HomeMy WebLinkAbout0193 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
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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.
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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
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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)
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(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,
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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
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17th day of October, 1978.
ATTEST:
SEAL
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