HomeMy Public PortalAboutResolution 33-89 Ordering the expenditure of funds for parks and recreation facilities and ordering the borrowing of fundsRESOLUTION NO. 33-89
A RESOLUTION OF THE CITY OF MC CALL,
IDAHO ORDERING THE EXPENDITURE OF FUNDS
FOR PARKS AND RECREATION FACILITIES AND
ORDERING THE BORROWING OF FUNDS AND
ISSUANCE OF A REVENUE ANTICIPATION NOTE
THEREFOR.
WHEREAS, the citizens of the City of McCall, Idaho have
authorized the sale of certain General Obligation bonds for
the purpose of acquiring and developing parks and recreation
facilities at an election held June 6, 1989 and as authorized
by Ordinance No. 553 of the City of McCall, passed and
approved July 14, 1989.
WHEREAS, expenditures necessary to proceed with the purchase
of land and to construct said facilities will accrue before
the proceeds of the sale of said General Obligation bonds are
available.
NOW, THEREFORE, be it resolved by the Mayor and Council of
the City of McCall, Idaho:
Section 1. That the Mayor and City Treasurer are
authorized and ordered to expend an amount not to exceed
THREE HUNDRED FORTY THOUSAND AND NO/100 DOLLARS
($340,000.00) plus interest as hereinafter set forth to
purchase land and to pay other expenses necessary to the
construction of parks and recreation facilities.
Section 2. That the Mayor and City Treasurer are ordered
and authorized to borrow the sum of THREE HUNDRED FORTY
THOUSAND AND NO/100 DOLLARS ($340,000.00) to defray said
expenditures,and to issue a revenue anticipation note
therefor, pursuant to the provisions of Section 63-3102,
Idaho Code.
Section 3. That such sum shall bear interest at rate of
not to exceed 7.73% per annum.
Section 4. That such sum of $340,000.00 plus interest
shall be payable only from the proceeds of the sale of such
General Obligation bonds of the City of McCall authorized to
be issued by such election and said ordinance herein before
set forth.
Section 5. The revenue anticipation note shall be
executed in the name of the City of McCall, Idaho, shall be
signed by the Mayor of the City of McCall, countersigned by
the City of McCall Treasurer, and attested by the City of
McCall Clerk, and shall be authenticated by the Seal of the
City of McCall affixed thereto. The revenue anticipation
note shall be substantially in the form as set forth in
Exhibit "A" attached hereto and by reference made a part
hereof.
Section 6. The City of McCall hereby designates this
revenue anticipation note as qualified tax-exempt obligations
for the purposes of the Tax Reform Act of 1986. It further
convenants that it reasonably anticipated issuing no more
than a total of $10 million in debt obligation, including the
amount of this revenue anticipation note, during the current
1989 calendar year.
Adopted and approved this "day of October 1989.
Attest:
EXHIBIT "A"
UNITED STATES OF AMERICA
STATE OF IDAHO
CITY OF MC CALL
REVENUE ANTICIPATION NOTE
FOR VALUE RECEIVED, The city of McCall acknowledges to owe,
and promises to pay to
WEST ONE BANK, IDAHO, N.A.
or its assignee, at its McCall office, on or before the 1st
day of March 1990, the sum of
THREE HUNDRED FORTY THOUSAND AND NO/100 DOLLARS ($340,000.00)
in lawful money of the United States of America, together
withinterest thereon in like money at the rate of SEVEN AND
SEVENTY-THREE ONE HUNDREDTHS PERCENT (7.73%) per annum from
the date hereof, interest payable on redemption.
Thisnote is issued to fund the purchase of certain real
estate in anticipation of the proceeds of the sale of General
Obligation bonds authorized at an election held June 6, 1989,
and ,,Ordinance No. 553 of the City of McCall adopted and
approved on July 14, 1989, and shall be payable only from the
proceeds of the sale of such bonds.
It is hereby certified, recited and declared that all acts,
conditions and things required by the Constitution and
Statutes of the State of Idaho to exist, to have happened and
to have been performed precedent to and in the issuance of
this revenue anticipation note exist, have happened and have
been performed in due time, form and manner as required by
the law and that the issue of this revenue anticipation
note is within the purview of Section 63-3102, Idaho Code.
IN WITNESS WHEREOF, THE CITY OF MC CALL, IDAHO has caused
this note to be executed and signed on its behalf by its
Mayor, countersigned by its Treasurer, attested by its Clerk,
and its corporate seal affixed hereto as of the 61/1"-day of
October 1989.
ATTEST:
t
ARTHUR J.,/SCHMIDT,
City Cle
JO
Ma
AMES H. HENDERSON
Treasurer