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0137 Sewer Revenue Bond 1974ORDINANCE NO. 137 AN ORDINANCE CONCERNING A BOND SERIES DESIGNATED AS THE "CITY OF CHUBBUCK, IDAHO, SEWER REVENUE BONDS, SERIES OCTOBER 1, 1972," IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,000,000.00, FOR THE PURPOSE OF DEFRAY- ING WHOLLY OR IN PART THE COST OF ACQUIRING AND CON- STRUCTING A MUNICIPAL SEWERAGE SYSTEM FOR THE CITY; ACCEPTING THE LOWEST AND BEST BID FOR THE PURCHASE OF THE BONDS; STATING THE PURCHASE PRICE FOR THE BONDS AND THE INTEREST RATES WHICH THE BONDS SHALL BEAR; RATIFYING ACTION HERETOFORE TAKEN TOWARD SUCH BOND PROJECT AND TOWARD THE ISSUANCE OF THE BONDS THEREFOR; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING FOR THE EFFECTIVE DATE HEREOF. WHEREAS, the City of Chubbuck, in the County of Bannock and State of Idaho is a municipal corporation duly organized and existing as a city under the general laws of the State of Idaho; and WHEREAS, for the purpose of defraying wholly or in part the cost of acquiring and constructing a municipal sew- erage system for the City (the "Project"), the City Council deems it necessary to issue its sewer revenue bonds (the "bonds"), in the aggregate principal amount of $1,000,000.00, payable solely from the revenues of the Project pursuant to the Revenue Bond Act (the "Act"),'cited as Sections 50-1027 through 50-1043, Idaho Code, and all laws thereunto enabling; and WHEREAS, pursuant to Ordinance No. 135, duly introduced, passed and signed as of the 9th day of July, 1974, and desig- nated in Section 1 thereof by the short title "10-1-72 Bond Ordinance," and to a resolution introduced, passed and signed as of the 23rdday of Jul~ , 1974, and designated by the short title "10-1-72 Public Sale Resolution" (the "Bond Ordinance" and the "Public Sale Resolution," respectively), the City Council authorized, respectively, the issuance and public sale of the bonds in the principal amount of $1,000,000.00; and WHEREAS, pursuant to the Public Sale Resolution, sealed bids for the bonds were received and publicly opened by the City Council on the 20th day of August, 1974, at the hour of 8:00 o'clock p.m., Mountain Daylight Savings Time, at the City Hall., 5160 Yellowstone Street, Chubbuck, Idaho; and WHEREAS, the Council thereupon determined and declared that the bid submitted for the purchase of the bonds by the -1- United States of America, Department of Housing and Urban Development ("HUD"), for a price consisting of the principal amount of such bonds, plus accrued interest thereon from their date to the date of their delivery, at the rate of six percent (6%) per annum, and otherwise maturing, being secured and otherwise being issued subject to the Bond Ordinance constitutes the lowest and best bid for the bonds submitted by a responsible bidder and is to the best advantage of the City. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE COUNCIL OF THE CITY OF CHUBBUCK, IDAHO: Section 1. This ordinance shall be known as and may be cited by the short title "10-1-72 Postsale Ordinance". Section 2. The bid submitted by HUD for the purchase of the bonds in the principal amount of $1,000,000.00, be, and the same hereby is, accepted. Section 3. The money borrowed from HUD shall be evidenced by a single bond in the principal amount and denomination of $1,000,000.00 (or such lesser amount as is loaned to the City by HUD under the Loan Agreement as defined in Bond Ordinance) numbered R-l, which single bond shall mature in installments of principal on October 1 in the years and amounts as follows: Years Maturing (All inclusive) Principal years Maturing Principal Amounts (Ail Inclusive) Amounts 1975 $ 5,000.00 2008 1976 - 1984 10,000.00 2009 - 2010 1985 - 1989 15,000.00 2011 1990 - 1994 20,000.00 2012 1995 - 1997 25,000.00 1998 - 2000 2001 - 2002 2003 - 2005 2006 - 2007 30,000.00 35,000.00 40,000.00 45,000.00 $50,000.00 55,000.00 60,000.00 65,000.00 with interest on the unpaid balance of such advances of principal from April 1, 1974 to the respeCtive above-designated principal installment payment dates at the rate of 6% per annum, on the first day of October, 1974, and semiannually thereafter on the first days