HomeMy Public PortalAboutPromissory Note12/'06/D7
"4
SAT 11:17 FAX 208 $8~ 7548
BANK INS
UNITED STATES OF AMERICA
STATE OF IDAHO
CITY OF McCALL
VALLEY COUNTY
PROMISSORY NOTE, SERIES 1997
FOR THE VALUE RECEIVED, City of McCall, Valley County, Idaho (the "City"),
acknowledges itself to owe and promises to pay in lawful money of the Un~ted States of America
to
U.S. BANK
the original Registered Owner hereof or its assignee, the principal sum of
Six Hundred Fifty Thousand and no/lO0
DOLLARS
($650,000.00), and shall make paymems on the then outstanding principal balance, together with
interest on the unpaid balance. Interest on the unpaid balance shall be payable on April 15, 1998
and semiannually on April 15 and October 15 of each year thereafter until the principal balance
is paid in full. Payments of principal shall be made in twenty-six (26) semi-annual installments
on April 15 and October 15 of the years and in the amounts listed below. The City's final
payment will be due on October 15, 2010, and will be for all principal and all accrued interest
not yet paid. Tbe semi-annual payments due April 15, 1998, through and including October 15,
2004, shall bear interest at the rate of six and ten hundredths percent (6.10%) per annum
computed on an actual/365 day year, as shown in Exhibit "C'. The interest rate for the
subsequent semi-annual payments due April 15, 2005, through and including October 15, 2010,
will be determined in March 2005 to a tax exempt rate equivalent to the then prevailing 5-year
Treasury Constant Maturity plus 4.00%, as set forth in Exhibit "B', which is annexed hereto
and incorporated by reference hcrein.
The proceeds of the Note.will be drawn in lump sum on August 15, 1997 for financing the costs
of hnprovements to the City's golf course sprinlder system.
Maturity Schedule
4/15/98 $5,000.00 10/15/02
I0/15/98 $5,000.00 4/15/03
4/15/99 $5,000.00 10/15/03
10/15/99 $5,000.00 4/15/04
4115/00 $5,000.00 t0/15/04
10/15100 $5,000.00 4115t05
4/15/01 $10,000.00 10/15/05
10/15/01 $i0,000.00 4/I5/06
4/t5/02 $10,000.00 10/15/06
$10,000.00
$10,000.00
$10 000.00
$10.000.00
$10.000.00
$30.000.00
$45 000.00
$30 000.00
$45 000.00
4/15/07 $35,000.00
10/15/07 $50,000.00
4/15/08 $35,000.00
10/15/08 $50,000.00
4/15/09 $40,000.00
10/15/09 $55,000.00
4/15/I0 $40,000.00
10/15/10 $80,000.00
12/'06/97
SAT 11:18 FAX 208 383 7548
US BANK INS
002
The City reserves the right to prepay the remaining principal amount of this Note, in full, on any
scheduled payment date on or after October 15, 2004, without pemlty or premium.
Both principal of and interest on this Note are payable in lawful money of the United States of
America at U.S. Bank of Idaho, Government Banking, P.O. Box 8247, Boise, Idaho, 83702.
This Note is registered, both as to principal and interest, with the Treasurer of the City of
McCall, Valley County, Idaho, and any transfer hereof must likewise be registered. This Note is
a negotiable instrument, authorized and approved by the McCall City Council in a Resolution
duly adopted and approved on the ane th day of Auqust ,1997. This Note is a
special obligation of the City, payable from the City's Golf Course revenues, duly budgeted and
appropriated therefor for each fiscal year of the Cky on a parity with the City of McCall
Recreational Revenue Bonds, Series 1989, issued pursuant to Ordinance No. 5.54, adopted on
July 14, 1989. The City has covenanted to budget and appropriate annually sufficient funds
from its Golf Course revenues to pay the principal and interest on the Note falling due during
each fiscal year of the City so long as this Note remains outstanding.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all matters, acts, conditions,
and things required by law of the State of Idaho and the Resolution of the City referred to above
exist, have happened, alld have been performed, and that the issuance of this Note does nor
violate any constimtionaI, statutory, or other limitations,
IN WITNESS WHEREOF, City of McCall, Valley County, State of Idaho, has caused this Note
to be executed on its behalf and under its official seal by the manual signature of the Mayor and
attested by the manual signature of the City Treasurer, and the Seal of the City affixed hereto, all
as of the_ 15~th day of . Auqu~t , 1997.
