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 :
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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
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(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