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HomeMy WebLinkAbout1980.04.16 CITY COUNCIL MINUTESRE: ADJOURNMENT A motion was made by Nile Boyle and seconded by Sander Larson to adj- ourn. All Aye. Mayor - ------G-` ----------- C i t y Clerk �✓//G MINUTES OF THE CITY COUNCIL MEETING April 16, 1980 State of Idaho) County of Madison(SS City of Rexburg) A meeting of the City Council for the City of Rexburg, Madison County, held April 16, 1980, at the City Hall. Present were the following: 1 RE: MINUTES APPROVED Mayor: Councilman: John C. Porter Nile Boyle Jim Morris Norris Reese Morgan Garner Sander Larsen Councilwoman: Darlene Blackburn Also Present: Mary Smith, City Att. Rose Bagley, City Clerk A motion was made by Sander Larsen and seconded by Darlene Blackburn to approve the minutes. All Aye. RE: CHRIS PRICE TO TAKE CARE OF PARK STREET PARK Mayor Porter said that Pat Price of Park Street had been in the office to ask if his fourteen year old son could take care of the park at the end of Park street this summer. The council agreed to let him take care of the park. RE: LEILANI PLUMMER - TEMPORARY BUSINESS IN HER HOME A request for Leilani Plummer to put a temporary business in her home to sell health foods. The address is 23 North 5th West. A petition was presented which had been signed by her neighbors. It is zoned R 2. A motion was made be Darlene Blackburn and seconded by Norris Reese to �ive her a variance for one year for the business, it would have to be reviewed by the council at the end of one year. She would not be allow- ed to put and advertising or signs up. If there was any complaints from her neighbors the council would have the option to review it. All Aye. RE: COSTS ON SEWER AND STREET PROJECTS Mayor Porter reported that when the comittee had met with Forsgren Perkins and went over the Storm Sewer and Water Plans they had given him the figures for the engineer costs on the sewer and street projects. For the streets it would be 8% of bid price plus a flat fee for in- spection, 5% for seal coat and overlay. The committee felt that this would be okay. For the sewer it would be $30,000 for study, computer analysis, master map, 10% of bid price, and $6,000 inspection, and $2,000 rock boring. A motion was made by Norris Reese and seconded by Nile Boyle that the city accept the agreement and that the mayor be authorized to sign the agreement. All Aye. RE: SAMPLE ORDINANCE FOR THE SANITARY SEWER Earl Kemp reviewed a sample ordinance that he would recommend for the Sanitary Sewer. He reviewed the connection to sewer, rates equivalent users, special users, billing procedures and due date, delinquent accounts, and penalties for violation. A motion was made by Nile Boyle and seconded by Norris that the council resolve to pass an ordinance similar to the one presented by Earl Kemp, and that fees for the sewer be set up by resolution rather that ordinance. All Aye. RE: TROUBLE COLLECTING WATER BILLS ON RENTAL HOUSES Mayor Porter told the council that we were having trouble collecting water bills on rental houses, the renters leave town owing water bills. The bill is a lean on the property, but some property owners refuse to pay. We have to threaten to sue or turn off the water. On businesses, when the building is rented if the water is turned off there is chance of the equipment being damaged. At the present time we have been having trouble collecting a water bill from the Mighty Mite. The people rent- ing the building took out bankruptcy, the man who has the lease on the building threatened to sue if we turn the water off, because his equip- ment will be ruined. We are trying to get the money out of the prop- erty owner, but have had no success. Mayor Porter said that he doesn't think we can collect the garbage but should be able to collect the sewer and water. Mary said she would check the ordinance and report back to the Mayor. A discussion followed on collectiong delinquent water bills and meter deposits. RE: ORDINANCE 617 WAS READ City Attorney read Ordinance 617 conformative to the Plumbing Ordinance regulating the required Business Licenses for plumbers. AN ORDINANCE PROVIDING FOR THE PROTECTION AND IMPROVEMENT OF THE PUBLIC HEALTH OF THE CITIZENS OF REXBURG, IDAHO; REQUIRING A BUSINESS LICENSE BEFORE ANY PERSON, FIRM, PARTNERSHIP OF CORPORATION SHALL ENGAGE IN THE BUSINESS OF PLUMBING; REQUIRING A STATE OF IDAHO CERTIFICATE OF COMPLETENCY PURSUANT TO CHAPTER 27, TITLE 39, IDAHO CODE; DESIGNAT- ING THE CLASSIFICATIONS OF COMPETENCY; PROVIDING PENALTIES FOR THE VIOLATION