HomeMy WebLinkAbout2011-007 Promissory NotesRESOLUTION NO. 2011-07
A RESOLUTION OF THE CITY OF CHUBBUCK, IDAHO, AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND DELIVERY OF TWO PROMISSORY
NOTES TO THE STATE OF IDAHO DEPARTMENT OF ENVIRONMENTAL
QUALITY; A NOTE IN THE PRINCIPAL AMOUNT OF $1,400,000 AND A NOTE
IN THE PRINCIPAL AMOUNT OF $219,976, AS. EVIDENCE OF LOAN
INDEBTEDNESS INCURRED BY THE CITY FROM THE WASTEWATER
TREATMENT FACILITY LOAN ACCOUNT OF THE STATE FOR THE PURPOSE
OF PAYING THE COST OF WASTEWATERISEWER COLLECTION AND
TREATMENT SYSTEM IMPROVEMENTS; PROVIDING FOR THE ISSUANCE,
FORM, EXECUTION, REGISTRATION, MATURITY, AND PAYMENT OF. THE
NOTES; ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING COVENANTS
RELATING TO THE NOTES AND THE TAX-EXEMPT STATUS OF THE
INTEREST ON THE NOTES; PROVIDING FOR RELATED MATTERS; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Chubbuck, Bannock County, Idaho (the "City"), is a
municipal corporation duly organized and operating under and pursuant to the laws of the
State of Idaho; and
WHEREAS, the City presently owns and operates, and has for many years owned
and operated, a wastewater/sewer collection and treatment system for the benefit of the
residents of the City; and
WHEREAS, the Mayor and Council of the City heretofore determined that the
acquisition and construction of certain improvements to the existing wastewater/sewer
collection and treatment system of the City were necessary for the continued efficient
operation of the wastewater/sewer collection and treatment system, and in order to
finance the cost of such improvements, the City made applications to the State of Idaho
Department of Environmental Quality (the "State") for loans under the State's
Wastewater Treatment Facility Loan Program including a loan application in the amount
of $1,400,000, and a loan application in the amount of $219,976, which loan applications
were approved by the State; and
WHEREAS, the Mayor and Council further determined that the indebtedness to
be incurred thereby was an ordinary and necessary expense of the City within the
meaning of Article 8, Section 3, Idaho Constitution, for which no approval of the electors
of the City was necessary; and
WHEREAS, The City caused to be filed, in the District Court of the Sixth Judicial
District of the State of Idaho, in and for the County of Bannock (the "District Court")
multiple Petitions for Judicial Confirmation pursuant to Title 7, Chapter 13, Idaho Code,
seeking a judicial determinations and declarations of the validity of the City's incurring
of indebtedness and issuing its promissory notes as evidence thereof for the purpose of
financing the cost of the improvements; and
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WHEREAS, on November 19, 2007, the District Court, in Case No. CV 2007-
03643 -OC entered its judgment of Judicial Confirmation ordering, adjudging, and
decreeing that (1) the loan agreement in the amount of $1,400,000 with the State
constitutes a valid "ordinary and necessary expense" of the City within the meaning of
Article 8, Section 3, of the Idaho Constitution, for which no approval of the City's
electors is required; (2) the loan agreement, promissory notes, or other evidence of
indebtedness, when duly executed and delivered, win constitute valid and enforceable
special obligations of the City, enforceable in accordance with their terms, and (3) the
City may pledge its wastewater/sewer collection and treatment system revenues to the
payment thereof, and
WHEREAS, on December 15, 2008, the District Court, in Case No. CV 2008-
4421 -OC entered its judgment of Judicial Confirmation ordering, adjudging, and
decreeing that (1) the loan agreement in the amount of $9,883,000 with the State
constitutes a valid "ordinary and necessary expense" of the City within the meaning of
Article 8, Section 3, of the Idaho Constitution, for which no approval of the City's
electors is required; (2) the loan agreement, promissory notes, or other evidence of
indebtedness, when duly executed and delivered, will constitute valid and enforceable
special obligations of the City, enforceable in accordance with their terms, and (3) the
City may pledge its wastewater/sewer collection and treatment system revenues to the
payment thereof; and
WHEREAS, on October 13, 2009, the District Court, in Case No. CV 2009 -3024 -
OC entered its judgment of Judicial Confirmation ordering, adjudging, and decreeing that
(1) the loan agreement in the amount of $11,000,000 with the State constitutes a valid
"ordinary and necessary expense" of the City within the meaning of Article 8, Section 3,
of the Idaho Constitution, for which no approval of the City's electors is required; (2) the
loan agreement, promissory notes, or other evidence of indebtedness, when duly executed
and delivered, will constitute valid and enforceable special obligations of the City,
enforceable in accordance with their terms, and (3) the City may pledge its
wastewater/sewer collection and treatment system revenues to the payment thereof; and
WHEREAS, pursuant to the Judicial Confirmation Orders as set forth above, the
City and the State entered into loan agreements, the City has constructed and installed a
portion of the improvements, and the City now desires to issue promissory notes in the
principal amount of $1,400,000 and $219,976 to the State in accordance with the loan
agreements and Judicial Confirmation Orders.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY. OF CHUBBUCK, Bannock County, Idaho, as follows:
Section 1: DEFINITIONS
As used in this Resolution, the following terms shall have the following
meanings.
