Resolution 3438 - Sale of Bonds, Special Lighting District 145
RFS0T,UTTnN NO. 3438
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL LIGHTING
DISTRICT NO. 1.
WHEREAS, the Mayor and the City Council of the City of Kalispell
in compliance with the statutues of the State of Montana, dlid On
the 4th day of August, 1982, create Special Lighting District No. I
of the City of Kalispell for the purpose of construction and erection
of 44 historical -decorative street lights and maintaining same into
that certain area described in Resolution No. 3402 and Resolution
No. 3422.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL
OF THE CITY OF KALISPELL, MONTANA, AS FOLLOWS:
That the City shall sell and issue at this time
amor ' tized or serial bonds of said Special Lighting
District No. 1 in the amount of $75,000.00, which
bonds shall bear the date of issue of October 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
f irA day of January,. 1983 , and the first day of
iruiv. 1983 , and on the first day of j�jA-t;,4my and
July — of each year thereafter until. paid in full; plovi-
ded, 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 Special Liqhting
District No. I Fund, against which said bondsL are issued,
available therefore,- said redemption to be made as prbvi-
ded by law; provided, further, that the City Treasurer
shall first pay out of said Special Lighting District No. I
Fund, semi-annually, the interest on all outstanding bonds
upon presentation of the coupons belonging thereto, and
a!-J:L monies remaining in said fund shall be applied to t7he
payment of the principal and 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 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 the period of ten years
from the date of issue.
If serial bonds are issued and sold, said bonds will be
in the amount of $100.00 each or fractions or multiples
thereof, numbered from one to seven hundred fifty, both
inclusive, and said bond shall become due and payable on
the lst day of January Jr 1990.
All bids other than on behalf of the State Board of Land
Commissioners of the State of Montana must be accompanied
by a certified check in the sum of One Thousand Five
Hundred Dollars ($1,500.00) 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
ev�!nt he shall fail or refuse to complete purchase of
said bonds in accordance with the terms of his bid.
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The City Clerk -Treasurer shall publish notice of said sale
of bonds in accordance with the laws of the State of
Montana and said notice shall be substantially in the
form of Exhibit "A" attached hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL THIS 4TH DAY OF ATIGUST,
1982.
_11eRj7t__9C_Dowell, Ka_y6_r_'-
ATTEST:
Har-�ori.(V' Giermann, City Clerk -Treasurer
City Cle�?k of the City of Kalispel.1 certify that the foregoing do, �-'t 1;�n�te
r0i- 16he hesolixtion passed by the City Council of the City of Kalispell, Viontexia at a
-_:i? inet�-��ng hold _/j _d4__ /-4--/
city xk of the City of Kalispell
CY
I
47
NOTICE OF SALE OF SPECIAL LIGHTING �DISTRICT NO. I BONDS
Notice is here�y given . by the City Council of the City of
Kalispell, Montana, that F;aid City Council will, on the 20th
day of - September 0 1982, at a meeting commencing at the
hour of 7:30 P.m. in the Council Chambers of the City Hall in
Kalispell, Mont.ana, sell to the highest bidder for cash, either
amortized or serial bonds of Special Lighting District No. I of
the City of Kalispell, Montana, in the total amount of $75,000.00
for the purpose of defraying the cost of construction and erection
of 44 historical -decorative street lights along Main Street and
designated side streets of Kalispell, Montana. Amortization bonds
will be the first choice and serial bonds will be the second choice
of the Council. The boundaries.of Special Lighting District No. I
Ore given in Resolution No- 3402 dated May 17, 1982 and Resolution
3422 dated August 4, 1982.
If amortization bonds,are sold and issued, the entire issue
may bis put into one single bond or dividded into several bonds, as
ttle Council Tnay determine at the time of sale, both principal and
interest tc; be payable in semi-annual installments during a period
of
. eight years from the date of issue.
If serial bonds are issued and sold, said bonds will in the
El,mount of One Hundred Dollars ($100.00) or multiples or fractions
1_1
each, numbered from one to seven hundred fifty, both
inclusive, and said bonds become due and payable on the Ist
_-Y of - Janaary 19 go
-I Said bonds, whether amortized bonds or serial bonds, will bear
L-lie Cate of issue of October -1, 1982-,and will bear interest not ex -
the maximum rate per annum permitted by the laws of the
StaLe of Montana, payable semi-annually on the first day of _1�ua�j
19.81 and the first day of july 1983, and on the first day
f T
ii Lry a nd July of each year thereafter until paid in full;
p'i:ov-J_ded, however, that said bonds, and each and all of the same,
be redeemed at the City of Kalispell at anytime when there is
sti-E-ficient money in said Special Lighting District No. I Fund,
�-iqal_nst which said bonds are issued, available therefore, said re-
0
_i��ptlun to be made as provided by law; provided further that said
City Treasurer shall first pay out of Special Lighting District
U
Fund, semi-annually, the interest on all outstanding bonds
apon presentation of the coupons belonging thereto, and all -monies
--emaining in said fund shall be appli ' ed 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
utate-the lowest rate of interest at which they will purchase the
bonds at par. The Council reserves the right to reject any and all
bide-, and to sell said bonds at private sale.
All bids other than on behalf of the State Board of Land
of the State of Montana must be accompanied by,a
C-C-Irt-ified check in the sum of fifteen hundred dollars ($1,500.00.)
payable to the order of the City Clerk -Treasurer of the City of
lalispell, Montana, which will be forfeited by the successful bidder
In, the event he shall fail or refuse to complete the purchase of
:-.,aid bonds in acco-rdance with the terms of his bid.
All bids shall be addressed to the City Coun cil of the City of
Kali -spell, Montana, an'd delivered to the City Clerk -Treasurer of
said City.
Done by order of the City Council of the City of Kalispell,
Montana this l6th day of August, 1982.
Marjor Giermann, City Clerk-Treas0rer
PUBLISHED: 8-25-82
9-8-82