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Home My Public Portal AboutOrd. 24 - Municipal Coupon BondORDINANCE NO. 24. AN ORPTNANCF itTHOnIZING - ANr DTRT'CTING 'T'HF ISSUANCE, EXECUTION AND SALE OF THE MUNICIPAL COUPON BONDS OF TH7 VILLAGE OF MC CALL, IDAHO, IN THE AGG!'EGAGF' AND PRINCIPAL AV'OTJNT OF EIGHT THOUSAND (*8,000.00) DOLLARS, FOR TIIE PURPOSE OF ACQUIRING, BY PURCHASE OR OTH1 R"'ISE, •A WATERWORKS PLANT AND A WATER SUPPLY THT'REA FOR; PRESCRIBING '"Hi+' FORA` OF SUCH EQN1P ANP THE IN "'P7ST COUPONS TO BE ATTACHED THERETO; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX SUFFICIENT TO PAY TUF' INTx'R1!' T UPON SATD BONDS AS IT ACCUMULATES ; PROVIPIN.x A SiNKING FUND FOP THE REDITYPTION "`FI_s'RE— OF AT MATURITY ; SUBMITTING TN? QUESTION OF I S SUING RUCH Br'NTP TO' THr QUALIFIED ELECTORS OF RATr VILLAGE ; FIXING DATE OF x'LEC"ION, PRESCPTBYRG TIIE FORM( OF NUTtcF OF ELFCTION TO 117 PUBLT °HFD AND THE FORM OF BALLOT 70 BP UST'D AT RUCH F:'LP'CTION AND DESIGNATING THE Nimrs FAPFR FOR THP PUBLICATION OF THE FL 'CTION AND BOI►'r SALT' NOTICRP AN!) PRESCRIBING THr OTHER DrTAILS INCIrENT THERETO. • WHEREAS, it appearing to the Chairman and Board of that thP Village of "cCall, Traho, Trustees of the Village of \`.cCal_l,Ais in need of a water work system and that it would be and is hereby decreed advisable to issue the municipal coupon bonds of the Village of McCa11, Idaho, in the aggregate amount of *8,000.00 for the purpose of acnuiting, by purchase or otherwise, a waterworks plant and a water supply therefor. Now Therefore, be it ordained by the Chairman and Board of Trustees of the Village of McCall: Section 1. That for the purpose of acnuirtng, by purchase or otherwise, a waterworks plant and a water supply therefor, for the Village of McCall, and for the purpose of providing the necessary funds with which to acquire the same, there shall be, and there are hereby.authorized and directed to be issued, the negotiable bonds of the Village of McCall, to an amount aggrPgi ti ng the nrin-- cipal sum of Ei*ht Thousand (e8,4-n9,o0) Dollars. That said bonds shall be designated "Municipal Coupon Bonds of the Village of McCall, issued for the nurrose of acquiring waterworks system"; shall be sixteen (16) in number; numbered from one (1) to sixteen (16) both inclusive, to be of the denomination of Five Hundred (e5oa.9o) Dollars each. Said bonds shall bear the date of May 15th, A.D. 1918, and shall become due and payable January 1st A.D. 1936, but shall be redeemable at the option of said Village at any time after the expiration of ten years from their date in the order in which they are numbered; shall bear interest from their date until paid, at not to exceed six percent (6 per cent) per annum, payable semi- annually on the first +day of January and July of each year, which installments of interest to date of maturity of principal shall be evidenced by appropriate coupons attached to each bond, and both principal of and interest on said bonds shall be payable at the -2.. 1 { M office of the Village Treasurer, at "cCall, Idaho, or at the Chase National Bank, in the City and State of New York, at the option of the holder. Section 2. That each of said bonds and each of the interest counons to be thereto attached shall be in substantially the following forms respectively to -wit: (Form of Bond.) United States of America. State of Idaho. County of Boise. Municipal Coupon Bond of the Village of ;!cCall , issued for acnuiring a waterworks system. No. - The Village of ',`cCall, in the County of Boise and Ctate of Idaho, acknowledges itself to owe and for &Clue received hereby promises to pay bearer the principal sure of • nollars