of April and October in each year. If payment of any installment of principal is not made as herein provided, interest thereon shall continue at the rate of 6% per annum until such installment of principal is paid in full. The principal and interest are payable in lawful money of the United States of America, without deduction for exchange or collection charges, during the period HUD is the registered owner of the single bond at such place as HUD may from time to time designate, and -2- are payable during any period HUD is not the registered owner hereof at the address shown on the registration book of the City. Section 4. The officers of the City be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limitation the printing of the single bond, and the execution of such certificates as may be reasonably required by HUD. Section 5. All action heretofore taken (not inconsistent with the provisions of this ordinance) by the Council, the offi- cers of the City, and otherwise taken by the City directed toward: A. The Project, and B. The issuance of the bonds for that purpose, in accordance with the Bond Ordinance, the Public Sale Reso- lution and this ordinance, be, and the same hereby is, rati- fied, approved and Confirmed, including, without limitation, the sale of the bonds to HUD as herein provided. Section 6. After any of the bonds are issued, this ordinance shall constitute an irrevocable contract between the City and the holder or holders of the bonds; and this ordinance, if any bonds are in fact issued, shall be and shall remain ir- repealable until the bonds, as to all the principal and interest due in connection with the bonds, shall be fully paid, cancelled and discharged, as herein provided, subject to the defeasance provisions in Section 43, Bond Ordinance. Section 7. This instrument may be amended or supplemented as provided by, and subject to the limitations in, Section 51, Bond Ordinance, and all provisions therein supplemental to Sec- tion 51. Section 8. All by-laws, resolutions and ordinances in conflict with this ordinance, are hereby repealed. This re- pealer shall not revive any by-law, resolution or ordinance, or part thereof, heretofore repealed. Section 9. If any section, paragraph, clause or pro- vision of this ordinance shall for any reason be held to be in- valid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordinance. Section 10. This ordinance shall be published once in one issue of the Idaho State Journal, the official newspaper of the City; and this ordinance shall be in full force and effect -3- from and after its passage, approval and publication, the Council dispensing with the rule providing that ordinances must be read on 3 different days, all as provided by law. PASSED AND APPROVED by the City Council of the City of Chubbuck, Idaho, this 2~ day of Sep%ember , 1974. SIGNED by the Mayor of the City of Chubbuck, Idaho, this 2~th day of September , 1974. CITY COUNCIL OF THE CITY OF CHUBBUCK, a municipal corporation of Idaho Mayor -4- STATE OF IDAHO ) ) COUNTY OF BANNOCK ) ) CITY OF CHUBBUCK ) SS. A re&~lar meeting of the City Council of the City of Chubbuck, in the County of Bannock and State of Idaho, was held on Tuesday ..... , the 24%h day of _~~, 1974, at the hour of 8:00 o'clock p .m., at the Chubbuck City Hall, 5160 Yellowstone Street, in the City, being the regular meeting place of the City Council, at which meeting there were present and answering the roll call the following, constituting a quorum: Present: Mayor: Other Councilmen: John O. Cotant, Jr. Dwain A. Kinghorn Earl L. Romriell Jack J. Menard Wayne G. Taylor None Absent: constituting all the members thereof. There were also present: City Clerk: Vera C. Armstrong City Attorney: Donald Burnett Thereupon the following proceedings, among others, were duly had and taken. Councilman Romriell introduced and moved the adoption of the following ordinance entitled: "AN ORDINANCE CONCERNING A BOND SERIES DESIGNATED AS THE 'CITY OF CHUBBUCK, IDAHO, SEWER REVENUE BONDS, SERIES OCTOBER 1, 1972,' IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,000,000.00, FOR THE PUR- POSE OF DEFRAYING WHOLLY OR IN PART THE COST OF ACQUIRING AND CONSTRUCTING A MUNICIPAL