CITY OF McCALL
VALLEY COUNTY, IDAHO
By '/~/~r~ ~-
Mayor
(SEAL}
12/06/97 SAT 11:19 FAX 208 383 7548 US BANK INS ~oo5
This Promissory Note is registered in the name of the regist~ered owner whose name and address
appear last below, and both principal and interest are payable only to said owner.
NOTE: There must be no writing in tl~e space below except by the City Treasurer.
Date of Name of
Registration Registered Owner
U,$, Bank (Government Banking~
Address of Treasurer
101 So Capitol Blvd _ _ .
Boise, Idaho 83702
TREASURER'S CERTIFICATE
I, the undersigned, the Treasurer (~f City of McCall, Valley County, Idaho, hereby certify that
the within Promissory Note has been duly registered in my office in the Registration Book kept
for that purpose.
Treasurer
City of McCall, Idaho
03/19/9~
TH~ 16:40 F~S 208 353 3864
US BANCORP
CITY OF McCALL --- GOLF
SPRINKLER LOAN
n,h9 Rarv;ra Rehed,.tle
Date Principal Coupon Interest Period Total F~sca[ Total
&/15/98 5,000.00 6.100000 26,433.33 ~1,433.33 31~433,33
10/15/98 5,000.00 6.100000 19,672.50 24,672.50
4/15/~9 5,00§.00 6.100000 19,530.00 2~520.00
10/~5/99 5,000,00 6.1~0000 19,367.50 24,367,50
~/15/ 0 5,000.00 6.1C0000 19,215.00 ~,~1~.00 48,582.50
1O/'l~/ O 1U,UUO.UO 6.1~0000 19,062.50 g9,06~.50
10/15/ 1 10,000.00 6.100000 18,~5Z.50 ZB,4~Z,~o
4/15/ g 10,000.00 6.100000 18,147.50 ~$,1~7.~0 ~6,600.~0
10/15/ 2 10~000.00 6.100000
&/15/ 3 10,000.00 6.100000 17,~37.~0 Z?,5~7.50 55,380.00
10/15/ 3 10,00o,oo 6.100000 17,~32.50 27,Z32,50
4/15/ 4 10,000.00 6.100000 16,927,50 26,~7.~0 5~,160.00
4/15/ 5 30,000.00 6.100000 16,$17.~0 46,317.S0 7~,9R0.00
10/15/ 5 45,000.00 6.10~000 95,G02.50 60,402.50
4/1~/ 0 50,000.00 6.100000 I&.030,O0 &4,C~O.Ofl 1U4,~5~.~U
10/15/ 6 45,000.00 6.100000 15,115.00 58,115.00
4/15/ 7 35,000.00 6.100000 11,742.50 46,?~2,50 104,657.5o
10/15/ 7 50,000.00 6.100000 ~0,675.00 60,675.00
4/~5/ 8 ~5,000,00 0.100000 9,150.00 44,150.00 I0&,825.00
10/15/ 5 50,000,~ 6.100000 §,082.50 58.082.50
4/15/ 9 ¢0,000.00 6.100000 6,557.5C 46,557.50 104,640.00
10/15/ 9 55,000.00 6.100000 5°$37.50 60o~7.50
A/11/1~ ~n.noo.nn 6.100000 3,?:~C.00 43,&60.00 103, g07.50
10/1~/10 80,000.00 6.100000 2~0.00 82.~0.00
¢/15/11
650,000.00
650,000.00
381,30~.B3 1,031,300.83
3a1,$00.$$ 1,031,300.$3
Dated 8/15/97 with Delivery a~ 8/15/97
Bond Years 6,250.8~3
Average Coupon 6.100000
Average L~fe 9.616667
N I C ~ 6.1000~0 · tl~img
weighted Bond Years 6,250.835
