HomeMy WebLinkAbout1978, 11-08 City Councilt
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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 Mayor, John C. Porter, at 7:45 o'clock P.M. on November B,
' ;1978, at the City Hall at Rexburg, Idaho, there being present
the following: Mayor John C. Porter, Councilmen Nile Boyle,
Jim Morris, Morgan Garner, Warren Porter, and Darlene Blackburn;
Absent, Barton Jensen. Also Present City Clerk, Rose Bagley.
Warren Porter was recognized by the Mayor and pre-
sented 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 February 1, 1979; 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, Idahp; such money to be used
to pay that certain unpaid Tax Anticipation Note issued by the
City of Rexburg, Idaho, payable to the First Security Bank,
National Association, Rexburg, Idaho, August 1, 1978, in the
amount of $75,000.00. The proposed Tax Anticipation Note herein
to be dated November 8, 1978, is issued 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
.5996 mills on the dollar of assessed valuation, which assessed
valuation for the year 1978 was $18,294.465.00, making the total
.amount of taxes levied for said fiscal year, exclusive of those
levied for outstanding bonded indebtedness and special purposes,
I the sum of $109,693.00, none of said sum has 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 negoti-
able instrument, and shall pledge the full faith, credit and
resources of the City for the payment of the same, and shall
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~ be substantially in the following form:
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