HomeMy Public PortalAboutOrd. 985 Calling General Bond Election (failed) ORDINANCE NO. 985
AN ORDINANCE CALLING A GENERAL OBLIGATION BOND ELECTION TO BE HELD
FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF THE CITY
OF MCCALL, VALLEY COUNTY, IDAHO, A PROPOSITION FOR THE ISSUANCE OF
NEGOTIABLE GENERAL OBLIGATION BONDS OF THE CITY; DETERMINING THAT
THE TOTAL AMOUNT OF BONDED INDEBTEDNESS OF THE CITY WILL NOT
EXCEED TWO PERCENT (2%) OF MARKET VALUE OF TAXABLE PROPERTY;
DIRECTING THE CITY CLERK TO NOTIFY THE COUNTY CLERK THAT THE MAYOR
AND CITY COUNCIL CALLED THE BOND ELECTION; APPROVING THE FORM OF
NOTICE OF GENERAL OBLIGATION BOND ELECTION; APPROVING THE FORM OF
BALLOT; PROVIDING FOR THE ISSUANCE OF SUCH BONDS AND MAKING
PROVISIONS FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON SUCH
BONDS; ORDERING PUBLICATION; PROVIDING FOR A WAIVER OF THE READING
RULES; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, certain public library and related improvements, within the City of McCall,
Valley County, Idaho (the "City"), are deemed by the members of the Council of the City (the
"Council")to be required for the public good and welfare of the City; and
WHEREAS, the Council has determined and hereby deems it is necessary and advisable
to finance certain capital improvements in the City, for the purpose of preparing, constructing,
renovating, and furnishing the City's existing library facilities and an addition thereto, and the
related relocation of the storage and office facilities of the City's Parks Department, all pursuant
to Sections 50-1019(4) and 50-1019(5), Idaho Code (the "Project"); and
WHEREAS, the City deems it necessary and advisable to issue general obligation bonds
of the City in the amount of up to $6,200,000, pursuant to the provisions of Sections 50-1019 and
50-1026, Idaho Code, and Chapter 2, Title 57, Idaho Code, to finance the Project, and in order to
do so desires to call an election to be held pursuant to Chapter 14, Title 34, Idaho Code, for
electorate authorization of issuing bonds to finance the Project; and
WHEREAS, said bonds cannot be issued without the assent of two-thirds (2/3) of the
qualified electors of the City voting at an election held for the purpose of authorizing or refusing
to authorize the issuance of said bonds; and
WHEREAS, neither the question herein set forth nor any question for a similar, or like,
purpose has been defeated at an election which has been held in the City within two (2) months
of the date of the adoption of this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE
CITY OF MCCALL, VALLEY COUNTY, IDAHO:
Page 1 of 7
Ord.985 Library Expansion Bond Election
February 27,2020
Section 1. A special general obligation bond election (the "Bond Election") is hereby called
to be held in the City on Tuesday, May 19, 2020, for the purpose of submitting to the qualified
electors of the City the proposition set forth in the form of ballot hereinafter provided.
Section 2. The City hereby determines that the outstanding amount of all general obligation
bond indebtedness of the City, including the bonds proposed under this Ordinance, will not
exceed two percent (2%) of the market value for assessment purposes of all real and personal
taxable property within the City on the tax rolls completed and available according to the
assessment of the preceding year.
Section 3. The Project briefly and generally described shall consist of the preparation,
construction, renovation, improvement, upgrading and betterment of the City's library facilities
by making the following improvements:
It is currently anticipated that the City's library facilities will be improved by the
renovation of the existing library facilities, construction of a new addition to the
library facilities, site preparation for construction of the new addition, including
the relocation of the office and storage facilities of the City's Parks Department
currently located on the site, furnishing of the library facilities, and all other
related costs, items and appurtenances necessary, useful and convenient for the
betterment of the City's library facilities, as otherwise determined by the City, all
collectively constituting the "Project."
