Resolution 3343 - Sale of Bonds - SID 332I the undersigned,1
City Clerk of the City of Kalispell certify that the following
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.
City Cle of the City of Kalispell'
RESOLUTION NO. 3343
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 332.
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.
332 of the City of Kalispell for the purpose of construction of
streets and associated curbs, gutters and sidewalks fronting and
serving all the lots within the district, in accordance with the
terms and conditions as specified in Resolution No. 3329 and Reso-
lution No. 3341.
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. 332 in
the amount of Two Hundred Thousand Dollars ($.200,000.00), 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 lst day of July of
and on the lst day of January and the 1st day of July of each year
thereafter for a term of years for said bonds; provided, how-
ever, that said bonds, and each and all of the same, shall be re-
deemed at the City of Kalispell at any time when there is sufficient
money in said SID 332 fund, against which said bonds are issued,
available therefore, said redemption to be made as provided by law;
provided, further, that the City Treasurer shall first pay, out of
said SID 332 fund, annually, the interest on all outstanding bonds
upon presentation of the coupons belonging thereto, and all monies
remaining in said fund shall be applied to the payment of the prin-
cipal and the redemption of the bonds in the order of their regis-
tration.
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 Cl) 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 C10) 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
(_l) to Two Hundred (200), both inclusive, and said bonds shall be-
come 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 thesum of Four Thousand Dollars ($4,000.00) 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 ac-
cordance 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 1 th DAY OF June ,
1981.
ATUST orma E. Happ_,_1Tayor
City Clerk