Resolution 3755 - Resolution of Intention - Transfer Bond ProceedsRESOLUTION NO. 3755
A RESOLUTION OF INTENTION TO TRANSFER BOND PROCEEDS IN THE AMOUNT OF
$74,213.00 FROM THE WEST SIDE PARK PROJECT TO THE TAX INCREMENT
CONSTRUCTION FUND FOR THE BENEFIT OF THE IST ALLEY WEST PROJECT.
WHEREAS, on the I8th day of November, 1985 the City Council of the
City of 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
PORTION OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS DESIGNATED
THE 1985 PROJECTS", and
WHEREAS, said Resolution identified particularly as a Project the
Westside Park Project as the acquisition 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
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 1st 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
t City of Kallispe-11 t.6 transfer $7.4, 213 from the - +lest
Side Park Bond Account to the Construction Fund Account for
1st Alley West.
SECTION II. .That the City Council of the City of Kalispell
shall ho d 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
shou deliver the same in writing to the City Clerk -Treasurer
of the City of Kalispell on or before the Sth day of September,
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
irected to 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 August
- � 1987.
-- I, the undersigned, City Clerk of the
City of Kalispell, certify that the fore-
going is a true copy of the Resolution O n "E Ke nne
assed by the City Council at a meeting he lr•� Mayo r
ATTEST:
�j City Clerk of the City of Kalispell 7
C y C erk- censurer