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Ordinance 328 - Issuance and Sale of BondsORDINIANCE, No. 328 AN ORDINANCE providing for the issuance and sale or ex- change of refunding city bonds of the City of Kalispell in the amount of twenty thousand dollars for the purpose of pro- viding the necessary funds to pay outstanding refunding city bonds of the City of Kalispell for a like amount, dated July 2nd, 1906 and maturing October lst, 1915, and repealing Ordi- nance No. 327 of the City of Kalispell entitled "AN ORDINANCE providing for the issuance and sale or exchange of refunding n 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 Ist, 191511 passed and approved September 25th, 1915. BE IT 011DAIN,74M By the Council of the City of 1"Lalispell: Section 1. For the purpose of providing the necessary funds to pay twenty thousand dollars of outstanding refunding city bonds of the City of Kalispell, dated July 2nd, 1906, and maturing October 1st, 1915, there not being sufficient money to the credit of the City of 1.alispell applicable tp pay any of said bonds, and, in the judgment of the Council of the City of Kalispell, to levy, and collect a tax for the purpose of paying any of said bonds would be a hard ship and a burden to said city, there shall be issued and sold or exchanged, under the provisions of Section No. 3464 of the Revised Codes of the State of Montana, refunding city bonds of said City of Kali s- pellto the amount of twenty thousand dollars. Section 2. That said bonds shall be dated the first day of January, 1916, and shall beer . interest from date until . paid at the rate per annum, not to exceed six per cent, which the Council shall hereafter by majority vote determine, pay- -able semi-annually on the first day of January and the first day of July of each year after the issuance of said bonds, said interest payments to be represented by coupons attached to each of said bonds, and said bonds shall be of the denom- ination of five hundred dollars each and shall mature on the first day of January, 1926, or on the first day of January, 1036, or one half thereof on the former date and one half 161e_ ;_I thereof on the latter date, such date of maturity to bl�`des- ignated within such limittations by a. majority vote of the Council. Section 3. That the said bonds and interest there on, on the proper presentation of said bonds or of the inter- est coupons attached, when they shall severally become due and payable, will be paid by the City Treasurer of the City of Kalispellat his office in the City of Kalispell, Flathead County, Montana, or at the option of the holder of such bonds or any thereof at such bank in New York City, State of New York as the Council shall hereafter, by majority vote, des- ignate, and all bonds and coupons so paid must be returned to the Council at its regular meeting thereafter and there upon cancelled by the City Clerk of the said City of Kalis- Pell. Section 4. The City Clerk of the City of Kalispell is hereby authorized and directed to advertise the bonds hereby 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 des- cribe 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 twentieth day of December, 1915, at seven thirty o'clock P. M. of said day, at the Council Chambers of the Council of the City of Kalispell, in the City Hall, in said City, and such advertisement shall clear- ly state that bidders for such bonds shall specify in their bids the loviest rate of interest at which they will purchase the bonds, and such advertisement shall further state that t the bidders shall make three separate bids for such bonds as follows: a bid ror bonds maturing on the first day of January, 1926, a bid for bonds maturing on the first day of January, 1936, and a bid for bonds maturing one half on the first day of January, 1926, and one half on the first day of January 1936, Section The said bonds shall not be sold for less than par value and accrued interest and the Council shall have the right to reject any bids made and sell said bonds at pri- vate sale or exchange them for the outstanding bonds, referred to in Section I of this ordinance if the Council shall deem it for the best interest of the City of Kalispell to do so. Section 6. Said bonds shall be signed by the Mayor and Clerk of the City of Kalispell and a lithographic or engraved facsimile of the signatures of the Mayor and Clerk shall be affixed to the coupons attached to said bonds and the corporate seal of the City of Kalispell shall be affixed to each Dond. SS 7. 1 Section Each bond so issued shall be registered by the City Clerk in a book provided for that purpose which shall show the date, number, term and amount of each bond and the person or persons to whom the bonds are issued and sold. Section 8. The bonds hereby authorized to be issued when duly executed shall be delivered to the City Treasurer of the City of Kalispell and by that officer exchanged for the out standing bonds to be refunded by the bonds hereby authorized or said outstanding bonds shall be cancelled concurrently with the issuance of said refunding bonds in such manner as not to increase the indebtedness of the city. Section 9. The said bonds and attached coupons shall be in the following form: No UNITED STATES OF AMERICA STATE OF MONTANA CITY OF KALISSPEII REFUNDING CITY BONDS $500.00 KNOW ALL 1.0 N BY THESE PRESENTS that the City of Kalispell, M"* Rul- in the county of Flathead in the State of Montana, acknowledges to owe and, for value received, hereby promises to pay to the bearer five hundred dollars ($500.00) in gold coin of the United States of America of the present legal standard of' weight and fineness, or its equivalent in lawful money of the United States of America, on the first day of January, lg_, with interest thereon from the date hereof at the rate of per cent per annum,. payable semi-annually on the first days of Ja.nuary and July of each year, on presentation and surrender of the an- nexed interest coupons as they severally become due. Both prin- cipal and interest of this bond are hereby made payable at the office of the City Treasurer of the City of Kalispell or, at the option of the holder hereof at the Bank, in the City of New York, State of New York. This bond is one of the series of of like tenor ,and is issued ror the purpose of providing funds to pay maturing and outstanding refunding bonds of the City of K=4,lispell, and it is certified and recited that all -acts, conditions and things required to be cone, precedent to and in the issuing of said bonds have been properly done, happened and performed, in due form and regular as required by law, and that the total indebt- edness of the City of Kalispell, inclusive of this issue of bonds, is within the statutory and. constitutional limitations. IN WITNESS WHEREOF the Council of the City of Kalispell, in the State of Montana, has caused this bond to be signed by the Mayor and City Clerk of the City of Kalispell and the cor- porate seal of said city affixed, and has caused a. lithographic or engraved fac-simile of the signatures of such officers to be affixed to the coupons attached hereto this first day of Jan- uary, A. D. 1916. Registered A. D. l916. Mayor. City Clerk. City Clerk on On the first day of July, 1916, The City of Kalis- pell, in the State of 1,Tontana, promises to pay to the bearer the sum of in gold co$n of the United States of Amer- ica of the present legal standard of weight and fineness, or its equivalent in lawful money of the United States of America, at the office of the City Treasurer of the City of Kalispell, or at the -Bank in the City of New York, State'ofliew York, for interest due that day on its five hundred dollar refunding bond No dated, January lst, 1916. R. Pauline, Mayor. R. E. Rollins, City Clerk. Section 10. Ordinance No. -327 entitled "AN ORDINANCE providing for the issuance and sale or exchange of refunding city bonds of The City of Kalispell in the amount of Ti,,renty Thousand Dollars for the purpose of providing the necessary funds to pay outstanding bonds for a like amount dated July 2nd, 1906, and maturing,octobe--r 1st, 19151 passed and approved Sept- ember 25th, 1915, and the provisions of all ordinances in con- flict with this orainance are.hereby repealed. Section 11. This orainance shall become effective thirty days after its passage. Passed October 15th, 19150 Approved October 15th, IQ15. R. Pauline, M-9yor. R. E. Rollins, City Clerk. STATE OF MONTANA COUNTY OF FLATHEAD SS CITY OF.KALISPELL I, R. F. Rollins, City Clerk of the City of Kalispell, Vontana, 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, October the 15th, 1915,.and that a copy of the foregoing ordinance wa's poste d in my office October the 16th, 1Q15, and remained posted for a per- iod of five days. Dated October 25th, 1015. Ci- _yClerk.