HomeMy WebLinkAbout1978, 03-08 City Council.C~
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MINUTES' OF A SPECIAL MEETING
A special meeting of the City Council of the City of
Rexburg, Madison County, State of Idaho, was called to order by
the President of the Council, Barton Jensen, at 5:30 o'clock
P.P4, on March 8, 1978, at the City Hall at Rexburg, Idaho, there
being present the following: President of the Council, Barton
Jensen, acting in the absence of Playor John Porter; Councilmen
Nyle Boyle, Jim Morris, Morgan Garner, Warren Porter, and Darlene
,Blackburn; also City Clerk Afton Anderson.
Morgan Garner coas recognized by the President of the
,Council and presented to the Council the following Resolution:
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
,Section 63-3101, Idaho Code, in regular meeting assembled:
1. That the City of Rexburg borrow money in the sum of
$75,000.00 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 August 1, 1978; 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
'.'..current fiscal year and not yet collected by the City, for general
purposes.
2. That the tax levy for the said 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 said fiscal year is
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is 3.1476 mills on the dollar of assessed valuation, which
assessed valuation for the year 1977 was $9,820,127.00, 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 $309,098.30, of which sum approximately ',
$100,000.00 has not yet been collected; that this proposed tax
anticipation note does not exceed 75 per cent of the taxes not '
yet collected by said taxing district for the current fiscal
year, 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: