HomeMy WebLinkAboutORD 3500 _ _ • 4.
ORD IMNC E No . z
AN ORDINANCE AUTHORIZING AND 2ROVIDING POR THE
ISSUANCE UP RONDS -OF LOCAL IMB?OVME T DISTRICT
N0.2 OF THE CITY OF CALDWBLL , IDAHO, AND PROV ID M G
FOR THE F[)W 'AND DETAILS OF SUCH BOVDS . - -
MEREAS by Ordinance No.312 of the City of Caldwell,
Idaho, as amended by Ordinance Ho.325 -of said City, there
was created and established Local Improvement District No.
2, and the making of certain street improvements within. said
District was authorized, all of which improvements within
said District have. been fully completed and accepted by the
City Council, and
1 thereafter on 1,920 the assess-
ment roll for said District was filed, and after due public
`notice of 4earing thereon such assessment roll was, on
1920, by resolution of the City Council that
day adopted, duly ratified, approved and confirmed, and no
person filing objections to such assessment roll has appealed
to the District Court of the State of Idaho in and for Canyon
County from the action of the City Council in ratifying,
confirming and approving such assessment roll, and the time
for taking and filing said appeal as prescribed by statute
has expired, and
MEHREAS, subsequent to the passage of said Resolution
ratifying, approving, confirming and adopting said assessment
roll, the City Clerk published'notice of the time and place
for the payment of the assessments contained in said assess-
ment roll and as provided by Section 4019 of Idaho Gompiled
Statutes, 1919, and the time for paying such assessments as
fixed by such notice, has expired, and
7ME11BAS, the total amount of assessments le vied by
said assessment roll against private property as in said
assessment roll set forth was the sum of
of which amount assessments in the sum of
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0
11
have
b een p ai d an d the balanc e
of rp c� d
.r ema ins at
this
time unpaid, and the ,total
amount of the
assessments
contained in such assessment roll did not exceed. 'the contract
price and .expense of the improvement in said District, includ-
ing engineering and other clerical services, advertising,
cost of inspection, cost of collecting assessments and inter-
est upon the interim warrants of said District, and
WH . SAS by said Ord.inence No .312 , as Emended by
said Ordinance No.325, 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
assessments paid in cash prior to the issuance of bonds,
:
-NOW', THEREPORE, BE IT ORDAINED by the Mayor and City
Council of the City of Caldwell, Canyon County, Idaho, as
f llows s
Section 1. That there be issued the bonds -of Local
Improvement District No. 2 of said City in the princi,pa.l
amount of O Sy a_7 , said bonds to be dated. January 1,
1921, to bear interest at the rate of seven per cent per
annum, payable semi - annually, on the first days - of July and
Janus; to be numbered consecutively, beginning with Bond
No. l; to be in denominations of $500 each, except Bo No.1,
which shall be for the odd amount less than $500; said bonds
to be payable, both principal and interest, at the office of
the City Treasurer or at Chase National Bank of New York
City, at holder's option, from the special fund in the City
Treasury created by Section 4 of said Ordinance No.312 as
amended . by . Ordinance r,o .325, and known as: "LOCAL IMPROVE
i3NT DISTRICT 170.2 PUIM "; said bonds shall mature ten years
after date but may be redeemed prior to maturity on January
let, 1922,* or on January lot of any year thereafter, in the
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r it
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 unpaid
bonds to pay the principal of one or more bonds. Call for
payment shall be made by the City Treasurer by publication of
notice of call in the city official newspaper, which notice
shall .state the amount end numbers of bonds called for pay -
meAt, 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 by the City Treasurer and attested by the
City Clerk, and shall 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 AMERICA
Bond No. x'500.00.
LOCAL IM ERENT BO 1333 OF L IS TR IC T
NO.2 O°a" 1 1VE CITY OF CALI3uJELL,
STA _'E OF IDAHO i
The Laws of the State of Idaho .under which this boml
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. sha Ll be
plainly written, printed or engraved on the face of
each bond so issued."
