HomeMy Public PortalAboutORD 213-08-17_Bond Election for Water System_08152017Instrument 13 1560698
Bonneville County, Idaho Falls, Idaho
08/17/2017 12:42:52 PM No. of Pages: 7
Recorded for CITY OF IONA
Penny Manning Fee: $0.00 �!
Ex-Officio Recorder Deruty _S -
Index to ORDINANCE
ORDINANCE NO. 213-08-17
AN ORDINANCE PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF
IMPROVEMENTS TO THE DOMESTIC WATER SYSTEM FACILITIES OF THE CITY OF
IONA, IDAHO; CALLING FOR A SPECIAL ELECTION FOR THE SUBMISSION TO THE
QUALIFIED ELECTORS OF THE CITY THE QUESTION OF INCURRING AN
INDEBTEDNESS AND ISSUING THE REVENUE BONDS OF THE CITY IN A PRINCIPAL
AMOUNT NOT TO EXCEED $3,900,000 TO PAY THE COST THEREOF; ESTABLISHING
THE DATE AND TIME OF ELECTION; APPROVING A FORM OF BALLOT AND
PROVIDING FOR NOTICE OF THE SPECIAL BOND ELECTION; PROVIDING FOR
REGISTRATION OF VOTERS; PROVIDING FOR RELATED MATTERS; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Iona, Bonneville County, Idaho (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 system (the "System") and
collects rates, fees, and charges for the use of the System; and
WHEREAS, the System is in need of improvement and the Mayor and City Council have
determined it to be in the best interest of the City and its residents to improve the domestic water
system related facilities (the "Project"); and
WHEREAS, the City does not have sufficient funds available to pay the cost of the
foregoing Project and has determined it advisable to finance a portion of such cost through the
issuance of the revenue bonds (the "Bonds") of the City in an amount not to exceed $3,900,000,
pursuant to the provisions of the Revenue Bond Act (the "Act") the same being §§50-1027
through 50-1042, Idaho Code, and in order to do so desires to provide for the holding of a special
bond election as required by the Act; and
WHEREAS, the net revenues to be derived from the operation of the domestic water
system may be pledged lawfully and irrevocably to secure the repayment of such Bonds herein
authorized pursuant to the Act; and
WHEREAS, such Bonds shall not be a debt of the City and it shall not be liable thereon,
nor shall such Bonds be payable out of any other funds other than the revenue from the System
pledged to the payment thereof; and
WHEREAS, said Bonds cannot be issued without the assent of a majority of the qualified
electors of the City voting at an election held for the purpose of authorizing or refusing to
authorize the issuance of said Bonds; and
WHEREAS, such election shall be conducted by Bonneville County, Idaho (the
"County"), as provided by law.
Page 1
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the City of Iona,
Bonneville County, Idaho, as follows:
SECTION 1: THE PROJECT
The Mayor and Council hereby find, determine, and declare 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 System, consisting generally of, but not
limited to, a 1.0 million gallon storage tank, a new well, well pump station, generator, and
transmission lines to connect the tank to the existing city distribution system, together with costs
of engineering, legal, accounting, and other necessary professional services, costs of bond
issuance, interest on borrowed funds during construction, and costs incidental thereto (the
"Project").
The cost and expense of the acquisition, construction, and installation of the Project is
estimated by the engineers of the City to be $3,900,000, 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 the 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 above.
Subject to the approval of the incurring of indebtedness and the issuance of revenue
bonds therefor 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 501027 to 501042, inclusive, in a principal amount not to exceed
$3,900,000 to pay a portion of the costs of the Project. The remainder of the costs, if any, will be
paid from grants and other lawfully available funds of the City.
SECTION 2: SPECIAL ELECTION
A special municipal bond election is hereby called to be held within the City of Iona on
Tuesday, November 7, 2017, for the purpose of voting upon the proposition set forth in Section 4
of this Ordinance. The polling place or places for the special bond election shall be determined
by the Bonneville County Clerk, and the election shall be conducted by the Bonneville County
Clerk. The Bonneville County Clerk shall appoint election judges and election clerks for the
polling place or places for the special bond election.