SEWERAGE SYSTEM FOR THE CITY; ACCEPTING THE LOWEST AND BEST BID FOR THE PURCHASE OF THE BONDS; STATING THE PURCHASE PRICE FOR THE BONDS AND THE INTEREST RATES WHICH THE BONDS SHALL BEAR; RATIFYING AC- TION HERETOFORE TAKEN TOWARD SUCH BOND PROJECT AND TOWARD THE ISSUANCE OF THE BONDS THEREFOR; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING FOR THE EFFECTIVE DATE HEREOF." (1) The motion was~made by Councilman Kin~horn and seconded by Councilman Taylor that the rules re- quiring ordinances of a general and permanent nature to be fully and distinctly read on three different days be dispensed with and that the ordinance be read in full and at length and placed upon its final passage. Thereupon, the Clerk was ordered to call the roll on such motion, and the roll call upon such motion was as follows: Those Voting Aye: Dwain A. Kinghorn Earl L. Romriell Jack J. Menard Wayne G. Taylor Those Voting Nay: None Those Absent: None The Mayor thereupon declared that the motion, having been duly passed by not less than one-half plus one of the mem- bers of the full City Council, had been duly carried. The ordinance was then read by the Clerk in full and at length as follows: (The 10-1-72 Postsale Ordinance, con- sisting of pages -1- through -4 -, follows.) (2) ORDh~ANCE.NU. 13/ ................................... ~ AN ORDINANCE CONCERNING A BOND SERIES' DES GNATED AS THE !'C TY · OF CHUBBUCK, IDA, HO,' SEWER REVENUE~'BONDS, SERIES OCTOBER 1, 1972/ IN .t duly sworn on oath deposes and says: That THE AGGREGATI~PRINCIPAL~ AMOUNT OF $1,000,000.00," FOR THEPURPOSEOFDEFRAYINGWHOLLYOR IN PART II times herein mentioned o citizen of the United States of THE COST*OF. ACQUIRING AND CONSTRUCTING A MU.NICIPAL SEWEREAGE,SYSTEM FOR THE CITY; AC. more than 2] years of age, and the Principal Clerk of THE CEPTING THE LOWEST AND BEST BID FOR THE PUR- CHASE OF THE BONDS; STATING THE PURCHASE PRICE TAT~ /al IDN~A/ FOR THE BONDS'AND THE INTEREST RATES WHICH THE '' ..... ,-,,.,,~,,,,,-, a daily newspaper, printed and published at BONDS SHALL BEAR; RATIFYING. ACTION HERETOFORE TAKEN TOWARDSUCH BOND PROJECTANDTOWARDTHE Bannock County, Idaho, and having a general circulation ISSUANCE OF THE BONOS THEREFOR; REPEALING ALL ORDINANCE IN CONFLi EWlTH; AND PROVlDNG-~ FO~ County of Bannock ,~he document or notice, a true copy of which is attached, was of Idaho; in the said IDAHO STATE JOURNAL, on the following dates, eying wholly or in part' the cost a municipal sewerage system s it ~ in the .r from ,~te~,~ber 27 19 '~4 19 ...... the .~ ...................... , .............................................. , Idah6 Code~ .......................... 19 ............................................... 19 ..... noted. Bond Ordinance," 23rcl 1 9 ............................................. , 1 9 ...... da~ "10-1.72 Public' ........................ ' Sol, Sale authorized, 1 9 ...... 1 9._ the bonds in the ......................... , ........................................ WIll Sale Resolution, sealed bids t 1 9 .............................................. , 1 9 ...... Councih of 8:00 o'clock~ · p.m.,YellowstoneMOUntaiStreet at'the City'Hall, 5160;~said paper has been continuously and uninterruptedly pub- WH E R EAS rnd declare~ that thebi~ ~f4hebonds by the United .said County for a period of seventy-eight weeks prior to the ~tates of and Urban: Development. (' of the prin-mn of said notice or advertisement and is a newspaper within cipal amount from - their dateto the at the rate of six per cent ~ing of the laws of Idaho. (6 per cent) being securedcon. ~,~'~ ~ stitutes the lowest?and, bonds submitted by a ~ ' ~ responsible bidder and the best advantage of the CitY. - ........................ NOW, THEREFORE,~BE IT ORDAINED BY THE MAYOR~' AND THE COUNCIl" OF THE CITY OF CHUBBUCK, IDAHO:~' Section 1, This Ordinance Shall be known as and may be cited ribed and sworn to before me th~s ....... by the Short title:"10-1.72 PostSale Ordinance." Section 2. Thebld sUbmitted by HUD for the purchase of the bonds in the ~ln¢ipai amount of S1,000,000.00, be, and the sa me ....... ;j.~ ]?.~.e.j':~b...e..~ ...... 19. hereby is, accepted. ~;, ~.' , . . . · Section 3.~The moneyberrowed from. HUD Shall'be eviaencea ?