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HomeMy WebLinkAboutORD 1710 'RD1 NANO 1i; No Ali 01MINANCE 00 TO SUMIT TO THE qUALIP110 ELECTORS OW THE CITY OP CALDWELL IDAHO, THE qUESTION OF ISSUING COUPON BONDS Ole' SAID CITY FOR THE SUM 011' FIFTY THOUSAND DOLLARS P09 ILE PURPOSE OF PROVID1NG FOR THE CONSTRUCTION ANT) MAIETENANCE OF NECESSARY ADDITIONAL WATERWORKS AND SUPPLYING THE GKAX WITH WATER, AND TO PROVIDE eOR THE MUM OF' SAID BONDS, AND TO PROVIDE FOR THE PAMENT OP ME INTEREST THEREON AND TO CREATE A SINKING FUND 11R ThE PAYMENT OY THE PRINCIPAL THEREOF BY THE LEVY OF MUNICIPAL TAXES OF THE SAID CITY OP CALDWELL, IDAHO, AND REPEALINU ORDINANCE NO. 150 PASSED ON THE IOth LAY OP JANUARY, 1910, AND APPROVED THE lIth MY OF JANUARY, 1910, AND ALL OTOER C?/?, ORDINANCES PARTB OF ORDINANCES IN OONPLIOT KTH THIS ORDINANCE. WHERYAS A PORTION 02 THE CITY 01' CAL-MELL, IDAHO, is without any tAdeqUute Water Supply and the inhabithnts thereof lack the COUVenience derived from a ,sufficient supply, the said portioa of said city is in constant risk of the ravages of fire, the sewer system now being constructet is withoi.Lt a supply of Water for the flushing ad the same, and WHEREAS, The Council. of the City of Caldwell, Iduh.o, deem it necessary an advisable to issue anU sell coupon bonds or the Said City for the SUM of Fifty Thou- sand (050,000.00) Dollars, a sum Within the statutory limitations upon Such indebitness for the purpose of constructing and waintaining such adkitional wnterworks and supplying the same w1tA water, and WHEREAS, The authority to issue sucti bonds has I e been provided by tile luvis r)f the Statc Of Idaho, to Wit: Chapter 12, Title 13, Pol Code, Idaho Revises Codes. It BE IT ORDAINED 13Y THE AAYOR AND COUNCIL OF THE CITY OF CALL ELL: section I. There shall be issued by the City of Caldwell, Idaho, 1 1 junicipal Coupon bonds ill the sure Of YiftY T 11 OUsaflO (0509000-00) D , to bear illtOrdSt at the rate issues for the purpose, and to be paid by means of a sinking fund to be created as herbinafter Prescribed; provided., t1l.at two-thirds of the qualified electors Of said city vfho arc taxpayers, votj,ll& at a special election held as hez-oiti 1) rovicieci, shall assent to the i8' , Ui 1 'L of said. bollAs. Sectioi 2.- baid bonds stlall be issue@L ill de"011illatiOrIS 01 Olie t1 jOUSaA ild &Olj&rF, each, as iiear us practicable, numbered c bear illtegreis't _y froja orla lipwarc at a rate riot to exceed six per cent per arlman, payable seam - amorally, oil the first day of Jarl'JarY &DU July Of each Yea•, evi6iexioed by inibereSt COUPOns 61 MCIled. to such bonas, both prinodpal and lAte to be made payable in GoJa CO:Afl of the "United States of Amanica, and 'the oame to be paid fit the option Of the holder of any such bonds, at the office Of the City 'Vreasufer of t "' a City (If 0a ind or at tile 01 National. Bank of 1 York, Jii the City acid State of J\Tew York, Which batik is etosignated i such purposes. The Principal of such - bonds - shall bepay4ble as above Provid-ed., tyleuty yea thereof, but. may be reuecitled at the pleasure of the C it y o f C at & tilfla after 'tjte expiration of ten years f.rolil tile date of ,the issuillL thereof, and every such bond must be fed&eificd ill the or .ex' ill Which it is numDered. Section 3.- waia bon as shall be issued for the following purposes: To proviae for the cons true tion, and A maintenance of add-itional. waterworks for the City of Caldwell and supplying the same with water. Section al.® There shall be levied, assessed and collected annually upon all the taxable property of the said City of Caldwell, special taxes in aduition to other taxes authorised by law which will produce a sum sufficient to Pay the interest on such bonds each Year as it becomes due, axial also sufficient to produce the SUM of Thirty Ave Hundred ( X3500.00) Dollars per year on and of the year 1916, until such bonus shall be paid., which sahll constitute a sinking fund W the nayment of the same, Such sinking fund shall be kept separate and Aestinct from all other irioneys in the city treasury and shall be held that the income thereof shall be safwly invested by the kayor and Council. Of saiu- city, and shall be usea at the discretion of said Mayor and Council of said city to redeem said bonds in their numerical order after ten years from the date of is.,uit1 sc 1 bonds and for no other purpose. Such taxes Shall be levied, assessed and collected as other city taxes until the bonds so issued are fully paid, inClUding the interest thereon; and the faith cretit and all the taxable property of the said city of Caldwell and within the limits thereof shall be and continue to be pledged, and the proper ofacers of said city shall continue to assess and collect on all the -twx4ibl-e property wIthin the limits of said city such special taxes and apply them to the payment of such bonds until the whole thereof, with the interest,sha. 11 be paid. should the taxes f0he payment of the interest on any such bonds at any time not oe levieu or collected in time to meet such payment, the interest shall be paid out of airy irk),my in the general expense fund of said city and the money so used for the payment of such interest must be repaid from the fund froiii which it was taken, out of the first money collected from such special taxes. Section 5.- A speciahlection shall be held in the City' of Caldwell on the _7 Ad I day 1915, for the purpose of voting on the qu0Vi! such bonds, at Which election the polls Shall be open ana remain —open for the same length of time as other elections, and the election shall be conducted in the same manner as other city elections. At such election none but qualified electors who are taxpayers shall be entitled to Vote. Section 6.- The City Clerk is hereby directd to give at ieust thirty Mayas notice of the election provided for in Section 5 of this Ordinance in the Caldwell Tribune, a newspaper published in and in general cars U10tionih said city, which is hereby designated for such purposes. Section 7.- The voting at such election shall be by ballot and I the ballot shall be substantially as follows, to wait: to in favor of issuing bonds to the awwount of 050,000.00 for the purpose Stated in Ordinance No. and Against issuing bonds to the amount of $50,000.00 for the purpose stated in Ordinance No H section S.- Upon canvassing the returns of said election two-thirds of the qualified electors who are taxpayers in the said City of Caldwell, voting at such election, assent t th issuing of saia boms anaL in the. incurring of the indabitneos thereby Created for the purpose aforesaid, the council oy said city shall proceed to provide for the iswulng and sale of such boll" accoraing to law. Section 9.- Tbat Ordinance No. 150 passed on the lCth d&y of January, 1910, and approved oil the 11-tn. daY Of JULWArY, "Ov 1910, and ail other OrKnances was punts of orainaaces in con"I'lict with tilis orditlance ulr 116reby expressly re- pealed. Passed by the Council this, -2 - d a V J 197.c. Approved 'by the Mayor tilis ciuy 1910. haYVe of Ue City of Caldwell, leallo. Attest. e"' lerk of the City of Caldwell, Idaho.