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0193 Local Improvement District No 1 1978ORDINANCE NO. ]93 AN ORDINANCE CONFIRMING THE CREATION OF LOCAL I~ROVEMENT DISTRICT NO. 1 OF THE CITY OF CHUBBUCK, IDAHO; PROVIDING THAT EXPENSES OF IMPROVEMENTS MADE IN SAID DISTRICT, AND RELATED COSTS, BE PAID BY INSTALLMENTS; PROVIDING FOR ISSUANCE OF IMPROVEMENT BONDS OF THE DISTRICT IN THE NAME OF THE CITY OF CHUBBUCK, IDAHO; SETTING FORTH THE CONTENTS OF SAID BONDS AND COUPONS; ASSESSING COSTS AND EXPENSES AGAINST THE PARCELS OF LAND IN SAID DISTRICT AND DESCRIBING THE MANNER OF SAID ASSESS}~NTS; ESTABLISHING THE LIEN OF SUCH ASSESSIfENTS AND INTEREST; PROVIDING FOR THE PUBLICATION OF THIS ORDINANCE IN THE IDAHO STATE JOUrnAL, THE OFFICIAL NEWSPAPER OF THE CITY; PROTECTING THE FOREGOING PROVISIONS FROM REPEAL; AND PROVIDING ~N THIS ORDINANCE SHALL BECO~ EFFECTIVE. I,~EREAS, the Chubbuck City Council has, pursuant to the requisite preliminary proceedings and Ordinance No. 184, adopted on October 27, 1977, created Local Improvement District No. 1; and ~{EREAS, the Local Improvement District contains the following property in the City of Chubbuck: A tract of land in the S 1/2, SE 1/4, ~ 1/4, Section 10, T. 6 S., R. 34 E., B.M., Bannock County, Idaho, and described to wit: 'Beginning at the NE corner of S 1/2, SE 1/4, NW 1/4, of Section 10, T. 6 S., R. 34 E., B.M., thence westerly along said north line of the S 1/2, SE 1/4, NW 1/4 to the west right-of-way line of Yellowstone Highway a distance of 36 feet more or less, said point being the True Point of Beginning; thence S 02o34'48'' W - 456.92 feet more or less to an Idaho State Highway right-of-way monument; thence S 73°02'07'' W - 686.34 feet more or less to an Idaho State Highway right-of-way monument; thence N 89o29'42'' W - 600°22 feet more or less; thence N 00o29'42'' E - 663oll feet more or less to the said north line of S 1/2, SE 1/4, !~ 1/4 of Section 10, T. 6 S., R. 34 E., B.M.; thence S 89o28'24'' E - 1276.36 feet more or less to the True Point of Beginning. All said lands adjoining West Burnside Avenue in the City of Chubbuck, Idaho. I~{EREAS, the City Council, on September 5, 1978, having given notice of assessments within said District and having received no objections to such assessments, duly executed Ordinance No. 192, confirming an assessment roll for said District and fixing the total costs of the improve- ments and allowable expenses in the sum of $98,500.00, and thereafter filed notice of adoption of said Ordinance, description of the area of the District and the assessments levied against the parcels within said District with the Bannock County Recorder; and WHEREAS, notice was duly given to the property owners that they might pay their assessments in full at any time during the period of September 5, 1978 up to and including the 6th day of October, 1978, but in response to such notice no payments were received; and ~EREAS, the City Council has found that the costs and expenses of the improvements made in said Local Improvement District shall be provided for and paid in installments instead of levying the entire tax of special assessments for such costs at one time; and W]{EREAS, having given due notice of bond sale and having accepted a proper bid, the City Council desires to issue in the name of the city improvement bonds of the said District, in the full amount of $98,500.00, to bear the date of December 1, 1978, payable in ten (10) installments, to pay the costs and expenses of said improvements not already paid by property owners of said District and the City. The amount now unpaid is $98,500.00. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF CHUBBUCK, IDAHO: SECTION 1. Confirmation. All prior proceedings and actions taken and done in connection with the establish- ment of Local Improvement District No. 1 in the City of Chubbuck, Idaho, including (without limitation) the apportion- ment of the costs of improvements against parcels of land in -2- said District, are hereby in all respects fully approved, ratified and'confirmed. SECTION 2. Installment Payments. The costs and expenses of said improvements chargeable to the parcels of land within said District, shall be paid in ten (10) annual installments, as provided by law in each of the years 1979 to 1988 inclusive. SECTION 