SUMMARY OF ORDINANCE NO. 86
Ordinance No. 86, adopted by the City Council of the City of Dover on February 23, 2006, is entitled as follows:
AN ORDINANCE OF THE CITY OF DOVER, OF BONNER COUNTY, IDAHO, AUTHORIZING THE ISSUANCE OF A SEWER REVENUE REFUNDING BOND IN THE PRINCIPAL AMOUNT OF $471,500 TO REFUND CERTAIN OUTSTANDING SEWER REVENUE BONDS OF THE CITY; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF SUCH REFUNDING BOND; PROVIDING FOR THE COLLECTION, HANDLING AND DISPOSITION OF REVENUE; SPECIFYING THE DATE, FORM, MATURITY, AND COVENANTS OF SAID BOND; ESTABLISHING AND ADOPTING VARIOUS FUNDS AND ACCOUNTS; PROVIDING FOR THE ISSUANCE OF ADDITIONAL BONDS; APPROVING THE SALE AND DELIVERY OF THE BOND; PROVIDING CERTAIN COVENANTS WITH RESPECT TO FEDERAL TAX LAW; PROVIDING FOR THE EFFECTIVE DATE OF THE ORDINANCE; AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO
The principal provisions of Ordinance No. 86 are as follows:
Section 1: Defines various words and terms used in the Ordinance. Capitalized terms used in this summary have the same meaning given them in the Ordinance.
Section 2: Finds and determines that it is in the best interests of the ratepayers and residents to redeem and retire the City's Outstanding Sewer Revenue Bonds prior to their scheduled dates of maturity.
Section 3: Describes the refunding process.
Section 4: Describes the Refunding Bond to be issued and sold to Panhandle State Bank.
Section 5: Provides for execution of the Refunding Bond.
Section 6: Sets forth the place and manner of payment.
Section 7: Appoints the City Treasurer as Bond Registrar and paying agent.
Section 8: Authorizes redemption prior to maturity.
Section 9: Pledges uniform rates and charges.
Section 10: Pledges Net Revenues of the Sewer System for the payment of the Refunding Bond.
Section 11: Describes the Sewer Revenue Fund previously created and use of funds therein.
Section 12: Describes the Sewer Revenue Bond Fund, divided into a Debt Service Account, a Refunding Account and a Debt Service Reserve Account, and pledges amounts therein for payment of the Bond.
Section 13: Authorizes the issuance of Additional Bonds under certain terms and conditions.
Section 14: Sets forth covenants for the protection and security of the Bond.
Section 15: Provides that the Ordinance is a contract.
Section 16: Authorized this Ordinance to be amended or supplemented under certain terms and conditions.
Section 17: Provides tax covenants and designates the Bond as a Qualified Tax-Exempt Obligation pursuant to the Code.
Section 18: Exempts the City from Ongoing Disclosure requirements.
Section 19: Describes Events of Defaults.
Section 20: Provides for application of funds in an Event of Default.
Section 21: Ratifies all actions heretofore taken.
Section 22: Severs any covenant or agreement provided in the Ordinance declared by a court to be contrary to law.
Section 23: Repeals any ordinance or resolution in conflict herewith.
Section 24: Provides for publication and effective date hereof.
Exhibit "A": Form of Refunding Bond.
Exhibit "B": Form of summary for publication.
A full text of Ordinance No. 86 is available at the office of the City Clerk of the City of Dover and will be provided to any citizen upon personal request during normal business hours.
APPROVED this 23rd day of February, 2006. CITY OF DOVER,
Bonner County, Idaho
Mayor
ATTEST:
City Clerk
( S E A L )
CERTIFICATION OF BOND COUNSEL
I, the undersigned, Bond Counsel for, and legal advisor to, the City of Dover, Idaho, hereby certify that I have read the attached Summary of Ordinance No. 86 of the City, and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance.
DATED as of this 23rd day of February, 2006.
s/ Michael C. Ormsby
Bond Counsel
Legal SNP# 7662
February 28, 2006