Ordinance #22: Water Bond (1938)

ORDINANCE #22

AN ORDINANCE PROVIDING FOR THE ISSUE AND PRESCRIBING THE FORM OF $20,000.00 MUNICIPAL COUPON BONDS OF THE VILLAGE OF GEORGETOWN, BEAR LAKE COUNTY, STATE OF IDAHO, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION OF A MUNICIPAL WATER WORKS SYSTEM; MAKING PROVISION FOR THE COLLECTION OF AN ANNUAL TAX SUFFICIENT TO PAY THE INTEREST ON SUCH INDEBTEDNESS AS IT FALLS DUE AND ALSO TO CONSTITUTE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF WITHIN TWENTY YEARS FROM THE TIME OF CONTRACTING THE SAME; AND PROVIDING FOR THE SALE OF THE SAID BONDS TO THE UNITED STATES OF AMERICA AT PRIVATE SALE.

WHEREAS, AT A SPECIAL ELECTION OF THE QUALIFIED ELECTORS OF THE VILLAGE OF GEORGETOWN, BEAR LAKE COUNTY, STATE OF IDAHO, WHO WERE TAXPAYERS OF SAID VILLAGE, HELD ON THE 30 DAY OF SEPTEMBER, 1938, IN ACCORDANCE WITH THE LAW AND PURSUANT TO DUE NOTICE, SUCH ELECTORS DID, BY A VOTE OF 99 BALLOTS IN FAVOR OF ISSUING BONDS TO THE AMOUNT OF $22,000.00 FOR THE PURPOSE STATED IN ORDINANCE #20 AND 9 BALLOTS AGAINST ISSUING BONDS TO THE AMOUNT OF $22,000.00 FOR THE PURPOSE STATED IN SAID ORDINANCE, CARRY IN THE AFFIRMATIVE, BY THE ASSENT OF MORE THAN TWO-THIRDS OF THE QUALIFIED ELECTORS, WHO WERE TAXPAYERS OF SAID VILLAGE, VOTING AT SAID ELECTION, THE QUESTION OF CONTRACTING A BONDED INDEBTEDNESS BY SAID VILLAGE IN THE SUM OF $22,000.00 FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION, ACQUIRING AND MAINTAINING A MUNICIPAL WATERWORKS PLANT AND SYSTEM 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 PROVIDE A SITE THEREFORE, BY THE ISSUANCE OF THE NEGOTIABLE COUPON BONDS OF THE VILLAGE THEREFORE; AND

WHEREAS, THE BOARD OF TRUSTEES OF SAID VILLAGE OF GEORGETOWN, DESIRES, AS DIRECTED BY LAW, TO ISSUE THE BONDS OF THIS VILLAGE IN CONFORMITY WITH SAID VOTE FOR THE PURPOSE AFORESAID; AND

WHEREAS, THE UNITED SATES OF AMERICA HAS SUBMITTED TO THE SAID VILLAGE AN OFFER DATED NOVEMBER 7, 1938, TO PURCHASE $20,000.00 OF BONDS, WHICH OFFER WAS DULY ACCEPTED BY SAID VILLAGE EFFECTIVE AS OF NOVEMBER 14, 1938, BY WHICH, SUBJECT TO THE TERMS AND CONDITIONS THEREIN SATED, THE VILLAGE AGREED TO SELL TO THE UNITED SATES OF AMERICA AND THE UNITED SATES OF AMERICA AGREED TO PURCHASE $20,000.00 OF SAID BONDS, AND THE UNITED STATES OF AMERICAN FURTHER AGREED TO MAKE A GRANT TO THE VILLAGE OF FORTY-FIVE PER CENTUM OF THE COST OF THE PROJECT UPON COMPLETION, AS DETERMINED BY THE FEDERAL EMERGENCY ADMINISTRATOR OF PUBLIC WORKS, BUT NOT TO EXCEED, IN ANY EVENT, THE SUM OF $16,364; AND

WHEREAS, THE BOARD OF TRUSTEES OF THE VILLAGE OF GEORGETOWN BEAR LAKE COUNTY, IDAHO FINDS AND DEEMS IT ADVISABLE AND HEREBY DECLARES IT TO BE FOR THE BEST INTERESTS OF SAID VILLAGE TO PROVIDE FOR THE ISSUANCE AND SALE OF $20,000.00 OF SAID BONDS, IN ACCORDANCE WITH SAID OFFER AND ACCEPTANCE, AND TO AWARD AND ISSUE SAID BONDS TO THE UNITED STATES OF AMERICA AT PRIVATE SALE, PURSUANT TO LAW;

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

See original ordinance