Resolution 2643 - SID 302 - Sale of BondsRESOLUTION NO. 2643
WHEREAS, The Mayor and City Council of the City of
Kalispell, Montana, in compliance with the statutes of the
State of Montana provided, have created Special Improvement
District No. 302 of the city of Kalispell for the purpose of
defraying the cost of the installation of sanitary sewers
in the area commonly called Hennessy Sewer Area, in accord-
ance with the terms and conditions as specified in Resolution
No. 2610 entitled A Resolution of Intention to Create Special
Inprovement District Number 302 and Resolution Number 2613
creation said district.
NOW THEREFORE, be it resolved by the Mayor and City
Council of the City of Kalispell, Montana, as follows:
1. That there shall be sold and Issued at this time
the bonds of Special Improvement District No. 302 of the
City of Kalispell, Montana, in the amount of FIFTY THOUSAND
DOLLARS ($50,000.00) which bond shall'be dated December 1.
1967, and shall be of the denomination of FIVE HUNDRED
DOLLARS ($500.00) each.
2. That the City Council reserves the right to redeem
any or all of said bonds issued when there are funds in
said Special Improvement District No. 302 fund against which
said bonds are issued, available therefore; provided that
the Treasurer shall first pay out of said Special Improve-
ment District No. 302 fund annually the interest on all
outstanding bonds upon presentation of the coupons be-
longing 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 the Notice of Sale of the foregoing Special
Improvement District No. 302 bonds of FIFTY THOUSAND DOLLARS
($50,000.00) shall be in substantially the following form;
NOTICE OF SALE OF
CITY OF KALISPELL, MONTANA
SPECIAL IMPROVEMENT BONDS
Notice is hereby given by the City Council of the City
of Kalispell, Montana, that the said City Council will on
the 6th day of November, 1967, at the hour of 7:30 P.M.
o'tlock'P,M. in the Council Chambers of the City Hall in
Kalispell, Montana, sell to the highest and best bidder for
cash. either amortization or serial bonds of Special Impro-
vement District No. 302 of the City of Kalispell, Montana,
in the total amount of FIFTY THOUSAND DOLLARS ($50,000.00)
for the purpose of defraying the cost of the construction of
sanitary sewers I.n the Hennessy Sewer Area.
Amortization bonds will be the first choice and serial
bonds will be the second choice of the Council.
If amortization bonds are sold and issued, the entire
issue may be put into one (1), or divided into severalbonds,
as the Council may determine at the time of sale, bond pri-
ncipal and interest to be payabi-e in semi-annual installments
during a period of twenty (20) years from date of issue.
If'serial bonds are issued and sold, said bonds will be
In the amount of FIVE HUNDRED DOLLARS ($500.00) each. numbered
from one (1) to one-hubdrod (100), both Inclusive# and soid
bonds shall hec660 doe and payable 66 the first day Of 34ftustY,
1967, provided hoOoVoi, that said bonds� aid each and all of
the same shall bO t#d#0W#d hj the Treasurer of said City
when there or# taode to Wd 0��fal lmpk000�06t 01�tfjtt
No. 302 fund, against which said bonds are issued, available
therefore; provided that the Treasurer shall first pay out
of said Special Improvement District No. 302 fund, annually,
the interest on all outstanding bonds upon presentation of
the coupons belonging thereto, and any remaining funds shall
be applied to the payment of the principal, and the redemption
of the bonds In the order of their registration.
Said bonds will be sold for not less than their par value
with accrued interest to the date of delivery, and all bidders
must state the lowest rate of interest at which they will
purchase the bonds at par. The City Council reserves the
right to reject any and all bids and to sell said bonds at
private sale.
All bids must be accompanied by a certified check in the
sum of 740 THOUSAND FIVE HUNDRED DOLLARS ($2500.00) payable
to the order of the City Clerk of the City of Kalispell,
Montana, which will be forfeited by the successful bidder in
the event he shall fall or refuse to complete the purchase of
said bonds in accordance with the terms of his bid.
All bids shall be addressed to the City Council of the
City of Kalispell, Montana, and delivered to the City Clerk
of said City.
d. That sealed bids for said bonds, in conformity with
the foregoing Notice of Sale. will be received by the Clerk
and by said City at any time prior to 7:30 o'clock P.M. (M.D.
T.) on the 6th of November, 1967, and as provided in said
Notice of Sale, and the Clerk is further required to give
notice of the sale of said bonds to the State Board of Land
Commissioners of the State of Montana, at Helena, Montana,
at least fifteen (15) days prior to the time fixed for the
sale of said bonds in said notice.
5. The City Clerk is hereby required to cause publica—
tion of the foregoing Notice of Sale at least once each cal—
eader week in each of the four (4) successive weeks innediately
preceding the week which contains the date of sale in a
newspaper of general circulation within said City, said news—
paper being the Kalispell News, which is printed and published
at Kalispell, Montana.
6. A meeting of the Mayor and City Council is hereby
fixed and ordered to be held at the time and place fixed for
the sale of the foregoing bonds, at which time the Mayor and
Council in open public meeting, at its regular meeting place
in the City Hall of the City of Kalispell, shall open and
consider bids which may be tendered for said bonds and will
at that time award such bonds to the successful purchaser, or
In the uncontrolled discretion of said Mayor and Council,
shall reject any and all bids therfore.
PASSED AND APPROVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF KALISPELL, MONTANA, this Ilth day of September,
1967.
Mayor
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