SECTION 3: ADMINISTRATION OF ELECTION
The polls of the special bond election shall open at the hour of 8:00 o'clock A.M. on
November 7, 2017, and shall remain open continuously until the hour of 8:00 o'clock P.M., at
which time the polls shall be closed. The administration of the election shall be conducted by
Bonneville County in accordance with Chapter 4 of Title 50, Idaho Code, Title 34 of Idaho
Code, and this Ordinance.
Page 2
The ballot proposition to be voted upon at the special bond election, as set forth in
Section 4 of this Ordinance, shall be separate from any other proposition being voted upon at or
in conjunction with any other election being held and conducted on the same date. Only those
qualified electors of the City casting valid ballots upon the proposition set forth in Section 4 of
this Ordinance shall be counted in determining the number of qualified electors voting at or
participating in the special bond election.
SECTION 4: BALLOT PROPOSITION
The ballot proposition for the special bond election shall be in substantially the following
form:
SPECIAL REVENUE BOND ELECTION
CITY OF IONA
Bonneville County, Idaho
November 7, 2017
SHALL THE CITY OF IONA, IDAHO, BE AUTHORIZED TO INCUR AN
INDEBTEDNESS AND TO ISSUE AND SELL ITS REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $3,900,000 TO PAY THE COST OF
ACQUIRING AND CONSTRUCTING IMPROVEMENTS AND
BETTERMENTS TO THE DOMESTIC WATER SYSTEM FACILITIES OF
THE CITY, SAID BONDS TO BE PAYABLE SOLELY FROM DOMESTIC
WATER SYSTEM REVENUES, OVER A TERM WHICH MAY BE LESS
THAN BUT WHICH SHALL NOT EXCEED THIRTY (30) YEARS FROM
THE DATE OF THE BONDS, AS MORE FULLY PROVIDED IN
ORDINANCE NO. 213-08-17?
The purpose for which the proceeds of the bonds will be used is for improvements
to the domestic water system facilities of the City, including the construction of a
new well and storage tank. The City currently has no outstanding indebtedness.
The interest rate anticipated on the proposed bonds is 2.25%. The range of
anticipated rates is from 1.0% to 4.0%. The total proposed principal amount to be
repaid over the life of the bonds is $3,900,000; the total interest to be paid over
the life of the bonds, based on the anticipated interest rate is $1,484,304; the total
amount to be repaid over the life of the bonds is $5,384,304. The bonds, if
approved and issued, will be payable over a term which may be less than but
which will not exceed thirty (30) years from their date.
IN FAVOR OF issuing revenue bonds in an amount not to exceed $3,900,000
for the purposes provided by Ordinance No. 213-08-17
AGAINST issuing revenue bonds in an amount not to exceed $3,900,000
for the purposes provided by Ordinance No. 213-08-17
Page 3
Page 4
SECTION 5: QUALIFIED ELECTORS
Every person eighteen (18) years of age or older, who at the time of the specified bond
election is a United States citizen who has been a legal and bona fide resident of the City for at
least thirty (30) days immediately preceding the date of the election, if properly registered as
required by law, shall be qualified to vote at said election.
All electors must be registered before being able to vote at the special bond election. The
Bonneville County Clerk is the registrar for the City, and voter registration shall be conducted
pursuant to the provisions of Section 34-1402, Idaho Code.
Any person who is eligible to vote may register on election day by appearing in person at
the polling place established for the election, by completing a registration card, making an oath
on the form prescribed by law, and providing proof of residence in the manner provided by
Section 34-408A, Idaho Code, as amended.
SECTION 6: BALLOTS
The Bonneville County Clerk shall cause the official ballot for the special bond election
to be prepared in a sufficient quantity for the special bond election.
