HomeMy Public PortalAboutOrd. 627 - Issuance & Sale of LID #1 BondsORDINANCE NO. 627
AN ORDINANCE OF THE CITY OF MCCALL, IDAHO, AUTHORIZING THE ISSUANCE
AND SALE OF LOCAL IMPROVEMENT DISTRICT NO. 1 BONDS; SPECIFYING THE
DATE, FORM, INTEREST RATE, REGISTRATION, AND MATURITIES OF SAID
BONDS; ESTABLISHING A BOND FUND, INTEREST FUND, AND RESERVE FUND;
AUTHORIZING THE SALE OF THE BONDS AT PRIVATE SALE; PROVIDING
COVENANTS; AND PROVIDING FOR OTHER MATTERS RELATING THERETO
WHEREAS, the City Council (the "Council") of the City of
McCall, of Valley County, Idaho (the "City"), has heretofore, by
Ordinance No. 624, adopted on December 29, 1992, adopted and
confirmed the assessment roll in the total amount of $52,787.47 and
provided for the issuance of local improvement district bonds for
Local Improvement District No. 1 ("L.I.D. No. 1") to pay the costs
of street improvements, together with the expenses incident to the.
project or to the issuance of bonds; and
WHEREAS, the sum of $30,053.99 of said confirmed assessment
roll for L.I.D. No. 1 was prepaid during the thirty (30) day
prepayment period permitted by law for the payment of assessments
without penalty or interest, leaving unpaid assessments in the
amount of $22,733.48; and
WHEREAS, the Council desires to issue and sell bonds of L.I.D.
No. 1 in the principal amount of $25, 006.48 in order to pay .the
remaining costs and expenses of said improvements and to fund a
debt service reserve fund in the amount of $2,273 as additional
security for the payment of the principal of and interest on said
bonds; and
WHEREAS, the City is authorized to sell local improvement
district bonds at private sale and has received an offer to
purchase said bonds, and the Council desires to sell said bonds in
accordance with said offer.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE
CITY OF MCCALL, IDAHO, as follows:
Section 1: BONDS AUTHORIZED
Local Improvement District No. 1 Bonds (the "Bonds") in the
principal amount of $25,006.48 are hereby authorized to be issued,
sold, and delivered. The Bonds are issued in the principal amount
of the _assessable portion of the cost of effecting the above -
described local improvements, including the contract price and the
cost and expenses of engineering, legal, and all other costs
incidental to said improvements, including the costs of issuance of
Page 1
the Bonds, publications, interim financing, and the cost of
establishing a reserve fund for the Bonds.
Section 2: DESCRIPTION OF BONDS
The Bonds shall be dated March 15, 1993, shall be in the
aggregate principal amount of $25,006.48, and shall be issued, sold
and delivered at par plus accrued interest to date of delivery, as
hereinafter set forth. Said Bonds shall be in denominations of
$1,000, or any integral multiple thereof, except Bond No. One,
which may be in a different denomination. The Bonds shall be
registered as to both principal and interest, shall be numbered
separately in the manner and with any additional designation as the
Bond Registrar deems necessary, shall bear interest, payable
annually on March 15 of each year, commencing March 15, 1994, from
their date at the rates set forth below, and shall mature serially
on March 15 in the following years and the following amounts:
Maturity Date
March 15, 1994
March 15, 1995
March 15, 1996
March 15, 1997
March 15, 1998
March 15, 1999
March 15, 2000
March 15, 2001
March 15, 2002
March 15, 2003
Principal Amount Interest Rate
$2,006.48
2,000.00
2,000.00
2,000.00
2,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3.75%
4.10
4.40
4.80
5.00
5.20
5.30
5.50
5.60
5.60
Both principal of and interest on the Bonds shall be fully paid
within ten (10). years from their date. The Bonds shall be
substantially in the form as set forth in Exhibit "A" attached
hereto and by reference made a part hereof.
Section 3: EXECUTION
Without unreasonable delay, the City shall cause the Bonds to
be prepared, executed, authenticated, and delivered, which Bonds
may be lithographed or printed with engraved or lithographed
borders, or may be in typewritten form. The Bonds shall be signed
by the Mayor, countersigned by the City Treasurer, and attested by
the City Clerk, and the corporate seal of the City shall be
impressed thereon. Said signatures shall be effective so long as
any Bonds are outstanding, irrespective of the fact that any of the
persons holding such offices may no longer be in office prior to
the issuance of any Bonds herein authorized. Bonds bearing the
signatures of such officers shall be valid when delivered in
accordance with the terms of this Ordinance. Any Bond may also be
Page 2
signed and attested on behalf of the City by such persons as at the
actual date of execution of such Bond shall be the proper officers
of the City, although at the original date of such Bond such
persons shall not have been such officers of the City.
