HomeMy Public PortalAboutOrd. 560 General Obligation Bonds ORDINANCE NO. 560
AN ORDINANCE OF THE CITY OF McCALL, IDAHO, RELATING TO THE ISSUANCE
AND SALE OF GENERAL OBLIGATION BONDS , SERIES 1990, IN THE PRINCIPAL
AMOUNT OF $1, 100, 000 ; AMENDING ORDINANCE NO. 553 , ADOPTED BY THE
CITY COUNCIL AND APPROVED BY THE MAYOR ON JULY 14 , 1989 , WITH
RESPECT TO THE DESIGNATION, MATURITIES, AND REDEMPTION OF THE
BONDS ; AND PROVIDING FOR THE DATE OF SALE OF THE BONDS
WHEREAS , on July 14 , 1989, the Mayor and Council of the City
of McCall, Idaho (the "City") , duly adopted Ordinance No. 553 ,
providing for the issuance and sale of City of McCall General
Obligation Bonds (the "Bonds") in the principal amount of
$1, 100, 000, all as authorized by the electors of the City at a
special bond election held and conducted within the City on June 6,
1989 ; and
WHEREAS , said Ordinance No. 553 provided that certain matters
relating to the schedule of maturities, redemption provisions, and
date of sale of the Bonds would be provided by subsequent action
of the City Council (the "Council") ; and
WHEREAS, the proceedings for the authorization and issuance
of the Bonds, including the special bond election of June 6, 1989 ,
were adjudicated and determined to be valid by the District Court
of the Fourth Judicial District of the State of Idaho, in and for
the County of Valley, in the Findings of Fact, Conclusions of Law,
and Judgment entered by the Court in Case No. 3105 on September 29 ,
1989 , and the Council now desires to proceed with the issuance and
sale of the Bonds and has determined to amend certain provisions
of Ordinance No. 553 to provide therefor.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE
CITY OF McCALL, IDAHO, as follows:
Section 1: Section 1 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows:
Section 1: BONDS AUTHORIZED
General obligation bonds of the City, in fully
registered form, designated "City of McCall General
Obligation Bonds, Series 1989 1990" (the "Bonds") , in the
aggregate principal amount of $1, 100 , 000 are hereby
authorized to be issued, sold, and delivered pursuant to
the municipal bond laws of the State of Idaho,
particularly Sections 50-1019 through 50-1026A,
inclusive, and Title 57 , Chapters 2 and 9 , Idaho Code.
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Section 2 : Section 3 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows:
Section 3 : DESCRIPTION OF BONDS
The Bonds shall be in denominations of $5, 000 each
or integral multiples thereof, shall be issued only in
fully registered form, and shall be substantially in the
form set forth herein. 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. Interest on the Bonds shall be
calculated on the basis of a 360-day year and twelve
30-day months. The Bonds shall be dated and shall mature
= - - - - - - chcdulc as shall be set forth in
rccolution hereafter approved by the Council
February 1 , 1990, and shall mature on the dates and in
the amounts as follows:
Maturity Date Principal Amount
August 1, 1990 $ 60 , 000
August 1, 1991 45 , 000
August 1 , 1992 50, 000
August 1, 1993 55 , 000
August 1, 1994 55 , 000
August 1 , 1995 60 , 000
August 1 , 1996 65 , 000
August 1, 1997 70 , 000
August 1, 1998 75 , 000
August 1 , 1999 80 , 000
August 1, 2000 85, 000
August 1 , 2001 90, 000
August 1, 2002 95 , 000
August 1, 2003 105, 000
August 1 , 2004 110, 000
Section 3 : Section 4 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows:
Section 4 : INTEREST ON BONDS
All of The Bonds shall bear interest at a net
effective rate or rates of not to exceed nine percent
(9%) per annum or at any lower rate or rates as shall be
stated in the successful bid proposal for the Bonds,
which interest shall be payable acmiannually on ouch
dates as shall be set forth in the rccolution authorized
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and referred to above, on August 1, 1990 , and
semiannually on each February 1 and August 1 thereafter
until their respective dates of maturity or prior
redemption. Bidders will be permitted to bid different
rates of interest. The maximum differential between the
highest and lowest rate shall not exceed three percent
(3%) per annum. All Bonds maturing at the same time
shall bear the same rate of interest.
