Resolution 3692 - Providing for Sale of Bonds - SID 337RESOLUTION NO. 3692
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECTK_ -EMMVEMENT
DISTRICT NO. 337.'
WHEREAS, the Mayor and City Council of the City of Ii 11, i.m.
compliance with the statutes of the State of Montana, di&, 'am the 6
day of October, 1986, pass Resolution No. 3691, declaringan imtentiav
to create Special Improvement District No. 337 for tke purpose of
totally funding construction of a sanitary sewer main services
to the property line beginning at Second Street East, South alo
College Avenue, Sylvan Drive, Sylvan -Court and Parkhill 1- yamr .and tr
partially fund the cost of a lift station and sanitary seer force
main to be located in Woodland Park, City of Kalispell, tma-
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY =WC1LLOF T
CITY OF KALISPELL, MONTANA, AS FOLLOWS:
That the City shall sell and issue at this time a iza--t-bn
or serial bonds of said Special Improvement District No.. 337
in the amount of One Hundred and Twenty -Five ThousandDoll-irs
($125,000.00), which bonds shall bear the date Gf isstueof
December 1, 1986; said bonds may bear interest at a,_�te
not exceeding the maximum rate per annum permittei b the
laws of the State of Montana, payable semi-annually canthe
1st day of January, 1988, and on the lst day of Judy.- 388,
and on the first day of January and July of �h,year
thereafter until paid in full.; provided, however, thaa:said
bonds, and each and all of the same, shall be rid-1 at
the City of Kalispell at any time when there is dent
money in said S.I.D. #337 Fund, against which said band§_ -are
issued, available therefore, said redemption to Ire ar.64 as
provided by law; provided, further, that the Ci4 ---Ue'rk-
Treasurer shall first pay, out of said S.I.D. s/Ftind,
semi-annually the interest on all outstanding bondt,,iall
monies remaining in said fund shall be applied to theent
of principal and the redemption of the bonds in theoate'r of
their registration.
Said bonds will not -;be sole for less than n--par
value with accrued interest to the date of delivery,,md all
bidders must state the lowest rate of interest at which�they
will purchase the bonds at par. The City Councilreserves
the right to reject any and all bids and to sell saidbonds
at private sale.
If amortization bonds are sold and issued, entire
issue may be put into one (1) single bond or. dim into
several bonds as the City Council may determine at tka.time
of sale, both principal and interest to be payableim semi-
annual installments during a period of fifteen (15) years
from the date of issue.
If serial bonds are sold
and issued, said
bonds `fll be
in the
amount of
Five Thousand Dollars ($5,000_0-:)
each,
numbered
from one
(1) to twenty-five (25), both iwIms-ive ,
and. said
bonds shall become
due and payable accordingtta:the
maturity
schedule
set forth
below:
January
1, 1988
$ 5,000.00
January 1, 1996
January
1, 1989
5,000.00
January 1, 1997
1o,-w
January
1, 1990
5 , 000.00
January 1, 1998
1G,w..X'
January
1, 1991
5,000.00
January 1, 1999
10,0m.im
January
1, 1992
5 , 000.00
January 1, 2000
10,, -M
January
1, 1993
10,000.00
January 1, 2001
10.8w:m-:
January
1, 1994
10,000.00
January 1, 2002
10,0wm,
January
1, 1995
10,000.00
All bids other
than on behalf of the Board
of 1wes=ents
of the State of Montana must be accompanied
by a zer-2if-16d
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 bidd r in the event. he shall fail or
refuse to complete the p? irchase of said bonds in accordance
with the terms of this bi. The City Clerk -Treasurer steal -I
publish notice of said SzA
e of bonds in accordance with the
laws of the State of Mont na; said notice shall be substantially
in the form of Exhibit A"-at'tached hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL AND APPROVED BY TRIG MAYOR
THIS 6TH DAY OF OCTOBER, 1986.
( I
C
J n "Ed" enne y Jr . , Kayer
ATTEST:
-City ClerkVZ
-Treasurer
I, the undersigned, City Clerk of the City of Kalispell, certify that the fore-
going is a 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
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EXHIBIT "A"
NOTICE OF SALE OF
S.I.D. BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS HERESY GIVEN, by the City Council of the City of Kalispell,
Montana, that the said City Council will, on the 3rd day of November,
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 maim 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 serial 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.I.D. #337 are given in Resolution
No. 3691, dated the 6th day of October, 1986.
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 of sale, both principal and interest
to be payable in semi-annual installments during a period fifteen
(15) years from date of issue.
