Resolution 3781 - Establish 5% Fee - SID BondsRESOLUTION NO. 3781
A RESOLUTION ESTABLISHING A FIVE PERCENT (5%) FEE TO COVER THE INCIDENTAL
AND ADMINISTRATIVE EXPENSES OF ALL SPECIAL IMPROVEMENT DISTRICT BONDS
AND SIDEWALK AND CURB WARRANTS.
WHEREAS, the City of Kalispell has in the past assumed all costs
associated with the administration and incidental expenses of special
improvement districts and sidewalk and curb warrants, and
WHEREAS, Section 7-12-4169, M.C.A. , authorizes the City to collect
costs and expenses connected with and incidental to the formation of
special improvement districts in amounts not to exceed five percent
(5%) of the principal amount of any bonds or warrants issued.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA, AS FOLLOWS:
SECTION I. That the City Clerk -Treasurer is hereby authorized
and directed to defray from the sale. of City special improvement
district bonds, and sidewalk and curb warrants, the amount
of five percent (5%) of the principal amount of any bonds or
warrants to be issued.
SECTION 11. That in accordance with Montana law funds therein
deposited shall be transferred to the City of Kalispell
General Fund to reimburse the City for administrative expenses
and incidental expenses associated with the creation of special
improvement districts or the sale of sidewalk and curb warrants.
SECTION III. Administrative expenses and incidental expenses
shall incl`ude; 1) compensation of the City Engineer for
work on the project, 2) compensation of persons appointed by
the City Engineer to take charge and superintend any of the
work, 3) expenses of making the assessment, 4) costs of
issuance of bonds or warrants of the special improvement
district, including costs of printing the bonds, bond regis-
tration fees, attorneys' and financial consultants' fees, a
premium for bond insurance, and any price paid by the original
purchaser of the bonds that is less than the face amount
thereof; 5) interest to accrue on bonds or warrants of the
special improvement district before assessments levied in
the di'strict are collected in amounts and at times sufficient
to pay such interest; and 6) a reasonable administrative fee
payable to the city for the creation and administration of
the district by the city, its officers, and employees.
SECTION IV. This Resolution shall take effect upon passage
Ey the City Council and approval by the Mayor.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS 7th
DAY OF M.A.Rcul P 1988.
)oen '�'E�d Kennedy 'Jr. , Mayor
ATTEST:
City Cierk-Treasurer
if the underzigned, City Clerk of' the City of Kalispell, certify that tihe
_L L 41
fOrOgOlng Is a true copy of the Resolution passed by the City Council of the
C'ty Of KalisPell, 1"'Ontana at a Peh;ular 14eeting held
I
C.1-ty, CL�1�-L" Of tl"c .. C�f L'�'&IJLL-,Pull