Until the bonds are prepared, the City may, if deemed
necessary by the Mayor, utilize a temporary bond or bonds 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 Bonds. The
temporary bonds shall be dated as of the date of the Bonds, shall
be in the aggregate principal amount of $25,006.48, shall be
numbered T-1 and consecutively thereafter, shall be substantially
of the tenor of the Bonds, but with such omissions, insertions, and
variations as may be appropriate to temporary bonds, and shall be
manually signed by the Mayor, the Treasurer, and the City Clerk,
and shall have the seal of the City impressed thereon.
Section 4: PLACE AND MANNER OF PAYMENT
Both principal of and interest on the Bonds shall be payable
in lawful money of the United States of America. Payment of each
installment of interest on the Bonds shall be made on its annual
due date by check or draft of the Bond Registrar (hereinafter
defined) mailed to the registered owners thereof, or assigns, at
the address appearing on the registration books for L.I.D. No. 1
maintained by the Bond Registrar (the "Bond Register") as of the
close of business on the fifteenth day next preceding each interest
payment date. Principal of the Bonds shall be payable upon
presentation and surrender of the Bonds by the registered owners
thereof at the office of the Bond Registrar, on or after the date
of maturity or prior redemption.
Section 5: BOND REGISTRAR
The City Treasurer is hereby appointed asbond registrar,
transfer agent, and paying agent, and is herein referred to as the
"Bond Registrar." • The Bond Registrar shall keep, or cause to be
kept, at her office, sufficient books for the registration and
transfer of the Bonds.
The Bonds may be transferred only upon the books for the
registration and transfer of Bonds, upon the surrender thereof at
the 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 3 hereof. Upon the transfer of
any Bond, there shall be issued in the name of the transferee or
transferees a new fully registered Bond of the same denomination,
maturity, and interest rate as the surrendered Bond. The new Bond
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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. This
section is intended to provide for a system of registration as
provided by Title 57, Chapter 9, Idaho Code.
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, within fifteen
(15) days of the redemption date.
Section 6: REDEMPTION
The City reserves the right to redeem any or all of the Bonds,
at par plus accrued interest, on any payment date whenever the City
Treasurer has sufficient funds available in the Bond Fund and
Interest Fund (as defined in Section 7 hereof) to pay the principal
of and accrued interest on one or more of the Bonds, over and above
the amounts necessary to pay currently maturing installments of
principal and interest.
In the case of redemption of fewer than all of the outstanding
Bonds, Bonds to be redeemed shall be selected by the Bond Registrar
by lot, and shall, insofar as can be done taking into consideration
the denominations of the outstanding bonds, represent an equal
amount of Bonds from each maturity outstanding at the time of
redemption. The decision of the Bond Registrar in selecting the
Bonds for retirement shall be conclusive in the absence of fraud.
Notice of any intended redemption shall be given not less than
twenty-one (21) nor more than sixty (60) days prior to the
redemption date by first class mail, postage prepaid, to the
registered owner of any Bond to be redeemed at the address
appearing on the Bond Register. The requirements of this Ordinance
shall be deemed to be complied with when notice is mailed as herein
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.
Section 7: BOND FUND AND INTEREST FUND
The City Treasurer is hereby authorized and empowered, and it
shall be her duty, to receive and collect for L.I.D. No. 1 all
assessments levied on property within said L.I.D. No. 1 to pay the
costs of said improvements, the installments thereof, the interest
thereon, and the penalties accrued, and to pay and disburse such
payments to the person or persons lawfully entitled to receive the
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same, in accordance with the laws of the State of Idaho and all
ordinances and resolutions of the City.
A11 moneys constituting payment of principal on said unpaid
installments of assessments for L.I.D. No. 1 are to be deposited
into a special fund, designated "City of McCall Local Improvement
District No. 1 Bond Fund" (the "Bond Fund"), which is hereby
created, and shall be used and applied for the purpose of paying
the principal of the Bonds herein authorized and for no other
purpose whatsoever, and as security for such payment the Bond Fund
is hereby pledged.