Section 4. In compliance with Section 34-106(8) and Section 34-1406, Idaho Code, the
Clerk of the City (the "City Clerk") shall notify the Clerk of Valley County, Idaho (the "County
Clerk") that the Mayor and Council have called the Bond Election on behalf of the City by
delivering to the County Clerk a copy of this Ordinance, including the form of the ballot and
notice of the Bond Election, as provided under Section 9 and Exhibit"A" hereof.
Section 5. Pursuant to Section 34-1401, Idaho Code, the County Clerk shall administer the
Bond Election. The City Clerk shall confirm with the County Clerk that a sample ballot has been
printed before said Bond Election, which sample ballot shall be in substantially the same form as
the official ballot proposition set forth in Section 9 hereof. The City Clerk shall also confirm
with the County Clerk that the form of sample ballot for the Bond Election will be published in
the official newspaper of Valley County, Idaho, in accordance with Sections 34-602 and 34-
1406, Idaho Code.
Section 6. Notice of the Bond Election shall be given by the County Clerk by publication of
the Notice of Special Municipal Bond Election in the official newspaper of Valley County,
Idaho, and as may be necessary in the Star News, an official newspaper of the City, at least two
(2) times, with the first publication not less than twelve (12) days prior to the date fixed for the
holding of the Bond Election and the last publication of notice shall be made not less than five
(5) days prior to the Bond Election. Said notice shall be in substantially the form attached hereto
as Exhibit"A."
Page 2 of 7
Ord.985 Library Expansion Bond Election
February 27,2020
Section 7. The polls at the Bond Election shall open at the hour of 8:00 a.m. and remain open
continuously until the hour of 8:00 p.m. and then close. The County Clerk shall have and hereby
designates the polling places for said Bond Election as set forth in the Notice of the Bond Election
attached hereto as Exhibit"A."
Section 8. All qualified electors of the City, eighteen (18) years of age or older, who have
legally resided in the City for at least thirty (30) days immediately preceding the date of the
election, and who are properly registered as provided by law, are entitled to vote at the Bond
Election. The ballot proposition and question to be voted upon at the Bond Election shall be
separate from any other measures or candidates being voted upon at any other election being
held simultaneously or conducted in conjunction with the Bond Election. Only those qualified
City electors casting valid ballots upon the bond proposition and question set forth in Section 9
of this Ordinance shall be counted in determining the number of qualified electors voting at or
participating in the special bond election.
Section 9. The voting at the election on the question of issuing the City's general obligation
bonds shall be by ballot and/or a separate ballot page substantially in the following form:
(Form of Official Ballot)
OFFICIAL BALLOT
SPECIAL MUNICIPAL BOND ELECTION
GENERAL OBLIGATION BONDS
CITY OF MCCALL
VALLEY COUNTY, STATE OF IDAHO
May 19, 2020
INSTRUCTIONS TO VOTERS: To vote on the foregoing proposition, please fill in the oval in
the space to the right of the words "YES, IN FAVOR OF ISSUING GENERAL OBLIGATION
BONDS FOR THE PURPOSES STATED IN THE ORDINANCE OF THE CITY ADOPTED
ON FEBRUARY 27, 2020" or "NO, AGAINST ISSUING GENERAL OBLIGATION BONDS
FOR THE PURPOSES STATED IN THE ORDINANCE OF THE CITY ADOPTED ON
FEBRUARY 27, 2020" according to the way you desire to vote on the question. If you, by
mistake or accident, mark, tear, deface, or otherwise mutilate this ballot, please return it to the
election judges and obtain another ballot.
