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HomeMy Public PortalAboutOrd. 96 - Bond for Sewer System \'c://2/. rl ORDINANCE NO. 96 AN ORDINANCE PROVIDING FOR THE ISSUE AND PRESCRIBING THE FORM OF $17,400 MUNICIPAL COUPON BONDS CF THE VILLAGE OF McCALL, IN VALLEY COUNTY, STATE OF IDAHO, FOR THE PURPOSE OF PROVIDING FUNDS WITH WHICH TO CONSTRUCT AND INSTALL A SEWER SYSTEM AND SEWAGE DISPOSAL PLANT IN AND FOR THE VILLAGE OF McCALL BY PURCHASING THE NECESSARY MATERIALS, CONSTRUCTING AND LAYING SEWER MAINS , LATERALS AND SEDI- MiENTATION TANK; MAKING PROVISION FOR THE COLLECTION OF AN ANNUAL TAX SUFFICIENT TO PAY THE INTEREST ON SUCH IN- DEBTEDNESS AS IT FALLS DUE AND ALSO TO CONSTITUTE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF WITHIN TWENTY YEARS FROM THE TIME OF CONTRACTING THE SAME; AND PROVIDING FOR 'THE SALE OF SAID BONDS TO SUDL R, WEGENER & CO. , INC. , FURSU NT TO THE ACTION OF SAID DOA-D OF TRUSTEES AT THE ADVERTISED SALE OF SAID 30NDS OCTOBER 3Q, 1936. WHEREAS, at a special election of the qualified elec;Vors of the Village of McCall , Valley County, State of Idaho, who were taxpayers of said Village , held on the 18th day of November, 1935, in accordance with the law and pursuant to due notice , such electors did, by a vote of 165 ballots in favor of issuing bonds to the 3"I amount of :d7 ,400 for the purpose stated in Ordinance No. 85, and 14 ballots against issuing bonds to the amount of 17 ,400 for the purpose stated in said ordinance, carry in the affirmative , by the assent of more than two-thirds of the qualified electors , who were taxpayers .of said-Village, voting at said election, the question of contracting a bonded indebtedness by said Village in the sum of al7 ,400, for the purpose of providing funds with which to construct and install. a sewer system and sewage disposal plant in and for the Village of McCall , Valley County, State of Idaho, by purchasing the necessary materials , constructing and laying sewer mains , laterals . and sedimentation tank, by the issuance of the negotiable coupon bonds of the Village therefor; and WHEREAS, the Board of Trustees of said Village of McCall de- sires , as directed by law, to issue the bonds of this Village in conformity with said vote for the purpose aforesaid; and WHEREAS , Sudler, Wegener & Co. , Inc . has submitted to the said Village an offer dated October 27 , 1936, to purchase said bonds , which offer was duly accepted by said Village effective as of October 30 , 1936, by which, subject to the terms and conditions therein stated, the Village agreed to sell to Sudler, 'Wegener & Co. , Inc. and Sudler, Wegener & Co. , Inc. agreed to purchase g7,400 of said bonds, and the United States of America agreed to make a grant to the Village of forty-five per centum of the cost of the project upon completion, as determined by the Federal Emergency Administrator of Public Works , but not to exceed, in any event, the sum of rt14,175 ; and WHEREAS, the Village Board of Trustees of the Village of McCall, Valley County, Idaho, finds and deems it advisable and hereby declares it to be for the best interests of said Village to provide for the issuance and sale of 17 ,400 of said bonds, in accordance with said offer and acceptance , and to award and issue said bonds to Sudler, Wegener & Co. , Inc. , pursuant to law; NOW,THEREFORE,BE IT ORDAINED BY THE CHAIRMAN AND BOARD OF TRUSTEES OF THE VILLAGE OF McCALL, VALLEY COUNTY, STATE OF IDAHO : Section 1. That by virtue and in pursuance of Chapter 24 of Title 49 and the amendments thereto , and Chapter 2 of Title 55 and the amendments thereto, of Idaho Code Annotated, 1932 Edition, Chapter 95, General Laws of Idaho, 1935, Regular Session, and Chapter 2 , General Laws of Idaho , 1935 , Extraordinary Session, and all other laws applicable thereto, there shall be issued the municipal coupon bonds of the Village of McCall , Valley County, State of Idaho, in the aggregate principal amount of }d7 ,400, to provide funds with which to construct and install a sewer system and sewage disposal plant in and for the Village of McCall , Valley County, State of Idaho, by purchasing the necessary materials, constructing and laying sewer mains, laterals and sedimentation tank. The said bonds shall be dated November 1st , 1936, shall consist of 23 bond to be of t e, denominatiprn of $400 , $5000, ._and kIS-t9D P ),,-ti.tio" . !. ,r "Vaft. ,,e....n 1-A.,t 64,ne4.