HomeMy WebLinkAbout0652 Special General Obligation Bond 2007ORDINANCE NO. 652
AN ORDINANCE CALLING A SPECIAL GENERAL OBLIGATION BOND
ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED
ELECTORS OF THE CITY OF CHUBBUCK, IDAHO, THE PROPOSITION
OF THE ISSUANCE OF UP TO $3,840,000 GENERAL OBLIGATION
PUBLIC BUILDING BONDS OF THE CITY OF CHUBBUCK, IDAHO;
ESTABLISHING AN OFFICIAL BALLOT; ESTABLISHING THE
QUALIFICATIONS FOR VOTERS AND THE HOURS WHEN POLLS WILL
BE OPEN; CERTIFYING THAT THE OBLIGATIONS OF THE CITY WILL
NOT EXCEED CERTAIN LIMITS; CALLING FOR THE PRINTING AND
DISTRIBUTION OF BALLOTS AND FOR THE PUBLICATION OF THE
SAMPLE BALLOT AND NOTICE OF THE ELECTION; PROVIDING THE
LANGUAGE FOR THE PUBLIC NOTICE; PROVIDING FOR THE
ISSUANCE OF BONDS UPON THE SUCCESSFUL PASSAGE OF THE
ISSUE BY THE VOTERS; CALLING FOR A SPECIAL PUBLIC MEETING
AFTER THE ELECTION TO CANVASS THE RESULTS; CALLING FOR
THE LEVY OF A TAX AS NEEDED TO PAY SUCH BONDS; AND
PROVIDING AN EFFECTIVE DATE, THE RULE REQUIRING THREE
SEPARATE READINGS HAVING BEEN DISPENSED WITH.
WHEREAS, the Holt Arena on the campus of Idaho State University has served
as a building of public use and has served as a valuable economic asset to the City's
economic development over the past forty years and is in the need of renovation,
improvement, upgrading, and betterment to continue to serve the City of Chubbuck,
Idaho (the "City"), said remodeling of Holt Arena to include improvements to the
structure, ADA access, amenities, mechanical equipment or systems, storage and turf,
seat replacement, and other capital items and related facilities and costs incidental thereto
(collectively, the "Project"), and is considered by the Mayor and Council to be beneficial
to the economic health and well-being of the inhabitants of said City; and
WHEREAS, said City does not have sufficient funds available to pay the cost of
the foregoing Project and has determined it advisable to finance a portion of such cost
through the issuance of the bonds of the City pursuant to the provisions of Chapter 10 of
Title 50 of the Idaho Code, and in order to do so desires to provide for the holding of the
election required by said Chapter; and
WHEREAS, the City through the County Treasurer of Bannock County has
verified or, prior to the issuance of any bonds that may be authorized by the election
described below, will verify in writing the total existing indebtedness of the City and the
market value for assessment purposes of the real and personal property of the City as set
forth in Section 5 hereof:
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the City
of Chubbuck, Bannock County, Idaho, as follows:
SECTION 1. That a Special General Obligation Bond Election is hereby called
to be held in the City of Chubbuck, Idaho, on February 5, 2008, for the purpose of
submitting to the qualified electors of said City the proposition set forth in the form of
ballot appearing in Section 4 hereof, said election to be held and conducted in accordance
with the provisions of Chapters 4 and 10 of Title 50, Idaho Code, as amended, and Title
34, Idaho Code, as amended, and the City Clerk is hereby directed to carry out said
provisions with the assistance of and in conjunction with any other proper officer or
officers of the City and the County Clerk of Bannock County, Idaho (the "County
Clerk"), as may be necessary or desirable. The ballot proposition and question to be
voted upon at the special election shall be separate from any other measures or candidates
being voted upon at any other election being held or conducted in conjunction with the
special general obligation bond election. Only those qualified City electors casting valid
ballots upon the bond proposition and question set forth in Section 4 of this Ordinance
shall be counted in determining the number of qualified electors voting at or participating
in the special election.
SECTION 2. That the polls at said election shall open at the hour of 8:00 o'clock
a.m. and remain open continuously until the hour of 8:00 o'clock p.m. and then close.
The City shall have the number of precincts and regular polling places for said election as
may be designated necessary by the City Clerk pursuant to Idaho Code Section 50-408.