OF THIS ORDINANCE; REPEAL OF CONFLICTING ORDINANCES, AND PROVIDING WHEN THIS ORDINANCE SHALL BECOME EFFECTIVE. A motion was made be Councilman Nile Boyle and seconded by Council- woman Darlene Blackburn that the rules requiring and ordinance of a general and permanent nature to be read on three occasions be dispensed with and that said ordinance be numbered 617. Those voting Aye: Those voting Nay: Darlene Blackburn Norris Reese Nile Boyle Jim Morris Morgan Garner Sander Larsen None Ordinance 617 was then placed before the council. The Mayor then called for the voting for final passage of the Ordinance, and the motion was made by Norris Reese and seconded by Jim Morris that ordinance 617 be passed. Those voting Aye: Those voting Nay: Darlene Blackbur Norris Reese Nile Boyle Jim Morris Morgan Garner Sander Larsen None The roll showed all councilmen present voting "Aye" carried, the Mayor declared that the majority of all the members of the City Council had voted for the passage of said Ordinance, and that said Ordinance was duly and regularly passed. Mayor Porter declared the motion carried. RE: BOND ELECTION Mayor Porter reminded the council of the bond election that the city was going to have this summer to raise our share for the sewage treat- ment plant. The amount that we needed to raise is about $250,000. We will need to avail ourselves of a fiscal agent. The Mayor present- ed a proposal from First Security Bank to employ them as fiscal agent in connection with an anticipated sewer project amounting to approx- imately $275,000. (copy attached). Lyle Larson from First Security Bank had told the mayor that the best way to go would be with General Obligation Bonds. The Council discussed what would happen if the people voted down the election. Earl Kemp said that EPA could fine the city $10,000 a day if we did not get the sewage treatment plant. He said that the money would have to be earned someway. In Twin Falls they voted a bond election down for this and are now having to charge an extremely large amount for sewer each month. The last two or three times that tests have been run on the lagoons, we have been in violation. Mary said that with General Obligation Bonds there would have to be a mill levey. Mary explained to the council the difference between General Obligation Bonds and Revenue Bonds. Revenue Bonds would be against the sewer system itself, and money would have to be raised through that system. General Obligation Bonds would be against all the people owning city property. Nile Boyle made a motion to except First Security Bank's proposal as fiscal Agent. Seconded by Norris Reese. All Aye. RE: MRS. C. ANTHONY THOMASON -- SEWER WATER IN HER BASEMENT Mrs. C. Anthony Thomason of Salem Ave was present at the council meeting to complain that she had sewer water in her basement. There had been a problem with the sewer on that street before which had supposedly been repaired last summer, but she had still had problems with the sewer backing up twice since then. She would like something done so this did not happen again. The council told her they would check it out. Earl Kemp said he would get together with Jerry Brian and see that it got fixed. RE: HORSE TRAILERS AND TRUCKS PARKING ON NORTH 5th WEST Mayor Porter said that the Fair Board had been in to talk to him about the horse trailers and trucks parking on North 5th West by the Veterans Building. There is a problem because of the mess with the horses. They would like no parking signs put up on that street. Jim Morris ask the council to table a decision until he has a chance to check with the organizations that use that street. RE: TRUCK PARKING PROBLEM ON 2nd WEST Mayor Porter brought up the truck parking problem on 2nd West between lst South and 2nd South. At the last meeting Mayor Porter had sug- gested that No Truck Parking signs be put up on that street. Since then he and the councilman had had numerous complaints from truckers. Jim Morris suggested that a broader safety zone on the corners be painted which would restrict the parking too near the corners so that the view would be obstructed. He also suggested that they paint the entrances to the driveways. He said he would then instruct the police to ticket any violators. Mayor Porter suggested that we try this method for a while and see if it would work. Jim said that the council was concerned about the safety first, but that many truckers like to stop and take advantage of the park by walking in it or stretching out for a nap. RE: FORMING A FINANCE COMMITTEE Mayor