Section 4 : Section 8 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows :
Section 8 : REDEMPTION
The Bonds shall be cubjcot to calld redemption
in advance of their stated maturity at s eh times and
the Council . Bonds maturing on or before August 1 , 1995,
shall not be subject to call or redemption prior to their
stated dates of maturity. On any interest payment date
on or after August 1, 1995 , at the option of the City,
Bonds maturing on or after August 1 , 1996 , shall be
subject to redemption, in whole or in part, in inverse
order of maturity (and by lot selected by the Bond
Registrar within a maturity) , upon notice as hereinafter
provided, at a price of 100% of their par value, plus
accrued interest to the date of redemption.
Notice of redemption of any Bonds shall be given by
mailing of notice by the Bond Registrar to the Registered
Owner of any Bond being called for redemption not less
than thirty nor more than forty-five days prior to the
redemption date by first class mail , postage prepaid, at
the address appearing on the Bond Register, or at such
other address as may be furnished in writing by such
Registered Owner to the Bond Registrar. The foregoing
requirements shall be deemed to be complied with when
notice is mailed as provided herein, regardless of
whether or not it is actually received by the owner of
such Bond. The Bonds so called for redemption shall
cease to accrue interest on the specified redemption
date, provided funds for such redemption are on deposit
at the place of payment at such time, and shall not be
deemed to be outstanding as of such redemption date.
Section 5: Section 9 of Ordinance No. 553 , adopted on
July 14 , 1989, is hereby amended to read as follows:
Page 3
Section 9 : DATE OF SALE
The Bonds shall be sold at public sale on ouch date
Council January 25, 1990 . The Council shall meet at 7 : 00
P.M. on said date, at City Hall , McCall, idaho, for the
purpose of receiving sealed bids for the purchase of the
Bonds . The bids will be publicly opened, examined, and
declared at such time and place, and considered at the
meeting of the Council on said date. All bids shall be
accompanied by a good faith deposit in the amount of
$55, 000, in the form of a cashier' s or certified check
payable to the Treasurer of the City. At said meeting,
the Council shall accept the bid providing the lowest
net interest cost to the City, and shall return the
deposits of all other bidders. Said sale shall be held,
and notice thereof given, in accordance with Title 57 ,
Chapter 2 , Idaho Code.
Section 6: Section 13 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows:
Section 13 : GENERAL OBLIGATION 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 General
Obligation Bonds, Series 1449 1990 , 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 the City
Treasurer until the principal of and interest on said
Bonds have been paid in full . Not less than 15 days
prior to any payment date of interest, or principal and
interest, as the case may be, the Treasurer shall cause
to be transferred from the Bond Fund to the Bond
Registrar the amount of interest, or principal and
interest, then falling due.
Section 7 : Section 16 of Ordinance No. 553 , adopted on
July 14 , 1989 , is hereby amended to read as follows:
Section 16 : COVENANTS OF THE CITY
The City further covenants and agrees :
Page 4
A. The Bonds are qualified tax-exempt obligations
within the meaning and for the purposes of Section
265 (b) (3) of the Internal Revenue Code of 1986 (the
"Code") , and the City will not designate more than
$10, 000, 000, including the Bonds, as qualified tax-exempt
obligations during the calendar year 1990 .
B. None of the proceeds of the Bonds will be used
directly or indirectly (i) to make or finance loans to
persons or (ii) in any trade or business carried on by
any person (other than use as a member of the general
public) . For purposes of the preceding sentence, the
term "person" does not include a government unit other
than the United States or any agency or instrumentality
thereof, and the term "trade or business" means any
activity carried on by a person other than a natural
person.
C. The City has general taxing powers . The Bonds
are not "private activity bonds" within the meaning of
Section 141 of the Code. 95% or more of the net proceeds
of the Bonds are to be used for the local governmental
activities of the City. The City has no subordinate
entities. The City has not issued, and will not issue,
tax-exempt obligations in calendar year 1989 1990 in a
face amount which exceeds $5, 000, 000 . Accordingly, under
Section 148 (f) (4) (C) of the Code, the City is not
required to pay rebates to the United States under
Section 148 (f) of the Code.
D. The City will take no action which would cause
the Bonds to become arbitrage bonds within the meaning
of Section 148 of the Code.
E. The City will comply with the information
reporting requirements of Section 149 (e) of the Code.
