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0173 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, -1- 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 -2- 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. -3- 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. (next page) - 4 - 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: (next page) - 5 - (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 - 6 - (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) - 7 - 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 - 8 -