HomeMy WebLinkAbout09 29 2011 POP Summary of Ordinance 705PROOF OF PUBLICATION
STATE OF IDAHO
County of Bannock
LN19068 KAREN MASON
being first duly sworn on oath deposes and says:
that SHE was at all times herein mention a citizen
of the United States of America more than 21
years of age, and the Principal Clerk of the Idaho
State Journal, a daily newspaper, printed and
published at Pocatello, Bannock County Idaho and
having a general circulation therein.
That the document or notice, a true copy of which
is attached; was published in the said IDAHO
STATE JOURNAL, on the following dates, to -
wit:
—Sept. -29-2011 2011
2011 2011
2011 2011
2011 2011
That said paper has been continuously and
uninterruptedly published in said County for a
period of seventy-eight weeks prior to the
publication of said notice of advertisement and is a
newspaper within the meaning of the laws of
Idaho.
STATE OF IDAHO "Na�"
COUNTY OF BANNOCK
On this 29th.of Sept in the year of 2011, before me, a
Notary Public, personally appeared KAREN MASON
Known or identified to me to be the person whose name
subscribed to the within instrument, and being by me
first duly sworn, declared that the statements therein are
true, and acknowledge to me that he executed the same.
--�N((y of Public
Residing at Arimo Exp. j3/3/2015
P..SE
NOTARY
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UMMARY OF ORDINANCE NO. 705
ORDINANCE OF THE CITY OF
HUBBUCK, IDAHO, AUTHORIZING
ND PROVIDING FOR THE IS-
UANCE OF PARITY WATER REV -
:NUE BONDS, SERIES 2011, IN THE
AGGREGATE PRINCIPAL AMOUNT
)F $2,000,000, FOR THE PURPOSE
)F FINANCING IMPROVEMENTS TO
HE DOMESTIC WATER SYSTEM OF
"HE CITY OF CHUBBUCK, BANNOCK
'OUNTY, IDAHO; DESCRIBING THE
COL-
-ECAND VIDING FOR THE O
DISPOSITION OF REV-
=NUES; PROVIDING FOR THE PAY-
MENT OF THE PRINCIPAL OF THE
BONDS; ESTABLISHING FUNDS AND
PROVIDING
ACCOUNTS;
COVENANTS RELATING TO THE
BONDS; PROVIDING FOR THE SALE
OF THE BONDS TO SEATTLE -
NORTHWEST SECURITIES CORPO-
RATION; PROVIDING FOR RELATED
MATTERS; AND PROVIDING AN EF-
FECTIVE DATE
summary of the principal provisions of
Ordinance No. 705 of the City of Chub -
buck, Bannock County, Idaho, adopted
on September 6, 2011, is as follows:
lection 1: Defines the words and phras-
es used in the Ordinance.
Section 2: Authorizes the "City of Chub -
buck, Idaho, Parity Water Revenue
Bonds, Series 2011," in the aggregate
principal amount of $2,000,000, to be is-
sued, sold, and delivered.
Section 3: Describes the purpose of the
Bonds.
Section 4: Describes the Bonds, and de-
scribes the book -entry -only system pur-
suant to which the Bonds will be issued.
Section 5: Provides for the payment of the
Bonds.
Section 6: Provides for the issuance of
Bonds in certificate form of the book -en-
try -only system is discontinued.
Section 7: Appoints U.S. Bank National
Association as Bond Registrar.
Section 8: Provides for the transfer, ex-
change, and registration of Bonds.
Section 9: Provides for redemption of the
Bonds.
Section 10: Provides for defeasance c
Bonds.
Section 11: Provides for water rates ani
charges.
Section Re enu s of the waterovides osyst mpledge
<
Section 13: Establishes a Capital In
provement Fund and a Cost of Issuanc
Fund.
Section 14: Establishes a Revenue Func
Section 15: Establishes a Bond Fund.
Section 16: Establishes a Debt Servi
Reserve Fund.
Section 17: Provides for the use of Si
plus Funds.
Section 18: Provides requirements for 1
issue of Additional Bonds.
Section 19: Provides for the investment
Surplus Funds.
Section 20: Sets for the covenants
undertakings of the City with respec
the Bonds.
Section 21: Provides for spe
covenants relating to the Bonds.
:e
ir-
ne
of
nd
to
:ial
Se
f
SE
I
S1
IS
S
ction 23: Provides for remedies of de-
ault.
fiction 24: Provides for the sale of the
3onds to Seattle -Northwest Securities
corporation.
action 25: Provides for amendments to
[his Ordinance.
action 26: Provides that the issuance of
the Bonds is valid.
ection 27: Provides that a Registered
Owner of the Bonds may cause the ap-
pointment of the=
receiver in the event of a
material violation of the Ordinance
covenants.
vection 28: Provides that the provisions
of the Ordinance
with the egiste ed Owner of the Bondstute a •
Section. 29: Provides for severability.
Section 30: Provides for the repeal of
conflicting ordinances.
Section 31: Provides the use of municipal
bond insurance.
Section 32: Provides further authority to
the officers of the City for the sale and
delivery of the Bonds.
Section 33: Provides for the Summary of
the Ordinance and that the Ordinance
shall take effectimmediatelyupon its
passage and approval.
The able lat Cityatext vail-
Hall aland will be provided to
any person upon personal request dur-
ing normal office hours.
DATED this 6th day of September, 2011.
CITY OF CHUBBUCK
Bannock County, Idaho
/s/Mayor
ATTEST: /s/City Clerk
CERTICATION OF CITY ATTORNEY
I, the undersigned City Attorney for ani
legal advisor to the City of Chubbuck
Bannock County, Idaho, hereby certif
that I have read the attached summar
of Ordinance No. 705 of the City c
k and
e an
complete,
omp eteand provides u
ov des adeq atenot c
to the public of the contents of said Ord
nance.
Dated as of the 6th day of SeptembE
2011.
/s/City Attorney
September 29, 2011
LN19068