1955-022 Issuance Sewer Bonds~ 3~
RESOLUTION No. 22.
WHEREAS, the qualified electors of the City of Meridian, Idaho, have
heretofore authorized the issuance of Revenue Bonds of the City of
Meridian, Idaho, in the principal. amount of X275,000.00 for the pur•-
pose stated in Ordinance No. 74 of said City, passed and approved
August 3, 1955, and it is deemed advisable by the Mayor and City
Council of said City at this time to issue the X275,000.00 of bonds.
thus authorized at a special election held within said City on
August 30, 1955;
NOW THEREFORE, the Mayor and Council of the City of Meridian,
Idaho, do hereby order and resolve as follows:
1. That there shall be sold and issued at this time revenue
Bonds of the City of Meridian, Idaho, in the amount of 275,000.00,
which said bonds shall be dated October 1, 1955, or on the first day
of any secceeding month as may be determined by the Mayor and Coun-
cil and the purchaser subsequent to the sale thereof,
2. That the City Council reserves the right to redeem any or
all bonds of said bond issue maturing on October first in each'of the
ears 1966 to 1979, both and all years inclusive, aggregating
174,00.00, on any interest payment date on or after October 1,
1965, and any and all bonds of said bond issue maturing on October
first in the year 1950, aggregating 40,000.00, on any interest pay-
ment date on or after October first 1955, in the inverse order of
the numbering of said bonds, highest numbers first, upon and after
prior publication of notice of the Intention to redeem any of said
bonds by publication of such notice at least a.~ce in a newspaper of
general circulation in said City, said publication to be at least
thirty (30) days prior to the date of intended redemption, and by
mailing notice of said call at said time to the purchaser, or pur-
chasers, of said bonds, and upon the date fixed for redemption
interest upon the bonds thus called for redemption shall cease to
acrue. In the event the bonds are dated subsequent to October 1,
1955, then, and in that event, the month of the years in which the
bonds may be redeemed shall be changed to agree with the month o~" ~. ~_
dating of bonds determined upon by the Council and the purchaser.
3. That the Notice of Sale of the foregoing Revenue Bonds of
X275,000.00 shall be in substantially the following form, viz:
NOTICE OF SALE OF SEWER RE'~TENUE BONDS OF
THE CITY OF MERIDIAN IDAHO OF 275 000.00.
NOTICE IS HEREBY G N by the ayor and ounce of the City of Mer-
idian, Ada County, Idaho, of the intention to sell Sewer Revenue,--
Bonds of said City in the amount of 275,000.00, heretoforA. aut~~., ~.
orized at a special election held in said City on August 30, ~1~955,`~,, _
for the purpose of acquiring funds to pay the cost of the acquies3:t-ion
and construction of a Sewage Treatment Plant and trunk and lateral
sewers, pursuant to the provisions of Ordinance No. 74 of said city,
passed and approved by the Mayor and Council of said City on
August 3, 1955•
Said bonds shall be dated October 1, 1955, or on the first .day of
any succeeding month as may be determined by the Mayor and Council
and the purchaser subsequent to the sale thereof, shall bear a rate
of interest of not in excess of four and one-half per centum (42~)
per annum, payable semi-annually, and shall run for a period of
twenty-five (25) years from date of issue, shall be of the denomina-
tion of X1000.00 each, and shall mature and be payable as follows:
5000.00 in each of the years 1957 and 1955; 6000.00 in each of the
years 1959. and 1960; X7000.00 in each of the years 1961 and 1962;
5000.00 in eaoh of the years 1963 and 1964; 9000.00 in each of the
years 1965 and 1966; 10000.00 in each of the years 1967 and 1965;
11,00.00 in each of the years 1969 and 1970; 12,000.00 in each of
the years 1971 and 1972; 13,000.00 in each of the years 1973 and 1974;
14,000.00 in each of the years 1975 and 1976; 15,000.00 in each of
the years 1977 and 1975 and 1979 and40,000.00 in the year 1950.
