HomeMy Public PortalAboutOrd. 74 - Ref. to Ord. 73 Cl
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OR DI NANC E NO. 74.
AN ORDINANCE REFERRING TO ORDINANCE NO.73 OF THE
VILL,y.GE OF MCCALL, IDAHO, DECLARING THE INTENTION OF THE BOARD
OF TRUSTEES OF SAID VILLAGE TQISSUE MUNICIPAL NEGOTIABLE
COUPON BONDS IN THE SUM OF "35 000.00 FOR THE CONSTRUCTION
OF A SEWER LINE SYSTEM WITHIN SAID VILLAGE AND GIVING A BRIEF
GENERAL DESCRIPTION TNFREOF: PROVIDING FOR THE ISSUANCE OF SAID
BONDS IF AUTHORIZED BY THE QUALIFIED ELECTORS OF SAID VILLAGE:
PROVIDING THE ULTIMATE MAATURITIES OF SAID BONDS TO BE WITHIN
TWENTY YEARS AFTER THE DATE OF ISSUANCE THEREOF: PROVIDING
FOR AMORTIZED PAYMENTS IN ACCORDANCE WITH THE LAWS OF THE
STATE OF IDAHO: FIXING THE maximum RATE OF INTEREST THEREON:
CALLING A SPECIAL ELECTION IN SAID VILLAGE FOR THE PURPOSE OF
SUBMITTING TO THE QUALIFIED ELECTORS WHO ARE TAXPAYERS THF,REOF
THE QUESTION OF THE ISSUANCE OF SAID MUNICIPAL BONDS IN SAID
SUM: PROVIDING FOR NOTICE OF SAID ELECTION AND THE HOLDING
THEREOF: .ROVIDING FOR RATES AND CHARGES AGAINST THE OWNERS OF
PREMISES USING SUCH WORKS AND THE COLLECTION THEREOF, AND MAKING
SAID CHARGES A LIEN UPON THE PREMISES SERVED BY SUCH WORKS;
PROVIDING FOR THE CREATION OF A SIZ'KING FUND FOR THE PAYWUT
OF THE SIZZX PRINCIPAL OF SAID BONDS tHE SAME MAY FALL DUE,
AND FOR THE PAYMENT OF THE INTEREST THEREON
C
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, Valley County, State of Idaho, has passed, adopted,
approved, and published Ordinance No. 73, declaring said Board's
intention to issue municipal negotiable coupon bonds in the
suii of $ 35,000.00 for the purpose of constructing and
maintaining within said Village, a sewer line system, giving a
brief and general description of said sewer works, referring to
the preliminary report, plans and specifications which have
heretofore - been prepared and filed for that purpose by the
Village engineer, setting forth the cost thereof, and making
an order for said construction, if approved by two thirds of
the qualified electors of said Village, directing that
revenue bonds shall be issued in an amount sufficient to pay
the cost of said works, and providinga maximum interest
2
rate thereon; That a brief and general description of said
sewer line system is as follows, to-wit :
The proposed sewer system consists of a 12 inch
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
pf Fayette Lake to the North Fork of the Payette diver,
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:
Preliminary maps, plans, profiles and estimates
of cost of construction of said system have been prepared
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
and contingencies, is 435 ,000.00.
Section 2. That the Board of Trustees of said Village
will , in the event that the taxpayer electors at the special
election herein called shall authorize the same, issue said
bonds for said purpose; That the ultimate maturities of said
bonds shall be 20 years from and after the date of the issuance
thereof, and the annual maturities of said bonds issued shall be
amortized and payable in accordance with Chapter 187 , Session
Laws of 1933, and the municipal bond laws of the State of Idaho;
The first annual principal payment of said bonds shall
mature and be payable at the expiration of two years from the
date of issue, and the succeeding maturities shall be, annually,
as nearly as practicable, in such amounts as will, together wit
the accrued interest on all outstanding bonds of such issue,
be met and paid by rates or charges made against the pwners
of the premises using such wdrks, for the payment of principal
and interest thereof, during 20 years from and after the date of
3.
said bond issue. That said bond issue and each bond thereof
shall bear interest at a rate not exceeding six per cent. per
annum to be evidenced by interest coupons attached to each of said
bonds payable semi-annually, and such rate of interest shall be
fixed by the Board. of Trustees of said Village prior to the
issuance of said bonds.
The for4f said bonds and the interest coupons
attached thereto shall be such as are consistent with the
provisions of the statutes of the State of Idaho, and as hereafter
prescribed by the Board of Trustees of said Village in accordance
with the provisions of law after the sale of said bonds and
prior to the issuance and delivery thereof to the purchaser of
said bonds.
Section 3. That a special election of the qualified electors
who are taxpayers of said Village of McCall, Idaho, be, and the
same is hereby ordered to be held on the / 'day of (44 , 1933 ,
within said Village between the hours of 8 o 'clock A.M. and
7 o 'clock P.M. of said day, for the purpose of submitting to the
said electors the question of the issuance by the said Village of
its municipal coupon bonds in the total sum of $ 35,000.00, as
herein provided for.
