HomeMy Public PortalAboutResolution 28-95 Amending resolution No. 22-95 Increase Amt of LID No. 5r
�l
RESOLUTION NO. 28-95
A RESOLUTION AMENDING RESOLUTION NO. 22-95, ADOPTED ON
SEPTEMBER 28, 1995, TO INCREASE THE AUTHORIZED AMOUNT OF INTERIM
WARRANTS FOR LOCAL IMPROVEMENT DISTRICT NO. 5 TO $300,000; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the "Council") of the City of
McCall, Valley County, Idaho (the "City"), by adoption of Ordinance
No. 667 on July 14, 1994, duly created Local Improvement District
No. 5 ("L.I.D. No. 5") for the construction of certain water and
sewer improvements; and
WHEREAS, by adoption of Resolution No. 22-95 on September 28,
1995, the Council authorized the issuance of interim warrants in an
amount not to exceed $225,000 to provide interim financing of the
improvements within L.I.D. No. 5; and
WHEREAS, the Council, following public hearing pursuant to
notice as required by law, duly adopted Ordinance No. 692 on
December 7, 1995, to add to the authorized improvements for L.I.D.
No. 5, and to increase the estimated cost of the project and the
authorized amount of interim warrants for L.I.D. No. 5 to $300,000;
and
WHEREAS, the Council now desires to amend Resolution No. 22-95
to increase the authorized amount of interim warrants to $300,000
pursuant to Ordinance No. 693.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF McCALL, IDAHO, as follows:
Section 1: Section 2 of Resolution No. 22-95, adopted on
September 28, 1995, is hereby amended to read as follows:
Section 2: Such Warrants may be issued from time
to time in such amounts as may be required, so long as
the aggregate principal amount thereof does not exceed
$225,000 $300.000; shall be issued to West One Bank,
Idaho; shall bear interest at the rate of five and ninety
hundredths percent (5 .90 0 ) per annum from the date of
issuance to the date of maturity or prior redemption of
each such Warrant; and shall be redeemed and paid in
full, together with any accrued and unpaid interest
thereon, from the proceeds of the sale of bonds for or
from prepayment of assessments of L.I.D. No. 5.
Section 2: Resolution No. 22-95 is hereby ratified and
confirmed in all respects except as amended by Section 1 above.
Page 1
f
r
Section 3: This Resolution shall take effect and be in force
from and after its passage and approval.
DATED this 21st day of December, 1995.
ATTEST:
Page 2
CITY OF McCALL
Valley County, Idaho
By
LilCcA7L
Mayor