Porter suggested to the council that a Personnel Committee be formed consisting of the Finance Committee, Sander Larson, Norris Reese, and Nile Boyle. The hiring of employees would be turned over to the committee. They could interview and screen employees. Nile Boyle said that he thought it would be a good idea, a lot of problems could be solved that way. It was suggested that the committee only be incharge of hiring supervision level jobs. The committee would meet and work out the rules. Department heads would be responsible for hiring other personnel. RE: PARKING LOT LID Nile Boyle said that he was in Salt Lake recently and called Kevin Watts the architect for the parking lots. He needs an exact discrip- tion on easements, sanitary sewer lines, storm sewers, and water lines. The last little bit of property purchases need to be finalized. He suggested that Mary Ann Mounts of ECIPDA establish square footage, so the LID could be started. Mayor Porter said that the Legisla- ture had passed a bill to set up something like this, so that every- one involved in the parking lot can be charged a monthly rate for maintenance, and that the business itself would be assessed on an LID instead of the property owner. Mayor Porter said that he felt that Kevin Watts sould draw out the orginal plans for the parking lot and then let our engineers take over. RE: CITIZENS COMPLAINING ABOUT VACANT LOTS Mayor Porter said that he had been getting a lot of complaints from citizens complaining about vacant lots. The neighbors would like to go in and clean up the lots. They would like to know if the fireman would stand by if they did burning. Permission would have to be gotten from the property owners before the lots could be cleanedup, which takes longer. Mary Smith said that she would check the ordinance. RE: EARL KEMP REPORTED ON THE BID OPENING -- STORM SEWER Earl Kemp reported on the bid opening for the Storm Sewer. The low bid was H & K Contractors with 1.58 Million Dollar bid. Their bid was $1,588,213 which was $88,000 over the engineers estimate, but within five percent of the estimate. Earl Kemp said that he thinks it was an excellent bid. If the legal papers are in order he re- commended that the bid be awarded to H & K. Nile Boyle moved that the city except the apparent low bid if it meets with the attorneys approval. Seconded by Darlene Blackburn. All Aye. RE: SCHEDULING BID OPENING FOR WATER DISTRIBUTION SYSTEM The plans and specs for the water distribution system have been comp- leted. They have been sent to the Board of Health for review. Earl said that he needed permission to schedule the bid opening for three weeks from today, May 7 at 4:00 P.M. . A motion was made by Nile Boyle and seconded by Jim Morris to give him permission to schedule the bid opening. All Aye. RE: BILLS A motion was made by Norris Reese and seconded by Morgan Garner to pay the bills. All Aye. RE: ADJOURNMENT A motion was made by Norris Reese and seconded by Darlene Blackburn to adjourn. All Aye. City Clerk — 1 i ilk ° i♦�l P Nit��iJ�9�Ljl� I1���0�0 �; � ' 1 � q, �) I' ��k\di, ht v NATIONAL ASSOCIATION MEMBER FIRST SECURITY CORPORATION SYSTEM OF BANKS POST OFFICE BOX 30011, 79 SOUTH MAIN STREET SALT LAKE CITY, UTAH 84125 April 11, 1980�G+� Mayor John Porter City of Rexburg City Hall Rexburg, Idaho 83440 Dear Mayor Porter: Please find enclosed three copies of a proposed contract under the terms of which the City of Rexburg would employ us as fiscal consultant in connection with an anticipated sewer project amounting to approximately $275,000. Among other things, the contract quotes fees for both general obligation and revenue bond projects. It is our understanding that Garth Dexter will be in attendance at next week's City Council meeting. As an officer of First Security Bank of Idaho, N.A., Garth is empowered to sign the contract on our behalf. Please retain one executed copy of the contract and return the re- maining two executed copies to Garth. Enclosed you will also find nine copies of equal amortization `schedules for a general obligation issue of $275,000, based on an assessed valuation of $20,000,000 and running for ten, fifteen, and twenty years, with three interest rates for each of the three repayment periods. These particular interest rates were assigned, based on the current bond market. However, you should keep in mind that conditions in this market have been highly volatile over the past few months and may change by the time that you bring your bonds to market. Once more information becomes available, such