A11 moneys constituting payment of interest on said unpaid
installments of assessments for L.I.D. No. 1 are to be deposited
into .a special fund designated "City of McCall Local Improvement
District No. 1 Interest Fund" (the "Interest Fund"), which is
hereby created, and shall be used and applied for the purpose of
paying the interest on the Bonds herein authorized and for no other
purpose whatsoever, and as security for such payment the Interest
Fund is hereby pledged.
Both principal of and interest on the Bonds are payable only
out of said Bond Fund and Interest Fund, and, if necessary, out of
the Local Improvement District No. 1 Reserve Fund, hereinafter
created, and not otherwise.
Moneys in the Bond Fund and Interest Fund for L.I.D. No. 1
shall be deposited in such bank or .banks as are designated as
depositories of public moneys for the funds of the City under the
depository laws of the State of Idaho for the deposit of public
funds or investments as provided by law. Interest received on such
funds to be deposited or invested shall be placed to the credit of
the fund from which it was earned.
Section 8: RESERVE FUND
A. For the purpose of further securing the payment of the
principal of and interest on the Bonds, there is hereby created a
special fund, separate and apart from any other funds of the City
and of L.I.D. No. 1, designated the "City of McCall Local
Improvement District No. 1 Reserve Fund" (the "Reserve Fund"),
which shall be maintained by the City Treasurer so long as any
Bonds remain outstanding. There shall be transferred from the
proceeds of the Bonds to the Reserve Fund a sum equal to $2,273,
which shall be maintained as a trust fund for the benefit of the
owners of the Bonds and which shall be used solely for the purposes
set forth in paragraph B of this section.
B. Whenever, on any principal and interest payment date,
there are insufficient moneys in either the Bond Fund or the
Page 5
Interest Fund to make the payments of principal or interest then
due, the amount of any such deficiency shall be withdrawn from the
Reserve Fund and transferred to the Bond Fund or Interest Fund, or
both such Funds, in the amounts required, together with other
moneys in such Funds, to make the payments of principal and
interest then due. The amounts so withdrawn shall be restored to
the Reserve Fund from payments of the delinquent assessments until
the amount of the Reserve Requirement has been restored. Whenever
the amount in the Reserve Fund is insufficient to meet claims for
principal and interest against the Reserve Fund, the Council may
appropriate funds from other legally available sources to cover
such deficiency, as provided by Section 50-1771, Idaho Code.
C. Moneys in the Reserve Fund may be deposited or invested
in the same manner as other funds of the City. A11 interest or
investment earnings shall be deposited into the Bond Fund.
D. In the event that, on any principal and interest payment
date, the Reserve Fund balance exceeds ten percent (10%) of the
principal amount of the Bonds outstanding, the City may transfer to
the Bond Fund the amount in excess of ten percent (10%) of the
principal amount of the Bonds outstanding. Whenever there are
sufficient funds in the Reserve Fund, together with monies in the
Bond Fund and Interest Fund, to pay and redeem all Bonds in full on
any payment date, the amount in the Reserve Fund shall be
transferred to the Bond Fund and/or Interest Fund and utilized to
make such payment.
Section 9: SALE OF BONDS
The sale of the Bonds to Robert E. Hildeman, of Boise, Idaho,
in accordance with his written offer dated March 8, 1993, a copy of
which is annexed hereto as Exhibit "B," is hereby approved.
Section 10: PUBLICATION OF ORDINANCE
Pursuant to Idaho Code Section 50-1727, this Ordinance or a
summary thereof in accordance with Section 50-901A, Idaho Code,
shall be published once in the official newspaper of the City. No
contest or proceeding to question the validity or legality of this
Ordinance or of the Bonds authorized hereby shall be brought in any
court by any person for any cause whatsoever after the expiration
of thirty (30) days from the publication of this Ordinance, and
after such time the validity, legality, and regularity of this
Ordinance and the Bonds authorized hereby shall be conclusively
presumed.
Section 11: COVENANTS OF THE CITY
The City further covenants and agrees:
Page 6
A. In accordance with Section 149(a) of the Internal Revenue
Code of 1986, as amended (the "Code"), the Bonds shall be issued
and remain in fully registered form in order that interest thereon
be excluded from gross income of the owners of the Bonds for
federal income tax purposes. The City covenants and agrees that it
will take no action to permit the Bonds to be issued in, or
converted to, bearer or coupon form.
