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bonds. � Nano, d0 hereby certify that the with nOWing insurance: Sire, explosion,
This bond and the interest thereon in bond has been duly registered in earthquake, and use and occupancy (if
are payable sole] from a Special eon permanent record books kept in our the latter is available).
y respective offices for the purpose of That these policies shall be in an
ter Works System Fund named and such registration, in full compliance amount sufficient to protect said muni -
known as the "Water Works System with the provisions of the Municipal cipahty and the holders of said bonds
Revenue Special Fund of 1951," created Bond Law of the State of Idaho, and from any and all loss which may re -
by Ordinance No. 11 of the Village of Chapter 47 of the Session Laws of the sult to them during the life of said
Chubbuck, providing for the monthly State of Idaho of 1951, and all other bonds and until the full payment
payment, commencing the month ,iol- laws applicable thereto, such registra- thereof from any interruption of said
�. ?owing the completion of the works, tion showing the number, date, [Vater Works System, or from any in -
ORDINANCE NO. 11 into said Special 'Vater Warks System amount of the bond, rate of interest terruption in making the payments
AN ORDINANCE PROVIDING FOR Fund from the earnings and revenues thereon, date of maturity, place of out of said facilities for the payment
THE ISSUANCE OF $70,000.00 OF WA- of the Water Works System of said payment and the number and denomi- of said bonds and interest thereon.
TER WORKS SYSTEM REVENUE Village -pf Chubbuck of fixed amounts nations of the attached coupons; and Said insurance policies shall be in
BONDS OF THE VILLAGE OF CHUB- of the revenues of said Water Works the undersigned Treasurer does hereby such amounts and terms, and be in
BUCK. BANNOCK COUNTY, IDAHO, System sufficient to pay the principal certify that before the delivery of this such insurance companies as in the
WHICH BONDS SHALL BE PAY- and interest of this bond and of the bond he received the proper considera- judgment of this Village will be ade-
ABLE ONLY OUT OF THE EARN- issue of bonds of which this is one, as tion therefor.quate for the reasonable protection of
INGS AND REVENUES OF SAID the same become payable, and as pro- (Do not sign) � the foregoing bond issue. In the event
SYSTEM; PROVIDING FOR THE vided in said Ordinance; and the Vil-.............•................,,.,,,,.,.. of any loss of, or diminution in, and
FORM OF SAID BONDS AND INTER- lage of. Chubbuck hereby covenants Clerk of the Village of Chubbuck, during the period of any loss or dimi-
EST COUPONS TO BE ATTACHED and agrees with the holder of this Bannock County, Idaho, nition in, the earnings of the fore -
''THERETO AND FOR THE PAYMENT bond, and each subsequent holder (Do not sign) going Water Works System, insurance
AND REDEMPTION THEREOF; thereof, that it will pay, and cause to .................. payments sufficient to adequately pro -
CREATING A SPECIAL FUND I14 be aid, into said Fund after the core- .r........
p Treasurer of the Village of Chub- tett the bond holders will be paid into
THE OFFICE OF THE VILLAGE pletion of said Works from such reve- buck, Bannock County, Idaho. the Water Warks System Revenue Spe-
TREASURER TO BE KNOWN AS hues an amount sufficient to pay such (End of Bond Form) vial Fund of 1951.
