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HomeMy Public PortalAboutORD 54_Improvements to Water System and Notice of Bond Election_10031992ORDINANCE NO. 54 AN ORDINANCE PROVIDING FOR THE CONSTRUCTION AND INSTALLATION OF IMPROVEMENTS TO THE DOMESTIC WATER SYSTEM OF THE CITY OF IONA, OF BONNEVILLE COUNTY, IDAHO; CALLING A SPECIAL ELECTION FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY THE QUESTION OF THE ISSUANCE OF REVENUE BONDS IN THE AMOUNT OF NOT TO EXCEED $300,000 TO PAY A PORTION OF THE COST THEREOF; ESTABLISHING THE DATE, TIME, AND PLACE OF SAID ELECTION; PROVIDING FOR PUBLIC NOTICE OF SAID ELECTION; AND PROVIDING FOR OTHER MATTERS RELATING THERETO WHEREAS, the City of Iona (the "City") is a municipal corporation duly organized and operating under the laws of the State of Idaho; and WHEREAS, the City owns and operates a domestic water distribu- tion system and collects rates, fees, and charges for the use of said system; and WHEREAS, it has been determined by the City Council of the City (the "Council") to be necessary and essential to the health, safety, comfort, and welfare of the inhabitants of said City to install, construct, and acquire improvements and betterments to the domestic water system within said City; and WHEREAS, the Council has determined to finance a portion of the cost of the construction and installation of said improvements through the issuance of revenue bonds of the City, pursuant to the provisions of the Revenue Bond Act of the State of Idaho, being Sections 50-1027 to 50-1042, inclusive, Idaho Code; and WHEREAS, said revenue bonds cannot be issued without the assent of a majority of the qualified electors of the City voting in an election called for such purpose; and WHEREAS, in order to authorize such revenue bonds, the Council has determined to call and conduct a special municipal bond election for the aforesaid purposes as required by said Revenue Bond Act. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF IONA, IDAHO, as follows: Section 1: THE PROJECT A. The Council hereby finds, determines, and declares that it is necessary and essential to the public interest, health, safety, and welfare that the City acquire and construct certain capital improvements and betterments to the City's domestic water Page 1 system (the "Project"), consisting generally of, but not limited to, distribution system improvements and installation of a new well, together with related improvements and costs incidental thereto. B. The cost and expense of the acquisition, construction, and installation of the Project, as estimated by the engineers of the City, is approximately $600,000, including the payment of all preliminary expenses incurred and incident to the Project and properly incident to the issuance of the bonds as such expenses are set forth in said Revenue Bond Act, and including payment of interest on such bonds during the period to be covered by the acquisition and construction of the improvements as described in subparagraph A above. C. Subject to the following subparagraph, the acquisition, construction, and installation of the improvements, as described in subparagraph A, above, are hereby ordered. D. Subject to the approval thereof by the qualified electors voting at the election for which provision is hereinafter made, revenue bonds of the City shall be issued pursuant to the provisions of the Revenue Bond Act, being Idaho Code Sections 50-1027 to 50-1042, inclusive, in the amount of not to exceed $300,000, to pay a portion of the costs of the Project. Section 2: SPECIAL ELECTION A special municipal bond election is hereby called within the City to be held on Tuesday, October 27, 1992, for the purpose of enabling the qualified electors of the City to vote upon the proposition set forth in Section 4 hereof. Said election shall be held in accordance with the laws of the State of Idaho. Section 3: ADMINISTRATION OF ELECTION The polls of said election shall open at the hour of 12:00 o'clock noon on October 27, 1992, and shall remain open continu- ously on said day until the hour of 8:00 o'clock P.M., at which time said polls shall be closed. The City, as its boundaries and corporate limits are now fixed and established, shall consist of one (1) voting precinct, the polling place for which shall be: Iona City Hall 3606 North Main Iona, Idaho The Council shall appoint an election judge and election clerks for said voting place for said special election. The election officials shall be qualified City electors. Page 2 The administration of the election shall be conducted in accordance with Chapter 4 of Title 50, Idaho Code, as amended, except as provided by Section 50-1035, Idaho Code, and in accordance with this Ordinance. Section 4: BALLOT TITLE The ballot title for said special election shall be in substantially the following form: CITY OF IONA Bonneville County, Idaho SPECIAL BOND ELECTION OCTOBER 27, 1992 SHALL THE CITY OF IONA ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $300,000 TO PAY THE COSTS OF IMPROVEMENTS AND BETTERMENTS TO THE CITY'S DOMESTIC WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE DOMESTIC WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 54, ADOPTED ON OCTOBER 3, 1992? IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 54 . . . . [ ] AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 54 . . . . [ ] INSTRUCTIONS TO VOTERS: To vote on the foregoing proposition, please make a cross (X) or other mark in the space to the right of the words "IN FAVOR OF issuing revenue bonds for the purposes provided in Ordinance No. 54" or "AGAINST the issuance of revenue bonds for the purposes provided in Ordinance No. 54" according the way you desire to vote on the question. If