HomeMy WebLinkAboutOrd No 1334 Police Facility BondInstrument # 469619
REXBURG, MADISON, IDAHO
8-22-2025 03:27:14 PM No. of Pages: 5
Recorded for: CITY OF REXBURG
KIM H. MUIR Fee: 0.00
Ex-Officio Recorder Deputy
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 $16,75o,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
icipal corporation duly organized and operating under the laws of the state of
o; and
WHEREAS, the Mayor and City Council (the "Council") of the City have
etermined that the interests of the City and the public interest require the
icurring 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
rith costs incident thereto; and
WHEREAS, the proposed indebtedness would exceed the City's income
land 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
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the
ity 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
construction, and installation of the Project are estimated to be $19,625,595,
ding the payment of all preliminary expenses incurred and incident to the
!ct and properly incident to the issuance of the bonds as such expenses are set
in Idaho Code Sections 50-1019 through 50-1026A.
C. Subject to the following subparagraph, construction, and installation
the Project as described above are hereby ordered.
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D. Subject to the approval thereof by the qualified electors voting at the
.ection for which provision is hereinafter made, general obligation bonds of the
ity shall be issued pursuant to the provisions of Idaho Code Sections 50-1019
trough 50-1026A, inclusive, and Title 57, Chapters 2 and 9, Idaho Code, in the
nount 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
esday, November 4, 2025, in conjunction with the regular municipal election,
the purpose of voting upon the proposition set forth in Section 4 of this
dinance. The polling place or places for the bond election shall be determined
the Madison County Clerk, and the election shall be conducted by the Madison
unty Clerk. The Madison County Clerk shall appoint election judges and
ction 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:oo o'clock A.M. on
fovember 4, 2025, and shall remain open continuously until the hour of 8:oo
'clock P.M., at which time the polls shall be closed. The administration of the
lection shall be conducted by Madison County in accordance with Chapter 4 of
itle 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
ton 4 of this Ordinance, shall be separate from any other proposition being
ed upon at or in conjunction with any other election being held and conducted
the same date. Only those qualified electors of the City casting valid ballots
)n the proposition set forth in Section 4 of this Ordinance shall be counted in
ermining the number of qualified electors voting at or participating in the bond
SECTION IV: BALLOT PROPOSITION
The proposition to be presented to the qualified electors of the city shall be
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
F
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 $1oo,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. 133411
AGAINST issuing bonds to the amount of not to exceed
$16,750,000 for the purposes stated in Ordinance No. 133411
SECTION V: QUALIFIED ELECTORS
Every person eighteen (18) years of age or older, who at the time of the
>pecified bond election, is a United States citizen who has been a legal and bona
'ide resident of the City for at least thirty (3o) days immediately prior to the date
)f election, if properly registered as required by law, shall be qualified to vote at
;aid election.
All electors must be registered before being able to vote at the bond election.
e Madison County Clerk is the registrar for the City, and voter registration shall
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
person at the polling place established for the election, by completing a
istration card, making an oath on the form prescribed by law, and providing
,of of residence in the manner provided by Section 34-4o8A, Idaho Code, as
SECTION VI: BALLOTS
The Madison County Clerk shall cause the official ballot for the bond
n to be prepared in a sufficient quantity for the bond election.
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SECTION VII: NOTICE
Notice of the bond election shall be given by Madison County Clerk prior to
1he 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
ast publication to be not less than five (5) days prior to the bond election. In
ccordance with Section 34-602, Idaho Code, as amended, the second publication
f the notice of election shall be accompanied by a facsimile of the sample ballot
or the bond election.
SECTION VIII: CANVASS
When the polls are closed, the election officials shall immediately proceed
o 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
Pounty Clerk, who shall present the results to the Madison County Commissioners.
The Board of County Commissioners shall meet within ten (1o) days
lowing the election, or at such time to which said meeting is continued, for the
.rpose of canvassing the results of the bond election. The County Clerk shall
�reupon certify the election results to the City Clerk. The results shall then be
tered 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
he City voting therein vote in favor of the issuance of the bonds for the purposes
;et forth herein and designated on the aforesaid ballot, fully registered general
)bligation bonds of the City shall be authorized, issued, sold, and delivered. The
'ull faith and credit of the City will be pledged for the payment of the principal of
ind interest on the bonds. The bonds will be paid from annual taxes levied upon
ill taxable property within the City in sufficient amount to constitute a sinking fund
'or the payment of the principal thereof, together with the interest on the bonds as
t 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
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This Ordinance, or a summary thereof in compliance with Section 50-901A,
o Code, shall be published once in the official newspaper of the City, and shall
effect immediately upon its passage, approval, and publication.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR on
loth day of August 2025.
J ry Me i , ayor
r
TTEST:
Lovejoy, City Clerk
TE OF IDAHO)
ss.
my of Madison)
I, DEBORAH LOVEJOY, City Clerk of the city of Rexburg, Idaho, do
certify that the above and foregoing is a full, true and correct copy of the
.nce 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 $16,75o,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
is loth day of August 2025.
Deborah Lovejoy, City Clerk
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