{,f .,.,f , .. ;:40. ,_ $ 1,000 l _and shall be numbered and shall mature as follows : NUMBER OF 30NDS :MOUNT MTURI TY • 1 y 400.00 November 1, 1938 2 500.00 November 1, 1939 3 500.00 November 1 , 1940 4 500.00 November 1, 1941 5 500,00 November 1 , 1942 • 6 500.00 November 1 , 1943 7 500 .00 November 1 , 1944 8 . 1 ,000.00 November 1, 1945 9 1,000.00 November 1 , 1946 10 1 ,000 .00 November 1, 1947 11 1 ,000 .00 November 1, 1948 12 1 ,000.00 November 1 , 1949 13 1,000.00 November 1 , 1950 14 1 ,000.00 November 1 , 1951 15 1 ,000 .00 November 1 , 1952 16 and 17 1,500.00 November 1, 1953 18 and 19 1 ,500.00 November 1 , 1954 20 and 21 1 ,500.00 November 1 , 1955 22 and 23 1 , 500.00 November 1, 1956 . The principal of and the interest on said bonds shall be payable ?t the office of the Village Treasurer at McCall, in the County of Valley, State of Idaho , or at the Idaho First National Bank of Boise, II Boise , Idaho, at the option of the holder in such funds as are , on the respective dates of payment of such principal and interest, legal tender for debts due ma the United States of America, Said bonds shall bear interest at the rate of five and one-half per centum per ' annum, payable semi-annually on the first day of May -and the first day of November of each year, first interest payable May 1 , 1937 , and said interest shall be represented by appropriate coupons at- tached to each bond, each coupon representing six months' interest upon the bond to which it is attached. Each of said bonds shall be executed and signed in the name of the Village by the Chairman of the Board of Trustees of the Village, shall be countersigned by the Village Treasurer and shall be attested by the Village Clerk, shall bear the official seal of said Village , and shall , at the option of the holder, be registerable as to principal only, and the coupons thereto attached shall bear the original or facsimile sig- nature of the Village Treasurer. • Section 2. That said bonds and coupons shall be in substantially the following form, to wit : -- (FORM OF BOND) STATE OF IDAH0 COUNTY OF VALLEY No. 0400.00 p500.00 $1,000.00t6 .:V4,14 VILLAGE OF McC ALL - i 1 SEWER BOND SERIES OF NOVEMBER 1, 1936 The Village of McCall , in the County of Valley, and State of Idaho, for value received, acknowledges itself to be indebted and hereby promises to pay to bearer the sum of FOUR HUNDRED DOLLARS FIVE HUNDRED DOLLARS ONE THOUSAND DOLLARS on the 1st day of November, 19 , with interest thereon at the rate of five and one-half (5 %) per centum per annum, from date until paid, pay- ' able semi-annually on the first day of May and the first day of November in each year, upon presentation and surrender of the annexed coupons as they respectively become due, both principal and interest being payable at the office of the Village Treasurer, at McCall , Idaho, or at the Idaho First National Bank of Boise, Boise , Idaho , at the option of the holder, in such funds as are on the respective dates of payment of such principal and interest legal tender for debts due the . United States of Asaerica. This bond is issued by said Village for the purpose of providing funds with which to construct and install a sewer system and sewage dis- I posal plant in and for the Village of McCall, Valley County, State of Idaho, by purchasing the necessary materials , constructing and laying sewer mains , laterals and sedimentation tank, and is one of a., series of bonds of like date and is issued in conformity with and in full compli- ance with the Constitution of the State of Idaho and Chapter 24 of Title 