HomeMy Public PortalAboutOrd. 643 - LID #3-Amending Section 5 of Ordinance No. 636ORDINANCE NO. 643
AN ORDINANCE OF THE CITY
IMPROVEMENT DISTRICT NO.
NO. 636, ADOPTED ON JULY 8,
OF ASSESSMENTS IN LOCAL
SECTION 8 OF ORDINANCE NO.
OF MCCALL, IDAHO, RELATING TO LOCAL
3, AMENDING SECTION 5 OF ORDINANCE
1993, WITH RESPECT TO THE PAYMENT DATES
IMPROVEMENT DISTRICT NO. 3; AMENDING
636 WITH RESPECT TO THE USE OF MONIES IN
THE ACQUISITION FUND FOR LOCAL IMPROVEMENT DISTRICT NO. 3; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the Mayor and Council of the City of McCall, Idaho
(the "City"), by adoption of Ordinance No. 636 on July 8, 1993,
pursuant to notice and hearing as required by law, confirmed the
assessment roll for Local Improvement District No. 3 ("L.I.D.
No. 3"), provided for payment of assessments therein in
installments, created an Acquisition Fund for the use of prepaid
assessments and bond proceeds, and provided for other matters
related thereto; and
WHEREAS, the Mayor and Council now desire to amend Ordinance
No. 636 in certain respects in order to conform the provisions of
said Ordinance No. 636 relating to the assessment installment
payment dates and the use of Acquisition Fund moneys to the terms
of Ordinance No. 641, which provides for the issuance of bonds for
L.I.D. No. 3.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE
CITY OF MCCALL, IDAHO, as follows:
Section 1: That Section 5 of Ordinance No. 636, adopted on
July 8, 1993, be, and the same is hereby, amended to read as
follows:
Section 5: DUE DATE OF ASSESSMENTS; PAYMENT
IN INSTALLMENTS
Said assessments shall become due and payable to the
City Treasurer within thirty (30) days from the date of
adoption of this Ordinance. Any property owner who has
not paid his or her assessment in full within said thirty
(30) day period, and any property owner who shall file a
written waiver of the thirty -day prepayment period with
the City, shall be conclusively presumed to have chosen
to pay the same in twcnty (20) annual installments,
payable within twenty years from the date of this
Ordinance, the first interest installment of which shall
become due and payable one (1) year from the date of
adoption of this Ordinance and annually thereafter, and
the first amortized principal payment being payable not
Page 1
later than July 8. 1996. The entire principal amount of
each assessment, plus interest thereon. shall be paid in
full not later than July 8, 2013. with a like payment
due on the name day of each year thereafter until the
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3h311 be paid in full. Assessments paid in installments
shall bear interest on the whole unpaid sum from the date
of adoption of this Ordinance. The rate of interest such
installments shall bear is hereby fixed as the rate of
interest on the L.I.D. No. 3 Bonds, plus two percent
(2.0%) of the bond principal and interest installment
due. If any installment is not paid within twenty (20)
days from its due date, the same shall become delinquent,
and the City Treasurer shall add a penalty of two percent
(2%) thereon. Installments may be prepaid in the manner
provided by Section 50-1715, Idaho Code.
For the purpose of securing the payment of and
interest on local improvement bonds issued for L.I.D.
No. 3, it is the intent of the Council to create a
reserve fund in an amount equalling not more than ten
percent (10%) of the principal amount of the bonds to be
issued to fund that portion of the assessments not paid
within the thirty -day prepayment period, in accordance
with Section 50-1771, Idaho Code. The proportionate cost
of the reserve fund shall be included in the assessment
upon each property in L.I.D. No. 3; however, such cost
shall be deducted from the assessment of any property
whose owner has paid his or her assessment in full within
thirty (30) days from the date of adoption of this
Ordinance. If a lesser reserve fund is required because
of assessments paid within the thirty -day prepayment
period, the City may proportionately reduce the
assessments paid in installments.
Section 2: That Section 8 of Ordinance No. 636, adopted on
July 8, 1993, be, and is hereby, amended to read as follows:
Section 8: ACQUISITION FUND
There is hereby created a special fund or account,
separate from any other funds of the City, to be known as
the "City of McCall Local Improvement District No. 3
Project Acquisition Fund" or other appropriate
designation (the "Acquisition Fund") which shall be
maintained by the City Treasurer and into which shall be
deposited all assessments paid within the thirty (30) day
period referred to in Section 5 of this Ordinance,
together with the proceeds of any bonds or warrants
thereafter issued by the City representing the unpaid
Page 2
assessments within L.I.D. No. 3. The Acquisition Fund
shall be used for no purpose other than the payment of
the costs associated with L.I.D. No. 3, including, but
not limited to, bond issuance costs, and the acquisition
of completed public improvements within L.I.D. No. 3 as
set forth in Ordinance No. 630, adopted on May 13, 1993,
and in the Acquisition Agreement approved by the Council
by adoption of Resolution No. 11-93 on May 13, 1993.