you, by mistake or accident, mark, tear, deface, or otherwise mutilate this ballot, please return it to the election Judge and obtain another ballot. The following information is required by Section 34-440, Idaho Code: The interest rate anticipated on the proposed bonds is 6.5% per annum. The range of anticipated rates Page 3 is from 5.0% to 8 indebtedness. The the life of the interest, based on is estimated to be .0%. The City has no existing total amount to be repaid over proposed bonds, principal and the anticipated interest rate, $544,560. Section 5: ELECTION EXPENSES The City Clerk is hereby authorized and directed to procure such supplies and incur such expenses as she deems appropriate and necessary for the proper conduct of the special bond election. Section 6: QUALIFIED ELECTORS All persons eighteen (18) years of age or older, who at the time of the specified bond election are qualified electors of the City, properly registered and possessing the qualifications of residents, shall be qualified to vote at said election. Section 7: REGISTRATION No qualified elector who was duly registered as a voter, and who continues to reside at the same address or within the same precinct in which he or she is registered, and has voted in at least one general City election in the past four years, shall be required to re -register. Persons may register at the office of the City Clerk, as Registrar for the City, on any business day during office hours, until 8:00 P.M. on October 16, 1992. Persons may also register at the office of the Bonneville County Clerk in Idaho Falls, Idaho. Any elector who will complete his or her residence requirement or attain the requisite voting age on or prior to October 27, 1992, but during the period when the register of electors is closed, may register prior to the closing of the register. Section 8: SAMPLE BALLOTS The City Clerk shall cause the ballot to be prepared and, as required by Idaho Code § 50-440, cause to be printed, not less than fifteen (15) days before said election, sample ballots containing the question to be submitted, which sample ballots shall be in the same form as the official ballots to be used, except they shall have printed thereon the words "Sample Ballot," shall be on paper of a different color than the official ballots, and shall not be numbered. The City Clerk shall furnish copies of the same on application at his office to anyone applying therefor. Said sample ballots shall be published at least twice in the official newspaper of the City, the last publication to be on the last available publication date prior to said election. In lieu of publication, Page 4 the Sample Ballot may be published in three public places in the City. Section 9: NOTICE Notice of said special bond election shall be given prior to said election by publishing notice of such election in The Idaho Falls Post Register, the official newspaper of the City, once a week on the same day of the week for two (2) successive weeks, which notice shall be in substantially the form attached hereto, marked Exhibit "A," and by this reference incorporated herein. Section 10: CANVASS When the polls are closed, the election officials shall immediately proceed to count the ballots cast at the election. The counting shall be continued without adjournment until completed and the result declared. The election judge and clerks shall thereupon certify the returns of the election to the City Clerk, who shall present the results to the Council. The Mayor and Council shall meet within six (6) days following the election, or at such time to which said meeting is continued, at the regular meeting place of the City Council, at City Hall, Iona, Idaho, for the purpose of canvassing the results of the election. Thereupon, the results shall be entered in the minutes of the Council and proclaimed as final. Section 11: DEBT DISCLOSURE STATEMENT A brief official statement containing the information required by Idaho Code S 34-440, as amended, shall be prepared by the City Treasurer. Section 12: REVENUE BONDS If, at said election, a majority of the qualified electors of the City voting upon the ballot question set forth in Section 4 of this Ordinance vote in favor of the issuance of said bonds for the purposes set forth herein and designated on the aforesaid ballot, fully registered revenue bonds of the City shall be authorized, issued, sold, and delivered. Said bonds shall be issued in the form and manner, shall be registered, shall mature annually over a period which may be less than but which shall not exceed twenty (20) years, shall bear interest at a rate or rates to be determined by the Council at the time of issuance of such bonds, and shall be payable annually or at such lesser intervals and be subject to such redemption provisions, as may be prescribed by the ordinance authorizing the issuance of such bonds, all of which shall be in accordance with the laws of the State of Idaho. Page 5 The net revenues (gross revenues minus normal expenses of maintenance and operation) of the domestic water supply and distribution system of the City, will be pledged for the payment of principal of and interest and redemption premiums, if any, on said revenue bonds. Said bonds shall not be a debt of the City within the meaning of any State constitutional provision or statutory limitation, nor a charge against the general credit or taxing powers of the City, and the City shall not be liable therefor, nor shall said bonds or the interest thereon be payable out of any funds other than the revenues of the domestic water system specified above. Section 13: OFFICERS AUTHORIZED The officers of the City are hereby authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance. Section 