Ordinance 327 - Issuance and Sale of BondsN
ORDINANCE No. 327
AN ORDINANCE providing for the issuance and sale
or exchange of refunding city bonds of The City of Kalispell
in the amount of Twenty Thousand -Dollars for the purpose of
providing the necessary -funds to pay outstanding bonds for
a like amount, dated July 2nd, 1906, and maturing October 1st,
1915.
BE IT ORDAINED By the City Council of the City of
Kalispell:
Section 1. For the purpose of providing the nec-
essary funds to pay Twenty Thousand Dollars of outstanding
refunding city bonds of The City of Kalispell, dated July 2nd,
1906, and maturing October lst, 1915, there not being sufficient
money to the cred.it of the City of Kalispell applicable to pay
any of said bonds, and, in the judgment of the City Council of
the City of Kalispell, to levy and collect a tax for the purpose
of paying any of said bonds would be a hardship and a burden to
said city, there shall be issued and sold or exchanged under
the provisions of Section No. 5464 of the Revised Codes of the
State of Montana, refunding city bonds of said City of Kalispell
to the amount of Twenty Thousand Dollars.
Section 2. That said bonds shall 'be dated the
first day of January, 1916, and shall bear interest at the rate
of four per cent per annuam from date until paid, payable semi-
annually on the first day of January and the first day of July
of each year after the issue of said bonds, said interest pay-
ments to be represented by coupons attached to each of said
bonds and said bonds shall be of the denomination of Five
Hundred Dollars each and shall mature on the first day of
,�anuary, 1936 and shall be redeemable on the first day of
January 1926 or at any interest paying date thereafter and shall
0
be numbered from one to forty inclusive.
Section 3. That the said bonds and the interest
thereon, on the proper presentation thereof and the interest c
coupons attached, when they shall severally become due and
payable, will be paid by the City Treasurer of the City of
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Kalispell, at his office in the City of Kalispell, Montana,
or at the option of the holder of such bonds or any there of
at such bank in New York City, State of New York, as the City
Treasurer of the City of Kalispell shall from time to time,
at the request of the holder of any such bonds, designate, and
all bonds and coupons so,paid must be returned to the City
Council at its next regular meeting thereafter and there upon
cancelled by the City Clerk of the City -of Kalispell.
Section 4, The City Clerk of the City of Kalispell
is hereby authorized and directed to advertise the bonds here
by authorized and directed to be issued in the Daily Inter
Lake, a newspaper of general circulation published in the City
of Kalispell and State of Montana for a, period of not less than
four weeks preceding the date fixed for the sale of said bonds,,
such advertisement to briefly discribe the bonds, stating the
time when and the place where the sale thereof shall take place,
such time and place being hereby fixed as the sixth day of Dec-
ember, 1915, at seven thirty o'clock P. TA. of said day, at the
Council Chambers of the City Council of the City of Kalispell,
in the City Hall, in said City.
Section 5. The said bonds shall not be sold for
less than par value and accrued interest and the City Council
shall have the right to reject any bids made and s.621 said bonds
at private sale or exchange then, for the outstanding bonds re-
ferred to in Section 1 of this ordinance if the said City
Council shall deem it for the best interest of the City of Kal-
ispell to do so.
Rection 6. Said bonds shall be signed by the Layor
t
and Clerk of the City of Kalispell and a lithographic or en-
graved fac-simile of the signatures of the 1,rlayor and Clerk shall
be affixed to the coupons attached to said bonds and the corpor-
ate seal of the City of Kalispell shall be affixed to each bond.
--ecti on 7. _TPlach bond so issued shall be registered
by the City Clerk in a
book
provided for
the purpose
which
shall
show the date, number,
term
and amount of
each bond
and the
per-
son or persons to whom the bonds are issued and sold.
M
Section 8. The bonds hereby authorized to be
issued when duly executed shall be delivered to the City
Treasurer. and; by that officer exchanged for the outstand-
ing, bonds to be refunded by the bonds hereby authorized or
said,outstanding ponds shall be cancelled concurrently with
the issue of said refunding bonds in such manner as not to
increase the indebtedness of the city.