"WATER WORKS SYSTEM REVENKand
principal and interest at maturity and Section 4. There shall be, and there Section 11. A complete set of Books
SPECIAL FUND OF I951" AND PRas they accrue and become payable is hereby created and established in of Account of said Water Works Sys -
SCRIBING THE FUNDS TO interest at maturity and as they the office of the Treasurer of the Vil- tem shall be kept in the office Of the
PLACED THEREIN AND WITH- accrue and become payable and as ]age Of Chubbuck, Idaho, a Special Treasurer of Said Village and shall be
DRAWALS THEREFROM; CREATING provided in said Ordinance; and will Water Works System Fund, which open to inspection by the public at any
A SPECIAL RESERVE ACCOUNT TO perform and keep all the covenants shall be known and described as the time during office hours. The books of
BE KEPT IN A DESIGNATED BANK and provisions of. said Ordinance No. "Water Works System Revenue Special Account shall be audited annually by
AND PRESCRIBNG THE FUNDS TO 11 and Ordinance No. 10; that said Fund of 1951" of the Village of Chub- a Certified Public Accountant appoint -
BE 'PLACED 'THEREIN AND THE Village shall not sell, lease, or in any buck, into which Fund for the purpose ed by the Village of Chubbuck, Idaho.
WITHDRAWALS THEREFROM; PRE- manner dispose of, said Works, or as of paying the principal and interest of Section 12. When for any reason
SCRIBING THE PURPOSES TO the same may be improved, bettered said bonds, according to their maturi- the Village of Chubbuck, or any of its
WHICH THE PROCEEDS OF THE or extended hereafter, or any substan- ties, shall be paid monthly by said duly authorized agents, have not de.
SALE OF SAID BONDS MAY BE tial part or unit thereof, until .this Village, and the proper officers of said posited sufficient moneys into the
APPLIED AND THE USE AND DIS- bond and the bond issue of which if is Village shall pay monthly, and this Water Works' System Revenue Special
POSITION THEREOF; PRESCRIBING one, together with interest thereon, Board of Trustees, by this Ordinance Fund of 1951, and there has been a
THE USE AND. DISPOSITION OF shall be paid In full, unless and until does hereby promise and agree, and default in the payment of the principal
O
THE REVENUE F THE SAIDWA- provision shall have been made far obligates and binds the Village of and interest of the bonds outstanding
TER WORKS SYSTEM FOR WHICH the full payment of all of said bonds Chubbuck, to set aside and pay out Of and Payable, then, and in that event,
SAID BONDS ARE TO BE ISSUED, and interest; that said Village, until the gross earnings. and revenues of one, or any number of the holders of
INCLUDING THE CREATION AND all of said bonds and the interest said Water Works System (subject to the bonds, representing twenty-five
MAINTENANCE OF RESERVES; thereon shall have been fully paid,
PROVIDING FOR THE TRANSFER shall not reduce the rates required by the primary deduction therefrom of per centum (2511) of the Outstanding
FROM THE GENERAL FUND OF THE it for water service from said Water sums equal to the costs and expenses bonds. are entitled to the appointment
of operation and maintenance of such of a Receiver, which Receiver may
VILLAGE TO THE ACCOUNT OR Works System so that the gross reve- Water Works System) a definite sum enter and take possession of such
ACCOUNTS OF THE WATER WORKS encs of said Water Warks System monthly in every month during the Water Works System, operate and
SYSTEM REVENUE SPECIAL FUND (after subtracting the cost df opera- life of said bonds, commencing with maintain the same, prescribe rates,
OF MONEYS FOR FURNISHING THE tion and maintenance thereof) shall November 1, 1951, or upon the month fees, tolls • or charges and collect and
MUNICIPALITY OR ANY OF ITS DE- be insufficient to permit the making following the completion of the Water receive and apply all revenue there-
PARTMENTS, BOARDS OR AGEN- of the payments of the fixed amounts, Works System, and until the full pay- after arising therefrom in the same
CIES WITH THE SERVICES, FACTLI- into said Special Water Warks System Trent of said bands and all interest, manner as the Village of Chubbuck
TIES AND COMMODITIES OF SUCH Fund as required by Ordinance No. Il equal in amount (in each such month itself might do.
