HomeMy WebLinkAboutORD 10891 COUNCILMAN MARTIN
2 ORDINANCE 1089
3 BILL 35
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $168 FIRE DEPARTMENT
BONDS OF THE CITY OF CALDWELL, IDAHO, CONFIRMING THE SALE OF SAID
BONDS, AND PROVIDING FOR THE PAYMENT THEREOF.
WHEREAS, pursuant to the provisions of Ordinance Number
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1069 duly adopted by the City Council on March 30, 1966, an election
'811 was held in the City of Caldwell on May 10 1966 at which election
9 11 there was submitted to the duly qualified voters of the city the
1011 following proposition:
111 QUESTION: Shall the City of Caldwell, Idaho
12 issue and sell its negotiable coupon general
obligation bonds to the amount of $168,425.00,
for the purpose of providing funds with which
13 to purchase and equip suitable and necessary
apparatus, buildings and building sites for
14 use of the fire department, in and for said
city, as more fully provided in Ordinance
15 Number 1069 adopted on March 30, 1966?
16 and
1711 WHEREAS, said election was duly and properly called and
1811 held in compliance with all pertinent provisions of the Constitution
1911 and Laws of the State of Idaho, and the result thereof were duly
canvassed by the City Council at a meeting held on May 23, 1966, and
2 it was determined that the proposition for the issuance of said
$168, Fire Department Bonds had been carried by a vote of 972
in favor and 214 against the proposition; and
WHEREAS, thereafter said bonds were duly and properly
advertised for sale and bids for the purchase thereof received by
this City Council on November 15, 1966, and it appeared that the
bid of Schwabacher & Co. of Boise, Idaho, and associates, for said
$168, Fire Department Bonds was the best and most advantageous
2 9 11 bid received for the purchase of said bonds, which bid is in words
and figures as follows, to -wit:
31
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WHEREAS, all things required by the Constitution and
Statutes of Idaho to be done prior to the issuance of said bonds
have been duly and lawfully done and it is now necessary to confirm
the sale of said bonds and to provide for the issuance of said bonds
and the delivery thereof to the purchasers:
NOW, THEREFORE, Be It Ordained by the Mayor and Council
of the City of Caldwell, Canyon County, Idaho, as follows:
Section 1. That for the purpose for which they were voted
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and which is more particularly stated in the preamble hereto, there
10 11 be issued the negotiable Fire Department Bonds of the City of Cald-
1111 well, in the principal amount of $168,425.00. Said bonds shall be
dated December 1, 1966 shall be in the denomination of $1,000.00,
1311 except for bond number one which shall be in the denomination of
1411 $1,425.00, shall be numbered 1 to 168, inclusive, shall bear interest
from date until paid, payable December 1, 1967, and semi - annually
1611 thereafter on the first days of June and December in each year
1 be payable as to both principal and interest in lawful money of the
1811 United States of America at The Idaho First National Bank in the
City of Caldwell, Idaho, and shall fall due serially in numerical
order on December 1 of each year and shall bear interest as follows:
22
BOND NUMBERS
AMOUNT
YEAR
INTEREST RATE
23
1
to
4
$ 4,425
1967
4 .20%
5
to
9
5,000
1968
4.20%
24
to
to
14
5,000
1969
4 .20%
15
to
20
6,000
1970
4.20%
25
21
to
27
7,000
1971
4.20%
28
to
34
7,000
1972
4.20%
26
35
to
41
7,000
1973
4.20%
42
to
48
7,000
1974
4 .20%
27
49
to
56
8, 000
1975
4 .20'%
57
to
65
9,000
1976
4.20%
28
66
to
74
9,000
1977
4 .20 ° %0
75
to
84
10,000
1978
4 .20
29
85
to
94
10,000
1979
4. 20%
95
to
104
10,000
198o
4.20%
30
105
to
114
10,000
1981
4.2 0%
115
to
124
10,000
1982
4.20
31
125
to
134
10,000
1983
4.20%
135
to
144
10,000
1984
4.20
32
145
to
156
12,000
1985
4.20%
157
to
168
12,000
1986
4.20/5
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The bonds falling due after December 1, 197 shall be
callable for redemption in inverse numerical order at the option
of the city on that date and on any interest payment date there-
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6
7
8
9
13
14
15
16
17
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after prior to maturity at the price of par and accrued interest
to the date fixed for redemption, plus a premium of $ for each
bond so redeemed on or prior to June 1, 1978, a premium of $20.00
for each bond so redeemed thereafter on or prior to June 1, 1982
and without premium if redeemed thereafter prior to maturity.
Thirty days notice of the intended redemption of any bond shall
be given by publication one time in a financial journal published i
the City of New York, New York, or Chicago, Illinois, and by re-
gistered mail sent to the place of payment of the bonds.
