Resolution 3504 - Sale of Bonds, Special Lighting District II223.
RESOLUTION NO. 3504
A RESOLUTION PROVIDING FOR THt' SALE OF BONDS, SPECIAL LIGHTING DISTRICT
NO. 11.
WHEREAS, the Mayor and City Council of the City of Kalispell, in comp" fiance
with the statutes of the State of Montana, did, on the 6th day of September,, 1983,
create Special Lighting District No. II of the City of Kalispell for the purpose of
construction and erection of 21 metal standard street lights in the Sunset Addition
of the City of Kalispell, in accordance with the terms -and conditions specified in
Resolution No. 3467A and Resolution No. 3494.
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 Lighting District No. II in the amount of Twenty-six Thousand Nine
Hundred Twenty-three Dollars, ($26,923.00), which bonds will bear the date of
issue of _ ; said bonds may bear interest at a rate
not exceedinq7 the. maximum rate per annum permitted rby the laws of the State of
Montana, pays le semi-annually on the ,JL day of z I985 and on the
��� day of 1985—, and on the Ist day of and of
each year the eaft - until paid in full; provided, h ever, t at said and , and
each and all of the same, shall be redeemed at the City of al
ispell at any time
when there is sufficient money in said Special Lighting District No. 11 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 Special Lighting District No. 11 fund, semi-annually, the interest on all out-
standing bonds and all monies 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.
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 a period of eight (8) 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 twenty-six ( 6), both
inclusive, and said bonds shall become due and payable on the Lg::t day of ,
199 �?_,
All bonds sold, whether amortization bonds or serial bonds with coupons,
shall be registered in the office of the City Clerk -Treasurer, and shall be a certified
public obligation under the Model Obligations Registration Act of Montana, Title 17,
Chapter 5, Part 11, Montana Code Annotated.
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 Five
Hundred Forty
Dollars ($540.00) 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 COUNCIL THIS 15TH DAY OF NOVEMBER,
- 1983.
ATTEST:
1, the undersigned, City Clerk of the City of Kalispell
certify that the foregoing is a true copy of the Resolution
passed by the City Council of the City of Kalispell, Montana
,at a regular meeting held Ir. 1913
Marjorie iermann, City Clerk -Treasurer
City Cler of the City of Kalispell
224.
EXHIBIT "A"
NOTICE OF SALE OF
SPECIAL LIGHTING DISTRICT NO. II BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS HEREBY GIVEN by the City Council of the City of Kalispell,
Montana, that the said City Council will, on the 7th day of May, 1984, 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 Lighting District No. II of the City of Kalispell, Montana,. in the
total .amount of Twenty-six Thousand Nine Hundred Twenty-three Dollars ($26,923.0t1)
for the purpose of construction and erection of twenty-one (21) metal standard
street lights in the Sunset Addition of the City of Kalispell. 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. It are given in Resolution No.
3467A dated June 6, 1983, and Resolution No. 3494 dated September 6", 1963.
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 a period of eight (8) .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 (I) to twenty-six (26), both
inclusive, and. said bonds shall become due and payable on the Ist day of
All bonds sold, whether amortization bonds or serial bonds with coupons,
shall be registered in the office of the City Clerk -Treasurer, and shall be a certified
public obligation under the Model Obligations Registration Act of Montana, Title 17,
Chapter 5, Part 11, Montana Code Annotated.
The said bonds, whether amortization bonds or serial bonds, will bear date of
issue of CFG,., 1�/ /, 11914 , 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 Ist day of ZT-a ra . and on the Ist day of and
on the Ist day of e r r, and j of each year there to 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
Special Lighting District No. I f fund, against which s'&d *i7onds 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 Special Lighting District No. II 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
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 Commissioners of the
State of Montana must be accompanied by a certified check in the sum of Five
Hundred Forty Dollars ($540.00) 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,
MONTANA, THIS 15TH DAY OF NOVEMBER, 1983.
212
Marjorie iermann, City Clerk
Published: _-7-1S/V
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