Resolution 3755 - Resolution of Intention - Transfer Bond ProceedsRESOLUTION NO. 3755
A RESOLUTION OF INTENTTON TO TRANSFER BOND PROCEEDS TN THE AMOUNT OF
$74,213-00 FROM THE WEST STDE PARK PROJECT TO THE TAX INCREMENT
CONSTRUCTION FUND FOR THE BENEFIT OF THE IST ALLEY WEST 'PROJECT.
WHEREAS, on the 18th day of November,
City of 1985 the City Council of the
Kalispell did pass Resolution No. 3626 entitled "A RESOLUTION
AUTHORIZING THE ISSUANCE AND AWARDING THE SALE OF $2,100,000 TAX
INCREMENT RENEWAL BONDS, SERIES 1985 FOR THE PURPOSE OF FINANCING A
PORTTON OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS DESTGNATED
THE 1985 PROJECTS", and
WHEREAS, said Resolution identified particularly as a Project the
Westside Park Project as the acquisitiol� of land for and the furnishing
and equipping of a neighborhood park adjoining the Elrod Grade School
within the Urban Renewal Area, and
WHEREAS, the City issued and sold $ . 200,000 in Tax Increment Renewal
Bonds and allocated $100,000 from cash flow in the Tax Increment Fund
to finance the creation of the West Side Park Project, and
WHEREAS, the City has unexpended funds in the West Side Park . Bond
account of $74,213, and
I WHEREAS, the City's obligation to create the Westside Park has
been satisfied by City's purchase of four lots on Block 71, Kalispell,
and the demolition of structures on the property, and
WHEREAS, the City desires to transfer said unexpended funds to the
Construction Fund for lst Alley West Project which would result in
the funds being spent for Iligible public works activities in the
Downtown Redevelopment Area. -
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
KALISPELL AS FOLLOWS: CITY OF
SECTION I. That it is the intention of the City Council of
of Kallispe-11 t.6 transfer $7.4,213 from the-Mest
�Piatryk Bond Account to the Construction Fund Account for
Ist Alley West.
SECTION II. -That the City Council of the City of Ka I lispell
shal-7--h-0-Td, a Public Hearing on the Proposed transfer of
funds at the regularly scheduled Council Meeting to be held
in City Hall, Kalispell, Montana, beginning at 7:30 P.M. on
the 8th day of September, 1987.
SECTION III. Any person wishing to comment on sai,' proposal
7-d-eliver the same in writing to the Cit lerk-Treasurer
sho
of the City of Kalispell on or before the 8thydaCy of S'eptember,,
1986, or attend the City Council Meeting where they will be
given an opportunity -to speak at the Public Hearing.
SECTION IV. The City Clerk -Treasurer is authorized and
direFt-edto give notice Of this Resolution of Intention on
Public Hearing by publication as specified in Montana law.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED
BY THE MAYOR THIS 10th DAY OF Augus t _9 1987.
1, the undersigned, City Clerk of the
City of Kalispell, certify that the fore-
going is a true copy of the Resolution b n "E Kenne J� M�ayor��
assed by the CitY Council at a meeting he Mayor
XTTEST:
_611iyCle�rkof 7the �City
U;y C erk- rensurer