as connection and installation fees, we will have some idea as to your projected revenues and will be able to prepare a series of repayment schedules for any revenue bonds that may be used to finance your proposed project. We look forward to working with you and the other city officials on this project. If you have any questions or desire any additional information in the meantime, please call us collect at (801) 350-561.7, JSA/as Enclosures Sincerely yours, J. Simmons Armstrong F Investment Officer It NATIONAL ASSOCIATION ,MEMBER FIRST SECURITY CORPORATION SYSTEM OF BANKS HEAD OFFICE POST OFFICE BOX 7069, .1 19 NORTH 9TH STREET BOISE, IDAHO 83707 AGREEMENT THIS AGREEMENT, entered into this day of �` 1980, between the CITY OF REXBURG, a municipal corporat on of the tate of-1-claho, here- inafter'cailed "The City" and FIRST SECURITY BANK OF IDAHO, N.A., a corporation of the State of Idaho hereinafter called "The Bank WITNESSETH: WHEREAS, the City is desirous of availing itself of the experienced financial services of the Bank ;in the financing of City projects through the market- ing of.General Obligation Bonds, Revenue Bonds, or other types of financing that might.be appropriate to the projects to be issued by the City or an Agency of the City, and.the Bank is desirous of furnishing such services to the City, NOW, THEREFORE, the City and the Bank agree as follows: 1 The Bank agrees to render the following services on behalf of the City:= (a) To give to the City financial advice an& assistance on fiscal scatters and 4easibility pertaining to setting up -projects and marketing bonds, taking into.c©nsideration alternative sources of revenue and methods of financing the various projects including recommendations of types of bonds to be issued. (b) To design, edit and, in general, prepare a prospectus setting forth financial and other information about the City and the project or various projects concerned. A separate prospectus shall be prepared for each bond issue or project and shall be mailed at the expense of the Bank to investment.dealers and institutions who, in the opinion of the Bank, might be interested in submitting bids for the purchase of such bonds. All expenses involving the designing, edit- ing, printing or duplicating and mailing of the prospectus shall be borne by the Bank. (c) The Bank shall pay'all printing costs for all bondsissued pur- suant to this agreement and deliver the same to the issuer for examination as to form, content and signature., (d) The Bank shall have a representative in attendance at the opening of all bids for the purchase of bonds to render such reasonable service and assistance as may be required by the issuer. F 2. The City agrees that in consideration of the foregoing services to be performed by the Bank, the City will do the following: (a) The City will employ a firm of bond attorneys and will take such steps as the bond attorneys may require to the end that the bond attorneys shall issue their favorable approving legal opinion on any bonds issued. (b) The City will cooperate with the Bank and will give the Bank all information which is reasonably calculated to enable the Bank to market the bonds. r (c) The City will pass such ordinances and resolutions and perform such reasonable acts as may be necessary to assure compliance with all applicable laws, ordinances:,and,constitutional provisions pertaining to the issuance of all bonds for the project or projects. (d) The City will furnish to the Bank certified copies of all minutes of meetings and proceedings taken, affidavits of publication, etc., in connection with any of the bonds issued by the City for the project. (e) The City will pay the Bank for bonds issued and sold pursuant to this contract, a fee based upon the principal amount of bonds issued and sold on the following schedule: General Obligation Revenue Par Value Bonds Bonds O - 500,000 $5,000.00 $ 7,500.00 $501,000`- $1`,000,000 $7,500.00 $10,000.00 3. It isgreed that the Bank may, at their option, on their own account or as the represents ive of others, bid for the purchase of any bonds issued by .the:_City or an,Agency of the City pursuant to this agreement. 