HomeMy Public PortalAboutOrd. 1005 General Obligation Bonds - Library ORDINANCE NO. 1005
AN ORDINANCE OF THE CITY OF MCCALL, VALLEY COUNTY, STATE
OF IDAHO, AUTHORIZING THE ISSUANCE AND SALE OF UP TO
$4,200,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS,
SERIES 2021; PROVIDING FOR THE DATE, FORM, MATURITY, AND
DESIGNATION OF SAID BONDS;AUTHORIZING A NOTICE OF SALE AND
OFFICIAL STATEMENT FOR THE BONDS; PROVIDING FOR LIMITATION
FOR THE RATE OF INTEREST ON, PRINCIPAL AMOUNT OF AND
MATURITIES OF SAID BONDS; PROVIDING FOR THE PAYMENT OF
PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE
REGISTRATION AND AUTHENTICATION OF SAID BONDS; SETTING THE
TIME, DATE, AND PLACE OF SALE OF SAID BONDS; PROVIDING FOR
THE PURCHASE OF THE BONDS; PROVIDING FOR THE PAYMENT OF
PRINCIPAL OF AND INTEREST ON SAID BONDS BY ANNUAL LEVIES OF
TAXES; CREATING CERTAIN FUNDS AND ACCOUNTS;PROVIDING FOR
OTHER MATTERS PROPERLY RELATING THERETO; PROVIDING FOR A
SEVERANCE CLAUSE; AND PROVIDING AN EFFECTIVE DATE AND
WAIVING ANY REQUIREMENT FOR THREE SEPARATE READINGS OF
THE ORDINANCE.
CITY OF MCCALL, VALLEY COUNTY, STATE OF IDAHO
GENERAL OBLIGATION BONDS, SERIES 2021
BE IT ORDAINED by the Mayor and Council of the City of McCall, Valley County, State
of Idaho, as follows:
WHEREAS,the City of McCall,Valley County, State of Idaho (the"City"),is a municipal
corporation duly organized and operating under Chapters 1 and 2, Title 50, Idaho Code, as
amended; and
WHEREAS, the City Council of the City (the "Council"), by its Ordinance No. 999,
adopted on March 11, 2021, ordered a special election to be held within said City on May 18,
2021, for the submission to the voters of the City the question of whether or not the City should
issue up to $4,200,000 in general obligation bonds to provide funds for the construction,
renovation, and furnishing of the City's existing library facilities and an addition thereto, and all
other related costs, items and appurtenances necessary, useful and convenient for the betterment
of the City's library facilities, as set forth in said Ordinance No. 999; and
WHEREAS,on May 24, 2021,the Valley County Commissioners canvassed the returns of
said special bond-election and determined that the requisite two-thirds (2/3) majority of the
qualified electors of said City had cast votes in the affirmative and that said proposition for the
issuance of general obligation bonds in the amount of up to $4,200,000 had passed; and
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Ord 1005 Library Bond Ordinance
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WHEREAS, after the County Clerk had certified the above special bond election results
to the City Clerk, on May 27, 2021, the City took action to have the results of said special bond
election entered in the minutes of the Council and proclaimed as final; and
WHEREAS, the period to contest the election results ended on July 3, 2021; and
WHEREAS, the City now desires to further authorize the issuance and sale of its General
Obligation Bonds, Series 2021 (the"Bonds"); and
WHEREAS,Piper Sandler&Co. ("Underwriter")in connection with a preliminary official
statement ("Preliminary Official Statement") to be followed by a final official statement (the
"Official Statement") has submitted in draft form its Bond Purchase Agreement (the "Purchase
Agreement") to purchase the Bonds, and it is desirable that the Bonds be authorized to be sold in
accordance with the parameters set forth in this Ordinance; and
NOW, THEREFORE,be it further ordained by the Council, as follows:
Section 1. Bonds Authorized; Purpose. General obligation bonds of the City, in fully registered
form, designated "City of McCall, Valley County, State of Idaho, General Obligation Bonds,
Series 2021" (the "Bonds"), in the aggregate principal amount of up to,$4,200,000 are hereby
authorized to be issued, sold, and delivered pursuant to the laws of the State of Idaho, particularly
Title 50, Chapter 10, Idaho Code, as amended, and the Municipal Bond Law, Title 57, Chapter 2,
Idaho Code, as amended.
The Bonds shall be and shall have all the qualities and incidents of negotiable instruments
under the laws of the State of Idaho, and each such successive holder, in accepting any of the
Bonds or registered coupons, shall be conclusively deemed to have agreed that the Bonds shall be
and have all of the qualities and incidents of negotiable instruments under the laws of the State of
Idaho.
The Bonds are being issued for the purpose of providing funds to pay the cost of the
construction, renovation, and furnishing of the City's existing library facilities and an addition
thereto, and all other related costs, items and appurtenances necessary, useful and convenient for
the betterment of the City's library facilities, as otherwise determined by the City.
Section 2. Definitions.
As used in this Ordinance, the following words shall have the following meanings:
Bonds means the "City of McCall, Valley County, State of Idaho, General Obligation
Bonds, Series 2021," herein authorized to be issued, sold, and delivered in the form of fully
registered, general obligation bonds in the aggregate principal amount not to exceed$4,200,000.
Bond Fund means the"City of McCall, Valley County, State of Idaho, General Obligation
Bonds, Series 2021, Bond Fund"referred to in Section 15 of this Ordinance.
Bond Purchase Agreement means the agreement between the City and the Underwriter for
the purchase of the Bonds by the Underwriter.
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Bond Register means the registration books on which are maintained the names and
addresses of the owners or nominees of the owners of the Bonds.
Bond Re ig'strar means the bond registrar, transfer agent, and authenticating and paying
agent appointed and designated in Section 7 of this Ordinance.
Book Entry-Only System means the system of recordation of ownership of the Bonds on
the books of the Depository pursuant to Section 3 of this Ordinance.
Business Day means a day, other than a Saturday or Sunday, on which banks located in the
State of Idaho are open for the purpose of conducting commercial banking business.
City means the City of McCall, Valley County, State of Idaho.
City Clerk means the Clerk of the City, or other officer of the City who is the custodian of
the seal of the City and of the records of the proceedings of the City, or his/her successor in
functions, if any.
City Manager means the City Manager appointed by the City Council and granted full
administrative authority over City operations pursuant to McCall City Code 1.7.6 and possesses
such powers as are vested in the Mayor as provided in Idaho Code section 50-606.
Continuing Disclosure Agreement means the Continuing Disclosure Agreement between
the City and Zions Bancorporation, National Association, as dissemination or disclosure agent,
dated the date of delivery of the Bonds, as originally executed and as may be amended from time
to time in accordance with the terms thereof.
Cost of Issuance Fund means the cost of issuance fund created by Section 12 which is to
be held by the Bond Registrar to pay costs of issuance of the Bonds.
Council means the City Council of the City.
Mayor means the Mayor of the City, or his/her successor in functions, if any.
Notice of Sale means the Notice of Sale of Bonds in the form attached as Exhibit B hereto.
Official Statement means the final Official Statement of the City.
Ordinance or Bond Ordinance means this Ordinance No. 1005, adopted on August 26,
2021.
Outstanding, when used with reference to the Bonds, as of any particular date, means
Bonds, the principal of and interest on which have not been paid pursuant to this Ordinance or
which have not been replaced pursuant to Section 7 of this Ordinance.
Preliminary Official Statement means the preliminary Official Statement of the City.
Project Construction Fund means the "City of McCall, Valley County, State of Idaho,
General Obligation Bonds, Series 2021, Project Construction Fund" referred to in Section 13 of
this Ordinance.
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Registered Owner means the purchaser of the Bonds and any subsequent transferee or
purchaser of the Bonds.
Treasurer means the Treasurer of the City, or his/her successor in functions, if any.
Underwriter means Piper Sandler & Co.
Section 3. Description of Bonds; Book Entry.
A. The Bonds shall be issued and sold in accordance with this Ordinance and Official
Statement hereinafter described and certain parameters and limitations as to principal
amount, rate of interest, and maturity as set forth in Sections 9 and 10 below. Bonds shall
be issued in an aggregate principal amount of up to $4,200,000 as serial bonds and, if the
Bond Purchase Agreement for the Bonds so indicates, as one or more maturities of term
bonds. The interest rates on the Bonds shall be reasonable and based on and limited by the
recommendation of the City's Financial Advisor, Zions Bancorporation, National
Association. The Bonds shall be in denominations of$5,000 each, or integral multiples
thereof, shall be dated the date of delivery of the Bonds, shall be issued only in fully
registered form, and shall be substantially in the form set forth in Exhibit "A" attached
hereto and by this reference incorporated herein. The Bonds shall also include any such
additional statements, provisions, or requirements as may be necessary or appropriate as a
consequence of obtaining bond insurance coverage, if any,for the Bonds. The Bonds shall
be numbered separately in a consecutive series, in the manner and with any additional
designation as the Bond Registrar (hereinafter defined) deems necessary for the purposes
of identification. The Bonds shall mature or be subject to mandatory sinking fund
redemption installments in the total amounts per year, on September 1, of each year with
an initial maturity of September 1, 2022, and a final maturity not later than September 1,
2041, as to be set forth in the Terms Certificate described in Section 9 hereof, and to
conform with the Bond Purchase Agreement for the Bonds with respect to any maturity of
potential term bonds.