Section 2. That the bonds shall be signed by the Mayor,
shall be countersigned by the City Treasurer, shall be attested
by the City Clerk, and shall have the corporate seal of the city
impressed thereon. Interest falling due thereon on and prior to
maturity shall be represented by appropriate interest coupons
to be thereto attached, which coupons shall be signed by the City
Treasurer by his facsimile signature and said Treasurer by the
execution of said bonds shall adopt as and for his own proper
signature his facsimile signature appearing on each of said coupons
Section 3. That the bonds and coupons shall be in sub-
stantially the following form:
( Form of Bond)
UNITED STATES OF AFRICA
STATE OF IDAHO
COUNTY OF CANYON
CITY OF CALDWELL
FIRE DEPARTMENT BOND
30 11 Number
31 The City of Caldwell, in the County of Canyon and State
S2 of Idaho, for value received acknowledges itself to be indebted
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and hereby promises to pay to bearer the sum of
2
Dollars ($ ) on the first day of December,
3
19 , with interest thereon at the rate of four and twenty hund-
4
redths per cent (4.20%) per annum from date until paid, payable on
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December 1, 1967 and semi - annually thereafter on the first day of
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June and December in each year, upon presentation and surrender of
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the annexed coupons as they respectively become due. Both principal
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and interest hereon are payable in lawful money of the United Statev
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of America at The Idaho First National Bank, in the City of Caldwell
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Idaho.
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The bonds of this issue falling due after December 1,
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1974 are callable for redemption in inverse numerical order at
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the option of the city on that date and on any interest payment
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date thereafter prior to maturity at the price of par and accrued
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interest to the date fixed for redemption, plus a premium of $40.00
16
for each bond so redeemed on or prior to June 1, 1978, a premium
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of $20.00 for each bond so redeemed thereafter and on or prior to
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June 1, 1982, and without premium if redeemed thereafter prior to
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maturity. Thirty days notice of the intended redemption of any
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bond will be given by publication one time in a financial journal
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published in the City of New York, New York, or Chicago, Illinois,
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and by registered mail sent to the place of payment of the bonds.
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This bond is one of an authorized issue of $168.425.00
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voted at an election on May 10, 1966 by more than a two - thirds
25
majority of the qualified electors who were then taxpayers of said
26
city, for the purpose of providing funds with which to purchase
27
and equip suitable and necessary apparatus, buildings and building
26
sites for use of the fire department, in and for said city, and
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is issued in conformity with and after full compliance with the
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Constitution of the State of Idaho and Chapter 28 of Title 50
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and Chapter 2 of Title 57 of the Idaho Code, 1947, and the amend -
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meets thereto, and all other laws applicable thereto.
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19 Mayor
20 Countersigned:
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ATTEST:
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City Clerk
(Form of Coupon)
Number $
Unless the hereinafter mentioned bond is then callable
for redemption and has been duly called for redemption and pro-
vision for the redemption thereof duly made, the City of Caldwell,
in the County of Canyon and State of Idaho, will pay to the bearer
hereof the amount shown hereon in lawful money of the United States
1
It is hereby certified, recited and declared that the
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full faith, credit and all taxable property within the City of
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Caldwell, Idaho are and shall continue to be pledged for and
4
until the full payment of the principal of and interest on this
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bond, that every requirement of law relating to the issue thereof
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has been duly complied with, that this bond is within every debt
7
and other limit prescribed by law and the Constitution, and that
8
provision has been made for the collection of an annual tax fully
9
sufficient to pay the interest on this bond as it falls due and
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also to pay the principal hereof when due.
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IN WITNESS WHEREOF, the City of Caldwell, County of
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Canyon and State of Idaho, has caused this bond to be signed by
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the Mayor of said city, countersigned by its City Treasurer and
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attested by its City Clerk, and the seal of the city affixed hereto,
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and the coupons hereto attached to be signed with the facsimile
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signature of said City Treasurer, as of the first day of December,
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1966.
19 Mayor
20 Countersigned:
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ATTEST:
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City Clerk
(Form of Coupon)
Number $
Unless the hereinafter mentioned bond is then callable
for redemption and has been duly called for redemption and pro-
vision for the redemption thereof duly made, the City of Caldwell,
in the County of Canyon and State of Idaho, will pay to the bearer
hereof the amount shown hereon in lawful money of the United States
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of America on the first day of , 19 , at The
Idaho First National Bank, in the City of Caldwell, Idaho, being
the interest then due on its Fire Department Bond, dated December
1, 1966, and numbered
City Treasurer
(Registration Certificate)
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is
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We, the undersigned City Clerk and City Treasurer of
the City of Caldwell, Idaho, do hereby certify that the within
bond has been duly registered in permanent public record books
kept in our respective offices for the purpose of such registra-
tion, in full compliance with the provisions of Title 57, Chapter
2, Idaho Code, 1947, and laws amendatory thereof, such registration
showing the number, date, amount of the bond, rate of interest
thereon, date of maturity, place of payment and the number and de-
nomination of the attached coupons, and the names of the purchasers
and date of the delivery of the bond; and the undersigned City
Treasurer does hereby certify that before the delivery of this bond
he received the proper consideration therefor.