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1%.001
City means the City of Chubbuck, Bannock County, Idaho.
City Cle or Clerk means the Clerk of the City, or other officer of the City who is
the custodian of the records, seal, and proceedings of the City.
Cost of Projec means all or any part designated.by the Council of the cost
acquisition, construction, and installation of the wastewater/sewer collection and
treatment improvement Project.
Council means the City Council of the City.
Loan Agreements means the Loan Offer, Acceptance, and Contracts. for
wastewater/sewer collection and treatment design and construction costs between the
State and the City.
Mayor means the Mayor of the City, including his/her successor in functions, if
any, and includes the President of the Council when acting in the place of the Mayor.
Net Revenues means the Revenue of the System after the deduction of Operation
and Maintenance Expenses.
Notes mean the Sewer Revenue Promissory Notes, Series 2011 A, in the amount
of $1,400,000 and 2011 B, in the amount of $219,976, of the City, authorized by this
Resolution.
Notes Payment Fund means the fund created by Section 9 of this Resolution for
the payment of the principal of and interest on the Notes.
Note Reizistrar means the registrar and paying agent appointed and designated in
Section 5 of this Resolution.
Operation and Maintenance Expenses or any phrase of similar import means all
reasonable and necessary current expenses of the City, paid or accrued, of operating,
maintaining, and repairing the System or of levying, collecting, and otherwise
administering the Net Revenues for the payment of the Notes; and the term includes
(except as limited by contract or otherwise limited by law) without limiting the generality
of the foregoing:
(1) Engineering, auditing, reporting, legal, and other overhead
expenses of the various City departments directly relating and reasonably
allocable to the administration of the System;
(2) Fidelity bonds and property and liability insurance premiums
pertaining to the System, or a reasonably allocable share of a premium of
any blanket bond or policy pertaining thereto;
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(3) Payments to pension, retirement, health, and hospitalization funds
and other insurance;
(4) Any taxes, assessments, excise taxes, or other charges which may
be lawfully imposed on the City, the System, revenues therefrom, or any
privilege in connection with their operation;
(5) The reasonable charges of the bond registrar, fiscal or paying
agent, commercial bank, trust bank, or other depository bank pertaining to
the Notes issued by the City or pertaining to the Project, if any;
(6) C ontractual services, professional services, salaries, other
administrative expenses, and the cost of materials, supplies, repairs, and
labor, pertaining to the issuance of the Notes and to the ordinary operation
of the System; and
(7) All other administrative, general, and commercial expenses.
Proje means the wastewater/sewer collection and treatment system improvement
project described in Section 2 of this Resolution.
Registered Owner means the purchaser of the Notes and any subsequent
transferee of the Notes.
Reserve Fund means the Reserve Fund created by Section 9 of this Resolution.
Resolution means this Resolution No. 2011-07, adopted on April 26, 2011.
Revenue of the System means all gross income and revenue received or
receivable by the City from the ownership or operation of the System, determined in
accordance with generally accepted accounting principles, including all fees (excluding
connection fees), rates, charges and all amounts paid under any contracts received by or
owed to the City in connection with the operation of the System and all proceeds of
insurance relating to the System and investment income allocable to the System and all
other income and revenue howsoever derived by the City from the ownership or
operation of the System or arising from the System.
Revenue Fund means the "City of Chubbuck Sewer Revenue Fund" created by
Section 8 of this Resolution.
State, for purposes of this Resolution, means the State of Idaho Department of
Envirom-nental Quality.