B. The Bonds are qualified tax-exempt obligations within the
meaning and for the purposes of Section 265(b)(3) of 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
1993.
C. 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. The City
further covenants and agrees to take no action which would cause
the Bonds to be "private activity bonds," nor will it omit to take
any action necessary to prevent the Bonds from becoming "private
activity bonds," within the meaning of Section 141 of the Code.
D. 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 1993 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.
E. The Mayor and Clerk -Treasurer, or any one of such
officials, as may be appropriate, are each hereby authorized and
directed to execute, on behalf of the City, such certificate or
certificates as shall be necessary to establish that the Bonds are
not "arbitrage bonds" within the meaning of Section 148 of the Code
and the Treasury Regulations promulgated thereunder, and to
establish that interest on the Bonds is not and will not become
includable in the gross income of the owners of the Bonds under the
Code and applicable regulations. The City covenants and agrees
that no use will be made of the proceeds of the Bonds, or any funds
of the City which may, pursuant to Section 148 of the Code and
applicable regulations, be deemed to be proceeds of the Bonds,
which would cause the Bonds to be "arbitrage bonds" within the
Page 7
meaning of Section 148 of the Code. The City further covenants to
comply throughout the term of the Bonds with the requirements of
Section 148 of the Code and the regulations promulgated thereunder
in order to prevent the Bonds from becoming "arbitrage bonds."
F. The City will comply with the information reporting
requirements of Section 149(e) of the Code.
Section 12: FURTHER AUTHORITY
The Mayor and Clerk -Treasurer, or either of such officers, as
may be appropriate to the circumstances, are hereby authorized to
execute, on behalf of the City, such receipts, certifications, and
other documents as may be necessary or appropriate to effect the
issuance, sale, and delivery of the Bonds.
Section 13: EFFECTIVE DATE
This Ordinance, or a summary hereof in compliance with Section
50-901A, Idaho Code, shall be published once in the official
newspaper of the City and shall take effect and be in force from
and after its passage, approval, and publication.
DATED this llth day of March, 1993.
CITY OF MCCALL
Valley County, Idaho
ATTEST:
( S E A L )
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UNITED STATES OF AMERICA
STATE OF IDAHO
COUNTY OF VALLEY
REGISTERED
NO.
CITY OF MCCALL
LOCAL IMPROVEMENT DISTRICT NO. 1 BOND
INTEREST RATE
REGISTERED OWNER:
PRINCIPAL AMOUNT:
REGISTERED
MATURITY DATE DATED DATE
March 15, 1993
DOLLARS
THE CITY OF MCCALL, Valley County, Idaho (the "City"), for
value received, promises topay from the "City of McCall Local
Improvement District No. 1 Bond Fund" (the "Bond Fund") created by
Ordinance No. 627, adopted on March 11, 1993 (the "Bond
Ordinance"), to the registered owner identified above, or
registered assigns, on the maturity date specified above, the
principal sum indicated above, and to pay interest thereon from the
"City of McCall Local Improvement -District No. 1 Interest Fund"
(the "Interest Fund") created by the Bond Ordinance, from March 15,
1993, or the most recent date to which interest has been paid or
duly provided for, at the rate per annum specified above, payable
on March 15, 1994, and annually thereafter on the fifteenth day of
March of each year until the date of maturity or prior redemption
of this Bond. Both principal and interest are payable only out of
said Bond Fund and Interest Fund, and, if necessary, from the Local
Improvement District No. 1 Reserve Fund of the City, and not
otherwise.
Page 1 - EXHIBIT "A"
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 shall appear on the registra-
tion books of the City (the "Bond Register") maintained by the City
Treasurer (the "Bond Registrar"). Interest shall be paid to the
registered owner whose name appears on the Bond Register as of the
close of business on the fifteenth day of the calendar month next
preceding the interest payment date, and shall be paid by check or
draft of the Bond Registrar mailed to such registered owner on the
due date, at the address appearing on the Bond Register, or 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 at
the office of the Bond Registrar, on or after the date of maturity
or prior redemption.
