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Home My WebLink AboutORD 3598 SummarySUMMARY OF ORDINANCE NO, 3598 AN ORDINANCE OF THE CITY OF CALDWELL, CANYON COUNTY, STATE OF IDAHO, AUTHORIZING THE ISSUANCE AND SALE OF UP TO $17,300,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2024; PROVIDING FOR THE DATE, FORM, MATURITY, AND DESIGNATION OF SAID BONDS; AUTHORIZING A REQUEST FOR PURCHASE PROPOSALS FOR SAID BONDS BY A NOTICE OF SALE AND OFFICIAL STATEMENT FOR THE BONDS; PROVIDING FOR LIMITATION FOR THE RATE OF INTEREST ON, PRINCIPAL AMOUNT OF AND MATURITIES OF SAID BONDS; PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF SAID BONDS; SETTING THE TIME, DATE, AND PLACE OF SALE OF SAID BONDS; PROVIDING FOR THE PURCHASE OF THE BONDS AND PROVIDING FOR CONDITIONS OF ACCEPTANCE OF A PURCHASE PROPOSAL FOR THE BONDS, PROVIDING FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON SAID BONDS BY ANNUAL LEVIES OF TAXES; CREATING CERTAIN FUNDS AND ACCOUNTS; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; PROVIDING FOR A SEVERANCE CLAUSE; AND PROVIDING AN EFFECTIVE DATE AND WAIVING ANY REQUIREMENT FOR THREE SEPARATE READINGS OF THE ORDINANCE, CITY OF CALDWELL, CANYON COUNTY, STATE OF IDAHO GENERAL OBLIGATION BONDS, SERIES 2024 A summary of the principal provisions of Ordinance No. 3598 of the City of Caldwell, Canyon County, Idaho (the "City") adopted on May 7, 2024, is as set forth in the descriptive title above and as follows. Section 1. Authorizes the issuance, sale and delivery of general obligation bonds (the "Bonds") of the City in the aggregate principal amount of up to $17,300,000 pursuant to Idaho law; and describes the purpose of the Bonds as providing funds to reconstruct and furnish certain A the City's existing fire facilities, and prepare, construct, and furnish its portion of one (1) new shared fire station, and all other related costs, items and appurtenances necessary, useful and convenient for the betterment of the City's fire safety facilities, as otherwise determined by the city. Section 2. Defines certain terms and phrases used in the Ordinance. Section 3. Describes the Bonds, including certain parameters and limitations as to the aggregate principal amount, true interest cost, and date of final maturity thereof; and provides that the Bonds shall be registered and provides for book entry Bonds. SUMMARY OF ORDINANCE -PAGE 1 Section 4. Sets forth now the various rates of interest for the Bonds will be specified and describes the dates and manner in which the interest on the Bonds shall be paid and calculated. Section 5. Describes Lhe manner in which principal of and interest on the Bonds shall be paid; and pledges the full faith, credit and taxing power of the City to the payment of the principal of, redemption premium, if any, and interest on the Bonds. Section 6. Describes the form of Bonds and the manner in which they shall be executed on behalf of the City; makes provision for issuance of a temporary Bond, if necessary; and provides for authentication of the Bonds. Section 7. Appoints Zions Bancorporation, National Association, Boise, Idaho, as bond registrar, transfer agent, and authenticating and paying agent, describes the bond registrar's duties; and describes the manner in which Bonds may be transferred. Section 8. Sets forth the redemption provisions that apply to the Bonds and describes the manner in which notification of redemption will be provided. Section 9. Provides that the Bonds will be sold at a competitive public sale on or about May 29, 2024; sets forth certain parameters and limitations that must be met before City approval of the bond purchase proposal most advantageous to the City can be accepted; and provides for the execution of other necessary documents to carry out any accepted purchase proposal. Section 10. Provides that a Notice of Sale for the Bonds shall be given and approves the form Af said Notice; and provides for the prior preparation, review, and City action by an authorized representative of deeming final of a Preliminary Official Statement for the Bonds. Section 11. Authorizes and makes instructions for the delivery and execution