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0283 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