HomeMy WebLinkAbout0283 Special Obligation Bond Election 1986ORDINANCE NO. 283
AN ORDINANCE CALLING A SPECIAL GENERAL OBLIGATION BOND
ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED
ELECTORS OF THE CITY OF CHUBBUCK, IDAHO, THE PROPOSITION
OF THE ISSUANCE OF $785,000 GENERAL OBLIGATION BONDS OF
THE CITY OF CHUBBUCK, IDAHO, AND IN PROVIDING FOR THE
ISSUANCE OF SUCH BONDS, AND THE LEVY OF A TAX TO PAY
SUCH BONDS.
WHEREAS, the purchase improvement and equipment of lands and
buildings thereon for recreational facilities for the City of
Chubbuck, Idaho (the "City "), said public recreational facilities
to include a swimming pool complex, landscaping and related
facilities (the "Project "), is considered by the Mayor and Council
to be necessary and essential to the health and well -being of the
inhabitants of said City; and
WHEREAS, said City does not have sufficient funds available
to pay the cost of the foregoing and has determined it advisable
to finance such cost through the issuance of the bonds of the City
pursuant to the provisions of Chapter 10 of Title 50 of the Idaho
Code, and in order to do so desires to provide for the holding of
the election required by said Chapter; and
WHEREAS, the County Recorder of Bannock County has verified
in writing the total existing indebtedness of the City and the
market value for assessment purposes and the assessed full cash
valuation of the real and personal property of the City as set
forth in Section 5 hereof:
NOW, THEREFORE, Be It Ordained by the Mayor and Council of
the City of Chubbuck, Bannock County, Idaho as follows:
SECTION 1. Special General Obligation Bond Election. That a
Special General Obligation Bond Election is hereby called to be
held in the City of Chubbuck, Idaho, on July 29, 1986, for the
purpose of submitting to the qualified electors of said City the
proposition set forth in the form of ballot appearing in Section 4
hereof.
SECTION 2. Hours. That the polls at said election shall
open at the hour of 12:00 noon and remain open continuously until
the hour of 8:00 p.m. and then close.
SECTION 3. Qualified Voters. That all qualified electors of
said City, eighteen (18) years of age or older, who have resided
in the City for thirty (30) days, who are registered as provided
by law are entitled to vote at said election.
ORDINANCE NO. 283 - Page 1
jm 4W -64
SECTION 4. Ballots. That the ballots to be used at said
Special General Obligation Bond Election shall be prepared by the
Clerk not less than twenty -one (21) days prior to the day of said
election, in accordance with § 59 -439, Idaho Code, and shall be in
substantially the following form:
OFFICIAL BALLOT
SPECIAL GENERAL OBLIGATION BOND ELECTION
CITY OF CHUBBUCK
BANNOCK COUNTY
STATE OF IDAHO
July 29, 1986
QUESTION: Shall the City of Chubbuck, Idaho, issue and
sell its general obligation bonds to the amount of
$785,000 for the purpose of providing for the purchase,
improvement and equipment of lands and buildings thereon
for public recreation facilities, said public recreation
facilities to include a swimming pool complex,
landscapling and related facilities, such bonds to be
payable from ad valorem taxes, but to be additionally
payable from and secured by a pledge of revenues, in
excess of actual operating expenses, derived or to be
derived from rates, fees or charges imposed for the use
of said public recreation facilities to be so purchased,
improved, and equipped, all as more fully provided in
Ordinance No. 283 adopted June 16, 1986?
IN FAVOR OF ISSUING BONDS
TO THE AMOUNT OF $785,000
FOR THE PURPOSE STATED IN .