Section 4. The Clerk of said Village of McCall is hereby
authorized and directed to give notice of said election by
publication thereof in the Payette Lake Statr a newspaper published
in said Village and having a general circulation therein, said pub-
lication to be once a week for not less than three successive
weeks prior to such election. Such election shall be conducted
as other m'Inicipal elections. The voting at such election shall
be by ballot, and the ballots used shall be substantiall$ as
follows:-
" In favor of creating the indebtednessX liability
provided for by Ordinances Nos. 7Z and 74; "
" Against the creation of the indebtedness or liability
provided for by Ordinances Nos. 73 and 74."
That the notice of such election to be given by the
Clerk shall be substantially in the following form:
NOTICE OF SPEC L L MUNICIPAL BOND ELECTION OF THE
VILLAGE OI' MCCALL, IDAHO, AND OF REGISTRATION OF VOTERS.
NOTICE IS HEREBY GIVEN, That a special election will
be held within the Village of McCall , Idaho , on the / 2 `�
day of c 224i/, 1933, beginning at the hour of 8 o 'clock,
A.1. , stxsx and closing at the hour of 7 o 'clock, P.M. of
said day, for the purpose of submitting to the qualified electors
of said Village who are taxpayers thereof, the proposition as to
whether or not the said Village shall ircur indebtedness and
issue its municipal coupon bonds in the sum of 35,000.00,
maturing within 20 years, with a maximum rate of interest at not
more than 6 per cent per annum, to pay the expense of constructing
a sewer line system of said. Village, as provided in Ordinances
Nos. 73 and 74 of said Village, now on file in the office
of the Clerk of said Village to which reference is hereby made for
further particulars of all matters referred to in this notice.
Said election will be held in the Village Hall of the
Village of McCall, Valley County, Idaho, located and situate
within said Village, and mitt said election will be opened at the
hour of 8 o 'clock A.M. , and will continue open until and will be ¢y
closed at the hour of 7 o 'clock P.B . of said day
All persons who at the time of said election are
qualified electors of said Village of McCall , and taxpayers
thereof, and no others, shall be qualified to vote at said election
on said question. The voting shallbe by ballot and the ballot
shall be supplied to the voters at said election and shall be in
the form as set forth in said Ordinance No.74.
5.
NOTICE OF REGISTRATION.
At any time during office hours at the McCall Light-_ . and
Power Company office in said Village preceding the election,
the Village Clerk will register all electors who are qualified
to vote at said election.
Dated at McCall, Idaho, this day of August,19S3,
-seal- Village Clerk
Section 5. If said bonds are authorized at said election
and are issued, the Board of Trustees of said Village shall in
the year /9a3 5I , authorize rates or charges against owners
of premises using such works and provide for the collection
011
of said rates err& charges, including penalties and attorney' s
fees, and make said rates or charges a lien upon the premises
served by such works, if not paid when due; that said revenue
bonds shall be payable solely from the revenue of such works
out of the sinking fund created under this ordinance, which
rates or charges shall be sufficient to meet the payments of
interest which will accrue upon said bonds from and after
the date thereof, until the semi-annual interest and payment date
in July of the year 1934, and thereafter in each year beginning
with 19^4 to maturity of all of said bonds, and shall authorize
rates or charges monthly or otherwise, sufficient to meet the
interest which shall accrue and become payable upon all of the
unpaid bonds of said bond issue during the next ensuing y (V.liOJy
following each such interest levy or charge; and commencing
with a levy or charge in the year 19E4, and in each and every
year thereafter until all of said bonds are matured and paid,
the said Board of Trustees shall authorize said rates or
charges to be leveled and collected at such times and in such
manner as stated herein, and
GEM
6.
upon all the premises served by such works; sums sufficient
to meet the payment of bond principal amounts maturing within
the period of one year next thereafter succeeding each such
annual rates or charges, for the purpose of paying the principal
of said bonds as the same shall mature in accordance with the
plan of amortization payments and in order to constitute a
sinking fund for the payment of the principal amount of said
bonds within 20 years from the date of the issuance of said bonds,
as aforesaid; and such rates or charges shall be levied,
assessed, certified, extended and collected by the proper officers
and placed by them in a sinking fund until the proncipal and
interest of all of said bonds shall be fully paid;
A separate interest fund shall be created in the office
of the treasurer of this Village unto which shall be paid all
interest rates or charges thus collected; and a bond principal
sinking fund is hereby created in the office of the treasurer of
said Village into which shall be paid all of the foregoing bond
principal rates or charges when collected; and said funds shall
be maintained in the office of said treasurer by said treasurer,
until the full payment of all of said bonds, both principal and
interest ; and said rates or charges when collected shall be
applied and used solely for the payment of said interest and
said principal payments only;
Section 6. The voting place shall be the place
provided in the notice herein contained, and the following named
persons are hereby appointed Judges and Clerk of said
election respectively for the purpose of conducting the same:
Jeler/ ��J fte and s ��
judges, and a4a/ clerk.
7 ,
Section 7. The Clerk of the Village of McCall, Idaho, is
hereby authorized and directed to secure the printing of the
ballots for said election and to furnish the same to the
judges and clerk of election and to make all other arrangements
necessary for the holding of said election.
Section S. This ordinance shall be in full force and
effect from and after its passage and approval, and the
publication thereof as provided by law.
Passed bythe Board of Trustees this 2,2'aay of
r , 1933.
Ct otivIL•
Chairman of the Board of
Trustees of the Village of
McCall, Idaho.
Attest:
Vi lage Clerk.
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