediately proceed to count the ballots cast at the bond election. The counting shall be continued without adjournment until completed and the result declared. The election judge and clerks shall thereupon certify the returns of the bond election to the Madison County Clerk, who shall present the results to the Madison County Commissioners. The Board of County Commissioners shall meet within ten (10) days following the election, or at such time to which said meeting is continued, for the purpose of canvassing the results of the bond election. The County Clerk shall thereupon certify the election results to the City Clerk. The results shall then be entered in the minutes of the City Council and proclaimed as final. SECTION X: GENERAL OBLIGATION BONDS If, at the special bond election, two-thirds (2/3) of the qualified electors of the City voting therein vote in favor of the issuance of the bonds for the purposes set forth herein and designated on the aforesaid ballot, fully registered general obligation bonds of the City shall be authorized, issued, sold, and delivered. The full faith and credit of the City will be pledged for the payment of the principal of and interest on the bonds. The bonds will be paid from annual taxes levied upon all taxable property within the City in sufficient amount to constitute a sinking fund for the payment of the principal thereof, together with the interest on the bonds as it falls due, within a term which may be less than but which shall not exceed fifteen (15) years from the date of the bonds. The officers now or hereafter charged by law with the duty of levying taxes for the payment of the bonds and interest thereon shall, in the manner provided by law, make annual levies upon all taxable property within the City sufficient to meet the annual payments of bond principal and interest accruing and maturing as hereinabove provided. All bonds shall be issued in the form and manner, and shall be registered, disposed of, and redeemed, in accordance with the provisions of Sections 50-1019 through 50-1026A, Idaho Code, and Title 57, Chapters 2 and 9, Idaho Code. SECTION XI: OFFICERS AUTHORIZED The officers of the City are hereby authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance. SECTION XII: RATIFICATION All action heretofore taken, not inconsistent with the provisions of this Ordinance, by the Mayor and Council, and the officers of the City, directed toward construction, and installation of the Project and the issuance of general obligation bonds of the City therefor, and for the holding of a special bond election, are hereby ratified, approved, and confirmed. SECTION XIII: PUBLICATION This Ordinance, or a summary thereof in compliance with Section 50-901A, Idaho Code, shall be published once in the official newspaper of the City, and shall take effect immediately upon its passage, approval, and publication. PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR on this 20th day of August 2025. __________________________ Jerry Merrill, Mayor (SEAL) ATTEST: ___________________________ Deborah Lovejoy, City Clerk ******************************************************************** STATE OF IDAHO) ) ss. County of Madison) I, DEBORAH LOVEJOY, City Clerk of the city of Rexburg, Idaho, do hereby certify that the above and foregoing is a full, true and correct copy of the Ordinance Entitled: AN ORDINANCE OF THE CITY OF REXBURG, MADISON COUNTY, IDAHO, ORDERING A SPECIAL BOND ELECTION TO BE HELD ON THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY IN AN AMOUNT NOT TO EXCEED $16,750,000 TO PROVIDE FUNDS TO FINANCE THE CONSTRUCTION AND FURNISHING OF A POLICE STATION FACILITY AND RELATED COSTS; ESTABLISHING THE DATE, TIME, AND PLACE OF THE SPECIAL BOND ELECTION; APPROVING A FORM OF BALLOT AND A FORM OF NOTICE OF ELECTION; PROVIDING FOR PUBLICATION OF NOTICE OF ELECTION; PROVIDING FOR REGISTRATION OF VOTERS; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR on this 20th day of August 2025. _______________________________ Deborah Lovejoy, City Clerk (SEAL)