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HomeMy WebLinkAbout1936, Nov 6, #2 Notice of Municipal Coupon Refunding Bond Issue/SaleIiinutes of Piovember 6th, 1930 (Continued) on Jantta ry 1st and July 1st at the rate of 5-3j4~o per annum, payable, both principal `and interest at Guaranty Trust Compaz~,y of New York, Pievr York City, New Yoric, aixl the office of the City Tre asurer of the City of Rexburg, Idaho. Said bonds are of tl-.e denomination of 5p1000.00 each, and are otherwise numbered and described as follovas: Bonds Nos. 4 to 10, inclusive, of the iiunicipal Coupon "later ^lorks Refunding Bonds, dated and otherwise as described above; also Bonds Nos. 1 to 30, inclusive, of the Irlunicipal Coupon Grading and Curbing Refunding Bonds of said City, dated and otherwise as described above. iii The holders of said bonds and appurtenant interest coupons are hereby notified to present the same for redemption at the place of payment of said bonds and interest couvona as !) stated above or at the Rexburg State Bank, Rexburg, Idaho, or at the office of the Treasurer of said City of Rexburg, Idaho, on the date fixed for such redemption as designated above. After said date of redemption interest on said bonds shall cease .: tO run.tt CITY OF REXBURG, IDAHO. By Jessie A. Atkinson, Its T~asurer. The City Treasurer shall also maid, postage prepaid, at least twenty days before the date of redemption, a copy of such notice to the Coupon Department, Guaranty Trust Company o~ Hew York, T?evv York City, Iiew York, and also to the Bond Buyer, 67 Pearl Street, hew York City, Tdew York. The adoption of the foregoing resolution vvas seconded by Councilman i~?. 7. Hopkins, and on being put to vote, such resolution eras carried by the affirmative vote of all Councilr_nen present. The vote being as follovrs: Councilman R. G. Herdti - - - Aye Councilman +~;n. '~^1. Hanson - - .Aye Councilman J. Fre d Smith - - Aye Councilman D. H. izianwaring - Aye Councilman H. Les ter Petersen Aye Councilman ~i. V. Hopkins - - Aye ADnpTED AIID Al-~PRO LD THIS Gth day of November 1936 , Attest: City Clerk P.Ia.yor ^ihereupon Cotu~cilman ~~ i"I. V. Hopkins introduced the following resolution: RESOLUTION REAS; the iayor and City Council of the City of Rexburg, I~:adison County, State of ave,_by Ordinance IBo. 330, provided for the issuance of i,lunicipal coupon Refundinr~ 'the .City of .Rexburg, Iaadison Comity, State of Idaho, in the amount of Thirty-seven Dollars (`y~37,000.00) for the purpose of refunding and redeeming a like amount of the lug bonds of said City; and providing for the levy and collection of an annual tax nt to pay interest on said bonds and also to constitute a Sinkinm Itznd for the payment rincipal thereof. All of said bonds to bear date of January l,y1937, vrith interest at the rate of not in excess of three-per centum (3~0) per annum, payable semi-annually 'first day of January and the First day of July in each year, and r,REAS, it is the intention of the P~•yor and the Council of the City of Rexburg, to 12d sell all of said 'ponds, and, GRE~'iS, it is provided by Seetimns 55-214 to 55-218, Idaho Code Annotated, 1932, that y Council must give notice b,y publication in the official city newspaper thereof, for t three consecutive publications therein at weekly intervals, of its intention to nd''Siegotiate such bonds and invite bidders therefor, N, THEPzEFORE, BE IT RESOLVED By the ieiayor and City Council of the City of Rexburg: That the City Cle rk of the City of Rexburg, be, and is hereby authorized and directed notice by publication in the Rexburg- Standard, the o~i'icial newspaper of the City of of the-:intention of the Iilayor and the City Council of the City of Rexburg, to issue ~tiate i~iunicipal Coupon Refunding Bonds of the City of Rexburg in the aggregate amount ty-seven Thousand Dollars (tiw37,000.00) to provide for reiU.nding and redeeming a like ~f the valid outstanding indebtedness of the City of Rexburg, in accordance with the pns of Ordinance Ido. 330 of the City of P,exburg, adopted and approved the 6th day of r, :1936. - That such notice shall be in substantially the following form, to-tivit: T70TICE OL' I;`,Ul'TICIPAL COUPORT REFUIIDING BOND ISSUE APiD SALE BY THE CITY OF R3XBURG, IDAHO. 