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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 Page 1 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, Page 2 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