Resolution 3790 - Establish 5% of Principal Fee on SID BondsRESOLUTION NO. 117go_
A RESOLUTION ESTABLISHING A FEE AMOUNTING TO FIVE PERCENT (5%) OF THE PRINCIPAL ON
ALL SPECIAL IMPROVEMENT DISTRICT BONDS FOR DEPOSIT IN THE REVOLVING FUND.
WHEREAS, Section 7-12-4222, M.C.A., authorizes the City to defray from the
proceeds of bonds or warrants an amount up to five percent (5%) of the principal
and to deposit said sum in the Revolving Fund for the payment of delinquent bonds
and warrants.
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 direc ed to defray from the sale of special improvement dis-
trict bonds the amount of five percent (5%) of the amount of said
bonds for deposit in the Revolving Fund.
SECTION II. That in accordance with Montana law, funds therein
deposited shall be used to pay delinquent bonds and warrants.
SECTION III. 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 2nd DAY OF
1988.
�..... ° 0 L�
"Ed" Kennedy,4J—
�ofinyor
ATTEST:
Don Halver, City Clerk -Treasurer
I, the undersigned, 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 Ialispell, ffontana at a regular meeting held
City Clerk of the City of Palispell