Loading...
HomeMy WebLinkAboutORD 518BILL Ni OER 1 ORDINANCE NO. _518 By Councilman Mumford__ AN ORDINANCE providing for the issuance of refunding bonds of the City of Caldwell, Canyon County, Idaho in the amount of $41,000.00, for the purpose of refunding a like principal amount of outstanding bonds of said City, and providing for the levy and collection of an annual tax sufficient to pay principal I of and interest on said refunding bonds. WHEREAS the City of Caldwell, Idaho, has heretofore issued and has now outstanding its legal end validly binding bonds described as follows: Municipal Coupon Street Improvement Bonds, dated July 1, 1925, drawing interest at the rate of 4-3/4% per annum, payable semi-annually, in the amount of 841,,000.00, numbered from 1 to 41, both inclusive, in the principal sum of $1,000.00 each. and VIMEREAS, all of said above described bonds were duly and lawfully issued and have been and are now the legal obligations of the City of Caldwell for the prompt payment of principal of and interest on which the full faith and credit of said City are pledged; and WHEREAS, it is now possible for the City to issue refunding bonds; sell the same end pay the said outstanding bonds., which refunding bonds x-irill bear interest at the rate of a g ;!-.__% per annum thus effecting a very substantial saving to the City of Caldwell; and WHEREAS, there is no money in the treasury of said City available for the payment of the principal of said bonds,, and 1-ml 0 it is accordingly desirable and to the best interests of said City to issue its _iif- refunding bonds to pay said out- standing bonds, NOW, THEREFORE, Be It Ordained by the Mayor and City Council of the City of Caldwell, Canyon County, Idaho, as fol- lows: Section 1. That for the purpose of refunding Forty One Thousand Dollars outstanding bonds of said City described in the preamble hereto there are hereby authorized and there shall be issued the negotiable refunding bonds of the City of Caldwell in the amount of Forty One Thousand Dollars ($41,000.00) dated July 1, 1935, to be known as t�Refunding Bonds, Series 1935" in the denomination of One Thousand Dollars ($1,000.00) each, numbered from 1 to 41, both inclusive, bearing interest at the rate of w__' per annum, payable semi- annually on the first day of January and July of each year, and due serially in numerical order, as follows: Bond Numbers Amount Maturity Date 1, 2, and 3 $3,000.00 July 1, 1937 4 5, and 6 3 July 1 1938 7, 8, and 9 3,000.00 July 1 1939 10, 11, and 12 3,000.00 July 1 1940 13, 14, and 15 3,000.00 July 1, 1941 16 17, 18 and 19 4 July 1 1942 20, 21, 22 and 23 4,000.00 July 1, 194:3 24, 25, 26, end 27 4,000.00 July 1 1944 28, 29, 30, and 31 4 July 1 1945 32, 33, 34, 35, and 36 5,000.00 July 1, 1946 37, 38, 39, 40, and 41 5,000.00 July 1 1947 Both principal and interest on said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer, at Caldwell, Idaho, or at the Chase National Bank in the City and State of New York, at the option of the holder. Section 2. That said refunding bonds shall be signed by the Mayor of the City of Caldwell, countersigned by the City 2 -ml Treasurer and attested by the City Clerk, with the corporate seal of said City thereunto affixed and the coupons attached to said bonds shall be signed by the City Treasurer by his fac- simile signature, which official by the execution of said bonds shall adopt as and for his own proper signature his facsimile signature appearing upon each of said coupons. Section 3. That said bonds and coupons shall be in sub- stantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF IDAHO COUNTY OF CANYON CITY OF CALDWELL REFUNDING BOND, SERIES 1935, No. el, 000.00 KNOW ALL MEN BY THESE PRESENTS, that the City of Caldwell, in Canyon County, Idaho, a duly incorporated and existing municipal corporation of the State of Idaho, for value received, acknowledges itself indebted and hereby promises to pay to the bearer hereof the sum of One Thousand Dollars ($1,000.00) in lawful money of the United States of America on the first day of July, 19_,, with in- terest thereon at the rate of per annum from date hereof until paid, payable semi - annually on the first days of January and July of each year, both principal and interest being payable at the office of the City Treasurer, Caldwell, Idaho, or at the Chase National Bank in the City and State of New York, at the option of the holder, upon presentation and surrender of bond or proper coupon as they respectively become due. This bond is issued by said City for the purpose of re- funding a like principal amount of the valid outstanding bonded 3 -ml indebtedness of said City and is one of a series of bonds of like date and amount, and is issued in conformity and in full compliance with the Constitution end Statutes of the State of Idaho, including Chapter 2, Title 55, Idaho Code Annotated, 1932, end all other laves applicable thereto. It is hereby certified, recited and declared that the full faith, credit and all taxable property within the City of Caldwell, Idaho, are and shall continue to be pledged for and until the payment of principal of and interest on this bond in full, that every requirement of law relating to the authorization and issuance of this bond has been duly observed, that this bond and the bonded indebtedness refunded by the issuance of this bond are and were irithin every debt and other limitation. of indebted- ness prescribed by