Ordinance #21: Bond for Water Works Plant and System

ORDINANCE #21

AN ORDINANCE SUBMITTING TO THE QUALIFIED ELECTORS OF THE VILLAGE OF GEORGETOWN, IN THE COUNTY OF BEAR LAKE, STATE OF IDAHO, WHO ARE TAXPAYERS THEREOF, FOR THEIR VOTE AND DETERMINATION, THE QUESTION OF ISSUING MUNICIPAL COUPON AMORTIZATION BONDS OF SAID VILLAGE,  TO AN AMOUNT AGGREGATING THE PRINCIPAL SUM, OF  $22,000.00, FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING  AND MAINTAINING A WATER WORKS PLANT AND SYSTEM AND TO SUPPLY THE SAME WITH WATER FOR THE PURPOSE OF FURNISHING WATER TO SAID VILLAGE FOR FIRE PROTECTION,  SANITARY, AND OTHER USES, AND USES BY THE INHABITANTS THEREOF FOR DOMESTIC, CULINARY AND OTHER USES, AND FOR THE PURPOSE OF PAYING THE COST OF SAID IMPROVEMENT, THE NECESSARY ENGINEERING AND LEGAL  EXPENSE ASSESSMENT OF DIRECT EQUAL ANNUAL ADVALOREM TAXES AND ASSESSMENTS UPON ALL THE TAXABLE PROPERTY WITHIN SAID VILLAGE SUFFICIENT TO PAY THE INTEREST AND PRINCIPAL UPON SAID BONDS, UPON AN EQUAL ANNUAL AMORTIZATION PLAN, WITHIN TWENTY (20) YEARS FROM THE TIME OF CONTRACTING SAID INDEBTEDNESS EVIDENCED THEREBY; THE FIRST ANNUAL AMORTIZED PRINCIPAL PAYMENT TO BECOME DUE AND PAYABLE TWO (2) YEARS FROM THE TIME OF CONTRACTING SAID INDEBTEDNESS.  SAID EQUAL PROPERTY TO BE SUFFICIENT TO CONSTITUTE AND MAINTAIN A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL OR SAID BONDS WITHIN TWENTY YEARS FROM THE TIME OF CONTRACTING THE INDEBTEDNESS FOR WHICH THE SAME ARE ISSUED; AND PROVIDING FOR AN ELECTION TO BE HELD IN AND FOR SAID VILLAGE, FOR SAID PURPOSE ON SEPT.30, TO-WIT THE 30TH DAY OF SEPTEMBER, 1938, PRESCRIBING THE FORM OF NOTICE TO BE GIVEN TO THE ELECTORS OF SAID VILLAGE FOR THE HOLDING OF SAID ELECTION; AND ALSO PRESCRIBING THE FORM OF BALLOT TO BE USED IN VOTING AT SAID ELECTION, NAMING THE ELECTION OFFICERS TO SERVE THEREAT, DECLARING AN EMERGENCY THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS PASSAGE, APPROVAL AND PUBLICATION, AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH.

WHEREAS, IT APPEARS TO THE CHAIRMAN AND BOARD OF TRUSTEES OF THE VILLAGE OF GEORGETOWN, BEAR LAKE COUNTY, STATE OF IDAHO, THAT IT WOULD BE, AND IS HEREBY DEEMED ADVISABLE AND TO THE BEST INTEREST OF SAID VILLAGE AND THE INHABITANTS THEREOF TO ISSUE MUNICIPAL COUPON AMORTIZATION BONDS OF SAID VILLAGE IN AN AMOUNT OF $22,000.00 FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING AND MAINTAINING A MUNICIPAL WATER WORKS PLANT AND SYSTEM, AND SUPPLY THE SAME WITH WATER FOR THE PURPOSE OF FURNISHING WATER TO SAID VILLAGE FOR FIRE PROTECTION, SANITARY AND OTHER USES, AND TO THE INHABITANTS THEREOF, FOR DOMESTIC, CULINARY AND OTHER USES, AND FOR THE PURPOSE OF SECURING A SITE THEREFORE:

NOW THEREFORE, IN CONSIDERATION OF THE PREMISES:

BE IT ORDAINED by the Chairman and Board of Trustees of the Village of Georgetown, in the County of Bear Lake, in the State of Idaho:

SECTION I

That a special municipal election be, and the same is hereby called and ordered to be held in and for the Village of Georgetown in the County of Bear Lake and State of Idaho on Sept. 30, to-wit the 30th day of September, 1938, beginning at the hour of 9:00 o’clock a.m., and closing at the hour of 7:00 o’clock p.m., for the purpose of taking the vote of the qualified electors, who are taxpayers of the said Village, upon the question set forth in the form of the ballot prescribed in Section III of this ordinance.