SECTION 3. That all qualified electors of said City, eighteen (18) years of age
or older, who have legally resided in the City for at least thirty (30) days prior to the date
of the election, and who are properly registered as provided by law, are entitled to vote at
said election.
SECTION 4. That the ballots to be used at said Special General Obligation
Bond Election shall be prepared by the City Clerk not less than thirty-five (35) days prior
to the day of said election, in accordance with §50-439, Idaho Code, and shall be in
substantially the following form:
BOND ELECTION
OFFICIAL BALLOT
SPECIAL GENERAL OBLIGATION
CITY OF CHUBBUCK
BAN -NOCK COUNTY
STATE OF IDAHO
February 5, 2008
QUESTION: Shall the City of Chubbuck, Idaho, be authorized to issue
and sell its general obligation public building bonds in an amount of up to
$3,840,000 payable from ad valorem taxes, to the extent public building
revenues are not available, over a term which may be less than but which
shall not exceed twenty (20) years, for the purpose of providing for the
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renovation, improvement, upgrading, and betterment of Holt Arena, as
more fully provided in Ordinance No. 652 adopted December 11, 2007,
and subject to a favorable result having also occurred in a concurrent
similar bond election held in the City of Pocatello for up to $20,160,000
for the same purpose?
IN FAVOR OF ISSUING BONDS
TO THE AMOUNT OF $3,840,000
FOR THE PURPOSE STATED IN
ORDINANCE NO. 652
AGAINST ISSUING BONDS
TO THE AMOUNT OF $3,840,000
FOR THE PURPOSE STATED IN
ORDINANCE NO. 652
INSTRUCTIONS TO VOTERS: To vote on the preceding question, make a
cross (X) in the space to the right of the words "IN FAVOR OF ISSUING BONDS TO
THE AMOUNT OF $3,840,000 FOR THE PURPOSE STATED IN ORDINANCE NO.
652" or "AGAINST ISSUING BONDS TO THE AMOUNT OF $3,840,000 FOR THE
PURPOSE STATED IN ORDINANCE NO. 652", according to the way you desire to
vote on the question. All marks otherwise made are forbidden.
The following information is required by §34-439, Idaho Code:
The total existing general obligation bond indebtedness of the City of Chubbuck is $0.00.
The total existing other indebtedness, including interest accrued as of February 5, 2008,
of the City of Chubbuck is $4,105,687. The interest rate anticipated on the proposed
general obligation bonds is four and forty hundredths percent (4.40%). The range of
anticipated rates is from three and one-half percent (3.50%) to six and one-half percent
(6.50%). The total amount to be repaid over the life of the proposed general obligation
bonds, based on the anticipated interest rate, is $5,853,020.
(End of Form of Official Ballot)
SECTION 5. That the City of Chubbuck hereby determines, and the City
Treasurer has verified or will verify with the Bannock County Treasurer prior to the
issuance of any bonds that may be authorized by the election, that the outstanding
amount of all bonds and other general obligations of the City, including the bonds
proposed under this Ordinance, will not exceed two percent (2%) of the market value for
assessment purposes of the real and personal property in the City according to the
assessment of the preceding year.
SECTION 6. That the City Clerk shall, in accordance with the provisions of
Section 50-440 of the Idaho Code, cause sample ballots to be printed not less than
twenty-nine (29) days before said general obligation bond election, which sample ballots
shall be in the same form as the official ballot set forth in Section 4 hereof except that
they shall have printed thereon the words "Sample Ballot," shall be on paper of a
different color than the official ballot and shall not be numbered. The sample ballots
shall be available in the office of the City Clerk to be furnished to any person applying
therefor. The City Clerk shall cause the form of sample ballot to be published at least
twice in The Idaho State Journal, the official newspaper of the City, the first publication
to be not less than twelve (12) days prior to the election and the last publication to be not
less than five (5) days prior to the date of said election.