B. The Bonds shall be issued in Book-Entry-Only form in accordance with the Book-
Entry-Only System and practices of the Depository Trust Company,New York,New York
(the"Depository"),in the form of a single Bond for each maturity of the Bonds aggregating
the entire proposed amount of the Bonds, substantially in the form of Exhibit"A"which is
annexed hereto and by reference made a part hereof. A single Bond for each maturity of
Bonds shall be executed by the manual or facsimile signature of the Mayor, countersigned
by the manual or facsimile signature of the City Treasurer, and attested by the manual or
facsimile signature of the City Clerk, and authenticated by the Bond Registrar appointed
in Section 7 hereof, and the Official Seal of the City or a facsimile thereof shall be
impressed or reproduced thereon. The Bonds shall be registered in the name of Cede &
Co., as nominee of the Depository, and shall be lodged with the Depository until maturity
of the Bonds. The City shall recognize the Depository, or its nominee, as the owner of the
Bonds for all purposes. Beneficial ownership interests in the principal amount of$5,000
or integral multiples thereof will be available through entries on the books of banks and
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broker-dealer participants (the "Participants") which are related to the Book-Entry-Only
System.
C. The City shall have no responsibility or obligation to any Participant or beneficial
owner of any interest in the Bonds with respect to (i) the accuracy of the records of the
Depository or its nominee with respect to any ownership interest in the Bonds, (ii) the
delivery to any Participant or other person, other than the Depository or its nominee, of any
notice with respect to the Bonds, or (iii) the payment to any Participant or other person,
other than the Depository or its nominee, of any amount with respect to principal of or
interest on the Bonds. Payments by the City to the Depository or its nominee of the
principal of and interest on the Bonds when due shall be valid and effective to fully satisfy
and discharge the City's obligations with respect to payment of the principal of and interest
on the Bonds to the extent of the sums so paid. No person other than the Depository or its
nominee shall receive a Bond certificate evidencing the obligation of the City to make
payments of principal and interest pursuant to this Ordinance.
D. To the extent an initial or any further Representation Letter may be necessary or
appropriate,the standard Representation Letter of the Depository is hereby authorized, and
the Mayor, City Treasurer, City Manager or other officer of the City shall execute and
deliver such Representation Letter on behalf of the City as necessary. The City's execution
and delivery of such Representation Letter shall not in any way limit the provisions of
Paragraph B of this Section 3 or in any other way impose upon the City any obligation
whatsoever with respect to persons having interests in the Bonds other than the Depository
or its nominee.
E. (i) The Depository may determine to discontinue providing its services with
respect to the Bonds at any time by giving notice to the City and discharging its
responsibilities with respect thereto under applicable law.
(ii) Zions Bancorporation, National Association, acting as the Bond Registrar
(the "Bond Registrar") in its sole discretion and without the consent of any other
person,may terminate the services of the Depository with respect to the Bonds if it
determines that:
(a) The Depository is unable to discharge its responsibilities with
respect to the Bonds, or
(b) A continuation of the requirement that all of the outstanding Bonds
be registered in the registration books kept by the Bond Registrar in the
name of Cede & Co., or any other nominee of the Depository, is not in the
best interest of the beneficial owners of the Bonds.
(iii) Upon the termination of the services of the Depository with respect to the
Bonds pursuant to subsection E.(ii)(b) hereof, or upon the discontinuance or
termination of the services of the Depository with respect to the Bonds pursuant to
subsection E.(i) or subsection E.(ii)(a) hereof after which no substitute securities
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depository willing to undertake the functions of the Depository hereunder can be
found which, in the opinion of the Bond Registrar, is willing and able to undertake
such functions upon reasonable and customary terms, the Bond Registrar is
obligated to deliver Bonds at the expense of the beneficial owners of the Bonds, as
described in this Ordinance and the Bonds shall no longer be restricted to being
registered in the registration books kept by the Bond Registrar in the name of Cede
& Co. as nominee of the Depository, but may be required in whatever name or
names the owner transferring or exchanging Bonds shall designate, in accordance
with the provisions of this Ordinance.
F. Notwithstanding any other provision of this Ordinance to the contrary, so long as
any Bond is registered in the name of Cede & Co., as nominee of the Depository, all
payments with respect to principal or, premium, if any, and interest on such Bond and all
notices with respect to such Bond shall be made and given, respectively, in the manner
provided in the Representations Letter.
G. The City hereby designates the Bonds as a"qualified tax-exempt obligation"within
the meaning and for the purpose of Section 265(b)(3) of the Internal Revenue Code of 1986 (the
"Code"), and the City, including all aggregated issuers as described in Section 265(b)(3)(E), does
not reasonably anticipate that it will issue more than$10,000,000,including the Bonds,as qualified
tax-exempt obligations during the calendar year 2021.
Section 4. Interest on Bonds. The Bonds shall bear interest at a rate or rates as set forth in the
Bond Purchase Agreement, which interest shall be payable commencing March 1, 2022, and
semiannually thereafter on each March 1 and September 1 of each year after the first interest
payment date,until the respective maturity dates thereof. Interest on the Bonds shall be calculated
on the basis of a 360-day year consisting of twelve 30-day months.
Section 5. Payment of Bonds; Pledge of Full Faith and Credit. The principal of the Bonds is
payable in lawful money of the United States of America to the Registered Owners thereof,whose
names and addresses shall appear on the registration records of the City (the "Bond Register")
maintained by the Bond Registrar designated in Section 7 hereof,upon presentation and surrender
of the Bonds at the principal office of the Bond Registrar.
Payment of each installment of interest shall be made on the due date to the Registered
Owner of each Bond, at his or her address appearing on the Bond Register on the first day of the
calendar month of the interest payment date,or at such other address as may be furnished in writing
by such Registered Owner to the Bond Registrar and shall be paid by check or draft of the Bond
Registrar mailed to such Registered Owner.
At least three (3) days prior to each interest or principal payment date for the Bonds, the
City shall transfer to the Bond Registrar as Paying Agent an amount sufficient to pay the principal
of and interest on the Bonds then due and payable, and the Paying Agent is hereby authorized and
directed to apply such funds to said payment.
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The full faith, credit and taxing power of the City are hereby irrevocably pledged to the
payment of the principal of, redemption premium, if any, and interest on the Bonds when and as
the same become due. A default on the Bonds shall not constitute a general obligation of Valley
County or the State of Idaho or any subdivision thereof other than the City.
Section 6. Execution of Bonds. Without unreasonable delay following the execution of the Bond
Purchase Agreement,the City shall cause definitive bonds to be prepared, executed, and delivered,
which Bonds shall be typewritten or printed without engraved or lithographed borders. The Bonds
shall be signed by the Mayor of the City, countersigned by the City Treasurer, and attested by the
City Clerk(all of which signatures may be by facsimile), and the facsimile seal of the City may be
imprinted or reproduced thereon. The Bonds shall then be delivered to the Bond Registrar for
authentication by the manual signature of an authorized officer thereof.
Until the definitive bonds are prepared, the City may, if deemed necessary by the City
Manager,utilize a temporary Bond which shall be typewritten, and which shall be delivered to the
purchaser of the Bonds in lieu of definitive bonds, subject to the same provisions, limitations, and
conditions as the definitive bonds. The temporary Bond shall be dated as of the date of the Bonds,
shall be in the denomination of the aggregate amount of the Bonds, shall be numbered T-1, shall
be substantially of the tenor of such definitive bonds, but with such omissions, insertions, and
variations as may be appropriate to temporary Bonds, and shall be manually signed by the Mayor
of the City, the City Treasurer and the City Clerk, and authenticated by the Bond Registrar, and
shall have the seal of the City impressed thereon.
In case any of the officers who shall have signed, or countersigned, any of the Bonds shall
cease to be such officer or officers of the City before the Bonds so signed or countersigned shall
have been authenticated or delivered by the Bond Registrar,or issued by the City, such Bonds may
nevertheless be authenticated, delivered, and issued and, upon such authentication, delivery, and
issue, shall be as binding upon the City as though those who signed and countersigned the same
had continued to be such officers of the City. Any Bond may also be signed and countersigned on
behalf of the City by such persons as at the actual date of execution of such Bonds shall be the
proper officers of the City although at the original date of such Bond any such person shall not
have been such officer of the City.
Only such of the Bonds as shall bear thereon a certificate of authentication in the form set
forth in Exhibit"A,"manually executed by the Bond Registrar, shall be valid or obligatory for any
purpose or entitled to the benefits of this Ordinance, and such certificate of authentication shall be
conclusive evidence that the Bonds so authenticated have been duly executed, authenticated, and
delivered hereunder and are entitled to the benefits of this Ordinance.
Section 7. Bond Registrar and Paying Agent. Zions Bancorporation, National Association,
Boise, Idaho, is hereby appointed as bond registrar, transfer agent, and authenticating and paying
agent, and is herein referred to as the"Bond Registrar." The Bond Registrar shall keep, or cause
to be kept, at its corporate trust office sufficient books for the registration and transfer of the Bonds
which shall, at all times, be open to inspection by the City. The Bond Registrar shall do all things
authorized by the Idaho Registered Public Obligations Act, Chapter 9, Title 57, Idaho Code, as
amended. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver the
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Bonds transferred or exchanged in accordance with the provisions of such Bonds and this
Ordinance and to carry out all of the Bond Registrar's powers and duties under this Ordinance.
For purposes of said Registered Public Obligations Act, this Ordinance shall constitute a"system
of registration"within the meaning, and for all purposes, of said Act.
The Bond Registrar shall be responsible for its representations contained in the Certificate
of Authentication on the Bonds. The Bond Registrar may become the owner of the Bonds with
the same rights as it would have if it were not the Bond Registrar.
