Resolution 3761 - Transfer of Bond ProceedsRESOLUTION NO. 3761
A RESOLUTION AUTHORIZING THE TRANSFER OF 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 18th day of November, 1985, the City Council of
the City of Kalispell did pass Resolution No. 3626 eptitled "A RESOLUTION
AUTHORIZING THE ISSUANCE AND AWARDING THE SALE! OF $2,100,000 TAX
INCREMENT RENEWAL BONDS, SERIES 1985 FOR THE PURPOSE OF FTNANCTNG A
PORTION OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT! PROJECTS DESIGNATED
THE 1985 PROJECTS", and
WHEREAS, said Resolution identified particular i ly 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 lWest Side Park has
been satisfied by the City's purchase of four! lots on Block 71,
Kalispell, and the demolition of structures on the' property, and
WHEREAS, on the 10th day of August, 1987, the City Council of the
City of Kalispell did pass Resolution No. 3755 declaring an intent to
transfer $74,213 from the West Side Park Project to the Tax Increment
Construction Fund for the benefit of the lst Alley West Project, and
WHEREAS, due and proper notice of said Resolution was published in
the Daily Inter Lake on August 28, 1987, and September 3, 1987, and
WHEREAS, a Public Hearing on Resolution No. 3755 was held
pursuant to said Notice on the 8th day of September, 1987, and the
Council received public comment on the Resolution.
. NOW THEREFORE BE IT RESOLVED BY THE CITY' 'COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION 1. That the City Council of the City of Kalispe'll
hereby all-thorizes the City Clerk -Treasurer to transfer $74,213
from the West Side Park Bond Account to the Construction
Fund Account for Ist Alley West.
SECTION II. This Resolution shall take effect immediately
upon passage by the City Council and approval by the Mayor.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS Sth
DAY OF SEPTEMBER, 1987.
hn "Ed" Kennedy Jrl�_t Mayor
ATTEST:
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City Clerk-Tteasurer
1, the underzigned, City Clerk of the City of Kalispell, certify that the
foregoing is a true copy of the Resolution passed by the City Council of the
City of Kalispell, Montana at a regular iaeeting held 6
City Clerk of the City of Kalispell