Resolution 3056 - Sale of Sewage System Revenue BondsCouno;Ll Member Eve-rit A. Sliter introduced the following resolution
and moved its adoption: RESOLUTION NO. 3056
RESOLUTION CALLING FOR THE SALE OF
$445,000 SEWERAGE SYSTEM REVENUE BONDS,
SERIES 1976, CITY OF KALISPELL, MONTANA
BE IT RESOLVED by the Council of the City of Kalispell,
Montana, as follows:
1. The City owns and operates a municipal sewerage system
(the System) -for the collection and disposal of sewage and storm
waters. This Council has caused studies.of the System to be con-
ducted by the City's.consulting engineer and on the basis thereof
has found, determined and declared, and hereby affirms such findings,
determinations and declarations, that certain improvements to the
System are necessary and desirable and in the best interests of the
City, its residents and the users of the System. The improvements
will involve the separation of the storm sewer facilities from the
sanitary sewage facilities and are projected to be completed it
seven phases. Phase I of the improvements is presently estima-
to cost $445,000, including construction, engineering, legal
administrative and contingency costs.
2. The City is authorized by Chapter 24, Title 11, Revised
Codes of Montana 1947,-as amended, to issue and sell bonds payable
from the net revenues of the System after payment of all current costs
of operation and maintenance thereof for the purpose of financing
improvements to the System. There are presently outstanding and pay-
able from the net revenues of the System, Sewerage System Revenue
Bonds of 1968 in the principal amount of $58,000 and Sewerage System
Revenue Bonds, Series,1972 in the aggregate principal amount of $160,00
The City is authorized to issue additional bonds payable from the net
revenues of the System on a parity, as to both principal and interest,'
with the outstanding bonds upon certain conditions described in the
resolutions pursuant to which said outstanding bonds were issued.
Subject to confirmation at the time of the sale of the bonds herein
provided, this Council is of the opinion that such conditions have
been or will at such time be satisfied.
3. In order to pay the costs of the Phase I improvements
to the System, it is hereby found, determined and declared to be
necessary and desirable and in the best interests of the City to sell
and -issue $445,000 Sewerage System Revenue Bonds, Series 1976, and
a public sale for such bondsishereby called and shall be held on
June 21,- 1976, at'7:30 o'clock p.m., M.D.T., at the City Hall in
Kalispell, Montana. The bonds shall be offered for sale%and sold
on the terms and conditions set forth in the following Official
Notice of Sale:
A. The Clerk is dire ted to c use notice of the time
and place of sale to be publ' ed as requ ed by Section 11-2404,
Revised Co of Ma ana 1947, s ame ded. The City Clerk and City
Treasure , an coop ation wi D. A. Davidson & Co., fiscal consultant
to the ity, are treated t prepar information regarding the City,
the 5 tem. and t e bonds a circ ate the same to prospective pur-
chase s.
Mayor Norm . Rapp
The motion for the adoption of the foregoing resolution
was duly seconded by Member Robert G. Allen, , and upon vote being
taken thereon, the following voted in favor thereof: Councilmen
Robert G. Allen; Forrest W. Daley; Lauren G. Grano; Francis O'Boyle; John C. Schwartz:
Everit A. Sliter and Dale W. Williams.
and the following voted against the same: none
whereupon the resolution was declared duly passed and adopted and
was signed by the Mayor and attested by the Clerk., June 7, 1976.
1, the undersigned,
a true copy of the
Montana at a regul.a