Section 50-1723, Idaho Code, reads as follows:
"LIABILITY OF MUNICIPALITY. The holder of any bond,
issued under the authority of this code, shall have no
claim therefor against the municipality by which the same
is issued, except to the extent of the funds created and
received by assessments against the property within any
local improvement district as herein provided and to the
extent of the local improvement- guarantee fund which may
be established by any such municipality under the
provisions of this code, but the municipality shall be
held responsible for the lawful levy of all special taxes
or assessments herein provided and for the faithful
accounting of settlements and payments of the special
taxes and assessments levied for the payment of the bonds
as herein provided. The owners and holders of such bonds
shall be entitled to complete enforcement of all
assessments made for the payment of such bonds. A copy
of this section shall be plainly written, printed or
engraved on the face of each bond so issued."
This Bond is one of a duly authorized issue of Bonds of like
date, interest rate, tenor, and effect, except for variations
requiredto state numbers, denominations, and maturities,
aggregating $25,006.48.
The City Council, as the agent for said Local, Improvement
District No. 1, created by Ordinance No. 612, adopted on July 9,
1992, has caused this Bond to be issued in the name of the City as
a Bond of said Local Improvement District, said Bond, or the
proceeds thereof, to be applied in payment of certain -street
improvements described in the Bond Ordinance.
Page 2 - EXHIBIT "A"
Payment of the principal of and interest on this Bond is to be
borne by owners of property within the above local improvement
district from special assessments levied upon all property
benefited by the improvements made therein. The registered owner
of this Bond shall look only to the Bond Fund and Interest Fund,
and, if necessary, to the Local Improvement District No. 1 Reserve
Fund, created by the Bond Ordinance, for the payment of either the
principal of or the interest on this Bond. The principal sum of
this Bond shall be payable from a separate fund under the control
of the City Treasurer and designated "City of McCall Local
Improvement DistrictNo. 1 Bond Fund," pledged solely for the
payment of the principal of the Bonds of the issue of which this is
one and consisting of all moneys constituting the payment of
principal of assessments unpaid atthe time of the issuance of this
Bond. Interest hereon shall be payable from a separate fund. under
the control of the City Treasurer and designated "City of McCall
Local Improvement District No. 1 Interest Fund," pledged for the
payment of the interest on the Bonds of the issue of which this is
one, and consisting of all moneys constituting the payment of
interest on assessments unpaid at- the time of the issuance of this
Bond. Both Funds have been created by the Bond Ordinance. In the
event said Bond Fund and Interest Fund shall be insufficient to pay
the Bonds and the interest thereon as they become due, the
deficiency shall be paid out of the City's Local Improvement
District No. 1 Reserve Fund.
This Bond isissued pursuant to and in full compliance with
the Constitution and statutes of the State of Idaho, particularly
Title 50, Chapter 17, Idaho Code, and with the Bond Ordinance.
This Bond is transferable by the registered owner hereof or
his attorney duly authorized in writing at the office of the Bond
Registrar upon surrender of this Bond accompanied by a duly
executed instrument of transfer in the form attached hereto and
with guaranty of signature satisfactory to the Bond Registrar,
subject to such reasonable regulations as the Bond Registrar may
prescribe and upon payment of any tax, fee, or other governmental
charge incident to such transfer. Upon any such transfer, there
shall be issued in the nameof the transferee a new fully regis-
tered Bond or Bonds of authorized denominations, of the same
maturity and interest rate, and for the same aggregate principal
amount as this Bond. The person in whose name this Bond is
registered shall be deemed the owner hereof for all purposes, and
neither .the City nor the Bond Registrar shall be affected by any
notice to the contrary.
The City has reserved the right to redeem the Bonds on any
payment date, at par plus accrued interest, whenever the City
Treasurer has sufficient funds available in the Bond Fund and
Page 3 - EXHIBIT "A"
Interest Fund, over and above the amounts necessary to pay
currently maturing installments of principal and interest.
If fewer than all of the outstanding Bonds are to be redeemed,
Bonds to be redeemed are to be selected by the Bond Registrar by
lot, and shall, insofar as can be done taking into consideration
the denominations of the outstanding Bonds, represent an equal
amount. of Bonds from each maturity outstanding at the time of
redemption. The decision of the. Bond Registrar in selecting the
Bonds for retirement will be conclusive.