F. The City has no other general obligation bonds
outstanding. The Bonds do not exceed, nor will the City
issue, while any Bonds are outstanding, additional
general obligation bonds in an amount which, together
with any Bonds then outstanding, will exceed, in
aggregate principal amount, two percent (2%) of the
market value for assessment purposes of real and personal
property in the City within the meaning of Section 50-
1019 , Idaho Code.
Section 8 : The form of Bond described in Section 3 of and set
forth in Exhibit "A" to Ordinance No. 553 shall be as set forth in
Page 5
Exhibit "A" which is annexed hereto. The Notice of Sale described
in Section 10 of and set forth in Exhibit "B" to Ordinance No. 553
shall be as set forth in Exhibit "B" which is annexed hereto. The
expanded Notice of Sale described in Section 10 of and set forth
in Exhibit "C" to Ordinance No. 553 shall be as set forth in
Exhibit "C" which is annexed hereto.
Section 9 : Except as expressly set forth herein, Ordinance
No. 553 , adopted on July 14 , 1989 , is hereby ratified and confirmed
in all respects.
Section 10 : This Ordinance, or a summary thereof in
compliance with Section 50-901A, Idaho Code, shall be published
once in the official newspaper of the City, and shall take effect
immediately upon its passage, approval, and publication.
DATED this 30th day of November, 1989 .
CITY OF McCALL
Valley County, Idaho
By --s,
May,�:
ATTEST:
C t Clerk
( S E A L )
Page 6
SUMMARY OF
ORDINANCE NO. 560
AN ORDINANCE OF THE CITY OF McCALL, IDAHO, RELATING TO THE ISSUANCE
AND SALE OF GENERAL OBLIGATION BONDS, SERIES 1990, IN THE PRINCIPAL
AMOUNT OF $1,100,000; AMENDING ORDINANCE NO. 553, ADOPTED BY THE
CITY COUNCIL AND APPROVED BY THE MAYOR ON JULY 14, 1989,.WITH
RESPECT TO THE DESIGNATION, MATURITIES, AND REDEMPTION OF THE
BONDS; AND PROVIDING FOR THE DATE OF SALE OF THE BONDS
A summary of the principal provisions of Ordinance No. 560,
of the City of McCall, Idaho, adopted on November 30, 1989,, is .as
follows:
Section 1: Amends Section 1 of Ordinance No. 553, adopted on
July 14, 1989, to redesignate the City of McCall General Obligation
Bonds (the "Bonds") as Series 1990 Bonds.
Section 2: Amends Section 3 of Ordinance No. 553 to provide
that the Bonds shall be dated February 1, 1990, and sets forth a
schedule of maturities of the Bonds.
Section 3: Amends Section 4 of Ordinance No. 553 to provide
that the Bonds shall bear interest at a net effective rate of not
to exceed 9% per annum, payable on August 1, 1990, and semiannually
on each February 1 and August 1 thereafter.
Section 4: Amends Section 8 of Ordinance No. 553 to _provide
dates and terms of redemption of the Bonds prior to stated
maturity.
Section 5: Amends Section 9 of Ordinance No. 553 to provide
that the Bonds shall be sold at public sale .on January 25,.1990.
Section 6: Amends Section 13 of Ordinance No. 553 to
redesignate the Bond Fund.
Section 7: Amends Section 16 of Ordinance No. 553 with
respect to certain covenants of the City.
Section 8: Provides for the .form of Bond and Notice of Sale.
Section 9: Ratifies and confirms Ordinance No. 553 in other
respects.
Section 10: Provides for publication and effective date.
Page 2
The full text of Ordinance No. 560 is available at City Hall
and will be provided to any citizen upon personal request during
normal office hours.
DATED this 30th day of November, 1989.
ATTEST:
CITY OF McCALL
Valley County, Idaho
CERTIFICATION OF CITY ATTORNEY
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. 560 of. the City of
McCall and that the same is trueandcomplete and provides adequate:
notice to the public of the contents of said Ordinance.
Dated this 30th day of November, 1989.