SECTION II

That all persons who at the time of said election are qualified electors and taxpayers of said Village and no others shall be qualified to vote at said election upon the question submitted as aforesaid.

SECTION III

That the vote at said election shall be by ballot; and the ballot used shall be printed in substantially the following form:

See original ordinance

SECTION IV

Said bonds when so issued shall mature and be payable within twenty (20) years from the time of contracting the debt for which the same are issued, upon an equal annual amortization plan. The first annual amortized principal payment shall mature and be payable at the expiration of two (2) years from and after the time of contracting said indebtedness, and the various annual maturities shall, as nearly as practicable, be in such principal amounts, as will, together with the interest accruing on all outstanding bonds of such issue be met and paid by equal annual tax levies for the payment of the principal of said bonds and interest thereon accruing during the period of twenty (20) years from the time of contracting the debt for which the same shall be issued.  That said bonds shall draw interest at a rate of not exceeding six per cent (6) per annum; and that such amortized annual maturities shall be prescribed when the interest to be borne by said bonds shall be ascertained upon and after the sale thereof.

SECTION V

That the clerk of said village shall give thirty (30) days notice of such election by publication in the News Examiner, a weekly newspaper printed and published in Bear Lake County, Idaho, and of general circulation in said village and hereby declared, determined and adjudged by said village to be the official newspaper thereof, in at least five (5) publications thereof; the first publication to be at least thirty (30) days before said election; and by posting in three (3) public places in said village, said notice to be in substantially the following form to-wit;

See original ordinance

SECTION VI

That said election shall beheld in the following named polling place to-wit, the Public school building on Fourth Street in said Village of Georgetown, and the judges and clerks of said election shall be the following named persons, namely:

Judges:  James T. Dunn, Lewis Robison, Anne Barkdull
Clerks:  Vivian Hayes, Alice B. Clark

SECTION VII

That in case the issuance of the said bonds for the purpose aforesaid, shall be approved by said electors, then, by virtue of, and in pursuance of the laws of the State of Idaho, there shall be and there are hereby ordered, authorized and directed to be issued negotiated and sold in the manner provided by laws, the municipal coupon amortization bonds of said village, in an amount aggregating the principal sum of $22,000.00 and that the said bonds shall be known and designated as municipal water works amortization coupon bonds.

SECTION VIII

That in case of the issuance of said bonds the exact date said bonds shall bear, their forms, terms and maturity date, shall be fixed by ordinance hereafter to be adopted, after the chairman and board of trustees have determined the best terms upon. And the lowest rate of interest at which said bonds can be negotiated.

SECTION IX

That in case of the issuance of said bonds there shall be levied and assessed upon all the taxable property in said village, the addition to all other authorized taxes and assessments, for the purpose of paying said debt, direct equal annual advalorem taxes, sufficient to pay the principal and interest on said bonds as the same accrues, matures and becomes due and payable, upon an equal amortization plan; at the expiration of two (2) years from and after the time of contracting the debt for which the same shall be issued; and sufficient to pay the principal and interest within twenty (20) years from the time of contracting and debt for which the same shall be issued; and sufficient to constitute and maintain a sinking fund for the payment of the principal of said bonds within twenty (20) years from the time of contracting said indebtedness.  And such taxes shall be levied, assessed, certified, extended and collected, equally and annually, as near as practicable, and until said debt and all interest thereon accrued shall have been fully paid.

SECTION X

WHEREAS, the Village of Georgetown, Idaho, does not have a water works plant and system, an emergency is hereby and herewith declared to exist; and this ordinance shall therefore, take effect and be in full force from and after its passage, approval and due publication and shall be irrepealably until the indebtedness hereby created, both as to interest and principal shall have been fully paid and satisfied.

SECTION XI

That all  ordinances, or parts of ordinances, in conflict herewith are hereby repealed.
Passed and approved this 22 day of August, 1938. Signed:  Lewis Munk, Chairman