49, and the amendments thereto, and Chapter 2 of Title 55, and the amendments thereto, of Idaho Code Annotated, 1932 Edition, and all other laws applicable thereto. It is hereby certified, recited and declared that the full faith, credit and all taxable property within the Village of McCall, Idaho, are and shall continue to be pledged for and until the full payment of the principal and interest of this bond; that every requirement of law re- lating to the issue 'thereof has been duly complied with and that this bond is within every debt and other limit prescribed by law and the Con- stitution; that provision has been made for the collection of an annual tax to pay the interest on this bond as it falls due , and also to pay the principal hereof when due. ST . ON .:;HEREOF, Village of McCall , Countyof Valley, IN T�:�1ll.�vraY :�HERLOr, The 'Till g Idaho, has caused this bond to be signed by the Ch&irman of the Board of Trustees , countersigned by the Village Treasurer, and attested by the Village Clerk, the seal of the Village affixed and the coupons hereto attached to be signed with the facsimile signature of the Village Treasurer, as of the first day of November , 1936. (SEAL) Chairman of the Board of Trustees Attest : Countersigned: . Village Clerk Village Treasurer (FORM OF COUPON) No. 11 .00 f13.?5 512?. 5Q , +; May On the first day of November, 19 , the Village of McCall , in the County of Valley, and State of Idaho, will pay to the bearer hereof the sum of Eleven & 00/100 Dollars Thirteen & 75/100 Dollars Twenty -Seven & 50/100 Dollars in such funds as are on the date of payment hereof legal tender for debts due the United States of America , at the office of the Village Treasurer at McCall , in the County of Valley, State of Idaho, or at the Idaho First National Bank of Boise, Boise , Idaho, at the option of the holder, being six months' interest due on its Sewer Bond, Series of November 1 , 1936. Village Treasurer Bond No. The registration certificate to be attached to the said bonds shall be in substantially the following form: REGISTRATION- CERTIFICATE CERTIFICATE OF VILLAGE CLERK AND TREASURER I, the undersigned, the duly chosen, qualified and acting Village Clerk and Treasurer of the Village of McCall , in the County of Valley, and State• of Idaho, do hereby certify that the within bond has been • duly registered in permanent public record books kept in my office for that purpose , in full compliance with the provisions of Chapter 2 of • Title 49 , and the amendments thereto , of Idaho Code Annotated, 1932 Edition and all other laws applicable thereto. IN ' ITNES3 :WHEREOF, witness my hand and seal of said Village of McCall , County of Valley, State of Idaho , this day of 19: . Village Clerk Village Treasurer Section 3. That the interest falling due on said bonds on May 1 , 1937, and November 1 , 1937 , shall be paid out of the general revenue fund of the Village , and for the purpose of reimbursing said • general fund for said instalments of interest and to meet the interest accruing on said bonds after November 1 , 1937 , promptly and as the same accrues , and for the purpose of paying the principal of said bonds as the same mature, there shall be levied on all the taxable property in said Village, in addition .to all other gaxes , general ad valorem taxes in the following years sufficient to produce the following net amounts , to wit : , E 1R INTEREST .l:RICIRAL TOM', .;N,,` '1937 $ 957.00 - - 0 957.00 • 1938 957.00 0 400.00 1 ,357.00 1939 935.00 500 .00 1 ,435.00 1940 907.50 500.00 1 ,407.50 1941 880.00 500 .00 1 ,380.00 1942 852. 50 500.00 1 ,352.50 1943 825.00 500.00 1 ,325.00 1944 797.50 500.00 1,297.50 1945 770.00 1 ,000.00 1, 770.00 1946 715.00 1,000.00 1 , 715.00 1947 660.00 1 ,000 .00 1 , 660.00 ' s 1948 615.00 1 ,000 .00 1 , 615 .00 1949 550.00 1 ,000 .00 1 ,550.00 1950 495.00 1 ,000 .00 1 ,495.00 1951 440.00 1 ,000.00 1 ,440.00 1952 385.00 1 ,000 .00 1 ,385.00 , 1953 330.00 1 ,500 .00 1 ,830.00 1954 247 .50 1 ,500.00 1 ,747 . 