4. It is expressly understood that this agreement does not intend, and is under.ho dfr-cumstances to be construed, as requiring the Bank to perform any seM ce which constitutes the practice of law. It is the intention of this agree- ment to obtain the, service of the Bank on behalf of the City in the capacity of a financial expert only. 5 Both the Bank and the City will take any other reasonable actions necessary to fully implement the financing arrangement agreed upon, whether herein specifl caliy set forth or.not, which are within the powers of the respective parties hereto. However, should any such actions on the part of the Bank be beyond those i:��te_014ted'it te time a fee was agreedupon, an'additional fee for -any such aidns or services shall be mutually agreed upon in writing prior to the time the sage acre undertaken by the Bank. 6. The effective date of this agreement shall be This agreement shall continue in force and effect until terminate y ei!Fer party by the giving of thirty days notice of termination in writing; to the other party. Thirty days after the giving of such notice, this agreement shall be wholly null ana void, exceptas to any liabilities incurred by either of the parties to the other, prior to the, giving of such notice. Such notice shall be deemed duly given when given by the Bank to the City, when personally served upon the City, or when deposited in the United States Mails addressed, to the City at the City Hall, Rexburg, Idaho, or such other address as the City shall hereafter in writing to the bank designate. Such notice shall be deemed duly given to the Bank when personally served upon the Manager of the Rexburg Branch of the First Security Bank of Idaho, when deposited in the United States Mails addressed to the Bank at P. 0. Bok' 278, Rexburg, Idaho, pr such other address as the Bank shall hereafter in writing to the City designate. IN WITNESS WHEREOF, the parties have caused this agreement to be executed the day and year aforesaid. THE CITY OF REXBURG, IDAHO By ATTEST: FIRST SECURITY BANK OF IDAHO, N.A. $OISF,.IAAHO 83707 l�f- a ENT TNI$ AGREEMENT, entered into this day of , 1980, between the CITY OF RExBURG, a municipal corpo' ration of the`fta-re,of Idaho, here- inaftor called "The City" and FIRST SECURITY BANK OF IDAHO, N.A., a corporation of the State of Idaho hereinafter called "The Bank". - m o FJTNE$;M WHEREAS; the City is desirous of availing ftstl€-of the experienced financial services:of.,the Sank in the financing of City projects through the market- Ipg of . npr4l .0hJ,J'#Wott Bbods, Revenue Bonds, or other ypesof financ -ag that a lot be , ropri ite `to . the ,prof acts to bei ssue�ct; by the ti ty or an Agency of ° the Oi,,tY, and% .Bagk' is desirous of furnishing suc cervi s to the; City. NOW, THEREFORE, the City and the Bank agree as follows: 1. The, hs Bank agraas to render the following services on behalf of 'the a) To Ovil io .the City €inancfial advic+eS!}d assl#taw-e on fiseal matters s►ib#1 i�;y pertaft�fing to setting up projeei�a - "d rn heti ng bonds. t k f n int* : `+cans fide�rati~fi©n al ternatfi ve sources of revenue `and` methods of , fi nanei ng the variou projects Inclddinq recommendations of types of bonds to be issued. (b'o deafg�, , edit and, in, 9*4ral, a" a prospectus setting forth,,fiAiA`cAal and,otherr Information about the',City'andc -the project or various prefects ke ed. A seperaira prospectds shall be proof-eed for each bond 'issue or rjjt ar►d shall be mailed,attt�e expense of'the Bank moi' investment d+ealtrs and tit4$eya* who, 'in,the'Opinion of the Bank' alight be fht#rested°'in smWitting bids for the purchase of such bonds. All expenses in0olving the designing, edit - Ing, printing or, duplicating and mailing of the prospectus shall be borne by the Bank: (c The Sank ' shal l pay, ai l printing coats dor all boruis I ss�sed pur suant°to this agreement and deliver the same to the isswer for examination as to form, content and signature;,. (d 4rhe. Bank shall stave a "presentative 've attendance at the opening of all bids for the purchase of bonds to render tueh reasonab-le service MW asilittke, ffis may be rpgUi'red by the issuer. s 2. The City agrees that in consideration of the foregoing services to be performed by this SaOt. the City will do the followf*J- (a) The City will employ a firm of bond attorneys and will take such steps as the bond attorneys may require to the end at the bond attorneys shall issue their favorable approving legal opinion on any bonds issued. (b) The City will cooperate with the Bankand will give the Bank all information which is reasonably calculated to enable the Bank to market the bonds. I -2- "(c) The City will pass such ordinances and resolutions and perform such reasonable acts as may be necessary to assure compliance with all applicable laws, ordinances and constitutional provisions pertaining to the issuance of all bonds for the