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0014 Water Works Revenue Bonds 1952ORDINANCE NO. . AN ORDINANCE AUTHORIZING NOTICE OF INTENTION AND PROPOSAL BY THE CHAIRMAN AND BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK, BANNOCK COUNTY, IDAHO, TO ISSUE AND SELL NEGOTIABLE WATER WORKS REVENUE BONDS OF THE VILLAGE OF CHUBBUCK IN THE AMOUNT OF $70,000.002 BEARING INTEREST AT NOT TO EXCEED FOUR PERCENT (4f) PER ANNUM AND REDEEMABLE WITHIN TWENTY YEARS, BONDS TO BE ON THE AMORTIZED PLAN, AS PROVIDED BY THE MUNICIPAL BOND LAW OF THE STATE OF IDAHO; INVITING BIDS FOR THE PURCHASE OF SAID BONDS, AND PROVIDING THE FORM OF NOTICE TO BE GIVEN OF THE INTENTION AND PROPOSAL TO ISSUE AND SELL SUCH BONDS; PROVIDING FOR THE PUB- LICATION OF THIS ORDINANCE AND OF SUCH NOTICE AND PROVIDING A TIME OF TAKING EFFECT OF THIS ORDINANCE. BE IT ORDAINED BY THE CHAIRMAN AND BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK, BANNOCK COUNTY, IDAHO: Section 1. That pursuant to authority granted at a Special Bond Election held in the Village of Chubbuck, Idaho, on to -wit, August 27 1951 ' authorizing the Village of Chubbuck to issue and sell 70,000.00 of negotiable water works revenue bonds of the Village at a rate of interest not exceeding four percentum (4 %) per annum for the acquisition, construction and installation of a water works system for the said Village, and pursuant to Ordinance Number 11 of said Village providing for the issuance and sale of said bonds, and the form of bonds and coupons and other matters relating thereto, authority is hereby granted to the Chairman and Board of Trustees of the Village of Chubbuck to give notice of the intention and proposal of the Board of Trustees of said Village to issue and sell the said bonds, and invite bids for the purchase of said bonds and provide in such notice the terms and conditions of the bids therefor, and the time for filing of such bids, opening of said bids and action thereon by the Board of Trustees of the Village. Section 2. Notice of intention and proposal to sell the said bonds shall be in form as follows, to -wit: NOTICE Of Proposal to Issue and Sell Negotiable mater Works Revenue Bonds of the Village of Chubbuck in the Amount of $70,000.00, with Interest Not to Exceed Four Percentum Per Annum, Redeemable Within Twenty Years on Amortized Plan to Provide Funds for the Acquisition, Construction and Installation of a Water Works System for the Village of Chubbuck, Bannock County, Idaho, and Inviting and Requesting Bids Therefor. PUBLIC NOTICE IS HEREBY GIVEN, That the Village of Chubbuck, Bannock County, Idaho, intends to and proposes to sell negotiable mater works revenue bonds of said Village in the amount of $70 000.00, par value, with interest not exceeding four percentum (4 %5 per annum; said bond issue to consist of not more than 140 coupon bonds of denominations of $500.00 each, or such other denominations as the Board of Trustees may authorize after the sale of said bonds; bonds to be numbered from one (1) upwards consecutively, and shall run for a period of twenty years from date of issue; the first annual amortized principal payment shall mature and be payable at the expiration of two years from and after date of said bonds, and the annual principal bond maturities thereof and the principal amounts, which will be payable annually, shall be amortized and payable in accordance with the provisions of the Municipal Bond Law of the State of Idaho, the principal and interest of said bonds being payable solely out of and from the revenues of said water works system of the Village of Chubbuck, as provided by Ordinances of the said Village; the interest on said bonds shall be payable semi- annually after date of issue of the bonds with interest coupons attached evidencing the interest then payable, and shall be payable, both principal and interest, at the Office of the Treasurer of the Village of Chubbuck, or at su* bank as may be designated by the purchaser of said bonds at the time of said purchase, and all collection charges by banks so designated are to be paid by purchasers; said bonds to be issued under authority of and as authorized by the provisions of Chapter 47, 1951 Session Laws of Idaho, and in accordance with the provisions of the Municipal Bond Law of the :State of Idaho. Said negotiable water works revenue bonds will be sold at public sale at a Special Public Meeting of the Board of Trustees of the Village of Chubbuck to be held in the Office of the Village Clerk on Saturday, March 