IN WITNESS WHEREOF we have subscribed our official
hands.
City Treasurer
31
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City Clerk
Section 4. That to pay principal of and interest on
said bonds falling due to and including July 1, 1968, there shall
be levied in the year 1967 on all taxable property within the City
of Caldwell, in addition to all other taxes, a direct ad valorem
tax sufficient to produce the sum of $1+,942.85, and thereafter to
pay the interest on said bonds as the same falls due and also to
pay the principal of said bonds as the same matures, there shall
be levied on all taxable property in.said district, in addition to
ill all other taxes, a direct annual ad valorem tax in years and amounts
year.
The taxes herein levied shall be in addition to all other
taxes levied by the city, and shall be levied, assessed and collec
ed in the same manner and at the same time in each year as other
city taxes are levied, assessed and collected. The full faith,
credit and all taxable property in the City of Caldwell are and
shall continue pledged to the punctual payment of principal of and
2
as follows:
3
YEAR
PRINCIPAL
INTEREST
TOTAL
4
1968
$ 5,000
$ 6,783
$ 11,783
1969
5,000
6,573
11,573
5
1970
6,000
6,342
12,342
1971
7,000
6,069
13,069
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1972
7,000
5,775
12,775
1973
7,000
5,481
12,481
7
1974
7,000
5,187
12,187
1975
8,000
4,872
12,872
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1976
9,000
4,515
13,515
1977
9,000
4,137
13,137
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1978
10,000
3,738
13,738
1979
10,000
3,318
13,318
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1980
10,000
2,898
12,898
1981
10,000
2,478
12,478
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1982
10,000
2,058
12,058
1983
10,000
1,638
11,638
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1984
10,000
1,218
11,218
1985
12,000
756
12,756
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1986
12,000
252
12,252
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Said taxes in
each of said years
shall be and
are hereby certified
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to the County
Auditor of Canyon County
on or before
the third Mon -
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day of September of each year in
addition to all other taxes and
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tax rates so
certified. It is specifically provided, however, that
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the City of Caldwell
may apply to
the payment
of principal of and
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interest and
redemption premiums
on said bonds
any funds lawfully
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available therefor which may be derived from other sources; but
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the aforementioned
taxes shall never
be diminished prior to payment
22
of all of the
bonds herein authorized except,
in any year, to the
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extent that other available funds
shall have been applied to or
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set aside in
a special fund to be irrevocably
held for the payment
25
of principal
or interest or both
payable from
said taxes for such
year.
The taxes herein levied shall be in addition to all other
taxes levied by the city, and shall be levied, assessed and collec
ed in the same manner and at the same time in each year as other
city taxes are levied, assessed and collected. The full faith,
credit and all taxable property in the City of Caldwell are and
shall continue pledged to the punctual payment of principal of and
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interest on said bonds, and any such principal or interest falling
2
due at a time or times at which proceeds of the taxes herein levied
3
are not available in an amount sufficient to pay such principal or
4
interest, shall be paid from the general fund of the City of Cald-
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well and reimbursement to the general fund made from the proceeds
6
of said taxes when they shall have been collected.
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Section 5• That the sale of the bonds herein authorized
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to Schwabacher & Co. of Boise, Idaho, and associates, at the price
8
of par and accrued interest to the date of delivery is hereby in
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all respects ratified, approved and confirmed. The bonds herein
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authorized shall be prepared and executed as soon as may be after
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the adoption hereof and shall be thereupon delivered to said pur-
13
chasers upon payment therefor in accordance with the terms of sale.
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Section 6. That all proceedings heretofore had in con-
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nection with the authorization of said bonds, including the pro -
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ceedings had in connection with the election at which they were
17
voted, the publication and mailing of the notice of sale of said
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bonds, as said notice was published and mailed to the State Auditor
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and the proceedings had in connection with the sale of the bonds,
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are hereby ratified, approved and confirmed.
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Section 7. That all ordinances and resolutions or parts
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thereof in conflict herewith are to the extent of such conflict
23
hereby repealed, and that this ordinance shall be published in one
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issue of The News - Tribune, the official newspaper of said city,
25
and shall take effect and be in full force immediately upon its
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passage, approval and publication.
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Section 8. That if any section, paragraph, clause or
28
provision of this ordinance shall ever be held invalid or unen-
29
forceable, such holding shall not affect the remainder of this
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ordinance, which shall continue in force and effect to the same
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extent as if said invalid or unenforceable portion had not been
32
included herein.
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1 Passed and approved November 29, 1966.
2
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Mayor
ATTEST:
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City Cle
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