The Bonds may be transferred only upon the books for the registration and transfer of
Bonds, upon the surrender thereof at the principal office of the Bond Registrar, together with a
form of transfer duly executed by the Registered Owner or his attorney duly authorized in writing,
substantially in the form set forth in the form of Bond referred to in Section 6 hereof. Upon the
transfer of any Bond, there shall be issued in the name of the transferee or transferees a new fully
registered Bond or Bonds of the same aggregate principal amount as the surrendered Bond. The
new Bond or Bonds shall bear the same date as the date of the surrendered Bond but shall bear
interest from the immediately preceding interest payment date to which interest has been paid or
duly provided for. The Bond Registrar shall require the payment by the Registered Owner
requesting such transfer of any tax or other governmental charge required to be paid with respect
to such transfer.
The Bond Registrar shall not be.required to exchange or transfer any Bond within fifteen
(15) days of an interest payment date or, in the case of any redemption of Bonds, during the period
from the record date specified by the Bond Registrar in the notice of redemption to the date of
redemption.
Section 8. Redemption; Notice of Redemption. Bonds maturing by their terms on or before
September 1, 2031, shall not be subject to call and redemption prior to their fixed maturity date.
The City reserves the right to redeem any or all of the Bonds maturing by their terms on or after
September 1, 2032, in advance of maturity on September 1, 2031, or on any date thereafter, in
whole or in part, at.the redemption price of par plus accrued interest to the date of redemption,
from such maturities or parts thereof as shall be directed by the City and by lot within each
maturity.
To the extent that and if any of the Bonds are issued as one or more maturities of term
Bonds, said term Bonds will mature and be subject to mandatory sinking fund redemption in such
installment amounts and, on such dates, as described on the final principal payment schedule for
the Bonds and as will conform and correspond with the Bond Purchase Agreement for the Bonds.
For so long as the Bonds are in book-entry only form, if fewer than all of the Bonds of a
maturity are called for redemption, the selection of Bonds within a maturity to be redeemed shall
be made by the Depository in accordance with its operational procedures then in effect. If the
Bonds are no longer held in book-entry only form, then the City shall select Bonds for redemption
by lot in multiples of$5,000 within each maturity.
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Notice of redemption shall be given by the Bond Registrar by first class mail, postage
prepaid, not less than (30) nor more than sixty (60) days prior to the redemption date, to the
Depository, and to the owner, as of the 15th day prior to mailing the notice of redemption (the
"Record Date"), of each Bond which is subject to redemption, at the address of such Registered
Owner as it appears in the registration books of the City kept by the Bond Registrar, or at such
other address as is furnished the Bond Registrar, in writing by such registered owner on or prior
to the Record Date. Notice shall also be given by first-class mail to the fiscal agent of the City, if
any, and to the Paying Agent,if other than the Bond Registrar, and to MSRB through its Electronic
Municipal Market Access system ("EMMA"), in accordance with the Continuing Disclosure
Agreement referenced in Section 19 hereof. Each notice of redemption shall state the name of the
Bonds, the Record Date, the redemption date, the place of the redemption, the principal amount
and, if less than all, the distinctive numbers of the Bonds or portions of the Bonds to be redeemed,
and shall also state that the interest on the Bonds designated for redemption in such notice shall
cease to accrue from and after such redemption date and that on said date there will become due
and payable on each of said Bonds the principal thereof,interest accrued thereon to the redemption.
date, and premium, if any.
Each notice of redemption may further state that such redemption shall be conditional upon
the Bond Registrar receiving for deposit into the Bond Fund created below, on or prior to the date
fixed for redemption, moneys authorized by the City to be deposited in the Bond Fund that are
sufficient to pay the principal of and interest and redemption premium, if any, on the Bonds to be
redeemed and that if such moneys shall not have been so received the notice shall be of no force
or effect and the City shall not be required to redeem such Bonds. If such a condition is included
in the notice of redemption, then a notice stating sufficient moneys were not deposited and that no
redemption occurred on that date shall.be sent within a reasonable time thereafter, in like manner,
to the registered owner of each Bond which was sent the notice of redemption.
If notice of redemption shall have been given as described above and the foregoing
conditions, if any, shall have been met, the Bonds or portions thereof specified in said notice shall.
become due and payable at the applicable redemption price on the redemption date therein
designated, and if, on the redemption date, moneys for the payment of the redemption price of all
the Bonds to be redeemed,together with interest to the redemption date, shall be available for such
payment on said date, then from and after the redemption date interest on such Bonds shall cease
to accrue and become payable.
Any notice mailed as described above shall be conclusively presumed to have been duly
given, whether or not the Registered Owner received such notice. Failure to give such notice or
any defect therein with respect to any Bonds shall not affect the validity of proceedings for
redemption with respect to any other Bonds for which notice has been properly given.
If less than all of the Bonds of any maturity are to be so redeemed, and if under the
provisions of this Ordinance the City is to select and determine the Bonds for redemption by lot,
then the City hereby authorizes and directs that the particular Bonds or portion of Bonds to be
redeemed shall be selected at random by the Bond Registrar in such manner as the Bond Registrar
in its discretion may deem fair and appropriate. The portion of any registered Bond of a
denomination of more than $5,000 to be redeemed will be in the principal amount of$5,000 or a
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natural multiple thereof,and in selecting portions of such Bonds for redemption the Bond Registrar
will treat each such Bond as representing that number of Bonds of$5,000 denomination which is
obtained by dividing the principal amount of such Bond by$5,000.
No defect in such further notice nor any failure to give all or any portion of such notice
shall in any manner affect the validity of a call for redemption if the notice referenced in the
preceding paragraphs is given as described above.
Section 9. Sale of Bonds. Pursuant to Section 57-235, Idaho Code, as amended, the Council
hereby delegates to the City Treasurer and the City Manager, each with the authority to act alone
(hereinafter each referred to as the "Delegated Officer"), the power to make the following
determinations for the sale of the Bonds,without any requirement that the.Council meet to approve
such determinations,but subject to the limitations provided:
i. The price at which the Bonds will be sold, which shall not be less than par.
ii. The rates of interest to be borne on the Bonds, expressed as true interest cost of
the Bonds.
iii. The date of redemption for the Bonds.
iv. The par amount of the Bonds, which shall not exceed $4,200,000.
V. The final maturity date of the Bond,which shall not exceed twenty(20)years from
the date of its issuance.
vi. The amount of principal of the Bonds maturing in any particular year, and the rate
of interest accruing thereon.
vii. The amount of proceeds of the Bonds to be deposited into the Costs of Issuance
Fund.
viii. The amount of proceeds of the Bonds to be deposited into the Project Construction
Fund.
On or before the issuance of the Bonds the Delegated Officer shall execute a Terms
Certificate substantially in the form attached hereto as Exhibit "D" reflecting the final terms and
provisions of the Bonds and certifying that the final terms and provisions of the Bonds are
consistent with, not in excess of and no less favorable than the terms set forth above. The Bond
Purchase Agreement in substantially the form previously provided to the Council and as presented
at this meeting, with such changes, omissions, insertions and revisions as the Delegated Officer,
with the advice of counsel to the City, shall approve, is hereby ratified and approved. Upon the
sale of the Bonds, the Delegated Officer is hereby authorized to execute and deliver the Bond
Purchase Agreement to the Underwriter. The Delegated Officer is authorized to do or perform all
such acts as may be necessary or advisable to comply with the Bond Purchase Agreement and to
carry the same into effect.
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Section 10. Notice of Sale and Official Statement. The City desires to sell the Bonds pursuant
to negotiated sale to the Underwriter. In accordance with Idaho Code Section 57-215, the Notice
of Sale of Bonds in the form attached as Exhibit B hereto is hereby ratified and approved. The
City Manager or any other officer of the City is hereby directed to execute the Notice of Sale on
behalf of the City. The abbreviated summary version of the complete Notice of Sale will be
published in the Star-News, the official newspaper of the City at least three (3) full days prior to
the date of sale.
The Preliminary Official Statement in substantially the form previously provided to the
Council and as presented to the Council at this meeting, with such changes, omissions, insertions
and revisions as the Delegated Officers, with the advice of counsel to the City, shall approve, is
hereby authorized, and the actions of the City,including the certification by the Delegated Officers
as to the "deemed finality" of the Preliminary Official Statement pursuant to Rule 15c2-12 of the
Securities Exchange Commission adopted pursuant to the Securities Exchange Act of 1934, as
amended("Rule 15c2-12")in connection with the offering of the Bonds,are hereby acknowledged,
approved and ratified.
Upon the sale of the Certificates, the Preliminary Official Statement together with such
changes, omissions, insertions and revisions to reflect the final terms and provisions of the Bonds
(thereafter referred to as the"Official Statement"), shall be approved and signed by the Delegated
Officers, or any of them, to authorize delivery thereof to the Underwriter for distribution to
prospective purchasers of the Bonds and other interested persons.
Section 11. Delivery of Bonds; Application of Proceeds. The City Manager, City Treasurer,
and the Clerk of the City are hereby instructed to make delivery of the Bonds to the purchaser of
the Bonds under the DTC Fast Automated Securities Transfer System and to receive payment
therefor in accordance with the terms of the Bond Purchase Agreement and to deposit the proceeds
of sale as follows:
A. A portion of the proceeds of sale of the Bonds described in the Tax Certificate
(hereinafter defined) shall be deposited in the Cost of Issuance Fund and utilized as
provided in Section 12 hereof; and
B. Proceeds of sale of the Bonds in the amount described in the Tax Certificate
(hereinafter defined) shall be deposited into the Project Construction Fund and utilized as
provided in Section 13 hereof.