14: RATIFICATION A11 actions heretofore taken, not inconsistent with the provisions of this Ordinance, by the Mayor and Council directed toward construction and installation of the Project and the issuance of revenue bonds of the City therefor, and for the holding of a special municipal bond election, are hereby ratified, approved, and confirmed. Section 15: PUBLICATION This Ordinance, or a summary thereof in compliance with Section 50-901A, Idaho Code, shall be published once in the official newspaper of the City, and shall take effect immediately upon its passage, approval, and publication. DATED this 3rd day of October, 1992. CITY OF IONA Bonney lle County, Idaho attit WIC /44 Mayor ATTEST: Ark.dif City Clerk ( SEAL) Page 6 CITY OF IONA Bonneville County, Idaho NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that pursuant to Ordinance No. 54, adopted on October 3, 1992, of the City of Iona, of Bonneville County, Idaho, a Special Bond Election will be held in said City on TUESDAY, OCTOBER 27, 1992 between the hours of 12:00 o'clock noon and 8:00 o'clock P.M., for the purpose of voting upon the question and proposition of issuing revenue bonds in the principal amount of not to exceed $300,000 for the purpose of providing funds to pay the cost of construction and installation of improvements and betterments to the City's domestic water system, including, but not limited to, distribution system improvements and installation of a new well, together with related improvements and costs, pursuant to the provisions of said Ordinance. The question to be submitted to the electors shall be by ballot reading substantially as follows: CITY OF IONA Bonneville County, Idaho SPECIAL BOND ELECTION OCTOBER 27, 1992 SHALL THE CITY OF IONA ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $300,000 TO PAY THE COSTS OF IMPROVEMENTS AND BETTERMENTS TO THE CITY'S DOMESTIC WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE DOMESTIC WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 54, ADOPTED ON OCTOBER 3, 1992? IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 54 . . . . [ ] AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 54 . . . . [ ] Page 1 - EXHIBIT "A" Code: INSTRUCTIONS TO VOTERS: To vote on the foregoing proposition, please make a cross (X) or other mark in the space to the right of the words "IN FAVOR OF issuing revenue bonds for the purposes provided in Ordinance No. 54" or "AGAINST the issuance of revenue bonds for the purposes provided in Ordinance No. 54" according the way you desire to vote on the question. If you, by mistake or accident, mark, tear, deface, or otherwise mutilate this ballot, please return it to the election Judge and obtain another ballot. The following information is required by Section 34-440, Idaho The interest rate anticipated on the proposed bonds is 6.5% per annum. The range of anticipated rates is from 5.0% to 8.0%. The City has no existing indebtedness. The total amount to be repaid over the life of the proposed bonds, principal and interest, based on the anticipated interest rate, is estimated to be $544,560. Qualified electors shall vote at the following polling place: Iona City Hall 3606 North Main Iona, Idaho At said special election, only qualified and registered electors, eighteen (18) years of age or older, residing in the State of Idaho, and who are bona fide residents of the City of Iona, and no others, will be permitted to vote at said special election. No person so qualified and offering himself or herself at the polling place at which he or she is entitled to vote will be denied the privilege of voting at said special election. Qualified electors who, because of illness, disability, or expected absence from the City of Iona on the date of election, will be unable to vote at the designated polling place on the day of election, may obtain absentee ballots from the City Clerk of the City of Iona. The Iona City Clerk is the Registrar for the City of Iona, and the place of registration is the office of the City Clerk, City Hall, Iona, Idaho. Persons may register on each business day during office hours of the City Clerk continuing until 8:00 P.M. on October 16, 1992. Persons may also register at the office of the Bonneville County Clerk, Bonneville County Courthouse, Idaho Falls, Idaho, until October 16, 1992. Page 2 - EXHIBIT "A" No qualified elector who was duly registered as a voter, and who continues to reside at the same address or within the same precinct in which he or she is registered, and has voted in at least one general City election in the past four years, shall be required to re -register. If, at said election, the majority of the qualified electors voting upon said ballot question assent to the issuance of said bonds for the purposes set forth in Ordinance No. 54, the revenue bonds of the City of Iona will be issued for said purposes, which bonds, or so much thereof as may be necessary, will mature annually, or at such lesser interval as may be prescribed by the ordinance authorizing the issuance of the bonds, over a period which may be less than but which shall not exceed twenty (20) years, and will bear interest at such rate or rates as shall be prescribed in the ordinance authorizing the issuance of the bonds. The principal of and interest on said bonds shall be payable solely out of and derived from rates and charges for the use of and the services rendered by, and all other income, earnings, and revenues of, the domestic water system, as shall be prescribed in the ordinance authorizing the issuance of the bonds, of the City of Iona. DATED this 3rd day of October, 1992. CITY OF IONA Bonneviltle County, Idaho tt/(C4t Mayor ATTEST: 40-4( Ci y Clerk Page 3 - EXHIBIT "A"