HomeMy Public PortalAboutResolution 24-93 Summary of ordinance 641 RESOLUTION NO. 24-93
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A RESOLUTION OF THE CITY OF MCCALL, IDAHO, APPROVING, PURSUANT TO
SECTION 50-901A, IDAHO CODE, A SUMMARY OF ORDINANCE NO. 641 FOR
PUBLICATION
WHEREAS, the City of McCall, of Valley County, Idaho (the
"City") , on July 28, 1993 , adopted Ordinance No. 641, authorizing
the issuance and sale of the City's Local Improvement District
No. 3 Bonds in the principal amount of $5,200, 000; 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. 641, adopted by
the McCall City Council on July 28, 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 28th day of July, 1993 .
CITY OF MCCALL
Valley County, Idaho
ByAPP
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Mayo
ATTEST:
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City ler -
SUMMARY OF
ORDINANCE NO. 641
AN ORDINANCE OF THE CITY OF MCCALL, IDAHO, AUTHORIZING THE ISSUANCE
AND SALE OF LOCAL IMPROVEMENT DISTRICT NO. 3 BONDS; SPECIFYING THE
DATE, FORM, MATURITIES AND REGISTRATION OF AND MAXIMUM NET
EFFECTIVE INTEREST RATE ON SAID BONDS; PROVIDING FOR THE EXECUTION
AND MANNER OF PAYMENT OF THE BONDS; APPOINTING A BOND REGISTRAR;
PROVIDING FOR REDEMPTION OF BONDS PRIOR TO THEIR STATED MATURITIES;
PROVIDING FOR THE APPLICATION AND USE OF BOND PROCEEDS; PROVIDING
FOR THE PAYMENT OF ADMINISTRATIVE COSTS OF THE CITY; ESTABLISHING
A BOND FUND, INTEREST FUND, REBATE FUND, AND RESERVE FUND FOR THE
BONDS; AUTHORIZING THE SALE OF THE BONDS AT PRIVATE SALE AND THE
EXECUTION OF A BOND PURCHASE AGREEMENT WITH RESPECT THERETO;
PROVIDING COVENANTS WITH RESPECT TO THE BONDS; PROVIDING FOR
PUBLICATION AND EFFECTIVE DATE; AND PROVIDING FOR OTHER MATTERS
RELATING THERETO
A summary of the principal provisions of Ordinance No. 641 of
the City of McCall, Valley County, Idaho, adopted on July 28, 1993,
is as follows:
Section 1: Authorizes the issuance of Local Improvement
District No. 3 Bonds (the "Bonds") in the principal amount of
$5,200, 000.
Section 2: Describes the Bonds, and provides for the
establishment of the maturity schedule and interest rates on 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 West One Bank, Idaho, 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 : Provides for the application of bond proceeds.
Section 8 : Establishes a Bond Fund and Interest Fund.
Section 9: Establishes a Reserve Fund for the Bonds.
Section 10: Provides for utilization of funds in the
Acquisition Fund.
Page 1 - EXHIBIT "A"
Section 11: Establishes a Rebate Fund.
Section 12 : Provides for sale of the Bonds.
Section 13 : Provides for publication of Ordinance No. 641 or
a summary thereof and establishes appeal period.
Section 14: 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 15: Authorizes the Mayor and Clerk-Treasurer to
execute additional documents.
Section 16: Provides effective date of the Ordinance.
The full text of Ordinance No. 641 is available for inspection
at City Hall during normal office hours.
DATED this 28th day of July, 1993 .
CITY OF MCCALL
Valley County, Idaho
4101,
By
Mayor
ATTEST:
#41111101;/7
City Cle
Page 2 - EXHIBIT "A"
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. 641 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 cd y of July, 1993 .
Te• Burton
Attorney at Law
Page 3 - EXHIBIT "A"