Loading...
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 n 1