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HomeMy WebLinkAboutORD 13190 BILL NO. 6 ORDINANCE NO. 1319 BY COUNCILMAN &Cluskey AN ORDINANCE CONFIRMING THE CREATION AND ESTABLISHMENT OF LOCAL IMPROVEMENT DISTRICT NO. 70 FOR THE CITY OF CALDWELL, IDAHO; CON- FIRMING AND APPROVING THE ASSESSMENT ROLL FOR SAID DISTRICT AS FILED IN THE OFFICE OF THE CITY CLERK ON THE 17th DAY OF DECEMBER, 1973, AND ACCEPTED, APPROVED AND CONFIRMED BY THE COUNCIL ON THE 7TH DAY OF JANUARY, 1974; PROVIDING FOR THE PAYMENT IN INSTALL_ MENTS OF THE COSTS AND EXPENSES OF THE IMPROVEMENTS MADE OR TO BE MADE IN SAID DISTRICT; ASSESSING THE COSTS AND EXPENSES OF SAID IMPROVEMENTS UPON OR ACROSS THE ABUTTING, ADJOINING, CONTIGUOUS AND ADJACENT LOTS, BLOCKS AND LANDS AND PARCELS OF LAND, UPON THE LOTS, BLOCKS, LANDS AND PARCELS OF LAND BENEFITED AND INCLUDED IN SAID IMPROVEMENT DISTRICT, AND PRESCRIBING THE MANNER FOR THE COLLECTION AND PAYMENT OF SAID ASSESSMENT; PROVIDING FOR THE ISSUANCE OF INSTALLMENT BONDS OF SAID DISTRICT; PRESCRIBING THE FORM, MATURITIES, MAXIMUM INTEREST RATE, AND ALL OTHER LOCAL LEGAL REQUIREMENTS RELATIVE TO THE ISSUANCE OF SAID BONDS. WHEREAS, The Mayor and Council of the City of Caldwell, in the County of Canyon, State of Idaho, pursuant to and in full compliance with all legal, requisite and preliminary proceedings, and pursuant to Ordinance No. 1297, passed by the Council and approved by the Mayor on the 21st day of May, 1973, have hereto- fore created and established Local Improvement District No. 70 for the City of Caldwell, Idaho, for the purpose of constructing street improvements therein, consisting of curbs, gutters, street and alley valleys along and upon said streets in said district and providing for the surfacing, grading, and oiling of the streets and avenues therein; and WHEREAS, Said improvements are to be made and completed in said district, pursuant to said proceedings; and WHEREAS, The Committee on Streets, together with the City Engineer of the City of Caldwell, has heretofore, according to the provisions of Ordinance No. 1297, and in all respects according to law and the ordinances of said City, made out and duly certified by the City Council of the City of Caldwell, an assessment roll of, in and for said Local Improvement District No. 70, fixing the total costs of the improvements to be paid by the owners of property in said district at the sum of TWO HUN- DRED THOUSAND SEVEN HUNDRED THIRTY -FIVE AND 22/100 DOLLARS ($200,735.22), and assessing said amount against the abutting, adjoining, contiguous and adjacent lots, blocks, lands and parcels of land benefited and included in said improvement district and in proportion to the benefits accruing to said property by reason of the improvements for said assessment was, and is, in all respects duly and lawfully made, and which said assessment roll was heretofore on the 17th day of December, 1973, duly certified to the City Council of the City of Caldwell, and filed with the City Clerk of said City; and WHEREAS, Upon certification and filing of said assess- ment roll the City Clerk of the City of Caldwell gave notice by publication in three successive issues of the official newspaper of the City of Caldwell that said assessment roll was on file in her office, giving the date of filing of the same, and stating the time at which the Council would hear and consider objections to said assessment; said notice being given in all respects according to law; and WHEREAS, The time for filing objections and protests having expired and said matter having come on for hearing and consideration at the appointed time and place; and WHEREAS, At said time and place for hearing of objections to said assessment roll and the same having been fully and duly considered by said Mayor and City Council of said City, and said assessment roll at said hearing, together with all the proceed- ings in making such assessment, having been, by said Mayor and said City Council found regular, valid, correct, equitable, fair, just, proper,and in all respects legal and according to the laws of the State of Idaho and the ordinances of the City of Caldwell, said Mayor and Council approved and confirmed said assessments and said assessment roll as more fully appears by order of said City Council in said proceedings; and WHEREAS, Notice of time, place and manner of making cash payments was duly given by the Treasurer of the City of Cald- well according to law, to the property owners to be assessed within said district, stating the time for payment to begin, to wit: The 17th day of January, 1974, and the time for payment to close, to wit: The 22nd day of February, 1974, the last publication of said notice, to wit: The 17th day of January, 1974, was