HomeMy Public PortalAboutOrd. 73 - Sale of Bonds for Sewer cad
ORDINANCE NO. 57
ORDINANCE OF INTENTION:- AN ORDINANCE PROVIDING FOR THE
INCURRING, BY THE VILLAGE OF MCCALL, IDAHO, OF A MUNICIPAL
INDEBTEDNESS OF 4$ wy,5-,' (2ce , BY THE ISSUANCE OF
NEGOTIABLE COUPON BONDS OF SAID VILLAGE IN SAID PRINCIPAL
AMOUNT FOR THE PURPOSE OF CONSTRUCTING AND MAINTAINING A
SEWER LINE SYSTEM WITHIN SAID VILLAGE; GIVING A BRIEF AND
GENERAL DESCRIPTION OF THE SAID SEWER WORKS; REFERRING TO THE
PRELIMINARY REPORT, PLANS AND SPEOIFICATIONS WHICH HAVE
HERETOFORE BEEN PREPARED AND FILED FOR THAT PURPOSE; SETTING
FORTH THE COST THEREOF AND MAKING AN ORDER FOR SAID CONSTRUCTION
IF APPROVED BY INWTHIRDS OF THE OUALIFIED ELECTORS AT A
SPECIAL ELECTION, PROVIDED THEREFOR; DIRECTING THAT REVENUE
BONDS SHALL BE ISSUED IN AN AMOUNT SUFFICIENT TO PAY TNF,
COST OF SAID WORKS,PAYABLE ON THE AMORTIZATION PLAN; PROVIDING
FOR A MAXIMUM INTEREST RATE THEREON; and DECLARING AN EFFECTIVE
DATE OF THIS ORDINANCE:
BE IT ORDAINED BY THE CHAIRMAN AND BOARD OF
TRUSTEES OF THE VILLAGE OF MCCALL, VALLEY COUNTY, IDAHO:
Section 1. That the Board of Trustees of the Village
of McCall, Idaho, deems it advisable to issue Municipal
Coupon Bonds on the Village of McCall, in the sum of
4 ty,,T coo , to incur a municipal indebtedness of
said Village in said amount for the purpose of acquiring the
funds for constructing and maintaining a sewer line system
in said Village, a brief and general description of which
is as follows,to-wit :
The proposed sewer system consists of a 12inch
main sewer extending from the business district of the
Village of McCall in a westerly course through Lake Street
in said Village, thence along a course near the shore
line of Payette Lake to the North Fork of the Payette
River, thence down the east side of said river to a septic
tank some seven hundred feet south of the highway bridge
crossing said river, a total of sixty-two hundred feet,
together with a system of eight inch laterals connecting
with said main sewer, comprising approximately eighty-two
hundred feet. Said main sewer and laterals being more
specifically shown on the maps filed,with the Village
Board;
2.
Preliminary maps, plans, profiles and estimates
of cost of construction of said system have been
by the engineer, employed by the Village Board of Trustees
of McCall, and filed with said Board;
The total estimated cost of construction of said
system, as shown by the said estimates- including legal
fees, workman's compensation, rights of way, engineering
00 ,
and contingencies, is �� __ - •
Section 2. That the Board of Trust of said Village
declares its intention to issue, and in the event that the qual-
ified electors, who are taxpayers of said Village, at the special
election hereafter called, shall authorize the issuance of
said bonds , the Board of Trustees of said Village will issue
the foregoing bonds for the foregoing purpose; and the
ultimate maturity of said bonds shall be i9 . Y//
from and after the date of issue of said bonds, and the annual
bond maturities of said bond issue shall be amortized and
payable in accordance with the provisions of Chapter 187 of
4;6the ession Laws of 1933, pages 357 to 371, both inclusive;
and it is hereby ordained that the bonds of said bond issue
shall mature and be payable upon an annual amortization plan,
and shall bear semi- annual interest at a rate not in excess
of six per cent. per annum; and the various maturities shall,
as nearly as practicable , be in such principal amounts
as will , together with the accruing interest on all outstanding
bonds of such issue, be met and paid by rates or charges
against the owners of premises using such works:
That the Board of Trustees shall establish rules
and regulations for the use and operation of said works, and
3.
do all things , necessary or expedient for the successful
operation thereof.
All public ways or public works damaged or de-
stroyed by the Board of Trustees in carrying out its
authority under this ordinance, shall be restored or
repaired by it , and placed in the original condition, as
nearly as practicable.
Section 3. That the Board of Trustees of the
Village of McCall, under and by virtue of this ordinance
and by the authority vested in them by the Laws of the
State of Idaho, does and hereby orders the construction
of said sewer system works, subject however to the approval
and assent of two thirds of the qualified Village electors
who are taxpayers of such Village, voting at a special
election to be held for the purpose of authorizing the
indebtedness provided in this ordinance; that the Board
of Trustees hereby direct that revenue bonds of the Village
of McCall, after the assent of two thirds of said qualified
electors, shall be issued pursuant to this ordinance in the
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amount of '-Z2o0 , an amount necessary to pay w
xtx
costs of said works as estimated by the said Village Engineer.
Section 4. This ordinance shall be in full force and effect
from and after its passage, adoption, and publication.
Passed, adopted and approved this / --tay of August ,1933.
5,:e.?i ,
Attest : Chairman. of the
;--4;nvz Board of Trustees of the
Village Clerk. Village of McCall ,