HomeMy Public PortalAboutORD 285-01-23_Water Revenue Bond_01172023 Instrument tS 1745055
Bonneville County, Idaho Falls, Idaho
04/19/2023 09.57:10 AM No. of Pages: 3
Recorded for CITY OF IONP
Penny Manning Fee $0.DO
Ex-Officio Recorder Deputy ____
Index to ORDINANCE _________
SUMMARY OF
ORDINANCE NO. 285-01-23
AN ORDINANCE OF THE CITY OF IONA, IDAHO, AUTHORIZING AND PROVIDING
FOR THE ISSUANCE OF A WATER REVENUE BOND, SERIES 2023, IN A PRINCIPAL
AMOUNT NOT TO EXCEED $3,900,000.00, FOR THE PURPOSE OF FINANCING THE
ACQUISITION, CONSTRUCTION AND INSTALLATION OF IMPROVEMENTS TO THE
DOMESTIC DRINKING WATER SYSTEM OF THE CITY OF IONA, BONNEVILLE
COUNTY, IDAHO; DESCRIBING THE BOND; PROVIDING FOR THE COLLECTION AND
DISPOSITION OF REVENUES; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL
OF AND INTEREST ON THE BOND; ESTABLISHING FUNDS AND ACCOUNTS;
PROVIDING COVENANTS RELATING TO THE BOND; PROVIDING FOR THE SALE OF
THE BOND TO THE IDAHO DEPARTMENT OF ENVIRONMENTAL QUALITY;
PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE
A summary of the principal provisions of Ordinance No. 285-01-23 of the City of Iona,
Bonneville County, Idaho, adopted on January 17, 2023, is as follows:
Section 1: Defines the terms and phrases used in the Ordinance.
Section 2: Describes the domestic water improvement project to be constructed with
the proceeds of the Bond authorized by the Ordinance, and states that an amount not to exceed
$3,700,000 of the cost thereof is to be paid from the sale of the Bond of the City described in
Section 3.
Section 3: Describes the City of Iona Water Revenue Bond, Series 2023 (the
"Bond"), and provides for the terms of payment and the maturity of the Bond.
Section 4: Provides for the manner and method of execution of the Bond.
Section 5: Provides for the place and manner of payment of the Bond.
Section 6: Appoints the City Treasurer as Bond Registrar.
Section 7: Provides for the prepayment of the Bond.
Section 8: Provides for water rates and charges.
Section 9: Pledges the Net Revenues of the domestic water System for the payment
of the Bond.
Section 10: Establishes the City of Iona Water Project Capital Improvement Fund.
Section 11: Establishes the Water Revenue Fund.
Section 12: Establishes the Water Revenue Bond Fund.
Section 13: Establishes the Debt Service Reserve Fund.
Section 14: Provides for the disposition of surplus funds.
Section 15: Establishes the conditions of and limitations on the issuance of additional
bonds or other obligations.
Section 16: Provides for the investment of surplus funds.
Section 17: Provides certain general covenants of the City with the Registered Owner
of the Bond.
Section 18: Provides certain special covenants of the City with respect to the exclusion
of interest on the Bond from income taxation.
Section 19: Provides for method of amending the Ordinance and adopting
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supplemental ordinances.
Section 20: Recites that the Bond are issued pursuant to the Idaho Revenue Bond Act.
Section 21: Provides for remedies of the Registered Owner of the Bond.
Section 22: States that the Ordinance constitutes a contract with the Registered Owner
of the Bond.
Section 23: Provides for severability.
Section 24: Repeals prior inconsistent ordinances,to the extent of any inconsistency.
Section 25: Authorizes the Mayor, City Clerk, and City Treasurer to execute any
additional documents necessary to sell and deliver the Bond.
Section 26: Provides for the publication of the Ordinance or a summary thereof and
the effective date of the Ordinance.
The full text of Ordinance No. 285-01-23 is available at City Hall and will be provided to
any citizen upon personal request during normal office hours.
DATED this 17th day of January, 2023.
CITY OF IONA
Bonneville County, Idaho
Mayor
ATTEST: "WM.
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0 ,
iltePs
City Clerk ?4uDc
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CERTIFICATION OF ATTORNEY
I, the undersigned attorney at law, duly licensed in the State of Idaho and serving as
special bond counsel to the City of Iona, Idaho, hereby certify that I have read the attached
Summary of Ordinance No. 285-01-23 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 17th day of January, 2023.
igAtto ey at La
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