System for purposes of this Ordinance, means the wastewater/sewer collection
and treatment system of the City, as the same now exists, including its assets, real and
personal, tangible and intangible, and as it may later be added to, extended, and
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improved, and shall include buildings, structures, utilities, or other income producing
sewer facilities from the operation of or in connection with which the revenues of the
payment of the Notes to be issued hereunder will be derived, and the lands pertaining
thereto.
Section 2: THE PROJECT
The wastewater/sewer collection and treatment improvement project consists of
the acquisition, construction, and installation of improvements and betterments to the
City's wastewater/sewer collection and treatment system, consisting generally of the
installation of additional 42" sewer pipe; the installation of additional 8"-27" sewer pipe;
the installation of additional force main sewer lines; the construction and rehabilitation of
lift stations, and all the associated costs of the project including all associated costs,
including, but not limited to, engineering and design services, legal services, and costs
incurred in issuing the Notes.
Section 3: THE NOTES
The 201 1A Note shall be substantially in the form annexed hereto as Exhibit "A";
shall be issued to the State of Idaho Department of Environmental Quality (the "State"),
as Registered Owner in accordance with the Loan Agreement; shall be in the principal
amount of $1,400,000; shall be dated as of its date of delivery, shall mature twenty (20)
years from its date, and shall, with written permission of the Registered Owner be subject
to prepayment, in whole or in part, without penalty, on any date; and shall bear interest at
the rate of three percent (3.0%) per annum on the unpaid principal balance from May 1,
2010. Principal of and interest on the Notes shall be payable in semi-annual installments
of $47,502.50, commencing May 1, 2011 and continuing semi-annually thereafter until
the Notes is paid in full.
The 201 1B Note shall be substantially in the form annexed hereto as Exhibit "B";
shall be issued to the State of Idaho Department of Environmental Quality (the "State"),
as Registered Owner in accordance with the Loan Agreement; shall be in the principal
amount of $219,976; shall be dated as of its date of delivery, shall mature twenty (20)
years from its date, and shall, with written pen-nission of the Registered Owner be subject
to prepayment, in whole or in part, without penalty, on any date; and shall not bear
interest on the unpaid principal balance. Principal on the Notes shall be payable in semi-
annual installments of $5,499.40, commencing May 1, 2011, and continuing semi-
annually thereafter until the Notes is paid in full.
Section 4: EXECUTION OF NOTES
The Notes shall be executed in the name of the City by the manual signature of
the Mayor or President of the Council and attested by the manual signature of the City
Clerk, and the seal of the City shall be impressed thereon.
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Section 5: REGISTRATION OF NOTES
The Notes shall be registered in the name of the State as the Registered Owner,
both as to principal and as to interest, with the City Treasurer, who is hereby designated
as registrar and paying agent with respect to the Notes, and any transfer must likewise be
registered.
Section 6: PAYMENT
The Notes shall be payable in lawful money of the United States of America to
the Registered Owner thereof at the address of such Registered Owner as shown in the
registration books of the City,
Section 7: PLEDGE OF NET REVENUES
The Notes shall be payable from the Net Revenues of the wastewater/sewer
collection and treatment System of the City. The Net Revenues are hereby pledged for
the payment of the Notes.
Section 8: THE REVENUE FUND
There is hereby created a special fund, designated the "City of Chubbuck Sewer
Revenue Fund" (the "Revenue Fund"), which shall be maintained by the Treasurer and
into which the Revenue of the System shall be deposited immediately upon its receipt.
A. Use of Revenues. The Revenue of the System shall be used for the
payment of the following obligations in the following order of priority:
(1) First Charge and Lien: The costs of Operation and Maintenance
Expenses.
(2) Second Charge and Lien: The principal of and interest on the
Notes by payment into the Note Payment Fund, as provided in Section 9
of this Resolution.
(3) Third Charge and Lien: To maintain the Reserve Funds created by
Section 10 of this Resolution; and
(4) To administer surplus funds.
B. Interest Earnings. Interest earnings on deposits in the Sewer Revenue
Fund shall remain in and be used for the purposes of the Sewer Revenue Fund,
C. Sgolus Funds. Funds remaining in the Revenue Fund after having been
applied for the purposes provided in this section shall constitute surplus funds and may be
used for any lawful purposes of the City.
