HomeMy WebLinkAbout0173 Water Revenue Bond 1976 ORDINANCE NO. 3
AN ORDINANCE OF THE CITY OF CHUBBUCK, IDAHO, CONCERNING A
BOND SERIES DESIGNATED AS THE "CITY OF CHUBBUCK, IDAHO,
WATER REVENUE BONDS, SERIES SEPTEMBER 1, 1976," IN THE
AGGREGATE PRINCIPAL AMOUNT OF $250,000.00, FOR THE PURPOSE
OF DEFPJ%YING THE COST OF IMPROVING, BETTERING AND
EXTENDING THE CITY'S WATER SYSTEM; ACCEPTING THE LOWEST
AND BEST BID FOR THE PURCHASE On THE BONDS..' STATING
THE PURCHASE PRICE FOR THE BONDS AND THE INTEREST
RATES WHICH THE BONDS SHALL BEAR; AUTHORIZING INTERIM
FINANCING FOR THE PROJECT; RATIFYING ACTION HERETOFORE
TAKEN TOWARD SUCH WATER PROJECT AND TOWARD THE ISSUANCE
OF THE BONDS THEREFOR; REPEALING ALL ORDINANCES IN
CONFL~ HEREWITH; AND PROVIDING FOR THE EFFECTIVE DATE
HEREOF.
WHEREAS, the City of Chubbuck, in the County of
Bannock and State of Idaho (herein the "City," the "County"
and the "State," respectively), is a municipal corporation
dulY organized and existing as a city under the general laws
of the State; and
~EREAS, the water facilities of the City presently
need improvement, betterment and extension; and
WHEREAS, the City Council of the City (herein the
"Council") has determined and does hereby redeclare that the
interest of the community and the public interest and neces-
sity require the immediate improvement, betterment and ex-
tension of the City's water system (herein the "Project" and
the "Improvements," respectively); and
WHEREAS, for the purpose of defraying wholly or
in part the cost of the Project, the Council further deems
it necessary to issue its water revenue bonds (herein the
"1976 bonds" and merely the "bonds"), in the aggregate
principal amount of $250,000, payable solely from the reve-
nues of the City's water system (herein the "System" and
merely the "Facilities"), as so improved, pursuant to the
Revenue Bond Act (herein the "Act"), cited as Sections
50-1027 through 50-1043, Idaho Code, and all laws thereunto
enabling; and
WHEREAS, pursuant to Ordinance No.' ~0 , duly
introduced, passed and signed as of the '2~ day of August,
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1976, and designated in S 1 thereof by the short title
"9-1-76 Bond Ordinance," and to a resolution then also so
introduced, passed and signed, and designated by the
short title "9~1-76 Public Sale Resolution" (herein the
"Bond Ordinance" and the "Public Sale Resolution,"
respectively), the Council authorized the issuance and
public sale of the bonds in the principal amount-of
$250,000; and
WHEREAS, pursuant to the Public Sale Resolution,
the Council provided that sealed bids would be received and
publicly opened for the bonds on the ~day of ~,~ ,
1976, at the hour of ~:DO o'clock ;.m., Mountain Daylight
Savings Time, at the City Hall Building, 5160 Yellowstone
Street, Chubbuck, Idaho; and
WHEREAS, after published and mailed advertisement
therefor, sealed bids were so received and publicly opened
at the designated place, date and hour; and the City, acting
by and through its Treasurer and its Financial Consultant,
has tabulated and otherwise analyzed all bids so submitted
for the purchase of the bonds and has reported the results
thereof to the Council; and
WHEREAS, the Council thereupon determined and
declared that the bid submitted for the purchase of the
bonds by ~;~:~-,~W $ ~~j ~. in ~--47';~ ,
~~7~ (herein the "Purchaser") and its associates, for
a price consisting of the principal amount of such bonds,
i.e., $250,000, plus accrued interest thereon from their
date to the date of their delivery, and a premium of
$' '---~-- (the bonds bearing interest until their respec-
tive maturities at the rates hereinafter provided) constitutes
the lowest and best bid for the bonds submitted by a respon-
sible bidder and is to the best advantage of the City; and
WHEREAS, the Purchaser deposited a good faith
check in the amount of $ ~5-b~.o~9 with the City.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
COUNCIL OF THE CITY OF CHUBBUCK, IDAHO:
Section 1. This ordinance shall be known as and
may be cited by the short title "9-1-76 Postsale Ordinance"
(herein this "ordinance").
Section 2. The bid submitted by the Purchaser
for the purchase of the 1976 bonds in the principal amount
of $250,000, be, and the same hereby is, accepted.
Section 3. The bonds shall be numbered, shall bear
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interest from their date until their respective maturities
at the respective rates hereinafter designated, interest
being evidenced by one set of coupons attached to the
bonds, and the bonds shall mature serially in regular num-
erical order on the first day of September in each of the
designated amounts and designated years, as follows:
Bond Numbers
(All InclusiVe)
Interest Rate
(Per Annum).