SECTION 7: NOTICE
Notice of the special bond election shall be given prior to the election by publishing
notice of the election in the official newspaper of the City, the first publication being at least
twelve (12) days prior to the election, the last publication to be not less than five (5) days prior to
the special bond election. In accordance with Section 34-602, Idaho Code, as amended, the
second publication of the notice of election shall be accompanied by a facsimile of the sample
ballot for the special bond election.
SECTION 8: CANVASS
When the polls are closed, the election officials shall immediately proceed to count the
ballots cast at the special bond 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 special bond election to the County Clerk, who shall present the results to the
County Commissioners.
The Board of County Commissioners shall meet within ten (10) days following the
election, or at such time to which said meeting is continued, for the purpose of canvassing the
results of the special bond election. The County Clerk shall thereupon certify the election results
to the City Clerk. The results shall then be entered in the minutes of the City Council and
proclaimed as final.
Page 5
SECTION 9: DEBT DISCLOSURE STATEMENT
A brief official statement containing the information required by Idaho Code §34439, as
amended, shall be prepared by the City Treasurer.
SECTION 10: REVENUE BONDS
If, at the special bond 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 incurring of
indebtedness and the issuance of revenue 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. The 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 thirty (30)
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 the
bonds, all of which shall be in accordance with the laws of the State of Idaho.
The net revenues (gross revenues minus normal expenses of maintenance and operation)
of the domestic water system of the City will be pledged for the payment of principal of and
interest and redemption premiums, if any, on the revenue bonds, as shall be determined by the
Mayor and Council. The 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 out of its general revenues, nor shall
the bonds or the interest thereon be payable out of any funds other than the revenues specified
above.
SECTION 11: OFFICERS AUTHORIZED
The officers of the City and Bonneville County are hereby authorized and directed to take
all action necessary or appropriate to effectuate the provisions of this Ordinance.
SECTION 12: RATIFICATION
A11 actions heretofore taken, not inconsistent with the provisions of this Ordinance, by
the Mayor and Council and other City officials 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 bond election, are hereby ratified, approved, and confirmed.
SECTION 13: PUBLICATION
This Ordinance, or a summary thereof in compliance with Section 50901A, Idaho Code,
shall be published once in the official newspaper of the City, and shall take effect immediately
upon its passage, approval, and publication.
Page 6
ADOPTED and APPROVED this 15"' day of August, 2017.
CITY OF IONA, IDAHO
By:
ATTEST:
By:
( S E A L )
Page 7
MAYOR
Instrument tt 1560700
Bonneville County, Idaho Falls, Idaho
08/17/2017 12:49:22 PM No. of Pages: 3
Recorded for CITY OF IONA
Penny Manning Fee. $0 00
Ex-Officio Recorder Deputy
Index to ORDINANCE
SUMMARY OF
ORDINANCE NO. 213-08-17
AN ORDINANCE PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF
IMPROVEMENTS TO THE DOMESTIC WATER SYSTEM FACILITIES OF THE CITY OF
IONA, IDAHO; CALLING FOR A SPECIAL ELECTION FOR THE SUBMISSION TO THE
QUALIFIED ELECTORS OF THE CITY THE QUESTION OF INCURRING AN
INDEBTEDNESS AND ISSUING THE REVENUE BONDS OF THE CITY IN A PRINCIPAL
AMOUNT NOT TO EXCEED $3,900,000 TO PAY THE COST THEREOF; ESTABLISHING
THE DATE AND TIME OF ELECTION; APPROVING A FORM OF BALLOT AND
PROVIDING FOR NOTICE OF THE SPECIAL BOND ELECTION; PROVIDING FOR
REGISTRATION OF VOTERS; PROVIDING FOR RELATED MATTERS; AND
PROVIDING AN EFFECTIVE DATE
A summary of the principal provisions of Ordinance No. 213-08-17 of the City of Iona,
Bonneville County, Idaho, adopted on August 15, 2017, is as follows:
Section 1: Defines the domestic water system facility improvement project, estimates the
total cost, and provides for issuance of revenue bonds, subject to approval of the qualified
electors of the City, in an amount not to exceed $3,900,000 to pay a portion of the cost of the
Project.
