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HomeMy Public PortalAboutOrd. 74 - Ref. to Ord. 73 Cl city &h,t,411 Of 4.6 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. -+t