SECTION 7. That notice of said Special General Obligation Bond Election shall
be given by the City Clerk by publication of the notice of election in The Idaho State
Journal, the official newspaper of the City of Chubbuck, Idaho, at least two (2) times,
with the first publication not less than twelve (12) days prior to the date fixed for the
holding of said election (which notice shall be published on or about January 23, 2008)
and the last publication of notice shall be made not less than five (5) days prior to said
election. Said notice shall be in substantially the following form:
NOTICE OF SPECIAL GENERAL OBLIGATION BOND ELECTION
Pursuant to the laws of the State of Idaho and Ordinance No. 652 of the City of
Chubbuck, County of Bannock, State of Idaho, notice is hereby given that a special
general obligation bond election will be held in the City on Tuesday, February 5, 2008,
beginning at the hour of 8:00 o'clock a.m. and closing at the hour of 8:00 o'clock p.m. on
said date, for the purpose of taking a vote upon the following question, to -wit:
QUESTION: Shall the City of Chubbuck, Idaho, be authorized to issue and sell
its general obligation public building bonds in an amount of up to $3,840,000
payable from ad valorem taxes, to the extent public building revenues are not
available, over a term which may be less than but which shall not exceed twenty
(20) years, for the purpose of providing for the renovation, improvement,
upgrading, and betterment of Holt Arena, as more fully provided in Ordinance
No. 652 adopted December 11, 2007, and subject to a favorable result having also
occurred in a concurrent similar bond election held in the City of Pocatello for up
to $20,160,000 for the same purpose?
There shall be one (1) voting precinct and polling place with the overall
boundaries of such precinct being coterminous with those of the City. At said election,
officials serving shall be appointed by the City Clerk or the Clerk of Bannock County.
The voting precinct and polling place for the qualified electors shall be as follows:
(Subject to change before, or on or about, 1/15/2008)
PRECINCT POLLING PLACE STREET ADDRESS
CITY HALL, COUNCIL CHAMBERS 5160 Yellowstone Avenue
ABSENTEES CITY HALL 5160 Yellowstone Avenue
The County Clerk of Bannock County is in charge of registration of electors for
elections held within Bannock County, and electors may register at said County Clerk's
office or with the City Clerk at Chubbuck, Idaho.
Notice is further given that only qualified electors of the City, eighteen (18) years
of age or older, who have resided in the City for thirty (30) days or more, are eligible to
vote in said election. Pursuant to Title 34, Chapter 4, Idaho Code, as amended, the said
person desiring to vote must register with the Clerk of the County, the City Clerk or with
any other registrar(s) the County Clerk has appointed, not less than twenty-five (25) days
preceding the date of the election. An individual who is eligible to vote may register on
election day by appearing in person at the polling place for the precinct in which the
individual maintains residence, by completing a registration card, making an oath in the
form prescribed and providing proof of residence as called for under Section 34-408A,
Idaho Code.
The voting at said election shall be by separate ballot. The ballots to be supplied
the voters for their use at said election shall be in the form set out in said Ordinance No.
652.
Absentee voting will be permitted for the above-described election in the manner
prescribed by law. A written application for an absentee voter's ballot shall be delivered
to the City Clerk and shall contain the name of the elector, the elector's home or
residence address, and the address to which such ballot shall be forwarded. An absentee
ballot must be returned to and received by the issuing officer by 8:00 o'clock p.m. on the
day of the election in order to be counted.
If at said Special General Obligation Bond Election two-thirds (2/3) of the
qualified registered electors eighteen (18) years of age or older voting at such election
assent to the issuing of said general obligation bonds and the incurring of the
indebtedness thereby created for the purpose of the renovation, improvement, upgrading,
and betterment of the facilities, such general obligation bonds in an amount of up to
$3,840,000 shall be issued by the City of Chubbuck for such voted purpose in the manner
provided by the Municipal Bond Law of Idaho, provided however that there has also
been a favorable two-thirds (2/3) vote occurring in a concurrent similar bond election
held in the City of Pocatello authorizing a further separate amount of up to $20,160,000
by its voters for the same purpose. Said general obligation bonds, or any issue thereof,
shall mature over a period commencing at the expiration of one (1) year from their date
and ending not more than twenty (20) years from their date and shall bear interest and be
payable from ad valorem taxes, to the extent public building revenues are not available
for payment thereof, in accordance with the provisions of Section 50-1026, Idaho Code,
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and the Municipal Bond Law of Idaho, Title 57, Chapter 2, as amended.
The following information is provided in accordance with Section 34-439, Idaho
Code:
The total existing general obligation bond indebtedness of the City of Chubbuck
is $0.00. The total existing other indebtedness, including interest accrued as of February
5, 2008, of the City of Chubbuck is $4,105,687. The average interest rate anticipated on
the proposed bonds is approximately four and forty hundredths percent (4.40%). The
range of anticipated rates is from three and one-half percent (3.50%) to six and one-half
percent (6.50%). The total amount estimated to be repaid over the life of the proposed
bonds, based on the anticipated interest rate, is $5,853,020.