Section 12. Cost of Issuance Fund. There is hereby created a cost of issuance fund (the "Cost
of Issuance Fund") which is to be held by the Bond Registrar. Pursuant to Section 11, a portion
of the proceeds of the Bonds shall be deposited to the Cost of Issuance Fund with the Bond
Registrar and used to pay costs of issuance of the Bonds as directed upon a written certificate of
the City. Not later than 45 days following the issuance of the Bonds, any balance in the Cost of
Issuance Fund shall be transferred to the Bond Fund held by the City, and the Cost of Issuance
Fund shall thereafter be closed and terminated.
Section 13. Project Construction Fund. There is hereby created and shall be maintained in the
office of the Treasurer of the City, a fund and account separate and distinct from all other funds of
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Ord 1005 Library Bond Ordinance
August 26,2021
the City, to be known as the "City of McCall, Valley County, State of Idaho, General Obligation
Bonds, Series 2021, Project Construction Fund" (the "Project Construction Fund"), or such other
designation conforming to banking requirements and good accounting practices, into which shall
be deposited all of the proceeds of the sale of the Bonds, except for any costs of issuing the Bonds
deposited into the Cost of Issuance Fund or otherwise paid on the date of closing and except for
accrued interest on the Bonds, if any, which accrued interest on the Bonds shall be deposited into
the Bond Fund, hereinafter created. Investment earnings on moneys deposited and held in the
Project Construction Fund and Bond Fund will remain in each such respective fund and be used
as set forth in this Ordinance. The Bond proceeds in the Project Construction Fund may be used
to pay for costs of issuing the Bonds and the costs of the capital improvements heretofore
authorized. In the event there are funds remaining in said Project Construction Fund after all
expenditures for improvements as set forth hereinabove, any surplus funds shall then be deposited
into the Bond Fund and used for the payment of principal of and interest on the outstanding Bonds
as the same shall accrue.
Section 14. Tax Levy. The Bonds are general obligation bonds of the City, and as such the full
faith and credit of the City are hereby pledged for their payment. The officers now or hereafter
charged by law with the duty of levying taxes for the payment of said Bonds and interest thereon
.shall, in the manner provided by law, make annual levies unlimited as to rate or amount upon all
of the taxable property within said City sufficient in amount to meet the annual payments of Bond
principal and the semi-annual payments of interest maturing and accruing as set forth in Sections
4 and 5 hereinabove. Such taxes when collected shall be placed in the Bond Fund (hereinafter
defined) and shall be used for no other purpose than for the payment of the principal and interest
on the Bonds, so long as any of the Bonds remain outstanding and unpaid,but nothing herein shall
be construed to prevent the City from paying the interest on or principal of the Bonds from any
other funds available for that purpose, or to prevent the City from levying any further or additional
taxes which may be necessary fully to pay the interest on or principal of the Bonds. Principal or
interest falling due at any time when the proceeds of ad valorem tax levies may not be available
shall be paid from other funds of the City and may be reimbursed from the proceeds of such taxes
when collected.
Section 15. General Obligation Bonds Bond Fund. The proceeds of taxes levied without
limitation as to rate or amount to pay the principal of and interest on the Bonds, as set forth above,
shall be kept by the Treasurer of the City in a special fund, which is hereby created, separate and
apart from all other funds, and which is hereby designated "City of McCall, Valley County, State
of Idaho, General Obligation Bonds, Series 2021, Bond Fund" (the "Bond Fund"), or such other
designation conforming to banking requirements and good accounting practices,which Bond Fund
shall be used for no other purpose than the payment of the principal of and interest on the Bonds
as the same fall due. Said Bond Fund shall be maintained by said Treasurer until the principal of
and interest on said Bonds have been paid in full. Monies held in the Bond Fund and any other
fund for the Bonds shall be invested only in securities permitted under Idaho Code Section 50-
1013, as amended. Any monies remaining in any fund for the Bonds after discharge or defeasance
of the Bonds shall be applied as directed by the City.
Section 16. Non-Arbitrage. The proceeds of the sale of Bonds shall not be used directly or
indirectly to acquire any securities or obligations, the acquisition of which would cause any of the
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Ord 1005 Library Bond Ordinance
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Bonds to be arbitrage bonds, within the meaning of Sections 103 or 148 of the Code, and a
certificate stating that the Bonds are not arbitrage bonds within the meaning of said Sections 103
or 148 shall be provided to the purchaser at the time of delivery of the Bonds. The City covenants
to and for the benefit of the holders of the Bonds from time to time that no use will be made of the
proceeds of the issue and sale of the Bonds or any other funds or accounts of the City which might
be deemed to be available proceeds of the Bonds pursuant to the provisions of Section 148 of the
Code, and the applicable regulations, which, if such use had been reasonably expected on the date
of delivery of and payment for the Bonds, would cause the Bonds to be "arbitrage bonds" within
the meaning of Section 148 of the Code. Pursuant to such covenant, the City obligates itself to
comply throughout the term of the issue of the Bonds with the requirements of Section 148 of the
Code, and any regulations promulgated thereunder. In addition, at closing and delivery of the
Bonds the City shall execute a Tax Certificate stating that it will expend the proceeds of the Bonds
in a manner that will comply with applicable Sections of the Code and that the Bonds will
otherwise comply with the Code. The City shall comply with all provisions of said Tax Certificate.
Section 17. Defeasance. In the event that money and/or government obligations, maturing or
having guaranteed redemption prices at the option of the owner at such time or times and bearing
interest to be earned thereon in such amounts as are sufficient (together with any resulting cash
balances)to redeem and retire part or all of the Bonds in accordance with their terms, are hereafter
irrevocably set aside in a special account in accordance with Section 57-504, Idaho Code, as
amended and pledged to effect such redemption and retirement, then no further payments need be
made into the Bond Fund for the payment of the principal of and interest on such Bonds so
provided for, and such Bonds and interest accrued thereon shall then cease to be entitled to any
lien, benefit, or security of this Ordinance, except the right to receive the funds so set aside and
pledged, and such Bonds and interest accrued thereon shall no longer be deemed to be outstanding
hereunder.
Section 18. Post Issuance Tax Compliance Procedures. The City hereby adopts and agrees to
follow the Post Issuance Tax Compliance Procedures set forth in Exhibit"C" attached hereto.
Section 19. Rule 15c2-12 and Continuing Disclosure Covenants. The City hereby covenants
to comply with any applicable requirements of Securities and Exchange Commission Rule 15c2-
12 (the "Rule") with respect to any official statement and/or continuing financial disclosure with
respect to the Bonds including without limitation the execution of a Continuing Disclosure
Agreement for the Bonds. The City further approves the form of Continuing Disclosure
Agreement between the City and Zions Bancorporation, N.A. (the "Continuing Disclosure
Agreement") in substantially the form presented to the Council at this meeting, and further
authorizes the Mayor, City Clerk, City Treasurer, City Manager or other officer of the City to
execute the Continuing Disclosure Agreement. The City hereby authorizes the City Manager to
"deem final"the Preliminary Official Statement, as presented to the Council, for purposes of Rule
15c2-12(b)(1) and agrees that a final Official Statement will be furnished to the purchaser of the
Bonds within seven(7)business days after the sale of the Bonds referenced in Section 9 above.
Section 20. Severability. If any sentence, phrase, paragraph, section, or subsection of this
Ordinance shall be declared by any court of competent jurisdiction to be contrary to law, then the
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Ord 1005 Library Bond Ordinance
August 26,2021
same shall be deemed separable from the remainder of this Ordinance and shall in no way affect
the validity of the other provisions of, or of any bonds issued pursuant to, this Ordinance.
Section 21. Effective Date. This Ordinance shall be in full force and effect from and after its
passage, approval and the publication thereof in full or by summary, as provided by law, and the
second and third readings hereof have been duly and properly waived by the City Council.
Section 22. Ordinance A Contract. The provisions of this Ordinance shall constitute a contract
between the City and the Registered Owner so long as the Bonds hereby authorized remains
unpaid.
Section 23. Repealer. All prior ordinances or parts thereof, to the extent inconsistent herewith,
are hereby repealed and shall, to the extent of such inconsistency, have no further force or effect.
Section 24. Authorization. The Mayor, City Manager, City Clerk, and City Treasurer, or any
one of such officers, as may be appropriate to the circumstances, are hereby authorized to execute,
on behalf of the City, the Bonds and all such additional documents as may be necessary to effect
the sale and delivery of the Bonds.
Section 25. 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 passage, approval, and publication.
PASSED AND APPROVED BY THE MAYOR AND THE CITY COUNCIL of the City
of McCall, Valley County, Idaho, this 26th day of August 2021.
CITY OF MCCALL, a municipal corporation of
��o`� I,ItcCgtt��,,�s• the State of Idaho
V SEAL =
# +�� C By: it
#� ROBERT S. GILES, Mayor
ATTEST: '•,,��, ^ �,0��.•'
off it
By:
BESSIEJO WXGNER, Cit Jerk
Page 14 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
I, the undersigned, the Clerk of the City of McCall, Valley County, Idaho, hereby certify
that the foregoing Ordinance is a full, true, and correct copy of an Ordinance duly passed and
adopted at a meeting of the Council of the City, duly held at the meeting place thereof on August
26, 2021, of which meeting all members of said Council had due notice, and at which a majority
thereof were present; and that at said meeting said Ordinance was adopted by the following vote:
5 AYES
0 NOES
0 ABSENT
0 ABSTAIN
I further certify that I have carefully compared the same with the original Ordinance on
file, and of record in my office; that said Ordinance is a full, true, and correct copy of the original
Ordinance adopted at said meeting, and that said Ordinance has not been amended, modified, or
rescinded since the date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have set my hand and affixed the official seal of said City on
August 26, 2021.