If serial bonds are `' issued" and s6-fd, said bonds -will be' in tYie
amount of five thousand dollars ($5,000.00) each, numbered from one
(1) to twenty-five (25), both inclusive, and said bonds shall become
due and payable according to the maturity schedule set forth below:
January 1, 1988 $ 5,000.00 January 12�1996 $10,000.00
January 1, 1989 5,000.00 January 1, 1997 10,000.00
January 1, 1990 5,000.00 January 1, 1998 10,000.00
January 1, 1991 5,000.00 January 1, 1999 10,000.00
January 1, 1992 5,000.00 January 1, 2000 10,000.00
January 1, 1993 10,000.00 January 1, 2001 10,000.00
January 1, 1994 10,000.00 January 1, 2002 10,000.00
January 1, 1995- 10,000.00
The bonds, whether amortized or serial bonds, will bear the date
of issue of December lst, 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 January, 1988, and
on the lst day of July, 1988, and on the 1st day of January and July
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
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1
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7
1y
S.I.D. #337 fund annually, the interest on all outstanding 1wnds upon
presentation of the coupons belonging thereto, and all monies re4rafining
in said fund shall be applied to the payment of principal and a
redemption of 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 musts state
the lowest rate of interest at which they will purchase the hods at
par. The City Council reserves the right to reject any ad allD bids
and to sell said bonds at private sale.
All bids other than by or on behalf of the Board of Inwstmenrs of
the State of Montana must be accompanied by a certified cbEc3ic in the
sum of two thousand five hundred dollars ($2,500.00), pa.l.a to the
order of the City Clerk -Treasurer of the City of Kalispell. �Wntana,
which will be forfeited by the successful bidder in the. ant he
shall fail or refuse to complete the purchase of sail U=ds in
accordance with the terms of his bid.
All bids shall be addressed to the City Clerk -Treasurer im :asealed
envelope marked as follows: "Bid for One Hundred Twenty -Fire Thousand
Dollar S.I.D. #337 Bonds". Each envelope when delivered =sT_ ihdicate
the name and address of the bidder, or, in the case of a _ffoup of
bidders, of the representative.
Sealed bids for the bonds will be received by the Cites at• the
office of the City Clerk -Treasurer in City Hall, Kalispell, Lana,
until 5 o'clock P.M., on November 3, 1986. The bids will d1e.reupon
be opened by the City Clerk -Treasurer arid -'the Mayor and tabued.
The actual awarding of the bid and sale of the bonds shall take
place as noted above.
_ Bond Counsel expense and bond printing expense shall be the rmesponsi-
bility of the successful bidder.
DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL. MONTANA,
THIS 6TH DAY OF OCTOBER, 1986.
h
City Clerk -Treasurer
Publish: October 8, 1986
October 15, 1986
October 22, 1986
October 29, 1986
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RESOLUTION NO. 3693
A RESOLUTION AUTHORIZING THE MAYOR OF THE CITY OF KALISPELL TO EXECUTE
AND DELIVER ALL NECESSARY LEGAL DOCUMENTS IN ORDER TO EFFECTUATE A
SALE OF A REVERSIONARY INTEREST POSSESSED BY THE CITY OF KALISPELL IN
REAL PROPERTY TO THE STATE OF MONTANA.
WHEREAS, the City Council is possessed of a reversionary interest
in certain real property within its corporate limits to -wit:
Lots 1, 2, 3, of Block 24, Kalispell Original Townsite,
Flathead County, Montana,
and,
WHEREAS, the City Council of the City of Kalispell did an the 20th
day of August, 1986, pass a Resolution of Intent, (Resolution No.
3683) to sell said reversionary interest in said property tos the
State of Montana, Department of Military Affairs and,
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WHEREAS, the City Council of the City of Kalispell on th s 15th,._
day of September, 1986, pursuant to Section 7-8-101, ftntm-a Code
Annotated, did at its regular meeting hold a discussion anO Public
Hearing, pursuant to Notice published August 22nd, September 3td, and
September 10th, 1986, concerning the intended disposition qff said
property and at said Public Hearing allowed residents of the O'ity of
Kalispell to be present and comment for and against the pa:s.S3Fge of a
Resolution authorizing the sale, and
WHEREAS, the City Council of the City of Kalispell did de-r.fde that
the property was not necessary for the conduct of City busL�re-ss and
therefore, to dispose of the property as stated in Resolution No.
3673.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF 'MY.. CITY OF
KALISPELL as follows:
SECTION 1. That the City Council of the City of KaDiispell
having met at its regularly scheduled meeting and pirsuant
to the procedure set forth in Sgttion . 7-8-101,. M. ..Al`�e,_ do
hereby resolve to transfer to the State of Montana, De�tment
of Military Affairs, Lots 1, 2, 3 of Block 24, "llispell
Original Townsite, Flathead County, Montana.
SECTION II. That the Mayor and City Clerk -Treasurer of the
City of Kalispell are hereby authorized to execute a Quitclaim
Deed to the reversionary interest in said property to deliver
said deed to the State of Montana, Department of Military
Affairs in exchange for the consideration of one dollar
($1.00).
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED
MY THE MAYOR THIS 15TH DAY OF SEPTEMBER, 1986.
ATTEST:
r'
Ci y Clerk -Treasurer
I, the undersigned, City Clerk of the City
is a true copy of the Resolution passed by
Montana, at a regular meeting held
q4 �w
i
rn "Ed" KennedyVI.-, ., Mayor
of Kalispell, certify that the foregoing
the City Council of the City of Kalispell,
City Clerk of the City of Kalispell
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