WORKS; PROVIDING FOR THE and as recited herein; that if at any in each year during said period of Section 13. The said bonds herein
OPERATION AND MAINTENANCE time the gross revenues of said Water monthly payments) to one -twelfth of authorized shall have a prior and
OF SUCH WORKS AND THE ESTAB- Works System, or as hereafter better- the aggregate amount of bond prinei- paramount lien on the revenues of
LISHMENT OF RATES FOR WATER ed, extended, added to and improved, pal which will be payable during, and safe' Water Works System, for which
AND" SERVICES FURNISHED; PRO- shall not be sufficient to pay said costs, at the expiration of, each such year said bonds have been issued, over and
VIDING FOR INSURANCE TO BE o£ operation and maintenance and during the life of said bonds, and as I ahead of all bonds of any kind piy-
CARRIED ON SAID WATER WORKS charges thereon by said Ordinance l specifically set forth hereinbefore, plus • -,hie from said reevnues, which may
SYSTEM AND THE USE AND DIS- created in favor of the bonds autho- . i be subsequently issued, and over and
POSITION OF THE INSURANCE rized by said Ordinance, it, the said bond ione-twnter (in each month] of the ahead oany claims or obligations
MONEYS; PROVIDING FOR THE IN- Village, shall increase its said rates to bond interest accruing and being pay-
SPECTION OF ALL ACCOUNTS OF such grates and amounts as will be suf- able within each such year, against said revenues subsequently iir-
THE VILLAGE PERTAINING TO THE ficient to provide for the payment of It is hereby made the mandator Burred,
SAID WATER WORKS SYSTEM, THE all such csts of operation and main- official dutyof the Treasurer of the All bonds of this issue shah! be equal-
l ; and ratably secured without prior -
MAINTENANCE AND OPERATION tenancy of said Works and of the prig- Village of Chubbuck, Idaho, for the ity by reason of number, date of
THEREOF AND AUDIT THEREOF; cipal and interest of the bonds autho- time being, to maintain said Special bonds, of sale, or execution or of
PROVIDING THE TERMS AND CON- rized by said Ordinance; that said Vit- Water Works System Fund continuous- delivery, by a lien on said revenue
DITIONS UPON WHICH THE HOLD- nage will establish, maintain and col- ly in his said office, and to pay, and i in accordance with the provisions of
LRS OF SAID IIONDS OR A SPECT- lett rates for said Water [Yorks System to cause to be paid, into said Special Chapter 47, 1951 Session Laws of Ida-
'
PERCENTAGE THEREOF for so long as any of the authorized Water Works System Fund out of the he, and the provisions of this Ordi-
SHALL 13E ENTITLED TO THE AP- bonds herein are outstanding and will said revenue of said Water Works Sys- mance authorizing said bonds.
POINTMENT OF A RECEIVER AND make available for the payment of the tem, the foregoing bonds, and to apply Section 14. Pending preparation of
PROVIDING THE POWERS AND principal and interest of all such bonds said moneys for the payment and re- the definite bonds, interim receipts or
DUTIES OF SUCH RECEIVER WHEN as the same shall accrue, the amount tirement of said Water Works System certificates in such form and with such
SO APPOINTED, AND PROVIDING required each year for the principal Revenue Bonds according to their provisions as the governing body may
SAID TERMS AND CONDITIONS and interest payments due on all such terms. determine, may be issued. Said bonds
SHALL BE A CONTRACT WITH THE outstanding bonds; that in The foregoing "Water Works System, and interim receipts or certificates
HOLDERS OF' SAID BONDS AND order to preserve the priority of the Revenue Special Fund of 1951" created' shalI be fully negotiable within the
FOR THE ENFORCEMENT OF THE said Special Water Works System hereby, and the funds paid therein, as meaning of and for all the purposes
DUTIES OF THE MUNICIPALITY Fund, the said Village shall not create, required hereinbefore, shall be used of the Negotiable Instruments Law.