an the first day of January A.n. 1936, together with the interest on said sum from the 'ate hereof until pair), at 6 nercentum per annum, payable semi-annually on the first clay of January and July in each year, as evidenced by and upon the presentation and surrender of the interest coupon hereto attached as they severally become due. Both principal of and interest on this bond are pay- able in lawful money of the United states of America, at the office of jrhe Village Treasurer of ''.cCall, Idaho or-#* the Chase National Bank, in the City, County, and °tate of New York, at the option of • the holder, and for the payment thereof when roue as aforesaid, the fill faith, credit and resources of said viilaf*e are hereby irrevo- cably pledged. This bond is of an 14sue of sixteen (16) bon&s numbered one (1) to sixteen (16) inclusi'9,9f like date end tenor (seve as to amounts and maturities) aggreccati.ng the principal Sum of eight ' thousand (08,01)0.90) dollars, issuer) for the purnone of rrov3ding the necessary funds with which to acquire by purchase op- otherwise -3- rntn: we,terserk elnnt nfnellytlie enine --afr for the norhoqe eV furniin 1, PP -ecoll inner ein1 rirtue of n1 in nll rec'noof in colinflee mi[fl the proYlions ef an Pet of the 1e711ntnre of 111P Ftate of UIo, entitle0: An Act for file isFiue -aln of Tm)niolnol ennon leonflo by ineornorf-tef' ritje 1-11t t r nlirtion of thP func7 elerive from tile t,7aln f!lereort ntnn to r'rr Ibp nayment of t;3nr1 nel 1 anrl intere,zt 1 r%!11-ote- Felaruary incorrrten n-7 Chanter 12 of 1 fl TTT reTriei-1 CoOo, Pie' all onft Pine-hflatory the?reof c.'1111roontary i'nn,7 it is, hPrelrc! certifie,1 nrv:' wernarte'l li“lt the "1:11ef of heCell, 1ur1 i s 1 oernoro,ion ui v ore,ani'Yen en12 OR avill ah0 by virtue of Chanter aur of 12 of the p,ev1,F7e CoOen of the !tatof Inlahol r11 r lnEes, anfl prereh-eflti-4 tbper,tn„ Artnfr sal 1 1ona nre eNecoted, theysh 1 he re!if1.5--7te_ptl -ith Clerk in the in7ill1io T,onf" re7hltrof;on 7,,,,Jok of -,7ni.(4 viliege ken1,htq ournho7a, f.oaetlter ifith n rlateitlent or the Ttrot,ber or loon, fs flmP nn' nire of n;717- thereof, theta or jro-nr-r,st nr-rr-hr of eounorls ottachfrl ther-to, f-11-1,1 rTht m'Olult o 1of rairil 7,0nrifF. the none of the purehoger After 7och reg,i5tration sonnn1s shall ivt:he -111P,!7e -':reaNnrer be 02] 1 ssr{0 to ihe nurrha 117-qm ti“- 0r7vt or tho arr— ri:'e0 rrie therefor: aml the or(iceeq asr s2atrot7 'the F,ale of flal bons .11, he nr-liefl solely xelllively to the oet,uirtnT hy nurchase or )therwje of a no tsrnjose7,t,hem nn,7s tsr qnrellv therefor for the ,I!rnoei,J. liere"in PiPte'l e0f7 not ofhorwi. 55_ there shall be and there is hereby levied, during the years 1016 t❑ 1936, inclusive, in addition to all other taxes, a direct add- itional tax on all the taxable property with the pillage of McCall, 'uffieiant to produce a sum of money to pay the interest on said bonr'.s as ^nrl when the same matures. And for the purpose of providing for the payment of the principal of said bonds when the same becomes due, there shall be and there IS hereby levied unon all the taxable xsronerty in the Village of eCa11, in addition to all other taxes, a direct addit- ional tax sufficient to produce the sum of E`t*ht 'kindred (* nn . nn ) Dollars, for each of the years 1026 to 1916 inclusive; and the said taxes so levied as aforesaid, shall in such years, be extended unon the tax rolls and collected at the same time, In the sameAaanner and by the same officers as other general taxes of said village are ex- tended and collected. - Tha t the total indebtedness of the Villa rre of including this bond and said entire issue of bonds does not exceed