HomeMy Public PortalAboutOrd. 644 - LID #3-Sale of Bonds, SMRORDINANCE NO. 644
AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 3; AMENDING
ORDINANCE NO. 641, ADOPTED ON JULY 28, 1993, WITH RESPECT TO THE
REDEMPTION PROVISIONS FOR THE LOCAL IMPROVEMENT DISTRICT NO. 3
BONDS AND TO PROVIDE A COVENANT TO INITIATE FORECLOSURE PROCEEDINGS
IN THE EVENT OF DELINQUENCIES IN PAYMENT OF ASSESSMENTS WITHIN
LOCAL IMPROVEMENT DISTRICT NO. 3; APPROVING A SUMMARY FOR
PUBLICATION; AND PROVIDING AN EFFECTIVE DATE
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF MCCALL,
IDAHO, as follows:
Section 1: That Section 6 of Ordinance No. 641, adopted by
the Mayor and Council on July 28, 1993, be, and the same is hereby,
amended to read as follows:
Section 6: REDEMPTION
The City reserves the right to redeem any or all of
the Bonds on any interest payment date, whenever the City
Treasurer has sufficient funds available . in the Bond Fund
and Interest Fund (as defined in Section 8 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, at the following prices, expressed as a
percentage of the principal amount of the Bonds so called
for redemption, plus accrued interest to the date of
redemption:
Redemption Date Redemption Price
August 15, 1994, to through
August 15, 2003 1999 103%
August 15, 2004 2000 102%
August 15, 2005 2001 101%
August 15, 200G 2002, and thereafter 100%
In addition, the Bonds shall be subject to
redemption, at the option of the City, at par plus
accrued interest to the date of redemption, on August 15,
1996, solely from, and to the extent of, any of the
proceeds of the sale of the Bonds on deposit in the
Acquisition Fund on July 8, 1996, if for any reason the
City does not acquire all of the Improvements, as
provided in Section 10 of this Ordinance. The principal
amount of the assessments shall be reduced in the amount
of any redemption made from unexpended Bond proceeds, and
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each individual assessment shall be reduced in the
proportion that such assessment bears to the total
assessments within L.I.D. No. 3.
Portions of any Bond of a denomination of more than
$5,000 may be redeemed. The portion of any Bond of a
denomination of more than $5,000 to be redeemed shall be
in the principal amount of $5,000 or any integral
multiple of $5,000, and in selecting portions of such
Bonds for redemption the Bond Registrar shall treat each
such Bond as representing that number of Bonds of $5,000
denomination which is obtained by dividing the principal
amount of each Bond by $5,000.
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 2: That Ordinance No. 641, adopted by the Mayor and
Council on July 28, 1993, be, and the same is hereby, further
amended by the inclusion of a new Section 14A, which section shall
read as follows:
Section 14A: DELINQUENCY FORECLOSURE
In the event that the payment of any assessment
installment becomes delinquent, the City will, not later
than 150 days after such delinquency arises, commence
judicial foreclosure proceedings pursuant to the
applicable provisions of Sections 50-1721 and 50-1726,
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Idaho Code, for the collection of the delinquent amount.
A11 amounts collected as the result of any foreclosure
proceeding shall be deposited by the City (1) in the Bond
Fund and Interest Fund, to the extent of the delinquent
principal and accrued interest; and (2) in the General
Fund of the City, to the extent of any costs recovered.
Section 3: A summary of this Ordinance, substantially in the
form annexed hereto, shall be published once in the official
newspaper of the City as provided by Section 50-901A, Idaho Code.
This- ordinance shall take effect and be in force from and after its
passage, approval, and publication of the summary thereof.
DATED this 12th day of August, 1993.
CITY OF MCCALL
Valley County, Idaho
ATTEST:
(SEAL)
Page 3
SUMMARY OF
ORDINANCE NO. 644
AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 3; AMENDING
ORDINANCE NO. 641, ADOPTED ON JULY 28, 1993, WITH RESPECT TO THE
REDEMPTION PROVISIONS FOR THE LOCAL IMPROVEMENT DISTRICT NO. 3
BONDS AND TO PROVIDE A COVENANT TO INITIATE FORECLOSURE PROCEEDINGS
IN THE EVENT OF DELINQUENCIES IN PAYMENT OF ASSESSMENTS WITHIN
LOCAL IMPROVEMENT DISTRICT NO. 3; APPROVING A SUMMARY FOR
PUBLICATION; AND PROVIDING AN EFFECTIVE DATE
The following is a summary of Ordinance No. 644, adopted by
the Mayor and Council of the City of McCall, Idaho, on August 12,
1993.
