HomeMy Public PortalAboutResolution 03-93 Approving, pursuant to section 50-901A, Idaho Code, a summary of ordinance no. 627 for publication RESOLUTION NO. 3-93
A RESOLUTION OF THE CITY OF MCCALL, IDAHO, APPROVING, PURSUANT TO
SECTION 50-901A, IDAHO CODE, A SUMMARY OF ORDINANCE NO. 627 FOR
PUBLICATION
WHEREAS, the City of McCall, of Valley County, Idaho (the
"City") , on March 11, 1993, adopted Ordinance No. 627, authorizing
the issuance and sale of the City's Local Improvement District No.
1 Bonds in the principal amount of $25, 006.48; and
WHEREAS, the City is authorized, by Section 50-901A, Idaho
Code, to publish, in lieu of the entire Ordinance, a summary
thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MCCALL, IDAHO, as follows:
Section 1: That the summary of Ordinance No. 627., adopted by
the McCall City Council on March 11, 1993, a copy of which summary
is annexed hereto as Exhibit "A, " be, and the same is hereby,
approved.
Section 2: This Resolution shall take effect and be in force
from and after its passage and approval.
DATED this 11th day of March, 1993 .
CITY OF MCCALL
Valley County, Idaho
i Air Si,
By
Ma or
ATTEST:
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City Cl, .'k
SUMMARY OF
ORDINANCE NO. 627
AN ORDINANCE OF THE CITY OF MCCALL AUTHORIZING THE ISSUANCE AND
SALE OF LOCAL IMPROVEMENT DISTRICT NO. 1 BONDS; SPECIFYING THE
DATE, FORM, INTEREST RATE, REGISTRATION, AND MATURITIES OF SAID
BONDS; ESTABLISHING A BOND FUND, INTEREST FUND, AND RESERVE FUND;
AUTHORIZING THE SALE OF THE BONDS AT PRIVATE SALE; PROVIDING
COVENANTS; AND PROVIDING FOR OTHER MATTERS RELATING THERETO
A summary of the principal provisions of Ordinance No. 627 of
the City of McCall, Valley County, Idaho, adopted on March 11,
1993, is as follows:
Section 1: Authorizes the issuance of Local Improvement
District No. 1 Bonds (the "Bonds") in the principal amount of
$25, 006.48.
Section 2 : Describes the Bonds, establishes the interest rate
on the Bonds, and establishes a schedule of maturities for the
Bonds.
Section 3 : Provides for execution of the Bonds.
Section 4 : Provides for the place and manner of payment of
the Bonds.
Section 5: Appoints the City Treasurer as Bond Registrar and
provides for a system of registration of the Bonds.
Section 6: Provides for redemption of the Bonds prior to
their stated maturity.
Section 7: Establishes a Bond Fund and Interest Fund.
Section 8: Establishes a Reserve Fund for the Bonds.
Section 9: Provides for sale of the Bonds.
Section 10: Provides for publication of Ordinance No. 627 or
a summary thereof and establishes appeal period.
Section 11: Provides covenants of the City with respect to
the exclusion of the interest on the Bonds from federal and State
of Idaho income taxation.
Section 12 : Authorizes the Mayor and Clerk-Treasurer to
execute additional documents.
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Section 13: Provides effective date of the Ordinance.
The full text of Ordinance No. 627 is available for inspection
at City Hall during normal office hours.
DATED this 11th day of March, 1993 .
CITY OF MCCALL
Valley County, Idaho
I
By p •40
Mayor
ATTEST:
City Cle
CERTIFICATION OF CITY ATTORNEY
I, the undersigned Attorney at Law, as attorney for the City
of Mccall, Idaho, hereby certify that I have read the foregoing
summary of Ordinance No. 627 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 11th day of March, 1993 .
Ted Bur on
Attorney at Law
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