anj constitutional or statutory limitation; and that due provisions have been made for the levy and collection of an annual tav upon all of the taxable property in said village; in addition to all other taxes, Sufficient to pay the interest hereon when due and to dis- charge the principal hereof at maturity. The bonds included in the issue of which this bond is a part are re►ieemable at the option of said village at any time after the expiration of ten years from their date and in their numerical ❑rder, commencing with bond No. 1. In witness whereof, the said Village of "cCali, by its board of trustees has caused this bond to be signed by its Chairman and attested by its ❑illage Clerk, and imrressed with its corporate seal, and to be countersigned by its Treasurer; and each of the in- terest coupons hereunto attached to be signers by its Yr^asurer, -- c - ■. the fifteenth dry of -icsic:IX A.D. 101A. Countersigned. N o . (Form of Coupon.) Chairman. village Clerk. village Treasurer. On the first clay of January and July A.T. 19 , the Village of 7. cCall, in the County of Boise, State of Idaho, will pay to the bearer the sum of dollars, lawful money of the United States of America, at the office of the Village Treasurer of '`cCa11, Idaho, or at the Chase National Bank, in the City and cJtate of New York at the option of the holf'er, for semi- annunl interest due that day on its minicinal coupon bond issue for waterworks purposes, Dated May15th,A.D. 1918. Village Treasurer. Section 5. That a special election is 1)ereby ordered and called to be helm within said village, at the voting place hereinafter desig- nated and established, on .'onday the '1 mth day of '.'may, A.! . inTA, , be- ginning at the hour of 9 o'clock in the morning and closing at the hour of 7 p' clack in the aftnrnoom for the purpose of tairing a vote of the eualified elector'`,zrho arr taxnavers of sal,' village, uron the following question, which is hereby submitted to the rivalifled electors for their determination of said election, to -wit: Al D QUrSTTON SUH',rITTF:D: "SHALL THE CHAIPYAN A' 2mBoArr [:F TRUSTERS OF THE VILLAGE 01' MC CALL ISSUE THE vUNICIPAL COUDON BONDS Gk• SAID VILLAGE IN THE, AGG`'rGATF Ar"flr.TNT OF EIGHT THOUsANf DOLT PS (' s,non.00) DATED `'AY PIFTEr TH, 1916, FOP THE PURPOSE OF ACOUTRTNG -6- I Hy PURCHASE OR OTU'"RWI SE, A "ATFRWOUH S PLANT AND A 'ATER SUPPLY THEREFOR, FOR SAID VILLAGE." That said election shall be held in said village and the vote upon said question taken at the following designated vot- ing place- to -wit. School house of School District No. 44, in the village of' 7cCa11. Section 6. All persons who at the time of said election nre qual- ified electors of said Village of McCall ana who are taxpayers of said village, and no others, shall be qualified to vote at said elections upon the question submitted as aforesaid. The voting at said election shall be by ballot, and the ballots used shall be in substantially the following form: SPECIAL MTNICIPAL C')UPON BOND ELECTION. 3?:'Y, 15th, 1915. Village of McCall, State of Iaaho. Official Ballot. The voter will answer the ouestion on this ballot propounded by marking a cross (X) in the appropriate space opposite the answer to the question submitted which expresses his choice. QUESTION SUB`;1 TT1 D. Shall the Chairman — W Board of Trustees of the Village of McCall issue the municipal Coupon bonds of said village in the aggregate amount of Eight Thousand (*8,o(n.0n) Dollars, dated !)'ay 15th, 11116, for the purpose of acquiring, by purchase or other- wise, a waterworks plant and a water supply therefor, for said village. ANSWER. In favor of issuing bonds to the amount of *S,' flO.00 for