project or projects. (d) The City will furnish to the Bank certified copies of all mibutes of meetings and proceedings taken, affidavits of publication, etc., in connection with any of the bonds issued by the City for the project. (e) The City will pay the Bank for bonds issued and sold pursuant to this contract, a fee based upon the principal amount of bonds issued and sold on the following schedule: General Obligation Revenue Par Value Bonds Bonds - 0 - $ 500,000 $5,000-00 $ 7,500.0f) $501,000 - $10000*000 $7,500.00 $10,000.00 3. It is agreed that the Bank may, at their option, on their own account or as the representative of others, bid for the purchase of any bonds issued by the City or an Agency of the City pursuant to this agreement. 4. It is expressly understood that this agreement does not intend, and Is under no circumstances to be construed, as requirin, ,7 the Bank to perform any service which constitutes the practice of law. It is the intention of this agree- ment to obtain the service of the Bank on beMlf of the City in the capacity of a financial expert only. 5. Both the Bank and the City will take any other reasonable actions necessary to fully implement the financing arrangement agreed upon, whether herein specifically set forth or not,, which are within the powers of the respective parties hereto. However, should any such actions on the part of the Bank be beyond those contemplated at the time a foe was agreed upon, an additional'fee for any such actions or services shall be mutually agreed upon in,writing prior to the time the same are undertaken by the Bank. 6. The effective date of this agreement shall be This agreement shall continue in force and effect until term nate Sy- elyh—er party by the giving of thirty days notice of termination in writing to the other party. Thirty days after the giving of such notice, this afire ementrshall be wholly null and void, except as to any liabilities incurred by either of the parties to the ,other, prior to the giving of such notice. Such notice shall be deemed duly given when given by the Bank to the City, when personally served upon the City, or when deposited in the United Stites Mails addressed to the City at the City Hall, Rexburg, Idaho, or such other address as the City shall hereafter in writing to the bank designate. Such notice shall be deemed duly given to the Bank when personally served upon the Manager of the Rexburg Branch of the First Security Bank of Idaho, N.A., or when deposited In the United States Mails addressed to the Bank at P. 0. Box 278* Rexburg, Idaho, or such other address as the Bank shall hereafter in writing to the City'dOs-ignate. IN WIT14ESS WHEREOF, the parties have caused this agreement to be executed the day and year aforesaid. ATTEST THE CITY OF REXBURG. IDAHO By FIRSTSECURITY BANK OF IDAHO, N.A. V 1`4 i'm 0 1 NATIONAL ASSOCIATION MEMBER FIRST SECURITY CORPORATION SYSTEM OF BANKS HEAD OFFICE POST OFFICE BOX 7069, 119 WORTH 9TH STREET BOISE, IDAHO 83707 AGREEMEqT THIS AGREEMENT, entered into this day of 1980 between the CITY OF REXBURG, a municipal corp—ition of th-e--S--tate of aho, here- inafter called "The City" and FIRST SECURITY BANK OF IDAHO, 1.A., a corporation of the State of Idaho hereinafter called "The Bank". WITIUSSETH: WHEREAS, 4 the City is desirous of availing itself of the experienced financial services of the Bank in the financing of City projects through the market- tng of General Obligation Bonds, Revenue Bonds, or other types of financing that might'be appropriate to the projects to be issued by the City or an Agency of the City, And the Bank is desirous of furnishinq such services to the City. NOW, THEREFORE, the City and the Bank agree as follows: The Bank agrees to render the following services on behalf of the City: (a) To give to the City financial advice and assistance on fiscal matters and feasibility pertaining to setting up projects and marketing bonds, taking into consideration alternative sources of revenue and methods of financing the various projects including recommendations of types of bonds to be issued. (b) To designs edit and, in general, prepare a prospectus setting forth financial and other information about the City and -the project or various projects concerned. A separate prospectus shall be prepared for each bond issue or project and shall be mailed at the expense of the Bank to investment dealers and institutions who, in the opinion of the Bank, might be interested' in submitting bids for the purchase of such bonds. All expenses Iroolvinq the designing, edit- ing, printing or duplicating and mailing of the prospectus shall be borne by the Bank. (c) The Bank shall pay all printing costs for all bondsissued pur- suant to this agreement and deliver the saw to the issuer for examination as to form, content and signature. (d) The Bank shall have a representative in attendance at the opening of all bids for the purchase of bonds to render such reasonable service and assistance as may be required by the issuer. 