Notice of any intended redemption shall be given not less than
twenty-one (21) nor more than sixty (60) days prior to the
redemption date by first class mail, postage prepaid, to the
registered owner of any Bond to be redeemed at the address
appearing on the Bond Register. The requirements of the Bond
Ordinance shall be deemed to be complied with when notice is mailed
as herein provided, regardless of whether or not it is actually
received by the owner of any 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.
The assessments authorized by the confirmed assessment rolls
in Local Improvement District No. 1 are a lien upon the property
assessed and have been pledged to pay the principal of and interest
on the Bonds of this issue, pursuant to Chapter 17, Title 50, Idaho
Code, the Local Improvement District Code of Idaho, and pursuant
also to the ordinances and resolutions of the City.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all acts
and things required by the Constitution and statutes of the State
of Idaho and the ordinances and resolutions of the City to exist,
to happen, and to be performed precedent to and in the issuance of
this Bond and the issue of which it forms a part, necessary to
constitute the same legal, binding, andvalid special obligations
of Local Improvement District No. 1, in accordance with the tenor
and terms of said Bonds, have existed, have happened, and have been
performed in due time, form, and manner; and that the aforesaid
special assessments have been legally levied and that this Bond and
the other Bonds of this issue do not exceed the amount of unpaid
assessments.
IN WITNESS WHEREOF, the City of McCall, of Valley County,
Idaho, acting through its Mayor and Council, has caused this Local
Improvement District No. 1 Bond to be signed by its Mayor, counter-
signed by the City Treasurer, and attested by the City Clerk, and
Page 4 - EXHIBIT "A"
the official seal of the City to be impressed hereon, as of this
fifteenth day of March, 1993.
CITY OF MCCALL
Valley County, Idaho
Mayor
Countersigned:
Treasurer
ATTEST:
City Clerk
[SEAL]
Page 5 - EXHIBIT "A"
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 UNIF TRFS MIN ACT Custodian....
in common (Cust) (Minor)
TEN ENT -- as tenants under Uniform Transfer to Minors
by the entireties Act
(State)
JT TEN -- as joint tenants
with right of
survivorship and
not as tenants
in common
Additional abbreviations may also be used although not in the
above list.
Page 6 - EXHIBIT "A"
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
of
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 Assign-
ment 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:
Bank, Trust Company or Member
Firm of the New York Stock
Exchange
Authorized Officer
Page 7 - EXHIBIT "A"
BID FORM
$25,006.48
CITY OF MCCALL
VALLEY COUNTY, IDAHO
LOCAL IMPROVEMENT DISTRICT BONDS
For the offering totaling $ 25,006.48 par value of City of McCall, Valley County, State
of Idaho, Local Improvement District Bonds, dated as of March 15, 1993, maturing
in the amounts shown herein, callable on any interest payment date prior to their
stated maturities, whenever the City Treasurer has sufficient funds available in the
Bond Fund and Interest Fund to pay the principal of and accrued interest on one or
more of the Bonds, over and above the amounts necessary to pay currently maturing
installments of principal and interest, at the price shown in the Offering Circular,
which is made a part hereof, and accrued interest to the date of redemption and with
interest payable commencing March 15, 1994 and annually thereafter on each March
fifteenth at the rate or rates specified herein, we will pay $25,006.48 value for said
Bonds, plus a premium of $ — 0 - , plus accrued interest from March 15, 1993,
to the date of delivery of said Bonds to us.
The schedule of maturity and the interest rate(s) upon which this bid is based, with
the interest computed from March 15, 1993, to the maturity date of the Bonds are
as follows:
Due Interest Due Interest
Mar., Amount Rate MIL Amount Rate
1994 $ 2,006.48 3-7r % 1999 $ 3,000.00 s10 %
1995 2,000.00 4-.Io % 2000 3,000.00 4:3e
1996 2,000.00 4�4 % 2001 3,000.00 s70-0 %
1997 2,000.00 le.% 2002 3,000.00 41:40
1998 2,000.00 44.oro % 2003 3,000.00 176o %
(plus accrued interest from March 15, 1993)
The following is submitted for informational purposes only, and is subject to
verification prior to award.
Total Coupon Interest $ ITIO,24-
Less Premium $ — o Net Interest Cost $ Z946,24
Net Effective Interest Rate
Page 1 - EXHIBIT "B"
e
We enclose herewith a good faith deposit in the amount of $1,250.00 in the form of
a check payable to the Treasurer of the City of McCall. If this bid is accepted, said
check shall be deposited by the City and applied to the purchase price of the Bonds
when the same are delivered and paid for under the terms of this bid, or is to be
retained as and for liquidated damages in case we fail to accept said Bonds when
ready for delivery or fail to complete payment therefor in accordance with the terms
of this bid.
