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HomeMy WebLinkAboutORD 347ORDINJUITCE YO. *L d �7 Z DnU _M OH _H C B -`.U ArD PROVIDTIM FOR TT I ISSU."1110E OF BONDS OF LOCAT, IT-2-ROV-E1AJ.]'JTT DISTP,,ICT NO. 3 OF TITS CITY OF C,1 IDA110, dUTTD 2'ROVID- ING FOR THE FOR?'? 10D DETAT13 OF SUCH BONDS. by Ordinance No.313 of the City of Caldwell, V as amended by Ordinance Vo.326 of said City, there was created and established Local Improvement DI-strict Nlo.3,and the making of certain street improvements within said Dis- trict was authorized, al of which improvements within said District have been fully completed and accepted by the City Council; and 1 thereafter, on June 7, 1920, the assessment roll for said District was filed, and after due public notice of hearing thereon., such assessment roll was, on July 6,1920, by the resolution of the City Council, duly ratified, approv- ed aria confirmed, and no person filing objections to such assessment roll has appealed to the District Cour-t of the State of Idaho in and for Cvnyon County from said action of the City Council in ratifying, confirming and av, such assessment roll, and the time for taking and filing such appeal as - prescribed by statute has expired; and WIEREIS sabseonent to the passage of said resolution the City Clerk published notice of the time and place for the payment of the assessments contained In said assessment roll as provided by Section 4019 of Idaho Compiled Statutes 19i9, and the time for paying such assessments as fixed by said notice has expired, and I'M k11MAS the total amount of assessments levied by said � , assessment roll was the sum of " I) :2 of which assessments in the sum of :�)IL have been paid., and the balance of _� at this time unpaid, and the total amount of the asses2ments contained in I R 00 such assessment roll did not exceed the contract price and expense of the improvement in said District, including engineer- ing and other clerical service, advertising, cost of inspec- tion, cost of collecting assessments and interest upon the interim warrants of said district, and YMEREAB, by said Ordinance No.313, as amended by Ordinance No.326, it was provided that bonds of said District should be issued for the purpose of defraying so much of the cost and expense of said improvement as might be assessed against private property, less the amount of such assessment; paid in cash prior to the issuance of such bonds, NOVI, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF CALDIVELL, CANYON COUNTY, IDAHO, as follows; i - Section 1. That there be issued the bonds of Local Improvement District No. 3 amount of T ` 1, 1920; to bear interest semi - annually on the first numbered consecutively, bed 0 of said City in the principal said bonds to be dated October, the rate of 7% per annum, payable day of April and October; to be ;inning with Bond No. 1; to be in denominations of 0500 each, except Bond No.l. which shall be for the odd amount less than $500, and to be payable, both principal an rest, at the office of the City Treasurer, or at the L rzal� Bank in New York City, at holders option, from the special fund in the City Treasury created by Section 4 of said Ordinance No. 313 as amended by Ordinance No.326, and known as "LOCAL IMPROVMMET DISTRICT N0.3 FUND ", said bonds shall mature ten years after date. but maybe redeemed prior to maturity on arq annual interest payment date, in the order of their numbers, lowest numbers first, whenever there shall be sufficient money in said fund over and above the amount sufficient for the payment of interest on all unpatd -2- bonds to pay the principal of one or more bonds. Call for pay- ment shall be made by the City Treasurer by publication of notice of call in the city official newspaper, which notice shall state the amount and numbers of bonds called for payment, the date on which same will be paid, and shall also state that interest upon the bonds so called shall cease upon such call date. Said bonds shall be signed by the Mayor, counter signed i [by the City Treasurer and attested by the City Clerk, and shall j; have the City Seal affixed thereto. The interest coupons shall bear the facsimile signatures of such officers, and said officers are hereby authorized to have said bonds prepared, and to execute and deliver the same to the party entitled to receive them. Section 2. Said bonds and interest coupons shall be in substantially the following form: UNITED STATES OF AM0RICA Bond No. $500.00. LOCAL IMPROVEMENT BOND OF DISTRICT N0.3 OF THE CITY OF CALDWELL, STATE OF IDAHO The Laws of the State of Idaho under which this bond is issued contain the following provision: "The holder of any bond issued under the authority of this article shall have no claim therefor again- st the municipality by which the same is issued, in any event, except for the collection of the special assessment made for the improvement for which said bond was issued, but his remedy, in case of non- payment, shall be confined to the enforcement of such assessments. A copy of this section shall be plainly written, printed or engraved on the face of each bond so issued." KNOW ALL M N BY THESE PRESENTS That the City of Caldwell, Canyon County, State of