22, 1952, at the hour of two o'clock p.m., of said day. Sealed bids for the purchase of said bonds are hereby requested, which bids therefor shall be filed with the Village Clerk of said Village, at any time after the first publication of this Notice and prior to the hour of two o'clock p.m., Saturday, March 22, 1952, at which hour of two o'clock p.m., said bids will be opened and considered by the Chairman and Board of Trustees of said Village, at a Special Public Meeting of said Board of Trustees, for the purpose of considering ssai d bids, awarding the bonds or rejecting any and all bids therefor, and in such meeting, or an adjournment thereof, the said bonds will be sold to the bidder making the best bid therefor, subject, as aforesaid, to the right of the Chairman and Board of Trustees to reject any and all bids and to re- advertise such bonds for sale in the manner prescribed by law until such bonds have been sold. All bids must specify: a. The lowest rate of interest and premium, if any above par, at which the bidder will purchase such bonds; or b. The lowest rate of interest at which the bidder will purchase such bonds at par. Each bid ( except any bid which may be received from the State of Idaho or its Department of Public Investments) shall be accompanied by a cashier's check made payable to the Village of Chubbuck in an amount equaling five percent (5 %) of the amount of any such bid, or by a cash deposit to the said Village of such like amount, which said cashier's check or cash deposit will be returned to any bidder if his or its bid is not accepted, and which cashier's check or cash deposit of any successful bidder, who shall fail, neglect or refuse to accept the bonds so sold and to complete the payment therefor, in accordance with the terms of such successful bid within thirty days following the acceptance thereof, shall be forfeited to the Village of Chubbuck. Said Bonds shall not bear interest in excess of four percentum (4f) per annum and shall not be sold for less than par and accrued interest to date of delivery thereof. Dated this 25th day of February, 1952. ATTEST: (SEAL) CHARLOTTE KENNEDY Village Clerk. VILLAGE OF CHUBBUCK By JOHN R. VALENTY Chairman of Board of Trustees Section-3. Said bonds will be sold at public sale at a Special Public Meeting of the Board of Trustees cf the Village of Chubbuck to be held in the Office of the Village Clerk, in the Village of Chubbuck, Idaho, on Saturday, the 22nd day of March, 1952, at the hour of two o'clock p.m. The said bids shall be opened at such Special Public Meeting of the Board of Trustees for the purpose of considering said bids, awarding the bonds or rejecting any and all bids therefor, and in such meeting or an makinttrid'eod sb j will be bidder gnhebest bthrefr, uecasaforaid,o theright of the Chairman and Board of Trustees to reject any and all bids and to re- advertise such bonds for sale in the manner prescribed by law until such bonds have been sold. Provided, that in the event the said bonds are not sold at the time provided in the above notice, then the said Board of Trustees are hereby authorized, ordered and directed to re- advertise said bonds for sale, using the form of notice of issuance and sale thereof as herein set forth with the necessary changes as to dates of filing bids and date of making the sale, and the said re- advertising may take place as often as may be necessary until said bonds have been sold. Section 4. That the above notice is hereby authorized, ordered and directed to be given by publication thereof in the Idaho ,State Journal, a newspaper published in Pocatello, Bannock County, Idaho, and of general circulation in the Village of Chubbuck, there being no newspaper published in the Village of Chubbuck, which newspaper is hereby designated as the official ziawspaper for said publication, for at least three consecutive publications therein, at weekly intervals. Section 5. This Ordinance shall be in full force and effect from and after its passage, approval and due publication in one issue of the Idaho .State Journal, a newspaper printed and published in Poeatd.lo, Bannock County, Idaho, and having a cir- culation in said Village, there being no newspaper published in said Village, said newspaper being hereby designated as the official newspaper for the Village in which this Ordinance shall be published. Passed and Approved this 25th day of February, 1952, BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK __011 Pil vd? ATTEST: _,_,A. Vill4oge Clerk.