SHALL THE CITY OF MCCALL, VALLEY COUNTY, IDAHO, BE AUTHORIZED TO
INCUR AN INDEBTEDNESS AND ISSUE AND SELL ITS GENERAL OBLIGATION
BONDS, IN ONE OR MORE SERIES OF BONDS, IN AN AGGREGATE PRINCIPAL
AMOUNT FOR ALL SUCH BONDS OF NOT MORE THAN $6,200,000, OR SO MUCH
THEREOF AS MAY BE NECESSARY, FOR THE PURPOSE OF PROVIDING FUNDS
WITH WHICH TO PREPARE, CONSTRUCT, AND FURNISH A NEW ADDITION TO THE
Page 3 of 7
Ord. 985 Library Expansion Bond Election
February 27,2020
CITY'S LIBRARY FACILITIES, RELOCATE THE OFFICE AND STORAGE FACILITIES
OF THE CITY'S PARK DEPARTMENT TO MAKE ROOM FOR SUCH ADDITION, AND
RENOVATE AND FURNISH THE CITY'S EXISITING LIBRARY FACILITIES, WITH
EACH OF SAID SERIES OF BONDS TO BE PAYABLE ANNUALLY OR AT SUCH
LESSER INTERVALS AS DETERMINED BY FUTURE RESOLUTIONS OR
ORDINANCES OF THE CITY, AND TO MATURE SERIALLY WITH THE FINAL
INSTALLMENT TO FALL DUE WITHIN TWENTY (20) YEARS FROM THE DATE OF
EACH OF SAID SERIES OF BONDS, AND TO BEAR INTEREST AT A RATE OR RATES
TO BE DETERMINED BY FUTURE RESOLUTIONS OR ORDINANCES OF THE CITY,
ALL AS PROVIDED IN THE ORDINANCE OF THE CITY ADOPTED ON FEBRUARY 27,
2020?
The following information is required by §34-439, Idaho Code:
The purpose for which the proposed bonds are to be issued, the date of the special
municipal bond election (May 19, 2020), and the principal amount of the bonds are set forth
above on the ballot or in the proposition. The interest rate anticipated on the proposed bonds
based on current market rates is 3.09%per annum. The total amount to be repaid over the life of
the proposed bonds, principal and interest, based on the anticipated interest rate, is estimated to
be $8,494,700, consisting of$6,200,000 in principal and $2,294,700 in interest. The estimated
average annual cost of the proposed bonds based on current market conditions is a tax of$27.51
per $100,000 of taxable assessed value, per year. The proposed bonds will mature within twenty
(20) years from the date of each series of bonds. The total existing indebtedness of the City,
including interest accrued as of May 19, 2020, is $1,379,943.94.
YES, IN FAVOR OF ISSUING GENERAL OBLIGATION BONDS FOR THE PURPOSES
STATED IN THE ORDINANCE OF THE CITY ADOPTED ON
FEBRUARY 27, 2020...........................................................................................................0
NO, AGAINST ISSUING GENERAL OBLIGATION BONDS FOR THE PURPOSES
STATED IN THE ORDINANCE OF THE CITY ADOPTED ON O
FEBRUARY 27, 2020..........................................................................................................
(End of Form of Official Ballot)
Section 10. The County Clerk is authorized to cause a sufficient number of ballots to be
printed for use at the Bond Election, to acquire such other election supplies as may be required,
and to take all other and further actions as may be necessary in connection with the Bond
Election.
Section 11. Any qualified and registered elector of the City may vote by absentee ballot in the
manner provided by Title 34, Chapter 10, Idaho Code, as amended.
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Ord.985 Library Expansion Bond Election
February 27,2020
Section 12. When the polls are closed, the election officials shall immediately proceed to
count the ballots cast at the Bond Election. The counting shall be continued without
adjournment until completed and the result declared. The election judges and clerks shall
thereupon certify the returns of the Bond Election, as may be appropriate, to the County Clerk,
who shall present the results to the Valley County Commissioners.
The Board of the Valley County Commissioners shall meet within ten (10) days following the
election, or at such times to which said meeting is continued, for the purpose of canvassing the
results of the Bond Election. The County Clerk shall thereupon certify the election results to the
City. The results shall then be entered in the minutes of the City and the overall election result
proclaimed as final.
Section 13. If at the Bond Election two-thirds (2/3) of the qualified registered electors of the
City voting at such election assent to the issuance of the City's general obligation bonds, the
negotiable general obligation bonds of the City shall be issued as hereinabove provided and shall
mature over a period commencing at the expiration of one (1) year from their date and ending
not more than twenty (20) years from their date, and shall bear interest and be payable, in
accordance with the provisions of Section 50-1026, Idaho Code, and the Municipal Bond Law of
the State of Idaho, Title 57, Chapter 2, as amended, from the proceeds of ad valorem taxes.
