SUMMARY OF
ORDINANCE NO. 254
AN ORDINANCE OF THE CITY OF HOPE, OF BONNER COUNTY, IDAHO, PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF IMPROVEMENTS TO THE WATER SYSTEM AND FACILITIES OF THE CITY AT AN ESTIMATED COST OF APPROXIMATELY $568,000; PROVIDING FOR THE ISSUANCE OF WATER REVENUE BONDS IN THE SUM OF NOT TO EXCEED $425,000 TO PAY PART OF THE COSTS THEREOF, WHICH BONDS SHALL BE PAID ONLY OUT OF THE REVENUES AND EARNINGS OF THE WATER SYSTEM, SUBJECT, HOWEVER, TO THE APPROVAL OF THE QUALIFIED ELECTORS OF SAID CITY AT A SPECIAL ELECTION ORDERED HEREIN; DESCRIBING SAID BONDS AND THE CONDITIONS UNDER WHICH THEY WILL BE ISSUED; CALLING A SPECIAL ELECTION FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF SAID CITY THE QUESTION OF THE RATIFICATION OR REJECTION OF SAID BOND ISSUE AND OF SAID INDEBTEDNESS; PROVIDING FOR PUBLIC NOTICE OF SAID ELECTION; PROVIDING FOR THE APPOINTMENT OF THE CITY CLERK TO CONDUCT THE ELECTION; PROVIDING FOR THE EFFECTIVE DATE OF THIS ORDINANCE; AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO
CITY OF HOPE
Bonner County, Idaho
WATER REVENUE BOND ELECTION
A summary of the principal provisions of Ordinance No. 254 of the City of Hope, Bonner County, Idaho, adopted on March 28 2007, is as follows:
Section 1: Finds that the health and safety of the residents necessitates improvements to the water collection and treatment facilities; that it is in the best interests of the City and its residents to work on a regional solution; that the capacity and operation of the current facility is a concern; and the City Council believes it to be necessary to make improvements thereto to safeguard the health and safety of its residents and to comply with regulatory standards.
Section 2: Describes the proposed water improvement project as the acquisition, installation and construction of improvements to the City water system and facilities as follows:
(1) The acquisition, construction and installation of a Slow Sand Filter Treatment System and related facilities;
(2) The installation of improvements and construction of additional storage for fire flow and to meet the chlorine contact requirements;
(3) The replacement of the water line on Ridgewood that is currently leaking;
(4) The addition of meters to all City water users;
(5) The acquisition, construction and installation of other necessary improvements and betterments to the water system and facilities; and
(6) The costs of engineering, legal, and grant and project administration;
together with the purchase of sites and easements therefor and all appurtenances and machinery necessary or useful for said system (the "Project"), all pursuant to the preliminary maps, plans, and specifications therefor which are being prepared by Tate Engineering, of Coeur d'Alene, Idaho, heretofore selected by the City Council for such purpose and on file in the office of the City.
Also provides that the total cost of the project is $568,000, with up to $425,000 (or 75%) to be paid for by the proceeds of the Bonds.
Section 3: Provides for a special municipal bond election to be held within the City on Tuesday, May 22, 2007, for the purpose of enabling the qualified electors of the City to vote upon the proposition of issuing water revenue bonds.
Section 4: Provides for the conduct of the election and notice to electors.
Section 5: Designates the City Clerk as the one to conduct the election.
Section 6: Provides that the poll at said election shall open at 12:00 o'clock Noon on May 22, 2007, and shall remain open until 8:00 o'clock P.M.; provides that the polling place or places shall be designated by the City Clerk, and provides for the appointment of election officials.
Section 7: Provides for the appointment of Boards of Election.
Section 8: Provides for qualification of elector's and the voting process. Defines qualified electors as persons eighteen (18) years of age or older who are registered qualified electors of the City and describes the process for voting by absentee ballot.
Section 9: Provides that the ballot title shall be as follows:
SHALL THE CITY OF HOPE ISSUE AND SELL ITS WATER REVENUE BONDS TO PAY PART OF THE COSTS OF THE ACQUISITION AND CONSTRUCTION OF IMPROVEMENTS TO THE CITY'S WATER SYSTEM IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $425,000? SAID BONDS SHALL MATURE OVER A PERIOD OF NOT TO EXCEED THIRTY (30) YEARS, AND SHALL BE PAYABLE SOLELY FROM THE REVENUES OF THE WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 254, ADOPTED ON MARCH 28, 2007.
Also provides certain debt disclosure information as required by law.
Section 10: Provides for publication and posting of Notice of Special Bond Election.
Section 11: Provides for a Debt Disclosure Statement pursuant to Idaho Code Section 34440 and provides for filing with the County Recorder.
Section 12: Provides for the issuance of water revenue bonds maturing over a period of not to exceed thirty (30) years, bearing interest at a rate or rates to be prescribed by the Ordinance authorizing the issuance of the water revenue bonds, and provides for other matters relating to the water revenue bonds.
Section 13: Provides for canvass of votes and the computation of election results.
Section 14: Authorizes the officers of the City to take appropriate actions to effectuate the provisions of this Ordinance.
Section 15: Ratifies previous actions of the City Council and officials of the City which are consistent with this Ordinance.
Section 16: Provides for publication of this summary.
Section 17: Provides for effective date of the Ordinance.
This Ordinance was adopted at a special meeting of the City Council.
The full text of Ordinance No. 254 is available at the Hope City Clerk's Office and will be provided to any citizen upon personal request during normal office hours.
DATED this 28th day of March, 2007.
CITY OF HOPE,
Bonner County, Idaho
Mayor
ATTEST: City Clerk
(SEAL)
CERTIFICATION OF BOND COUNSEL
I, the undersigned Counsel for and legal advisor to the City of Hope, Bonner County, Idaho, hereby certify that I have read the attached summary of Ordinance No. 254 of the City of Hope and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance.
Dated this 28th day of March, 2007.
/s/ Michael C. Ormsby
Bond Counsel
Legal SNP# 8554
April 4, 2007