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HomeMy WebLinkAbout1994-010 Water System Improvements RESOLUTION NO. 10 -94 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK, IDAHO, AUTHORIZING THE EXECUTION AND FILING OF A PETITION FOR JUDICIAL CONFIRMATION, PURSUANT TO TITLE '7, CHAPTER 13, IDAHO CODE, WITH RESPECT TO CERTAIN WATER SYSTEM IMPROVEMENTS; FINDING AND DECLARING THAT A PROPOSED INSTALLMENT PURCHASE AND TRUST AGREEMENT AND EVIDENCE OF INDEBTEDNESS PURSUANT THERETO CONSTITUTES "ORDINARY AND NECESSARY EXPENSES" OF THE CITY WITHIN THE MEANING OF ARTICLE 8, SECTION 3, IDAHO CONSTITUTION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Chubbuck, Idaho (the "City"), has for many years owned and operated a municipal domestic water system ("System"), which System is in need of certain improvements and repairs (the "Project") for its continued operation in accordance with applicable state and federal laws and standards; and WHEREAS, the City Council has determined that it is in the best interests of the City and its inhabitants to finance the costs of such through an Installment Purchase and Trust Agreement with First Security Bank of Idaho, N.A.; and WHEREAS, the First Security Bank of Idaho, N.A., has tentatively approved such Agreement, subject to the condition, among other conditions, that the City first obtain judicial confirmation, pursuant to the Judicial Confirmation Law, the same being Title ?, Chapter 13, Idaho Code, of the validity of the proposed Installment Purchase and Trust Agreement and any evidence of indebtedness thereunder as an "ordinary and necessary expense" of the City under Article 8, Section 3, of the Idaho Constitution. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHUBBUCK, IDAHO, as follows: Section 1: The Petition for Judicial Confirmation (the "Petition"), a copy of which is annexed hereto and by reference made a part hereof, is approved, and the Mayor is authorized to execute the verification of the same. Section 2: The City Attorney is hereby authorized to file said Petition on behalf of the City in the District Court of the Sixth Judicial District of the State of Idaho, in and for the County of Bannock, and to take all actions necessary with respect thereto in order to obtain an judgment of said court in accordance with the prayer of said Petition. Section 3: The City Council hereby finds and declares that the proposed Installment Purchase and Trust Agreement, and any evidence of indebtedness executed pursuant thereto, for the financing of said Project, constitute an ordinary and necessary RESOLUTION - Page 1 *aw chbbck09.089 -- EXHIBIT "F" -- expense of the City within the meaning of Article 8, Section 3, Idaho Constitution, for which no approving vote of the electors of the City is required, for the following reasons: A. The proposed expenditure is necessary to protect the health and safety of the inhabitants of the City and to comply with State and federal health and environmental standards. B. The proposed expenditure is for the purpose of repairing, rehabilitating, maintaining, and extending existing City services in order to render them Serviceable, as opposed to the construction of wholly new facilities. C. The amount of the proposed indebtedness is not disproportionate to the City's overall budget for the year. D. The proposed Project is authorized by the general laws of the state. E. The City has operated the existing System for many years and has determined that the Project is indispensable to the efficient continued operation of the System. Section 4: This Resolution shall take effect and be in force immediately upon its passage and approval. DATED this llth day of October, 1994. CITY OF CHUBBUCK Bannock County, Idaho J/~hn O. Cotant, Mayor ATTEST: Ron Conlin, City Clerk RESOLUTION - Page 2 saw chbbck09.089 RESOLUTION #10-94 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK. IDAHO, AUTHORIZING THE EXECUTION AND FILING OF A PETITION FOR JUDICAL CONFIRMATION, PURSUANT TO TITLE 7, CHAPTER 13, IDAHO CODE, WITH RESPECT TO CERTAIN WATER SYSTEM IMPROVEMENTS; FINDING AND DECLARING THAT A PROPOSED INSTALLMENT PURCHASE AND TRUST AGREEMENT AND EVIDENCE OF INDEBTEDNESS PURSUANT THERETO CONSTITUTES "ORDINANRY AND NECESSARY EXPENSES" OF THE CONSTITUTION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Chubbuck, Idaho (the"City"), has for many years owned and operated a municipal domestic water system("System"), which System is in need of certain improvements and repairs ("the Project"), for its continued operation in accordance with applicable state and federal laws and standards; and WHEREAS, the City Council has determinded that it is in the best interests of the City and its inhabitants to finace the costs of such through an Installment Purchase and Trust Agreement with First Security Bank of Idaho, N.A.; and WHEREAS, the First Security Bank of Idaho, N.A., has tentatively approved such Agreement, subject to the condition, among othe conditions, that the City first obtain judicial confirmation, pursuant to the Judicial Confirmation Law, the same being Title 7, Chapter 13, Idaho Code, of the validity of the proposed Installment Purchase and Trust Agreement and any evidence of indebtedness thereunder as an "ordinary and necessary expense" of the City under Article 8, Section 3, of the Idaho Constitution. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHUBBUCK, IDAHO, as follows: Section 1: The petition for Judicial Confirmation ("the Petition"), a copy of which is annexed hereto and by reference made a part hereof, is approved, and the Mayor is authoized to execute the verification of the same. Section 2: The City Attorney is hereby authorized to file said Petition on behalf of the City in the District Court of the Sixth Judicial District of the State of Idaho, in and for the County of Bannock, and to take all actions necessary with respect thereto in order to obtain a judgement of said court in accordance with the prayer of said Petition. Section 3: The City Council hereby finds and declares that the proposed Installment Purchase and Trust Agreement, and any evidence of indebtedness executed pursuant thereto, for the financing of said Project, constitute an ordinanry and necessary expense of the City within the meaning of Article 8, Section 3, Idaho Constitution, for which no approving vote of the electors of the City is required, for the following reasons: A. The proposed expenditure is necessary to protect the health and safety of the inhabitants of the City and to comply with State and federal health and environmental standards. B. The proposed expenditure is for the purpose of repairing, rehabilitating, maintaining, and extending existing City services in order to render them servicable, as opposed to the construction of wholly new facilities. C. The amount of the proposed indebtedness is not disproportionate to the City's overall budget for the year. D. The proposed Project is authorized by the general laws of the state. E. The City has operated the existing System for many years and has determined that the Project is indispensable to the efficient continued operation of the System. Section 4: This Resolution shall take effect and be in force immediately upon its pasage and approval. DATED this llth. day of October, 1994. CITY OF CHUBBUCK Bannock County, Idaho By ~tant, Mayor ATTEST: Ron C. Conlin, City Clerk LAW OFFICES JONES, CHARTERED 415 SOUTH ARTttUR LAMONT JONES P.O. BOX 967 JACK H. ROBISON POCATELLO, IDAHO 83204-0967 TELEPHONE: (208) 232-5911 THOMAS J. HOLMES FAX: (208) 232-5962 JESSE C. ROBISON KELLY KUMM October 18, 1994 Ron Conlin City of Chubbuck P. O. Box 5604 Chubbuck, Idaho 83202-0006 Dear Ron: Enclosed please find Resolution No. 10-94, regarding filing of a petition for judicial confirmation. Sincere Thomas J. Holmes TJH/Osc chbbck10.181 Enclosure