Section 14. The City's general obligation bonds shall be issued if carried by the City's
electorate, as aforesaid indicated, and payment of principal and interest shall be made on up to
$6,200,000 principal amount of said bonds through the levy of taxes on all taxable property in
the City, beginning with the tax year 2020 or thereafter and continuing until principal and
interest shall have been fully paid, in such amounts and at such rates as are necessary to assure
the prompt payment of such interest, and also to establish and to constitute a sinking fund
sufficient for the payment of the principal thereof, and it is hereby ordered that such taxes shall
be levied annually at the time and in the manner as general taxes for said City are levied in each
such year; provided, however, the aforementioned taxes shall never be diminished prior to
payment of all bonds excepting in any year to the extent that other available revenues or funds
shall have been applied to or set aside in a special fund to be irrevocably held for the payment of
principal or interest or both, payable from said taxes for such year. The proper officer or officers
of said City are hereby authorized and directed to do all things requisite and necessary to carry
out the provisions of this section and to apply the proceeds of the taxes so collected to the
payment of such principal and interest.
Section 15. The officers of the City shall be, and they hereby are, authorized and directed to
take all action necessary or appropriate to effectuate the provisions of this Ordinance. The law
firm of Skinner Fawcett LLP, Boise, Idaho, is hereby authorized and designated as bond counsel
for the said Bonds.
Section 16. Officers of the City shall provide a brief official statement setting forth the
information required by Section 34-439, Idaho Code.
Page 5 of 7
Ord.985 Library Expansion Bond Election
February 27,2020
Section 17. All bylaws, resolutions and ordinances in conflict with this Ordinance are hereby
repealed.
Section 18. If any section, paragraph, clause or provision of this Ordinance shall for any
reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance.
Section 19. This Ordinance or a summary thereof shall be published after adoption in at least
one issue of the Star News, which is an official newspaper of the City.
Section 20. Pursuant to the affirmative vote of one-half(1/2) plus one (1) of the members of
the full Council, the rule requiring two (2) separate readings by title and one (1) reading in full
be, and the same is hereby, dispensed with, and accordingly, this Ordinance shall be in full force
and effect immediately upon its passage, approval, and publication, as provided by law.
PASSED AND APPROVED BY THE MAYOR AND COUNCIL of the City of McCall,
Valley County, Idaho, this 27th day of February 2020.
�j�,�l�llflIrrrrr / CITY OF MCCALL, a municipal corporation of the
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ROBERT S. ILES, Mayor
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By:
BESSIEJO GNER, Ci Clerk
Page 6 of 7
Ord. 985 Library Expansion Bond Election
February 27,2020
EXHIBIT "A"
(Form of Notice)
CITY OF MCCALL, VALLEY COUNTY, IDAHO
NOTICE OF SPECIAL MUNICIPAL BOND ELECTION
May_, 2020
NOTICE IS HEREBY GIVEN that pursuant to an ordinance adopted on February 27, 2020, by
the City Council of the City of McCall, Valley County, Idaho (the "City"), there will be a special
municipal bond election held between the hours of 8:00 a.m. and 8:00 p.m. on May 19, 2020, in
the City. Polling places are listed as follows:
[TO BE DETERMINED BY VALLEY COUNTY CLERK]
Special Municipal Bond Election: The City has proposed to issue general obligation bonds in an
amount not to exceed $6,200,000 for the purpose of providing funds with which to prepare,
construct, renovate and furnish the City's existing library facilities and an addition thereto, and
the related relocation of the storage and office facilities of the City's Parks Department and all
other related costs, items and appurtenances necessary, useful and convenient for the betterment
of the City's library facilities, as otherwise determined by the City, all collectively constituting
the "Project."
The interest rate anticipated on the proposed bonds based on current market rates is 3.09% per
annum. The total amount to be repaid over the life of the proposed bonds, principal and interest,
based on the anticipated interest rate, is estimated to be $8,494,700, consisting of$6,200,000 in
principal and $2,294,700 in interest. The estimated average annual cost of the proposed bonds
based on current market conditions is a tax of$27.51 per $100,000 of taxable assessed value, per
year. The proposed bonds will mature within twenty (20) years from the date of each series
bonds. The total existing indebtedness of the City, including interest accrued as of May 19, 2020,
is $1,379,943.94.