( SEAL)
BessieJo Wagner, City Clerk
Page 15 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
EXHIBIT "A"
UNITED STATES OF AMERICA
STATE OF IDAHO
Registered No. R- $
Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation("DTC"),to the City(defined
below) or its agent. for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative
of DTC), ANY TRANSFER,PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede& Co., has an interest herein.
CITY OF MCCALL
VALLEY COUNTY, STATE OF IDAHO
GENERAL OBLIGATION BONDS, SERIES 2021
DATED DATE INTEREST RATE MATURITY DATE CUSIP
September_, 2021 % September 1, 20
REGISTERED * * * CEDE & CO.*
OWNER:
PRINCIPAL AMOUNT:
KNOW ALL MEN BY THESE PRESENTS: That the City of McCall, Valley County,
Idaho (the "City"), for value received, hereby acknowledges itself indebted and promises to pay
pursuant to the provisions of Ordinance No. 1005 of the City adopted on August 26, 2021 (the
"Bond Ordinance") providing for the sale and issuance of the City's General Obligation Bonds,
Series 2021 (the "Bonds"), to the above specified Registered Owner or registered assigns, on the
maturity date specified above (the "Maturity Date"), the principal amount set forth above and to
pay interest thereon from the above Dated Date, or the most recent date to which interest has been
paid or duly provided for, at the rate specified above,payable on March 1,2022, and semi-annually
thereafter on each March 1 and September 1 of each year until the Maturity Date or prior
redemption of this Bond.
Both principal of and interest on this Bond are payable in lawful money of the United States
of America to the Registered Owner hereof whose name and address appear on the registration
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Ord 1005 Library Bond Ordinance
August 26,2021
books of the City (the "Bond Register") maintained by the Bond Registrar, which shall be Zions
Bancorporation, National Association, Boise, Idaho. Interest shall be paid by mailing a check or
draft of the Bond Registrar on the due date to the Registered Owner at the address shown on the
Bond Register on the first day of the calendar month of the interest payment date, or at such other
address as may be furnished in writing by such registered owner to the Bond Registrar. Principal
shall be paid to the Registered Owner upon presentation and surrender of this Bond on or after the
Maturity Date or prior redemption at the principal office of the Bond Registrar.
The full faith and credit of the City are hereby pledged for the due and punctual payment
of the principal hereof and interest hereon, and provision has been made in the statutory manner
under the Bond Ordinance for the levy and collection of taxes sufficient to pay the interest on this
Bond as the same becomes due and for the payment of the principal hereof at the Maturity Date of
this Bond.
This Bond is one of a duly authorized issue of Bonds of like date, tenor, and effect, except
for variations required to state numbers, denomination, rates of interest, and dates of maturity,
aggregating $ in principal amount, and is issued pursuant to and in full compliance
with the Constitution and statutes of the State of Idaho,particularly Title 50; Chapter 10, and Title
57, Chapter 2, Idaho Code, as amended, and proceedings duly adopted and authorized by the City
Council, more particularly the Bond Ordinance, and also pursuant to the legal authorization of a
special bond election conducted within said City on May 18, 2021.
Bonds maturing by their terms on or before September 1, 2031, shall not be subject to call
or redemption prior to their fixed maturity date. The City hereby reserves the right to redeem any
or all of the Bonds maturing by their terms on or after September 1, 2032, in advance of maturity,
on September 1, 2031, or on anyy date thereafter, in whole or in part, in the order of maturity
selected as provided in the Bond Ordinance, either by DTC, or by the City and by lot in multiples
of$5,000 within any maturity, at the redemption price of par, plus accrued interest to the date of
redemption;provided,however,that notice of any intended redemption shall be given not less than
thirty (30) nor more than sixty (60) days prior to the redemption date by first class mail, postage
prepaid, to DTC and to the registered owner of any Bond to be redeemed at the address appearing
on the Bond Register, and by mailing a copy of the redemption notice to registered securities
depositories and others as provided in the Bond Ordinance. The requirements of the Bond
Ordinance shall be deemed to be complied with when notice is mailed as therein provided,
regardless of whether or not it is actually received by the owner of such Bond. Interest on all of
such Bonds so called for redemption shall cease to accrue on the date fixed for redemption unless
such Bond or Bonds so called for redemption are not redeemed upon presentation made pursuant
to such call.
This Bond and the Bonds of this issue are issued for the purpose of providing funds to pay
the cost of the construction, renovation, and furnishing of the City's existing library facilities and
an addition thereto and related facilities for the City, together with other capital items and related
improvements and costs, as more fully described in the Bond Ordinance.
This Bond and the Bonds of this issue are general obligations of the City and the full faith
and credit of the City have been pledged for the prompt payment of the principal of and interest
Page 17 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
on this Bond. The City has covenanted in the Bond Ordinance to make annual levies of taxes on
all taxable property in the City without limitation as to rate or amount to pay the principal of and
interest on this Bond. The proceeds of said taxes shall be kept by the Treasurer of the City in the
City of McCall,Valley County, State of Idaho, General Obligation Bonds, Series 2021,Bond Fund
(the "Bond Fund") separate and apart from all other funds of the City. For a more particular
description of said Bond Fund, the revenues to be deposited therein, and the nature and extent of
the security afforded thereby, reference is made to the provisions of the Bond Ordinance pursuant
to which this Bond is issued, and such Bond Fund will be maintained.
Bonds are interchangeable for Bonds of any authorized denomination of equal aggregate
principal amount and of the same interest rate and maturity,upon presentation and surrender to the
Bond Registrar.
Reference is hereby made to the Bond Ordinance for the covenants and declarations of the
City and other terms and conditions under which this and the Bonds of this issue have been issued.
The Bonds are designated as a "qualified tax-exempt obligation" within the meaning and
for the purpose of Section 265(b)(3) of the Internal Revenue Code of 1986,
THIS BOND SHALL NOT BE VALID OR BECOME OBLIGATORY FOR ANY
PURPOSE OR BE ENTITLED TO ANY SECURITY OR BENEFIT UNDER THE BOND
ORDINANCE UNTIL THE CERTIFICATE OF AUTHENTICATION HEREON SHALL HAVE
BEEN MANUALLY SIGNED BY THE BOND REGISTRAR.
IT IS HEREBY CERTIFIED AND DECLARED that all acts, conditions, and things
required by the Constitution and statutes of the State of Idaho to exist, to have happened, been
done, and performed precedent to and in the issuance of this Bond have happened,been done, and
performed, and that the issuance of this Bond and the Bonds of this issue does not violate any
Constitutional, statutory, or other limitation upon the amount of bonded indebtedness that the City
may incur.
Page 18 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
IN WITNESS WHEREOF, the City by its duly constituted City Council has caused this
Bond to be executed by the facsimile or manual signature of the Mayor, countersigned by the
facsimile or manual signature of the City Treasurer and attested by the facsimile or manual
signature of the City Clerk, and a facsimile of the seal of the City to be reproduced hereon, as of
this day of September, 2021.
CITY OF MCCALL, IDAHO
By: (Facsimile or Manual Signature)
Mayor
By: (Facsimile or Manual Signature)
City Treasurer
Attest:
By: (Facsimile or Manual Signature) (FACSIMILE SEAL)
City Clerk
Page 19 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
CERTIFICATE OF AUTHENTICATION
This Bond is one of the City of McCall, Valley County, State of Idaho, General Obligation
Bonds, Series 2021, dated as of September _, 2021, described in the within-mentioned Bond
Ordinance.
Date of Authentication: September , 2021.
ZIONS BANCORPORATION,NATIONAL
ASSOCIATION, as Bond Registrar
By: (Manual Signature)
Authorized Officer, Zions Bank Division
Page 20 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
LEGAL OPINION
IT IS HEREBY CERTIFIED that a true and complete copy of the legal opinion of Skinner
Fawcett LLP, of Boise, Idaho, which opinion was dated the date of delivery of and payment for
the Bonds described therein, was delivered to me on said date, and is a part of the permanent
records of the City.
CITY OF MCCALL, IDAHO
By: (Facsimile or Manual Signature)
City Clerk
Page 21 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
The following abbreviations, when used in the inscription on the face of this Bond, shall
be construed as though they were written out in full according to applicable laws or regulations:
TEN COM - - as tenants in common
TEN ENT - - as tenants by the entireties
JT TEN - - as joint tenants with right of survivorship and not as tenants in
common
UNIF TRFS MIN ACT . . . . . . . Custodian . . . . . . . . .
(Cust) (Minor)
under Uniform Transfer to Minors Act . . . . . . . . .
(State)
Additional abbreviations may also be used although not in the above list.
Page 22 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
Name of Transferee:
Address:
Tax Identification No.
the within Bond and hereby irrevocably constitutes and appoints
to transfer said Bond on the books kept for registration thereof, with full power of substitution in
the premises.
Dated:
Registered Owner
NOTE: The signature on this Assignment must correspond
with the name of the registered owner as it appears
upon the face of the within Bond in every particular,
without alteration or enlargement or any change
whatever.
