HomeMy WebLinkAbout0014 Water Works Revenue Bonds 1952ORDINANCE NO. .
AN ORDINANCE AUTHORIZING NOTICE OF INTENTION AND PROPOSAL BY
THE CHAIRMAN AND BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK,
BANNOCK COUNTY, IDAHO, TO ISSUE AND SELL NEGOTIABLE WATER WORKS
REVENUE BONDS OF THE VILLAGE OF CHUBBUCK IN THE AMOUNT OF
$70,000.002 BEARING INTEREST AT NOT TO EXCEED FOUR PERCENT (4f)
PER ANNUM AND REDEEMABLE WITHIN TWENTY YEARS, BONDS TO BE ON
THE AMORTIZED PLAN, AS PROVIDED BY THE MUNICIPAL BOND LAW OF THE
STATE OF IDAHO; INVITING BIDS FOR THE PURCHASE OF SAID BONDS, AND
PROVIDING THE FORM OF NOTICE TO BE GIVEN OF THE INTENTION AND
PROPOSAL TO ISSUE AND SELL SUCH BONDS; PROVIDING FOR THE PUB-
LICATION OF THIS ORDINANCE AND OF SUCH NOTICE AND PROVIDING A
TIME 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 pursuant to authority granted at a Special
Bond Election held in the Village of Chubbuck, Idaho, on to -wit,
August 27 1951 ' authorizing the Village of Chubbuck to issue
and sell 70,000.00 of negotiable water works revenue bonds of
the Village at a rate of interest not exceeding four percentum
(4 %) per annum for the acquisition, construction and installation
of a water works system for the said Village, and pursuant to
Ordinance Number 11 of said Village providing for the issuance
and sale of said bonds, and the form of bonds and coupons and
other matters relating thereto, authority is hereby granted to the
Chairman and Board of Trustees of the Village of Chubbuck to give
notice of the intention and proposal of the Board of Trustees of
said Village to issue and sell the said bonds, and invite bids
for the purchase of said bonds and provide in such notice the
terms and conditions of the bids therefor, and the time for filing
of such bids, opening of said bids and action thereon by the
Board of Trustees of the Village.
Section 2. Notice of intention and proposal to sell the said
bonds shall be in form as follows, to -wit:
NOTICE
Of Proposal to Issue and Sell Negotiable mater Works Revenue Bonds
of the Village of Chubbuck in the Amount of $70,000.00, with
Interest Not to Exceed Four Percentum Per Annum, Redeemable Within
Twenty Years on Amortized Plan to Provide Funds for the Acquisition,
Construction and Installation of a Water Works System for the
Village of Chubbuck, Bannock County, Idaho, and Inviting and
Requesting Bids Therefor.
PUBLIC NOTICE IS HEREBY GIVEN, That the Village of Chubbuck,
Bannock County, Idaho, intends to and proposes to sell negotiable
mater works revenue bonds of said Village in the amount of
$70 000.00, par value, with interest not exceeding four percentum
(4 %5 per annum; said bond issue to consist of not more than 140
coupon bonds of denominations of $500.00 each, or such other
denominations as the Board of Trustees may authorize after the
sale of said bonds; bonds to be numbered from one (1) upwards
consecutively, and shall run for a period of twenty years from
date of issue; the first annual amortized principal payment shall
mature and be payable at the expiration of two 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 water works system of the Village of Chubbuck, as provided by
Ordinances of the said Village; the interest on said bonds 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 su* 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 to be issued under
authority of and as authorized by the provisions of Chapter 47, 1951
Session Laws of Idaho, and in accordance with the provisions of the
Municipal Bond Law of the :State of Idaho.
Said negotiable water works revenue bonds will be sold at
public sale at a Special Public Meeting of the Board of Trustees
of the Village of Chubbuck to be held in the Office of the Village
Clerk on Saturday, March 22, 1952, at the hour of two o'clock p.m.,
of said day.