(End of Form of Notice)
Page 7 of 7
Ord. 985 Library Expansion Bond Election
February 27,2020
SUMMARY OF
ORDINANCE NO. 985
AN ORDINANCE CALLING A GENERAL OBLIGATION BOND ELECTION TO BE HELD
FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF THE CITY
OF MCCALL, VALLEY COUNTY, IDAHO, A PROPOSITION FOR THE ISSUANCE OF
NEGOTIABLE GENERAL OBLIGATION BONDS OF THE CITY; DETERMINING THAT
THE TOTAL AMOUNT OF BONDED INDEBTEDNESS OF THE CITY WILL NOT
EXCEED TWO PERCENT (2%)- OF MARKET VALUE OF TAXABLE PROPERTY;
DIRECTING THE CITY CLERK TO NOTIFY THE COUNTY CLERK THAT THE MAYOR
AND CITY COUNCIL CALLED THE BOND ELECTION; APPROVING THE FORM OF
NOTICE OF GENERAL OBLIGATION BOND ELECTION; APPROVING THE FORM OF
BALLOT; PROVIDING FOR THE ISSUANCE OF SUCH BONDS AND MAKING
PROVISIONS FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON SUCH
BONDS; ORDERING PUBLICATION; PROVIDING FOR A WAIVER OF THE READING
RULES; AND PROVIDING AN EFFECTIVE DATE.
CITY OF MCCALL, VALLEY COUNTY, IDAHO
A Summary of the principal provisions of Ordinance No. 985 of the City of McCall, Valley
County,Idaho (the"City"), adopted on February 27,2020, is as follows:
Section 1. Schedules a special general obligation bond election(the "Bond Election") for May
19, 2020, to enable electors of the City to vote on the question of issuing not more than$6,200,000
of general obligation bonds to fund the Project(as defined below),pursuant to this Ordinance.
Section 2. Provides a determination that the outstanding amount of the City's general
obligation bond indebtedness does not exceed two percent(2%) of the market value for assessment
purposes of all real and personal taxable property within the City on the tax rolls completed and
available according to the assessment of the preceding year.
Section 3. Describes the public safety improvements to be constructed and renovated with the
proceeds of the general obligation bonds to be voted upon by the electors (the"Project").
Section 4. Provides for the City Clerk to notify the Valley County Clerk that the Mayor and
City Council have called the Bond Election on behalf of the City by delivering to the Valley
County Clerk a copy of this Ordinance, including the form of the ballot and notice of the Bond
Election.
Section 5. Describes generally the manner by which the Valley County Clerk will conduct the
Bond Election.
Section 6. Provides for publication of notice of the Bond Election at various times before the
Bond Election.
SUMMARY OF ORDINANCE 985 -PAGE 1
Section 7. Sets the hours of the Bond Election from 8:00 a.m. until 8:00 p.m. and sets forth the
manner by which the Valley County Clerk will designate the polling places for the Bond Election.
Section 8. Sets forth the qualifications of the electors of the City to;vote at the Bond;Election
and provides that the ballot proposition and question to be voted upon at the Bond Election shall be ,
separate from any other measures or candidates being voted upon.
Section 9. Sets forth the form of the ballot to be used for the Aond Election. _
Section 10. Provides for preparation of ballots for the Bond Election:
Section 11. Provides for vote by absentee ballot.
Section 12. Provides for the canvassing and certification of the Bond Election._
Section 13. Provides that the general obligation bonds will be issued if two-thirds (2/3) of the
electors vote in favor of issuing the bonds.
Section 14. Contingent upon the approval and issuance of the general obligation bonds,provides
for the payment of principal of and interest on the bonds from the annual levy of taxes on all taxable
property in the City, beginning with the tax year 2020, which levy also establishes and
constitutes a sinking fund sufficient for the payment of the principal of the general obligation
bonds.
Section 15. Authorizes officers of the City to take appropriate action to put into effect the
provisions of the Ordinance and designates bond counsel for the general obligation bonds.