'ublic notice is hereby given that the City of Rexburg, 1'++=a,dison County, Idaho, intends to issue and negotiate T°iunieipal Coupon Refunding Bonds of the City of texburg, in the: amount of Thirty-seven Thousand Dollars ~y~37,000.00), far the purpose of refmlding, purchasing and redeeming a like amount of the valid >utstanding indebtedness of said City. Said 'ponds will be issued in conformity with the provisions of Ordinance to. 330 of said City, adopted and approved on the 6th day of November, 1936, ~nd'the said bonds will bear date of January 1, 1937. Said issue vaill consist ~f- eventy-four (74) bonds in the denomination of Five Hundred Dollars (`,500.00) aeh, to be known as "municipal Coupon Refunding Bonds of the City of Rexburg, ~~adison County, State of Idaho", and will bear interest at the rate of not in :xcess of three per centum (3~o) per annum, payable semi-annually on the First Lay of January and the First day of July in each year. ~~~-'~- I,iinutes of iYovember 6th, 1936 (Continued) That said bonds Gaill be on the amortization plan and will become due serially in numerical order as follows, to-wit: Bonds Nos. 1 to 7, incl. due January 1, 1939, ;;3,500.00 Bonds Nos. 8 to 14,' :..incl. due January 1, 1940, 3,500.00 Bonds ,'os`. 15 to 21, incl. due January 1, 1941, 3,500.00 Bonus idos. 22 to 29, incl. due January 1, 1942, 4,000.00 Bonds idos. 30 to 38, incl. due January 1, 1943, 4,500.00 Bonds T?os. 39 to 47, incl. due January 1, 1944, 4,500.00 Bonds i1os. 48 to 56, incl. due Janua ry 1, 1945, 4,500.00 Bonds Ivos. 57 to 65, incl. due January 1, 1946 „ 4,500.00 Bonds ilos. 66 to 74, incl. due Janua ry 1, 1947, 4,500.00 The principal and interest of said bonds shall be due and payable at the office of the City Treasurer at !Rxburg, Idaho. X111 bids therefor shall be sealed bids and the bidder must submit bids speciz~ing the lovrest rate of interest and premium, if any above par, at avhieh the bidder will purchase such bonds, or the lowest rate of interest at which the bidder will purchase such bonds at par, each bid (except any bid which may be received from the State of Idaho of its department of public investments) to be accompanied by a certified check made payable to the issuing cor;oration in an amount equaling five per cent of the amount of any such bid or by a cash deposit in li'.e amount, which such certified cheek or cash deposit shall be returned to any such bidder if his bid be not accepted, andcwhich certified cheek or cash de_gosit of any sueeessfal bidder who shall fail, r_eglect, or rei`u e to accept the bonds so sold and to complete and to pay ..therefor in accordance with the terms of such successful bid within thirty days following the acceptance thereof, shall be forfeited to the City of Rexburg. Bone of the bonds above referred to shall be sold for less than par and accrued interest to date of delivery thereof. _111 bids shall be sent to the City Clerk at Rexburg, Idaho, on or before eight ~~ o'clock P.T=. on the 18th day of December, 1936, at ,which time .the ?=Iayor and City Council of the City of Rexburg shall meet in public regular recessed meeting"for the purpose of considering such bids, awarding the bonds, or rejecting any and all bids at such meeting or at an adjournment thereof. The said bonds shall be sold to the highest bidder making the best bid therefor, subject-as aforesaid, to the right of the lcayor and Cityy Council of the Gity bf Rexburg,to reject any and all bids and to readvertise any of such bonds for sale in the. manner herein prescribed until such bonds have been sold. All of said bonds to be sold for cash, lawful money of the United States of America. Attest: PiAYOR AND CITY COUNCII; Edna S. Dietrich, of the City of Rexburg, Idaho.': City Clerk. By: II. B. Rigby, PIayor (SEAT, ) BE IT FiJR`L'~i~R R^SOT,vE'D, that a copy of the above notice shawl be .mailed tb the .'State Auditor at Boise, Idaho, by the City Clerk at least fifteen days prior to the time, fixed for the sale of said bonds in said notice; and that a. copy of said notice be mailed . to the County Treasurer and the County Attorney of the County of P:4adison, State of.Ida~o. s Said notice shall be published so that the date of sale as therein designated shall t~e ~,' after the lapse of at least twenty-one full days from and after the date of, the first '~~ ,;; `' publication of said notice, counting the date of the first publication as the first of '" ~~,;f. the tvaenty-one days. ~~ The adoption of the foregoing resolution was seconded by Councilman i'Im. w. i?anson 'n` .and oYi being put to vote such resolution was carried by the affirmative vote of all council, men present. The vote being as follows, to-wit: ,~ Cow~cilman R. G. Herdti - - - - - - - - -Aye Councilman '+1m. ~L' Hanson - - - - - - - -Aye Councilman J. Fred Smith - - - - - - - -Aye Cowleilman D. H. P~anwaring - - - - - - -Aye Councilman H. nester Petersen - - - - - -Aye Councilman Pi. U. Hopkins - - - - - - - -Aye Thereupon the above resolution was declared unanimously adopted and. approved 1 of Tvovember, 1936. There being no r'urther business to come before the Council, upon m`otionidul~ seconded and unanimously carried the meeting adjourned. ~ _ " ,~`_ City C1ePk ~ ~kayor ~`~;;