Ordinance 1049 - Amends Ord 1000 - Industrial Development Revenue Bonds392.
ORDINANCE NO. 1049
AN ORDINANCE AMENDING ORDINANCE NO. 1000 BY EXEMPTING FROM .ASSESS-
MENT OF THE ADMINISTRATIVE FEE INDUSTRIAL DEVELOPMENT REVENUE BONDS
ISSUED 1N CONJUNCTION WITH PROJECTS UNDER SECTION 119 OF THE HOUSING
AND COMMUNITY DEVELOPMENT ACT OF 1974.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, AS
FOLLOWS:
That Ordinance No. 1000 is hereby amended to read as follows:
SECTION I. On all bonds issued by the City pursuant to the authority
granted to the City by Section No. 90-5-102, M.C.A., there shall be
paid to the City by the lessee of the project or the borrower of the
funds, the sum of $2.50 per $1000.00 face value of said bonds. Such
sums paid to the City shall be for.the purpose of defraying administrative
expense of the City in connection with the authorization, sale and issuance
of said bonds for the project and shall be considered a cost of the
project.
SECTION ll. Bonds
issued in conjunction
with financing of
projects
under Section 119 of
the
Housing and Community Development
Act of
1974 or its successor
are
exempt from the
Administrative Fee specified
in Section 1.
FINALLY PASSED BY
THE
CITY COUNCIL
OF THE CITY OF
KALISPELL
AND APPROVED BY THE MAYOR
THIS � DAY
OF
1984.
Le o -. _.._
Mc ow , -May
ATTEST:
Marjorie Giermann, City Clerk -Treasurer
I, Marjorie Gie=arm, City Clerk of the City of . Kalispell, Montana, do certify that on
the o day of 71 #_d , 19_LL, I posted a copy of the foregoing ordinance
in my office, and the same remained posted until the second reading on the 3 day of
19--& , and the foregoing is a true and correct copy of the ordinance
as passed by the City Council. -
City Clerk of a City of Kalispell, Montana