PUBLIC NOTICE IS HEREBY GIVEN that the Mayor and Council will hold a
special meeting on Wednesday, February 6, 2008 (said date being within six (6) days of
the date of said election), at the hour of 4:30 p.m., at the regular meeting place of the
Mayor and Council in the Council Chambers of the City Hall in the City of Chubbuck,
Idaho, for the purpose of canvassing the results of the said Bond Election.
BY ORDER OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK,
IDAHO, this l lt" day of December, 2007.
STEVEN ENGLAND,M YOR
ATTEST:
By: /s/
RONALD CONLIN, CITY CLERK
(End of Form of Notice)
SECTION 8. That if at said election two-thirds (2/3) of the qualified registered
electors of the City, eighteen (18) years of age or older who have resided in the City for
thirty (30) days voting thereat assent to the issuance of said bonds, the general obligation
bonds of the City shall be issued as hereinabove provided and shall mature over a period
commencing at the expiration of one (1) year from their date and ending not more than
twenty (20) years from their date and shall bear interest and be payable, in accordance
with the provisions of Section 50-1026, Idaho Code, and the Municipal Bond Law of the
State of Idaho, Title 57, Chapter 2, as amended, from the proceeds of ad valorem taxes to
the extent public building revenues are not available for payment thereof, provided
however that there has also been a favorable two-thirds (2/3) vote occurring in a
concurrent similar bond election held in the City of Pocatello authorizing a further
separate amount of up to $20,160,000 by its voters for the same purpose.
That it is the understanding of the City Council that concurrent with the City's
$3,840,000 special general obligation bond election provided for herein, there is a similar
bond election taking place in the City of Pocatello, which requests its voters to approve
further separate general obligation bonds in the principal amount of up to $20,160,000
for the same purpose as the City's $3,840,000 in bonds; and that it is also the further
understanding and intent of the City that in the event the voters of either the City of
Chubbuck or the City of Pocatello fail to vote in favor of approving their respective
general obligation bond amounts, then neither the City of Chubbuck nor the City of
Pocatello will issue its bonds for the purpose of financing the Holt Arena Project; and
that the Holt Arena Project will not be accomplished or completed by this means of
general obligation bond financing. That it is also the intent of the City of Chubbuck to
enter into a potential agreement with Idaho State University, whereby Idaho State
University would or may charge in the future a user's fee for use of the Holt Arena, as a
potential further source of additional public building revenues, and such funds would or
may be used to assist with payment on any Holt Arena Project general obligation bonds
of the City.
SECTION 9. That the City Clerk shall, in accordance with the provisions of
Section 50-409, Idaho Code, hereafter designate the judges and clerks to serve at each
polling place within each precinct. The City Clerk is hereby directed to notify said
appointees of their appointment within five (5) days of such appointment and to
administer the oath of office to the election judges and clerks before or upon delivery of
the ballots and election supplies.
The City Clerk is hereby directed to provide an "absent elector's polling place" as
required by Section 50-448, Idaho Code.
SECTION 10. That the Mayor and Council shall hold a special public meeting on
Wednesday, February 6, 2008, (said date within six (6) days following said election), at
the hour of 4:30 p.m. at the regular meeting place of the Mayor and Council in the
Council Chambers of City Hall in said City for the purpose of canvassing the results of
the Special General Obligation Bond Election and thereupon the results shall be entered
in the minutes of the Clerk and proclaimed as final.
SECTION 11. That said general obligation bonds shall be issued if carried by not
only the City of Chubbuck electorate but also the City of Pocatello electorate, as
aforesaid indicated, and payment of principal and interest shall be made on up to
$3,840,000 principal amount of said bonds, to the extent public building revenues are not
available for payment thereof, through the levy of taxes on all taxable property in the
City of Chubbuck, Idaho, beginning with the year 2008 and continuing until principal
and interest shall have been fully paid, in such amounts and at such rates as are necessary
to assure the prompt payment of such interest, and also to establish and to constitute a
sinking fund sufficient for the payment of the principal thereof, and it is hereby ordered
that such taxes shall be levied annually at the time and in the manner as general taxes for
said City are levied in each such year; provided, however, the aforementioned taxes shall
never be diminished prior to payment of all bonds excepting in any year to the extent that
other available revenues or funds shall have been applied to or set aside in a special fund
to be irrevocably held for the payment of principal or interest or both payable from said
taxes for such year. The proper officer or officers of said City are hereby authorized and
directed to do all things requisite and necessary to carry out the provisions of this section
and to apply the proceeds of the taxes so collected to the payment of such principal and
interest.