ORDINANCE NO. 283
AGAINST THE ISSUING BONDS
TO THE AMOUNT OF $785,000
FOR THE PURPOSE STATED IN
ORDINANCE NO. 283
INSTRUCTIONS TO
question, place
words "IN FAVOR
$785,000 FOR TH]
or "AGAINST THE
FOR THE PURPOSE
VOTERS: To vote on the preceding
an "X" in the square to the right to the
OF ISSUING BONDS TO THE AMOUNT OF
PURPOSE STATED IN ORDINANCE NO. 283"
ISSUING BONDS TO THE AMOUNT OF $785,000
STATED IN ORDINANCE NO. 283 ", according
ORDINANCE NO. 283 - Page 2
jm 4W -64
to the way you desire to vote on the question. All
marks otherwise made are forbidden. All distinguishing
marks are forbidden and make the ballot void. If you,
my mistake or accident, mark, tear, deface, or otherwise
mutilate this Ballot, return it to the Election Judges
and obtain another Ballot.
The following information is required by S 34 -440,
Idaho Code:
The total existing indebtedness, including interest
accrued as of June 10, 1986, of the City of Chubbuck is
$1,109,900.03. The interest rate anticipated on the
proposed general obligation bonds is eight and
six - tenths percent (8.6 %). The range of anticipated
rates is from six and one - quarter percent (6.25$) to
nine and one -half percent (9.5%). The total amount to
be repaid over the life of the proposed general
obligation bonds, based on the anticipated interest
rate, is $1,426,978.
(End Form of Official Ballot)
SECTION 5. Outstanding Indebtedness. That the City of
Chubbuck hereby determines and the Bannock County Treasurer has
verified that the outstanding amount of all bonds and other
obligations of the City, including the bonds proposed under this
Ordinance, will not exceed either: 1) two percent (2%) of the
market value for assessment purposes of the real and personal
property in the City according to the assessment of the preceding
year or, 2) ten percent (10 %) of the assessed full cash valuation
of the real and personal property in the City according to the
assessment of the preceding year.
SECTION 6. Preparation and Publication of Sample Ballots.
That the City Clerk shall, in accordance with the provisions of
Section 50 -440 of the Idaho Code, cause sample ballots to be
printed not less than fifteen (15) days before said Special
General Obligation Bond Election, which sample ballots shall be in
the same form as the official ballot set forth in Section 4 hereof
except that they shall have printed thereon the wrods "Sample
Ballot ", shall be on paper of a different color than the official
ballot and shall not be numbered. The sample ballots shall be
available in the office of the City Clerk to be furnished to any
person applying therefor. The City Clerk shall cause the form of
sample ballot to be published at least twice in The Idaho State
Journal, the official newspaper of the City, the last publication
to be within five (5) days of the date of said election.
ORDINANCE NO. 283 - Page 3
jm 4W -64
.- .
r-
SECTION 7. Notice of Election. That notice of said Special
General Obligation Bond Election shall be given by the City Clerk
by publication of notice of election in The Idaho State Journal,
the official newspaper of the City of Chubbuck, once a week on the
same day of five consecutive weeks, the first of which
publications shall not be less than thirty (30) days prior to the
date fixed for the holding of said election. Said notice shall be
in substantially the following form:
NOTICE OF SPECIAL GENERAL OBLIGATION ELECTION
Pursuant to the laws of the State of Idaho and
Ordinance No. 283 of the City of Chubbuck, County of
Bannock, State of Idaho, notice is hereby given that a
Special General Obligation Bond Election will be held in
the City on Tuesday, July 29, 1986, beginning at the
hour of 12:00 noon and closing at the hour of 8:00 p.m.
on said date, for the purpose of taking a vote upon the
following questions, to -wit:
QUESTION: Shall the City of Chubbuck, Idaho, issue and
sell its general obligation bonds to the amount of
$785,000 for the purpose of providing for the purchase,
improvement and equipment of lands and buildings thereon
for public recreation facilities, said public recreation
facilities to include a swimming pool complex,
landscaping and related facilities, such bonds to be
payable from ad valorem taxes, but to be additionally
payable from a pledge of revenues, in excess of actual
operating expenses, derived or to be derived from rates,
fees or charges imposed for the use of said public
recreation facilities to be so purchased, improved and
equipped, all as more fully provided in Ordinance No.