~e;~l. Led Awr~ae ~;?~ 9,616667
Weighted N ] : % 6.100000 ~ Using 100.0000000
T ! C X 6.097198 ~ Fro~Oetivery Oate
Arbitrage Yield 6.097198 g
~001
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McCALL
CITY TREASURER
216 East Park Street
P.O. Box 1065
McCall, Idaho 83638
208-634-7142
FAX 208-634-3038
U.S. BANK TRUST
P.O. BOX 7928
BOISE ID 83707
PURCHASE ORDER
DATE DATE REQUIRED 1:7[.~l~llh%t:l=t:l PAGE~
01/14/96 02/14/96 6908
VENDOR
NO.: USBT
City Hall
216 E. Park Street
P.O. Box 986
McCall ID 83638
SHIP VIA:
F.O.B. :
TERMS :
ORDERED BY: j. Sargent
P.O. TYPE :
REQ. NO. : FA980125
1.000
Debt Servl
Interest
Inter__est
Debt
Payment
315-780.000-480.000
315-780.000-481.000
LID #4 Warrant,Golf Promissory
442-139.000-481.000
Total:
510,777.1200
460,000.00
24,380.00
510777.12
510,777.12
8/1/98 224-780.000-490.000 $ 484,380.00 ' '
224'000.000-101.000
$ 484,380.00
315-000.000-101.000, $ 484,380.00
315-780.000-390.000
$ 484,380.00
Record debt service operate transfer LID~4 interim warrant
TREASURER'S APPROVAL
I certify that the amount above is required to meet a contract, agreement, obligation
or expense of the city; has been lawfully appropriated, authorized or directed for such
purpose and is free of any prior obligation now outstanding.
Date
Signature
CITY MANAGER APPROVAL
(Required if above amount exceeds $1,000)
Signature
Date
12/06/97
11:20 FAX 208 385 7548 US BANK INS
PRINCIPAL AND INTEREST PAYMENTS
CITY OF McCALL ... GOLF COURSE/SPRINKLER LOAN
0O4
Apr-98
Oct-98
Apr-99
Oct-99
Apr-00
Oct-00
Apr-01
Oct-01
Apr-02
Oct-02
Apr-03
Oct-03
Apr-04
Oct-04
DATED DATE 8115/97
COUPON PRINCIPAL INTEREST TOTAL /=Y TOTA
6.10% $0.00 $26,397.12 $26,397.12 $ 26,397.'
6.10% $5,000.00 $19,672.50 $24,672.50
6.10% $5,000.00 $19,520.00 $24,520.00 $ 49,192.1
6.10% $5,000.00 $ '~ 9,367.50 $24,367.50
6.10% $5,000.00 $19,215.00 $24,215.00 $ 48,582.1
6.10% $I 0,000.00 $19,062.50 $29,062.50
6.10% $10,000.00 $18,757.50 $28,757.50 $ 57,820.(
6.10% $10,000.00 $18,452.50 $28,452.50
6.10% $10,000.00 $18,147.50 $28,147.50 $ 58,600.(
6.10% $10,000.00 $17,842.50 $27,842.50
6.10% $10,000.00 $17,537.50 $27,537.50 $ 55,380 .(
6.10% $10,000.00 $17,232.50 $27,232.50
6.10% $10,000.00 $16,927.50 $26,927.50 $ 54,160.(
6.10% $10,000,00 ~ ~
$110,000.00 $264,754.62 $374,754.62
Reset interest rate after October 15, 2004 and prior to April rS, 2005
according to prescribed formula
,!
7/23/97 EXHIBIT C McCall Golf Course