HomeMy WebLinkAbout1935, Mar 13 Issue Refunding Bonds~~
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1ROC~:,DTiCrS OF TIiB CIli' CO?'I?CII,. CIT~f OF RFS~_~U~rG, I,itiDTSOr? C~??i.?mY, Ir;r1?rn,
R`,~3URG ID:i=£C. I:A~:C.TI,I3tIt. T935. ~ ,:
Council convened in special session held in accordance with law at Rexburg (j
I':iad;son Count, Idaho, In the City Mall, at the hour of 8.p.m. for the pur-
psse of discussing the matter of refunding certain of the Citvs out ~ts.??ding ~_
generuui obligation bonds in order to secure and extended time b4r t~r~. of exch-
.. ~ ange there-fore, in which to pay ti?e s~~me and to obatain a more favarabe rate
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i of interest.
The following meniuers we:•e present;
r;;;ayor -_.~_-_____grthur ?order
Counci.:l.man -----F.D. I{elle~
Councilman -----J,S. ~7ebster
Cou~~cilman -----IT.L. ?etersen
Councilman -----D,iFI. Stowell
Councilman -----II.A.?'Tright
iibsent Councilman ---- E'. Shirley.
Tha following proceedings were had and taken to -wit;
I'ollovving some consideration and discussion of tine city,s bonded indeb-
tedness, Councilman F.D..~elley introduced and moved the adoption of the
fallowing resolution,;
R P~ S O z; U T I O II
?There-as„The city of Rexburg has .out standing `x92,000.00 General obl-
ibation uonds, dated het. I9I9, bearing interest at the rate of 6~~ per,
annum, ~vliicl~ eaa.s callable at the option of the city, at any time after ten
years tom-the date of their issue, and
ZJH~R~AS it appears that the city of Rexburg carrot th~.s time effect ti?e i'e-
fundiu, fo them ;_ ge~~eral Qbligation Bonds, by the. ssuar. i,'lle ax-
cliange therefor! of new bonds bearing inte~~est at the x~,te a_ 4,3~a J per
anntz^z, as provided in Chapter 2, Total 55 of the Idai?o Code Azu?odated, and
.=~.t~ .7 _ti.h, :: Ei .'r ("r~"i ~ ~G l'c? T~ ,' ~~ , f i^ tart t17.e 3'et0, and
n~iereas,'; it appears to Ue advisable and to ,e to the profit and advantaa~e
of the city of Rexburg to so refund its outstanding bonds by way of exch-
a~1ve thereof ii1 that the time of payment may extended and s, sa.hing effected
in the rate ofinterest of said bC~nds,
ITO'iJ T1'LFt2FF0IiF, s BE .T, 1^ 'R~,SOT,Vt,D by file Iviayor and cot~_nol_3 of the ciiay of _Rex-
burg, County o~ ',.,=iison, state of Idaho, as follows;
That the'cit=; of Rexburg issue its refunding bonds in ~tk?e total amo~n~ -~
X92,000,00 dated i;iay;Isti,-1935, said bonds to Le issued in lieu of foll-
owing outstanding Uoxids of the said city:
Bands nzunbers I to 70 both numbers inclusive, of the denomination; of •tI,®~0.0®
each, dated October Ist, I9I9, and I{nown as i,iunicpal Seiler Coupon bonds,
ii1 the total amount of •„;70OOO.JO;
Bonds numoered I to I0 both numbers inclusive, of the denomii^+.o_r r~ <;I,®@®.00
each, dated Oetober2st. I9I9. I{novn2 as "i!iunieipal Street ImprovementCounon Bonds"
in the total amount`af ,'320;000.00:
Bonds numbered I to I2, uoth numbers inclusive of the denomination of ~>I000.00
each, dated October Ist, I9I9, known as "PTUnicipal Fire Department Cocoon Bonds",
in the total ttimount of,~j;I2a000,00. -
^;7:^t the' said Refunding Bonds herein auther~ed err=.1.1.. bear interest at t'~~e rate of
4 3~4 ~a per curium, parable semi-annualy, and the principal amount of said bonds to
be due :.and payable under the amortization plan as provided by the law. the number
and the due date of said :bonds, the-amount thereof, and the interest payable over
~,: . _ _
respectiae:yea-rs to be as follows, , o-wit;
i~er--°-- year --- -- Interest --'- - ? riilcpal --- °- Total ____ _ i'npaid
,'" hc,e,~r
Retired .
I935-36 6:..210 6.2I0 92,000
' 1937 4.370 3':000 7.370 89.000
' 38 4.227.50 3,000 7.227.50 86.000
39 4.085 3.000 n,nc~ 83.000
40' 3.942,50 : -3,000 6;942.50 80.fl00
' 4I 3,800 4,000 ' 7.800 76.000
42 3.620 4.OOn 7.GIO 72.000
43 3.420 4.000 7.420 68.000
44 3.230 4.000 7.230 64.000
45 '% n-^::0 4.000 7,040 60.000
46 2.850 5.000 7,850 55.000
47 2.622,5n 5,000 7,612,50 50.000
48 2,37E 5.000 7.375 45.000
49 2,,'.'37,50 5.000 7.I37,50 40,000
50 ?,900 6,000 7.900 34.000
52 1,`615 6'..000 7.6I5 38.000
82 I,330 6.000 7,330 22.000
53 I, 045 7,000 8,045 I5.000
54 - .X2,50 7,000 7.722.50 8.000