Georgetown Idaho

ORDINANCE # 31

An ordinance providing for the construction, acquisition and installation of additions and betterments to the existing water system and providing for the subsequent ownership, operations maintenance and control of the same by the Village of Georgetown, Idaho, at an estimated cost of $85,000.00; providing for the payment of the cost of the improvement by the issuance of municipal revenue bonds of not more than $85,000.00; which said bonds shall be paid only out of the revenues and earnings of the water system subject, however, to the approval by the qualified electors of said village of Georgetown at a special election ordered herein; describing said bonds; setting forth certain covenants, calling  special election for the submission to the qualified electors of said village the question of the ratification or rejection of said bond issue and of said indebtedness or liability; providing for the notice of such election and the publication thereof, and providing for the publication of this ordinance and the effective date thereof.

BE IT ORDAINED by the Chairman and Board of Trustees of the Village of Georgetown, Idaho:

SECTION I

That subject to the approval by the qualified electors of the Village of Georgetown, Idaho, of the proposition hereinafter described, at a special election hereinafter ordered, there shall be acquired, constructed and installed, or caused to be constructed and installed by the Village of Georgetown, Idaho, the following additions and betterments to the Water System:

The development of springs at a point approximately one and one-half miles up the South Fork of Georgetown Canyon.

Construction of a small concrete reservoir to house the water from the springs and the construction of a transmission line from said reservoir to a point located at the northeast end of the Village wherein said transmission line will connect with the distribution system.

The construction of the foregoing is in accordance with the maps, plans, and specifications as prepared by Hansen-Koerner-Smith, of Brigham City, Utah, Engineers for the Village of Georgetown, Idaho, for the carrying out of the plans of construction, complete details for which said project are fully set forth and specified in the above maps, plans and specifications, which said maps, plans and specifications have been filed, and are now on file in the office of the Clerk, of the Village of Georgetown, Idaho, which said maps, plans and specifications are hereby expressly adopted and approved.

The Board of Trustees may make such changes in the details of the above plan prior to, or in the course of, the actual construction, which shall be found necessary and desirable and which will not substantially affect or change said plan.

SECTION II

The total cost of doing all the foregoing, together with all necessary costs and engineering expenses, legal costs, labor costs and incidental costs, as estimated by the Chairman and Board of Trustees, will be $85,000.00.  The foregoing estimated cost also includes inspection and fiscal expenses and interest which will accrue during the construction period  and for six months thereafter on money borrowed.

SECTION III

That a special election of the qualified electors of the Village of Georgetown, Idaho, shall be, and is hereby ordered to be held in said Village on Tuesday, November 4, 1958, between the hours of 8:00 o’clock am and 8:00 o’clock pm, on said date, at which election the question of the construction, acquisition and installation of additions and betterments, as described in this Ordinance, and the payment of the cost of the same by the issuance of Revenue Bonds in the amount of not more than $85,000.00, shall be submitted to the qualified, registered voters of this Village, and to their assent or rejection, as provided by law.  The voting place for said election shall be at the School House, District #1.

Such voting place, and the ballot boxes therein for said special election will be opened at the hour of 8:00 o’clock am and will continue open until, and will be closed at, the hour of 8:00 o’clock pm on said day.  The voting at said election shall be by ballot, and the proposition which shall be submitted thereon at said election, shall be substantially in the following alternative form, viz:

“IN FAVOR OF ISSUING water Revenue Bonds for the purpose provided by Ordinance #31.”
“AGAINST ISSUING water Revenue Bonds for the purpose provided by Ordinance #31.”

If at such election, two-thirds of the electors qualified and entitled to vote at said election and voting at such election, assent to the acquisition and installation of the additions and betterments to the water system, and the payment thereof solely out of and from the earning and revenues of the Water System, such bonds for said purpose shall be issued as provided by the Municipal Bond Law of the State of Idaho.

SECTION IV

Notice of said election shall be published in THE NEWS EXAMINER, a legal newspaper printed and published weekly in Montpelier, Bear Lake County, Idaho, and being the official newspaper of the Village of Georgetown, Bear Lake County, Idaho; that said publication shall be had once a week for two successive weeks prior to such election, said publications to be had on October 23 and October 30, 1958, prior to the date fixed for said election which said Notice of Election shall set for the purpose of this Ordinance, the amount of bonds authorized by it, and the maturity dates of said bonds, and the maximum rate of interest which said bonds shall bear, the voting places, the hours between which the polls shall be open he qualifications of the voters who may vote thereat, and shall refer to this Ordinance for further details and particulars; and shall be given in the name of the Village of Georgetown, Idaho, by the Chairman of the Board of Trustees and attested by  the Clerk thereof.

