Resolution 3556 - Issuance of $550,000 GO Bonds - Pool369.
RESOLUTION NO. 35-56
A RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS
OF THE CITY OF KALISPELL, MONTANA IN THE AMOUNT OF $550,000.00 FOR
THE PURPOSE OF RECONSTRUCTION, RENOVATING AND REPAIRING THE MUNICI-
PAL SWIMMING POOL LOCATED IN WOODLAND PARK.
WHEREAS, the 18th day of June, 1984, the City Council of the City of
Kalispell passed Resolution No. 3528 which submitted to the qualified and registered
electors of the City of Kalispell, for their approval, the issuance of $550,000.00
of General Obligation Funds of the City of Kalispell for the purpose of construction,
reconstruction renovating or repairing the Municipal Swimming Pool located in
Woodland Park, in the City of Kalispell, Montana, and
WHEREAS, on November 6, 1984, the question was submitted to the voters of
the City of Kalispell at the General Election held on that date, and
WHEREAS, on November 6, 1984, 40% or more of the qualified electors of the
City of Kalispell entitled to vote on the question of issuing general obligation
bonds voted thereon and a majority of said votes cast were in favor of issuing
the General Obligation Bonds of the City of Kalispell, and
WHEREAS, in accordance with Section 7-7-4236 MCA the City Council of the
City of Kalispell is directed to_ pass within thirty (30) days a resolution providing
for the issuance of said bonds.
NOW THEREFORE, be it resolved by the Mayor and City Council of the City
of Kalispell, Montana, as follows:
SECTION I. That the City of Kalispell shall sell and issue General
Obligation Bonds pledging the general credit of the City of Kalispell for
the purpose of reconstructing, renovating and repairing the Bruckhauser
Municipal Swimming Pool located in Woodland Park, Kalispell, Montana.
SECTION II. The General Obligation Bonds herein authorized by the
City Council of the City of Kalispell shall be issued in the amount not
to exceed $550,000.00 and will bear the date of issue of not later than
April 30, 1985.
SECTION III. The Bonds may bear interest at a rate not exceeding 12%
per annum payable semi-annually on the 1st day of January, 1986 and
on the 1st day of July, 1986 and on the first day of January and July
each year thereafter until paid.
SECTION IV. Any bond herein authorized to be issued by the Cil-y of
Kalispell may be redeemed in full, at the =option of the City of Kalispell,
on any interest payment date after the expiration of 1 /2 of the term for
which the bond was issued.
SECTION V. 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.
SECTION VI. 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 for which the
bonds are issued.
SECTION VII. If serial bonds are issued and sold, said bonds will be
in the amount of , each numbered from
to , both inclusive, and said bonds shall become
due and payable on the day of , 198
SECTION VII. All bonds sold, whether amortization bonds or serial
bands with coupons, shall be registered in the office of the City
Clerk -Treasurer, or other designaated financial institutions at discretion
370.
of purchaser with concurrence of City and shall be a certified public
obligation under the Model Obligations Registration Act of Montana, Title
.17, Chapter 5, Part 11, Montana Code Annotated.
SECTION Mill. 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 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.
SECTION IX. 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 CeUNC1L OF THE CITY OF KALISPELL
THIS 3rd DAY OF llpoember 198
. L
fi'�-.�rV
•
ATTEST:
7k
Marjorie iermann, City Clerk -Treasurer
1, the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a
true copy of the Resolution passed bthe Cit Council of the City of Kalispell, Montana
at a regular meeting held
City Cl k of the City of Kalispell, YZantana
1
1
371.
Jeli'L A-' _ l
NOTICE OF SALE OF CITY
OF KALISPELL GENERAL OBLIGATION BONDS
Notice is hereby given by
the council will, on the gy17
the council of the City of Kalispell, Montana,
day
that
of i,,c 4 , 198-1-, at the hour of
at its council chamber
in the City of Kalispell, Montana, sell to
the
highest and best bidder for cash
either amortization or serial bonds of the
said
City of Kalispell in the total
amount of Five Hundred Fifty Thousand Dollars
($550,000.00) for the purpose
of reconstruction, renovating and repairing
the
Municipal Swimming Pool located
in Woodland Park.
Amortization bonds will be the first choice and serial bonds will be
the
second choice of the council.
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 semiannual installments
during a period of /,� years from the date of issue.
If serial bonds are issued and sold, they will be in the amount of Five
Hundred Fifty Thousand Dollars ($550,000.00) each and will become due and payable
according to the maturity schedule set forth below
The bonds, whether amortization or serial bonds, will bear date of April 30,
1985, will bear interest at a rate not exceeding 12% per annum commencing on the
1st day of January, 1986 and payable semiannually on the Ist day of July and on
the 1st day of January in each year thereafter and will be redeemable, any bond
herein authorized to be issued by the City of Kalispell may be redeemed in full,
at the option of the City of Kalispell, on any interest payment date after the
expiration of 1/2 of the term for which the bond was issued.
Said bonds will be sold -.for --Aot less than_.. --their par value with accrued
interest to date of delivery, and all bidders must state the lowest rate of interest
at which they will purchase the bonds at par. The council reserves the right to
reject any and all bids and to sell said bonds at private sale.
All bids other than by or on behalf of the board of investments of the state
of Montana must be accompanied by a certified check in the sum of 4-/Pu« T�oc, rd4 4/
Dollars ($ 1400z,. oo ), payable to the order of the City of Kalispell
Clerk -Treasurer, wifich 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 council of the City of Kalispell, Montana
and delivered to the clerk of said City of Kalispell.
ee
LeRo w� eTF -mayor
ATTEST:
Marjorie Giermann, City Clerk -Treasurer
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