Resolution 3690 - Providing for Sale of Bonds - SID 337RESOLUTION NO. 3690
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 337. A
WHEREAS, the Mayor and City Council of the City of Kalispell., in
compliance with the statutes of the State of Montana, did, on the 3rd
day of June, 1985, create Special Improvement District No. 337 of the
City of Kalispell for the purpose of totally funding co struction of
a sanitary sewer main with services to the property line%eginning at
Second Street East, South along College Avenue, Sylvan Drive, Sylvan
Court and Park Hill Court and to partially fund the cos', pf a lift
station and sanitary sewer force main to be located in Woodland Park,
City of Kalispell, Montana, in accordance with the terms and conditions
as specified in Resolution No. 3569 and Resolution No. 3588.
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 Improvement District No. 337
in the amount of One Hundred and'Twenty-Five Thousand Dollars
($125,000.00), which bonds shall bear the date of issue of
November 1, 1986; 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 1st
day of July, 1987, and on the lst day of January, 1988, and
on the first day of July and January 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. 11337 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. #337 Fund, semi-annually the interest
on all outstanding bonds, and all monies remaining in said
fund shall be applied to the payment of principal and the
redemption of the bonds in the order of their registration.
Said bonds will not be sold for 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 (1) single bond or divided into
several bonds as the City Council may determine at the time
of sale, both principal and interest to be payable in semi-
annual installments during a period of ten (10) years from
the date of issue.
If serial bonds are sold and issued, said bonds will be
in the amount of Two Thousand Five Hundred Dollars ($2,500.00)
each, numbered from one (1) to fifty ;(50), both inclusive,
and said bonds shall become due and payable according to the
maturity schedule set forth below:
July 1, 1987 $ 5,000.00 July 1, 1992 $17,500.00
July 1, 1988 5,000.00 July 1, 1993 15,000.00
July 1, 1989 10,000.00 July 1, 1994 12,500.00
July 1, 1990 17,500.00 July 1, 1995 12,500.00
July 1, 1991 17,500.00 July 1, 1996 12,500.00
.. All bids other than on behalf of the Board of Investments
of the � State of Montana must be accompanied by a certified
check 'in the sum of Two Thousand Five Hundred Dollars
($2,500.00) 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 event he shall fail or
refuse to complete the purchase of said bonds in accordance
with the terms of this bid. The City Clerk-Tre,esurer 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 a Exhibit "A" attached hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS
2ND DAY OF SEPTEMBER, 1986.
ATTEST:
�-y cfi
City Clerk -Treasurer
Rn "Ed" Kenned r., Mayx
V
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 Kalispell,
Montana, that the said City Council will, on the 6th day of October,
1986, at a meeting commencing at the hour of 7:30 P.M. in the Council
Chambers of City Hall in Kalispell, Montana, sell to the highest
bidder for cash, either amortized or serial bonds of Special Improvement
District #337 of the City of Kalispell, Montana, in the total amount
of one hundred twenty --five thousand dollars ($125,000.00) for the
purpose of defraying the cost of funding a sanitary sewer main with
services to the property line beginning at Second Street East, south
along College Avenue, Sylvan Drive,' Sylvan Court, and Parkhill Court
and partially funding the cost of a lift station and sanitary sewer
force main to be located in Woodland Park. Amortized bonds will be
the first choice, however ser-ial bonds may be sold, if in the judgment
of the City Council serial bonds will be more advantageous to the
district and can be sold at a comparatively reasonable rate or rates
of interest. The boundaries of S.T.D. #337 are given in Resolution
No. 3569, dated the 18th day of March, 1985.
If amortized 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 bf sale, both principal and interest
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 two thousand five hundred dollars ($2,500.00) each, numbered
from one (1) to one hundred fifty (150), both inclusive, and said
bonds shall become due and payable according to the maturity schedule
set forth below:
July
1,
1987
$ 5,000.00
July
1,
1992
$17,500.00
July
1,
1988
5,000.00
July
1,
1993
15,000.00
July
1,
1989
10,000.00
July
1,
1994
12,500,00
July
1,
1990
17,500-00
July
1,
1995
12,500.00
July
1,
1991
17,500.00
July
1,
1996
12,500.00
The bonds', whether amortized on serial bonds, will bear the date
of issue of November 1st, 1986, 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 1st day of July, 1987, and on
the lst day of January, 1988, and on the 1st day. of July and January
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. #337 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. #337 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 principal and a
redemption of bonds in clie 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 by or on behalf of the Board of Investments of
the State of Montana must be accompanied by a certified check in th..1�1_ sum of two thousand five hundred dollars ($2,500.00), pay, le to the
order of the City Clerk -Treasurer of the City of Kalispell, Montana,
which will be forfeited by the successsful 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 Clerk -Treasurer in a sealed
envelope marked as follows: "Bid for One Hundred Twenty -Five Thousand
Dollar S.I.D. #337 .Bonds". Each envelope when delivered must indicate
the name and address of the bidder, or, in the case of a group of
bidders, of the representative.
Sealed bids for the bonds will be received by the City at the
office of the City Clerk=Treasurer in City. Hall, Kalispell, Montana,
until 5 o'clock P.M., on October 6, 1986. The bids will thereupon be
opened by the City Clerk -Treasurer and the Mayor and tabulated.
The actual awarding of the bid and sale of the bonds shall take
place as noted above.
Bond Counsel Expenses and Bond Printing Expense shall be the responsi-
bility of the successful bidder.
DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL, MONTANA,
THIS DAY OF SEPTEMBER, 1986.
City Clerk -Treasurer
Publish: September 11, 1986
September 17, 1986
September 24, 1986
October 1, 1986
I, the undersigned, City Clerk of the City of Kalispell, certify that the
foregoing is 4 true'copy of the Resolution passed by the City Council of .the
City of Kalispell, Montana at a regular meeting held
City Clerk of the City of Kalispell