HomeMy WebLinkAbout1975, Nov 19 Tax Anticipation Note;E: MANI^JARING ZONING CHANGE DECISION
President,of the Council, Barton Jensen, stated the next matter on th`e' (jJ
agenda was the Manwaring zoning change. Gordon Thatcher, Attorney for
the Manwarings, and Harlow Mc Namara, Attorney for Protestants were
present. Mr. Jensen asked them if they had been able to reach a settlement
of their differences. Mr. Thatcher reported they had tried and Mr:
Mc Namara reported their position was the same.
The matter was discussed.
It was moved by Councilman Nile Boyle that the John Lee property be zoned
commercial inasmuch as he operates a business from that location; that
that the property straight back from the John Lee property to the canal be zones
'commercial; that the remainder, the Manwaring property remain R2.
Attorney Gordon Thatcher cited the Council for "Conflict of Interest".
Mayor Porter and Warren Porter should have disqualified themselves from
voting on any decision when they are related to the Keith Zollinger's,
who live in that area. This constitutes a conflict of interest.
Councilman Warren Porter stated that he resented the fact that they be
accused of conflict of interest when he had not been influnced in any way.
2E: RESOLUTION FOR TAX ANTICIPATION NOTE
Mary Smith, City Attorney, read a resolution asking for a tax anticipation
note. Councilman Glenn Peterson introduced the resolution and Councilman
Warren Porter seconded.
All Aye
Be It Resolved by the City Council of the City of Re><burg, 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 Section 63-3101, Idaho Code, in regular
meeting assembled:
I. That the City of Rexburg borrow money in the sum of $49,000.00 and
'issue as evidence of such debt, a tax anticipation note, bearing interest
at the rate of five (5) per cent per annum from the date thereof
until paid, which said note shall mature January 31, 1976, that said sum
be borrowed from, and said note be issued to the First Security Banl<
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 1975 for general purposes.
2. That the tax levy for the 1975 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
1975 is .7399 mills on the dollar of assessed valuation which assessed
valuation for the year 1975 was $8,908,439.00, making the total amount
of ta><es levied for said fiscal year, exclusive of those levied for
outstanding bonded indebtedness and special purposes, the sum of
$65,913.54, 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 1975, 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:
;E"',.--- BILLS APPROVED
Councilman Warren Porter moved that the bills be approved for payment.
Councilman Glenn Peterson seconded. All Aye.
;E: MEETING ADJOURNED
Councilman Glenn Peterson moved the meeting adjourn. Councilman Warren
Porter seconded.
All Aye ~~ {/
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~~~``'`~L "'~='~'~ ~ayor, John C. Porter
City /k#t`orrrey, Afton Anderson
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