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 KkIi-slW11, im
compliance with the statutes of the State of Montana, di&,, am the 6th,
day of October, 1986, pass Resolution No. 3691, declariqgan imtentiav
to create Special improvement District No. 337 for tke purpose of
totally funding construction of a sanitary sewer main *_:it�- services
to the property line beginning at Second Street East, South alo
College Avenue, Sylvan Drive, Sylvan -Court and Parkhill 1-yamr—and tT
ce
partially fund the cost of a lift station and sanitary sewr foril
main to be located in Woodland Park, City of Kalispell, lmtma- .
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY =WCMLOF THE,
CITY OF KALISPELL, MONTANA, AS FOLLOWS:
That the City shall sell and issue at this time aner-Liza--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, -_-Yte
not exceeding the maximum rate per annum permittei b-ythe
laws of the State of Montana, payable semi-annually canthe
lst day of January, 1988, and on the Ist day of Judy.- 3-88,
and on the first day of January and July of ;�I, y!��ar
thereafter until paid in full.; provided, however, thaa:said
bonds, and each and all of the same, shall be redsoutd-1 at
the City of Kalispell at any time when there is suET�cd_ent
money in said S. I. D. #337 Fund, against which said ban-d§--are
issued, available therefore, said redemption to I&-- ar.64 as
provided by law; provided, further, that the Ci4. ---Ue'rk-
Treasurer shall first pay, out of said S.I.D. 1333/Ftind,
semi-annually the interest on all outstanding bonft�,,Em& all
monies remaining in said fund shall be applied to theTqyment
of principal and the redemption of the bonds in theoade'r of
their registration.
Said bonds wifl not -;be sol-T for -1'ess than lbEh�--par
value with accrued interest to the date of delivery,,md all
bidders must state the lowest rate of interest atwhich�they
will purchase the bonds at par. The City Council rieserves
the right to reject any and all bids and to sell saidbonds
at private sale.
If amortization bonds are sold and issued, the -entire
issue may be put into one (1) single bond or. dirid& into
several bonds as the City Council may determine at tka time
of sale, both principal and interest to be payable im semi-
annual installments during a period of fifteen (15) years
from the date of issue.
If serial bonds are sold
and issued, said
bonds wfll be
in the
amount of
Five Thousand Dollars ($5,000-M-)
each,
numbered
from one
(1) to twenty-five (25), both iwImsive,
and. said
bonds shall become
due and payable according tLo:the
maturity
schedule
set forth
below:
January
1, 1988
$ 5,000.00
January 1, 1996
January
1, 1989
5,000.00
January 1, 1997
lo'no-w
January
1, 1990
5,000.00
January 1, 1998
1 Gaw'.X�
January
1, 1991
5,000.00
January 1, 1999
10.0m.im
January
1, 1992
5,000.00
January 1, 2000
10,400-M
January
1, 1993
10,000.00
January 1, 2001
10.8w-m-:
January
1, 1994
10,000.00
January 1, 2002
10.0mm,
January
1, 1995
10,000.00
All bids other
than on behalf of the Board
o f 1wwz=e n t s
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) pqyable to the order of the City Clerk-Treas-urer
of the City of Kalispell, Montana, which will be forfeited
by the successful bidd ir in the event he shall fail or
le p
refuse to complete th ?� rchase of said bonds in accordance
with the terms of this bio. The City Clerk -Treasurer shal-I
publish notice' of said SzA e of bonds in accordance with the
laws of the State of Mont
,��n�a; said notice shall be substantially
in the form of Exhibit A"-at'tached hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL AND APPROVED BY TRI� MAYOR
THIS 6TH DAY OF OCTOBER, 1986.
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.36hn "Ed" kennedy/J_r. , Kayer
ATTEST:
VZ
-City Clerk�-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 HEREBY 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, ei.ther amortized or serial bond - s 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 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 sc-fd, said bonds -wM be- in tYe
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 belowi
January 1, 1988 $ 5,00 ' 0.00 January 1.,� 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 Ist day of January, 1988, and
on the Ist day of July, 1988, and on the lst 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
I
S.I.D. #337 fund annually, the interest on all :outstanding 1wnds. upon
presentation of the coupons belonging thereto, and all moniesre=fning
in said fund shall be applied to the payment of principal and a
redemption of bonds in the order of their registration.
A
Said bonds will be sold for not less than their par valaR_, with
accrued interest to the date of delivery, and : all bidders mustr- state
the lowest rate of interest at which they will purchase the bomd-8 at
par. The City Council reserves the right to reject any aW allD bids
and to sell said bonds at private sale.
All bids other than by or on behalf of the Board of InwstmeTrrs of
the State of Montana must be accompanied by a.certified cbEc*in the
sum of two thousand five hundred dollars ($2,500.00), payab;,Lzato the
order of the City CleTk-Treasurer of the City:of Kalispell. �Wntana,
which will be forfeited by the successful bidder in rhe� -exant he
shall fail or refuse to complete the purch-ase of saii 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- Five Thous and
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 Cit-,y wt, the
office of the City Clerk -Treasurer in City Hall, Kalispell, �.Hmt.ana,
until 5 o'clock P.M., on November 3, 1986. The bids will d1exeupon
be opened by the City Clerk-Treas-urer arfd--the Mayor and- tabul�T_ted.
The actual awarding of the bid and sale of the bonds skall take
place as noted above.
Bond Counsel expense and bond printing expens e shall be the rmesponsi-
bility of the successful bi�der.
DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL. MONTANA,
THIS 6TH DAY OF OCTOBER, 1986.
City Clerk -:Treasurer
Publish: October 8, 1986
October 15, 1986
October 22, 1986
October 29, 1986
rJ
T,
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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, (Resolutfon No.
3683) to sell said reversionary interest in said property tos the
State of Montana, Department of Military Affairs and,
WHEREAS, the City Council of the City of Kalispell on thfs 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 disposit-ion qff said
property and at said Public Hearing allowed residents of the 07ity 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-rEde that
the property was not necessary for the conduct of City busLre-ss and
therefore, to dispose of the property as stated in Resoluwion 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 proqe�dure set f oi�th in Sgttion . 7-8-101,. M. do
hereby resol ' ve to transfer to the State of Montana, Depar-tment
of Military Affairs, Lots 1, 2, 3 of Block 24, "lispell
Original Townsite, Flathead County, Montana.
SECTION II. That the Mayor and City Clerk -Treasurer of the
City of R—alispell are hereby authorized to execute a Quitclaim
Deed to the reversionary interest in said property todeliver
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:
Uffy Cle-rk-Treasurer
I, the undersigned, City Clerk of the City
is a true copy of the Resolution passed by
Montana, at a regular meeting held
A
q4 �w
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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