HomeMy WebLinkAboutORD 351ORDINANCE NG, 9 S`(
AN ORDINANCE AUTT3t?R1*1N AT IROVIDING FOR THE
ISSUANCE OF BONDS OF' ZQ,ZLL IMPRO.VEDMNTS DISTRICT
NO.4 OF THE CITY QQF CALDWE;LL, IbARG, AND PROVIDING'.
.3:,. FOR THE FOPW AND DETAILS OF SUCH BONDS.
1MR4AS by Ordi.rkance No, :1 t of the City of Cal"440
Idaho, of said City, there was created.and established Local
Improvement District Ne>. 4,, and the making of certain Street
improvements within aaid District wa,a:_aut.horiged, all of which
improvements within said District have been fully completed and
accepted by the City Council, and
WHF,REAS, thereafter on ! 1920 assessment
roll for said District was filed, and after due public notice of
hearing thereon such assessment roll was, on
by resolution of the City Council that day adopted, duly ratified,
approved and confirmed, and no person filing objections to such
assessment roll appealed to the District Couirt 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
WHEREAS, subeecjuent° bo <p ss ga,.oi said Reag1 t on
ratifying, approving, confirming and adopting said assessment roll,
the City Clerk published no Lice of the time and place for the
payment of the assessments contained in said assessment roll and
as provided by Section 4019 of Idaho Compiled Statutes, 1919,
and the time for paying such assessments as fixed by such notice
has expired, and
WHEREAS, the total amount of assessments levied by said
assessment roll against private property as in said assessment roll
set forth was the sum of �, �i 2 . 2
of which amount assessments in the sum of
have been paid and the balance of / �� remains 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, including engineering and other
clerical cervices, advetising, cost of inspection, Cost of collectigg
assessments and interest upon the interim warrants of said District,
d
WHEREAS by thid Ordinance No. � , it was provided that
bonds of s4id 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 soh assessments
paid in cash prior to the issuance of bonds,
Naff, THEREFORE, BE IT ORDAINED by the Mayor and City Council
of the City of Caldwell, Canyon County, Idaho, as follows:
Section 1. That there be issued the bonds of Local improve-
ment District No. 4 of said City in the principal amount of 2
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
Uays of July and January; to be numbered co secutively, beg�rft ing'
with and No. l; to be in denominations of $50U facbhaid. bonds ','to be
pa�W'ze, .both principal and interest, at the office of the City
3..
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Treasurer or-at Chase National Bank of New York City, at holder's
pption, from the special fund in the City Treasury created by Section
4 of said Ordinance No, and known as: "LOCAL IBt k3OVEMENT
DISTRICT N0. 4 FUND "; said bonds shall mature ten years after date
but may be redeemed prier to maturity on January let, 1922, or on
January let of any year thereafter, 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 unpaid builds 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 and numbers of bonds called for pay-
ment, the date on which the 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 a.ffixf:d thereto. The interest coupons shall bear the
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facsimile signatures of such officers, and said officers are
hereby authorized to have sai41t®nds 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.
$500,00
LOCAL IMPROVEMENT BOND OF DIS'TRICE
NO.& OF THE CITY OF CALDWELL,
STATE IDAHO
The jaws of the State of Idaho under which this bond
is issued contain the following provision:
"The holder of any bond issued under the authority
Of this article shall hAve no claim therefore again-
st the municipality by which the same is issued, in
any event, except for the collection of the special
assessment made for the improvement for which said
bond was issued, but his remedy, in case of non-
Payment, shall be confined to the enforcement of
such assessments. A copy of this section shall be
Plainly written, printea or engraved on the face of
each bond so issued."
KNOB ALL MEN BY THESE PRESENTS That the City q�t_
Caldwell, ... _
well, Canyon County, State of Idaho, hereby promises to
pay to bearer the sum of five hundred dollars
money of the United States, with interest thereon at the rate
Of seven per cent per annum, payable semi - annually on the first
dais of Jul$, January, out of the fund established by Ordinance
no. 3 ,( of said City, which is known as "LOCAL IN_ROVEMENT
DISTtiIC2 N0. # FUND ", and not otherwise; both princir)al Anti
interest payable at the office of the City Treasurer of said City,
or at the Chase National 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 tnis bond is called
for payment before maturity, each and every coupon representing intere, .
eat not accrued at the time this bond is payable under such call, shall
be void.
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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 let, 1922;,, "br on January lst of any year thereafter
whenever th =re shall be sufficient money in said fund to pay the
same, and all unpaid bonds of 'the series of which this bond Is
one, whi:.;h are prior to this bond, in numerical order, over and
above sufficient for the payment of interest on all unpaid bonas
Of said series, and this bond is one of the series of ,g 3
bonds, aggregating in all the principal sum of ,"2 ,
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 pity, as the_ agent of said Local
Improvement District No. 4 duly created by Ordinance, has caused
this bond to be issued in the name of said City as the bond of
said "LOCAL IMPROVEMENT DIS`T'RICT NO. 4 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 of Clevelane Boulevard and
other streets in said dity under said Ordinance No.
as id levied and assedsed against the property inCluded in said
Local improvement District and bgn6fited by said improvement, and
said Local Improvement Disirice No. 4 Fund has been established by
Ordinance for said purpose, and the holder or holders of this bond
shall look only to said fund for the payment of either the principal
or the interest of this bond.
The call for payment of this bond, or any bond of the series
of which this is one, shall be made by the Lity Treasurer by
Publishing the same in the "ity Official newspaper of said City, as
provided by Sedtion 4.021 of the Idaho Complied Statutes, 1919, and
when such hall is made for the 1- ayment 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.
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IN WITNESS WHEREOF the of Caldweil, Idaho has
caused these presents to befsigned by its Mayor, counter- signed
by its Treasurer, attested by its Clerk and sealed with its
corporate seal this lst day of January, 1921.
THE CITY OF CALD
By yor
Countersigned• ity.Treasurer
Attest City C erk
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1NTEREST C OUPON
No.�
THE CITY OF CALDWELL, CANYON COUNTY, IDAHO, on the 1st
July
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 York
City, at holder's option, the sum of .,, - _ ( -- 2"4 _dollars,
being six month's interest due that day on Bond No. of the
Bonds of "Local Improvementnistrict No. 4 and not otherwise,
provided that this coupon is subject to all the terms and conditions
contained In the bond to which it is annexed.
THE CITY OF CALDWELL
By
May Or
Countersigned:
City Treasurer
Attest
City C er
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, condit oaa and things required
by the Constitution and Laws of the State of Idaho, and the Ordinance
and Resolutions of said City to be done precedEnt to the issuance
of said bonds, have been done, happened and been perform 4-,� s required
by law, and that the amount of bonds authorised 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 law 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 authoriTed to take
to compel the full and prompt Payment of all assessments so levied,
together with penalty and interest thereon in caseethe same become
delinquent, all to the end that the holder of eanh and every of said
bnad.s may have his bond, together with interest theron, fully
and punctually paid, and that the financial credit of said Eity
may be maintained.
Section 4. This Ordinance shall be in force and effect
from and after its passage, approltsl and publication according to
law.
Passed and approved this �a daybof 1920
Mayor
A ttest:��L%
City Cle k
Published in the City official newspaper on 1920
U
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