283 adopted June 10, 1986?
Said election shall be held at the following voting
place:
Council Chambers
Chubbuck City Hall
5160 Yellowstone
Chubbuck, Idaho
Notice is further given that only qualified
electors of said City, eighteen (18) years of age or
older, who have resided in the City for thirty (30)
days, who are registered as provided by law are entitled
to vote at said election. No qualified elector who is
duly registered as a voter and voted in at least one (1)
General City election in the past four (4) years, and
who continued to reside at the same address, or within
ORDINANCE NO. 283 - Page 4
jm 4W -64
the same precinct in which he is registered, shall be
required to register. But any elector (i) who has
failed or neglected heretofore to vote in at least one
(1) General City Election in the past four (4) years in
said City, (ii) who has not registered, (iii) who has
had his registration canceled by the City Clerk as
provided by law, or (iv) who has changed his residence
(excluding a change within a precinct not requiring
re- registration) must re- register.
An elector may register at the office of the City
Clerk, in the City Hall, in the City of Chubbuck, Idaho.
Persons may register at the office of the City
Clerk until and including July 25, 1986, or at any time
during the office hours of said City Clerk or deputy
precinct registrar, as the case may be, except that on
Friday, July 25, 1986, persons may register in any of
said offices between the hours of 8:00 a.m. and
8:00 p.m.
Any registered elector of the City may make written
application to the City Clerk in accordance with law for
an absentee ballot, provided that an absentee ballot
must be received by the City Clerk by 8:00 p.m. on the
day of the election in order to be counted.
The voting at said election shall be by separate
ballot. The ballots to be supplied the voters for their
use at said election shall be in the form set forth in
Ordinance No. 283.
If at said Special General Obligation Bond Election
two - thirds (2/3) of the qualified registered electors
eighteen (18) years of age or older voting at such
election assent to the issuing of said general
obligation bonds and the incurring of the indebtedness
thereby created for the purpose of the purchase,
improvement and equipment of lands and buildings thereon
for public recreation facilities, said public recreation
facilities to include a swimming pool complex,
landscaping and related facilities, such general
obligation bonds shall be issued for such voted purpose
in the manner provided by the Municipal Bond Law of
Idaho. Said general obligation bonds, or any issue
thereof, shall mature over a period commencing at the
expiration of one (1) year from their date and ending
fifteen (15) years from their date and shall bear
interest and be payable from ad valorem taxes in
accordance with the provisions of Section 50 -1026, Idaho
ORDINANCE NO. 283 - Page 5
jm 4W -64
Code, and the Municipal Bond Law of Idaho and from a
pledge of all revenues in excess of actual operating
expenses derived from said public recreation facility in
accordance with the provisions of Section 50 -1026A of
Idaho Code.
The following information is required by Section
34 -440, Idaho Code:
The total existing indebtedness, including interest
accrued as of June 10, 1986, of the City of Chubbuck is
$1,109,900.03. The interest rate anticipated on the
proposed general obligation bonds is eight and
six - tenths percent (8.6%). The range of anticipated
rates is from six and one - quarter percent (6.250) to
nine and one -half percent (9.5 %). The total amount to
be repaid over the life of the proposed general
obligation bonds, based on the anticipated interest
rate, is $1,426,978.
PUBLIC NOTICE IS HEREBY GIVEN that the Mayor and
Council will hold a special meeting on July 31, 1986
(said date being within six (6) days of the date of said
election), at the hour of 7:30 p.m., at the regular
meeting place of the Mayor and Council in the Council
Chambers of City Hall in the City of Chubbuck, Idaho for
the purpose of canvassing the results of the Special
General Obligation Bond Election.
1986.
