Resolution 3342 - Sale of Bonds - SID 331C
RESOLUTION NO, 3342
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 331.
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on
the 15th day of June, 1981, create Special Improvement District
No. 331 of the City of Kalispell for the purpose of construction
of the approach roads, Ashley Creek crossing, and ogler improve-
ments basic to the entire subdivision except sewer and water, in
all of that area included in all platted lots within the resubdi-
vision of South Meadows Addition #81 to the City of Kalispell
except lots 10, 34, 48 & 68, according'to the plat filed of .record
thereof in the office of the Flathead County Clerk and Recorder,
Kalispell, Montana, in accordance with the terms and conditions as
specified in Resolution No. 3328 and Resolution No. 3340.
NOW THEREFORE, be it resolved by the Mayor and City Council
of the City of Kalispell, Montana, as follows:
That the City shall sell and issue at this time amortization
or serial bonds of said Special Improvement District No. 331 in
the amount of Three Hundred Thirty Thousand Dollars ($330,000.00),
which bonds shall bear date of issue of ; said
bonds may bear interest at a rate not exceeding the maximum rate
per annum permitted by the laws of the State of Montana, payable
semi --annually, first on the lst day of. January and the 1st day of
July of and on the lst day of January and the lst day of July
of each year thereafter for a term of years for said bonds;
provided, however, that said bonds, and each and all of the same,
shall be redeemed at the City of Kalispell at any time when there
is sufficient money in said SID 331 fund, against which said bonds
are issued, available therefore, said redemption to be made as pro-
vided by law; provided, further, that the City Treasurer shall
first pay, out of said SID 331 fund, annually, the interest on all
outstanding bonds upon presentation of the coupons belonging there-
to, and all monies remaining in said fund shall be applied to the
payment of the principal and the redemption of the bonds in the
order of their registration.
Said bonds will be sold for not less than their par value with
accrued interest to the date of delivery, and all bidders must
state the lowest rate of interest at which they will purchase the
bonds at par. The City Council reserves the right to reject any
and all bids and to sell said bonds at private sale.
If amortization bonds are sold and issued, the entire issue
may be put into one.(1) single bond or divided into several bonds,
as the Council may determine at the time of sale, both principal
and interest to be payable in semi-annual installments during a
period of ten (10) years from date of issue.
If serial bonds are issued and sold,
said bonds will
be in the
amount of One Thousand Dollars ($1,000.00)
each, numbered
from One
(1) to Three Hundred Thirty (.330), both inclusive,
and said
bonds
shall become due and payable on the
day of
, 19
All bids other than on behalf of the
State Board of
Land Com-
missioners of the State of Montana must be
accompanied by
a certi-
fied check in the sum of Six Thousand Six
Hundred Dollars
($6,600.00)
payable to the order of the City Clerk of
the City of Kalispell,
Montana, which will be forfeited by the successful
bidder
in the
event he shall fail or refuse to complete
the purchase of
said bonds
in accordance with the terms of his bid.
The City Clerk shall forthwith publish Notice of said Sale of
Bonds in accord with the laws of the State of Montana; said Notice
shall be substantially in the form of Exhibit "A" attached hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL THIS. /S__ DAY OF ,
1981.
F
�l
Norma E. Happ, Mayor
ATTEST:
Marjori Giermann, City Clerk
I, the undersigned, City Clerk of the City of Kalispell certify, that the foregoing
is a true copy of the Resolution passed by the City Council of the City of Kalispell,
Montana at a regular meeting held June 15, 1981.
did
Ci y Clerk of the City of Kalispell
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