~.a.,sin..gl.e, .~nd:in~tb~prlnclpal'amount and denomination of.,' /.~' /~ t~uu unoer me Loa~ye~ment aS defined jn Bond Ordinances) .................. ~:: ..~:~...<.~..:~...<.-.~,~_.~...~.~...~C~.. ................... n_umbere, d R.1, whiclY slngle bond She 1 mature in installments of 3 principal on October ~j lathe years and amounts as tol ows: , Notary Public, State of Idaho Ye~Sin~' ~ .~earsMaturna ~ .... Residence: Pocatello, Idaho (All I_~ ' ~ - (All Incluslve~- 1975 $5,000.00 2008 1976.1984 · . 10,0iX).00 2009.2010 * 1985-1989 1S,000,00 2011 ~ 55,000.00 1995.1997 25,008.00 65,000.00 .... 1998-2000 30,000.00 2001.2002 35,000.00 2003.2005 2006.2007 with interest on the unpaid belonce of such odvances of prlncipa~ from April 1, 1974 to the respective abeve-designated principal inst~llment payment detes at the rateof 6per cent per annum, on the first day of October, 1974, and Semiannually thereafter on the first days of April ond October in e~ch year. If payment~o~f any installment of principal Is not made as herein provided, inferest tsh~e.r~, ?h.a. II ucn mS~allment..~.~. ~lq. ~ ./ig~Jll~.~l~li~jlll~e principal and interest 'are pay~n wfljjs~j~j~¥-.~f~e~[l~ited states of; dAumr.eric, a., with.out ~c~hg~ ~r collection charges, .: rIng ~ne perloa Huo is the registered owner of the single bond at such place as HUD may'from time to time designate, and are payable during any period HUD iai not the registered owner l~ere~ef~! the. ad_dres_s...shown on .tbe'.regi.stretlon book of the City. ec~ion 4. ille officers of the City be~ and they hereby are, authorized and directed to take all action necessary or propriate to effectuate the PrOvisions of this ordinance, in- cluding, without limitation the printing of the single bond, and the execution of Such certificates as may be'reasonably required by HUD. Section 5. All action heretofore'.taken (not inconsistent with the provisions of this ordinance) by the Council, the officers of the City, and otherwiSe taken by the City directed .toward: , A. The Project, and B. The IsSuance of the bonds for that purpose, in accordance with the Bond Ordinance, the Public Sale Resolution an~ this ordinance, be, and the Same hereby is, ratified, approved and confirmed, Including, without limitation, the sale of the bonds to HUD as herein provided. ' Section 6. After any of the bonds are Issued, this ordinance .ho.a[I cons.tit.ute an i.r.r, evecable contract between the City and the Ioer or nmoers ot the bonds; and this ordinance; if any bonds 'are in fact issued, shall be and shall remain Irrepeatable until the bonds, as to all the principal and interest due in connection with the b?.nd?, sh.e!l.b~, f.ul. ly paid, cancelled and discharged, as herein prowaeo, SUOlectea to the defeasance provisions in Section 43, Bond Ordinance. Section 7. This instrument may be amended or supplemented as provided by, and sublect to the limitations in, Section 51; Bond' Ordinance, and all PrOviSions therein supPlemental to Section 51. Section ~. All by.laws, resolutions and ordinances in conflict with this ordinance, are herebYrepealed. This repealer shall not revive any by-law, resolution or ordinance, or part thereof, heretofore repealed. Section 9. If any section, paragraph, clause Or provision of' this ordinance Shall for any reason be held to be invalid or unenforceable, the invalidity or unanforceability of suchSecti6n, ~ paragraph, clause or provision Shall not affect any of the remaining provisions of this ordinance. Section 10. This ordinance Shall be published once In One issue .of.the I=d,a_? State 50urnah_fhe Official newspaper of the City; and m~s eramance Shall be in full force and effect from and after Its passage, approval and publication, the Council dispensing with the rule providing that Ordinances must be read on 3 different days, all as provided by law, PASSED AND APPROVED by the Clty Council of the City of Chubbuck, Idaho, this 24th day of September, 1974. SIGNED by the Mayor of the City of Chubbuck, daho, this 24th day of September, .1974. City .Council of fheCity Of Chubbuck, a municipal corporation of Idaho By: .s. John O. Cotant, Jr. Mayor (SEAL) Attest: .s- Vera C. Armstrong City Clerk Sept. ~/~ 1974