Section 16. Authorizes officers of the City to provide a brief official statement setting forth
information required by Section 34-439, Idaho Code.
Section 17. Repeals prior inconsistent actions.
Section 18. Provides for severability.
Section 19. Provides for publication of the Ordinance, or a summary thereof.
Section 20. Provides the effective date of the Ordinance.
Exhibit"A". Sets forth the form of the Notice for the Bond Election.
SUMMARY OF ORDINANCE 985 -PAGE 2
The full text of Ordinance No. 985 is available at City Hall and will be provided to any
citizen upon personal request during normal office hours.
DATED this 27 day of February 2020.
CITY OF MCCALL,
h[cCq �'•,, VALLEY COUNTY,IDAHO
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By:
BESSIEJO VA NER, City Clerk
I, the undersigned City Attorney for and legal advisor to the City of McCall;Valley County,
Idaho, hereby certify that I have read the attached Summary of Ordinance No. 985 of the City and
that the same is true and complete and provides adequate notice to the public of the contents of said
Ordinance.
DATED this 27 day of February 2020.
William F.Nicho s, CITY ATTORNEY
SUMMARY OF ORDINANCE 985 -PAGE 3
INFORMATION REPORT AND OFFICIAL STATEMENT PREPARED BY
CITY OF MCCALL, VALLEY COUNTY, IDAHO
PURSUANT TO SECTION 34-439, IDAHO CODE
To Whom It May Concern:
The City of McCall, Valley County, State of Idaho (the "City"), proposes to submit to the
electors of the City a question upon the issuance of up to $6,200,000 General Obligation Bonds
(the "Bonds") at a special election to be held in the City on May 19, 2020, for the purpose of
financing the costs of the Project as described in the Election Ordinance of the City adopted on
February 27, 2020.
1. The anticipated interest rate on the proposed Bonds based on current market rates is
3.09%per annum.
2. The total amount to be repaid over the life of the proposed Bonds, principal and interest,
based on the anticipated interest rate, is estimated to be $8,494,700, consisting of$6,200,000 in
principal and $2,294,700 in interest.
3. The estimated average annual cost of the proposed Bonds based on current market
conditions is a tax of$27.51 per $100,000 of taxable assessed value, per year, over a period of
twenty (20) years.
4. The proposed Bonds will mature within twenty (20) years from the date of each series of
Bonds.
5. The total existing indebtedness of the City, including interest accrued as of May 19,
2020, is $1,379,943.94.
6. The amount of the proposed Bonds and all other existing general obligation bond
indebtedness of the City is less than two percent (2%) of the market value for assessment
purposes of the real and personal property in the City according to the assessment of the
preceding year.
DATED this 12th day of March 2020.
',411 $s q� CITY OF MCCALL
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s'�.,`Cr �•` uthorized Representative
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Publisher’s Affidavit of Publication
STATE OF IDAHO
County of Valley }.ss
}
I, Tricia Warren, being duly sworn and say, I am the office manager
of The Star-News, a weekly newspaper published at McCall, in the County
of Valley, State of Idaho; that said newspaper is in general circulation in the
county of afore said and is a legal newspaper; that the PUBLIC NOTICE, a
copy of which is enclosed hereto and is a part hereof, was published in said
newspaper once a week for a period of one week in the regular and entire
issue of every number there of during the period of time of publication, and
was published in the newspaper proper and not in a supplement; and that
publication of such notice began March 12, 2020 and ended March 12, 2020.
_______________________________________
Subscribed and sworn before me this the 12th day of March, 2020.
STATE OF IDAHO
COUNTY OF VALLEY
On this 12th day of March in the year of 2020, before me, a Notary
Public, personally appeared Tricia Warren, known or identified to me to be the
person whose name subscribed to the within instrument, and being by me first
duly sworn, declared that the statements therein are true, and acknowledged to
me that she executed the same.