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Section 9: NOTE PAYMENT FUND
There is hereby created a special fund designated the "City of Chubbuck Sewer
System Note Payment Fund" (the "Note Payment Fund"), which shall be maintained by
the Treasurer and into which shall be deposited, from the Net Revenues of the System,
not less than two (2) days before each payment date, the amounts required by this
Resolution to make the semiannual payments of principal of and interest on the Notes. If
for any reason the City does not have, on any payment date, Net Revenues in the Notes
Payment Fund sufficient to make the scheduled payment.of principal and interest, the
amount of such deficiency shall be deposited into the Note Payment Fund from the
Reserve Fund.
Section 10: RESERVE FUND
There is hereby established a special fund and account, to be held by the
Treasurer, as additional security for the Notes, to be designated the Sewer System Note
Reserve Fund (the "Reserve Fund"). The City covenants and agrees to accumulate in the
Reserve Fund, within a five-year period from the Revenue Fund, the amount of
$106,003.80, to be deposited in equal annual deposits from the Revenue Fund of
$21,200.76, commencing one year from the date of the issuance of the Notes and
continuing on the same date each year thereafter through and including 2016, and to
maintain the Reserve Fund until the Notes is paid in fall. Any transfer from the Reserve
Fund to the Notes Payment Fund shall be replenished from the Revenue Fund as soon as
practicable after such transfer is made.
Section 11: GENERAL COVENANTS
For the protection and security of the Notes, it is covenanted and agreed to and
with the Registered Owner of the Notes from time to time, that the City will perform the
following covenants:
A. Complete Projec . It will complete the construction of the Project with all
practical dispatch and in a sound and economical manner.
B. Operate System. It will operate the System in an efficient and economical
manner and prescribe, revise, and collect such charges in connection therewith so that the
services, facilities, and properties of the System may be furnished at the lowest possible
cost consistent with sound economy and prudent management.
C. Good Repair. It will operate, maintain, preserve, and keep the System and
every part hereof in good repair, working order, and condition.
D. Colporate Status. It will maintain its status as a municipal corporation of
the State of Idaho and will take no steps to disincorporate or otherwise change its
corporate status.
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E. Preserve Security. It will preserve and protect the security of the Notes
and the rights of the Registered Owner thereof.
F. Collect Revenues. It will collect and hold in trust the revenues and other
funds pledged to the payment of the Notes and apply such revenue or other funds only as
provided in this Resolution.
G. Service Notes. It will pay and cause to be paid punctually the principal of
the Notes and the interest thereon on the date or dates and at the place or places and in the
manner mentioned in the Notes, and in accordance with this Resolution.
H. P4y Claims. It.will pay and discharge any and all lawful claims for labor,
materials, and supplies which, if unpaid, might by law become a lien or charge upon the
Revenue of the System, or any part of said Revenue of the System, or any funds in the
hands of the Treasurer, prior or superior to the lien of the Notes or which might impair
the security of the Notes, to the end that the priority and security of the Notes shall be
fully preserved and protected.
I. Encumbrances. It will not mortgage or otherwise encumber, sell, lease, or
dispose of the System or any part thereof, nor enter into any lease or agreement which
would impair or impede the operation of the System or any part thereof necessary to
secure adequate revenues for the payment of the principal of and interest on the Notes,
nor which would otherwise impair or impede the rights of the Registered Owner of the
Notes with respect to such revenues of the operation of the System without provisions for
the retirement of the Notes then outstanding from the proceeds thereof.
J. Insurance. It will procure and keep in force insurance upon all buildings
and structures of the System and the machinery and equipment therein, which are usually
insured by entities operating like property, in good and responsible insurance companies.
The amount of the insurance shall be such as may be required to adequately protect it and
the Registered Owner of the Notes from loss due to any casualty, and in the event of any
such loss, the proceeds shall be used to repair or restore the System or for the payment of
the Notes issued under this Resolution.
K. Fidelity Bonds. It will procure suitable fidelity bonds covering all of its
officers and other employees charged with the operation of the System and the collection
and disbursement of revenues therefrom.
L. Engineers. It will employ consulting engineers of acknowledged
reputation, skill, and experience in the improvement and operation of the System for any
unusual or extraordinary items of maintenance, repair, or betterments as shall be required
from time to time, all reports, estimates, and recommendations of such consulting
engineers to be filed with the Clerk and furnished to the Registered Owner of the Notes
issued hereunder, upon request.
M. Accounts. It will keep proper and separate accounts and records in which
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complete and separate entries shall be made of all transactions relating to the System, and
it will furnish complete operating and income statements upon request.