not less than thirty days before the issuance of said bonds authorized or to be authorized to be issued; which said notice advised said property owners that the owner of any property assessed within the said district might pay his assessment in full within the time provided, or before the issuance of said bonds of said district, and redeem his property from such liability; that in response to said notice, payments were made in the sum of TWENTY -EIGHT THOUSAND FIVE HUNDRED SEVENTY -SEVEN and 07/100 DOLLARS ($28,577.07); and WHEREAS, In the discretion and opinion of the City Council of the City of Caldwell, the unpaid balance of costs and expenses of the improvements made or to be made in said Local Improvement District No. 70, which is existing and chargeable to the abutting, adjoining, contiguous and adjacent lots, blocks, lands and parcels of land as set forth in said assessment roll, should be provided for and paid in installments instead of levy- ing and collecting the entire tax or special assessments therefor, at one time; and WHEREAS, The City Council of the City of Caldwell, desires to issue in the name of said municipality, improvement bonds of said Local Improvement District No. 70 for the City of Caldwell, Idaho, to bear the date, the 1st day of March, 1974, payable as nearly as may be in ten annual installments of approximately equal amounts, each of said bonds maturing annually in the respective years from 1975 to 1984, inclusive; and the City Council of said City consider it advisable to issue said bonds in denominations of ONE THOUSAND DOLLARS ($1,000.00), said bonds to be in the sum of ONE HUNDRED SEVENTY -TWO THOUSAND ONE HUNDRED FIFTY -EIGHT and 15/100 DOLLARS ($172,158.15). NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF CALDWELL, IDAHO, AS FOLLOWS: Section 1. That all the proceedings, matters and things heretofore taken, had, and done in connection with the creation and establishment of Local Improvement District No. 70 for the City of Caldwell, Idaho, and in connection with the con- struction therein of the improvements consisting of curbs, gutters, street and alley valleys along and upon the streets in said improvement district and roadway base and surfacing, grading and oiling upon the streets in said improvement district, and construction of said improvements and the apportionment of the costs and expenses.of said improvements against the abutting, adjoining, contiguous, and adjacent lots, blocks, lands and parcels of lands in said district as set forth in said assess- ment roll, be, and the same are hereby in all respects fully approved, ratified and confirmed. Section 2. That the unpaid costs and expenses of said improvements within the boundaries of said Local Improvement District No. 70 for the City of Caldwell, Idaho, which are chargeable and assessed to the abutting, adjoining, contiguous and adjacent lots, blocks, lands and parcels of land within the said district shall be paid for in installments as nearly as may be in ten equal annual payments; said installments payable as provided by law, in each of the years 1975 to 1984, inclusive. • Section 3. That there be issued in the name of the City of Caldwell, Idaho, improvement bonds of said Local Improve- ment District No. 70 for the City of Caldwell, Idaho, in the principal sum of ONE HUNDRED SEVENTY -TWO THOUSAND, ONE HUNDRED FIFTY -EIGHT and 15/100 DOLLARS ($172,158.15), which said bonds shall bear date the 1st day of March, 1974, and shall bear interest at the rate not to exceed five and one -half percent (5 -1 /2a) per annum, payable semi - annually on the first day of September and the first day of March, each year, said interest to be evidenced by coupons attached to said bonds. Said bonds shall consist of 172 bonds in the denomination of ONE THOUSAND DOLLARS ($1,000.00) each, numbered from two (2) to one hundred seventy -three (173), inclusive, and one bond in the denomination of ONE HUNDRED FIFTY -EIGHT and 15/100 DOLLARS ($158.15), numbered one (1), and the total sum and issue of said bonds hereby authorized shall be payable as nearly as may be in equal annual amounts; said bonds to mature as follows: $10,158.15 in the year 1975; $18,000.00 in each of the years 1976 through 1984; said bonds and coupons thereto attached shall be payable at the office of the City Treasurer of the City of Caldwell, Idaho; said bonds shall be signed by the Mayor and attested by the City Clerk and counter- signed by the City Treasurer of the City of Caldwell, and each bond shall have the corporate seal of the City of Caldwell, Idaho, affixed thereto; provided, however, that all coupons shall, in lieu of being signed, have printed thereon and shall bear the engraved facsimile of the signature