Section 2: Provides for a special bond election to be held within the City on Tuesday,
November 7, 2017, for the purpose of enabling the qualified electors of the City to vote upon the
proposition of issuing water revenue bonds.
Section 3: Provides that the polls of the special bond election shall open at 8:00 o'clock
A.M. on November 7, 2017, and shall remain open until 8:00 o'clock P.M., and provides for the
administration for the special bond election.
Section 4: Provides that the ballot proposition shall be substantially as follows:
SHALL THE CITY OF IONA, IDAHO, BE AUTHORIZED TO INCUR AN
INDEBTEDNESS AND TO ISSUE AND SELL ITS REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $3,900,000 TO PAY THE COST OF
ACQUIRING AND CONSTRUCTING IMPROVEMENTS AND
BETTERMENTS TO THE DOMESTIC WATER SYSTEM FACILITIES OF
THE CITY, SAID BONDS TO BE PAYABLE SOLELY FROM WATER
REVENUES, OVER A TERM WHICH MAY BE LESS THAN BUT WHICH
SHALL NOT EXCEED THIRTY (30) YEARS FROM THE DATE OF THE
BONDS, AS MORE FULLY PROVIDED IN ORDINANCE NO. 213-08-17?
Section 5: Defines qualified electors as persons eighteen (18) years of age or older who
are United States citizens who have resided in the City for at least thirty days prior to the election
and who are registered as provided by law, and provides for registration of voters.
Page 1
for preparation of the official
ballot.
Section 7: Provides for publication of Notice of
Special Bond Election.
• •.,Provides for canvass of votes.
—Section 9: Provides for Debt Disclosure State-
ment pursuant to Idaho Code§34-439.
Section 10: Provides for the issuance of rev-
enue bonds maturing over a period which may be
less than but which shall not exceed thirty (30)
years, and provides for other matters relating to
the revenue bonds.
Section 11: Authorizes the officers of the City
and Bonneville County to take appropriate actions
to effectuate the provisions of this Ordinance.
Section 12: Ratifies previous actions.
Section 13: Provides for publication of a sum-
mary of the Ordinance.
The full text of Ordinance No.213-08-17 is avail-
able at Iona City Hall and will be provided to any
citizen upon personal request during normal of-
fice hours.
Published:August 22,2017 (52466)
Section 6: Provides for preparation of the official ballot.
Section 7: Provides for publication of Notice of Special Bond Election.
Section 8: Provides for canvass of votes.
Section 9: Provides for Debt Disclosure Statement pursuant to Idaho Code § 34-439.
Section 10: Provides for the issuance of revenue bonds maturing over a period which
may be less than but which shall not exceed thirty (30) years, and provides for other matters
relating to the revenue bonds.
Section 11: Authorizes the officers of the City and Bonneville County to take appropriate
actions to effectuate the provisions of this Ordinance.
Section 12: Ratifies previous actions.
Section 13: Provides for publication of a summary of the Ordinance.
The full text of Ordinance No. 213-08-17 is available at Iona City Hall and will be
provided to any citizen upon personal request during normal office hours.
CITY OF IONA
Bonneville County, Idaho
•,-J(24041,ek
Mayor
ATTEST:
I
/
6/ / •
City Clerk
i
r!1 A♦ a
Page 2
of the City of Iona,
Bonneville County, Idaho, adopted on August 15, 2017, is as follows:
Section 1: Defines the domestic water system facility improvement project, estimates the
total cost, and provides for issuance of revenue bonds, subject to approval of the qualified
electors of the City, in an amount not to exceed $3,900,000 to pay a portion of the cost of the
Project.