Sealed bids for the purchase of said bonds are hereby
requested, which bids therefor shall be filed with the Village
Clerk of said Village, at any time after the first publication of
this Notice and prior to the hour of two o'clock p.m., Saturday,
March 22, 1952, at which hour of two o'clock p.m., said bids will
be opened and considered by the Chairman and Board of Trustees of
said Village, at a Special Public Meeting of said Board of Trustees,
for the purpose of considering ssai d bids, awarding the bonds or
rejecting any and all bids therefor, and in such meeting, or an
adjournment thereof, the said bonds will be sold to the bidder
making the best bid therefor, subject, as aforesaid, to the right
of the Chairman and Board of Trustees to reject any and all bids and
to re- advertise such bonds for sale in the manner prescribed by
law until such bonds have been sold.
All bids must specify:
a. The lowest rate of interest and premium, if any above
par, at which the bidder will purchase such bonds; or
b. The lowest rate of interest at which the bidder will
purchase such bonds at par.
Each bid ( except any bid which may be received from the
State of Idaho or its Department of Public Investments) shall
be accompanied by a cashier's check made payable to the Village
of Chubbuck in an amount equaling five percent (5 %) of the
amount of any such bid, or by a cash deposit to the said Village
of such like amount, which said cashier's check or cash deposit
will be returned to any bidder if his or its bid is not accepted,
and which cashier's check or cash deposit of any successful
bidder, who shall fail, neglect or refuse to accept the bonds
so sold and to complete the payment therefor, in accordance with
the terms of such successful bid within thirty days following
the acceptance thereof, shall be forfeited to the Village of
Chubbuck.
Said Bonds shall not bear interest in excess of four
percentum (4f) per annum and shall not be sold for less than
par and accrued interest to date of delivery thereof.
Dated this 25th day of February, 1952.
ATTEST: (SEAL)
CHARLOTTE KENNEDY
Village Clerk.
VILLAGE OF CHUBBUCK
By JOHN R. VALENTY
Chairman of Board of Trustees
Section-3. Said bonds will be sold at public sale at
a Special Public Meeting of the Board of Trustees cf the Village
of Chubbuck to be held in the Office of the Village Clerk, in the
Village of Chubbuck, Idaho, on Saturday, the 22nd day of March,
1952, at the hour of two o'clock p.m. The said bids shall be
opened at such Special Public Meeting of the Board of Trustees
for the purpose of considering said bids, awarding the bonds or
rejecting any and all bids therefor, and in such meeting or an
makinttrid'eod sb j will be bidder
gnhebest bthrefr, uecasaforaid,o theright
of the Chairman and Board of Trustees to reject any and all
bids and to re- advertise such bonds for sale in the manner
prescribed by law until such bonds have been sold. Provided,
that in the event the said bonds are not sold at the time provided
in the above notice, then the said Board of Trustees are hereby
authorized, ordered and directed to re- advertise said bonds for
sale, using the form of notice of issuance and sale thereof as
herein set forth with the necessary changes as to dates of filing
bids and date of making the sale, and the said re- advertising
may take place as often as may be necessary until said bonds have
been sold.
Section 4. That the above notice is hereby authorized,
ordered and directed to be given by publication thereof in the
Idaho ,State Journal, a newspaper published in Pocatello, Bannock
County, Idaho, and of general circulation in the Village of Chubbuck,
there being no newspaper published in the Village of Chubbuck,
which newspaper is hereby designated as the official ziawspaper
for said publication, for at least three consecutive publications
therein, at weekly intervals.
Section 5. This Ordinance shall 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 Poeatd.lo, Bannock County, Idaho, and having a cir-
culation 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 25th day of February, 1952,
BOARD OF TRUSTEES OF THE VILLAGE OF CHUBBUCK
__011 Pil
vd?
ATTEST: _,_,A.
Vill4oge Clerk.