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HomeMy Public PortalAbout1967.10.16 Regular Meeting Minutes McCall, Idaho October 16 , 1967 The City Council of the City of McCall, Valley County, Idaho, met in regular public session at the regular meeting place of the council in the City Hall in the City of McCall at 7:3Co'clock p M. on October 16 -, 1967. 'The roll was called and the following found to be present: Ed Sizemore , Mayor R. L. Mason , Councilman Al Schaufelberger , Councilman Jon Braden , Councilman Clyde 'archer , Councilman Absent: none There was also present William A. Kirk, City Clerk. After the meeting had been duly called to order the Mayor announced that one of the purposes of the meeting was consideration of certain covenants required by the United States Department of Agriculture, Farmers Home Administration, in connection with the sale to the United States Department of Agriculture, Farmers Home Administration, of $380,000 sewer revenue bonds of the City, as authorized by Ordinance No. 267 and ordinances amendatory thereof. Thereupon the following resolution was introduced in written form by Braden , was read in full, and pursuant to motion made by Archer I and seconded by Schaufe lberger , was adopted by the following vote: Aye: Archer Braden Mason Schaufe (berger Nay: None. The resolution was thereupon signed by the Mayor, attested by the City Clerk, was ordered recorded and is as follows : A RESOLUTION adopting certain covenants to meet loan closing requirements of the United States Department of Agriculture, Farmers Home Admin- istration, in connection with the sale of $380,000 sewer revenue bonds of the City of McCall, Idaho, to the United States Department of Agriculture, Farmers Home Administration, as provided in Ordinance No. 267, adopted and approved August 7, 1967, and Ordinances amendatory thereof. WHEREAS, in order to meet loan closing requirements - of the United -States Department of Agriculture, Farmers Home Administration, in connection with the sale to the United States Department of Agriculture, Farmers Home Administration, of $380,000 sewer revenue bonds of the City of McCall, Idaho, as authorized by Ordinance No. 267, adopted and approved August 7, 1967, as amended by Ordinance No. 270 as adopted and approved September 19, 1967, and as further amended by Ordinance No. 271 adopted and approved October 2 , 1967,. it is necessary to adopt the covenants hereinafter set forth. NOW,- THEREFORE, Be It Resolved by the Mayor and Council of the City of McCall, Idaho, as follows : Section 1. In order to meet loan closing requirements of the United States Department of Agriculture, Farmers Home Administration, in connection with the sale of $380, 000 sewer revenue bonds of the City of McCall, Idaho, as author- ized by the ordinances hereinabove referred to, the City of McCall, Idaho, does hereby covenant and agree as follows : -2- Surety Bonds. Each municipal official or other person having custody of any funds derived from operation of the joint system, or responsible for their handling, shall be bonded in an amount at least equal to the total funds in his custody at any one time, which bond shall be conditioned upon the proper application of said funds. The cost of each such bond shall be considered one of the operating costs of the joint system. Refinancing. If at any time it shall appear to the Purchaser that the City is able to refinance . the amount of the bonds then outstanding, in whole or in part, by obtaining a loan for such purposes from responsible cooperative or private credit sources , at reasonable rates and terms for loans for similar purposes and periods of time, the City will, upon request of the Purchaser, within the limitations of its then existing power, and subject to any contractual limitations con- tained herein concerning the payment of the bonds and their redemption, apply for and accept such loan in sufficient amount to repay the Purchaser and will take all such action as may be required in connection with such loan. , Any such refinancing shall be accomplished according to applicable stat- utes of the State of Idaho. Equal Opportunity Agreement. The Mayor and City .Clerk be and they are hereby authorized and directed to execute for and on behalf of the City Form FHA 400-1 entitled "Equal Opportunity Agreement," to which is attached and made a part thereof an "Equal Opportunity Clause," designated as Form FHA 400-27 to be incorporated in, or attached as a rider to, each construction contract involving $10,000.00 or more. Section 2. So long as the United States Department of Agriculture, Farmers Home Administration, holds any of the bonds described in said ordinances above referred to, the covenants hereinabove made shall be and remain in full force and effect and be binding upon the City of McCall, Idaho. Adopted and approved this 96th day of October, 1967. ATTEST: Mayor City Clerk -3- (Other business not pertinent to the above appears in the minutes of the meeting. ) Pursuant to motion duly made and carried, the meeting was adjourned. ATTEST: Mafor - City Clerk