Resolution 2406 - SID 294 - Form and DetailsRESOLUTION NO. 2406
RESOLUTION DESCRIBING THE FORM AND DETAILS FOR DIRECTING THE EXECUTION AND DELIVERY
OF $110,000.00 SPECIAL IMPROVEMENT DISTRICT NO. 294 BONDS OF THE CITY OF KALISPELL,
MONTANA.
WHEREAS, there has been created under the Statutes of the State of Montana by the
City Council of the City of Kalispellt Montana, Special Tmprovement District No, 294
for the purpose of defraying the City's share of the cost of participating In projects
No. F 270 (7) and U 257 (14) of the State Highway CoMiSSiOn Of the State of Montana;
and
WHEREAS, the City's share of the cost in said projects is ONE HUNDRED TEN THOUSAND
&ND NO110O - - COLLARS ($110,000.00); and
WHEREAS, the City Council of the City of Kalispell, Montana, has heretofore duly
contracted to sell sold bonds to Granck and Company, of Seattle, Washington, and it
ts advisable and proper that the fonn and details of said bonds be set forth and
described and made a matter of record in the Minutes of the City Council of the City
of Kalispell, and a s a part of its record of proceedings.
NOW ITIVREFORE, BE TT RESOLVED BY THE CITY COUNCIL OF UIE CITY OF KALISPEu, MONTANA,
as follows:
1. That for the purpose of obtaining and providing funds to pay the City's share
of the cost in participating in projects No, F 270 (7) and 1) 257 (14) of the State
Highway Cowniission of the State of Montana, and pursuant to the authorities of the
Statutes of the State of Montana and the proceedinga recited in the preamble hereto
and shall forthwith be prepared for execution and delivery Special Improveffent
District No. 294 Bonds of the City of Kalispell, Kalispell, Montana, in the nggregate
principal amount of ONE HUNDRED TEN TROUSAND AND NO1100 -- DOLLARS ($110,00MO),
,t,&ich is the estimated cost and expense of the foregoing, which bonds shall lie dated
September 1, 1959, and shall bear interest at the rate of four and sixty-five.,
hundredths .(4.65%) per centut%i per annun, payable annually. Said bonds shall be one
hundred ten (110) in number, and nmberal serially ffam-one to one hundred and ten
both inclusive, and said bonds shall become due and payable on the first day of
January, 1969.
Said Bonds shall be redeemable by the Treasurer of the City of Kalispell, at par
and accrued interest, when there are funds In said Special Improvaiient District
No. 294 Fund, against uwhiclk said bonds are issued, available therefor, and said
redemption shall be made In the manner provided by law; provided that the Treasunir
shall first pay out of said Special Improvement District No. 294 Fund, annually,
the Interest on all outstanding bonds upon presentation of the coupons belonging
theretav and any funds remaining shall be applied to the payment of the principal
and the redemption of the bonds.
2. The interest on said bonds shall be payable annually on the first day of Jaauary
of each year commencing January 1, 1960.
3. Said bonds and the, Interest coupons to be thereto attached and registration
certificate to be endorsed thereon shall be in substantially the form attached hereto
as Exhibit "All and by this reference made a part hereof.
4. Said bonds shall be forthwith prepared for execution and shall be executed on
behalf of the Special Improvement District No. 294 of the City of Kalispell, Montana,
by the signature of the Mayor of the City of Kalispell, attested by the City Clerk
of the City of Kalispell, and by affixation of the official seal of the City of
Kalispell, and the interest coupon shall be executed and authenticated by the en-
graved or lithographic facsimile signatures of said officers, whioh fact shall be so
recited in the bonds, and said bonds shall then be registered by the City Treasurer.
When the bonds have been so fully executed and registered, the City Treasurer shall
then deliver them, or cause them to be delivered to the purchaser upon payment W the
City Treasurer of the purchase price heretofore agreed upon.
5. The mayor, the Cit� Council and the City Teasurer of Kalispell are authorized
and directed to prepare and furnish to the p"rchaser of said bonds, and to its
attorneys, certified copler, of all proceedings and records relating to said bonds
and such other certificates and affidav Its as may be required to bring the facts
within their knowledge, all as shown by the books and records under their custody
and control relating to the validity and marketability of said bonds and sold certi-
fied copies of certificates and affidavits, lncludln-g any thereof heretofore furnished
shall constitute a representation of the City of Kalispell as to the truth of each
fact reported to be shown therein,
PASSED AND APPROVED BY THE MAYOR AND CITY COUNCIL THIS 10th nXV OF AUGUST, 1959.
oward — r
Mayor
ATTEST- 11� J. Hunt
City Cle k
1, the undersigned, 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 special meeting on August 10,
1959.
City Clerk of the't Ty of Kalispell, MontaNK,