of the Bonds and closing documents of the City upon receipt of the purchase price by the City and other conditions precedent to such delivery; and authorizes certain deposits to be made from the proceeds of the We of the Bonds. Section 12. Authorizes and establishes a Cost of Issuance Fund for deposit of certain Bond proceeds and from which certain costs of issuing the Bonds will be paid. Section 13. Authorizes and establishes a Project Construction Fund. for deposit of certain Bond proceeds and from which certain costs of the animal shelter facilities project will be paid. In accordance with Idaho Code Section 50-901A(2), Section 14 of the Ordinance contains provisions regarding taxation and provides as follows: Section 14. Tax Levy. The Bonds are general obligation bonds of the City, and as such the full faith and credit of the City are hereby pledged for their payment. The officers now or hereafter charged by law with the duty of levying taxes for the payment of said Bonds and interest thereon SUMMARY OF ORDINANCE -PAGE 2 shall, in the manner provided by law, make annual levies unlimited as to rate or amount upon all of the taxable property within said City sufficient in amount to meet the annual payments of Bond principal and the semi-annual payments of interest maturing and accruing as set forth in Sections 3 and 4 hereinabove. Such taxes when collected shall be placed in the Bond Fund (hereinafter defined) and shall be used for no other purpose than for the payment of the principal and interest on the Bonds, so long as any of the Bonds remain outstanding and unpaid, but nothing herein shall be construed to prevent the City from paying the interest on or principal of the Bonds from any other funds available for that purpose, or to prevent the City from levying any further or additional taxes which may be necessary fully to pay the interest on or principal of the Bonds. Principal or interest falling due at any time when the proceeds of ad valorem tax levies may not be available shall be paid from other funds of the City and may be reimbursed from the proceeds of such taxes when collected. Section 15. Establishes a General Obligation Bonds Bond Fund from which the principal of and interest on the Bonds will be paid. Section 16. Provides the City's covenant that the Bonds will not be arbitrage bonds. Section 17. Sets forth provisions related to defeasance of the Bonds. Section 18. Sets forth provisions, adopts and agrees to follow certain Post Issuance Tax Compliance Procedures for Tax -Exempt Bonds. Section 19. Provides for compliance with SEC Rule 15c2-12 and related matters, including approval of the form of a Continuing Disclosure Agreement; and authorizes City action of deeming final the Preliminary Official Statement and furnishing a final Official Statement. Section 20. Provides for severability of the Ordinance. Section 21. Provides the effective date of the Ordinance. Section 22. States that the Ordinance constitutes a contract with the registered owners of the Bonds. Section 24. Authorizes the Mayor, Finance Director, City Clerk and City Treasurer to execute the Bonds and any additional documents necessary to sell and deliver the Bonds. Section 25. Provides for the publication of the Ordinance or a summary thereof and. restates its effective date. Exhibit "A". Sets forth the form of the Bonds. SUMMARY OF ORDINANCE -PAGE 3 Exhibit "B". Sets forth the form of the Notice of Sale. Exhibit "C". Sets forth the form of the Post Issuance Tax Compliance Procedures. Exhibit . Sets forth the form of the Terms Certificate. The full text of Ordinance No. 3598 is available at City Hall and will be provided to any citizen upon personal request during normal office hours. DATED this ay of May 2024. Caj 0 �� • S JAN 15 :n ATTEST: ',9��••1 Y� CITY CLERK CITY OF CALDWELL, CANYON COUNTY, IDAHO By: I, the undersigned City Attorney for and legal advisor to the City of Caldwell, Canyon County, Idaho, hereby certify that I have read the attached Summary of Ordinance No. [ ] of the City and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance. DATED this day of May 2024. SUMMARY OF ORDINANCE -PAGE 4