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Resolution - 1976 - 4-76 - Issue No. 1 Tax Anticipation Bond - 09/30/1976 I-_,_'f'~" .¡¡, ~,t ',-' "~ ~ ; ;' , ',1" RESOLUTION NO. 'Ý~ j7¿ ARNOLD PEARMAN LOWE HERRICK l í ~ t j BY THE COUNCIL: BE IT RESOLVED, By the Mayor and Council of the City of Eagle, Idaho as follows: WHEREAS, There is an immediate and pressing need of raising \ funds to defray the ordinary and necessary expenses of the City . of Eagle, Idaho, authorized by the general laws of the State of Idaho: and WHEREAS, It is necessary tò borrow money in anticipation of taxes for the fiscal year, 1976, in order to raise funds for carrying on the business of said city until the taxes levied for said fiscal year have been collected; and WHEREAS, Authority is given for the creation of such indebtedness by the provisions of Cahpter )1, Title 6), Idaho Code; and WHEREAS, The taxes for the current fiscal year have not yet been levied and completed; and WHEREAS, The taxes levied in the previous fiscal year of 1975 was the sum of $11,268 exclusive of taxes levied for the purpose of paying the principal of and interest on the outstanding bonded indebtedness of the city; and WHEREAS, It appears to this Council to be expedient and in the best interest of the City of Eagle that said city borrow the sum of $2000.00 DOLLARS, for the purpose aforesaid, and issue its tax anticipation notes in said amount, and that said amount together with all other outstanding tax anticipation notes issued in anticipation of taxes for the current year, will not be in excess of seventy-five (75%) per cent of the taxes levied by the said city for the previous fiscal year, not in excess of any other limitations on the indebtedness of said city, provided by the Constitution and Laws of the State of Idaho. - NOW, THEREFORE, BE IT RESOLVED, That the City of Eagle, State of Idaho, for the purpose of providing funds in anticipation of the collection of taxes of the current fiscal year, 1976, exclusive ot taxes required to be raised to pay the principal of the outstanding bonded indebtedness of said city borrow the sum of $2000.00, and for that purpose, and as evidence of such indebtedness, issue its Number One tax anticipation bond therefor in the aggregate principa~ amount 05,0 ~2000.00 DOLLARS, all to be dated as of the 30 day of ':;;(..~/<}7e/-;ót3A:.-, 1976, to be numbered One in the following denomination: '¡ t , ----~-- -- ---- --------- -- --- . ----- ----- ---- - --- ------- -- ~ Bond numbered one (1) in the denomination of $2000.00. Each bond to bear interest from date of negotiation at a rate not in excess of 5% per cent per annum, payable at maturity, said bonds to become due and payable on or before the 31st day of December, 1976. The principal and interest of said bonds shall be payable at the Idaho First National Bank, Eagle Branch, Eagle, Idaho. Said notes or bonds shall be signed and executed by the Mayor of the City of Eagle, attested by the City Clerk, countersigned by the City Treasurer, sealed with the Corporate Seal of said City and shall be in substnatially the following form, words and figures (except as to number and denomination), to wit: AND BE IT FURTHER RESOLVED, That all the covenants, statements, representations and agreements contained in said bonds are hereby adopted as the covenants, statements, repre- sentations and agreements of the City of Eagle, State of Idaho, and BE IT FURTHER RESOLVED, That for the payment of said tax anticipation bonds at maturity, there hereby is created a special fund to be known as the "Tax Anticipation Bond Redemption Fund" until such time as the funds accumulated therein shall be sufficient to pay all such tax anticipation bonds outst~nding, together with interest thereon at maturity, and WHEREAS, various banking institutions may wish to purchase said bonds at par and accrued interest as and when the same may be legally issued and delivered. NOW, THEREFORE, BE IT FURTHER RESOLVED, That the Mayor and City Clerk and City Treasurer, as the case may be, are hereby authorized and d~rected to negotiate, issue and deliver said bonds to any banking institution authorized to do business within the State of Idaho at such times and in such amounts as in the opinion of the Mayor and City Clerk may be expedient and at an interest rate or rates not to exceed 5% per cent per annum and the proper officials of the City of Eagle, Idaho, are hereby authorized and directed to sign, certify, seal, and execute each of said bonds at the time of negotiation and issue thereof. BE IT FURTHER RESOLVED, That the proceeds of the sale of said bonds shall be used for the purposes and only for the purposes herein stated and for which such taxes, the collection of which is anticipated, are to be levied, and - ------------- -- ----------- n ---- ,-- ----------------- -- ----,------------ ! ---- ~ J ',' t .,~ ; , " ;f ~ J , 1 1 j 1 t ~ :~ I ! ,1 \ ~ :, .J ~ i . ~ J j , . . ,~ i, 1 :1 '1 & f i '1\ ',1 '~ I ~ . J ". s - - --------"