HomeMy WebLinkAbout1987.10.27 CITY COUNCIL MINUTESLAW OFFICES OF
SMITH & HANCOCK
MARY SMITH 30 SOUTH 2ND WEST W. LLOYD ADAMS
J. D. HANCOCK POST OFFICE 80X 427 (18 8 5-19 6 91
REXBURG.IDAHO 83440
(2081 356-5493
October 27, 1987
Idaho First National Bank
77 East Main
Rexburg, Idaho 83440
Gentlemen:
I have examined the proceedings consisting of the
Minutes of a regular meeting of the City Council of Rexburg,
Idaho, held October 21, 1987, showing a Resolution adapted by
the Council at that time authorizing the City to borrow
$350,000.00 and issue as evidence of such debt, Tax Anticipation
Note dated October 27, 1987, bearing interest at the rate of
6.498 per annum, maturing February 1, 1988.
I have examined copies of the Minutes, Resolution and
Note and find that they comply with the provisions of Chapter
31, Title 63, Idaho Code, and amendments thereof, which provides
for the anticipation of revenue by taxing districts.
This opinion is based upon the figures set forth in
the Resolution showing that the Tax Anticipation Note in the
amount of $350,000.00 will not exceed seventy-five (75) percent
of the general tax levied by said taxing district in the current
fiscal year and not yet collected. There are no other Tax
Anticipation Notes or Warrants outstanding to be paid from this
levy.
Yours very truly,
-~---
Mary S th
slb
Maturity Date: February 1, 1988
UNITED STATES OF AMERICA
STATE OF IDAHO
CITY OF REXBURG
CITY OF REXBURG, IDAHO, NEGOTIABLE TAX ANTICIPATION NOTE
$350,000..00
FOR VALUE RECEIVED, the City of Rexburg, State of
Idaho, acknowledges itself to owe, and promises to pay, to
bearer at the office of the Treasurer of the City of Rexburg,
Idaho, on the 1st day of February, 1988, the sum of $350,000.00
in lawful money of the United States of America, together with
interest thereon in like money at the rate of 6.49$ per annum
from the date hereof, interest payable on maturity.
This note is issued in anticipation of the collection
of taxes not yet collected for the fiscal year of 1987-1988 and
said taxes are hereby irrevocably pledged to the payment of
this note and principal and interest thereof. To provide for
the payment of this note as herein provided, there has been
created by Resolution of the City Council of the City of
Rexburg, Idaho, providing for the issuance of the anticipation
note, a special fund to be known as the "Tax Anticipation Note
Redemption Fund."
It is hereby certified, recited and declared that the
indebtedness of the City of Rexburg, Idaho, hereby incurred
shall not be in excess of 75$ of the amount of taxes levied and
yet uncollected by the City of Rexburg for the current fiscal
year 1987-1988, exclusive of taxes required to be raised to pay
the principal of outstanding bonded indebtedness, and that said
indebtedness hereby incurred does not exceed any other
limitation on the indebtedness of said City of Rexburg, and
that said indebtedness hereby incurred was and is contracted
for the purposes for which taxes are to be levied.
It is further certified, recited and declared that
all conditions, acts and things essential to the validity of
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this note exist, have happened, and have been duly complied
with, and that this note is within every debt and other limits
prescribed by the Constitution and laws of the State of Idaho,
and that the full faith and credit of the said City of Rexburg,
Idaho, are hereby irrevocably pledged to the punctual payment
of the principal and interest of this note according to its
terms.
IN WITNESS WHEREOF, the City of Rexburg, Idaho, has
A
caused this note to be executed and signed on its behalf by the
Mayor of said City of Rexburg, Idaho, countersigned by its
treasurer, attested by its Clerk and its corporate seal affixed
thereto as of the 27th day of October, 1987.
Richard Horner, easurer
ATTEST:
i~ ;,,
Rose Bagley,- ity erk
(SEAL).
Jo ~ C~:~~ orter, Mayor
Ci y of Rexburg, Idaho