SECTION V

The Village Clerk, the registrar of Village elections, shall register the qualified electors of said election, commencing with the date that the Notice of Election is given and first published an thereafter, as provided by law, at any time during office hours, and at any other times, all as provided by statute, and shall cause notice of registration to be given as required by law.

SECTION VI

Said revenue Bond Issue of not in excess of $85,000.00 shall consist of not more than 85 coupon bonds of the denomination of $1,000.00 each, numbered for one (1) upward, consecutively, shall run for a period of twenty-four (24) years from date of use and shall mature and be payable as follows:

$2,000.00 in each of the year 1960 to 1964, both inclusive;
$3,000.00 in each of the year 1965 to 1970, both inclusive;
$4,000.00 in each of the years 1971 to 1976, both inclusive;
$5,000.00 in each of the years 1977 to 1979, both inclusive;
$6,000.00 in each of the years 1980 to 1982, both inclusive;

The principal and interest of said bonds being payable solely out of and from the revenues of the water system, as provided for by this Ordinance; said bonds shall bear a rate, or rates, of interest not exceeding Five per cent (5%) per annum, which interest shall be payable semi-annually after date of issue of the bonds, with interest coupons attached evidencing the interest then payable, and shall be payable, both principal and interest at the office of the Treasurer of the Village of Georgetown, Bear Lake County, Idaho; shall be signed into the corporate name of the Village by the Chairman of the Board of Trustees, countersigned by the Village Treasurer and attested by the Village Clerk, with the seal of said Village impressed upon each bond, and the signature of the Treasurer upon the interest coupons may be either the printed or lithographic facsimile of said official; and consistent with the provision to be made by a subsequent Ordinance said bonds and the interest thereon shall be payable only out of a Special Fund, or funds.

Said bonds and interest coupons, if authorized at said special election, shall be  issued against said revenues and said Special Fund, or Funds, to be created by subsequent Ordinance, and shall be valid claim for the holder thereof only as against said revenues, and of the water system, and the moneys required to be paid therein, shall not constitute an indebtedness of the Village of Georgetown within the meaning of the Constitution and Laws of the State of Idaho.

SECTION VII

The earnings and revenues out of and from said water system shall be paid into a Special Fund, or Funds (hereafter created by subsequent Ordinance) until full payment of all of said bonds, both principal and interest, after deducting the costs of operation and maintenance of the water system.

SECTION VIII

In the event the bonds referred to herein are legally authorized to be issued, it is further covenanted and ordained as follows:  That the Village of Georgetown, Idaho, shall not sell, lease, or in any manner dispose of the water system, or any substantial part of unit thereof, until the bonds with interest thereon, shall be paid in full; that said Village (until all of said Revenue Bonds and the interest thereon shall have been fully paid) shall not reduce the rates required by it for water service to consumers, so that the gross revenues of the water system shall be insufficient to pay for the retirement of the system, or as hereafter bettered, extended or improved, shall not be sufficient to pay the costs of operation and maintenance, and the charge thereon created in favor of the bonds referred to in this Ordinance, it the said Village shall increase its said rates to such rates and amounts as will be sufficient to provide for the payment of all such costs of operation and maintenance of the water system, and of the Revenue Bonds referred to herein and interest thereon and other incidental costs and expenses permitted by Statute; that, in order to preserve the priority of said Special Fund, or Funds, the said Village shall not create, or permit to be created, so long as any of the bonds shall be outstanding and unpaid, any indebtedness or charge whatsoever which shall be a charge against the revenues of the water system superior to the charges required for the retirement of these bonds and interest.

SECTION IX

This Ordinance shall take effect and be in full force upon its passage, approval and publication in one issue of the News Examiner, a newspaper of general circulation in said Village, published at Montpelier, Bear Lake County, Idaho, and being the official newspaper of said Village.

Passed under suspension of all rules and regulations of the Board of Trustees upon which proper roll call votes were duly taken, and duly enacted an Ordinance of this Village at a regular meeting of the Chairman and Board of Trustees of the Village of Georgetown, Bear Lake County, Idaho, on October 9, 1958.

W. W. Hayes, Chairman
M. Floyd Clark, Clerk