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ORDINANCE NO. 157 <br /> <br />AN ORDINANCE RELATING TO THE WATER SYSTEM OF THE CITY <br />OF CHUBBUCK, IDAHO; PROVIDING FOR AND CALLING A SPECIAL <br />ELECTION AT WHICH THERE SHALL BE SUBMITTED TO THE <br />ELECTORS QUALIFIED TO VOTE THEREON THE QUESTION OF <br />ISSUING WATER IMPROVEMENT REVENUE BONDS OF THE CITY FOR <br />THE PURPOSE OF DEFRAYING IN PART THE COST OF IMPROVING, <br />EXTENDING AND BETTERING THE CITY'S WATER SYSTEM; <br />PRESCRIBING DETAILS IN CONNECTION THEREWITH; RATIFYING <br />ACTION PREVIOUSLY TAKEN CONCERNING THE WATER SYSTEM, <br />THE ELECTION AND THE BONDS; AND PROVIDING THE EFFECTIVE <br />DATE HEREOF. <br /> <br /> WHEREAS, the City of Chubbuck (the "City"), <br /> <br />Bannock County, Idaho, is a municipal corporation duly <br />organized and existing as a city under the general laws of <br />the State of Idaho; and <br /> <br /> WHEREAS, the current water system (the "system") <br /> <br />of the City is presently in need of improvement, extension <br /> <br />and betterment; and <br /> <br /> WHEREAS, the City Council (the "Council") has <br />determined and does hereby determine that the interest of <br />the community and the public interest and necessity require <br />the immediate improvement, extension and betterment of the <br />water system by the acquisition of a 1,000,000 gallon water <br />storage facility and the subsequent purchase, construction <br />and other acquisition of additional water mains, transmission <br />lines, conduits, pipelines and connections and other appurtenances <br />necessary, useful and convenient for the storing, transporting <br />and distributing of water within the city (the "Project"); <br />and <br /> WHEREAS, for the purpose of defraying, in part, <br /> <br />the cost of the Project, the Council further deems it necessary <br />to issue its water improvement revenue bonds in the aggregate <br />principal amount of $Z50,000.00 , or so much thereof as may <br />be necessary, payable solely from the revenues of the water <br />system as so improved, extended and bettered pursuant to the <br />Revenue Bond Act (the "Act"), cited as Sections 50-1027 <br />through 50-1042, Idaho Code, and all laws thereto enabling; <br />and <br /> <br /> WHEREAS, the City has previously pledged but has fully <br />discharged any and all obligations upon which it has pledged <br />the revenues derived from the operation of the water system <br />for the redemption of bonds payable from such revenues, or <br />otherwise, said water system being a single and separate utility, <br /> <br />- 4 - <br /> <br /> <br />