Resolution 3260 - Ratifies Loan - Airport Mini Master PlanT
RESOLUTION NO. 3260
A RESOLUTION ENTITLED: "A RESOLUTION OF THE CITY OF KALISPELL
OF THE COUNTY OF FLATHEAD, MONTANA, RATIFYING AND APPROVING A LOAN FROM
THE AERONAUTICS DIVISION, DEPARTMENT OF COMMUNITY AFFAIRS, OF THE STATE
OF MONTANA, IN THE SUM OF SIX THOUSAND NINE HUNDRED AND FOURTEEN DOLLARS
($6,914.00), TOGETHER WITH INTEREST AT THE RATE OF FIVE PERCENT (5%) PER
ANNUM ON THE UNPAID BALANCE OF THE PRINCIPAL UNTIL PAID TO:
Develop an airport mini -master plan.
AT THE KALISPELL CITY AIRPORT AT KALISPELL, MONTANA, AND OBLIGATING THE
CITY OF KALISPELL, MONTANA, TO REPAY SAID LOAN.
WHEREAS, the City of Kalispell of the County of Flathead, Mont-
ana, has applied to the Aeronautics Division, Department of Community
Affairs of the State of Montana, for a loan of State funds in the amount
of ($6,914.00) to be expended to:
Develop an airport mini -master plan.
at the Kalispell City Airport at Kalispell, Montana; and
WHEREAS, it is necessary for said City of Kalispell, Montana, by
and through its duly and regularly constituted Officials to obligate it-
self to repay said loan to be made by the Aeronautics Division, Depart-
ment of Community Affairs;
NOW, THEREFORE, BE IT RESOLVED, by the City of Kalispell of
Flathead County, Montana:
1. That the City of Kalispell, Montana, does hereby obligate itself
to repay to the Aeronautics Division, Department of Community Affairs of
the State of Montana, the sum of $6,914.00, together with interest at the
rate of five percent(5%) per annum on the unpaid balance of the principal
until paid, during the period of time beginning with the 30th day of June,
1980, and ending with the 30th day of June, 1989, and at the times set fort:_
in Exhibit "A" hereto attached, and, further, the City of Kalispell, Montana
does hereby agree that it will make the necessary tax levy or levies to
provide funds for the repayment of said loan and does obligate such funds
so received, pursuant to said tax levy or levies, to the repayment of said
loan, pursuant to the terms and conditions perscribed by the State of
j
Montana by and through the Aeronautics Division, Department of Community
Affairs, all as is set forth in Exhibit "A" hereto attached.
2. That said City of Kalispell, Flathead County, Montana, in con-
sidereration of said loan does hereby obligate itself to include within
its budget for the period of time during which said loan is to be repaid
sufficient funds to pay and discharge said loan together with interest
thereon in the amount of $6,914.00, in the manner herein set forth.
3. That said City of Kalispell, Flathead County, Montana, in con-
sideration of said loan, does hereby certify that it does not permit and
will riot in the future, permit the use of the Kalispell City Airport for
other than aeronautical purposes such as for drag racing or similar
pract_"f�.ces.
Unanimously passed and approved by the City of Kalispell,
Flathead County, Montana, this 1st
ATTEST-.
Clerv, City of Kalispell,
Flathead County, Montana
day of October 1979.
Mayor, City of Kalispell
Flathead County, Montana
i.he undersigned, City clerk of the city of Kalispell certify that the foregoing is a true
y- of'the Resolution duly passed by -the City Council of the City of Kalispell, Montana at
meeting held October 1, 1979
City- CPrk of the City of Kalispell
'A"
REPAYMENT SCHEDULE
FOR
CITY OF KALISPELL
KALISPELL, MONTANA
(Loan $6,914.00)
(Interest 50)
TOTAL
ANNUAL
PRINCIPAL
PAYMENT
DUE
PRINCIPLE
INTEREST
PAYMENT
BALANCE
1.
June
30,
1980
$691.40
$345.70
$1,037.10
$6,222.60
2.
June
30,
1981
$691.40
$311.13
$1,002.53
$5,531.20
3.
June
30,
1982
$691.40
$276.56
$ 967.96
$4,839.80
4.
June
30,
1983
$691.40
$241.99
$ 933.39
$4,148.40
5.
June
30,
1984
$691.40
$207.42
$ 898.82
$3,457.00
6.
June
30,
1985
$691.40
$172.85
$ 864.25
$2,765.60
7.
June
30,
1986
$691.40
$138.28
$ 829.68
$2,074.20
8.
June
30,
1987
$691.40
$103.71
$ 795.11
$1,382.80
9.
June
30,
1988
$691.40
$ 69.14
$ 760.54
$ 691.40
10.
June
30,
1989
$691.40
$ 34.57
$ 725.97
-0-
Total Loan Repayment $6,914.00
Total Interest Due 1,901.35
Total Obligation $8,815.35
EXHIBIT "A"