SIGNATURE GUARANTEED:
NOTICE: The signature(s) should be
guaranteed by an eligible guarantor
institution, (banks, stockbrokers, savings and
loan associations and credit unions with
membership in an approved signature
medallion program), pursuant to S.E.C. Rule
17Ad-15.
Page 23 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
EXHIBIT "B"
FORM OF NOTICE OF NEGOTIATED SALE OF BONDS
Public notice is hereby given by the City of McCall, Valley County, State of Idaho (the
"City"),of negotiation for and private sale to Piper Sandler&Co. (the"Underwriter")of the City's
General Obligation Bonds, Series 2021(the "Bonds") pursuant to a Bond Purchase Agreement
between the City and the Underwriter to be executed on the date of sale of the Bonds, and setting
forth the final terms and provisions of the Bonds. The Bonds were authorized to be issued by the
City pursuant to Ordinance No. 1005 adopted August 26, 2021 (the"Ordinance"). The sale of the
Bonds, upon satisfying certain requirements contained in the Ordinance pursuant to Idaho Code
Section 57-235, is expected to occur on or around September J, 2021. Additional information
concerning the terms and provisions of the Bonds, the contents of the City's Preliminary Official
Statement with respect to the issuance and sale of the Bonds,the security for payment of the Bonds,
and other pertinent information relating to the Bonds is available for public inspection at the office
of the City: 216 Park Street, McCall, Idaho, 83638; 208.634.7142.
By order of the City Council of the City of McCall, Valley County, Idaho.
Dated: August_, 2021.
CITY OF MCCALL, VALLEY COUNTY, IDAHO
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Ord 1005 Library Bond Ordinance
August 26,2021
EXHIBIT "C"
FORM OF POST ISSUANCE TAX COMPLIANCE PROCEDURES
City of McCall
Post-Issuance Tax Compliance Procedures
For Tax-Exempt Bonds
August 26, 2021
The purpose of these Post-Issuance Tax Compliance Procedures is to establish policies and
procedures in connection with tax-exempt bonds ("Bonds") issued by the City of McCall (the
"City") so as to ensure that the City complies with all applicable post-issuance requirements of
federal income tax law needed to preserve the tax-exempt status of the Bonds.
General
Ultimate responsibility for all matters relating to City financings and refinancings rests with the
City Manager(the"City Manager").
Post-Issuance Compliance Requirements
External Advisors/Documentation
The City Manager and other appropriate City personnel shall consult with bond counsel and other
legal counsel and advisors, as needed, throughout the Bond issuance process to identify
requirements and to establish procedures necessary or appropriate so that the Bonds will continue
to qualify for the appropriate tax status. Those requirements and procedures shall be documented
in a City ordinance(s), resolution(s), Tax Certificate(s) and / or other documents finalized at or
.before issuance of the Bonds. Those requirements and procedures shall include future compliance
with applicable arbitrage rebate requirements and all other applicable post-issuance requirements
of federal tax law throughout(and in some cases beyond) the term of the Bonds.
The City Manager and other appropriate City personnel also shall consult with bond counsel and
other legal counsel and advisors, as needed, following issuance of the Bonds to ensure that all
applicable post-issuance requirements in fact are met. This shall include, without limitation,
consultation in connection with future contracts with respect to the use of Bond-financed assets
and future contracts with respect to the use of output or throughput of Bond-financed assets.
Whenever necessary or appropriate,the City shall engage expert advisors (each a"Rebate Service
Provider") to assist in the calculation of arbitrage rebate payable in respect of the investment of
Bond proceeds.
Role of the City as Bond Issuer
Unless otherwise provided by City ordinances or resolutions,unexpended Bond proceeds shall be
Page 25 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
held by the City, and the investment of Bond proceeds shall be managed by the City Manager.
The City Manager shall maintain records and shall prepare regular,periodic statements to the City
regarding the investments and transactions involving Bond proceeds.
If a City ordinance or resolution provides for Bond proceeds to be administered by a trustee, the
trustee shall provide regular, periodic (monthly) statements regarding the investments and
transactions involving Bond proceeds.
Arbitrage Rebate and Yield
Unless a Tax Certificate documents that bond counsel has advised that arbitrage rebate will not be
applicable to an issue of Bonds:
• the City shall engage the services of a Rebate Service Provider, and the City or the Bond
trustee shall deliver periodic statements concerning the investment of Bond proceeds to the Rebate
Service Provider on a prompt basis;
• upon request, the City Manager and other appropriate City personnel shall provide to the
Rebate Service Provider additional documents and information reasonably requested by the Rebate
Service Provider;
• the City Manager and other appropriate City personnel shall monitor efforts of the Rebate
Service Provider and assure payment of required rebate amounts, if any,no later than 60 days after
each 5-year anniversary of the issue date of the Bonds, and no later than 60 days after the last Bond
of each issue is redeemed; and
• during the construction period of each capital project financed in whole or in part by Bonds,
the City Manager and other appropriate City personnel shall monitor the investment and
expenditure of Bond proceeds and shall consult with the Rebate Service Provider to determine
compliance with any applicable exceptions from the arbitrage rebate requirements during each 6-
month spending period up to 6 months, 18 months or 24 months, as applicable,following the issue
date of the Bonds.
For working capital financings, the City shall follow procedures set forth in the applicable Tax
Certificate and/or instructions delivered at bond or note closing.
The City shall retain copies of all arbitrage reports and trustee statements as described below under
"Record Keeping Requirements".
Use of Bond Proceeds
The City Manager and other appropriate City personnel shall:
• monitor the use of Bond proceeds, the use of Bond-financed assets (e.g., facilities,
furnishings or equipment) and the use of output or throughput of Bond-financed assets throughout
the term of the Bonds (and in some cases beyond the term of the Bonds)to ensure compliance with
Page 26 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
covenants and restrictions set forth in applicable City ordinances or resolutions and Tax
Certificates;
• maintain records identifying the assets or portion of assets that are financed or refinanced
with proceeds of each issue of Bonds;
• consult with Bond Counsel and other professional expert advisers in the review of any
contracts or arrangements involving use of Bond-financed facilities to ensure compliance with all
covenants and restrictions set forth in applicable City ordinances or resolutions and Tax
Certificates;
• maintain records for any contracts or arrangements involving the use of Bond-financed
facilities as might be necessary or appropriate to document compliance with all covenants and
restrictions set forth in applicable City ordinances or resolutions and Tax Certificates;
• meet at least annually with personnel responsible for Bond-financed assets to identify and
discuss any existing or planned use of Bond-financed, assets or output or throughput of Bond-
financed assets,to ensure that those uses are consistent with all covenants and restrictions set forth
in applicable City ordinances or resolutions and Tax Certificates.
• take timely remedial actions under section 1.141-12 of the Treasury Regulations (or other
remedial actions authorized by the Commissioner of the IRS under Section 1.141-12(h) of the
Regulations) to prevent from being considered "deliberate actions" any actions of the City which
cause the conditions of the private business tests or the private loan financing test to be met
resulting in private activity bonds.
All relevant records and contracts shall be maintained as described below and in the applicable
Tax Certificate.
Investment of Bond proceeds in compliance with the arbitrage bond rules and rebate of arbitrage
will be supervised by the City Manager.
• Guaranteed investment contracts ("GIC") will be purchased only using the three-
bid "safe harbor" of applicable Treasury regulations, in compliance with fee
limitations on GIC brokers in the regulations.
• Other investments will be purchased only in market transactions.
• Calculations of rebate liability will be performed annually by outside consultants.
• Rebate payments will be made with Form 8038-T no later than 60 days after (a)
each fifth anniversary of the date of issuance and (b) the final retirement of the
issue. Compliance with rebate requirements will be reported to the bond trustee and
the issuer.
• Identification of the date for first rebate payment will be determined at time of
issuance and entered in records for the issue.
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Ord 1005 Library Bond Ordinance
August 26,2021
Record Keeping Requirements
Unless otherwise specified in applicable City ordinances or resolutions or Tax Certificates, the
City shall maintain the following documents for the term of each issue of Bonds (including
refunding Bonds, if any) plus at least three years:
• a copy of the Bond closing transcript(s) and other relevant documentation delivered to the
City at or in connection with closing of the issue of Bonds;
• a copy of all material documents relating to capital expenditures financed or refinanced by
Bond proceeds, including (without limitation) construction contracts, purchase orders, invoices,
trustee requisitions and payment records, as well as documents relating to costs reimbursed with
Bond proceeds and records identifying the assets or portion of assets that are financed or refinanced
with Bond proceeds;
• a copy of all contracts and arrangements involving private use of Bond-financed assets or
for the private use of output or throughput of Bond-financed assets; and
• copies of all records of investments, investment agreements, arbitrage reports and
underlying documents, including trustee statements.
Page 28 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
EXHIBIT "D"
FORM TERMS CERTIFICATE
CITY OF MCCALL, VALLEY COUNTY, STATE OF IDAHO
GENERAL OBLIGATION BONDS, SERIES 2021
The undersigned official of the City of McCall, Valley County, Idaho (the "City"), as a
Delegated Officer, does hereby certify as follows (capitalized terms used herein and not defined
have the meanings assigned to such terms in the Ordinance,hereinafter defined):
1. The undersigned is familiar with Ordinance No. 1005 of the City adopted on August
26, 2021 (the "Ordinance"), authorizing the issuance of the City's General Obligation Bonds,
Series 2021 (the"Bonds") and related documents, which Bonds are sold this date to Piper Sandler
& Co., as purchaser of the Bonds (the"Underwriter").