Section 1: Amends Section 6 of Ordinance No. 641 with respect
to the redemption dates of bonds issued for Local Improvement
District No. 3.
Section 2: Amends Ordinance No. 641 by the addition of a new
Section 14A to provide for the commencement of foreclosure
proceedings for the collection of delinquent assessment
installments.
date.
Section 3: Provides for publication of summary and effective
The full text of Ordinance No. 644 is available for inspection
at City Hall during normal office hours.
DATED this 12th day of August, 1993.
CITY OF MCCALL
Valley County, Idaho
ATTEST:
Page 1
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. 644 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 'J
Page 2
day of August, 1993.
Attorney at Law
SUMMARY OF
ORDINANCE NO. 644
AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 3; AMENDING
ORDINANCE NO. 641, ADOPTED ON JULY 28, 1993, WITH RESPECT TO THE
REDEMPTION PROVISIONS FOR THE LOCAL IMPROVEMENT DISTRICT NO. 3
BONDS AND TO PROVIDE A COVENANT TO INITIATE FORECLOSURE PROCEEDINGS
IN THE EVENT OF DELINQUENCIES IN PAYMENT OF ASSESSMENTS WITHIN
LOCAL IMPROVEMENT DISTRICT NO. 3; APPROVING A SUMMARY FOR
PUBLICATION; AND PROVIDING AN EFFECTIVE DATE
The following is a summary of Ordinance No. 644, adopted by
the Mayor and Council of the City of McCall, Idaho, on August 12,
1993.
Section 1: Amends Section 6 of Ordinance No. 641 with respect
to the redemption dates of bonds issued for Local Improvement
District No. 3.
Section 2: Amends Ordinance No. 641 by the addition of a new
Section 14A to provide for the commencement of foreclosure
proceedings for the collection of delinquent assessment
installments.
Section 3: Provides for publication of summary and effective
date.
The full text of Ordinance No. 644 is available for inspection
at City Hall during normal office hours.
DATED this 12th day of August, 1993.
CITY OF MCCALL
Valley County, Idaho
ATTEST:
Page 1
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. 644 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 /5 day of August, 1993.
TedBurton
Attorney at Law
Page 2
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�l./ is a true and correct
copy of an ordinance passed at a regular meeting of the Council of
McCall City held on �,, �/Z , 19 93, 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
icial seal of the City of McCall, Idaho, this /3 172 day of
, 19,3.
(Seal of the City)
Arthur J.j chmidt, City Clerk
}.ss
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 ORDINANCE 647, 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 August 19, 1993 and
d August 19, 1993.
ubb cribed and sworn before meday of August, 1993.
STATE OF IDAHO
COUNTY OF VALLEY
On this 19th 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
SUMMARY OF ORDINANCE NO. 644
AN ORDINANCE RELATING TO LO-
CAL IMPROVEMENT DISTRICT NO. 3;
AMENDING ORDINANCE NO. 641,
ADOPTED ON JULY 28, 1993, WITH RE-
SPECT TO THE REDEMPTION
PROVISIONS FORTHE LOCALIMPROVE-
MENT DISTRICT NO. 3 BONDS AND TO
PROVIDE A COVENANT TO INITIATE
FORECLOSURE PROCEEDINGS IN THE
EVENT OF DELINQUENCIES IN PAY-
MENTOF ASSESSMENTS WITHINLOCAL
IMPROVEMENT DISTRICT NO. 3; AP-
PROVING A SUMMARY FOR
PUBLICATION; AND PROVIDING AN EF-
FECTIVE DATE
The following is a summary of Ordinance
No. 644, adopted by the Mayor and Council of
the City of McCall, Idaho, on August 12,1993.
Section 1: Amends Section 6 of Ordinance
No. 641 with respect to the redemption dates of
bonds issued for Local Improvement District
No. 3. •
Section 2: Amends Ordinance No. 641 by
the addition of a new Section 14A to provide
for the commencement of foreclosure proceed-
ings for the collection of delinquent assessment
installments.
Section 3: Provides for publication of
summary and effective date.
The full text of Ordinance No. 644 is avail-
able for inspection at City Hall during normal
office hours.
DATED this 12th day of August, 1993.
C1TY 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
attomey for the City of McCall, Idaho, hereby
certify that I have read the foregoing summary
of Ordinance No. 644of 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 13th day of August, 1993.
Ted Burton, Attomey at Law 1t8/19