the Constitution and Statutes of Idaho, and that due provision has been made for the levy and collection of an annual tax sufficient to pay the interest hereon and principal hereof as each falls due. IN TESTIMONY ti EkEREOF, the City of Caldwell, Idaho, has caused this bond to be signed by its Mayor, countersigned by its City Treasurer, attested by its City Clerk, the seal of the City to be hereunto affixed, and the coupons hereto attached to be signed i the facsimile signature of said City Treasurer which official by the execution hereof does adopt as and for his own proper signature his facsimile signature appearing on each of said coupons, all as of the 1st day of July, 1935. E. L. VASS.AR Countersigned: Mayor H . E. PA.RP_T - City Treasurer ATTEST: o. E. FRITTS City Clerk 'p :'&L (Form of Coupon) No. 41. On the first day of 7 19 ® , the City of Caldwell, Idaho, will pay to the bearer hereof, the sum of Dollars in lawful money of the United States of America at the office of the City Treasurer at Caldwell, Idaho, or at the Chase National Bank in the City and State of New York, at the option of the holder, being six (6) months' interest that day due on its Refunding Bond, Series 1935, dated July 1, 1935, Number H. E. PARMENTER City Treasurer. (Registration Certificate) lie, the undersigned, the duly chosen, Qualified, and act- ing City Clerk and City Treasurer, respectively, of the City of Caldwell, Canyon County, Idaho., do hereby certify that the within bond has been duly registered in permanent public record books kept in our offices for that purpose, in full compliance with the provisions of Chapter 2, Title 55, Idaho Code Annotated, 1932, and all other to applicable thereto shoiiing the number, date., amount, rate of interest, date of maturity, place of payment, and the number and denominations of the attached coupons. In Witness njereof, witness our hands and - the seal of said City of Caldwell, Idaho, this ' day of July, 1935. 0. E._EBITTS City Clerk (Seal) H. E. PARJERTER City Treasurer Section 4. That the interest falling due on said bonds on January 1, 1936, shall be paid out of the general fund of said 5-ml City, and for the purpose of reimbursing said general fund for said installment of interest and to meet the interest falling due on said bonds on July 1, 1936 and January 1, 1937, and to create a sinking fund to meet the payment of principal and in- terest on said bonds on July 1, 1937, there shall be, and there is hereby, levied for the year 1935, on all taxable property in said City in addition to all other taxes, a tax sufficient to produce the sum of Three Thousand Six Hundred Fifty two and 50/100 Dollars ($3652.50), and thereafter, to meet the interest on said bonds as the same falls due and also to constitute a sink- ing fund for the payment of said bonds as they fall due there shall be,and there is hereby, levied on all taxable property in said City, in addition to all other taxes, a direct annual tax in the years and amounts as follows, to-wit: Year Principal Interest Total 1936 $3,000.00 $1,05.00 *4 1937 3,000.00 1,330.00 41330.00 1938 3,000.00 1,225.00 4,225.00 1939 3,000.00 1,120.00 4,120.00 1940 3,000.00 1,015.00 4,015.00 1941 4,000.00 910.00 4010.00 1942 4,000.00 770.00 4 AM 49000.00 630.00 4,630.00 1944 4,000.00 490.00 49490.00 1945 5,000.00 350.00 5,350.00 1946 5,000.00 175.00 5,175.00 Section 5. It shall be the duty of the City Council of said City and it is hereby covenanted and agreed that annually, at the time and in the manner provided by law for the levying of other city taxes the Council will ratify and carry out the provisions hereof with reference to the levying of taxes, and it is hereby required that all officers of said City charged with the extension and collection of taxes shall extend and collect the taxes for which provision is hereinabove made. Said taxes, when collected, shall be applied only to the payment of interest on, and principal �AMIU 7 of, the bonds herein authorized as hereinabove specified., pro- vided, howeve'r, that nothing herein contained shall be construed to prevent sa-.*-d City from applying any other funds that may be in the city treasury and available for such nurpose to the pay- ment of said principal and interest,, in iwhich event the levy or levies hereinabove made may be to such extent diminished. Section 6. That the refunding bonds herein authorized shall be sold for the purpose of paying the outste.-Iding bonds deserl.bed Vi.c - )reamlble hereto and the money derived therefrom shall be used for the payment of said bonds alone and to retire an equal amount of said outstanding bonds vLhich shall be paid and cancel- led by the Treasurer so that the indebtedness of the City of Cald- well shall not be, at any time, increased by reason of the issu- ance of said refunding bonds. Section 7. An emergency existing therefor, it being neces- sary to the credit of the city that this ordinance shall be im- mediately effective, this ordinance shall be in full force and effect immediately upon the signing of the same by the Mayor and the publication thereof, cnd shall be irrevocable and irrepealable until the refunding bonds herein authorized shall have been fully said as to both principal and interest. Section B. That all ordinances, resolutions or orders or parts thereof, in conflict herewith, be, and the same are hereby repealed. Adopted and approved this 3d day of June, 1935. Iiayor Attest: itV Y Clerk 7-ml