Respectfully submitted this $ th day of March, 93.
Company By
Address 3003 LEI StirE kivE
City/State/Zip 001SCI 10. Phone (MS 383- 71+3
Accepted for and on behalf of the City of McCall, Valley County, State of Idaho, this
day of March, 1993.
Mayor, City of McCall
Valley County, Idaho
ATTEST:
Clerk
City of McCall
Good Faith Check # drawn on
returned and receipt thereof acknowledged this 'day of March, 1993.
By
Page 2 - EXHIBIT "B"
STATE OF IDAHO )
COUNTY OF VALLEY)
CERTIFICATE OF RECORDING OFFICER
ss
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. Gam% is a true and correct
copy of an ordinance passed at a regular meeting of the Council of
McCall City held on 0y,1 .A // , 19q,3, 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 // ~% P day of
(Seal of the City)
Arthur J :chmidt, City Clerk
Publisher's Affidavit of Publication
STATE OF IDAHO
.SS
County of Valley
I, Ramona A. George, 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
NOTICE OF ORDINANCE 627, a copy of which is enclosed hereto and is a
part hereof, was published 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
supplement; and that publication of such notice began March 18, 1993 and
d March 18, 1993.
Subscribed and sworn befor
STATE OF IDAHO
COUNTY OF VALLEY
e 18th day of March, 1993.
On this 18th day of March, in the year of 1993,' before me, a Notary
Public, personally appeared Ramona A. George, 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 this
Tom drote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires: 1999
ion March 1 i993, is as follows:
Section 1: Authorizes the issuance of
i Local Improvement District No. 1 Bonds
SUMMARY OF -i (the "Bonds') in the principal amount of
ORDINANCE NO. 627 $25,006.48.'
, Section 2: Describes the Bonds, estab-
AN ORDINANCE OF THE CITY OF fishes the interest rate on the Bonds,
McCALL AUTHORIZING THE and establishes a schedule of maturities
ISSUANCE AND SALE OF LOCAL I for the Bonds.
IMPROVEMENT DISTRICT NO. 1" Section 3: Provides for execution of
,BONDS; SPECIFYING THE DATE, the Bonds.
FORM, INTEREST RATE, REGIS- Section 4: Provides for the place and
I TRATION, AND MATURITIES OF manner of payment of the Bonds.
SAID BONDS; ESTABLISHING A Section 5 : Appoints the City
BOND FUND, INTEREST FUND, AND Treasurer as Bond Registrar and pro-
: RESERVE FUND; AUTHORIZING vides for a system of registration oftheI THE SALE OF THE BONDS AT Bonds•
I PRIVATE SALE; PROVIDING COVE- Section 6: Provides for redemption of
I NANTS; AND PROVIDING FOR the Bonds prior to their stated matu-
OTHER MATTERS RELATING rity.
THERETO Section 7: Establishes a Bond Fund
A summaryof the principal rovi- . and Interest Fund.
sions of Ordinace No. 627 oftheCity of Section 8: Establishes a Reserve Fund
McCall, •Valley County, Idaho, adopted for the Bonds.
�s--._- _ _ _ Section 9: Provides for sale of the
Bonds.
Section 10: Provides for publication
of Ordinance No. 627 or a summary
thereof and establishes appeal period.
Section II: Provides covenants of the
City with respect to the exclusion of the
interest on the Bonds from federal and
State of Idaho income taxation.
Section 12: Authorizes the Mayor
and Clerk -Treasurer to execute addi-
tional documents.
Section 13: Provides effective date of
the Ordinance.
The full text of Ordinance No. 627 is
I available for inspection at City Hall
I during normal office hours.
DATED this 11 th day of March,
1993.
CITY OF McCALL
Valley County, Idaho
By L. A. Smith, Jr. Mayor
ATTEST:
Arthur J. Schmidt
City Clerk
CERTIFICATION OF CITY ATTORNEY
I, the undersigned Attorney at Law,
as attorney for the City of McCall,
Idaho, hereby certify that I have read
the foregoing summary of Ordinance No.
627 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.
DATED this llth day of N-
1993.
Ted Burton