Section -9. The City of Kalispell undertakes
and agrees to annually and in due time, manner and season
levy and collect a tax sufficient in amount to pay the prin-
cipal and interest as the same shall become due of the bonds
hereby authorized.
,,-",ection 10. The said bonds and attached coupons
shall be in the following form:
UNITED STATES OF AMERICA
nWWjD1W5MMV*M•
REFUNDING CITY BONDS
500 DOLLARS
KNOW ALI, MEIN BY THESE PRESENTS That The City of Kalispell,
in the County of Flathead, State of 'Montana, acknowledges
to owe and, for value received, hereby promises to pay to
the bearer Five Hundred Dollars ($500.00) in gold coin of
the United States of America of the present legal standard
of weight and fineness, or its equivalent, on the first day
of 171anuary, 1936, with interest thereon from the date here
of, at the rate of our per cent per annum, payable semi-
annually on the first day of January and July of each year,
on presentation and surrender of the annexed interest coupons
as they severally become due, Both principal and Interest
of this bond are hereby made payable at the office of the
City Treasurer of the City of Kalispell or at the option of
the holder hereof at such bank in the City of New York,
State of New York, as the City Treasurer of the City of Kal-
ispell, shall, from time to time at the request of the holder
thereof, designate.
The City of Kalispell reserves the right to redeem this
bond on the first day of January, 1926, or at any regular
interest paying date thereafter by payment of the principal
and interest in full to date of redemption, provided that
not less than thirty days notice shall be given by publics®
Lion in a newspaper published in the City of Kalispell and
also by written notice mailed to any bank in the City of
New York at which the bond may be payable of the intention
of the city to so redeem this bond.
This bond is one of a series of forty of like tenor and
is issued for the purpose of providing funds to pay matur-
ing and outstanding bonds and it is certified and recited
that all acts, conditions and things required to be done
precedent to and in the issuing of said bonds have been prop-
erly done, happened and preformed in due norm and regular
as required by law and that the total indebedness of the
City of Kalispell, inclusive of this issue of bonds, is with
in the statutory and constitutional limit.
IN WITNESS WHEREOF the City Council of the City of Kalis-
pell, in the State of Montana, has caused this bond to be
signed by the --,,,,Iayor and the City Clerk of The City of Kal-
ispell and the corporate seal of said city to be affixed,
and has caused a lithographic or engraved fac-simile of the
signatures of such officers to be affixed to the coupons
attached hereto this first day of I-anuary A. D. 1916.
mayor
City Clerk
Registered A.D. 1916.—
City Clerk
ITO 10.00
On the first day of July, 1916, The City of Kal-
ispell, in the State of Montana, promises to pay to the bear-
er the sum of $10.00, in gold coin of the United States of
America of the present legal standard of weight and fineness,
or its equivalent, at the office of the City Treasurer of
The City of Kalispell, or at such bank in the City of New
York, State of New York, as may be designated by the City
Treasurer at the request of the holder of the bond to which
this coupon is attached, for interest due that date on its
Five Hundred Dollar refunding bond, dated January lst, 1916,
'IT 0 1 0
R. Pauline, YTayor,
R. E. Roilins, City Clerk.
Section 11. The provisions of all ordinances
in conflict with this ordinance are hereby repealed.
Section 12. This ordinance shall become effect-
ive thirty days after its passage.
Passed September 25th, 1915.
Appeoved September 25th, 1915.
R. Pauline, Mayor.
R. E. Robins, City Clerk.
STATE OF MONTANA.
COUNTY OF FLATHEAD) SS.
CITY OF KALISPRLL
I, R. E. Rollins, City Clerk of the City
of Kalispell, -Montana, do hereby certify that the foregoing
is a full, true and exact copy of an ordinance passed and
approved by the City Council of the City of Kalispell, Sept-
ember 25th, 1915, and that a copy of the foregoing ordinance
was posted in my office September 25th, 1915, and remained
posted for a period of five days
Dated October lst, 1915.
City Clerk