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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 Page 3 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 Page 4 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 ) Page 8 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