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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.