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HomeMy Public PortalAboutResolution 06-88 City of McCall's expenses and liabilities for the acqusition of firefighting apparatus and related equipment RESOLUTION NO. 6-88 WHEREAS, the City of McCall has a mandated responsibility for safeguarding life, health, and property through the acquisition of firefighting apparatus and related equipment; and WHEREAS, the City Council of the City of McCall anticipates that there will be no funds to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment,as authorized by Resolution No. 5-88 of the City of McCall. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MC CALL: Section 1. That when no funds are found to defray the City of McCall's expenses • and liabilities for the acquisition of firefighting apparatus and related equipment, the City of McCall shall issue a registered warrant in the principal sum of up to $66,844.00. It shall be issued to the Idaho First National Bank, McCall, Idaho. The registered warrant shall bear interest at the rate of Seven and 29/100 Percent (7.29%) per annum from the date of issuance to the date of redemption. Section 2. The registered warrant shall be registered both as to principal and interest with the City of McCall Treasurer, in the name of the initial purchaser, and any transfer hereof must likewise be registered. Section 3. The registered warrant and the interest thereon shall be payable in lawful money of the United States of America to the Registered Owner thereof at the address of such Registered Owner as shown on the registration records of the City of McCall Treasurer. Section 4. The registered warrant shall be executed in the name of the City of McCall, 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 registered warrant shall be substantially in the form as set forth in Exhibit "A" attached hereto and by reference made a part hereof. Section 5. The proceeds of such registered warrant shall be used only to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment. • Section 6. The City of McCall hereby designates this registered warrant as a qualified tax-exempt obligation for purposes of the Tax Reform Act of 1986. It further covenants that it reasonably anticipates issuing riot more.than a total of $10 million in debt obligations, including the amount of this registered warrant, during the current 1988 calendar year. Section 7. The principal and interest of the registered warrant shall be redeemable from the first funds to become available for this purpose and shall have priority over any other registered warrant subsequently issued. Section 8. That an emergency existing therefore, which emergency is hereby declared to exist, this Resolution shall be in full force and effect immediately upon its adoption and approval. ADO' 0, by the City Council of the City of McCall this �/ day of..-5; j t 1 • 19r: . APPROVED: RESOLUTION NO. 6-88 WHEREAS, the City of McCall has a mandated responsibility for safeguarding life, health, and property through the acquisition of firefighting apparatus and related equipment; and WHEREAS, the City Council of the City of McCall anticipates that there will be no funds to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment,as authorized by Resolution No. 5-88 of the City of McCall. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MC CALL: Section 1. That when no funds are found to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment, the City of McCall shall issue a registered warrant in the principal sum of up to $66,844.00. It shall be issued to the Idaho First National Bank, McCall, Idaho. The registered warrant shall bear interest at the rate of Seven and 29/100 Percent (7.29%) per annum from the date of issuance to the date of redemption. Section 2. The registered warrant shall be registered both as to principal and interest with the City of McCall Treasurer, in the name of the initial purchaser, and any transfer hereof must likewise be registered. Section 3. The registered warrant and the interest thereon shall be payable in lawful money of the United States of America to the Registered Owner thereof at the address of such Registered Owner as shown on the registration records of the City of McCall Treasurer. Section 4. The registered warrant shall be executed in the name of the City of McCall, 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 registered warrant shall be substantially in the form as set forth in Exhibit "A" attached hereto and by reference made a part hereof. Section 5. The proceeds of such registered warrant shall be used only to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment. Section 6. The City of McCall hereby designates this registered warrant as a qualified tax-exempt obligation for purposes of the Tax Reform Act of 1986. It further covenants that it reasonably anticipates issuing not more than a total of $10 million in debt obligations, including the amount of this registered warrant, during the current 1988 calendar year. Section 7. The principal and interest of the registered warrant shall be redeemable from. the first funds to_become available for this purpose and shall have priority over any other registered warrant subsequently issued. Section 8. That an emergency existing therefore, which emergency is hereby declared to exist, this Resolution shall be in full force and effect immediately upon its adoption and approval. ADOPTEQ.by the City Council of the City of McCall this day of� ,�4 , 19 g'sv APPROVED: .` RESOLUTION NO. 6-88 • WHEREAS, the City of McCall has a mandated responsibility for safeguarding life, health, and property through the acquisition of firefighting apparatus and related equipment; and • WHEREAS, the City Council of the City of McCall anticipates that there will be no funds to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment,as authorized by Resolution No. 5-88 of the City of McCall. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MC CALL: Section 1. That when no funds are found to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment, the City of McCall shall issue a registered warrant in the principal sum of up to $66,844.00. It shall be issued to the Idaho First National Bank, McCall, Idaho. The registered warrant shall bear interest at the rate of Seven and 29/100 Percent (7.29%) per annum from the date of issuance to the date of redemption. Section 2. The registered warrant shall be registered both as to principal and interest with the City of McCall Treasurer, in the name of the initial purchaser, and any transfer hereof must likewise be registered. Section 3. The registered warrant and the interest thereon shall be payable in lawful money of the United States of America to the Registered Owner thereof at the address of such Registered Owner as shown on the registration records of the City of McCall Treasurer. Section 4. The registered warrant shall be executed in the name of the City of McCall, 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 registered warrant shall be substantially in the form as set forth in Exhibit "A" attached hereto and by reference made a part hereof. Section 5. The proceeds of such registered warrant shall be used only to defray the City of McCall's expenses and liabilities for the acquisition of firefighting apparatus and related equipment. Section 6. The City of McCall hereby designates this registered warrant as a qualified tax-exempt obligation for purposes of the Tax Reform Act of 1986. - • It further covenants that it reasonably anticipates issuing not more than a total of $10 million in debt obligations, including the amount of this registered warrant, during the current 1988 calendar year. Section 7. The principal and interest of the registered warrant shall be redeemable from the first funds to become available for this purpose and shall have priority over any other registered warrant subsequently issued. Section 8. That an emergency existing therefore, which emergency is hereby declared to exist, this Resolution shall be in full force and effect immediately upon its adoption and approval. • ADOPTED by the City Council of the City of McCall this day ofe 1'- 19_21K. • APPROVED: • • i *I- - JOHN..1 0;yor I •