HomeMy WebLinkAbout0137 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