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ORDINANCE NO. 652 <br />AN ORDINANCE CALLING A SPECIAL GENERAL OBLIGATION BOND <br />ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED <br />ELECTORS OF THE CITY OF CHUBBUCK, IDAHO, THE PROPOSITION <br />OF THE ISSUANCE OF UP TO $3,840,000 GENERAL OBLIGATION <br />PUBLIC BUILDING BONDS OF THE CITY OF CHUBBUCK, IDAHO; <br />ESTABLISHING AN OFFICIAL BALLOT; ESTABLISHING THE <br />QUALIFICATIONS FOR VOTERS AND THE HOURS WHEN POLLS WILL <br />BE OPEN; CERTIFYING THAT THE OBLIGATIONS OF THE CITY WILL <br />NOT EXCEED CERTAIN LIMITS; CALLING FOR THE PRINTING AND <br />DISTRIBUTION OF BALLOTS AND FOR THE PUBLICATION OF THE <br />SAMPLE BALLOT AND NOTICE OF THE ELECTION; PROVIDING THE <br />LANGUAGE FOR THE PUBLIC NOTICE; PROVIDING FOR THE <br />ISSUANCE OF BONDS UPON THE SUCCESSFUL PASSAGE OF THE <br />ISSUE BY THE VOTERS; CALLING FOR A SPECIAL PUBLIC MEETING <br />AFTER THE ELECTION TO CANVASS THE RESULTS; CALLING FOR <br />THE LEVY OF A TAX AS NEEDED TO PAY SUCH BONDS; AND <br />PROVIDING AN EFFECTIVE DATE, THE RULE REQUIRING THREE <br />SEPARATE READINGS HAVING BEEN DISPENSED WITH. <br />WHEREAS, the Holt Arena on the campus of Idaho State University has served <br />as a building of public use and has served as a valuable economic asset to the City's <br />economic development over the past forty years and is in the need of renovation, <br />improvement, upgrading, and betterment to continue to serve the City of Chubbuck, <br />Idaho (the "City"), said remodeling of Holt Arena to include improvements to the <br />structure, ADA access, amenities, mechanical equipment or systems, storage and turf, <br />seat replacement, and other capital items and related facilities and costs incidental thereto <br />(collectively, the "Project"), and is considered by the Mayor and Council to be beneficial <br />to the economic health and well-being of the inhabitants of said City; and <br />WHEREAS, said City does not have sufficient funds available to pay the cost of <br />the foregoing Project and has determined it advisable to finance a portion of such cost <br />through the issuance of the bonds of the City pursuant to the provisions of Chapter 10 of <br />Title 50 of the Idaho Code, and in order to do so desires to provide for the holding of the <br />election required by said Chapter; and <br />WHEREAS, the City through the County Treasurer of Bannock County has <br />verified or, prior to the issuance of any bonds that may be authorized by the election <br />described below, will verify in writing the total existing indebtedness of the City and the <br />market value for assessment purposes of the real and personal property of the City as set <br />forth in Section 5 hereof: <br />NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the City <br />of Chubbuck, Bannock County, Idaho, as follows: <br />