50 1955 165.00 1 , 500 .00 1 , 665.00 . 1956 82.50 1 ,500.00 1 ,582 .50 Said taxes shall be assessed, levied and collected, in the same manner as other taxes for general municipal purposes are assessed, levied and collected and the taxing officers for said municipality shall do all things requisite and necessary to carry out the provi- sions hereof with respect to the levy and collection of such taxes , but nothing herein contained shall be so construed as to prevent the said Village from applying any other funds that may hereafter be in the Village Treasury and available for that purpose, to the payment of said interest and principal as the same respectfully mature, and the levy or levies herein provided for may thereupon to that extent I be diminished. Section 4. The Board of Trustees of said Village hereby covenants and agrees , on the part of the Village, with each and every holder of bonds issued under the provisions of this ordinance that the Village will : (1 ) create in the Village treasury a fund to be designated the "Bond Fund" , for the purpose of paying the principal of and the interest to accrue upon the bonds issued under the provisions of this ordinance, :;into which shall be paid the taxes above levied and all other sums applicable to such purpose ; (2 ) keep said bond fund separate and distinct from all other funds of the Village; and (3) use said fund solely for the purpose of paying the principal of and the interest to accrue upon the bonds issued under the provisions of this ordinance. Section 5. It shall be the duty of the Board of Trustees of said Village, and it is hereby required annually, at the time and in the manner provided by law for the levying of other Village taxes, to ratify and carry out the provisions hereof with reference to the levying of taxes and requiring the officers of and for the said Village to levy, extend and collect such taxes in the manner provided by law, for the purpose of creating a fund for the payment of the interest upon and the principal of said bonds , 'and the said taxes when so collected shall be kept for and applied only to the payment of said interest and principal of said bonds as hereinbefore specified. Section 6. Said bonds may be registered in the holder's name on the books of the Villageeasurer` of the Village of McCall , at McCall, Valley County, Idaho, such registration being noted upon the bond by said Village Treasurer, after which no transfer shall be valid, unless made on the Village Treasurer's books by the registered holder and similarly noted on the bond, but said bond so registered may be discharged from registration by being transferred to tearer after which it shall be transferable by delivery, but it may be again registered as before. The registra- tion of bonds as to principal only shall not restrain the negoti- rj` ability of the coupons by delivery merely. At the option of the holder, the said bonds may be converted into fully registered bonds. Section 7. The Board of Trustees of said Village having heretofore on the 30th day of October, 1936, accepted the bid of Sudler, Wegener & Co. , Inc. to purchase said bonds at the -- par value thereof plus accrued interest to the date of delivery • ,;, and payment, the said bonds are hereby awarded to Sudler, Wegener & Co. , Inc. pursuant to such bid, and the said bonds ti shall be prepared and executed as soon as may be after the adoption of this ordinance , and shall thereupon be delivered to the purchaser thereof upon payment therefor at par and - I accrued interest. It is hereby found and declared that said sale is to the best interests of said Village of McCall, Idaho. Section 8. This ordinance shall take effect and be in force from and after its passage , approval and due publication, and shall be irrepealable until the indebtedness herein author- Aot ized shall have been fully paid and satisfied. PASSED AND APPROVED THIS 5th day of November, 1936. Chairman of the Board of Trustees. (SEAL ) Attest: • Village Clerk.