Ro•ert H. Remaklus
City Attorney
Page 3
Publisher's Affidav
STATE OF IDAHO
.SS
County of Valley
I, Maggie Aganew, being duly sworn and say, I am the receptionist of
The Central Idaho Star -News, a weekly newspaper published at McCall, in the
County of Valley, State of Idaho; that said newspaper is in general circulation
in the county of aforesaid and is a legal newspaper; that the RESOLUTION
NO.36-89, a copy of which is enclosed hereto and is a part hereof, was pub-
lished in said newspaper once a week for one consecutive 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 supple-
ment; and that publication of such notice began December 7 , 1989, and
ended December 7, 1989.
Subscribed and stnjorn before me this the 10th day of December, 1989.
STATE OF IDAHO
COUNTY OF VALLEY
On this 10th day of December, in the year of 1989, before me, a
Notary Public, personally appeared Maggie Aganew, 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 ac-
knowledged to me that she executed the same.
Tom Grote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires: 1993
i
t of Publicai
RESOLUTION' NO.
36.89
A RESOLUTION OF THE CITY OF
McCALL, IDAHO, APPROVING,
PURSUANT TO SECTION 50-901A, IDAHO
, , CODE, A SUMMARY OF ORDINANCE NO.
560 FOR PUBLICATION
WHEREAS; the City of McCall, Valley
County, Idaho (the "City"), on November
30, 1989, adopted Ordinance No. 560,
amending Ordinance No. 553, adopted by
•the City • Council and approved by the
• Mayor on July 14, 1989, with respect to
the designation, maturities, and ;edemption
• of the bonds; and
- --WHEREAS, the .City is_authorized,_by._
Section 50-901A, Idaho Code, to publish,
in lieu of the,entire ordinance; a summary'
thereof.
NOW, THEREFORE, BE IT RESOLVED
BY THE CITY COUNCIL OF THE CITY OF
McCALL, IDAHO, as follows:
Section 1: That the summary of
Ordinance No, 560, adopted by the McCall
City Council on November 30, 1989, a
copy of which summary is annexed hereto
as Exhibit "A": be, and the same is hereby,
approved.
Section 2: • This Resolution • shall take
effect and be m force from andafter its
passage and approval.
DATED this 30th day, of November,
1989.
CITY OF MCCALL, Valley County, Idaho. '
John Allen, Mayor,
ATTEST:Arthur Schmidt, City Clerk
SUMMARY OF ORDINANCE
NO. 560
AN ORDINANCE OF THE CITY OF
McCALL, IDAHO RELATING TO THE
ISSUANCE AND SALE OF GENERAL
OBLIGATION BONDS, SERIES 1990, IN
• THE PRINCIPAL :AMOUNT OF
$1,100,000; AMENDING ORDINANCE NO.
553, ADOPTED BY THE CITY COUNCIL
AND APPROVED BY THE MAYOR ON
DULY 14, 1989, WITH RESPECT TO THE
DESIGNATION, MATURITIES, AND
REDEMPTION OF THE BONDS; AND
PROVIDING FOR THE DATE OF SALE OF
'THE BONDS
• A summary of the principal provisions
of Ordinance No. 560, of the City of
McCall, Idaho, adopted on November 30,
089, is as follows:
• Section 1: Amends Section 1, of
Ordinance No. 553, adopted on July 14,
1989, to redesignate the City of McCall
General Obligation Bonds (the 'Bonds") as
Series 1990 Bonds.
Section 2: Amends Section 3 of
Ordinance No. 553 to provide that the
Bonds shall be dated February 1, 1990, and
sets. forth a schedule of maturities of the
j Bonds.
Section 3: Amends Section 4 of
Ordinance No.' 553 to provide that the
Bonds shall bear interest at a net effective
rate of not to exceed 9% per annum,
I payable ' on August 1, 1990, and
i - semiannually- on.- each .= February --l., and_
August 1, thereafter.
Section 4': Amends Section 8 of
Ordinance No. 553 to provide dates and
terms of redemption of the Bonds prior to
stated maturity.
Section 5: Amends Section 9 of
I Ordinance No. 553 to provide that the
I Bonds shall be sold at public sale on
January 25,E 1990. ,
Section 6: Amends Section 13 of •
Ordinance No. 553 to, redesignate the Bond
Fund.
i • Section 7. Amends Section 16 of
Ordinance No. 553 with respect to certain
1 covenants of the City.
Section 8: Provides for the form of Bond
and Notice of Sale.
h Section 9: Ratifies and confirms
I Ordinance No. 553 in other respects.,
ti Section 10: Provides for ,publication and
effective date. •
The full text of Ordinance No. 560 is
available at City Hall and will be provided
( to any citizen•upon personal request during
normal office hours.
