Loading...
Tab 26 Certified Copy of Ordinance 759August 31, 1995 I, Debbie Gifford, the undersigned, Clerk of the Council of the City of Kalispell, certify that the foregoing is a true and correct copy of Ordinance 759, approved by motion by the City Council of the City of Kalispell at City Hall on May 13, 19680 ;'"JAL' I A k(Kd UIA NI Debbie Giff-o* CMC Kalispell Cl O%V) of Council ,-4.40 ORDINANCE 110 - 7 5 9 A1N ORDINANCE CREATING THE SPECIAL IMPROVDAMT DISTRICT REVOLVING FUND OF THE CITY OF ::ALISPELL, 110,-TTANA� IN. ORDER TO SECU,7iZ PRO17T PAYJMMrL OF BONDS ISSUED WITH RESPECT TO I].IPROVE!WTS IN SPECIAL IITPROVPWT DISTRICTS OF THE CITY, AND THE -INTEREST THER'17,7�%-'; ESTABLISHING AAN IRREVOCA',R.LE UND F-7i TAKING AND ON THE PART OF THJ7 CI 74�' TO !SSUEd-, OF.-iERS ANNUALLY AUTHORIZTIO�G LOA'V'.�-- OR ADVAA;%'_"ES FROM THE REVO�,VING FUND TO THE SPECIAL Ir-4PRCoV7'"'_NT D7-.IRICT . rl A "%'t V FLrj'qDS INVOLVED IN AMOUNTS SUFFICIFT"i" TO MaWE &C�)D AJ-i DEFICIENCY IN THE BCND AND ACCOUNTS THEREOF TO THE EXTENT THAT FUNDS ARE AVAILABLE, AND TO PROVIDE FUNDS FOR THE REVOLVING FL94D BY ANINUALLY MAKING SUCH TAX LEVY OR LOAN FROM THE GENERAL FUND AS MAY 13E NEC&SSARY TO ME71"- TIHIE I IVIA7t, I F7NANC1JAL R"EJOUIRDEWTS THEREOF9 SUBJECT TO THEJ \.L U LIMITArIl ION 1MIFOSED BY RCM 11-2270; AND ?ROVIDING FOR TE.LE "'D MAINTENANCE OF A RESERVE IN T-HE ACM1fL7,A'L.& &I iul tf FLTND 'l-N THE AMOUNT NECESSARY FOR PAY!,TW_ T AND REDE9PT-1U, OF BONDS AND INTEREST BE" IT ORDAINED BY T111Z CITY COUNCIL OF THE CITY OF KALISPELLv MONTANA,, AS FOLLOWS: Section 1. Under and pursuant to the Drovislons of Sections 11-2269 to 1.1-22'173, inclusive,, of the Revised Codes of Montana 1947, as amended, there is hereby created and shed a sDecial fund vinich shall be maintained by the City Treasurer on th--� official books and records of the City, separate from all other funds, to be known and designated as the Spec-_il.-_! Irq--c-cment District Revolving -Fund, for the purpose of securing the promp',,- paynenlk: of special im- provement district bonds issued in payment of the cost of improvemc:its made for the benefit of special improvement districts of the City4, Section 2. For the purpose of prov-iding funds for the Revolving Fund the hty Council may in its discretion, from time to time, transfer to the Revolving Fund from the General Fund of the City such amount or amounts as may be deemed necessary, as loans from the General Fund to Ithe Revolving Fund, and shall, in addition to such transfers or in lieu thereof, levv. and collect for the Re- volving Fund such a tax on all the taxable -oroperty within the Citv' as shall be necessary to meet the financial requirements of the Revolving Fund; provided that such levy, together with such transfers, shall not exceed in any one year five per centum (5%) of the principal amount of the then outstanding special improve- ment district bonds of the City. Section 3. Whenever -any special improvement district bond of the City.,, or any interest thereon,, shall become due and payable and there shall then be either no money or not sufficient money in the appropriate district fund with which to pay the same, an amount sufficient to make u-D the deficiency shall be loariedl by order of the Council, by the Revolving Fund to such district fund and used,, with the amount then on hand in the district to pay suclh bond and interest. '�&,enever any loan is made to any special improvement district fund from the Revolvin�o­ Fund, the Revolving Fund shall have a lien therefor on all unpaid assessments and installments of assessments on such dist4-.-Lct, whether delinquent or not,, and on all moneys thereafter comiTg into such district fund, to the amount of such loan, to -ether with interest thereon from the time it was made at the rate borne by the bond for payment of which, or of interest thereon, such loan was made; and whenever there shallbe moneyB in such district fund which are not required for payment of any bond of such district, or of interest thereon, so much of such moneys as may be necessary to pay such loan sball by order of the Council be transferred to the Revolving Fimd. After all bonds issued on any special improvement district fund have been fully paid, all moneys remaining in such district fund shall by order of the Council be transferred to and become part of the Revolving Fund* Section 4. The City of Kalispell has undertaken and agreed in con- nection with the public offering of its Special improvement District No. 308 Bonds, and does hereby covenant, undertake and agree with the holders of these bonds and all other special improvement district bonds to be offdred at public sale in the futurel so long as any Auch bonds, or any interest thereon, remain unpaid, that it will annually authorize loans or advances from the Revolving Fund to each fund from which such bonds are payable (each such fund being referred to below as the District Fund), and will provide funds for the Revolving Fund by annual tax levies or loans from the General Fund, in accordance with the following procedures: (a) Separate bond and interest accounts shall be maintained on the official books and records of the City, within each District Fund. Upon the col-lection of the installment of principal and interest due November 30 in each year on the special assessments levied and apf ropriated to the District Fund, the .P City Treasurer shall credit to the Interest Account so much thereof as may be nec essary to pay interest to become due on all bonds payable frorn the District Fund on the then next succeeding interest payment date, and shall cAredit the remainder thereof to the Bond Account. Any installment of any special assessment which is paid prior to the year in which it is due, with the interest accrued thereon to such payment date, shall be credited directly to the Bond Account. (b) The Interest Account shall be used solely to pay the interest due at annual interest payment dates on the bonds issued against the District Fund. The Bond Account shall