Resolution 2291 - SID 290 - Issuance of BondsM
RESOLUTION NO. 2291
A RESOLUTION AUTHORIZING 'THE ISSUANCE OF SPECIAL IMPROVEMITT BONDS OF SPECIAL
IMPROVEMENT DISTRICT NO. 290
WHEREAS, The City Council of the City of Kalispell, Montana, did on the 21st day
of MMr, 1956, create Special Improvement District No. 290, for the purpose of
participating with the State Highway Commission and the Bureau of Public Roads
for the widening and rebuilding of Idaho Street within the City limits of Ka-lispell,
and the rebuilding of North Main Street along the present right of way of U. S.
Highway No. 93 from Idaho Street to Wyoming Street, according to the plans and
specifications of Projects No. F 270 (7), and U 257 (14) of the State Highway
Commission;
NOW THEREFOR BE IT FESOLVED, by the City Council of the City of Kalispell, Montana,
1. That the City of Kalispell hereby authorizes the issuance of bonds.of Special
Improvement District No. 290 in the amount of $110,000.00 for the purpose recited
above.
2. That said bonds will be in the amount of $1,000.00 each, numbered from one (1)
to one hundred ten (110) both inclusive and said bonds will become due and payable
on the first day of January 1967 A. D., provided however, that said bonds, and
and all of the same shall be redeemed by the Treasurer of said City when there are
funds in said Special. Improvement District No. 290 fund, against which said bonds
are issued, available th erefor; provided that the Treasurer shall first pay out�of
said Special Improvement District No. 290 fund annually the interest on all out-
standing bonds upon presentation of the coupons belonging thereto, and any funds
remaining shall be applied to the payment of the principal and the redemption of
the bonds in the order of their registration.
3. That said bonds will bear date the first day of August, 1956, and will bear
interest at a rate not exceeding six percent (6%) per annum, payable annually,
on -the first day of Jamary of each year, and will be redeemable at the option
of the City of Kalispell, Montana, at any time when Lhere are funds in said
Special Improvement District No. 290 fund, against which said bonds are issued,
available therefor; provided that the Treasurer of said City shall first pay out
of said Special Improvement District Fund, annually, the interest on all out-
standing bonds on presentation of the coupons belonging thereto, and any fund
remaining shall be applied to the payment of the principal and the redemption of
the bonds in the order of their registration, said redemption to be made in the
manner provided by law. Interest will be paid beginning with date of registration.
�1. Said bonds will be sold for not less than their par value with accrued interest
to date of delivery and all bidders must state the lowest rate of interest at which
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they will purchase the bonds at par. 'The Council reserves the right to reject any
and all bids and to sell said bonds at private sale.
5. All bids other than by or on behalf of the State Board of Land Commissioners
of the State of Montana must be accompanied by a certified check in the sum of
Five thousand, five hundred dollars 45,500.00) payable to the order of the City
Clerk which will be forfeited by the successful bidder in the event he shall fail
or refuse to complete the purchase of said bonds in accordance with the terms of
his bid,,
6. That the Mayor and Treasurer of the City of Kalispell, Mont4na, are hereby
authorized and directed to sig.n said bonds and the coupons attached thereto and to
affix the corporate seal of the City thereto, and the said bonds shall be attested
by the City Clerk provided however, that lithographic or engraved facsimiles of
the signatures of the Mayor, Treasurer, and City Clerk may be affixed to the coupons
in place of their signatures, when such fact is so recited in the bonds.
7. That the City Council will meet in the Council Chambers in the City Hall of
the City of Kalispell, Montana, on the 5th day of July, 1�56, at 7:30 P. M., for
the purpose of receiving and considering the bids on said bonds.
8. That the City Clerk of the City of Kalispell, Montana, is hereby authorized
and directed to give notice of the sale of said bonds by publication in the
Kalispell News -Farm Journal, a newspaper of g
,eneral circulation, printed and pub-
lished in the City of Kalispell, Flathead County, Montana, for a period of not less
than four successive weeks preceding the date set for the sale of said bonds. The
form of notice of the sale of said 'bonds shall be as follows:
NOTICE 01' SALE OF BONDS
Notice is hereby given by the City Council of the City of Kalispell Montana,
that said Council will, on the 5th day of July, 1956, at the hour of 7:30 P.M.,
at the Council Chambers in the City Hall of Kalispell, Montana, sell to the
highest and best bidder for cash, bonds of Special Improvement District No. 290
of the City of Kalispell, Montana, in the total amount of one hundred ten
thousand dollars ($110,000.00), for the purpose of defraying the cost of the
City of Kalispell's share in participating in Projects No. F 270 (7) and U 257
(110 of the State Highway Commission of the State of Montana.
Said bonds will be in the amount of $1,000,00 each, numbered from one (1) to
one hundred ten (110) both inclusive, and se�id bonds will become due and
payable on the first day of January, 1967 A. D., provided however, that said
bonds, and each and all of the same shall be redeemed by the Treasurer of said
City when there are funds in said Special Improvement District No. 290 fund,
against which said bonds are issued, available therefor; provided that the
Treasurer shall first pay out of said Special ImprOvement District No. 290 fund,
annually, the interest on all outstanding bonds upon presentation of the coupons
belonging thereto, and any funds remaining shall be applied to the payment of
the principal and the redemption of the bonds in the order of their registration.
Said bonds will bear date the first day of August, 1956, and will bear interest
at a rate not exceeding six percent (6%) per annum, payable annually on the
first day of January of each yoar, and will be redeemable at the option of
the City of Kalispell, Montana, at any time when there are funds in said
Special Improvement District No. 290 fund� against which said bonds are issued,
available therefor; provided that the Treasurer of said City shall f.Lrst pay
out, of said Special Improvement District fund annually, the interest on all.
outstanding bonds on presentation of the coupons belonging thereto, and any
fund remaining shall be applied to the payment of the principal and the redemp-
tion.of the bonds in the order of their registration, said redemption to be
made in the manner provided by law. Interest will be paid beginning with date
of registration.
Said bonds will be sold for not less than their par value with accrued interest
to date of delivery and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par. The Council reserves the right to
reject any and all bids and to sell said bonds at private sale.
All bids other than by or on behalf of the State Board of land Commissioners
of the State of Montana must be accompanied by a certified check in the sum
of five thousand five hundred dollars ($5,500.00) payable to the order of the
City Clerk, which will be forfeited by the successful bidder in the event he
shall fail or refuse to complete the purchase of said bonds in accordance with
the terms of his bid.
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All bids sball be addressed to the City Council of the City of Kalispell, Montana,
and delivered to the City Clerk of said City.
PSSSED AND AFPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPUL, MONIANA
this 4th day of June, 1956.
Claude Walter
Mayor
ATTEST H- J. Hunt
-- eity -Clerk
Ij. the undersidned, City Clerk of the City of Kalispell, hereby certify that the
foregoing is a true and correct copy of the Resolution duly passed by the City
Council of the City of Kalispell, Montana, at its regular meeting on June 4th, 1956.
'C'ity-Mir-k of tHe City of Kalisp-e7l, -T&Ra—na