SECTION 12. That this Ordinance, or a summary thereof, shall be published
within thirty (30) days after its passage in one issue of The Idaho State Journal, the
official newspaper of said City, in accordance with Sections 50-901 and 50-901A, Idaho
Code, as amended, and shall take effect and be in full force immediately upon its
passage, approval and publication.
ADOPTED and APPROVED this 111h of December, 2008.
CITY OF CHUBBUCK, IDAHO
SEAL)
By:
AYOR
ATTEST:
By: .40s� �4-
CITY CLERK
111**N
SUMMARY OF
ORDINANCE NO. 652
AN ORDINANCE CALLING A SPECIAL GENERAL OBLIGATION
BOND ELECTION FOR THE PURPOSE OF SUBMITTING TO THE
QUALIFIED ELECTORS OF THE CITY OF CHUBBUCK, IDAHO, THE
PROPOSITION OF THE ISSUANCE OF UP TO $3,840,000 GENERAL
OBLIGATION PUBLIC BUILDING BONDS OF THE CITY OF CHUBBUCK,
IDAHO; ESTABLISHING AN OFFICIAL BALLOT; ESTABLISHING THE
QUALIFICATIONS FOR VOTERS AND THE HOURS WHEN POLLS WILL
BE OPEN; CERTIFYING THAT THE OBLIGATIONS OF THE CITY WILL
NOT EXCEED CERTAIN LIMITS; CALLING FOR THE PRINTING AND
DISTRIBUTION OF BALLOTS AND FOR THE PUBLICATION OF THE
SAMPLE BALLOT AND NOTICE OF THE ELECTION; PROVIDING THE
LANGUAGE FOR THE PUBLIC NOTICE; PROVIDING FOR THE
ISSUANCE OF BONDS UPON THE SUCCESSFUL PASSAGE OF THE
ISSUE BY THE VOTERS; CALLING FOR A SPECIAL PUBLIC MEETING
AFTER THE ELECTION TO CANVASS THE RESULTS; CALLING FOR
THE LEVY OF A TAX AS NEEDED TO PAY SUCH BONDS; AND
PROVIDING AN EFFECTIVE DATE, THE RULE REQUIRING THREE
SEPARATE READINGS HAVING BEEN DISPENSED WITH.
CITY OF CHUBBUCK
BANNOCK COUNTY, IDAHO
A Summary of the principal provisions of Ordinance No. 652 of the City of
Chubbuck, Bannock County, Idaho, adopted on December 11, 2007, is as set forth in the
description title above and as follows:
In accordance with Section 50-901A(2), Idaho Code, Sections 8 and 11 of the
Ordinance contain provisions regarding taxation and provide:
SECTION 8. That if at said election two-thirds (2/3) of the qualified
registered electors of the City, eighteen (18) years of age or older who have resided in the
City for thirty (30) days voting thereat assent to the issuance of said bonds, the general
obligation bonds of the City shall be issued as hereinabove provided and shall mature
over a period commencing at the expiration of one (1) year from their date and ending
not more than twenty (20) years from their date and shall bear interest and be payable, in
accordance with the provisions of Section 50-1026, Idaho Code, and the Municipal Bond
Law of the State of Idaho, Title 57, Chapter 2, as amended, from the proceeds of ad
valorem taxes to the extent public building revenues are not available for payment
thereof, provided however that there has also been a favorable two-thirds (2/3) vote
occurring in a concurrent similar bond election held in the City of Pocatello authorizing a
further separate amount of up to $20,160,000 by its voters for the same purpose.