2. Section 9 of the Ordinance delegated to the undersigned, as a Delegated Officer,
the power to make certain determinations on the date of sale of the Bonds.
3. Pursuant to such delegation, the undersigned Delegated Officer hereby determines
as follows:
a. Details of the terms of the Bonds including payment schedules are reflected in the
final bond sale number schedules provided by the Underwriter this date, which
schedules are attached as Exhibit A hereto.
b. The rate of interest to be borne by the Bonds is %per annum.
c. The par amount of the Bonds is $
d. The principal payment dates and the amount of principal of the Bonds maturing in
any particular year, and the rates of interest accruing thereon are reflected on the
attached Exhibit A.
e. The final maturity of the Bonds is , 20_ and does not exceed a final
maturity of twenty years from the date of the issuance of the Bond.
f. The Bonds are sold at the purchase price of $ representing the
principal amount thereof.
g. The amount of proceeds of the Bonds to be deposited to the Cost of Issuance Fund
is $
h. The amount of proceeds of the Bonds to be deposited to the Project Construction
Fund is $
Page 29 of 30
Ord 1005 Library Bond Ordinance
August 26,2021
4. The undersigned Delegated Officer hereby certifies that the final terms and
provisions of the Bonds, as described above and in the attached Exhibit A, are consistent with, not
in excess of, and no less favorable than, the terms set forth in Section 9 of the Ordinance.
5. The undersigned Delegated Officer has therefore caused to be executed and
delivered the Bond Purchase Agreement and the Bonds this date.
DATED: September_, 2021.
CITY OF MCCALL, VALLEY COUNTY, IDAHO
By:
Title:
Page 30 of 30
Ord 1005 Library Bond Ordinance
August 26,2021'
DocuSign Envelope ID: 1C33D77B-97C1-4766-92FD-OA2BEEEC48E6
SUMMARY OF ORDINANCE NO. 1005
AN ORDINANCE OF THE CITY OF MCCALL, VALLEY COUNTY, STATE
OF IDAHO, AUTHORIZING THE ISSUANCE AND SALE OF UP TO
$4,200,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS,
SERIES 2021; PROVIDING FOR THE DATE, FORM, MATURITY, AND
DESIGNATION OF SAID BONDS; AUTHORIZING A REQUEST FOR
PURCHASE PROPOSALS FOR SAID BONDS BY A NOTICE OF SALE AND
OFFICIAL STATEMENT FOR THE BONDS; PROVIDING FOR LIMITATION
FOR THE RATE OF INTEREST ON, PRINCIPAL AMOUNT OF AND
MATURITIES OF SAID BONDS; PROVIDING FOR THE PAYMENT OF
PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE
REGISTRATION AND AUTHENTICATION OF SAID BONDS; SETTING THE
TIME, DATE, AND PLACE OF SALE OF SAID BONDS; PROVIDING FOR
THE PURCHASE OF THE BONDS AND PROVIDING FOR CONDITIONS OF
ACCEPTANCE OF A PURCHASE PROPOSAL FOR THE BONDS;
PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON
SAID BONDS BY ANNUAL LEVIES OF TAXES; CREATING CERTAIN
FUNDS AND ACCOUNTS;PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO; PROVIDING FOR A SEVERANCE CLAUSE; AND
PROVIDING AN EFFECTIVE DATE AND WAIVING ANY REQUIREMENT
FOR THREE SEPARATE READINGS OF THE ORDINANCE.
CITY OF MCCALL, VALLEY COUNTY, STATE OF IDAHO
GENERAL OBLIGATION BONDS, SERIES 2021
A summary of the principal provisions of Ordinance No. 1005 of the City of McCall,
Valley County, Idaho (the "City") adopted on August 26, 2021, is as set forth in the descriptive
title above and as follows:
Section 1. Authorizes the issuance, sale and delivery of general obligation bonds (the
"Bonds")of the City in the aggregate principal amount of up to $4,200,000 pursuant to Idaho law;
and describes the purpose of the Bonds as providing funds to pay the cost of the construction,
renovation and furnishing of the City's existing library facilities and an addition thereto, and all
other related costs, items and appurtenances necessary, useful and convenient for the betterment
of the City's library facilities, as otherwise determined by the City.
Section 2. Defines certain terms and phrases used in the Ordinance.
Section 3. Describes the Bonds, including certain parameters and limitations as to the
aggregate principal amount, true interest cost, and date of final maturity thereof; and provides that
the Bonds shall be registered and provides for book entry Bonds.
Section 4. Sets forth how the various rates of interest for the Bonds will be specified and
describes the dates and manner in which the interest on the Bonds shall be paid and calculated.
Page 1 of 4
Ord 1005 SUMMARY Library Bond Ordinance
August 26,2021
DocuSign Envelope ID:1C33D77B-97C1-4766-92FD-OA2BEEEC48E6
Section 5. Describes the manner in which principal of and interest on the Bonds shall be paid;
and pledges the full faith, credit and taxing power of the City to the payment of the principal of,
redemption premium, if any, and interest on the Bonds.
Section 6. Describes the form of Bonds and the manner in which they shall be executed on
behalf of the City; makes provision for issuance of a temporary Bond, if necessary; and provides
for authentication of the Bonds.
Section 7. Appoints Zions Bancorporation, National Association, Boise, Idaho, as bond
registrar,transfer agent, and authenticating and paying agent;describes the bond registrar's duties;
and describes the manner in which Bonds may be transferred.
Section 8. Sets forth the redemption provisions that apply to the Bonds and describes the
manner in which notification of redemption will be provided.
Section 9. Provides that the Bonds will be sold at a negotiated sale on or about September 8,
2021; sets forth certain parameters and limitations that must be met before City approval of the
bond purchase proposal most advantageous to the City can be accepted; and provides for the
execution of other necessary documents to carry out any accepted purchase proposal.
Section 10. Provides that allotice of Negotiated Sale for the Bonds shall be given and approves
the form of said Notice; and provides for the prior preparation, review, and City action by an
authorized representative of deeming final of a Preliminary Official Statement for the Bonds.
Section 11. Authorizes and makes instructions for the delivery and execution of the Bonds and
closing documents of the City upon receipt of the purchase price by the City and other conditions
precedent to such delivery; and authorizes certain deposits to be made from the proceeds of the
sale of the Bonds.
Section 12. Authorizes and establishes a Cost of Issuance Fund for deposit of certain Bond
proceeds and from which certain costs of issuing the Bonds will be paid.
Section 13. Authorizes and establishes a Project Construction Fund for deposit of certain Bond
proceeds and from which certain costs of the library facilities project will be paid.
In accordance with Section 50-901A(2), Idaho Code, Section 14 of the Ordinance contains
provisions regarding taxation and provides as follows:
Section 14. Tax Levy. The Bonds are general obligation bonds of the City, and as such the full
faith and credit of the City are hereby pledged for their payment. The officers now or hereafter
charged by law with the duty of levying taxes for the payment of said Bonds and interest thereon
shall, in the manner provided by law, make annual levies unlimited as to rate or amount upon all
of the taxable property within said City sufficient in amount to meet the annual payments of Bond
principal and the semi-annual payments of interest maturing and accruing as set forth in Sections
3 and 4 hereinabove. Such taxes when collected shall be placed in the Bond Fund (hereinafter
defined) and shall be used for no other purpose than for the payment of the principal and interest
Page 2 of 4
Ord 1005 SUMMARY Library Bond Ordinance
August 26,2021
DocuSign Envelope ID: 1C33D77B-97C1-4766-92FD-OA2BEEEC48E6
on the Bonds, so long as any of the Bonds remain outstanding and unpaid,but nothing herein shall
be construed to prevent the City from paying the interest on or principal of the Bonds from any
other funds available for that purpose, or to prevent the City from levying any further or additional
taxes which may be necessary fully to pay the interest on or principal of the Bonds. Principal or
interest falling due at any time when the proceeds of ad valorem tax levies may not be available
shall be paid from other funds of the City and may be reimbursed from the proceeds of such taxes
when collected.
Section 15. Establishes a'General Obligation Bonds Bond Fund from which the principal of
and interest on the Bonds will be paid.
Section 16. Provides the City's covenant that the Bonds will not be arbitrage bonds.
Section 17. Sets forth provisions related to defeasance of the Bonds.
Section 18. Sets forth provisions, adopts and agrees to follow certain Post Issuance Tax
Compliance Procedures for Tax-Exempt Bonds.
Section 19. Provides for compliance with SEC Rule 15c2-12 and related matters, including
approval of the form of a Continuing Disclosure Agreement;and authorizes City action of deeming
final the Preliminary Official Statement and furnishing a final Official Statement.
Section 20. Provides for severability of the Ordinance.
Section 21. Provides the effective date of the Ordinance.
Section 22. States that the Ordinance constitutes a contract with the registered owners of the
Bonds.
Section 23. Repeals prior inconsistent ordinances, to the extent of any such inconsistency.
Section 24. Authorizes the Mayor, City Manager, City Clerk and City Treasurer to execute the
Bonds and any additional documents necessary to sell and deliver the Bonds.
Section 25. Provides for the publication of the Ordinance or a summary thereof and restates its
effective date.
Exhibit"A". Sets forth the form of the Bonds.
Exhibit"B". Sets forth the form of the Notice of Sale.
Exhibit"C". Sets forth the form of the Post Issuance Tax Compliance Procedures.
Exhibit"D". Sets forth the form of the Terms Certificate.