Section 2: Provides for a special bond election to be held within the City on Tuesday,
November 7, 2017, for the purpose of enabling the qualified electors of the City to vote upon the
proposition of issuing water revenue bonds.
Section 3: Provides that the polls of the special bond election shall open at 8:00 o'clock
A.M. on November 7, 2017, and shall remain open until 8:00 o'clock P.M., and provides for the
administration for the special bond election.
Section 4: Provides that the ballot proposition shall be substantially as follows:
SHALL THE CITY OF IONA, IDAHO, BE AUTHORIZED TO INCUR AN
INDEBTEDNESS AND TO ISSUE AND SELL ITS REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $3,900,000 TO PAY THE COST OF
ACQUIRING AND CONSTRUCTING IMPROVEMENTS AND
BETTERMENTS TO THE DOMESTIC WATER SYSTEM FACILITIES OF
THE CITY, SAID BONDS TO BE PAYABLE SOLELY FROM WATER
REVENUES, OVER A TERM WHICH MAY BE LESS THAN BUT WHICH
SHALL NOT EXCEED THIRTY (30) YEARS FROM THE DATE OF THE
BONDS, AS MORE FULLY PROVIDED IN ORDINANCE NO. 213-08-17?
Section 5: Defines qualified electors as persons eighteen (18) years of age or older who
are United States citizens who have resided in the City for at least thirty days prior to the election
and who are registered as provided by law, and provides for registration of voters.
Page 1
for preparation of the official
ballot.
Section 7: Provides for publication of Notice of
Special Bond Election.
• •.,Provides for canvass of votes.
—Section 9: Provides for Debt Disclosure State-
ment pursuant to Idaho Code§34-439.
Section 10: Provides for the issuance of rev-
enue bonds maturing over a period which may be
less than but which shall not exceed thirty (30)
years, and provides for other matters relating to
the revenue bonds.
Section 11: Authorizes the officers of the City
and Bonneville County to take appropriate actions
to effectuate the provisions of this Ordinance.
Section 12: Ratifies previous actions.
Section 13: Provides for publication of a sum-
mary of the Ordinance.
The full text of Ordinance No.213-08-17 is avail-
able at Iona City Hall and will be provided to any
citizen upon personal request during normal of-
fice hours.
Published:August 22,2017 (52466)
CERTIFICATION OF ATTORNEY
I, the undersigned attorney at law and Special Counsel to the City of Iona, Idaho, hereby
certify that I have read the attached Summary of Ordinance No. 213-08-17 of the City of Iona and
that the same is true and complete and provides adequate notice to the public of the contents of
said Ordinance.
Dated as of the 15th day of August,2017.
11111"111Pit"el°
Attorney at Law ` ,
Page 3
Instrument q 1560701
Bonneville County, Idaho Falls, Idaho
08/17/2017 12:49:22 PM No. of Pages: 2
Recorded for: CITY OF IONA
Penny Manning Fee $0 00
Ex-Officio Recorder Deputy
Index to MISCELLANEOUS RECORDING
CERTIFICATION OF IONA CITY TREASURER
IN RE: OUTSTANDING AND PROPOSED DEBT OF THE CITY OF_
IONA, BONNEVILLE COUNTY, IDAHO
WHEREAS, Section 34440, Idaho Code, as amended, requires a taxing district, prior to
submitting any question to its qualified electors that would authorize any bonded indebtedness,
to disclose certain financial information pertaining to that district's existing indebtedness and the
proposed indebtedness; and
WHEREAS, the City of Iona, located in Bonneville County, Idaho (the "City"), has
determined to submit a question to the qualified electors of the City requesting approval of
certain capital improvements and betterments and the incurrence of bonded indebtedness to pay
part of the costs thereof;
NOW, THEREFORE, 1, the undersigned Treasurer of the City of Iona, Idaho, do hereby
certify that the Debt Disclosure Statement attached hereto, marked Exhibit "A" and hereby
incorporated by reference is accurate and complete as of the date of the special bond election to
be held and conducted by the City.