DATED this 30th day of November,
1989,
CITY OF McCALL Valley County; Idaho
John Allen Jr., Mayor
ATTEST: Arthur Schmidt City Clerk
CERTIFICATION OF CITY ATTORNEY
I, the undersigned City Attomey for and
legal advisor to the City of McCall, Valley
County, Idaho, hereby certify that I have
read the attached summary of Ordinance No.
• 560 of the City of McCall and that the same
is true and complete and provides adequate
notice to the public of the contents of said
Ordinance.
tDATED this 30th day of November,
1989.
, 0-t.n.. u Ro..,akins City Attorney
Publisher 's Affidavit of Publication
STATE OF IDAHO
.ss
County of Valley ORDINANCE NO. 561
I, Maggie Aganew, being duly sworn and say, I am the receptionist of AN ORDINANCE RELATING TOWAlER
9g 9 9 Y Y P RATES;AMENDING SECTION 3-1-44 OF
The Central Idaho Star-News,a weekly newspaper published at McCall, in the THE VILLAGE CODE OF McCALL,IDAHO,
TO County of Valley, State of Idaho; that said newspaper is in general circulation MONTHLY OPERATIOADDITIONAL N
in the county of aforesaid and is a legal newspaper;that the ORDINANCE NO. MAINTENANCE CHARGE TO WATER
561, a copy of which is enclosed hereto and is a part hereof,was published in USERS OUTSIDE OF THE CORPORATE
TS said newspaper once a week for one consecutive week in the regular and AN ED� AND PROVIDING
entire issue of every number there of during the period of time of publication, BE IT ORDAINED BY THE MAYOR AND
OF
and was published in the newspaper proper and not in a supplement; and that COUNCIL FO THE CITY OF McCALL,
IDAHO,AS FOLLOWS:
publication of such notice began December 7, 1989, and ended December 7, Section 1: That Section 8-1-44 of the
Village Code of McCall,Idaho,be, and the
1989' same is hereby amended to read as follows:
8-1-44: NON RESIDENT USERS:
Charges for water consumed by all water
�i users situated and located outside of the
Subscribed and sworn before me this the 10th day of December, 1989.
corporate limits st the City and using water Y from the City system, shall be the same as
the rates hereinabove set forth in this
Chapter.
STATE OF IDAHO
The
COUNTY OF VALLEY formula for determining whether the user is
residential or commercial shall be the same
as that set forth in Section 8-1-43.
Section 2. EFFECTIVE DATE. This
On this 10th day of December, in the year of 1989, before me, a ordinance shall be in full force and effect
Notary Public, personally appeared Maggie Aganew, known or identified to me from and after its passage, approval and
person whose name subscribed to the within instrument, and being
publication.
to be the
p 9 Passed and approved this 30th day of
by me first duly sworn, declared that the statements therein are true, and ac- November, 1989.
John Allen, Jr., Mayor
knowledged to me that she executed the same. ATTEST:Arthur Schmidt,City Clerk
1112/7
Tom Grote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires: 1993
•
CERTIFICATE OF RECORDING OFFICER
STATE OF IDAHO )
) ss
COUNTY OF VALLEY)
I, the undersigned, the duly appointed, qualified, City Clerk of
McCall City, Idaho, do hereby certify the following:
1. That pursuant to the provisions of Section 50-207, Idaho
Code, I keep a correct journal of the proceedings of the Council of
McCall City, Idaho, and that I am the statutory custodian of all laws,
ordinances and resolutions of said City.
2. That the attached Ordinance No. c o is a true and correct
copy of an ordinance passed at a regular meeting of the Council of
McCall City held on 190 , and duly recorded in my
office; and
3. That said regular meeting was duly convened and held in all
respects in accordance with law and to the extent required by law, due
and proper notice of such meeting having been given; that a legal
quorum was present throughout the meeting and that a legally
sufficient number of members of the Council of McCall City voted in
the proper manner and for the passage of said ordinance; and that all
other requirements and proceedings incident to the proper adoption and
passage of said ordinance have been duly fulfilled, carried out and
observed; and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of the City of McCall, Idaho, this 3/r day of
e Utat. . i � 19$7 .
Arthur J. hmidt, City Clerk
(Seal of the City)