HomeMy WebLinkAbout0013 Water Works Revenue Bonds 1952ORDINANCE N0. 13
AN ORDINANCE AMENDING SUBDIVISION D. OF SECTION 2 OF ORDINANCE NO.
10 OF THE VILLAGE OF CHUBBUCK, BANNOCK COUNTY, IDAHO, RELATING TO
THE TENTATIVE SCHEDULE OF THE RETIREMENT AND PAYMENT OF PRINCIPAL
AND ' INTEREST OF THE WATER WORKS REVENUE BONDS OF THE VILLAGE OF
CHUBBUCK; PROVIDING THE MAXIMUM RATE OF INTEREST FOR SAID BONDS,
THE PAYMENT OF PRINCIPAL AND INTEREST THEREON; THE AMORTIZATION
OF SAID BONDS TO BE AMORTIZED AND PAYABLE IN ACCORDANCE WITH THE
PROVISIONS OF THE MUNICIPAL BOND LAW OF THE STATE OF IDAHO, AND
PROVIDING FOR THE PUBLICATION OF AND TIIE 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 subdivision d ofeeetion 2 of Ordinance No.
10, of the Village of Chubbuck, be, and the same.is hereby amended
to read as follows:
tad. That said revenue bond issue shall be for $70,000.00,
and shall consist of not more than 140 coupon bonds of
denomination of $500.00 each, or such other denominations
as the Board of Trustees may authorize after-the sale of
said bonds, numbered from One (1) upward consecutively,
and shall run for a period of twenty (20) years from
date of issue, the first annual amortized principal
payment shall mature and be payable at the expiration
of two (2) 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 'dater Works System,
as provided by this ordinance and future ordinances
passed and adopted by the said Village of Chubbuck;
said bonds shall bear interest at a rate not exceeding
four percentum (4 %) per annum, which interest 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 such 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 shall be signed by said
Village by the Chairman of the Board of Trustees thereof,
countersigned by the Village Treasurer, and attested by
the Village Clerk with the seal of said Village impressed
upon each bond, and the signature of the Treasurer upon
the coupons may be either printed or lithographic facsimile
of said Official; and consistent with the provisions to be
made by subsequent ordinances, said bonds and the interest
thereon shall be payable only out of a special water works
revenue fund or funds."
Section 2. This ordinance shall take effect and 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 Pocatello, Bannock County, Idaho, and having
a circulation 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 S� day of Feb., 1952,
ATTEST:
BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK
V ge Cler