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HomeMy WebLinkAbout07 03 1952 CMMINUTES OF SPECIAL IMETING OF THE BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK, IDAHO, HELD IN SAID VTI.LAGE, July 3, 1952, at two o'clock p.m. The Chairman called the meeting to order, and the Chairman called the roll. The following Members of the Board were present: W. R. Ward, present, Art. Fenwick, present; Ernest Frasure, present; George Giannini, present and John R. Valenty, present. Thereupon, the Chairman presented a Waiver of Notice of the meeting, which was signed by all Members of the Village Board of Trustees, and ordered filed by the Chairman. At this time, two o'clock p.m., being the time fixed in the Notice of intention to sell Negotiable Water Works Revenue Bonds of $70,000.00, and for filing bids therefor, the following bid for the purchase of all of the issue of said bonds was filed with the Clerk of the Village, which bid was as follows, to-wit: "July 3, 1952 Board of Trustees Village of Chubbuck, Idaho Gentlemen: As in accordance with your Notice of Sale we hereby bid you par and accrued interest, to date of delivery, for $70,000 principal amount of Chubbuck Village, Idaho, Water System Revenue Bonds, Series of 1951, bonds to bear interest at the rate of 4% per annum and to mature $1,000 on July 1 in each of the years 1954 to 1955, both inclusive, and $4,000 July 1 in each of the years 1956 to 1972, both inclusive. The bonds at the time of delivery are to be accompanied by the unqualified approving legal opinion of Burcham and Blair, Attorneys, of Spokane Washington. ' We agree to take up and pay for the bonds as soon as they are ready for delivery. This bid is for immediate acceptance only. Respectfully submitted, LINCOLN URE C. CO. A. P. KIBBE C~ CO. By. L INCO~N URE -S- " The said above described bid was the only bid filed or received by the Board for purchase of said bond issue, and said bid was accompanied by a proper certified check in the amount of five per cent of the bid, to-wit, $3500.00. After considerin9 the said bid, the following resolution was presented: BE IT RESOLVED, By the Board of Trustees of the Village of Chubbuck, Idaho, that the foregoing bid filed by Lincoln Ure ~ Co., of Salt Lake City, Utah, pro- posing the purchase of the $70,000.00 of Negotiable Water ~orks Revenue Bonds of the Village of Chubbuck, at par and accrued interest of four per cent per annum, said bonds to be dated July 1, 1952, and to be issued in denominations of $500.00 each, and to be redeemable pursuant to the following schedule: "Maturities as follows: $3000.00, principal, July 1st in each of the years 1954 to 1962, both inc. $4000.00, principal, July 1st in each of the years 1963 to 1969, both inc. $5000.00, principal, July 1st in each of the years 1970 to 1972, both inc. Bonds maturing July 1, 1963 and thereafter subject to redemption after July 1, 1962, on any interest paying date." be, and the same is hereby accepted and the bonds sold to said bidder. Be it Further Resolved, That the First Security Bank of Idaho, N.A., Pocatello Branch, Pocatello, Idaho, be, and the same is hereby designated as the Bank and place at which the principal and interest of said bonds shall be paid, and all collection charges shall be paid by the purchaser, or holder, of said bonds. Be it Further Resolved, That said bonds shall be issued, sold and payable under the authority and pursuant to Chapter 47, 1951 Session Laws of the State of Idaho, pertaining to the issuance of revenue bonds, and under the authorization of the Municipal Bond Law of the State of Idaho, and Ordinances of the Village of Chubbuck heretofore passed. Be it Further Resolved, That the bid of Lincoln Ure ~ Co., be, and it is hereby accepted as the best bid for said bonds, and that the sale of said bonds to said company, pursuant to said bid, be, and the same is hereby approved, ratified and confirmed. Be it Further Resolved, That when the said bonds have been prepared and printed they shall be signed in the corporate name, viz, Village of Chubbuck, Bannock County, Idaho, by John R. Valenty, Chairman of the Board of Trustees of the Village of Chubbuck, and each bond shall be countersigned by Kenneth H. Kennedy, Treasurer of the Village of Chubbuck, and shall be attested by the signature of Charlotte T. Kennedy, Clerk of tile Village of Chubbuck, under the official seal of the Village of Chubbuck. Be it Further Resolved, That the Treasurer of the Village shall sign the coupons on said bonds by having his facsimile signature on said coupons. Be it Further Resolved, That the form of bonds and coupons, a copy of which is hereto annexed to these Minutes and marked Exhibit "A", be, and the same is hereby approved as to the form and contents of both the bond and coupon to be issued for the bonds of said $70,000.00 Water Works Revenue Bond Issue of the Village of Chubbuck. Be it Further Resolved, That before the delivery of said bonds to the purchaser thereof, the said bonds shall be duly registered by the Clerk of the Village of Chubbuck in numerical order in a permanent public record book, kept by said Village Clerk in the office of the Village Clerk of the Village of Chubbuck for that purpose, in accordance with the provisions of Section 57-219, Idaho Code, such registration of such bonds to show the number, date, amount of each bond, the rate of interest thereon, date of maturity thereof, place of payment and the number and denominations of attached coupons, together with any other proper data describing such bonds, for the purpose of future identification thereof, and that after said registration is completed, the Clerk shall deliver said bonds to the Village Treasurer and take the Village Treasurer*s receipt there£or, and that the Village Treasurer shall also register the said bonds in numerical order in a permanent record book, kept by the Village Treasurer in the office of the Village Treasurer of the Village of Chubbuck for that purpose, and that the Village Treasurer shall thereupon, be, and he is hereby authorized to deliver said bonds to said purchaser, to-wit, Lincoln Ute 6 Co., Salt Lake City, Utah, and shall note in such registration book the name of the purchaser, Lincoln Ute ~ Co., Salt Lake City, Utah, and the date of delivery thereof, such delivery of said bonds is to be made upon receipt of payment therefor of par and accrued interest on said bonds, and upon receipt of the moneys for said bonds, the Treasurer of the Village of Chubbuck shall deposit the same in the First Security Bank of Idaho, N. A., Pocatello Branch, Pocatello, Idaho, in a fund designated "Water Works System Revenue Special Fund of 1951" created by Ordinance No. 11 of the Village of Chubbuck. It was moved by George Giannini and seconded by Ernest Frasure that the foregoing Resolution be adopted. On roll call, the vote was as follows: George Giannini Aye, Art. Fenwick Aye, W. R. Hard Aye, Ernest Frasure Aye and John R. Valenty Aye. Whereupon, the Chairman declared that the foregoing Resolution was adopted. It was moved by Ernest Frasure and seconded by George Giannini that for the benefit of the purchasers, or holders of said bonds, or whoever is concerned, that the Chairman of the Board of Trustees and the Village Clerk be authorized to sign and execute a Certificate certifying that there is no litigation of any nature now pending or threatened restraining or enjoining the issuance and delivery of the $70,O00.OOWater Works Revenue Bonds of the Village of Chubbuck, dated July 1, 1952, or in any manner questioning the proceedings and authority, under which the same is made or affecting the validity of the said bonds, and deliver such Certificate to the purchaser of said bonds. On roll call the vote was as follows: George Giannini Aye, Art. Fenwick Aye, W. Nard Ayet Ernest Frasure Aye and John R. Valenty Aye, and the Chairman thereupon declared the Motion was adopted. There being no further business, it was moved by Feowick and seconded by W. R. Ward that the meeting adjourn. The motion was carried unanimously. A'rfEST: