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BILL NO. 19
ORDINANCE NO. 1572
AN ORDINANCE ESTABLISHING A "CAPITAL IMPROVEMENT FUND" UNDER THE
PROVISION OF 50 -236 OF THE IDAHO CODE FOR THE PURPOSE OF PROVIDING
FUNDS FOR THE ACQUISITION OF LAND FOR THE CANYON MULTI - PURPOSE STADIUM
COMPLEX, SAID CAPITAL IMPROVEMENT FUND IS SUBJECT TO THE PROVISIONS OF
SECTION 50 -1014 OF THE IDAHO CODE IN RESPECT TO THE TRANSFER OF
UNEXPENDED BALANCE IN SAID FUND AND PROVIDING FOR THE ADMINISTRATION OF
SAID CAPITAL IMPROVEMENT FUND.
BE IT ORDAINED BY THE MAYOR AND COUNCIL of the City of Caldwell,
Idaho:
Section 1. That there be and hereby is created a "Capital
Improvement Fund" under the provision of Section 50 -236 of the Idaho
Code; that said fund shall be used solely for the purpose of providing
funds for the acquisition of land for the Canyon Multi- Purpose Stadium
Complex.
Section 2. That in addition to other taxes levied by the City of
Caldwell, there shall be levied a special tax not to exceed one mill
in any one year of the assessed valuation of the property within the
boundaries of the City of Caldwell; that said funds shall never exceed
in the aggregate two percent (2%) of the assessed valuation of the
property within the City of Caldwell.
Section 3. That the funds derived from the special tax levy herein
set forth shall not be subject to the provision of Section 50 -1014 of
the Idaho Code in that the funds derived from the levy herein provided
must be used solely and wholly for the purpose as set forth in this
ordinance.
Section 4. That the funds derived from the levy of the special
tax herein provided shall be administered and invested by the City
Treasurer of the City of Caldwell subject to supervision and direction
by resolution of the City Council of the City of Caldwell.
Section 5. That said special tax shall be over and above and in
addition to other taxes allowed by law which are levied by the City of
Caldwell, Idaho.
Section 6. That the levy of this special tax shall commence during
the budget year 1980 -81 and shall be assessed annually thereafter unless
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so ordered by resolution of the City Council of the City of Caldwell or
until such time as the maximum amount has been levied under the provision
of Section 50 -236 of the Idaho Code which provides that said funds shall
not exceed in the aggregate two percent (20) of the assessed valuation
of the property situated within the boundaries of the City of Caldwell.
Section 7. All ordinances, resolutions, orders or parts thereof,
in conflict herewith are hereby repealed, rescinded and annulled.
Section 8. This ordinance shall be in full force and effect from
and after its passage, approval and publication according to law.
PASSED BY THE COUNCIL of the City of Caldwell this 26th
day of August , 1980.
APPROVED BY THE MAYOR of the City of Caldwell this 26th
day of August , 1980.
ATTEST:
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