Idaho, hereby promises to pay to bearer the sum of five hundred dollars ($600) lawful money of the United States, with interest thereon at the rate of per annum, payable semi- annually on the first days of April and October, out of the fund established by Ordinance No. 313 of said City, as emended by Ordinance No.326 of said City, which -3- 0 is Imown as "Local Improvement District No,, 3 Fund ", and not otherwise; both principal and interest payable at the office of the City Treasurer of said City, or at The Bank in New York City, at holder's option. A coupon is hereto attached for each instalment of interest to accrue hereon, and said interest shall be paid only on presentation and surrender of such coupons; but in case this bond is called for payment before its maturity, each and every coupon representing inter eat not accrued at the time this bond is payable under such call, shall be void. This bond is payable on or before the first day of October, 1330, and is subject to call by the City Treasurer of said City on any annual interest payment date whenever there shall be sufficient money'in said fund to pay the same, and all unpaid bonds of the series of which this bond is one, which are prior to this bond, in numerical order, over and above sufficient for the payment of interest on all unpaid bonds of said series, and this bond is one of a series of ---- bonds, aggregating in all the principal sum of 0 44 - e- 2- P -1 2 Z/ issued for said local improvement district, all of which bonds are subject to the same terms and conditions as herein expressed. The City Council of said City as the agent of said Local Improvement District No. 3 duly created by Ordinance, has caused this bond to be issued in the name of said City as the bond of said "LOCAL IMI?ROV.NN , KT DISTRICT N0.3" and has caused this bond, or the proceeds thereof, to be applied in part payment of so much of the cost and expense of improvement f of Ximball Avenue in said City, under said Ordinance No.313, as amended by said Ordinance No.326, as is levied and assessed against the property included in said Local Improvement District and benefited by said improvement, and said Local Improvement. District No.3 fund has been edtablished by Ordinance for said purpose, and the holder or holders of this bond shall look -4- !,a only to said fund for the payment of either the principal or the interest of this bond. The c411 for payment of this bond, or any bond of the series of which this is one, shall be made by the City Treasurer by publishing the same in the city official newspaper of said city, as provided by Section 4021 of the Idaho Compiled Statutes, 1919, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after said call, and upon said day interest upon this bond shall cease and any remaining coupons shall be void. IN WITNESS WHEREOF the City of Caldwell, Idaho, has caused these presents to be signed by its Mayor, counter - signed by its Treasurer, attested by its Clerk and sealed with its oorpor ate seal this 1st day of October, 1920. THE CITY OF CALDWELL By, mayor Countersigned: My Treasurer Attest: - icy er INTEREST COUPON No X17150. � cITy OF CALDWET_L, CANYON COUNTY, IDAHO, on the 1st day of(October, 19 promises to pay to the bearer, at the office of the City Treasurer, or at the k Bank in New York City, at holder's option, the sum of seventeen and 50/100 dollars, being six months' interest due that, day on Bond No, of the Bonds of "FOCAL 111PROVEIONT DISTRICT NO.3" and not otherwise, provided that this coupon is subject to all the terms and conditions contained in the bond to which it is annexed. -5- TIM CITT OF CLTD'v'IE.TL By Ilayo r Counter - signed CITY mreasurer Attest: Clerk Section 3. For the benefit and assurance of each and every person who may become the holder of said bon(b it is hereby certified and declared that all acts, conditions and things required by the Constitution and Laws of the State of Idaho, and the ordinances and resolutions of said City to be done prey adent to the issuance of said bond have been done, happened and performed as required by law, and that the amount of bonds authorized to be Issued by this ordinance does not exceed any constitutional or statutory limitation, and for the further assurance of each and every person who may become the holder of any of such bonds, said City does hereby irrevocably bind and obligate itself to levy all assessments at the time and in the manner required by lent necessary to pay the principal and interest of all of said bonds as and when the same become due, and to promptly take such action as by law it may be authorized to take to compel the fulled prompt payment of all assessments so levied, together with penalty and interest thereon in case the same become delinquent, all to the end that the holder of each and every of said bonds may have his bond, together with interest thereon, fully and punctually paid, and that the financial credit of said City may be main- tained. Section 4. This ordinance shallbe in force and effect from and after its passage, approval and publication I according to law. Passed and approved this day of October,1920 I II ti ayo r Attest: ty r Published in the city official newspaper on I