Resolution 3463 - Sale of Bonds - SID 336JLN N
o3�G 3
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 336.
WHEREAS, the Mayor and the City Council of the City of Kalispell,.
in compliance with the statutes of the State of Montana, did, on the
18th day of April, 1983, create Special Improvement District No. 336
of the City of Kalispell for the purpose of constructing a paved
driving surface and gravel surface shoulder on Eleventh Avenue West
between Seventh and Eighth Streets, in accordance with the terms and
conditions as specified in Resolution No. 3455 and Resolution No.
. 3461
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY ^OUNCIL OF
THE CITY OF KALISPELL, MONTANA, AS FOLLOWS*
That the City shall sell and issue at this time amortized or
serial bonds of said Special Improvement District No. 336 in the
amount of Four Thousand Five Hundred Dollars ($4,500.00) which bonds
shall bear the 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
on the day of , 198 , and on the
day of 198 and on the day
of and 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 S.I.D. #336 fund, against
which said bonds are issued, available therefore, said .redemption
to be made as provided by law, provided, further, that the City
Clerk -Treasurer shall first pay, out of said S.I.D. #336 fund, semi-
an;ivally, 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 re-
dlemption 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
lowest rate of interest at which they will purchase the bands
at par. The City Council reserves the right to reject any and all
bi(,s and to sell said bonds at private sale.
If amortized 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
ton 110) years from the date of issue.
If serial bonds are issued and sold, said bonds will be in
the amount of Five Hundred Dollars ($500.00) each, numbered from
one (1) to nine (9), both inclusive, and said bonds shall become
due and payable on the day of , 198
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 Ninety Dollars ($90.00) 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 ac-
cordance with the terms of his bid.
The City Clerk -Treasurer shall publish Notice of said Sale of
Bonds in accordance 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 18th DAY OF April ,
198-1.
cDowe ,
ATTEST:
the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a true
ropy of the Resolution passed by the City Council of the City of Kalispell, Montana at a
w•egular meeting held / oF3
1243
EXHIBIT "A"
NOTICE OF SALE OF
S.I.D. BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS HEREBY GIVEN by the City Council of the City of Kal-
ispell, Montana, that the said City Council will, on the 5th
day of _July , 198 3 , at a meeting commencing at the :our
of 7:30 P.M. in the Council Chambers of the City hall in Kalispell:
Montana, sell to the highest bidder for cash, either amortized or
serial bonds of Special Improvement District #336 of the City of
Kalispell, Montana, in the total amount of Four Thousand Five Hun-
dred Dollars ($4,500.00) for the purpose of defraying the cost of
Lhe construction of a paved driving surface and gravel surface
shoulder on Eleventh Avenue Vilest between Seventh and Eighth Street.
Amortized bonds will be the first choice and serial bonds will. be
the second choice of the Council. The boundaries of S.I.D. #336
a=:� given in Resolution No. 3455 dated April 7, 1983, and Resolu-
tion No. 3461 dated April 18, 1983.
If amortized bonds are sold and issued, the entire issue.may
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 Five Hundred Dollars ($500.00) each, numbered from one
(1) to nine (9), both inclusive, and said bonds shall become due
a;xd payable on the 1st day of August , 1983
T'She said bonds, whether amortized bonds or serial bonds, will
br:,<:zr (late of issue of August 1, 1983 and will bear
ntt.re;,t not exceeding the maximum rate per annum permitted by the
lass of the State of Montana, payable semi --annually on the 1st day
of Jan�tu.ry, 1984 and on the lst day of July, 1984 ,
and 0"'.11t he 1st day of January and July of
year thereafter until paid in full; provided, however, that
rya -id bonds, and each and all of the same, shall be redeemed at the
C ty of Kalispell at any time when there is sufficient money in
S.I.D. 4336 fund, against which said bonds are issued, avail-
ll
)le therefore, said redemption to be made as provided by law; pro-
vi.,led , further, that the City Clerk -Treasurer shall first pay out
c, said S.I.D. #336 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 principal and the redemption of the bonds in the order of their
zeristration.
Said bonds will be sold for not less than their par value with
a�rued 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 Ninety Dollars ($90.00) payable to the
order of the
City Clerk -Treasurer of the City of Kalispell, Montana,
which will
shall fail
be forfeited by the successful bidder in the event he
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 -Treasurer of
said City.
DONE
BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL,
MONTANA, THIS
18TH DAY OF APRIL 1983
A,
Marjori Giermann, City Clerk -Treasurer
Published:
6/ 8/83
6/15 83
6/22/83
6729783