be used, whenever and to the extent that funds are avail- able therein, for the redemption of such bonds in order* of their registration numbers, and the payment of interest accrued thereon to the date of redemption, in accordance with RCM 11-2231* (c) A deficiency shall be deemed to exist in the Interest Account if ever the balance on hand therein, fifteen days prior to any date on which interest is due on the bonds payable from the District Fund,) is insufficient to pay such interest in full. A deficiency shall be deemed to exist in the Bond Account on Any date on which there are not sufficient moneys in said Account to pay all principal due on any bonds payable from the District Fund. A deficiency. shall also be deerned to exist in the Bond Account on any date on which interest is due on bonds payable from the District Fund, unless the City has then or theretofore redeemed bonds in a principal amount equal to the sum -of all installments of special assessments paid prior to their due dates, plus a fraction of the remain- ing principal amount of the special assessments originally levied and appropri�ted to the District Fund, equal to the number of installments of such assessments then and theretofore due divided by the total number of installments in which such special assessments are permitted to be paid. W The City Council, not less than fifteen days before the date when interest is due on bonds payable frora any District Fund, shall issue an order authorizing a loan or advance from the Revolving Fund to the District Fund in an amount sufficient to make good any deficiency then existing in the Interest Account thereof, and on any principal or interest due date shall issue an order authorizing a loan or make good any deficiency then existing in the Bond Account thereof , to the extent that funds are available in the Revolving Fund. In the event that the balance on hand in the Revolving Fund fifteen days prior to any date when interest is due on special improvement district bonds of the City is not sufficient to make good all deficiencies then existing in the Interest Accounts of District Funds, such balance shall be allocated to the District Funds in which such de- ficiencies -then exist, in proportion to the amounts of the respective deficiencies on that date. Any money subsequently received in the Revolving Fund shall be allocated to -the Interest Accounts of District Funds in which deficiencies exist �2- 230 in proportion to the amounts of the deficiencies on the respective dates of receiVL of such money, until all interest accrued on special improvement district bonds of the City has been paid. On any date vhen all such accrued interest has been paid,,, any balance remaining in the Revo'lvi.-, - 7und shall be loaned or advanced to tho Bond Accounts of District Amds in which deficiencies then exist,, in amounts proportionate to the respective amounts of such deficiencies. (e) At the sane time as the annua3 levy for general taxes Is certified lor collection in each year, the City Council s`all make -a tax levy ca all the taxable proDerty within tAnae CitY Of Kalispell 1L sv.ch amount as shall be neces- sary, together with any amounts therefore transf eA-A-ed to %the Revolving Fund from the General Fund', to accumulate in the Revolving Fund, within a period not exceeding three years from and after the issuance of bonds for any special im- provement district, and thereaftc:rj to inaintain at all times,,, a balance equal to fifteen 'Per centum of the original princlipal ­-),.-,nt col' all.- outstanding issues of special improvement district bonds , subJect ;.die maximum I-&,,-..-&tation as to rate or amount o' such tax. All funds de,.rived froizi such tax levy and transfers s,nc;,_A,...- be ap7"rC.,Driated to the Revolving -Fund,, and used on.1y for the purposes sct for"Ch in I'this oArdinance, until all special improvement district bonds of the City and a.11 interest thereon are fully paidt Section 5. The balance required in Section 4(e) to be acc",-,nulated and maintained -.n the Revoaving Fund is determined to be the W;- .t n.--t-essary tzy as a reserv-, for and reder-ption of maturing special improver. cit di3trict bonds and initerest of the Cit,-,.,. hothing herein shall -orevent the Cit.- f -om a- 4 - lable p-Drop-iating to the Revo'ving Fund from other funds properly av&L. therefo." amounts in excess of the minimum reserve established herein, or from transferring such excess amounts to the General Fund or using such excess amounts for the purchase of property against which unpaid assessiments are outstanding Pursuant: to RCM 11-2273; but the City expressly covenants and agrees -with the holders from time to time of all of its special improvement district bonds that no such transfers or purchases will be made at any time in such manner as to reduce the reserve in the Revolving Fund below the amount herein agreed to be maintained. The Revolving Fund will be deposited in a duly qualified depository bank and secured at all times as required by RCM 16-2618,, but no time deposit s shall be made for a period exceeding one hundred eighty (180) days, and the City Council is also authorized to invest all or any portion of the reserve in direct obligations of the United States government, payable within not to exceed one hundred eighty (180) days from the time of such investment. Section 6. This ordinance shall be in full force and effect from and after its passage and approval. Passed and adopted by the City Council of the City of Kalispell, Montana, this 13th.day of May , 1968, and approved by the Mayor of said City Of Kali spell. this 13 th, day of Ijay , 1968. (SEAL) At City Clerk m . a . vof-I I, George Beardslee, City Clerk of the C of Kalispell, Montana, do hereby he certify that on the 14th day of May, i 68,)l posted a co of t e foregoing ordinance In my office and the same malod posted fo a peri of five days and the foregoing Is a true and- r ect copy o/fthe or ance as passed by the City Council. City CIerV , /of the gity of Kalispell,, 1,1ontana