Resolution 2958 - Establishes Bond Reserve FundRESOLUTION NO. 2958
RESOLUTION TO ESTABLISH A BOND RESERVE FUND FOR SEWERAGE
SYSTEM REVENUE BONDS, SERIES 1972
WHEREAS, the City did issue and sell Sewerage System Revenue
Bands, series 1972; and
WHEREAS, same requires the City to establish a bond reserve
fund within the revenue bond account for said bond in a sum
sufficient to establish a reserve equal to the maximum
amount of principal and interest, to fall due within any
subsequent calendar year on all such bonds;
NOW, therefore be it resolved:
SECTION 1. There is hereby established within the Rev.,:. --
Bond Account for Sewerage System Revenue Bonds, series 1972,
a Reserve Fund;
SECTION 2. The City Treasurer is ordered hereby, to maintain
in said Reserve Fund sufficient amounts to pay all principal
and interest on the bonds of this issue, to fall due within
the subsequent calendar year on all such bonds.
PASSED AND APPROVED BY THE CITY COUNCIL AND MAYOR OF THE CITY
OF KALISPELL, MONTANA, THIS 1ST DAY OF APRIL, 1974.
e dearakiee,
y (;le
r, the underaignt-d, City Clerk a City
;W is a true and correct copy of tha_..
'Zh, City of Xaalispoll, Montana, at a��egul
? X'
renoe o neFiy�;aor
Kalispell, hereby"certify that the f r4;—
on duly passed b the City Council of
ut-i._. w.._
meeting �c5s� i Aprl 1. 1974