3. Issuance of Bonds. There are issued, in the name of the City of Chubbuck, improvement bonds of said Local Improvement District No.1, in the principal sum of $98,500.00, which bonds shall bear date of the 1st day of December, 1978, and shall uniformly bear interest at the rate of 5.95 per centum, per annum, payable annually on the 1st day of July in each year. Said interest shall be evidenced by coupons attached to said bonds, and both principal and interest on said bonds shall be payable at the office of the City Treasurer of the City of Chubbuck, or at the Idaho Bank and Trust Co., Chubbuck, Idaho, at the option of the holder of said bonds. Said bonds shall be signed by the Mayor and countersigned and attested by the City Clerk-Treasurer. Each bond shall have the seal of the City affixed thereto; and the coupons attached to each bond, as evidence of the interest accruing thereon, shall in lieu of being signed have printed thereon the facsimile signatures of said officers. Said bonds shall be numbered from one (t) upward consecutively. $8,500.00 of the amount of the aggregate of said bond issue shall mature on July 1, 1979; and $10,000.00 shall mature the same date in each of not more than nine(9) succeeding years. Said bonds shall be subject to call and payment as provided in Chapter 17, Title 50, Idaho Code. The first of said bonds shall be in the denomination of $8,500.00 and the remaining bonds shall be in denominations of $10,000.00 each as so determined by the City Council. -3- SECTION 4. Contents of Bonds and Coupons. Said bonds and coupons thereto attached, shall, with the exception of number, principal sum and maturity date, be in the following form: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF IDAHO CITY OF CHUBBUCK Local Improvement District No. 1 December 1, 1978, Issue $98,500.00 Aggregate No. 1 Principal Sum $8,500.00 The City of Chubbuck, in the County of Bannock, State of Idaho, for value received, hereby promises to pay to the bearer $8,500.00, in lawful money of the United States of America on the 1st day of July, 1979, A.D., subject, however, to call and payment as provided in Chapter 17, Title 50, of the Idaho Code, on the presentation and surrender of this bond, together with interest thereon at the rate of 5.95% per annum payable annually on the 1st day of July in each year, upon the presentation and surrender of the proper coupons, thereto attached, both principal and interest being payable at the office of the City Treasurer in Chubbuck, Idaho, or at the Idaho Bank and Trust Co., Chubbuck, Idaho, at the option of the holder of said bonds. This bond is one of a series of bonds of like date and tenor issued in full conformity with the constitution and the laws of the State of Idaho, and the ordinances of the City of Chubbuck for the purpose of paying the costs of certain improvemenns in "Local Improvement District No. 1" in the City of Chubbuck. It is hereby certified and recited that all the requirements of law have been fully complied with by the proper officers in the ±ssuance of this bond and that the total amount -4- of the issue does not exceed the limit prescribed by law. The principal sum herein named and the interest thereon shall be payable out of the Local Improvement District Fund created for the payment of costs and expenses of such improvements in said Local Improvement District No~. 1, or out of any "Local Improvement Guarantee Fund" duly authorized and created, and not otherwise. SECTION 50-1723 of the Idaho Code reads as follows: "The holder of any bond, issued under the authority of this code, shall have no claim therefor against the municipality by which the same is issued, except to the extent of the funds created and received by assessments against the property within any local improvement district as herein provided and to the extent of the local improvement guarantee fund which may be established by any such municipality under the provisions of this code, but the municipality shall be held responsible for the lawful levy of all special taxes and assessments herein~provided and for the faithful accounting of settlements and payments of the special taxes and assessments levied for the payment of the bonds as herein provided. The owners and holders of such bonds shall be entitled to