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HomeMy WebLinkAboutORD 166a ORDINANCE NO. 16 AN ORDINANCE AUTHORIZING THE ISSUANCE OF IMPROVEIJIENT BONDS OF THE CITY OF CALDWELL IN THE SUM OF $J T FOR THE PURPOSE OF PAY— ING THE COST OF '1' CONSTRUCTION AND LAYING OF PAVING AND CURBING IN LOCAL IMPROVEMENT DISTRICT NO. 1; PROVIDING FOR THE PAY11ENT OF SAID BONDS OUT OF THE COLLECTION OF ASSESSMENTS LEVIED IN SAID DISTRICT, AND REPEALING ORDINANCE NO. 151 PASSED BY TFIE COUNCIL ON THE 9TH DAY OF FEBRUARY, 1910, AND APPROVED BY THE MAYOR THE 10TH DAY OF FEBRUARY, 1910. • WHEREAS, the City of Caldwell has passed an ordinance organizing a paving district, known as Local Improvement District No. 1; and WHEREAS, Under Section 2238 of the Revised Codes of 1909 of the State of Idaho, contained in Chap— ter 5 of Title 13 of the Political Code of said re— vised Codes of the State of Idaho, providing for the payment of the cost of such improvements by install — ments, and making the provisions thereon" applicable to cities and villages which have levied special assess— ments for improvements, or for the construction of pav— ing and curbing, property owners whose property has been assessed for laying such pavement and curbing to have said. assessments raid in five yearly installments and to have bonds isliaed therefor; and WHEREAS, Ordinance No. 13C provides that said assessments shall be in the nxa nner provided in the afore— said Act of the Legislature of the State of Idaho, by the e Issuance and sale of District Improvement Bonds in amounts ec,�zal to such assessments; and WHER •. , the City of Caldwell hm advertised for bids for the construction arr3 laying; of said pave- ment, and the Warren Construction Company, of Portland, Oregon, having submitted the lowest and best bid in the slim of ����� �� - and the contract for said pavement having been awarded to said Barren Constric- tion Company; and WHEREAS, The Paving Committee, duly auth- orized., have made and certified an assessment roll to the Council of the City of Caldwell, which has been approved anct accepted; and due notice thereof having .been given by the clerk, according to law, and pro - tests having been filed with the City Council, and such protests having been denied; and WHEREAS, Said Ordinance No. 130 provides that, an assessment for the costs thereof shall be levied upon the property affected thereby, to -wit, on lotd, blocks, tracts, aAd parcels of land, and paid by the several owners, according to the said assessment roll, F teid that said property shall be bound for the payment thereof, and all assessments and interests shall be acid remain a lien on each lot or parcel of land, or other property, respectively, in favor of the City of Caldwell, and such liens shall have priority over all other liens and ineirnbrances, whatsoever. -2- BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF CALDNELL, IDAHO. Section 1. That, for the purpose of permit- ting the property owners whose property has been assessed for the constrizction and laying, grading, curbing; and surface draining of streets and alleys, and pa its of streets and alleys, in Local Improvement Distriot No. 1, and to pay said assessments in five yearly installments, there shall be, and there is here- by authorized to be issued, City of Caldwell Improve- ment Bonds to the ironnt of Section 2. That said bonds shall be known and designated as Improvement Bonds of the City of Caldwell, and shall bear date January 1, 1910, and shall become due one -fifth each year from and after January 1, 1910. Said bonds shall be paid serially, beginning with the lowest number, one- fj_fth of the total to be paid each year. They shall bear interest at the rate of seven -,,er cent p a ra m, payable ally on the first day of Jamaa H of each year, from and after Jarnxary 1, 1910. The said interest and in- stallment payments shall be evidenced by proper coilp-- ons attached to each bond, and both principal and in- terest on said bonds shall be sayable at the office of the City Treamirer of Caldwell, Idaho, or at the Chase National Bank, in the City and State of New York. -a- " UNITED ST-_ AT.ES OF AMERICA CITY OP CALDWELL STATE OF IDAHO LOCAL 11APRO DISTRICT NUMBER ONE. IMPROVEMENT BOND No $500.00. --o Oo— KNOW ALL MEN BY THESE PRESENTS: That the City of Caldwell, County of Canyon, State of Idaho, for value received, hereby promises and agrees to pay to the bearer the sum of five hundred dollars, in Bold Coin of the United States of America, on the presentation and surrender of this obligation on the First day of January, in the year of our Lord one thou- sand nine hundred , without grace, with interest thereon from the date here of until redeemed, at the rate of seven per cent per annum, payable semi - annually in like Gold Coin on the first day of January and July, on the presentation a rid surrender of the proper coupons hereto attached, Igoth principal and interest payable at the office of the City Treasurer of Caldwell, or at the Chase National Bank, in the City and State of New York, at the option of the holder. -4- n �, This Bond is one of a series ni=bered from one (1) to one hundred seventy two (172), consecutive- ly, being one hundred and seventy -one (171) bonds of the denomination of five hundred ($500,00) each, and one bond being of tae denomination of Three Hundred Fifty -nine and sixty -seven hundredths Dollars, the total issue amounting to Eighty -five Thousand Eight Hundred Fifty -nine and sixty -seven one- hixndredthe Dol- lars, authorized by section 2238 of the Revised Codes of 1 of the State of Idaho, being a part of Chapter 5 of Title 13 of the Political Code of said Revised Codes of the State of Idaho, and, in eonfdrmity with law, it is hereby recited that, "The holder of any bond issued under the authority of this section shall have no claim there- of against the City or village by which the same is issued, in any event, except from the collection of the special assessment made for the improvement for rhich said bond was issued, but his remedy in case of non - payment shall be confined to the enforcement of such assessment. 11 This obligation is to be paid solely and ex- clusively out of the n7.nds in Improvement District No.l, derived from the collection of assessments levied against the property in said Local Improvement District No. 1, End is not an obligation of the City of Caldwell, Idaho, and the said. City of Caldwell shall not be held liable hereon further than - to use its hest endeavors and energies to collect said assessments levied in said district. This obligation is not to be deemed or taken to be within, or any part, of the limitation imposed -5- by law as to the indebtedness of said City. And it is f.iTther CERTIFIED that all the requirements of law have been complied with by the proper officers in the issuance of this bond, and that the total ainount of this ismie does not exceed the limit prescribed by said Act. i For the collection of the assessments levied in said Local Inprov ement District No. 1, the City of Caldwell, County of Canyon, State of Idaho, hereby pledges itself' to use its best endeavors and. energies. IN WITNESS WHEREOF, This bond has been signed by the Mayor and. attested by the City Clerk, and counter- signed by the City Treasurer of the City of Caldwell, Idaho, and the corporate seal of the City of Caldwell hereto affixed, this first day of January, &910. Mayor. Attest: City Clerk. City Treasurer. -6- ( FORM OF COUPON $17.50. On the day of , A. D. 191 , the City of Caldwell, in the State of Idaho, will ,gay to the bearer seventeen and 50100 dollars in United States Gold Coin, or the equivalent there- of, out of Dinds collected by special assessments in Loo•al Improvement District No. 1, at the office of the City Treasurer of the City of Caldwell, Idaho, or at the Chase National Bank, in the City and State of New York, at the option of the holder, being (0-six months interest on Local Improvement District Number I Improvement Bond Number Ordinance No. 151, passed by the Council on the 9th day of February, 1910, and approved by the Mayor on the 10th day of February, 1910, is hereby repealed. Passed by the Council th is ' 212 day of May, 1910. Approved by the Mayor this Z?'& day of May, 1910. Mayor. Attest: City Clelk. -8-