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HomeMy WebLinkAbout1978.03.08 CITY COUNCIL MINUTES~I I j ,~ ~j Ij I' (~ RESOLUTION l ---------- l~ A special meeting of the City Council of the City j of Rexburg, Madison County, State of Idaho, was called to order ,~ lby the President of the Council, Barton Jensen, in the absence ~~of the Mayor, at 5:30 o'clock P.M. on March 8, 1978, at the I~ '' City Hall at Rexburg, Idaho, there being present the following: ~I President of the Council, Barton Jensen; Councilmen Nyle Boyle, i, ~IJim Morris, Morgan Garner, Warren Porter and Darlene Blackburn; I ~~also City Clerk, Afton Anderson. !I ~~ Nyle Boyle was recognized by the President of the Council I, ~~I'and presented to the Council the following Resolution: RESOLUTION i~ WHEREAS, the City of Rexburg, Idaho, a municipal corpor- ation, is authorized by law to issue warrants for the payment ''of its indebtedness and is authorized by Section 31-2124, Idaho ,Code, to fix the rate of interest that such warrants shall draw, ''not to exceed six (6) per cent per annum after the same have been presented to the Treasurer of the City for payment and 'not paid for want of funds. NOW, THEREFORE, BE IT RESOLVED, that the City Council ~of the City of Rexburg, Idaho, a municipal corporation, hereby ''fixes the rate of interest that warrants issued by the City of 'Rexburg in payment of its indebtedness for the current fiscal Ilyear shall draw at the rate of six (6) per cent per annum after 'the warrants have been presented to the City Treasurer for payment 'and not paid for want of funds. It was moved by Jim Morris, seconded by Warren Porter, ,that such Resolution be adopted and the proper officers proceed accordingly and that the Resolution be spread on the minutes. Upon call for question, the vote was taken as: For 5, Against 0. ii ,h l ~ ~/ '~''~ i Whereupon the President of the Council declared the Resolution duly ~I I~ adopted and directed that the proper instruments be executed as ~~ ',directed in the Resolution and directed the clerk to spread the ',I Resolution upon the minutes of the Council. I t t ,_ President of ---Council. '~ ATTRST• City G~ rk. (Seal) I~ I! MIP7UTES OF A SPECIAL MEETING Q 1 1~ A special meeting of the City Council of the City of Rexburg, Madison County, State of Idaho, was called to order by the President of the Council, Barton Jensen, at 5:30 o'clock P.Pd. on March 8, 1978, at the City Hall at Rexburg, Idaho, there being present the following: President of the Council, Barton Jensen, acting in the absence of D4ayor John Porter; Councilmen Nyle Boyle, Jim Morris, Morgan Garner, Warren Porter, and Darlene Blackburn; also City Clerk Afton Anderson. Morgan Garner was recognized by the President of the Council and presented to the Council the following Resolution: RESOLUTION BE IT RESOLVED by the City Council of the City of !!Rexburg, Madison County, State of Idaho, a municipal corporation ii '!'organized and existing under and by virtue of the laws of the ,'State of Idaho, and a taxing district within the meaning of i',Section 63-3101, Idaho Code, in regular meeting assembled: 1. That the City of Rexburg borrow money in the sum of $75,000.00 and issue as evidence of such debt, a tax anticipation ;,,note, bearing interest at the rate of five (5) per cent per annum from the date thereof until paid, which said note shall '...mature August 1, 1978; that said sum be borrowed from, and said note be issued to the First Security Bank of Idaho, a National ';Banking Corporation, Rexburg, Idaho, with its office and place of !business in Rexburg, Idaho; such money to be used for general ''expenses of the City in anticipation of the taxes levied for the Ill current fiscal year and not yet collected by the City, for general purposes. 2. That the tax levy for the said fiscal year has been completed; that the amount of taxes levied for general purposes exclusive of taxes levied for outstanding bonded indebtedness and special purposes during said fiscal year is q% ~lis 3.1476 mills on the dollar of assessed valuation, which i (assessed valuation for the year 1977 was $9,820,127.00, making I ii the total amount of taxes levied for said fiscal year, exclusive u lof those levied for outstanding bonded indebtedness and special I purposes, the sum of $309,098.30, of which sum approximately ;!