HomeMy WebLinkAbout1960, July 20 Sell General Obligation Municipal Coupon Bondsa;~
(Minutes of Ju1,y 20, 1960, continued)
The roll being called and all of the councilmen present voting "A,ye" and none dissenting, the
Mayor declared the motion carried and unanimously adoT~ted.
Thereupon, r_ursuant to said motion, the City Clerk read the ,ropose,.i ordinance the first tine by
title, the second time by title, and the third time fully and distinctly, at length, section
by section, and the p;rgposed ordinance was ;laced upon final passage.
The Ma-yon ordered the roll of the council ca11e:~, and the roll being called 'oy the City Clerk,
the vote upon the final passar_,e of the .ordinance eras as i'ollows:
Councilman ^1om Ilebster "Aye"
,4. L. Klingler "A,,re"
Jonn C. Porter "Aye"
R., W. Purrington "A~,~en
Chas. L•I. 'Lollinger, Jr. "Aye"
G. Alton Anderson "Ave"
The.roll being called, and all of the councilmen present voting "A,ye" the P+Tayor declared that
a majority of all the members of the City Council had w ted i'or the passage of said ordinance
and that said :notion was carried and said ordinance duly and regularly passed.
Said ordinance was numbered ql9 and 'eras forthwith arproved by the Mayor who affixed his signature
thereto, signifying his approval of said ordinance which rras attested by the City Cleric and the
seal of the City therein affixed.
The City Clerk was instructed to publish said ordinance in one issue of the Rexburg Standard-
Journal, a vreeicly rieirspaper printed and published and `of general circulation in the City of
Rexburgr Madison County, Idaho, accordir;g to law.
RE: Resolution on special election.
Cot.mcilman P.nderson introduced the fo Mowing resolution and moved its adoption:
wSOLUTION
4IHE,Ri;AS, b" the result of a special election duly called and held in the City of Re;cbur, Idaho,
on the 28th day of July, 1960, thex•e was authorized the issuance of yG28,000,00 I~iunicipal
General Obligation Coupon Honds of the City of Rexburg for the pur}:ose of improving the
Arthur Porter, Jr., Public Park by c~xnpletion of the swimming pool located therein, said bonds
to bear intern-.st at a rate not to exceed 5 per cent per annum and maturing serially on an
amortization plan as reouii°ed by tpe municipal bond laor of the State of Idaho, and
6^;I~REAS, in the opinion of the City Council of the City of Rexburg, Idaho, it is necessary and
advisable to proceed immediately to make the improvements and additions as above outlined and there
are no funds available in the treyasury of said city for such purpose, and it is wherefore neces-
sary that the city proceed with the issuance of said bonds, and
WHEREAS, it is the opinion of the City Council that bids should be requested for the full amount
of said bonds,
VQi^i, THEREFOR, BE IT RESOLVED BY THE T~SAYOR AiVD CITY COUNCIL OF THL CITY OF Ry{BURG, I'L'=.llISOiQ
CGUNTY, STATE OF IDAHO:
Section 1. That notice of intention of the City to sell such bonds shall be given by tublication
of notice requesting bids in the Rexburg Journal, a weekly newspaper published and of general
circulation in the City o£ Rexburg, ud~ichnotice shall be in substantially the following form:
NOTICE OF StiLE OF IUNICIPAL GENERAL OBLIGATION COUPON
BONDS OF THE CITY OF RLXBURG,IIV MADISOPI NUNTY, STATE
OF IDAHO.
NOTICE IS HEREBY uIVEN by the City Council of the City of Rexburg, T''Taciison Cnuntr, State of
Idaho, of its intention to sell the General Obligation I~iunicipal Coupon Bonds o£ said City in the
amount of X28,000.00 for the purpose of improving the Arthur Porter, Jr., Public Park by completion
o£ the swimmi::rg pool located therein.
Said. bonds shall be dated Aurnzst 1,1960, shall bear interest at a rate not to exceed 5 per cent
per annum, payable semi-annually on February 1st and August 1st of each year, and commencing Feb-
ruary 1st, 1961, shall be of the denomination of X500, and Lro wh principal and interest shall be
payable at the office of the City Treasurer of Rexburg, Idaho. Said public park improvement bonds
shall mature and be payable in numerical order, the lovrest number first upon an annual amortization
plan; the first annual amortized principal payment shall mature ahd be payable at the expiration
of two years from and after he date of the bonds, and the last installment.. of principal shall be
due and payable twelve years i'rdm the date of the bonds. P.11 of said bonds shall in all respects
conform to the provisions of'Title 57, Chapter 2, Idaho Code, and amendments thereof, known as
the Municipal Bond Law of Idaho. Said bonds shall be redeemable at the ootion of the City of
Rexburg, Idaho, six years after their date and on interest payment dates thereafter in inverse
numerical order.