That it is the understanding of the City Council that concurrent with the City's
$3,840,000 special general obligation bond election provided for herein, there is a similar
bond election taking place in the City of Pocatello, which requests its voters to approve
further separate general obligation bonds in the principal amount of up to $20,160,000
for the same purpose as the City's $3,840,000 in bonds; and that it is also the further
understanding and intent of the City that in the event the voters of either the City of
Chubbuck or the City of Pocatello fail to vote in favor of approving their respective
general obligation bond amounts, then neither the City of Chubbuck nor the City of
Pocatello will issue its bonds for the purpose of financing the Holt Arena Project; and
that the Holt Arena Project will not be accomplished or completed by this means of
general obligation bond financing. That it is also the intent of the City of Chubbuck to
enter into a potential agreement with Idaho State University, whereby Idaho State
University would or may charge in the future a user's fee for use of the Holt Arena, as a
potential further source of additional public building revenues, and such funds would or
may be used to assist with payment on any Holt Arena Project general obligation bonds
of the City.
SECTION 11. That said general obligation bonds shall be issued if carried by not
only the City of Chubbuck electorate but also the City of Pocatello electorate, as
aforesaid indicated, and payment of principal and interest shall be made on up to
$3,840,000 principal amount of said bonds, to the extent public building revenues are not
available for payment thereof, through the levy of taxes on all taxable property in the
City of Chubbuck, Idaho, beginning with the year 2008 and continuing until principal
and interest shall have been fully paid, in such amounts and at such rates as are necessary
to assure the prompt payment of such interest, and also to establish and to constitute a
sinking fund sufficient for the payment of the principal thereof, and it is hereby ordered
that such taxes shall be levied annually at the time and in the manner as general taxes for
said City are levied in each such year; provided, however, the aforementioned taxes shall
never be diminished prior to payment of all bonds excepting in any year to the extent that
other available revenues or funds shall have been applied to or set aside in a special fund
to be irrevocably held for the payment of principal or interest or both payable from said
taxes for such year. The proper officer or officers of said City are hereby authorized and
directed to do all things requisite and necessary to carry out the provisions of this section
and to apply the proceeds of the taxes so collected to the payment of such principal and
interest.
Ordinance No. 652 shall be effective upon its passage, approval and publication
of this Summary. The full text of Ordinance No. 652 is available at City Hall, 5160
Yellowstone Avenue, Chubbuck, Idaho, and will be provided to any citizen upon
personal request during normal office hours.
DATED this I3�day of December, 2007.
CITY OF CHUBBUCK,
BANNOCK COUNTY, IDAHO
By:
MAYOR
ATTEST:
By: I -r-+ a
Y
CITY CLERK
I, the undersigned City Attorney for and legal advisor to the City of Chubbuck,
Idaho, hereby certify that I have read the attached Summary of Ordinance No. 652 of the
City and that the same is true and complete and provides adequate notice to the public of
the contents of said Ordinance.
DATED this day of December, 2007
CITY ATTORNEY
SUMMARY OF
ORDINANCE NO. 652
AN ORDINANCE CALLING A SPECIAL GENERAL OBLIGATION BOND
ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED
ELECTORS OF THE CITY OF CHUBBUCK, IDAHO, THE PROPOSITION OF THE
ISSUANCE OF UP TO $3,840,000 GENERAL OBLIGATION PUBLIC BUILDING
BONDS OF THE CITY OF CHUBBUCK, IDAHO; ESTABLISHING AN OFFICIAL
BALLOT; ESTABLISHING THE QUALIFICATIONS FOR VOTERS AND THE
HOURS WHEN POLLS WILL BE OPEN; CERTIFYING THAT THE OBLIGATIONS
OF THE CITY WILL NOT EXCEED CERTAIN LIMITS; CALLING FOR THE
PRINTING AND DISTRIBUTION OF BALLOTS AND FOR THE PUBLICATION OF
THE SAMPLE BALLOT AND NOTICE OF THE ELECTION; PROVIDING THE
LANGUAGE FOR THE PUBLIC NOTICE; PROVIDING FOR THE ISSUANCE OF
BONDS UPON THE SUCCESSFUL PASSAGE OF THE ISSUE BY THE VOTERS;
CALLING FOR A SPECIAL PUBLIC MEETING AFTER THE ELECTION TO
CANVASS THE RESULTS; CALLING FOR THE LEVY OF A TAX AS NEEDED TO
PAY SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE, THE RULE
REQUIRING THREE SEPARATE READINGS HAVING BEEN DISPENSED WITH.