✓
Dated this / day of August, 2017.
.!/ 41611rafr
City Treasurer
STATE OF IDAHO )
) ss.
County of Bonneville )
SHARA ROBERTS, being first duly sworn, on oath deposes and says: that she is the
duly appointed and qualified Treasurer of the City of Iona, Idaho; that she has read the foregoing
Certification,knows the contents thereof, and believes the same to be true.fft
C5j
:7kj
Shara Roberts
SUBSCRIBED AND SWORN To before me, the undersigned Notary Public, this tc
day of August, 2017.
,okiiiitiiitiDARO oq
ems, fI( QIr�vc�
\`\\�..4 ....•. 0',i��,� Nota Public in and for the State of Idaho
• • Residing at � 610 �ct�� therein
: �0SAR}' s My commission expires:
( SEAL )
‘ 4.
Mysion Exp
ires.
CommisFebruary 8,2022
�adNilA�l�k1�11
CITY OF IONA
DEBT DISCLOSURE STATEMENT
I. EXISTING DEBT:
Date of Original Unpaid Unpaid
Original Principal Principal Interest
Issuance Amount to Date to Date
None
II. PROPOSED NEW ISSUE:
A. Type of Indebtedness: Water Revenue Bond
B. Anticipated Interest Rate: 2.25%
C. Range of Rates: 1.0%to 4.0%
D. Proposed Principal Amount: $3,900,000
E. Maximum Rate as Shown on Ballot: No Maximum
III. TOTAL PROPOSED BONDED DEBT:
A. Principal Amount Payable to Maturity: $3,900,000.00
B. Interest Amount Payable to Maturity: $1,484,304.00
C. Total Debt Proposed Issue: $5,384,304.00
EXHIBIT "A"
Proof of Publication
The Post Register
State of Idaho
County of Bonneville
I, Da iaimini or Staci Dockery, first being duly sworn, depose and say: That I am the
Classifted-Managerror Legal Notice Representative of The Post Company, a corporation of Idaho
Falls, Bonneville County, Idaho, publishers of The Post Register, a newspaper of general
circulation, published Tuesday through Sunday at Idaho Falls, Idaho; said Post Register being a
consolidation of the Idaho Falls Times, established in the year 1890, The Idaho Register,
established in the year 1880, and the Idaho Falls Post, established in 1903, such consolidation
being made on the First day of November, 1931, and each of said newspapers have been published
continuously and uninterruptedly, prior to consolidation, for more than twelve consecutive months
and said Post Register having been published continuously and uninterruptedly from the date of such
consolidations up to and including the last publication of notice hereinafter referred to.
-That-the notice; of which -a copy is hereto -attached and made a part of this affidavit, was
published in said Post Register under ad number: 52466 for 1 consecutive (days) weeks, between
08/22/2017 and 08/22/2017, and that the said notice was published in the re lar and entire issue
of said paper on the respective dates of publication, and that such notice ,;� blished in the
newspaper and not in a supplement.
Subscribed and sworn to before me, this 22nd day of August 2017
BAMBi L FERGUSON
Notary Public
State: of Idarn.7
STATE OF IDAHO
COUNTY OF BONNEVILLE
attached jurat
SS.
Notary Public
My commission expires: 06/28/2023
Subscribed and"swom to before me, this 22nd day of August 2017, before me, the undersigned, a
Notary public for said state, personally appeared Dam-6iamTini or Staci Dockery, known or
identified to me to be the person(s) whose name(s) is/are subscribed to the within instrument, and
being by me duly sworn, declared that the statements therein are true, and acknowledged to me that
he/she/they executed the same,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in
this certificate first above written.