The Mayor and City Council of the City of Meridian, Idaho, reserve
the right to redeem any or all bonds of said bond issue maturing on
October first in each of the years 1966 to 1979, both and all years
inclusive, aggregating 174,000.00 on any interest payment date on or
after October first, 1965, and any and all bonds of said bond issue
maturing on October first in the year 1950, aggregating X40,000.00,
on any interest payment date on or after October first, 1955• The
foregoing redemptions are in the inverse order of. the numbering of
14Q
(2)
said bonds, highest numbers first, upon and after prior publication of
notice of the intention to redeem any o.f said bonds try publication of
such notice at least once in a newspaper of general circulation in said
City, at least thirty (30) days prior to the date of intended redemption.
The principal and ,interest of the foregoing bonds are payable at the office
of the City Treasurer in Meridian, Idaho, or at Boise, Idaho, if said bonds
are sold to the State of Idaho, or at the fiscal agency of the State of
,Idaho, in the City,and State of New York, or at some other bank or trust
company in the State of Idaho, as may be designated by the purchaser and
the City at the time of sale.
None of said bonds shall be sold for less than par and acrued interest to
date of delivery.
Sealed Bids for sai
shall submit sealed
(a) The lowest
which the
(b) The lowest
such bonds
d bonds are requested and required. Bidders therefor
written bids specifying:
rate of interest and premium, if any
bidder will purchase such bonds, or
rate of interest at which the bidder
at par,
above par, at
will purchase
and each such bid (except any bid which may be received from the State of
Idaho, or its department of Public investments) is required to be accomp-
anied by a Cashier's Check or a Certified Check made payable to the pity
of Meridian, Idaho, in an amount equalling five per cent (5%) of the amount
of any s~.ch bid, or by a cash deposit in like amount, which such Cashier's
Check or Certified Check or cash deposit shall be returned or forfeited
or applied upon the purchase of said bonds, as provided by Section 57-216
of the Idaho Code of 1947, as amended by Section 1 of Chapter 45 of the
session Laws of Idaho of 1951.
All bids must state effective interest rate and total interest cost to the
City of Meridian, Idaho.
Sealed bids for said bonds will be received by the Clerk of said City
and by said City, at the office of the Clerk in the City Hall in said City,
at any time prior to 7:00 O'!clock, P.M. on Monday, the 5th day of December.,
1955, at which time and in the City~l-all above specified, the regular meeting
place of said Council, the said Council will meet in .public meeting for the
purpose of awarding such bonds or rejecting any and all bids therefor.
The legal approving opinion of Burcham & Blair, bond attorneys of Spokane,
will be furnished the successful bidder. All bids for said bonds shall be
unconditional. The pity of Meridian, Idaho, will t'urnish printed bonds
ready for execution.
MAYOR AND C ITY COIJNC IL 0~' THE
CITY OF 1l~RIDIAN, IDAHO.
BY DONALll M. STOREY
ATTEST: ~ayor
HERALD J . ~~ OX .
ty lark
(END G.~' NOTICE O1+' SALE)
4. That sealed bids for said bonds in conformity with the f ore-
going Notice of Sale will be received by the City Clerk and by said City
at any time prior to 7:00 o'clock, P. M. on Monday , December 5th 1955,
end as provided in sated o ice of Sale, and the Clerk is required to
give notice of the sale of said bonds to the State Auditor, Boise, Idaho,
as requred by Section 5(b) of Chapter 262 of the 1927 Session Laws, of
Idaho, such Notice to be given not less than fifteen (15) days prior to
the time fixed for the sale of said bonds in said Notice.
5. The City Clerk is required hereby..to cause publication of the
foregoing Notice of Sale to be had in the weekly newspaper known as the
MERIDIAN~TIP,,~S, being a legal newspaper printed and published weekly at
Meridian, IdaY:o, and of general circulation within said amity, and being
the official newspaper of said City, for three (3) consecutive weekly
ublications, the 'first publication whereof shall be at least twenty=one
~21) full days prior to the date fixed as the date of said sale; and a
meeting of the Mayor and City Council is hereby fixed and ordered for
said date and hour, at which time the Mayor and Council in open public
meeting in its usual meeting place in the City Ha11 in Meridian shall open
and consider bids which may be tendered for said bonds and will at that
time award such bands to the successful .purchaser, or in the uncontrolled
1~~'
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Discretion of this Council, shall reject any and all bids therefor.
Passed by the City Council and Approved by the Mayor of the City
of Meridian, this 7th day of November, 1955•
,~~
~a ~ ~
ATTEST: ayor of eridia
ty lark