HomeMy WebLinkAbout1936, June 17 Levy Taxes1rINtiTE5 CF ~ RI~GUI~AR iwCESSED Il,~.ETING OF TIIE CITY COUPTCII, OF TIIE CITY OF
RE~BURG, HELD AT THs CITY HALL, I~Iay 17th, 1935, at 7:30 o'clock P.I~:,
The meeting vas called to order at 7:30 o°elock P.I:~L' as per recess of Ieiay 15th,. 1935.
h;ayor Rigby presiding and all members present..
The matter. of issuance of Tax. Anticipation Tlotes was taken up aid
Tax Anticipation discussed at length, J. Fred Smith introduced the following
Notes
resolution and moved its adoption:
13ESOLUTION
the Cit~J of Rexburg, Idaho, is without sufficient funds with 4vhieh to meet and
`~IiEREAS
,
pay the current expenses of the City of Rexburg, during the current fiscal year, until the
taxes to be levied for the current fiscal year have been col~:ected; ~ d
!'TFIGREAS, by the provisions of Chapter 160 of the general laves of the State of Idah o
'.:passed at the twenty-second session of the Idaho Legislature, 1933, herein designated the
1933 Session Lavvs, the City is authorized to borrow money and issue tax anticipation bonds
or notes bearing. interest at the rate of not exceeding six per cent per annum, to be deter-
mined by this Council, and. maturing not more than one year from date thereof, for {he pure ~ e
of providing ="`unds in anticipation of the collection of taxes for the current fiscal year
in an.amount not exceeding seventy-five per cent of the taxes levied for the cu?°rent year,
and not yet collected by the City, or in case the tax levy for the fisoal year has not been
completed, then.-seventy-five per cent of the amount of taxes levied by the City in the pre-
f
~ vious 'year, exclusive of taxes required to be raised to pay the maturing principal of and
the interest on ..the outstanding bonded indebtedness of the Gity; and
f ~ ,_
~~"~ ~ VJFIEREAS, the taxes for the current fiscal year have not yet been levied and the amount
~,
~
t for such ;purposes for the previous fiscal year was i,js exclusive of taxes
levied"~
levied for the purpose'of paying the principal of and interest on outstanding bonded indebt-
edness of said City; `:and
"1HERr~AS, it appears to the Council to be expedient and in the best interests of the
City of ,Rexburg that said council borrow the sum of 5~ for the purposes aforesaid
and issue tax anticipation notes of the City in said amount and that said amount will not be'
in'excess of seventy`-five per cent of the taxes levied by the City in the previous fiscal
year; and
GdHEREAS, it appears to the-:City Comlcil to be expedient amd in the best interest of the
City of Rexburg that such tax anticipation notes be issued from time to time as the same
may be required to meet the necessary expenditures for the several purposes for which such
funds are to Ue borrowed, except that 5~ thereof be issued forthwith to meet the
immediate: requirements of the-City.
NOVt
TFLFRZ•;I'ORE
BE TT RESOLVED BY THE CITY COUNCIL OF TI~~ CITY OF REXI3URG, IDAIiO:
,
,
,x{;,~
a Yr' I .
Thoa the said City'shatl borrotrr the sum of ~;? for the purpose of meeting and
paying the current expenses of the City of Rexburg; and that as evidence of the indebted-
-ness created thereby the City shall issu e negotiable not es in the denominations of 5;100.00
~~; and multiplesthereof; and that ~ be borrowed forthwith to meet the immediate
requirements of the City, and notes be i ssued for such amount and that for the remainder of
the indebtedness hereby authorized the negotiable notes of the City of Rexburg be issued
=<from time to time as the needs of the sai~_ City may require and that said notes be dated
as of the date of issue and bear interest at the sate not exceeding six per cent per annum