of the said Mayor, City Clerk and the City Treasurer of said City, and when so executed, shall so constitute the binding obligation of said district for said interest. Section 4. That said bonds and the coupons thereto attached as authorized by this ordinance shall be substantially the following form: Section S. That said bonds, when executed shall be issued to the lawful purchaser thereof, and when so issued shall transfer to said purchaser, or to any owner or holder thereof, all the right and interest of the City of Caldwell, if any, with respect to every assessment against the property in said district liable to assessment for such local improvements, and the lien thereby created against the property of such owners assessed as shall not have availed themselves of the provisions of law in regard to the redemption of their property from the lien of such assessment, and shall authorize the owners and holders of said bonds to receive, sue for and collect or have collected such assessment embraced in any such bond, or through any of the methods provided by law for the collection of assessments for local improvements; and the City of Caldwell hereby pledges to such bondholders the exercise of all lawful corporate powers in the collection of the assessments levied for the payment of such bonds. Section 6. That the whole costs of the improvements made to the Local Improvement District No. 70 for the City of Caldwell, Idaho, and the apportionment of the same as set forth in the assessment roll made out according to the provisions of Ordinance No. 1297 and filed in the office of the City Clerk on the 17th day of December, 1973, and confirmed by the Council on the 7th day of January, 1974, is hereby .assessed against all the real estate in said district set forth in said assessment roll, which is hereby specifically referred to and made a part hereof, the same as if set forth at length herein. Section 7. Said installments of assessments shall be payable on or before March 1 of each year; the unpaid install- ments shall bear interest at the rate not to exceed five one -half percent (5- 1/2;1) per annum, which assessments and interest from the lst day a y , " of March, 1974, (being the date said improvement district bonds authorized by this ordinance) until the maturity of said bonds, are hereby declared to be a lien in the several amounts assessed against each lot or tract of land hereinbefore specified from and after the date of confirmation of said assessment roll and shall have priority over all other liens except general takes. Section 8. The first payment of installments of assess- ments shall be due and payable at the expiration of four months from the date of the bonds herein authorized and subsequent installments at the expiration of each year hereafter; provided, that if any installment is not paid within twenty (20) days from the date, said installment shall become due and the same shall become delinquent and the City Treasurer shall add a penalty of two percent (2%) thereto. Section 9. Whenever any installment of an assessment made for the payment of interest or principal of the bonds herein authorized is not paid when due, and shall become delinquent, it is hereby declared that all such unpaid installments and the whole assessment made against any property in said improvement district to pay the cost and expense of such improvement shall be immediately due and payable and delinquent and the City Treasurer shall forthwith add to the amount shown on said install- ment docket a penalty of two percent (2a) thereon. Section 10. The City Council or other authorized taxing officer of Caldwell, shall for the purpose of ratifying and confirming the assessments hereby made, levy special assess- ments each year hereafter sufficient to redeem the installment of bonds with interest next thereafter maturing, as issued pursuant to the provisions of this ordinance, and in computing the amount of special assessments to be thus levied against each piece of property liable therefor, interest at the rate of a five and one -half percent (5 -1/2 %) per annum from the date of the issuance of said bonds next thereafter maturing shall be included in such levies. Such assessments shall be made upon the property chargeable for the cost of such improvements respectively, and shall be levied and collected in the same manner as prescribed by law for the levy and collection of special assessments for such improvements where no bonds are issued. Section 11. This ordinance shall be in force and take effect from and after its passage, approval and publication .according to law. PASSED By the Council this 4th day of March, 1974. APPROVED By the Mayor this 4th day of March, 1974. Mayor ATTEST: j Clerk ,l