HomeMy Public PortalAboutAB 03-90 Attachment D SUMMARY OF
ORDINANCE NO. 779
AN ORDINANCE OF THE CITY OF McCALL, IDAHO, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF WATER REVENUE REFUNDING BONDS, SERIES 2003, IN THE PRINCIPAL
AMOUNT OF $5,650,000, FOR THE PURPOSE OF CURRENTLY REFUNDING THE CITY’S OUTSTANDING WATER REVENUE BONDS, SERIES 1994, AND ITS PARITY LIEN WATER REVENUE BONDS, SERIES 1996; DESCRIBING
THE BONDS; SPECIFYING THE DATE, FORM, MATURITIES, REGISTRATION, AND AUTHENTICATION OF THE BONDS; FIXING THE RATES OF INTEREST ON THE BONDS; PROVIDING FOR THE APPLICATION FO BOND PROCEEDS;
ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING FOR THE COLLECTION AND DISPOSITION OF REVENUES; PROVIDING COVENANTS RELATING TO THE BONDS AND TO THE TAX-EXEMPT STATUS OF THE INTEREST ON THE
BONDS; PROVIDING FOR THE SALE AND DELIVERY OF THE BONDS; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE
A summary of the principal provisions of Ordinance No. 779 of
the City of McCall, Valley County, Idaho, adopted on June 26, 2003, is as follows:
Section : Defines the terms and phrases used in said Ordinance.
Section : Finds that the City’s
outstanding Water Revenue Bonds, Series 1994 and its outstanding Parity Lien Water Revenue Bonds, Series 1996, can be refunded at a savings to the City and its water ratepayers.
Section
: Describes the City of McCall Water Revenue Refunding Bonds, Series 2003 (the "Bonds"), and provides for the Book-Entry-Only System for the Bonds.
Section : Provides for the place
and manner of payment of the Bonds.
Section : Provides for the manner and method of execution of Certificated Bonds.
Section : Appoints U.S. Bank National Association as Trustee
for the Bonds.
Section 7: Provides for transfer and exchange of the Bonds.
Section 8: Provides for redemption and defeasance of the Bonds.
Section 9: Provides for water rates and charges, and provides that the City shall establish and collect rates and charges sufficient to provide Net Revenues equal to not less than 1.20
times the annual debt service on the Bonds and any other obligations payable from the Net Revenues of the water system.
Section 10: Pledges the Net Revenues of the water system for
the payment of the Bonds.
Section 11: Establishes funds and accounts and provided for the redemption of the Refunded Bonds.
Section 12: Establishes the "City of McCall Water Revenue
Fund."
Section 13: Establishes the "City of McCall Water Revenue Refunding Bond Fund."
Section 14: Establishes the (City of McCall Water Revenue Refunding Bonds Debt Service Reserve
Fund.(
Section 15: Provides for the disposition of surplus funds.
Section 16: Establishes the conditions of and limitations on the issuance of additional bonds or parity obligations.
Section 17: Provides for the investment of funds.
Section 18: Provides certain general covenants of the City with the registered owners of the Bonds.
Section 19: Provides certain
special covenants of the City with respect to the tax-exempt status of interest on the Bonds.
Section 20: Authorizes the sale of the Bonds to Seattle-Northwest Securities Corporation.
Section
21: Provides for manner of amending this Ordinance and provides that the City may adopt supplemental ordinances.
Section 22: Recites that the Bonds are issued pursuant to the Idaho
Revenue Bond Act.
Section 23: Provides for remedies in case of default.
Section 24: States that the Ordinance constitutes a contract with the registered owners and beneficial owners
of the Bonds.
Section 25: Provides for severability.
Section 26: Repeals prior inconsistent ordinances, to the extent of any inconsistency.
Section 27: Provides for a policy of municipal
bond insurance to insure the payment of the Bonds.
Section 28: Authorizes the Mayor, Clerk, and Treasurer to execute any additional documents necessary to sell and deliver the Bonds.
Section 29: Provides for the publication of the Ordinance or a summary thereof and the effective date of the Ordinance.
The full text of Ordinance No. 779 is available at City
Hall and will be provided to any citizen upon personal request during normal office hours.
DATED as of the 26th day of June, 2003.
CITY OF MCCALL
Valley County, Idaho
_________________________
__________
Mayor
ATTEST:
______________________________
City Clerk
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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. 779 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 as of the 26th day of June, 2003.
___________________________________
McCall City Attorney