Legals December 13, 2019

SUMMARY OF ORDINANCE NO. 606 AN ORDINANCE OF THE CITY OF KELLOGG, SHOSHONE COUNTY, IDAHO, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF WASTEWATER REVENUE BOND, SERIES 2019B, IN THE PRINCIPAL AMOUNT OF $1,090,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION OF CERTAIN IMPROVEMENTS TO THE WASTEWATER COLLECTION SYSTEM AND FACILITIES OF THE CITY (THE "SYSTEM"); DESCRIBING THE BOND AND TERMS THEREOF; PROVIDING FOR THE SALE OF THE BOND TO THE UNITED STATES DEPARTMENT OF AGRICULTURE, RURAL UTILITIES SERVICE; RATIFYING ESTABLISHMENT OF RATES AND CHARGES FOR SYSTEM SERVICE AND PROVIDING FOR THE COLLECTION AND DISPOSITION OF REVENUES THEREOF; PROVIDING FOR THE PLEDGE OF NET REVENUES OF THE SYSTEM TO PAY THE PRINCIPAL OF AND INTEREST ON THE BOND; ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING COVENANTS RELATING TO THE BOND; AND PROVIDING FOR OTHER MATTERS RELATING THERETO A summary of the principal provisions of Ordinance No. 606 of the City of Kellogg, Shoshone County, Idaho (the "City"), adopted on December 11, 2019, is as follows: Sets out findings and declarations of the City. Defines the terms and phrases used in said Ordinance. Describes the System improvement project to be constructed with the proceeds of the Bond authorized by said Ordinance, and states that $1,090,000 of the cost thereof is to be paid from the sale of the Bond of the City described therein and authorized at a special election held on November 4, 2014, and the balance of which is to be paid from grant funds and other legally available funds. Describes the City of Kellogg Wastewater Revenue Bond, Series 2019B (the "Bond"), provides for the sale of the Bond to the United States Department of Agriculture, Rural Utilities Service, and provides for the terms of payment and the maturity of the Bond which are as follows: Principal Amount: $1,090,000 Interest Rate: 1.75% per annum Maturity: 40 years from date of delivery Payments: Annual payments of principal and interest in the amount of $38,129 Provides for the manner and method of execution of the Bond. Provides for the place and manner of payment of the Bonds. Appoints the City Treasurer as Bond Registrar. Provides for the prepayment of the Bond. Provides for System rates and charges. Pledges the Net Revenues of the System for the payment of the Bond on parity with the City's Prior Parity Bonds. Establishes the "City of Kellogg 2019 Wastewater Project Improvement Fund." Ratifies and continues the "City of Kellogg Wastewater Revenue Fund." Ratifies and continues the "City of Kellogg Wastewater Revenue Bond Fund." Establishes "City of Kellogg 2019 Wastewater Revenue Project Debt Service Reserve Account" within the Bond Fund. Provides for the disposition of surplus funds. Establishes the condition of and limitations on the issuance of additional bonds or other obligations. Provides for the investment of surplus funds. Provides certain general covenants of the City with the Registered Owner of the Bond. Provides certain special covenants of the City with respect to the exclusion of interest on the Bond from income taxation. Provides for method of amending the Ordinance and adopting supplemental ordinances. Recites that the Bond is issued pursuant to the Idaho Revenue Bond Act. Provides for remedies of the Registered Owner of the Bond. States that the Ordinance constitutes a contract with the Registered Owner of the Bond. Provides for severability. Repeals prior inconsistent ordinances, to the extent of any inconsistency. Provides for issuance of the City Loan, and payment thereof from proceeds of the Bond. Authorizes the Mayor, Mayor Pro Tem, City Clerk and City Treasurer to execute any additional documents necessary to sell and deliver the Bond. Provides for the publication of the Ordinance or a summary thereof and the effective date of the Ordinance. The full text of Ordinance No. 606 is available at City Hall and will be provided to any citizen upon personal request during normal office hours. DATED this 11th day of December, 2019. CITY OF KELLOGG, SHOSHONE COUNTY, IDAHO Terry Douglas, Mayor Pro Tem ATTEST: Nila Jurkovich, City Clerk SHO LEGAL 3357 AD#350046 DECEMBER 13, 2019