CITY OF CHUBBUCK
BANNOCK COUNTY, IDAHO
A Summary of the principal provisions of Ordinance No. 652 of the City of Chubbuck,
Bannock County, Idaho, adopted on December 11, 2007, is as set forth in the descriptive title above
and as follows:
In accordance with Section 50-901A(2), Idaho Code, Sections 8 and 11 of the Ordinance
contain provisions regarding taxation and provide:
SECTION 8. That if at said election two-thirds (2/3) of the qualified registered
electors of the City, eighteen (18) years of age or older who have resided in the City for thirty
(30) days voting thereat assent to the issuance of said bonds, the general obligation bonds of the
City shall be issued as hereinabove provided and shall mature over a period commencing at the
expiration of one (1) year from their date and ending not more than twenty (20) years from their
date and shall bear interest and be payable, in accordance with the provisions of Section
50-1026, Idaho Code, and the Municipal Bond Law of the State of Idaho, Title 57, Chapter 2, as
amended, from the proceeds of ad valorem taxes to the extent public building revenues are not
available for payment thereof, provided however that there has also been a favorable two-thirds
(2/3) vote occurring in a concurrent similar bond election held in the City of Pocatello
authorizing a further separate amount of up to $20,160,000 by its voters for the same purpose.
That it is the understanding of the City Council that concurrent with the City's
$3,840,000 special general obligation bond election provided for herein, there is a similar bond
election taking place in the City of Pocatello, which requests its voters to approve further
separate general obligation bonds in the principal amount of up to $20,160,000 for the same
SUMMARY OF ORDINANCE - PAGE 1
dubbu k121207-652.wpd
purpose as the City's $3,840,000 in bonds; and that it is also the further understanding and intent
of the City that in the event the voters of either the City of Chubbuck or the City of Pocatello fail
to vote in favor of approving their respective general obligation bond amounts, then neither the
City of Chubbuck nor the City of Pocatello will issue its bonds for the purpose of financing the
Holt Arena Project; and that the Holt Arena Project will not be accomplished or completed by
this means of general obligation bond financing. That it is also the intent of the City of
Chubbuck to enter into a potential agreement with Idaho State University, whereby Idaho State
University would or may charge in the future a user's fee for use of the Holt Arena, as a
potential further source of additional public building revenues, and such funds would or may be
used to assist with payment on any Holt Arena Project general obligation bonds of the City.
SECTION 11. That said general obligation bonds shall be issued if carried by not only
the City of Chubbuck electorate but also the City of Pocatello electorate, as aforesaid indicated,
and payment of principal and interest shall be made on up to $3,840,000 principal amount of
said bonds, to the extent public building revenues are not available for payment thereof, through
the levy of taxes on all taxable property in the City of Chubbuck, Idaho, beginning with the year
2008 and continuing until principal and interest shall have been fully paid, in such amounts and
at such rates as are necessary to assure the prompt payment of such interest, and also to establish
and to constitute a sinking fund sufficient for the payment of the principal thereof, and it is
hereby ordered that such taxes shall be levied annually at the time and in the manner as general
taxes for said City are levied in each such year; provided, however, the aforementioned taxes
shall never be diminished prior to payment of all bonds excepting in any year to the extent that
other available revenues or funds shall have been applied to or set aside in a special fund to be
irrevocably held for the payment of principal or interest or both payable from said taxes for such
year. The proper officer or officers of said City are hereby authorized and directed to do all
things requisite and necessary to carry out the provisions of this section and to apply the
proceeds of the taxes so collected to the payment of such principal and interest.
Ordinance No. 652 shall be effective upon its passage, approval and publication of this
Summary. The full text of Ordinance No. 652 is available at City Hall, 5160 Yellowstone Avenue,
Chubbuck, Idaho, and will be provided to any citizen upon personal request during normal office
hours.
**********
I, the undersigned City Attorney for and legal advisor to the City of Chubbuck, Idaho,
hereby certify that I have read the attached Summary of Ordinance No. 652 of the City and that the
same is true and complete and provides adequate notice to the public of the contents of said
Ordinance.
SUMMARY OF ORDINANCE - PAGE 2
chubbuck 121207s=652.wpd
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DATED this ) 2day of December,
SUMMARY OF ORDINANCE - PAGE 3
6.bbutk121207-652,wpd
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