Resolution 3353 - Sale of Bonds - SID 333a
RESOLUTION NO. 3353
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 333',.,
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on the
5th day of August, 1981, create Special Improvement District No. 333
of the City of Kalispell for the purpose of extending the existing
water and sewer utility lines of the City of Kalispell into lots in
all of that area included in:
Lots 3, 4, 5, 6, 7, 8 & 9 of the Resubdivi.-
sion of Lots 1 and 3 of Gibson Addition No,
41 of Kalispell according to the plan there-
of filed and recorded with the Flathead
County Clerk and Recorder of Flathead County,
Montana.
in accordance with the terms and conditions as specified in Resolu-
tion No. 3348 and Resolution No. 3351.
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. 333 in the
amount of Sixty-five Thousand Dollars ($65,000.00), which.bonds
shall bear date of issue of October 1, 1981; said bonds may bear in-
terest at a rate not exceeding the maximum rate per annum permitted
by the laws of the State of Montana, payable semi-annually on the
lst day of January, 1982, and on the lst day of July, 1982, and on
the first day of January and July of each year thereafter; pro-
vided, however, that said bonds, and each and all of the lamer shall
be redeemed at the City of Kalispell at any time when there is sufP
li.cient money in said SID No. 333 fund, against which said bonds
are issued, available therefore, said redemption to be made as pro-
rided by law; provided, further, that the City Treasurer shall first
}ay, out of said SID No. 333 fund, semi-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 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 bii.ddes�pust 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 Sixty-five Thousand Dollars ($65,000.00) each, numbered
from one (1) to sixty-five (65), both inclusive, and said bonds
shall become due and payable on the First day of January, 1991.
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-
fiedcheck in the sum of One,,Thousand Three Hundred Dollars (1300.00)
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.
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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 5th DAY OF
August , 1981.
ATTEST:
Marjorie Giermann, City Clerk
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Norma E. Happ, Mayor
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 pouncil of the City of Kalispell, Montana at a
regular meeting held �-
City C1e of the City of Kalispell