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HomeMy WebLinkAbout1973, Sept 28, #1 City Council2. paving curb and gutter along 4th East. 3. 3 West from Main to 1st North 4. 2 South from 2nd West to Center 5. 1st South from 2 West to Center 6. 3 East from Main to 1st North E: ANOTHER COUNCILMAN TO BE APPOINTED ON STREET COMMITTEE Mayor Shirley ask for another councilman to be appointed on street committee. Motioned by Jensen that Warren Porter be appointed. Seconded by Peterson. L'._ _ STREET COMMITTEE Unanimously carried Motioned by Albert' Pieper chairman of Street Committee, Barton Jensen, Warren Porter. Seconded by Davis. Certify LID. E CITY TO OPERATE ON TAX ANTICIPATION NOTES Discussion on money that is invested and the lower rate ofi interest that the City could operate on by using tax anticipation notes. _. RESOLUTION BE IT RESOLVED by the City Council of the City of Rexburg, Madison County, State of Idaho, a mun.icipa-l corporation organized and existing under and by virtue of'the' I'aWs'of. th,e"~"3TATE OF Idaho, and a taxing district within the meaning of Section 63-3101, Idaho Code, in regular meeting assembled: I. That the City of Rexburg borrow money in the sum of $42,000.00 and issue as evidence of such debt, a tax anticipation note, bearing interest at the rate of 4.75 per cent per annum from the date thereof .......until paid, which said note shall mature January 31, 1974; that said sum be borrowed from, and said note be issued to the First Security Bank of Idaho, a National Banking Corporation, Rexburg, Idaho, with its ........office and place of business in Rexburg, Idaho; such money to be used for general expenses of the City in anticipation of the taxes levied for the year 1973 for general purposes. 2. That the tax levy for the 1973 fiscal year has been completed; that the amount- of taxes levied far general purposes exclusive of taxes levied for outstanding bonded indebtedness and special purposes during 1973 is 21 mills on the dollar of assessed valuation, which assessed valuation for the year 1973 was $6,721,775.00, making the total amount of taxes levied for said tiscal year, exclusive of -I hose levied for outstanding bonded indebtedness and special purposes, the sum of $140,000.00, of which sum none has yet been collected; that this proposed tax anticipation note does not exceed 75 per cent of the taxes levied by said taxing district in the year 1973, and the proceeds therefrom have not yet been paid to the City of Rexburg by Madison County. . 3. That such tax anticipation note shall be a negotiable instrument, and shall pledge the full faith, credit and resources of the City for the payment of the same, and shall be substantially in the ~ following form: SAX Anticipation NEGOTIABLE NOTE lax Anticipation negotiable Note Rexburg, Madison County, Idaho ---October 3, 1973. For value received, the City of Rexburg, Madison County, State of Idaho, promises to pay to the First Security Bank of Idaho, N.A., a National Banking Corporation, with its office .and place of business at Rexburg, Idaho, or its order, on the 31sT day of January, 1974, the sum of Forty-Two Thousand ($42,000.00) Dollars, lawful money of the United States of America, with interest .from ,the date of this note at the rate of four and seventy-five hundredths I percentum (4.750 per annum until paid. I I ~':5 This note is issued in pursuance City of Rexburg, Madison Coun'I'y, October, 1973. of a Resolution duly adopted, by the State of Idaho, on 'the 3rd day of It is hereby certified and recited that each and every act, condition and thing required to be done, to have happened, and to be performed precedent to and in the issuance hereof has been performed in full and strict compliance with the Constitution of the State of Idaho and the provisions of Chapter- 31, Title 63, Idaho Code, and amendments thereof; that the amount of this note is not in excess of 75 per cent of the taxes levied by said taxing district in 1973, and not yet collected, and that the tax levy for 1973 has been completed but the entire proceeds thereform have not yet been paid to the Ciiy of Rexburgby Madison Coun'Yy; that the assessed valuation and the tax levy is based on the 1973 assessed valuation and 1973 tax levy; that the full faith, credit and resources of the said City are hereby pledged for the payment of this note, according to its terms; that there remains to be collected, all of the taxes levied for 1973; that there are no outstanding warrants heretofore drawn upon such levy, and there are no other tax anticipation notes outstanding to be paid from the uncollected portion of the taxes levied for the 1973 fiscal year. IN WITNESS WHEREOF, the said City of Rexburg has caused this note to be signed by its Mayor and attested and the seal of such Clty affixed by the Clerk this 3rd day of October, 1~ 973,. ~~ -~ ~ry Shi le Mayor ATTE~,ST: eu ah Joh .on, City Clerk 4. That such tax anticipation note be sold at private sale to the First Security Dank of Idaho, N.A., Rexburg, Idaho, aforesaid, by the Mayor of the City forthwith, and that he be hereby authorized to make such sale and to receive the proceeds therefrom and deposit them to the credit of said City. 5. To provide for the payment of said tax anticipation note at maturity, a special fund is hereby created to be known as TAX ANTICIPATION OR NOTE REDEMPTION FUND, and it is hereby provided that all taxes hereafter collected or received from the general tax levy for the year 1973 shall be placed immediately in such fund until such time as the funds accumu- lated therein shall be suffiicient to pay the hereinabove mentioned tax anticipation note, together with interest thereon at maturity,. and the funds so accumulated in the said fund are hereby appropriated and set apart for such purpose only and shall be used for no other purpose; providing, however, that this shall not limit the payment of said note to the said taxes collected, but such note shall be the direct and general obligation of the City of Rexburg. It was moved by Glenn Peterson, and seconded by Albert Pieper that such Resolution be adopted, and the proper officers directed to proceed accordingly, and that the Resolution be spread on the minutes. Upon call for question, the vote was taken as: For 5, Against 0. Whereupon the Mayor declared the Resolution duly adopted and directed that the proper papers be executed and that the Mayor proceed to negotiate the loan, as authorized in the Resolution and directed the Clerk to spread the Resolution upon the minutes of the Council. _. MAYOR TOLD OF FEDERAL URBAN FGINDS Mayor Shirley told of Federal Urban funds that the City would receive next year in sum of $100,000. This is for 10 largest Cities in Idaho for street construction in City. Also City would have to budget $30,000 to have this fund allocated to City. PUDLIC HEARING ON DEAN RICKS PROPERTIES