Amounts Years
'Maturin~ Maturing
1 ~7~ % $ 5,000 1978
2 ~Tg % 5,000 1979
3 - 4 ~vE % 10,000 1980
5 - 6 ~7 % 10,000 1981
7 - 8 ~75 % 10,000 1982
9 - 10 E?g % 10,000 1983
11 - 12 ~?~- % 10,000 1984
13 - 14 ~7~.% 10,000 1985
15 - 16 ~Tg % 10,000 1986
17 - 19 ~Tp % 15,000 1987
20 - 22 ~7~% 15,000 1988
23 - 25 ~7~ % 15,000 1989
26 - 28 ~.~.% 15,000 1990
29 - 31 &.~% 15,000 1991
32 - 34 A.~% 15,000 1992
35 - 38 A,~ % 20,000 1993
39 - 42 &,~ % 20,000 1994
43 - 46 &.~% 20,000 1995
47 - 50 A.a~% 20,000 1996
Section 4. The officers of the City be, and they
hereby are, authorized and directed to take all action neces-
sary or appropriate to effectuate the provisions of this
ordinance, including without limitation:
A. The printing of the bonds, including,
without limitation, the printing on each bond
of a certified true copy of bond counsel's ap-
proving opinion; and
B. The execution of such certificates as
may be reasonably required by the Purchaser,
relating, inter alia, to:
(1) The signing of the bonds,
(2) The tenure and identity of the officials
of the Council and the City,
(3) The delivery of the bonds and the receipt
of the bond purchase price,
(4) The application of the bond proceeds to
defray in part the cost of the Project as stated
in the bond ordinance,
(5) The exemption of interest on the bonds
from Federal income taxation, and
(6) If it is in accordance with fact, the
absence of litigation, pending or threatened, af-
fecting the validity thereof.
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Section 5. Ail 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 and this ordinance, be, and the same hereby is,,
ratified, approved and confirmed, including, without limitation,
the sale of the bonds to the Purchaser as herein provided.
Section 6. After any of the bonds are issued,
this ordinance shall constitute an irrevocable contract be-
tween 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 irrepealable until the bonds, as to all the Bond
Requirements due in connection with the bonds, shall be fully
paid, cancelled and discharged, as herein provided, subject
to the defeasance provisions in § 32, Bond Ordinance.
Section 7. This ordinance may be amended or supple-
mented as provided by, and subject to the limitations in,
~ 40, Bond Ordinance, and all provisions therein supplemental
to § 40; but whenever the term "ordinance" is used therein,
it shall be construed as a reference to this ordinance.
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Section 8. Use of Interim Certificates for Interim
Financing. The Council authorizes the Treasurer to issue
interim certificates in an aggregate amount not to exceed the
maximum amount of the bonds, payable to the lender which
agrees to provide interim financing during the construction
period pending the preparation of the bonds authorized by
Ordinance No. 170 and by this Ordinance No. ~.~ . Said
interim certificates shall bear interest at a rate of not
exceeding /~.~, per annum from their respective dates until
maturity and shall be signed by the Mayor, Clerk and
Treasurer. Said interim certificates, together with the
interest due thereon from the date of the issue of each of sa~d
interim certificates unt.~,~-~aid,~_shall be redeemed and retired
in.numerical order only from the pro~e'eds ~he b~nds, or
from the net revenues of the system if sa~ ?gnds are not~
delivered. Each interim~ certificate~shai1 be registered i~
the office of the Treasurer'~ando, any transfer~thereof must
likewise be registered in s-aid office.
Section 9. Form of Interim Certificates. The
interim certificates shall be in substantially the following
form:
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(Form of Interim Certificate)
CITY OF CHUBBUCK, IDAHO
WATER REVENUE BONDS
SERIES 1976 -$ 250,000
INTERIM CERTIFICATE
Principal Amount:
Interest Accrued:
Total Due:
No.
$
$
$
City of Chubbuck, Idaho,
, 1976
The Treasurer of the City of Chubbuck, Idaho, will,
on , 1976, or, at an earlier date
upon call by said City, pay to , at
the office of the Treasurer of the City of Chubbuck, Idaho, the
sum of Dollars
($ ), together with the interest due thereon at the
rate of per cent ( %) per annum from the date
hereof until paid.
This certificate and the interest thereon shall be
a special obligation of the City of Chubbuck, Idaho (herein
"City") for the payment of which the City Council of said
City hereby pledges the net income to be derived from the
operation of the City's water system and the proceeds of
the water revenue bonds of said City which have been sold
as provided~in Ordinance No. passed on September 28, 1976,
pursuant to Sections 50-1027 through 50-1042, Idaho Code,
as amended.
This certificate is registered in the office of the
City Treasurer and any transfer thereof must likewise be
registered in said office, and may be transferred by registered
assignment only.
Dated the day, month and year, and numbered, first
above written, and duly~registered by the City Treasurer.
By Order of the City Council
Mayor
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(Seal)
Clerk
Treasurer
(Form of Assignment on Back of Certificate)
The within and foregoing Interim Certificate
No. , issued in connection with City of
Chubbuck, Idaho, Water Revenue Bonds, Series September,
1976, is hereby sold, assigned, transferred, and set over,
without recourse, unto
subject to the terms and conditions of said certificate.
Dated this , 197 .
Owner
(Form of Registration Certificate on Back of Interim Certificate)
The within and foregoing assignment of Interim
Certificate No. , issued in connection with the
City of Chubbuck, Idaho, Water Revenue Bonds, September,
1976, has been duly registered in the name of the above
assignee this , 1976.
City Treasurer
(End of Form of Interim Certificate)
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Section 10. Ail bylaws, resolutions and ordinances
in conflict With this ordinance, are hereby repealed. This
repealer shall not' revive any bylaw, resolution or ordinance,
or part thereof, heretofore repealed.
Section 11. If any section, paragraph, clause or
provision of this ordinance shall for any reason be held to
be invalid or unenforceable, the invalidity or unenforce-
ability of such Section, paragraph, clause or provision
shall not affect any of the remaining provisions of this
ordinance.
Section 12. 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 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 ADOPTED by the City Council of the
City of Chubbuck, Idaho, this ~_~ day of ~E-~-~w4~ ,
1976.
SIGNED by the Mayor of the City of Chubbuck,
Idaho, this ~_~ day of ~~E~ , 1976.
By:
CITY COUNCIL OF THE
CITY OF CHUBBUCK, a municipal
corporation of Idaho
Attest:
City Clerk
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