Page 3 of 4
Ord 1005 SUMMARY Library Bond Ordinance
August 26,2021
DocuSign Envelope ID:1C33D77B-97C1-4766-92FD-OA2BEEEC48E6
The full text of Ordinance No. 1005 is available at City Hall and will be provided to any
citizen upon personal request during normal office hours.
DATED this 26th day of August,2021.
CITY OF MCCALL,
,a�`'""""�'•��•, VALLEY COUNTY,IDAHO
SEAL By:
O s
R BERT S. GILES,MAYOR
ATTEST:
By:
BESSIEJO W GNER, CITY LERK
I, the undersigned City Attorney for and legal advisor to the City of McCall,Valley County,
Idaho, hereby certify that I have read the attached Summary of Ordinance No. 1005 of the City and
that the same is true and complete and provides adequate notice to the public of the contents of said
Ordinance.
DATED this 26th day of August, 2021.
CITY ATTORNEY
Page 4 of 4
Ord 1005 SUMMARY Library Bond Ordinance
August 26,2021
Publisher’s Affidavit of Publication
STATE OF IDAHO
County of Valley }.ss
}
I, Tricia Warren, being duly sworn and say, I am the office manager of
The Star-News, a weekly newspaper published at McCall, in the County of Val-
ley, State of Idaho; that said newspaper is in general circulation in the county
of afore said and is a legal newspaper; that the PUBLIC NOTICE, a copy of
which is enclosed hereto and is a part hereof, was published in said newspaper
once a week for a period of one week in the regular and entire issue of every
number there of during the period of time of publication, and was published in
the newspaper proper and not in a supplement; and that publication of such
notice began September 2, 2021 and ended September 2, 2021.
_______________________________________
Subscribed and sworn before me this the 2nd day of September, 2021.
STATE OF IDAHO
COUNTY OF VALLEY
On this 2nd day of September in the year of 2021, before me, a
Notary Public, personally appeared Tricia Warren, known or identified to me to
be the person whose name subscribed to the within instrument, and being by
me first duly sworn, declared that the statements therein are true, and acknowl-
edged to me that she executed the same.
________________________________________
Tom Grote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires 1/19/2024
See Affidavit Page 2
Affidavit Page 2
SUMMARY OF ORDINANCE NO. 1005AN ORDINANCE OF THE CITY OF MCCALL, VALLEY COUNTY, STATE OF IDAHO, AUTHORIZING THE IS-SUANCE AND SALE OF UP TO $4,200,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2021; PROVIDING FOR THE DATE, FORM, MATURITY, AND DESIGNATION OF SAID BONDS; AUTHORIZ-ING A REQUEST FOR PURCHASE PROPOSALS FOR SAID BONDS BY A NOTICE OF SALE AND OFFICIAL STATEMENT FOR THE BONDS; PROVIDING FOR LIMITATION FOR THE RATE OF INTEREST ON, PRINCIPAL AMOUNT OF AND MATURITIES OF SAID BONDS; PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF SAID BONDS; SETTING THE TIME, DATE, AND PLACE OF SALE OF SAID BONDS; PROVIDING FOR THE PURCHASE OF THE BONDS AND PROVIDING FOR CONDITIONS OF ACCEPTANCE OF A PURCHASE PROPOSAL FOR THE BONDS; PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON SAID BONDS BY AN-NUAL LEVIES OF TAXES; CREATING CERTAIN FUNDS AND ACCOUNTS; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; PROVIDING FOR A SEVERANCE CLAUSE; AND PROVIDING AN EFFEC-TIVE DATE AND WAIVING ANY REQUIREMENT FOR THREE SEPARATE READINGS OF THE ORDINANCE.CITY OF MCCALL, VALLEY COUNTY, STATE OF IDAHOGENERAL OBLIGATION BONDS, SERIES 2021A summary of the principal provisions of Ordinance No. 1005 of the City of McCall, Valley County, Idaho (the “City”) adopted on August 26, 2021, is as set forth in the descriptive title above and as follows:Section 1. Authorizes the issuance, sale and delivery of general obligation bonds (the “Bonds”) of the City in the aggregate principal amount of up to $4,200,000 pursuant to Idaho law; and describes the purpose of the Bonds as providing funds to pay the cost of the construction, renovation and furnishing of the City’s existing library facilities and an addition thereto, and all other related costs, items and appurtenances necessary, useful and convenient for the betterment of the City’s library facilities, as otherwise determined by the City.Section 2. Defines certain terms and phrases used in the Ordinance.Section 3. Describes the Bonds, including certain parameters and limitations as to the aggre-gate principal amount, true interest cost, and date of final maturity thereof; and provides that the Bonds shall be registered and provides for book entry Bonds.Section 4. Sets forth how the various rates of interest for the Bonds will be specified and de-scribes the dates and manner in which the interest on the Bonds shall be paid and calculated.Section 5. Describes the manner in which principal of and interest on the Bonds shall be paid; and pledges the full faith, credit and taxing power of the City to the payment of the principal of, redemption premium, if any, and interest on the Bonds.Section 6. Describes the form of Bonds and the manner in which they shall be executed on behalf of the City; makes provision for issuance of a temporary Bond, if necessary; and provides for authentication of the Bonds.Section 7. Appoints Zions Bancorporation, National Association, Boise, Idaho, as bond regis-trar, transfer agent, and authenticating and paying agent; describes the bond registrar’s duties; and describes the manner in which Bonds may be transferred.Section 8. Sets forth the redemption provisions that apply to the Bonds and describes the manner in which notification of redemption will be provided.Section 9. Provides that the Bonds will be sold at a negotiated sale on or about September 8, 2021; sets forth certain parameters and limitations that must be met before City approval of the bond purchase proposal most advantageous to the City can be accepted; and provides for the execu-tion of other necessary documents to carry out any accepted purchase proposal.Section 10. Provides that a Notice of Negotiated Sale for the Bonds shall be given and approves the form of said Notice; and provides for the prior preparation, review, and City action by an autho-rized representative of deeming final of a Preliminary Official Statement for the Bonds.Section 11. Authorizes and makes instructions for the delivery and execution of the Bonds and closing documents of the City upon receipt of the purchase price by the City and other conditions precedent to such delivery; and authorizes certain deposits to be made from the proceeds of the sale of the Bonds.Section 12. Authorizes and establishes a Cost of Issuance Fund for deposit of certain Bond pro-ceeds and from which certain costs of issuing the Bonds will be paid.Section 13. Authorizes and establishes a Project Construction Fund for deposit of certain Bond proceeds and from which certain costs of the library facilities project will be paid.In accordance with Section 50-901A(2), Idaho Code, Section 14 of the Ordinance contains provi-sions regarding taxation and provides as follows:Section 14. Tax Levy. The Bonds are general obligation bonds of the City, and as such the full faith and credit of the City are hereby pledged for their payment. The officers now or hereafter charged by law with the duty of levying taxes for the payment of said Bonds and interest thereon shall, in the manner provided by law, make annual levies unlimited as to rate or amount upon all of the taxable property within said City sufficient in amount to meet the annual payments of Bond principal and the semi annual payments of interest maturing and accruing as set forth in Sections 3 and 4 here-inabove. Such taxes when collected shall be placed in the Bond Fund (hereinafter defined) and shall be used for no other purpose than for the payment of the principal and interest on the Bonds, so long as any of the Bonds remain outstanding and unpaid, but nothing herein shall be construed to prevent the City from paying the interest on or principal of the Bonds from any other funds avail-able for that purpose, or to prevent the City from levying any further or additional taxes which may be necessary fully to pay the interest on or principal of the Bonds. Principal or interest falling due at any time when the proceeds of ad valorem tax levies may not be available shall be paid from other funds of the City and may be reimbursed from the proceeds of such taxes when collected.Section 15. Establishes a General Obligation Bonds Bond Fund from which the principal of and interest on the Bonds will be paid.Section 16. Provides the City’s covenant that the Bonds will not be arbitrage bonds.Section 17. Sets forth provisions related to defeasance of the Bonds.Section 18. Sets forth provisions, adopts and agrees to follow certain Post Issuance Tax Compli-ance Procedures for Tax-Exempt Bonds. Section 19. Provides for compliance with SEC Rule 15c2-12 and related matters, including ap-proval of the form of a Continuing Disclosure Agreement; and authorizes City action of deeming final the Preliminary Official Statement and furnishing a final Official Statement.Section 20. Provides for severability of the Ordinance.Section 21. Provides the effective date of the Ordinance.Section 22. States that the Ordinance constitutes a contract with the registered owners of the Bonds.Section 23. Repeals prior inconsistent ordinances, to the extent of any such inconsistency.Section 24. Authorizes the Mayor, City Manager, City Clerk and City Treasurer to execute the Bonds and any additional documents necessary to sell and deliver the Bonds.Section 25. Provides for the publication of the Ordinance or a summary thereof and restates its effective date.Exhibit “A”. Sets forth the form of the Bonds.Exhibit “B”. Sets forth the form of the Notice of Sale.Exhibit “C”. Sets forth the form of the Post Issuance Tax Compliance Procedures.Exhibit “D”. Sets forth the form of the Terms Certificate. The full text of Ordinance No. 1005 is available at City Hall and will be provided to any citizen upon personal request during normal office hours.DATED this 26th day of August, 2021.CITY OF MCCALL,VALLEY COUNTY, IDAHOBy: ROBERT S. GILES, MAYORATTEST:By: BESSIEJO WAGNER, CITY CLERKI, the undersigned City Attorney for and legal advisor to the City of McCall, Valley County, Idaho,