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Home My Public Portal AboutOrd. 674 - Amending Sections 1 & 10 of Ordinance #669ORDINANCE NO. lori AN ORDINANCE OF THE CITY OF McCALL AMENDING SECTIONS 1 AND 10 OF r ORDINANCE NO. 669, ADOPTED ON AUGUST 25, 1994, TO PROVIDE THAT THE TRUST DIVISION, CASH MANAGEMENT AGENCY, OF WEST ONE BANK, IDAHO, SHALL BE THE TRUSTEE OF THE CITY OF MCCALL WATER PROJECT CAPITAL IMPROVEMENT FUND; AND PROVIDING AN EFFECTIVE DATE BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF MCCALL, IDAHO, as follows: Section 1: That Subsection G of Section 1 of Ordinance No. 669, Adopted on August 25, 1994, is hereby amended to read as follows: G. Bond Registrar means the Corporate Trust Department of West One Bank, Idaho, Boise, Idaho, as bond registrar, transfer agent, and authenticating and paying agent appointed and designated in Section 6 of this Ordinance, and any successor Bond Registrar. 13o serve a3 tru3tec of the Capital Improvement fund as provided in Section 10 of thi3 Ordinance. Section 2- August 25, 1994, Section 10: That Section 10 of Ordinance No. 669, adopted on is hereby amended to read as follows: THE CAPITAL IMPROVEMENT FUND There is hereby created a special fund and account known as the "City of McCall Water Project Capital Improvement Fund" (the "Capital Improvement Fund"), which Should shall be held by West One Bank.. Idaho. Trust Division. Cash Management Agency as trustee, — hereinafter called 'the "Agent". into which shall be deposited all of the proceeds of the sale of the Bonds (except any proceeds required to be deposited into the Reserve Fund, and except for accrued interest on the Bonds, which shall be deposited into the Bond Fund), to be used and applied solely for the payment of the Cost of the Project, including the costs of issuance of the Bonds and the payment of the principal of and interest on all outstanding bond anticipation notes or other interim financing, if any. Moneys in the Construction Fund shall be invested by the Dond Registrar Agent, at the direction of the City, in lawful investments until needed for payment of the Costs of the Project. Any interest earnings on moneys invested from the Capital Improvement Fund shall remain in and be used for the purposes of the Page 1 Capital Improvement Fund. The City's share of any liquidated damages or other moneys paid by defaulting contractors or their sureties will be deposited into said Capital Improvement Fund to assure the completion of the Project. The Dond Rcgistrar Agent shall make disbursements from the Construction Fund at the direction of the City by written requisition, in form acceptable to the Bend Rcgistrar Agent, signed by the Mayor, City Manager, or other officer authorized by the City Council of the City, showing that such disbursement will be used to pay the Costs of the Project. When the Project has been completed and all costs related thereto have been paid in full, any balance remaining in the Capital Improvement Fund shall be deposited into the Bond Fund described in Section 12 of this Ordinance. Section 3: The Mayor and Council hereby find, pursuant to Section 19A of Ordinance No. 669, that the foregoing amendments do not adversely affect the Registered Owners of the City of McCall Water Revenue Bonds, Series 1994, and that the prior consent of the Registered Owners to such amendments is not required. Section 4: A summary of this Ordinance in the form annexed hereto shall be published once in the official, newspaper of the City following its passage and approval, and this Ordinance shall - take effect immediately upon such publication. DATED this 22nd day of September, 1994. CITY OF MCCALL Valley County, Idaho By ATTEST: Page 2 ocA, 2-, 1/14ct--L Mayor SUMMARY OF ORDINANCE NO. 674 AN ORDINANCE OF THE CITY OF MCCALL, AMENDING SECTIONS 1 AND 10 OF ORDINANCE NO. 669, ADOPTED AUGUST 25, 1994, TO PROVIDE , THAT. THE TRUST DIVISION, CASH MANAGEMENT AGENCY, OF WEST ONE BANK, IDAHO, SHALL BE THE TRUSTEE OF THE CITY OF MCCALL WATER CAPITAL IMPROVEMENT FUND; AND PROVIDING AN EI-TECTIVE DATE A summary of Ordinance No. 674, adopted on September 22, 1994, is as follows: Section 1: Amends Section 1(G) of Ordinance No. 669, adopted on August 25, 1994, to delete reference to the Corporate Trust Department of West One Bank, Idaho, as Capital Improvement Fund trustee. Section 2: Amends Section 10 of Ordinance No. 669 to designate West One Bank, Idaho, Trust Division, Cash Management Agency, as agent for the "City of McCall Capital Improvement Fund." Section 3: Finds that no consent of the bondholders is required for the foregoing amendments. The full text of Ordinance No. 674 is available at City Hall for public inspection. DATED this 22nd day of September, 1994. • CITY OF MCCALL ATTEST: CERTIFICATION OF CITY ATTORNEY I, the undersigned City Attorney for and legal advisor to the City of McCall, Idaho, hereby certify that I have read the attached summary of Ordinance No. r;:ry 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 ''lLs-) day of September, 1994. Edward G. Burton City Attorney Page 2 City of McCall Certificate of Recording Officer State of Idaho ) County of Valley ) I, the undersigned, the duly appointed, qualified, City Clerk of the City of McCall, 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 the City of McCall, Idaho, and that I am the statutory custodian of all laws, ordinances and resolutions of said City. 2. That the attached Ordinance No. 674 is a true and correct copy of an ordinance passed at a regular meeting of the Council of the City of McCall held on September 22, 1994, 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 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 28th day of September 1994. James H. Henderson, City Clerk Publisher's Affidavit of Publication STATE OF IDAHO .SS County of Valley I, Ramona A. French, 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 NO 674, 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 October 6, 1994 and ended October 6, 1994. _ I (NA Subscribed and sworn before a this t 6th day of October, 1994. STATE OF IDAHO COUNTY OF VALLEY). On this 6th day of October, in the year of 1994, before me, a Notary Public, personally appeared Ramona A. French, 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 theer 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 • r • ORDINANCE NO. 674 AN ORDINANCE OF THE CITY OF. MCCALL, AMENDING SECTIONS 1 AND 10 OF ORDINANCE NO. 669, ADOPTED AUGUST 25, 1994, TO PROVIDE THAT THE TRUST DIVISION, CASH MANAGE- MENT AGENCY, OF WEST ONE BANK, IDAHO, SHALL BE THE TRUSTEE OF THE CITY OF.MCCALL WATER CAPITAL IM- PROVEMENT FUND; AND PROVIDING AN El ECTIVE DATE " A summary of Ordinance No. 674, adopted on September 22, 1994, is as follows: Section I: Amends Section 1(G) of Ordi- nance No. 669, adopted on August 25, 1994, to delete reference to the Corporate Trust Depart- ment of West One Bank, Idaho, as Capital Improvement Fund trustee. Section 2: Amends Section 10 of Ordi- nance No. 669 to designate West One Bank, Idaho, Trust Division, Cash Management Agency, as agent for the "City of McCall Capi- tal Improvement Fund." Section 3:'Finds that no consent of the bondholders is required for the _foregoing amendments. The full text of Ordinance No. 674 is avail- able at City Hall for public inspection. DATED this 22nd day of September, 1994... ' CITY OF,MCCALL Valley County, Idaho Dean A. Martens, Mayor ATTEST: James Henderson, City Clerk • 1T10/6