BAMBI L FERGUSON
Notary Public
State of Idaho
Notary Public for The Post Company
Residing: Idaho Falls, Idaho
Commission expires: 06/28/2023
SUMMARY OF
ORDINANCE NO. 213-08-17
AN ORDINANCE PROVIDING FOR THE ACQUI-
SITION AND CONSTRUCTION OF IMPROVE-
MENTS TO THE DOMESTIC WATER SYSTEM FA-
CILITIES OF THE CITY OF IONA, IDAHO; CALL-
ING FOR A SPECIAL ELECTION FOR THE SUB-
MISSION TO THE QUAUFIED ELECTORS OF
THE CITY THE QUESTION OF INCURRING AN
INDEBTEDNESS AND ISSUING THE REVENUE
BONDS OF THE CITY IN A PRINCIPAL AMOUNT
NOT TO EXCEED $3,900,000 TO PAY THE COST
THEREOF; ESTABLISHING THE DATE AND TIME
OF ELECTION; APPROVING A FORM OF BALLOT
AND PROVIDING FOR NOTICE OF THE SPECIAL
BOND ELECTION; PROVIDING FOR REGISTRA-
TION OF VOTERS; PROVIDING FOR RELATED
MATTERS; AND PROVIDING AN EFFECTIVE
DATE
A summary of the principal provisions of Ordi-
nance No. 213-08-17 of the City of lona, Bon-
neville County, Idaho, adopted on August 15,
2017, is as follows:
Section 1: Defines the domestic water system
facility improvement project, estimates the total
cost, and provides for issuance of revenue bonds,
subject to approval of the qualified electors of the
City, in an amount not to exceed $3,900,000 to
pay a portion of the cost of the Project.
Section 2: Provides for a special bond election
to be held within the City on Tuesday, November
7, 201-7, for the purpose of enabling the qualified
electors of the City to vote upon the proposition of
issuing water revenue bonds.
Section 3: Provides that the polls of the special
bond election shall open at 8:00 o'clock A.M. on
November 7, 2017, and shall remain open until
8:00 o'clock P.M., and provides for the administra-
tion for the special bond election.
Section 4: Provides that the ballot proposition
shall be substantially as follows:
SHALL THE CITY OF IONA, IDAHO, BE AUTHO-
RIZED TO INCUR AN INDEBTEDNESS AND TO
ISSUE AND SELL ITS REVENUE BONDS IN AN
AMOUNT NOT TO EXCEED $3,900,000 TO PAY
THE COST OF ACQUIRING AND CONSTRUCT-'
ING IMPROVEMENTS AND BETTERMENTS TO
THE DOMESTIC WATER SYSTEM FACILITIES OF
THE CITY, SAID BONDS TO BE PAYABLE SOLE-
LY FROM WATER REVENUES, OVER A TERM
WHICH MAY BE LESS THAN BUT WHICH SHALL
NOT EXCEED THIRTY (30) YEARS FROM THE
DATE OF THE BONDS, AS MORE FULLY PRO-
VIDED IN ORDINANCE NO. 213-08-17
Section 5: Defines qualified electors as persons
eighteen (18) years of age or older who are Unit-
ed States citizens who have resided in the City for
at least thirty days prior to the election and who
are registered as provided by law, and provides
for registration of voters.
Section 6: Provides for preparation of the official
ballot.
Section 7: Provides for publication of Notice of
Special Bond Election.
_Bectgag:.,,Provides for canvass of votes.
—Section 9: Provides for Debt Disclosure State-
ment pursuant to Idaho Code § 34-439.
Section 10: Provides for the issuance of rev-
enue bonds maturing over a period which may be
less than but which shall not exceed thirty (30)
years, and provides for other matters relating to
the revenue bonds.
Section 11: Authorizes the officers of the City
and Bonneville County to take appropriate actions
to effectuate the provisions of this Ordinance.
Section 12: Ratifies previous actions.
Section 13: Provides for publication of a sum-
mary of the Ordinance.
The full text of Ordinance No. 213-08-17 is avail-
able at lona City Hall and will be provided' to any
citizen upon personal request during normal of-
fice hours.
Published: August 22, 2017 (52466)