2. The City agrees that in consideration of the foregoing services to be performed by the Bank. the City will do the following: (a) The City will employ a firm of bond attorneys and will take such steps as the bond attorneys may require to the end that the bond attorneys shall issue their favorable approving legal opinion on any bonds issued. I (b) The City will cooperate with the Bank and :gill give the Bank all information which is reasonaLly calculated to enable the Bank to market the bonds. I -2- . (C) The City will Pass such ordinances and resolutions and perforin such reasonable acts as may be necessary to assijre Compliance with all applicable laws* ordinances and constitutional provisions pertaining to the issuance of all bonds for the project or projects. (d) The City will furnish to the Bank certified copies of all miAutes of meetings and proceedings taken, affidavits of -publication, etc., In connection with any of the bonds issued by the City for the project. (e) The City will pay the Bank for bonds issued and sold pursuant to this contract, a fee based upon the principal amount.- of bonds issued and sold on the following schedule: Oar _. . ue 0 $ 5000000 $1604000 $1,000,000 Seneral Obligation Revenue Bonds Bonds $5,000.00 $ 7,500.00 $7,500 00 $10,000.00 3. It Is agreed that the Bank may, at their option, on their own account or as the representative of others, bid for the purchase of any bonds Issued by the City or an Aqenty of the City pursuant to this aqreeraent. 4, It is expressly undertood that this agreement does not intend, and s under no circumstances to be construed, as requiring the Bank to perform any service which constitutes the practice of law. It is the intention of this agree- ment to obtain the service of the Bank on behalf of the City in the capacity of a financial expert only. S. Both the Bank and the City will take any other reasonable actions n*"ssary to fully implement the financing arrangement agreed upont whether herein $PeCiflcally set forth or not, which are within the powers, of the respective parties hereto. However, should any such actions on the part of the Bank be beyond those Ont platted at the time a fee was agreed upon, an aldditiona;l fqg for any such actions or services shall be mutually agreed upon inwritinq`,prior fio the time the saw are undertaken by the Bank. 6. The effective date of this agreement shall be This agreement shall continue in force and effect until termTn­at—e—&VY—eTt"WF—party by the giving of thirty days notice of termination in writing to the other party. Thirty days after the giving of such notice, thi's agreement shall be wholly null and void, oxcePt as to any liabilities incurred by either of the parties to the other, prior to the giving of such notice. Such notice shall be deemed duly given when given by the Bank to the City, when personally served upon the City, or when deposited in the United %tes Mails addressed to the City at the City Hall, Rexburg, Idaho, or such other address as the City shall hereafter in writing to the bank designate. Such notice shall be deemed dully given to the Bank when personally served upon the Manager of the Rexburg Branch of the First Security Bank of Idaho. ,.N.A., or when deposited in the United States Mails addressed to the Bank at P. 0. Box 278, Rexburg, Idaho, or such other address as the Bank shall hereafter in writing to the City d6signate. IN WITNESS WHEREOF, the parties have caused this agreement to be executed the day and year aforesaid. .AT TES7 : THE CIT* OF REXBLRG, IDAHO FIRST SECURITY BANK OF 191AHO, N.A. BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 8^250% PERIOD OF 10 YEARS WITH VALUATION OF 20000300 YR PRINCIPAL INTEREST PAYMENT MILL LEVY 1 20000 22688 42688 2°13 2 20000 21038 41038 2.05 3 20000 19388 39388 1^97 4 25000 17738 42738 2°14 5 25000 15675 40675 2^03 6 30000 13613 43613 2^18 7 30000 11138 41138 2^06 8 36000 8663 38663 1^93 9 35000 6188 41188 2^06 10 40000 3300 43300 2^16 ========== ========= ========= 275000* 139429 414429 ~ 1 BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 