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HomeMy WebLinkAbout1934-09-17city council minutes, SEPTEMBIM, 17th, 1945 8:00 P. M. The Mayor and City Council of the City of Caldwell, Idaho, met in special session Konday the 17th, day of September, 1934 at Council Chamber, City Hall in the City of Caldwell, Idaho at the hour of 80tolock P. M., due, legal and timely notice of said special meeting having been given to all members as required by law and the rules of said Council. The meeting was called to order by Mr. E. L. Vassar, Mayor of said City, pre- siding. On Roll Call, the following members all (or a qdorum) of said Council were found to be present: E. L. Vassar, Mayor, Edgar L. Oakes, C.E.Bales, W.S.Boynton, G. W. Montgome: and W.R. Hollingsworth, Councilmen. Absent:, ­G. A. Fenrieh., Councilman. Also present: O.E.Fritts, City Clerk, H.E. Parmenter, City Treasurer and Cleve Groome,City Attorney. Councilman, Edgar L. Oakes introduced and moved the adoption of the following and resolutions: Resolution No..*°, WHEREAS, there is an immediate and pressing need of raising funds to defray the )rd'inary :andr expenses of the City of Caldwell, Idaho, authorized by the general 11 )f, the State of'Idaho, and it is necessary to borrow money in anticipation of the taxes for the current year 1934 in order to raise funds for carrying on the'business of said City unt; the taxes levied for the current year shall have been collected, and J REREAS, authority is given for the creation of such indebtedness by the .pro - risions of Chapter 160 of the Session Laws of the State of Idaho for 1933, and for evideno- ,ng the same by tax anticipation bonds or notes, and WHEREAS, the taxes for the current fiscal year have now been- levied and IT IS 13RREBY DECLARED that the amount of taxes levied for the current fiscal year are $67.500.00 tnd the amount of such taxes not yet collected by the City of Caldwell, State of Idaho, are '67.500.00 exclusive of to °,es levied for the purpose of paying the principal of, and inters t )n, the outstanding bonded Ind ebtednees of said City and tUDOWAS, it appears to this Council to be expedient and In the best interest of ;he City of Caldwell that said City borrow the sum of Thirty -five Thousand Dollars $35,000.00) for the purposes aforesaid and issue its tax anticipation bond in said amount, Lnd that said amount, (together with all other outstanding tax anticipation bonds issued .n anticipation of taxes for the current year) , will not be in excess of 75% of the taxes .evied by said City for the current fiscal year and not yet collected by said City, not in txcess of any other limitations on the indebtedness of said City provided by the Conotituti and Laws of the State of Idaho, NOW THEREFORE, BE IT RESOLVED that the City of Caldwell, State of Idaho, for the iurpose of providing funds in anticipation of the collection of taxes for the current , 'iscal year 1934, exclusive of taxes, required to be raised to pay the principal of the iutstanding bonded indebtedness of said City, borrow the sum of Thirty -five Thousand Dollar: $35,000.00), and for that purpose, and as evidence of such indebtedness, issue its ten (10) ax anticipation bonds therefor in the aggregate principal amount of Thirty -five Thousand ollars ($35,000.00) , all to be dated as of the 10th day of September, 1934, to be numberec 'rom one (1) to ten (10) both inclusive, bonds numberd from one (1) to four inclusive to be ,n the denomination of Five Thousand Dollars ($5,000.00) each, and bonds numbered from five 5) to ten (10) inclusive to be in the denomination of Twenty -five Hundred Dollars ($2,500.0 ach, to bear interest at the rate of five percent (5%) per annum, payable at maturity, onds numbered from one (1) to six (6) inclusive to mature and become due and payable on tY ,5th day of January, 1935, and bonds numbered from seven (7) to ten (10) inclusive to mature and become due and payable on the 15th day of July 1935. The principal and interest of aid bonds shall be payable at the First National Bank of Caldwell in the City of Caldwell, ounty of Canyon, Idaho. Said bonds shall be signed and executed by trhe Mayor of the City f Caldwell, attested by the City Clerk, countersigned by the City Treasurer, sealed with he Corporate Seal of said City, and shall be-in substantially the following form, words nd figures (except as to number end denomination) , to -wit: UNITED STATES OF .,MnRICA STATE OF IDAHO CITY OF CALDWELL CITY OF CALDWELL NEGOTIABLE TAX ANTICIPATION BOND SERIES OF SEPTEMBER 10, 1934. Number $ CITY OF CALDWELL, in the State of Idaho, hereby acknowledges itself to be indebted to, and for value received hereby promises to pay to the bearer hereof, the sum of J in lawful money of the United States of America for the payment of public and private debts, bonds numbered from one (1) to six (6) inclusive to be payable on the 15th day of January, 1935 and bonds numbered from seven (7) to ten (10) inclusive to be payable on the 15th day of July, 1935, at the banking house of the First National Bank of Caldwell, in the City of Caldwell, Canyon County, State of Idaho, with interest thereon atithe rate of five percent (5 %) per annum from date until paid, interest payable at maturity. This bond is one of a series of ten (10) bonds, known as City of Caldwell Negotiable Tax Anticipation Bonds, Series of September 10, 1034, in the aggregate principal amount of Thirty -Five Thousand Dollars ($35 000.00), numbered from one (1) to ten (10) inclusive, bonds numbered from one (1f to four (4) inclusive being in the principal amount of Five Thousand Dollars (45,000.00) each, and bonds numbered from five (5) to ten -(10) inclusive being in the principal amount of Twenty -five Hundred Dollars ($2,500.00) each. i This bond and all other sonde of said .series are issued in anticipation of the collection of taxes for the year 1934 and said taxes are hereby irre- vocably pledged to the payment of this bond•and all other bonds of said series , and the principal and interest thereof. To provide for the payment of this and the other bonds of said series, there has been created by the resolution of the City Council of the City of Caldwell providing for the issuance of said tax anticipation bonds, a special fund to be known as the "Tax Anticipation Bond Redemption Fund ", as provided by law. It is hereby certified, recited and declared that the entire indebtedness of said City of Caldwell hereby incurred, is not in excess of 75% of the amount of taxes levies by said City of Caldwell for the current fiscal year, 1934, and not yet collected by said City (exclusive of taxes required to be raised to pay the principal of the outstanding bonded indebtedness of said City) , and that said indebtedness was and is contracted for the purpose for which the taxes for the current year,. 