AND ITS•GOVERNING BODY UNDER or permit to be created, so long as any solely for the purpose of the payment Section 15. If any section or sub -
THE PROVISIONS OF CHAPTER 47, of said bonds shall be outstanding and of the principal of said bonds autho- section of this Ordinance is for any
1951 SESSION LAWS OF IDAHO AND unpaid, any indebtedness or charge rized hereby as they mature and be- reason held to be unconstitutional,
THE PROVISIONS OF THIS ORDI- whatsoever which shall be a charge came payable, and for the payment of such decision shall not effect the
NANCE; PROVIDING FOR THE LIEN against the revenues of said Water the interest thereon as the same ac- validity of the remaining portions of
OF SAID BONDS; PROVIDING THE Works System superior to the charges trues and becomes payable, as pro- this: Ordinance.
FUNDS FROM WHICH SAID BONDS created by said Ordinance No, 11; that vided in the interest coupons which Section 16. This ordinance shall take
SHALL BE PAID AND PROVIDING any future charge or special fund in- shall be attached to said bonds, with- effect and be in full force and effect
SAID BONDS SHALL BE PAYABLE debtedness which may be Created by out preference or priority of the inter- from and after its passage, approval
SOLELY FROM THE REVENUE said Village, to be payable out of the est upon one bond over another bond and due publication in One issue of
PLEDGED FOR THE PAYMENT revenue of said Water Works System, maturing in any ,year, by reason of its the Idaho State Journal, a newspaper
THEREOF; PROVIDING FOR THE shall constitute a charge and lien sub- numbering, priority of issuance, or printed and published in Pocatello,
ISSUANCE OF INTERIM RECEIPTS ject and junior to the charge and lien Otherwise. Bannock County, Idaho, and having
OR CERTIFICATES AND THE thereon created by said Ordinance. The Board of Trustees and the cor- Circulation in said Village, there being
FORMS AND PROVISIONS THERE- The Village of Chubbuck covenants porate authorities of the Village of J no newspaper published in said Vil-
OF AND PROVIDING FOR THE PUB- and agrees that it will maintain at all Chubbuck hereby declare that in fix - )age, said newspaper being hereby
LICATION OF AND EFFECTIVE times a Special Reserve Account equal ing the amounts to be paid into said designated as the official newspaper
DATE OF THIS ORDINANCE. to $2500.00, in addition to the Water Special Water Works System Fund, as i for the Village in which this ordinance
WHEREAS, pursuant to the provi- Works System Revenue Special Fund aforesaid, they have exercised due re- shall be published.
sions of Chapter 47, 1951 Session Laws of 1851. gard to the cost Of operation and Passed this 21st day of September,
of Idaho, the Village of Chubbuck. This bond is one of .an issue of the maintenance of said municipal Water- 195I.
Bannock County, Idaho, passed and Water Works System Revenue Bonds Works System and that no portion of Approved this. 21st day of September.
adopted Ordinance Number Ten Of Of 1951 of said Village, of like date, said revenues nor charges has been 1951.
said. Village providing for the acquisi- tenor and effect, except as to dates of previously pledged for any other in- BOARD OF TRUSTEES OF
tion, construction and installation by maturity, aggregating Seventy Thou- debtedness. THE VILLAGE OF CHUBBUCK
said Village of a water works system sand Dollars in principal amount, Section 5. Said Village hereby cove- By; JOHN R. VALENTY
for said Village, upon approval of the numbered iron One ft) to One Hun -i rants and agrees with the owners and Chairman of the Board
oualified voters at an election called dred Forty (140), both inclusive, of the holders of each of said bonds that the ATTEST:
therefor, and I denomination of $500.00 each, maturing, Village will establish and maintain and (SEAL)
WHEREAS, at an election duly held I in numerical order lowest, numbers, collect rates and charges for said Wa- CHARLOTTE KENNEDY
on August 27, 1951, water works reve- first, on November first.. in Bich of the ter Works System for as long as any Village Cheri`
nue bonds in the amount of $70,400.00,1 following years, in the following annu-' of the $70,000.00 ponds authorized Sept. 24, 1951.
11A affiFMff"W =� - =a a