8.500% PERIOD OF 10 YEARS WITH VALUATION OF YR PRINCIPAL_ 1 20000 2 20000 3 20000 4 25000 5 25000 6 25000 7 30000 8 35000 9 35000 10 40000 275000 INTEREST 23375 216i'5 1997 18275 16150 14025 11900 9350 6375 3400 144500 F PAYMENT 43375 41575 39975 43275 41150 39025 4'1900 44350 41375 43400 419500 20000000 MILL LEVY 2.17 2.08 2.00 2.16 2.06 1•5 J 2.09 2.22 2.07 2.17 / BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 8^750% PERIOD OF 10 YEARS WITH VALUATION OF 20000000 YR PRINCIPAL INTEREST PAYMENT MILL LEVY 1 20000 24063 44063 2^20 2 20000 22313 42313 2^12 3 20000 20563 40563 2^03 4 25000 18813 43813 2^19 5 25000 16625 41625 2^08 6 25000 14438 39438 1^97 7 30000 12250 42250 2^11 8 35000 9625 44625 2^23 9 35000 6563 41563 2^08 10 40000 v ========== 3500 43500 2.18 ========= 275000 148753 ========= 423753 ° 1 BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 8.500% PERIOD UE 15 YEARS WITH VALUATION! OF 20000000 YR P'RINCIP'AL INTEREST PAYMENT MILL LEVY 1 10000 23375 33.375 1.67 2 10000 22525 32525 1.63 3 10000 21675 31675 1.58 4 15000 20825 35825 1.79 5 15000 19550 4550 1.73 6 15000 13270 33275 1.66 7 15000 17000 32000 1.60 8 15000 15725 30725 1.54 9 20000 14450 34450 1.72 10 20000 12750 32750 1 .64 11 20000 ' 11050 31050 1.55 12 25000 9350 34350 1.72 13 25000 7225 32225 1.61 14 30000 51.00 35100 1.76 15 30000 2550 32550 1.63 275000 221425 496425 s BOND AMORTIZATION SCHEDULE . PRINCIPAL OF 275000 AT 8,750% � PERIOD OF 15 YEARS WITH VALUATION OF 20000000 i YR PRINCIPAL INTEREST PAYMENl MILL LEVY 1 10000 24063 34063 1^70 2 10000 23188 33188 1^66 3 10000 22313 32313 1^62 4 15000 21438 36438 1^82 5 15000 20125 35125 1.76 ' 6 15000 18813 33813 1^69 7 15000 17500 32500 1^63 i 8 15000 16188 31188 1~56 9 20000 14875 34875 1^74 10 20000 ^13125 33125 1,66 11 20000 11375 31375 1°57 12 25000 9625 34625 1^73 13 25000 7438 32438 1.62 14 30000 5250 35250 1^76 15 30000 2625 32625 1,63 275000 227941 502941 < ° 2 BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 9.000% PERIOD OF 15 YEARS WITH VALUATION OF 20000000 YR PRINCIPAL INTEREST PAYMENT MILL LEVY 1 10000 24750 34750 1.74 2 10000 23850 33850 1.69 3 10000 22950 32950 1.65 4 15000 22050 37050 1.85 5 15000 20700 35700 1.79 6 15000 19350 34350 1.72 7 15000 18000 33000 1.65 8 15000 16650 31650 1.58 9 20000 15300 35300 1.76 10 20000 13500 33500 1.67 11 20000 11700 31700 1.59 12 25000 9900 34900 1.75 13 25000 7650 32650 1.63 14 30000 5400 35400 1.77 15 30000 2700 32700 1.64 275000 234450 509450 F N BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 8.750% PERIOD OF 20 YEARS WITH VALUATION OF 200000A YR PRINCIPAL INTEREST PAYMENT MILL LEVY 1 5000 24063 29063 1^45 2 5000 23625 28625 1^43 } 3 5000 23188 28188 1^41 4 5000 22750 27750 1^39 5 10000 22313 32313 1^62 6 10000 21438 31438 1,57 7 10000 20563 30563 1,53 8 10000 19688 29688 1^48 9 10000 18813 28813 1^44 10 10000 17938 27938 1^40 11 15000 17063 32063 1^60 12 15000 v 15750 30750 1^54 13 15000 14438 29438 1^47 \ � 14 15000 13125 28125 1.41 / 15 20000 11813 31813 1^59 ' 16 20000 10063 30063 1^50 r 17 20000 8313 28313 1^42 18 25000 6563 31563 1^58 19 25000 4375 29375 1^47 20 25000 2188 ========= 27188 ========= 1^36 ========== 275000 318070 593070 � ° BOND AMORTIZATION SCHEDULE PRINCIPAL OF 275000 AT 9.000% PERIOD OF 20 YEARS WITH VALUATION OF 20000000 YR PRINCIPAL. INTEREST PAYMENT MILL LEVY 1 5000 24750 29750 1.49 2 5000 24300 29300 1.46 3 5000 23850 28850 1.44 4 5000 23400 28400 1.42 5 10000 22950 32950 1.65 6 10000 22050 32050 1.60 7 10000 21150 31.150 1.56 8 10000 20250 30250 1.51 9 10000 19350 29350 1.47 10 10000 18450 28450 1.42 11 15000 17540 32550 1.63 12 15000 16200 3 100 1.56 13 15000 14850 29850 1.49 14 15000 13500 28500 1.42 15 20000 12150 32150 1.61 16 20000 10350 30350 1.52 17 20000 8550 28550 1.43 18 25000 6750 31750 1.59 19 25000 4500 29500 1.48 20 25000 2250 27250 1.36 j 75000 327150 602150 t u BOND AMORTIZATION SCHEDULE P'RINCIP'AL OF 275000 AT 9.250% PERIOD OF 20 YEARS WITH VALUATION OF 20000000 R 1 2 3 4 J 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 P'RINCIP'AL 5000 5000 5000 5000 5000 10000 10000 10000 10000 10000 15000 15000 15000 15000 20000 0000 20000 25000 25000 30000 275000 INTEREST 25438 24975 24513 24050 23588 23125 22200 21275 120350 19425 18500 17113 157'25 14338 12950 11100 9250 7400 5088 277; 343178 PAYMENT 30438 29975 29513 29050 28 588 33125 32200 31275 30350 29425 33500 32113 30725 9338 32950 31100 29250 32400 30088 32775 618178 MILL LEVY 1.52 1.50 1.48 1.45 1.43 1.66 1.6:1 1.56 1.52 1.47 1.67 1.61 1.54 1.47 1.65 1.56 1.46 1.62 1.50 1.64