Monies in the Acquisition Fund may be invested in lawful
investments until needed for the acquisition of
improvements. Investment earnings shall be credited to
the Acquisition Fund. Any monies remaining in the
Acquisition Fund after completion of the acquisition
project for which L.I.D. No. 3 was created shall be
transferred to the reserve fund established for L.I.D.
No. 3 to the extent of the reserve fund requirement
established for the reserve fund, any remaining monies
shall be transferred to the bond fund hereafter created
for L.I.D. No. 3, and the Acquisition Fund shall be
closed.
Section 3: Except as provided herein, Ordinance No. 636 is
hereby ratified and confirmed in all respects.
Section 4: This ordinance, or a summary thereof in
conformance with Section 50-901A, Idaho Code, shall be published in
one (1) issue of the official newspaper of the City, and shall take
effect immediately upon its passage, approval, and publication.
DATED this 28th day of July, 1993.
CITY OF MCCALL
Valley County, Idaho
Mayor
ATTEST:
Page 3
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. I�
2. That the attached Ordinance No. 6 7 3 is a true and correct
copy of an ordinance passed at a regular meeting of the Council of
McCall City held on 'Z1r , 19 `j 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
end 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 ,' day of
1993.
(Seal of the City)
V s
Arthur J dmidt, City Clerk
Publisher's Affidavit of Publication
STATE OF IDAHO
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 RESOLUTION 25-93, a copy of which is enclosed hereto and is
a part hereof, was published in said newspaper once a week for one consecu-
tive 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 August 5, 1993
/anii�nded August 5, 1993.
J sK
}.Ss
Sub ribe• and sworn before me
STATE OF IDAHO
COUNTY OF VALLEY
ay of August, 1993.
On this 12th day of August, 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 the same.
Tom Grote
Notary Public for Idaho
Residing at McCall, Idaho
Commission Expires: 1999
RESOLUTION NO. 25-93
A RESOLUTION OF THE CITY OF
MCCALL, IDAIIO, APPROVING, PURSU-
ANTA SUMMARY
UMMA J Y OF ORDINANCE NO. IDAHO 3
FOR PUBLICATION
WHEREAS, the City of McCall, of Valley
County, Idaho (the "City"), on July 22, 1993,
adopted Ordinance No. 643, amending Section
5 and Section 8 of Ordinance No. 636; and
WHEREAS, the tion 50-901A IdCi
ty
de, to publish, is ,biin lieu
of the entire Ordinance, a summary thereof.
NOW, THEREFORE, BE ITRESOLVED
BY THE CITY COUNCIL OF THE CITY OF
MCCALL, IDAHO, as follows:
Section 1: That the summary of Ordinance
No. 643, adopted by the McCall City Council
on July 22, 1993, 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 in force from and after its passage and
approval.
DATED this 22nd day of July, 1993.
CITY OF MCCALL
Valley County, Idaho
By Laurence A. Smith, Jr., Mayor
ATTEST: Arthur J. Schmidt, City Clerk
SUMMARY OF
ORDINANCE NO. 643
AN ORDINANCE OF THE CITY OF
MCCALL, IDAHO, RELATING TO LO-
CAL IMPROVEMENT DISTRICT NO. 3,
AMENDING SECTION 5 OFORDINANCE
NO. 636,ADOPTED ONJULY8,1993,WITH
RESPECT TO THE PAYMENT DATES OF
ASSESSMENTS IN LOCAL IMPROVE-
MENT DISTRICT NO. 3; AMENDING
SECTION8 OFORDINANCE NO. 636 WITH
RESPECT TO THE USE OF MONIES IN
THE ACQUISITION FUND FOR LOCAL
IMPROVEMENT DISTRICT NO. 3; AND
PROVIDING AN EFFECTIVE DATE
The following is a summary of Ordinance
No. 643, adopted by the Mayor and Council of
the City of McCall, Idaho, on July 22, 1993.
Section 1: Amends Section 5 of Ordinance
No. 636 with respect to the payment of assess-
ment installments for Local Improvement
District No. 3.
Section 2: Amends Section 8 of Ordinance
No. 636 with respect to the use of monies in the
Acquisition Fund for Local Improvement Dis-
trict No. 3.
Section 3: Confums and ratifies the re-
maining provisions of Ordinance No. 636.
Section 4: Provides for publication and
effective date.
The full text of Ordinance No. 643 Is avail-
able for inspection at City Hall during normal
office hours.
DATED this 22nd day of July, 1993.
CITY OF MCCALL
Valley County, Idaho
By Laurence A. Smith, Jr., Mayor
ATTEST: Arthur J. Schmidt, City Clerk
CERTIFICATION OF CITY ATTOR-
NEY
I, the undersigned Attomey at Law, as
attorney for the City. of Mccall, Idaho, hereby
certify that I have read the foregoing summary
of Ordinance No. 643 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 ED this 29 day of July, 1993.
Ted Burton
Attomey at Law 1t8/5