=0 ALL I,'il1 BY THESE l'RE SMITTS That the City of
Caldwell, Canyon County, State of Idaho, hereby promises to
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pay to bearer the sum of five hundred dollars (. 500) , . lawful
money of the United 'States, with interest thereon at the
rate of seven per cent per annum, payable semi - annually
on the first days of July and January, out of the fund estab-
lished by Ordinance No.312 of said City$ as amended by
Orrdinance 14o.325 of said City, which is known as "LOCAL''
IMOVEMENT DISTRICT 140.2 FUND ", and-not otherwise; both
principal and interest payable at the office of the City
Treasurer of said City, or at the Chase National Bank in
New York City,. holder's• option. A coupon' is hereto
r
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
reprPesentigg; interest '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
January,1931, and is subject to call by the City Treasurer
of said City on January 14 or on January 1st of any
year thereafter 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 o / bonds,
aggregating in all the principal sum of k ��� S`� h L. �`>
. 1
issued for said Local Improvement District, all of which
bonds are. subject to the same tern and conditions as herein
expressed.
The City Council of said City, as the agent of said
Local. Improvement District No.2 duly created. by Ordinance,
has caused this' bond to be issued in the name of said City
as the bond of, said "LOCAL- MPROVEMEnT DISTRICT NO.2 and
r ' I
pay to bearer the sum of five hundred dollars (. 500) , . lawful
money of the United 'States, with interest thereon at the
rate of seven per cent per annum, payable semi - annually
on the first days of July and January, out of the fund estab-
lished by Ordinance No.312 of said City$ as amended by
Orrdinance 14o.325 of said City, which is known as "LOCAL''
IMOVEMENT DISTRICT 140.2 FUND ", and-not otherwise; both
principal and interest payable at the office of the City
Treasurer of said City, or at the Chase National Bank in
New York City,. holder's• option. A coupon' is hereto
r
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
reprPesentigg; interest '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
January,1931, and is subject to call by the City Treasurer
of said City on January 14 or on January 1st of any
year thereafter 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 o / bonds,
aggregating in all the principal sum of k ��� S`� h L. �`>
. 1
issued for said Local Improvement District, all of which
bonds are. subject to the same tern and conditions as herein
expressed.
The City Council of said City, as the agent of said
Local. Improvement District No.2 duly created. by Ordinance,
has caused this' bond to be issued in the name of said City
as the bond of, said "LOCAL- MPROVEMEnT DISTRICT NO.2 and
has caused this bond, or the proceeds thereof, to be applied
in part payment of so much of the cost and expense of improve-
ment of Cleveland Boulevard and other streets in said City,
under said Ordinance Yo.312, as emended by said Ordinance
'?Yo.325, 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.
2 Fund has been established by Ordinance far said purpose,
and the holder or holders of this bond shall look only
to said f a. nd for the payment of either the principal or
the interest of this bond.
The call for payment of this bond., or any bond of
I
the series of which this is one, shall be made by the City
Treasurer by publishing the same in the City official news-
paper 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 corporate seal this lst day of jamary,1921.
MM CITY O 9
By
Countersigned
city Treasurer
Attest •
City Clerk
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INTMEST COUPON
No $17.50.
THE CITY OF CALD4WELL, CANYON COUNTY, IDAHO, on the
July
lst day of January, 19 promises to pay to the bearer,
at the office of the City Treasurer, or at the Chase National
Bank in New Tork City, at holder's option, the sum of seven-
teen and 50 /100 dollars, being six months' interest due that
day on Bond No. of the Bonds of "LOCAL 12UR OVEI:IFNT
DISTRICT X0.2" and. not otherwise, provided that this coupon
is subject to all the terms and conditions cortained in the
bond to which it is annexed.
THE CITY OF CALDWELL
By
Mayor
Countersigned:
J" 01 y Treasurer
�a At' est:
City Clerk
Section 3, For the benefit and assurance of each
and every person who may become the holder of said bonds
it is hereby certified and declared that all acts, conditions
and thing q y s required b the Constitution and Laws of the
�
State of Idaho, and the Ordinances and Resolutions of said
City to be done precedent to the issuance of said bonds,
have been don =e, happened and been 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 mho may become the holder of any of such
1Sonds, said City does hereby irrevocably bind and obligate
itse t to levy all assessments at the time and in the wanner
-required by law necessary to pay the principal and interest
of all of said bonds as and when the same become dine, and
to promptly take such action as by _ law i may be authorized
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I to take to compel the, full and prompt payment of all assess-
ments 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, molly and punctually paid,
and that the financial credit of said City may be maintained.
Section 4. This Ordinance shall be in force and
effect from and after its passage, approval and publication
according to law,
Passed and approved this day of 01920
Mayor
Attest:
y U.Lok.
Published in the City official newspaper on _1920
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