$100,000.00 has not yet been collected; that this proposed tax ;~ anticipation note does not exceed 75 per cent of the taxes not ~~yet collected by said taxing district for the current fiscal it ',year, and the proceeds therefrom have not yet been paid to the I~III~ICity of Rexburg by Madison County. III' 3. That such tax anticipation note shall be a negotiable ''instrument, and shall pledge the full faith, credit and resources II'of the City for the payment of the same, and shall be substantially ~~ ,in the following form: N UNITED STATES OF AMERICA STATE OF IDAHO ~j COUNTY OF MADISON $75,000.00 TAX ANTICIPATION NEGOTIABLE NOTE 5$ March 8, 1978 For value received, the City of Rexburg, Madison County, State of Idaho, promises to pay to the FIRST SECURITY BANK OF IDAHO, N.A., a National Banking Corporation, with its office and place of business at Rexburg, Idaho, or its order, on the 1st day of August, 1978, the sum of Seventy-five Thousand ($75,000.00) Dollars, lawful money of the United States of ~'~America, with interest from the date of this note at the rate of 'five (5) per centum per annum until paid. This note is issued in pursuance of a Resolution duly adopted by the City of Rexburg, Madison County, State of Idaho, ''on the 8th day of March, 1978. It is hereby certified and recited that each and every 'act, condition and .thing required to be done, to have happened, and to be performed precedent to and in the issuance hereof has been performed in full and strict compliance with the Constitution o~ the State of Idaho and the provisions of Chapter 31, Title 63, Idaho Code, and amendments thereof; that the amount of this note is not in excess of 75 per cent of the taxes levied by said taxing district for the current fiscal year and not yet '',collected, and that the tax levy for said current fiscal year has been completed but the entire proceeds therefrom have not yet been paid to the City of Rexburg by Madison County; that the assessed valuation and the tax levy is based on the 1977 assessed valuation and 1977 tax levy; that the full faith, credit and resources of Rexburg, Madison County, Idaho q~~~ the said City are hereby pledged for the payment of this note, according to its terms; that there remains to be collected approximately $100,000.00 of the taxes levied for the current fiscal year; there are no other tax anticipation notes out- standing to be paid from the uncollected portion of the taxes levied for the current fiscal year. IN WITNESS WHEREOF, the said City of Rexburg has caused this note to be signed by the President of the Council and attested and the seal of such City affixed by the Clerk this 8th day of March, 1978. ,.-~ Gz P esident of e Council. !ATTEST;-~'`~ ~, /' ~'/ G (Afton derson, City Clerk. -~ 1 /~ ' 4. That such tax anticipation note be sold at private 1 sale to the First Security Bank of Idaho, N.A., Rexburg, Idaho, aforesaid, by the President of the Council forthwith, and that he be hereby authorized to make such sale and to receive the proceeds therefrom and deposit them to the credit of said City. 5. To provide for the payment of said tax anticipation note at maturity, a special fund is hereby created to be known as TAX ANTICIPATION BOND OR NOTE REDEMPTION FUND, and it is hereby provided that all taxes hereafter collected or received from the general tax levy for the current fiscal year shall be placed immediately in such fund until such time as the funds accumulated therein shall be sufficient to pay the hereinabove mentioned tax !anticipation note, together with interest thereon at maturity, '',and the funds so accumulated in the said fund are hereby appro- priated and set apart for such purpose only and shall be used for '~'no other purpose; providing, however, that this shall not limit the payment of said note to the said taxes collected but such I'note shall be the direct and general obligation of the City of ,Rexburg. '; It was moved by Nyle Boyle, and seconded by Darlene ' Blackburn that such Resolution be adopted, and the proper officers directed to proceed accordingly, and that the Resolution be spread on the minutes. Upon call for question, the vote was !'taken as: For 5, Against 0. Whereupon the President of the '!Council declared the Resolution duly adopted and directed that 'the proper papers be executed and that the President csE'the Council proceed to negotiate the loan, as authorized in the Resolution and directed the Clerk to spread the Resolution upon the minutes of the Council. ~ - ~ ~~:~~ There being no further business to come before the Council, the meeting was declared adjourned until the next regular meeting of the Council, subject to call by the Mayor, or the President of ,the Council in the Mayor's absence. 4 resident o }1: ATTEST~~~~ _~_y_~~g~- y ~~~Afton And-meson, Cit Clerk. (Seal)