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HomeMy WebLinkAboutOrd.1476.01-19-1994BILL NO. 94-16 ORDINANCE NO. Iq wp AN ORDINANCE CALLING A BOND ELECTION IN THE CITY OF CAPE GIRARDEAU, MISSOURI BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: ARTICLE 1. Ordinance No. 1403, passed and approved August 25, 1993, is hereby repealed in its entirety. ARTICLE 2. The City Council finds it necessary and hereby declares its intent to borrow $25,000,000 for the purpose of acquiring, constructing, extending and improving its sewerage system and to evidence such borrowing by the issuance of sewerage system revenue bonds of the City in the amount of $25,000,000. ARTICLE 3. A bond election is hereby ordered to be held in the City of Cape Girardeau, Missouri, on April 5, 1994, on the following question: QUESTION Shall the City of Cape Girardeau, Missouri, issue its sewerage system revenue bonds in the amount of $25,000,000 for the purpose of acquiring, constructing, extending and improving its sewerage system, the cost of operation and maintenance of said system and the principal of and interest on said revenue bonds to be payable from the revenues derived by the City from the operation of its sewerage system, including all future extensions and improvements thereto? The authorization of said bonds will authorize the City to fix, establish, maintain and collect rates and charges for the services provided by the City through its sewerage system, including all extensions and improvements thereto hereafter constructed or acquired by the City, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said sewerage system and the principal of and interest on said bonds as they become due and to retire the same within thirty-five years from the date thereof, and to provide for the establishment of reasonable reserves therefor. ARTICLE 4. The form of the Notice of Bond Election for said election, a copy of which is attached hereto and made a part hereof, is hereby approved. ARTICLE 5. The Deputy City Clerk is hereby authorized and directed to notify the County Clerk of Cape Girardeau County, Missouri, of the adoption of this Ordinance no later than 5:00 p.m. on February 8, 1994, and to include in said notification all of the terms and provisions required by the Comprehensive Election Act, Chapter 115 of the Revised Statutes of Missouri, as amended. ARTICLE 6. The City expects to incur capital expenditures on and after the date of adoption of this Ordinance (the "Expenditures") in connection with the acquisition, construction, extension and improvement of the sewerage system, and intends to reimburse itself for such Expenditures with the proceeds of said Bonds in an amount which, depending on the date of issuance of said Bonds, may aggregate a maximum of $25,000,000, the anticipated cost of such improvements. The City Council has determined that the funds to be advanced to pay Expenditures are or will be available only for a temporary period and it is necessary to reimburse the City for Expenditures made on and after the date hereof. As of the date hereof, there are no funds from sources other than said bonds that are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the City to pay the Expenditures. This Ordinance constitutes a declaration of official intent under Treasury Regulation Section 1.103-18 issued under the Internal Revenue Code of 1986, as amended, and the adoption of this Ordinance is consistent with the budgetary and financial circumstances of the City. ARTICLE 7. Public Availability. This Ordinance shall be made available for public inspection during normal business hours at the main administrative office of the City or the customary location of the City's records that are available to the general public, beginning within 30 days after its adoption and continuing until the Bonds are issued. ARTICLE 8. Emergency Ordinance. The City Council finds that an emergency exists within the meaning of Section 3.15(d) of the City Charter, in that this Bill provides for the submission of a proposal to the people. ARTICLE 9. This Ordinance shall be in full force and effect from and after its passage. PASSED by the City Council of Cape Girardeau, Missouri, on this 19th day of January, 1994. :a rancis E. Rhodes, Mayor ATTEST: Gay L. Conrad, Deputy City Clerk NOTICE OF BOND ELECTION CITY OF CAPE GIRARDEAU, MISSOURI Notice is hereby given to the qualified voters of the City of Cape Girardeau, Missouri, that the City Council of the City has called an election to be held in the City on April 5, 1994, commencing at 6:00 A.M. and closing at 7:00 P.M., on the question contained in the following sample ballot: OFFICIAL BALLOT BOND ELECTION CITY OF CAPE GIRARDEAU, MISSOURI APRIL 5, 1994 QUESTION Shall the City of Cape Girardeau, Missouri, issue its sewerage system revenue bonds in the amount of $25,000,000 for the purpose of acquiring, constructing, extending and improving its sewerage system, the cost of operation and maintenance of said system and the principal of and interest on said revenue bonds to be payable from the revenues derived by the City from the operation of its sewerage system, including all future extensions and improvements thereto? YES ❑ NO ❑ INSTRUCTIONS TO VOTERS: If you are in favor of the question, place an X in the box opposite "YES." If you are opposed to the question, place an X in the box opposite "NO." The authorization of said bonds will authorize the City to fix, establish, maintain and collect rates and charges for services provided by the City through its sewerage system, including all extensions and improvements thereto hereafter constructed or acquired by the City, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said sewerage system and the principal of and interest on said bonds as they become due and to retire the same within thirty-five years from the date thereof, and to provide for the establishment of reasonable reserves therefor. The election will be held at the following polling places in the City: WARD 1 Precinct 1. Precinct 2. WARD 2 Precinct 1. Precinct 2. WARD 3 Precinct 1. Precinct 2. WARD 4 Precinct 1. Precinct 2. WARD 5 Precinct 1. Precinct 2. WARD 6 Precinct 1. Precinct 2. Dated this day of POLLING PLACES , 1994. Rodney Miller, Clerk of the County Commission