the pur- pose stater] in Ordinance No. 24. -7- Against issuing bonds to the amount of *8, 000.00 for the purpose stated in Ordinance No. 24. Section 7. The clerk of said Village shall give thirty (1O )days notice of such election by causing the same to be published in the Long Valley Advocate, a weekly newspaper, printed and published at Donnelly, Idaho, and of general circulatihn in the said Village of McCall, and by posting said notice of election at the place where the election is authorized to be held and in two other places in said village, which notice shall be in substantially the following form: PUBLIC NOTICE OF SP 'CIAL ':i7NICIp.AL COUPON BrAin ELECTTON. Pursuant to the laws of the State of Idaho and Ordin- ance No. 24 of the village of McCall in the State of Idaho, public notice is hereby given that a special election will be helm at School house Dig. No. 44, in the Pillage of JcCi11, Idaho, on Yon... day the 15th day of ''•ay, 1918, beginning at the hour of 9o' clack A.M. and closing at the hour of 7 o'clock P.M. of shtd day, for the purpose of taking the vote of the nua.lifina electors who are tax- payers of said village upon the following question, to -wit: (question Submitted: Shall the Chairman z,- ;.; Board of Trustees of the Village of '"Call issue the municipal Coupon bonds of said village in the aggregate amount of right Thousand (*8,000.00) Dollars, dated May 15th, 1.P1", for the 'urnose of ac-- nuiring, by purohase or otherwise, a waterwor+s slant and a rater supply therefor, for said village. All persons who at the time of said election are nual-- ified electorR of Baia Village of ''cCall an? who nre taxnsyers thereof and no ethers, shall be qualified to vote at said election -8 -- on said question. The voting at said election shall be by ballot and the ballots shall be supplied to the voters for their use at said election, and shall be in form set forth in said Ordinance No. 24. Dated at cCall, Idaho, this lth ray of April, A.D. 101a. a Section S. Village Cler If at such election, as provided for by this efdinance, two-thirds of the nualified electors, who are texneyers in said village, votlrig at such election, assent to the issuing of such bonds and the incurring of the indebtedness thereby created for the purpose aforesaid, such bonus for said purpose r-h^71 be isc:ued11 in the manner ^rovif.'ed herein. Section 9. That the Boar' of Trustees of the Village of K cCall will up to Tuesday, the teth day of '`ay, A.P. X^13, at the hour of five o'clock the office of the village Clerk, receive sealed bids for said bonds, said bonds will be ready for delivery on the ray am rate above mentioned Erna at the time mentioned for the receipt of sealed bias therefor; and before any bids will be considered, bidders must first satisfy said Hoard of Trustees of • their ability to take up anA pay for said bond on said Hay and rate above mentioned. 1 ✓ 11 After ascertaining the best terms upon and the lowest rate at which said bonds will be negotiated the bonds will be sold, but in no case, for less than their face ate -par value and accrued interest at the time of disposal by the Village Treasurer under the general supervision of the Village Board of Trustees. BOARD OF TRUSTEES OF THE VILLAGE OF MC CALL, IDAHO. 1' XN).Attest: Theo. Huff,Py A.H. Lang, Chairman. Village Clerk. Section Ira. This -Ordinance shell take effect end be in force from -9- a. IME and after its passage, approval ano due publication shall be irre- reelable until the indebtedness hereby created shall have been fully paid and satisfied. Passed thi^7th day of April, A.D. 1P1f . Approved this'th day of April, A.T. 'IPle. 0/ Attest: irmanif A r illage Cie . I3 1