HomeMy WebLinkAbout1973, Nov 21 City CouncilRE: IMPROVEMENT DISTRICT ASSESSMENT TO BE PRO-RATEb ON BELL PROPERTY
Richard Davis stated that Lamont and Garen Bell had divided between
themselves a certain piece ofi property in the City of Rexburg which was
in Improvement District 19, and that they would like to pro-rate the
improvement district assessment to each piece of property so divided.
He therefore moved that the improvement district assessment be pro-rated
on said property which was divided between Lamont Bell and Garen Bell.
Seconded by Barton Jensen..-.
Unanimously Carried
CITY TO PAY $1721.00 FOR COP4PRENSIVE PLANS FOR PLANNING
The Mayor stated that there was a balance due of $1721.00 on the
~-. Comprensive Plans. He suggested that the City pay this amount and try
II to get the county to include the same in the next yearrs budget and
re-imburse the City. He stated that the College would not pay any more
as they had already made some payments. The matter was discussed.
It was moved by Richard Davis, seconded by Warren Porter and unanimously
carried lhat the City pay $1721.00 which was the remainder of the bill
for printing the Comprehensive Plan and that the City make every eftort
to get remuneration from the County and have the County include this
item in its next year's budget.
RE: NECESSARY TO ISSUE A TAX ANTICIPATION NOTE
The Mayor explained -that it was necessary to issue a tax anticipation
note to defray -the City expenses as the Certificate of Deposit which
the City had in'the amount of $100,000.00 would not be payable until
the last of January, 1974, and if it were cashed now the Ciiy would
lose the interest, the certificate drawing in excess of eight per
cent interest. The matter was discussed. Glenn Peterson preseni-ed the
following Resolution:
R1 RESOLUTION
Be it resolved by the City Council of the City of Rexburg, Madison
County, State of Idaho, a municipal corporation organized and existing
under and by virtue of the laws of the State of Idaho, and a taxing
district within the meaning of Seciton 63-3101, Idaho Code, in regular
meeting assembled:
I. That the City of Rexburg borrow money in the sum of $125,000.00,
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 1o be
used for general expenses of the City In anticipation of the taxes
levied for the year 1973 for general purposes, and take as additional
security for the payment of said amount that certain Time Certificate
of Deposit dated the 24th day of October, 1973, in the amount of $100,000.00
and due and payable January 2, 1974.
2. That the tax levy for the 1973 fiscal year has been completed;
that the amount of taxes levied for 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
~_,ssessed valuation for the year 1973 was $6,721,775.00 making the
total amount of taxes levied for said fiscal year, exclusive of those
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, together with said Time Certificate
of Deposit in the amount of $100,000.00 does not exceed 75 per cent
of the taxes levied by said taxing distr•lct in the year 1973, and the
proceeds therefrom have not yet been paid to the City of Rexburg.
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:
United States of America State of Idaho County of Madison
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$125,000.00 4.75
TAX ANTICIPATION NEGOTIABLE NOTE
Rexburg, Madison County, Idaho November 21,-1973.
For value received, the City of Rexburg, Madison County, State of
Idaho, promises to pay to the First Security, 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 One
Hundred Twenty-Five Thousand (125,000.00) Dollars, lawful money of
the United Stated os America, with interest from the date of this Hate
at the rate of four and seventy-five hundredths percentum (4.750
per annum until paid.
This note is issued in pursuance of a Resolution duly adopted by the
City of Rexburg, Madison County, State of Idaho, on the 21st day of
November, 1973.
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 percedent 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, together with
said Time Certificate of Deposit in the amount of $100+,000.00, is
not in excess of 75 per cent of the taxes levied by said taxing district
in 1973, end not yet collected, and that the tax levy for 1973 has
been completed but the entire proceeds therefrom have not yet been
paid to the City of Rexburg by Madison County; that the assessed
valuation and the tax levy is based on the 1973 assessed valuation and
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 and said Time Certificate of Deposit in the amount $100,000.00
due January 2, 1974; that there are no outstanding warrants heretofore
drawn upon such levy, ant 'there is a tax anticipation note outstanding
in the amount of $42,000.00 to be paid from the uncollected portion of
the taxes levied for the 1973 fiscal year, and said $100,000.00
Time Certificate of Deposit.
/s/ Henry Shirley
Henry Shirley, Mayor
ATTEST:
/s/ Beulah Johnson -
Beulah Johnson, City Clerk
4. That such tax anticipation note be sold at private sale to the
First Security Banl< of Idaho, N. A., Rexburg, Idaho, aforesaid, by
-the Mayor of the Cii'y 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 BOND 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 accumulated therein shall be sufficient 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, and
said $100,000.00 Time Certificate of Deposit, but such note shall
be the direct and general obligation of the City of Rexburg.
It was moved by Barton Jensen, and seconded by Warren Porter 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 4, 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 anal directed the Clerk to
spread the Resolution upon `t heminutes of the Council. i