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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)