DATED at Chubbuck, Idaho, this 16th day of June,
RON C. CONLIN, CITY CLERK
(End Form of Notice of Election)
SECTION 8. Issuance of Bonds. That if at said election
two - thirds (2/3) of the qualified registered electors of the City,
eighteen (18) years of age or older who have resided in the City
for thirty (30) days voting thereat assent to the issuance of said
bonds, the general obligation bonds of the City shall be issued as
hereinabove provided and shall mature over a period commencing at
the expiration of one (1) year from their date and ending fifteen
(15) years from their date and shall bear interest and be payable,
in accordance with the provisions of Section 50 -1026, Idaho Code,
and the Municipal Bond Law of the State of Idaho, Title 57,
Chapter 2, as amended, from the proceeds of ad valorem taxes.
ORDINANCE NO. 283 - Page 6
jm 4W -64
SECTION 9. Polling Place. That the following suitable
polling place and the election judge and election clerks are
hereby designated:
Council Chambers
Chubbuck City Hall
5160 Yellowstone
Chubbuck, Idaho
Judge: Phyllis Armstrong
Clerks: Mary Bunce
Hattie Landon
Janiece Johnson
Beth Romriell
Edythe Hansen
Betty Jo Long
The City Clerk is hereby directed to provide an "absent
elector's polling place" as required by Section 59 -448, Idaho
Code.
SECTION 10. Canvass of Result of Election. That the Mayor
and Council shall hold a special public meeting on July 31, 1986,
a date within six (6) days following said election, at the hour of
7:30 p.m., at the regular meeting place of the Mayor and Council
in the Council Chambers of City Hall in said City for the purpose
of Canvassing the results of the Special General Obligation Bond
Election, and thereuon the result shall be entered in the minutes
of the Clerk and proclaimed as final.
SECTION 11. Levy of Taxes and Pledge of Revenues for Payment
of Bond. That said general obligation bonds shall be issued if
carried as aforesaid and payment shall be made through the levy of
taxe son all taxable property in the City of Chubbuck, Idaho,
beginning with the year 1986 and continuing until principal and
interest shall have been fully paid, in such amounts and at such
rates as are necessary to assure the prompt payment of such
'interest, and also to establish and to constitute a sinking fund
'sufficient for the payment of the principal thereof, and it is
hereby ordered that such taxes shall be levied annually at the
time and in the manner as general taxes for said City are levied
in each such year; provided, however, the aforementioned taxes
shall.,never be diminished prior to payment of all bonds excepting
in any year to the extent that other available funds shall have
been applied to or set aside in a special fund to be irrevocably
held for the payment of principal or interest or both. Pursuant
to the authority of Idaho Code S 59- 1026A, the City Council hereby
pledges, as an additional source of payment of such bonds, all
revenues, in excess of actual operating expenses, derived or to be
derived from rates, fees and charges imposed for the use of the
public recreation facilities to be purchased, improved and
equipped with the proceeds from said bonds. The proper officer or
ORDINANCE NO. 283 - Page 7
jm 4W -64
officers of said City are hereby
things requisite and necessary to
section and to apply the proceeds
the revenues in excess of actual
the payment of such principal and
authorized and directed to do all
carry out the provisions of this
of the taxes so collected and
operating expenses so derived to
interest.
SECTION 12: Publication and Effective Date. The rule
requiring an Ordinance to be read on three separate days, one of
which shall be a reading in full, is hereby dispensed with. This
Ordinance shall be published within one (1) month after its
passage in one issue of The Idaho State Journal, the official
newspaper of said City, and shall take effect and be in full force
immediately upon its passage, approval and publication.
PASSED BY THE COUNCIL AND APPROVED BY THE MAYOR OF THE CITY
OF CHUBBUCK, IDAHO, this 16th da of June, 1986.
r'
4_/,
M YOR
ATTEST:
, y' . e • &LA
CITY CLERK
ORDINANCE NO. 283 - Page 8
jm 4W -64