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Resolution 3373 - Sale of Bonds - SID 334b RESOLUTION NO. 3373 A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT DISTRICT NO. 334. 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 October, 1981, create Special Improvement District No. 334 of the City of Kalispell for the purpose of paving and curbing the 700 Block of East Washington Street, in accordance with the terms and conditions as specified in Resolution No. 3364 and Resolu- tion No. 3371, 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. 334 in the amount of Fourteen Thousand Dollars ($14,000.00), which bonds shall bear date of issue of January 1, 1982; 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 on the lst day of July, 1982, and on the.lst day of January, 1983, and on the 1st day of July and January of each year thereafter until paid in full; 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 #334 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 #334 fund, semi-annually, the interest on all out- standing bonds upon presentation of the coupons belonging thereto, and all monies remaining in said fund shall be applied to the pay- ment 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 in- terest 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 fourteen (14)•, both inclusive, and said bonds shall become due and payable on the 1st day of January, 1992. 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 Two Hundred and Eighty Dollars ($280.00) payable to the order of the City Clerk of the City of Kalispell, Mon- tana, which will be for 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 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 October, 1981. ATTEST: Norma E. Happ, Mayor 10 the undersigned, City Clerk of the City of Kalispell certify that the fore copy of the Resolution y City ont �s a true gassed b the Ci Council of the City of Kalispell, Montana at a regularmeeting held • City Of City Of Ka1 • C7 Exhibit "A" NOTICE OF SALE OF SID BONDS CITY OF KALISPELF.,, MONTANA NOTICE IS HEREBY GIVEN by the City Council of the City of Kalis- pell, Montana, that the said City Council will, on the 4th day of January, 1982, at -a meeting commencing at the hour of. 7:30 P.M. in the Council Chambers of the City Hall in Kalispell, .Montana, sell to the highest bidder for cash, either amortization or serial bonds of Special Improvement District No. 334 of the City of Kalispell, Mon- tana, in the total amount of Fourteen Thousand Dollars ($14,000.00) for the purpose of defraying the cost of the construction of paving and curbing the 700 Block of East Washington Street. Amortization bonds will be the first choice and serial bonds will be the second choice -of the Council. The boundaries of SID #334 are given in Resolution No. 3364 dated August 17, 1981, and Resolution No. 3371 dated October 5, 1981. If amortization bonds are sold and issued, the entire issue may be put into one single bond or divided into several bonds, as the Council may determine at the time of sale, both principal and .inter- est 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 Fourteen (14),.both inclusive, and said bonds shall become due and payable on the lst day of January, 1992. The said bonds, whether amortization bonds or serial bonds, will Sear date of issue of January 1, 1982, and will bear interest not exceeding the maximum rate per annum permitted by the laws of the `Nate of Montana, payable semi --annually on the lst day of July, 1982, and on the first day of January, 1983, and on the lst day of July and January of each year thereafter until paid in full; 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 #334 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 #334 .fimd, annually, the interest on all outstanding bonds upon presenta- tion oof the coupons belonging thereto, and all monies remaining in said find 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. . All bids other than on behalf of the State Board of Land Com- missioners of the State of Montana must be accompanied by a certified check in the sum of Two Hundred and Eighty Dollars ($280.00) 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. All bids shall be addressed to the City Council of the City of Kalispell, Montana, and delivered to the City Clerk of said City. DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL, MON- TANA, THIS 5TH DAY OF OCTOBER, 1981. 4 mar3orie uiermann, City Clerk_ Publish: ,December 7, 14, 21, 28, 1981.