N. Delinquencies. It will not furnish sewer service to any customer
whatsoever free of charge, and it shall not later than sixty (60) days after an account
becomes delinquent, take such legal action as may be reasonable to enforce collection of
any collectible delinquent account.
Section 12: SPECIAL COVENANTS
The City further covenants with the Registered Owner of the Notes as follows:.
A. In accordance with Section 149(a) of the Internal Revenue Code of 1986,
as amended (the "Code"), the Notes shall be issued and remain in fully registered form in
order that interest thereon be excluded from gross income of the owner or owners for
federal income tax purposes. The City covenants and agrees that it will take no action to
permit the Notes to be issued in or converted to bearer form.
B. None of the proceeds of the Notes will be used directly or indirectly (i) to
make or finance loans to persons or (ii) in any trade or business carried on by any person
(other than use as a member of the general public). For purposes of the preceding
sentence the term "person" does not include a government unit other than the United
States or any agency or instrumentality thereof, and the term "trade or business" means
any activity carried on by a person other than a natural person. The City further
covenants and agrees to take no action which would cause the Notes to be a "private
activity bond," nor will it omit to take any action necessary to prevent the Notes from
becoming a "private activity bond," within the meaning of Section 141 of the Code.
C. The Mayor, Clerk, and Treasurer, and other appropriate officials of the
City, or any one or more of such officials, as may be appropriate, are each hereby
authorized and directed to execute, on behalf of the City, such certificate or certificates as
shall be necessary to establish that the Notes is not an "arbitrage bond" within the
meaning of Section 148 of the Code and the Treasury Regulations promulgated
thereunder, and to establish that interest on the Notes is not and will not become
includable in the gross income of the owners of the Notes under the Code and applicable
regulations. The City covenants and agrees that no use will be made of the proceeds of
the Notes, or any funds of the City which may, pursuant to Section 148 of the Code and
applicable regulations, be deemed to be proceeds of the Notes, which would cause the
Notes to be an "arbitrage bond" within the meaning of Section 148 of the Code. The City
further covenants to comply throughout the term of the Notes with the requirements of
Section 148 of the Code and the regulations promulgated thereunder in order to prevent
the Notes from becoming an "arbitrage bond.
D. The City will comply with the information reporting requirements of
Section 149(e) of the Code.
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DEQ Loan #WW0903
PROMISSORY NOTE
This Promissory Note is executed in conformance with an pursuant to the Wastewater
Treatment Facility Loan Contract entered into between and the State of Idaho, Department of
Environmental Quality, (herein called the "State") on which is attached as Appendix A; the
Record of Disbursements prepared by the State dated May 1; 2011, which is attached as
Appendix B and the Judgment of Judicial Confirmation which is attached as Appendix C.
Appendices A, B and C are hereby incorporated by reference.
For value received, the City of Chubbuck (herein called the "Borrower") promises to pay
to the State the principal amount of Two Hundred Nineteen Thousand, Nine Hundred Seventy -
Six dollars and no cents ($219,976.00), bearing no interest. The principal of this note shall be
repaid in accordance with the Loan Repayment Schedule that is attached as Appendix D and
hereby incorporated by reference. In addition, the Borrower pledges revenue and income of the
Borrower's wastewater/sewer system, whether collected or uncollected, in an amount sufficient
to repay all principal and interest and pledges to maintain a reserve account equal to $10,998.80
of principal and interest.
Every payment made on any indebtedness evidenced by this note shall be applied first to
interest computed to the effective date of the payment and then to principal. Prepayments of
scheduled installments, or any portion thereof, may be made only with prior written permission
of the State. Refunds and extra payments, after payment of interest, will be applied to the
installments last to become due under this note and shall not affect the obligation of the
Borrower to pay the remaining installments as scheduled herein.
If the State at any time assigns this note and insures the payment thereof, the Borrower
shall continue to make payments to the State as collection agent for the holder. No assignment
of this note shall be effective unless the Borrower is notified in writing of the name and address
of the assignee. The Borrower shall thereupon duly note in its records the occurrence of such
assigrunent, together with the name and address of the assignee.
Any amount advanced or expended by the State for the collection hereof or to preserve or
protect any security hereto, or otherwise under the terms of any security or other instrument
executed in connection with the loan evidenced hereby, at the option of the State shall become a
part of and bear interest at the same rate as the principal of the debt evidenced hereby and be
immediately due and payable by Borrower to the State without demand.
This note is given as evidence of a loan to Borrower made or insured by the State
pursuant to Title 39, Chapter 36, Idaho Code. This note shall be subject to the present
regulations of the State and to its future regulations not inconsistent with the express provisions
hereof.