None of said bonds shall be sold For less than par and accrued interest to date of delivery.
Sealed bids for said bonds are requested and required. Bidders therefor shall submit sealed
written bids specifying:
(a) the lowest rate of .,interest and premium, if any, above par, at which the bidder frill purchase
' such bonds,' or
T ~
(b~} "'the lowest rate of interest at :yhich the bidder w ill purchase such bonds at par,
and each such bid (except any bid which may be received from the,State of Idaho, or-its
Department of Public Investmaits} is requrred to be accompanied by a cashiers-check or a`certified
(Minutes of July 20, 1960, continued)
check made payable to the City of Rexburg, Idaho, in an amount equalling five per cent (50}
of the amount of any such bid, or by a cash deposit in the like amount, vrhich such cashier's
check or certified check or cash deposit shall be returned to any such bidder if }tis bid be not
accepted, and which cashier's check, certified check, or cash deposit of any successful bidder
ti~rho shall fail,negleet or refuse to accept the bonds so sold and ~ 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 Rexbur^, Idaho.
Sealed bids for said bonds vri11'be received L,-~'the Clerk of said City at her office in Re:cbur„
Idaho, at 2~zy time prior to 7:30 o'clock p.m.:on irlednesdav, the 17th day of August, 1960, at
which time and place the Mayor `nd Council will meet in public meeting for the purpose of opening
an,d considering am bids which may have been received.
All bids shall be unconditional, Said bends shall be sold to the bidder or bidders making the best
bid therefor, said City- Council reserving the right to reject any and all bids,
The a:rroving opinion of Tallmadge and Tallmadge, bond _~:ttorneys ~ Denver, Colorado, together
with the printed bonds, will be furnished the successful bidde r without cost.
Dated at Rexburg, Idaho, this 20th day of July, 1960.
i4ayor and City Council of the
City of Re;cburg, Idaho.
By /s/ Gilbert Larsen
Mayor.
ATTEST:
/s/ Loretta M. Rigby
City Clerk.
(Sea 1)
Section 2. The foregoing notice shall be i:~ublished in the name of the governing body of Rexburg,
Idaho, in the Rexburg Journal, a newspaper publi~'shed and of general circulation ~,~rithin the corpor-
ate limits of the City of Rexburg, for four consecutive publications;therein at weekly intervals,
the first publication thereat shall be at least 21 days!:>;prior to the date fixed for the sale of
the said bands, as specified hereinbe£ore, and'the City Clerk is he~eby authorized and directed
to mail a true copy of the foregoing notice to the State Auditor of the State o£ Idaho at Boise,
Idaho, at least fifteen (15) days prior to the time fixed for the sale o£ said bonds in said notice;
but no other or further notice is required to be given; ':and upon said publication and mailing;
hro cer affidavits and proofs of such publication and mailing shall be executed, obtained and filed
in the official records of`this city.
PASSED BY" THE
SIC~IBD BY TIC
July 20, 1960.
1y 20, 1960.
/s/ Gilbert Larsen
Mayor.
(Seal)
ATTE`i3,T:
/s/ Loretta M. Rigby
City Clerk.
Councilman Klingler seconded the adoption of the foregoing resolution and the same upon being
,put to a vote was unanimously carried by the affirmative vote of all councilmen present, the vote
beine as follows:
Councilmen:
rrPROVED this 20th day of July, 1960.
Tom Webster
G. Alton Anderson
Alma Klingler
Robert'Purrington
Charles Zollinger,Jr.
John Porter
'~ Aye"
'Aye"
°A:leu
"Ave'
iiAyen
nAyen
/s/ Gilbert Larsen _
Mayor
ATTEST:
/s/ Loretta M. Rigby
City Clerk.
(Seal)
RE: Claims
Claims in the amount of ~6,b72.55 were presented by G. Alton .And,erson who moved same,-be granted and
paid. The motion was seconded by John C. Porter and passed unanimously, ~
. } t ~ "~
The meeting adjourn ed at 10:30 p.m. ~~
Mayor.
r r ,'
`,~ r