________________________________________
Tom Grote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires 1/19/2024
SUMMARY OFORDINANCE NO. 985AN ORDINANCE CALLING A GENERAL OBLIGATION BOND ELECTION TO BE HELD FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF THE CITY OF MCCALL, VALLEY COUNTY, IDAHO, A PROPOSITION FOR THE ISSUANCE OF NEGOTIABLE GENERAL OBLIGATION BONDS OF THE CITY; DETERMINING THAT THE TOTAL AMOUNT OF BONDED INDEBTEDNESS OF THE CITY WILL NOT EXCEED TWO PERCENT (2%) OF MARKET VALUE OF TAXABLE PROPERTY; DIRECTING THE CITY CLERK TO NOTIFY THE COUNTY CLERK THAT THE MAYOR AND CITY COUNCIL CALLED THE BOND ELECTION; APPROVING THE FORM OF NOTICE OF GENERAL OBLIGATION BOND ELECTION; APPROVING THE FORM OF BALLOT; PROVIDING FOR THE ISSUANCE OF SUCH BONDS AND MAKING PROVISIONS FOR THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON SUCH BONDS; ORDERING PUBLICATION; PROVIDING FOR A WAIVER OF THE READING RULES; AND PROVIDING AN EFFECTIVE DATE.CITY OF MCCALL, VALLEY COUNTY, IDAHOA Summary of the principal provisions of Ordinance No. 985 of the City of McCall, Valley County, Idaho (the “City”), adopted on February 27, 2020, is as follows:Section 1. Schedules a special general obligation bond election (the “Bond Election”) for May 19, 2020, to enable electors of the City to vote on the question of issuing not more than $6,200,000 of general obligation bonds to fund the Project (as defined below), pursuant to this Ordinance.Section 2. Provides a determination that the outstanding amount of the City’s general obligation bond indebtedness does not exceed two percent (2%) of the market value for assessment purposes of all real and personal taxable property within the City on the tax rolls completed and available according to the assessment of the preceding year.Section 3. Describes the public safety improvements to be constructed and renovated with the proceeds of the general obligation bonds to be voted upon by the electors (the “Project”).Section 4. Provides for the City Clerk to notify the Valley County Clerk that the Mayor and City Council have called the Bond Election on behalf of the City by delivering to the Valley County Clerk a copy of this Ordinance, including the form of the ballot and notice of the Bond Election.Section 5. Describes generally the manner by which the Valley County Clerk will conduct the Bond Election.Section 6. Provides for publication of notice of the Bond Election at various times before the Bond Election.Section 7. Sets the hours of the Bond Election from 8:00 a.m. until 8:00 p.m. and sets forth the manner by which the Valley County Clerk will designate the polling places for the Bond Election.Section 8. Sets forth the qualifications of the electors of the City to vote at the Bond Election and provides that the ballot proposition and question to be voted upon at the Bond Election shall be separate from any other measures or candidates being voted upon. Section 9. Sets forth the form of the ballot to be used for the Bond Election.Section 10. Provides for preparation of ballots for the Bond Election.Section 11. Provides for vote by absentee ballot.Section 12. Provides for the canvassing and certification of the Bond Election.Section 13. Provides that the general obligation bonds will be issued if two-thirds (2/3) of the electors vote in favor of issuing the bonds.Section 14. Contingent upon the approval and issuance of the general obligation bonds, provides for the payment of principal of and interest on the bonds from the annual levy of taxes on all taxable property in the City, beginning with the tax year 2020, which levy also establishes and constitutes a sinking fund sufficient for the payment of the principal of the general obligation bonds.Section 15. Authorizes officers of the City to take appropriate action to put into effect the provisions of the Ordinance and designates bond counsel for the general obligation bonds.Section 16. Authorizes officers of the City to provide a brief official statement setting forth information required by Section 34-439, Idaho Code.Section 17. Repeals prior inconsistent actions.Section 18. Provides for severability.Section 19. Provides for publication of the Ordinance, or a summary thereof.Section 20. Provides the effective date of the Ordinance.Exhibit “A”. Sets forth the form of the Notice for the Bond Election.The full text of Ordinance No. 985 is available at City Hall and will be provided to any citizen upon personal request during normal office hours.DATED this 27 day of February 2020.CITY OF MCCALL,VALLEY COUNTY, IDAHOBy: ROBERT S. GILES, Mayor ATTEST: By: BESSIEJO WAGNER, City Clerk1tc3/12