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"