Resolution 3436 - Sale of Bonds, SID 33540
RESOLUTION NO. 3436
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 335.
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on
the 21st day of June, 1982, create Special Improvement District
No. 335 of the City of Kalispell for the purpose of constructing
a paved driving surface and gravel surface shoulder on West
Arizona Street, in accordance with the terms and conditions as
specified in Resolution No. 3401 and Resolution No. 3413.
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. 335 in the
av-loam of Fifteen Thousand Dollars ($15,000.00), which bonds shall
hi2a.r date of issue of October. 1, 1982 ; said bonds may bear
iritci-est at a rate not exceeding the maximum rate per annum per-
iiiitted by the laws of the State of Montana, payable semi --annually
l):kl the 1st day of Januax _ , 1983, and on the lst day
of _ Jul , 19 8.3, and on the 1st day of January and _July
o F��z year thereafter until paid in full; provided, however,
ti:hat said bonds, and each and all of the same, shall be redeemed
�t the City of Kalispell at any time when there is sufficient
aoreu in said SID #335 fund, against which said bonds are issued
available therefore, said redemption to be made as provided by law;
pr.ovT_c..ed, further, that the City Treasurer shall first pay, out
t :-:a.d SID #335 fund, semi-annually, the interest on all out-
._; u__ lsld:ing bonds upon presentation of the coupons belonging there-
'L-Q, and all monies remaining in said fund shall be applied to the
pri .mnt of the prin 4Lpal 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
interest to the date of delivery, and all bidders must state
=_lie lo,�.est rate of interest at which they will purchase the bonds
at par. The City Council reserves the right to reject any and all
�� _6 and to sell said bonds at private :male.
If amortization :ponds are sold and issued, the entire issue may
put into one (1) single bond or divided into several bonds as the
:r-,xnr a_1 may determine at the time of sale, both principal and in-
to be payable in semi-annual installments during a period
s�f teit (10) gears from date of issue.
If serial bonds are issued and sold, said bonds will be in
'i,e amount of One Thousand Dollars ($1,000.00) each, numbered from
+say: (1) to fifteen (15), both inclusive, and said bonds shall be-
cc,r,�e due and payable on the T 1st day of Jams xy_ , 1992 .
All bids other than on behalf of the State Board of Land Com-
mi:_siorers of the State of Montana must be accompanied by a certi-
fied check in the sum of Three Hundred Dollars ($300.00) payable
to the order of the City Clerk -Treasurer 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 -Treasurer 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 COt:P;CIL THIS .16TH DAY OF AUGUST,
1982.
fJ �
-mac owe
1
1
1
the undersigned., City Clerk of the City of Kalispell certify that the foregoing is a true
nr%y of the IlAsolytion pissed by the City Cot�ncll of the City of Kalispell, Montana at a
_: ualar meeting hp..'_d
Ci t_r C xF~ of the
Ci
of. Kalispell
EXHIBIT "A"
41
1
1
1
NOTICE OF SALE OF
SID BONDS
CITY OF'KALISPELL, MONTANA
NOTICE IS HEREBY GIVEN by the City Council of the City of Kali-
spell, Montana, that the said City Council will, on the 20th
day of _September , 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. 335 of the City
of Kalispell, Montana, in the total amount of Fifteen Thousand
Dollars ($15,000.00) for the purpose of defraying the cost of the
construction of a paved driving surface and gravel surface shoulder
on West Arizona Street. Amortization bonds will be the first choice
and serial bonds will be the second choice of the Council. The
boundaries of SID #335 are given in Resolution No. 3401 dated
April 22, 1982, and Resolution No. 3413 dated June 21, 1982.
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 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 Fifteen (15), both inclusive, and said bonds shall become
due and payable on the .lst day of Januaa, 1992
The said bonds,'whether amortization bonds or serial bonds, will
bear date of issue of October 1 1982 , and will bear interest
not exceeding the maximum rate per annum permitted by the laws of
the State of Montana, payable semi-annually on the 1st day of
January, 1983 , and on the 1st day of July, 1983
and on the lst day of January and July 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 s�iid SID
4335 fund, against which said -bonds are issued, available there-
fore, said redemption to be made as provided by law; provided,
further, that the City Treasurer shall first pay out of said SID
#335 fund, annually, the interest on all outstanding bonds upon
presentation of the coupons belonging thereto, and all monies re-
maining 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.
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 Three Hundred Dollars ($300.00) payable
to the order of the City Cleric 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 16TH DAY OF AUGUST, 1982.
Pub fished 8-25-82
Marjori Giermann, City Clerk
: .
9-1-82