complete enforcement of all assessments made for the payment of such bonds. A copy of this section shall be plainly written, printed or engraved on the face of each bond so issued." IN WITNESS ~{EREOF, the City Council of the City of Chubbuck, Idaho, has caused this bond to be signed by the Mayor and countersigned by the Clerk-Treasurer of said City, has caused the seal of the City to be hereunto affixed and attested by the City Clerk-Treasurer and has likewise caused the coupons hereto attached to be signed by the facsimile signature of the Mayor and City Clerk-Treasurer as of the first day of December, 1978. CITY OF CHUBBUCK, IDAHO By: Mayor COUNTERSIGNED: ATTEST: City' Clerk-T~easurer City Clerk-Treasurer (END OF FORM OF BOND) -5- (FO~ OF COUPON) No. $ On the 1st day of 3uly, 197_, the City of Chubbuck, Idaho, under the conditions of the bond to which this coupon is attached, will pay to the bearer $ in lawful money of the United States of America, at the office of the City Treasurer in Chubbuck, Idaho, or at the Idaho Bank and Trust Co., Chubbuck, Idaho, at the option of the holder of this coupon, being interest then due on its Local Improvement Bond of Local Improvement District No. 1, dated on the first day of December, 1978, and'bearing number CITY OF CHUBBUCK, IDAHO By: (Facsimile Signature) Mayor Attest: (Facsimile Signature) City Clerk-Treasurer (END OF FORM OF COUPON) SECTION 5. Assessments. The entire cost of the improvements made in said Local Improvement District No. 1, and the apportionment of the same as set forth in the assessment roll herinbefore mentioned, and as filed in the office of the City Clerk, and as later confirmed by Ordinance No. 192 adopted by the City Council on September 5, 1978, and as noticed and filed in Bannock County records, is hereby assessed against the lots and parcels of land included within said Local Improvement District No. 1. Said entire cost of improvements hereby charged against each of such parcels of land as shown by said assessment roll may be paid in ten (10) annual installments with interest upon the whole sum cha~ged at the rate of five and ninety-five one hundredths per centum (5.95%) per annum. Each year hereafter, commencing on July 1, 1979, one of such installments, together with the interest due thereon, and on all installments thereafter to become due, shall be collected in such manner as shall be provided by law and the ordinances of the City of Chubbuck, -6- Idaho, for the collection of assessments for such improvements in cases where no bonds are issued. SECTION 6. Lien. Said assessments shall bear interest at the rate of 5.95% per annum, which assessments and interest are hereby declared to be a lien in the amount assessed against each parcel of land herein before specified, as shown by said assessment roll hereinbefore mentioned, and hereby made a part hereof the same as if set forth at length herein, from and after publication of said ordinance. This lien shall be superior to the lien of any mortgage or other encumbrance, whether prior in time or not, and shall constitute such lien until paid; and until paid, such lien shall not be subject to extinguishment for any reason whatsoever, including but not limited to the sale of the property assessed on account of the nonpayment of general taxes or the conveyance of such property by any means to the United States of America, or any agency thereof, the State of Idaho, or any county, city, school district, junior college district or other public body, agency or taxing unit in said state. SECTION 7. Publication. Publication of this ordinance shall be made in the Idaho State Journal, a newspaper of the City of Chubbuck, and said newspaper is declared to be the official paper of the City of Chubbuck for said purposes. SECTION 8. Protection from Repeal. This ordinance shall remain irrepealable until after the bonds herein provided for, both principal and interest, have been paid and discharged. SECTION 9. Effective Date. The rule requiring ordinances to be read on three separate occasions is hereby dispensed with and this ordinance shall be in full force and effect, from and after its passage, approval and due publi- cation, as provided by law. PASSED BY THE COUNCIL AND APPROVED BY THE ~YOR THIS -7- 17th day of October, 1978. ATTEST: SEAL -8-