1934 are levied. It is further certified, recited and declared that all conditions, acts and things essential to the validity of this bond exist, have happened and have been done, and that every requirement of law affecting the issue hereof has been duly complied with, and that this bond is within every debt and other limit preacribed by the Constitution and laws of the State of Idaho, and that the faith and credit of said City of Caldwell are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond so- cording to its terms. IN WITNESS 1HEREOF, CITY OF CALDWELL, STATE OF IDAHO, has caused this bond to be executed and signed on its behalf by the Mayor of said city, counter- signed by its Treasurer, attested by its City Clerk and its corporate seal to be hereto affixed as of the 10th day of September, 34 Mayor of the City of Caldwell, Idaho. ATTEST: '+. City Cleo_f the City of Caldwell, Idaho I COUNTERSIGNED: Cit T reasurer of the City of Caldwell, Idaho CORPORATE SEAL. There shall be endorsed on each of said bonds the following: " I hereby certify that the within bond is issued in accordance with law and is not in'excess of 75% of the taxes levied by said City of Caldwell for the current fiscal year, 1934 and not yet collected by said City, ex- elusive of taxes required to be raised to pay the principal � of the outstanding bonded indebtedness of said City of Caldwell, Idaho. SEAL C er of the ity Of aldwell Idaho. " I hereby certify that I have examined the proceedings had by the City Council of City of Caldwell, Idaho authorizing the foregoing bond and find the same to be legal and that said I� bond was lawfully made and issued. M 7 Attorney of tfie C ty o Caldwell, Idaho. AND BE IT FURTHIR RESOLVED that all the covenants, statements, representations and agreements contained In said bonds 9WO hereby adopted as the covenants, statements, representations and agreements of tbo City Caldwell, State of Idaho, and E BS IT FARTHER RESOLVED that for the payment of said tax anticipation bonds at f maturity, there hereby is created a special fund to be known as the "Tax Anticipation Bond Redemption Fund "; and that all taxes hereby collected or received, the collection of which has been hereby anticipated, shall be placed in said "Tax Anticipation Bond Redemption Fund" until such time as the funds addumulated therein shall be sufficient to pay all such tax anticipation bonds outstanding, together with interest thereon at maturity, and f WHEREAS, the First National Bank of Caldwell, Idaho and the First National Bank of Idaho have agreed to purchase said bonds at par and acamed interest as and when the same may be and are legally issued and deli *eyed, NOW THEREFOR;, BF IT FURTHER RESOLVED that the offer of said First Naticnal Bank of Caldwell, Idaho and First National Bank of Idaho be and the same hereby is accepts ; that the Mayor and City Clark be and they hereby are authorized and directed to negotiate, issue and delitrer said bonds (after the same shall have been signed, sealed, certified and executed as hereinabove directed) to said banks, in ancordance with their agreement to purchase said bonds, as and when said bonds may be legally issued and delivered, on receipt of the purchase price therefor, and as and when, in the opinion of said Mayor and City Clerk funds shall be required for the purposes for which said bonds are authorized to be issued; and the proper officers are hereby authorized and 'directed to sign, certify, seal and execute each of said bonds at the time the negotiation and issue thereof shall be determined upon by said Mayor and City Clerk, and BE IT FURTHER RESOLVED that the proceeds of the sale of said bonds shall be used for the purposes and only for the purposes herein stated and for which such taxes, th collection of which is anticipated, are to be levied, and BE IT FURTHER RESOLVED that this resolution shall take effect and b'A in full force immediately upon its passage and approval. PASSED AND APPROVED this 17th day of September, 1834. Mayor of the City of Caldwell, Idaho. ATTEST: -- City Clerk of the city of Caldwell, Idaho. SEAL. Councilman C. E.Bales seconded the adbptioa of the foregoing preambles and resolutions, and the same upon being put to a vote were unanimously carried by the af— firmative vote of all the members of said City Council present at the meeting, the vote being as follows: Ayes: Oakes, Bales, Montgomery, Boynton, Hollingsworth. Nays: None, Absent and not voting: Fenrich. , E.E.Seamount asked permission to place coal bins on the H.E. McClusky property near the Caldwell Flour Villa. Moved by Montgomery, seconded by Hollingsworth that this request be not granted as it is in violation of the gasoline ordinance. Motion carried.. The Caldwell School Board presented a Resolution to the City Council stating that the stook corrals and stock adjacent to the Washington and Van Buren Schools were a menace to the health of the sohcol '\pupils. The Mayor requested the City attorney to look into this matter with power to act. No further business appeapr before The Council it was moved by Oakes, seconded by Bales that Council adjourn, Motion carried. s Mayor J J