Exhibit B
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Payments shall be sent to:
Idaho Department of Environmental Quality
1410 North Hilton
Boise, Idaho 83706-1253
Execution of this agreement must be accompanied by a written resolution of the
Borrower's governing body authorizing the signatory to sign on Borrower's behalf for the
purpose of this agreement.
Dated May 1", 2011.
(SEAL)
ATTEST:
Signature of Attesting Official
Title of Attesting Official
EXHIBIT "A" - Page 2
Name of Borrower
Signature of Borrower's Executive Official
Title of Borrower's Executive Official
P.O. Box or Street Address
City, State, Zip Code
DEQ Loan #WW0803
PROMISSORY NOTE
This Promissory Note is executed in conformance with an pursuant to the Wastewater
Treatment Facility Loan Contract entered into between and the State of Idaho, Department of
Envirom-nental Quality, (herein called the "State") on which is attached as Appendix A; the
Record of Disbursements prepared by the State dated May 1*, 2011, which is attached as
Appendix B and the Judgments of Judicial Confirmation which are attached as Appendix C.
Appendices A, B and C are hereby incorporated by reference.
For value received, the City of Chubbuck (herein called the "Borrower") promises to pay
to the State the principal amount of One Million Four Hundred Thousand dollars and no cents
($1,400,000.00), plus interest on the unpaid balance at the rate of Three percent (3.0%) per
annum from May 1, 2010. The principal and interest of this note shall be repaid in accordance
with the Loan Repayment Schedule that is attached as Appendix D and hereby incorporated by
reference. In addition, the Borrower pledges revenue and income of the Borrower's
wastewater/sewer system, whether collected or uncollected, in an amount sufficient to repay all
principal and interest and pledges to maintain a reserve account equal to $95,005 of principal and
interest.
Every payment made on any indebtedness evidenced by this note shall be applied first to
interest computed to the effective date of the payment and then to principal. Prepayments of
scheduled installments, or any portion thereof, may be made only with prior written permission
of the State. Refunds and extra payments, after payment of interest, will be applied to the
installments last to become due under this note and shall not affect the obligation of the
Borrower to pay the remaining installments as scheduled herein.
If the State at any time assigns this note and insures the payment thereof, the Borrower
shall continue to make payments to the State as collection agent for the holder. No assignment
of this note shall be effective unless the Borrower is notified in writing of the name and address
of the assignee. The Borrower shall thereupon duly note in its records the occurrence of such
assignment, together with the name and address of the assignee.
Any amount advanced or expended by the State for the collection hereof or to preserve or
protect any security hereto, or otherwise under the terms of any security or other instrument
executed in connection with the loan evidenced hereby, at the option of the State shall become a
part of and bear interest at the same rate as the principal of the debt evidenced hereby and be
immediately due and payable by Borrower to the State without demand.
This note is given as evidence of a loan to Borrower made or insured by the State
pursuant to Title 39, Chapter 36, Idaho Code. This note shall be subject to the present
regulations of the State and to its future regulations not inconsistent with the express provisions
hereof.
Presentment, protest and notice are hereby waived.
EXHIBIT "A" - Page I
"Inv
Presentment, protest and notice are hereby waived.
Payments shall be sent to:
Idaho Department of Environmental Quality
1410 North Hilton
Boise, Idaho 83706-1253
Execution of this agreement must be accompanied by a written resolution of the
Borrower's governing body authorizing the signatory to sign on Borrower's behalf for the
purpose. of this agreement.
Dated May 1 s', 2011.
(SEAL)
ATTEST:
Signature of Attesting Official
Title of Attesting Official
Exhibit B
Page 2
Name of Borrower
Signature of Borrower's Executive Official
Title of Borrower's Executive Official
P.O. Box or Street Address
City, State, Zip Code
Section 13: FURTHER AUTHORITY
The Mayor, President of the Council, City Clerk, and City Treasurer, or any one
or more such officials, as shall be appropriate, are hereby authorized to execute such
further certifications and other documents as may be necessary or appropriate to carry out
the intent of this Resolution.
Section 14: EFFECTIVE DATE
This Resolution shall take effect and be in force from and after its passage and approval.
DATED this 26 th day of April, 2011.
ATTEST:
City Clerk 0
(SEAL)
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CITY OF CHUBBUCK
Bannock County, Idaho
B "2 �
/ / Mayor