Resolution 4204 - SID 341 (not on Agenda)RESOLUTION NO. 7f
A RESOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 341,
DECLARING IT TO BE INTENTION OF THE CITY COUNCIL OF THE CITY OF
KALISPELL TO CREATE THE DISTRICT FOR THE PURPOSES OF UNDERTAKING
CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND
INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT
DISTRICT BONDS SECURED BY THE CITY'S SPECIAL IMPROVEMENT DISTRICT
REVOLVING FUND:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL,
MONTANA, AS FOLLOWS:
SECTION I. Proposed Improvements; Intention to Create
District.
The City proposes to undertake certain local improvements
(the "Improvements") to benefit certain property located
in the City. The Improvements consist of building a
sanitary sewer main with services to the property line on
Fifth Avenue East beginning at Fourteenth Street East and
continuing South to the City limits line, as more
particularly described in Section 5. The total estimated
costs of the improvements are $150,000_. The cost of the
Improvements are to be paid from the following sources:
(1) Special Improvement District bonds hereinafter
described; (2) City of Kalispell Sewer Fund Reserves. It
is the intention of this Council to create and establish
in the City under Title 7, Chapter 12, Parts 41 and 42,
as amended, a special improvement district (the
"District") for the purpose of financing a portion of the
costs of the Improvements and paying costs incidental
thereto, including the costs associated with the sale and
the security of special improvement district bonds drawn
on the District (the "Bonds"), the creation and
administration of the District, the funding of a deposit
to the City's Special Improvement District Revolving Fund
( the "Revolving Fund") and the establishment of a reserve
account securing the Bonds in the District fund (the
"Reserve Account"). The total estimate cost of the
Improvements, including such incidental costs, to be
financed by the Bonds are $150,000. The Bonds are to be
payable primarily from special assessments to be levied
against property in the District, which property will be
specially benefitted by the Improvements in an amount not
less than $150,000.
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