Resolution 2681 - SID 309 - Sale of BondsRESOLUTION NO. 2681
A RESOLUTION AUTHORIZING THE SALE OF SPECIAL IMPROVEMENT NO. 309 BONDS
AND PRESCRIBING THE FORM OF THE NOTICE OF SALE.
WHEREAS, the Mayor and City Council of the City of Kalispell, in
compliance with the statutes of the State of Montana providedt have
created Special Improvement District No. 309 of the City of Kalispell
for the purpose of defraying the cost of the installation of water
mains within the District in accordance with the terms and conditions
as specified in Resolution No. 2667, entitled "A Resolution of Inten-
tion to Create Special Improvement District No. 30911 and Resolution No.
2675 entitled "A Resolution Creating Special Improvement District No.
309. "
NOW THEREFORE, be it resolved by the Mayor and City Council of the
City of Kalispell, Montana, as follows:
1. That there shall A sold and issued at this time the bonds of
Special Improvement District No. 309 of the City of Kalispell, Montana,
in the amount of FIFTEEN THOUSAND FIVE HUNDRED DOLIARS ($15,500,00),
which bonds shall be dated July 1, 1968, and shall be of the denomina-
tion 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. 309 fund against which said bonds are issued, available
therefore; provided that the Treasurer shall first pay out of said
Special Improvement District No. 309 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 princi-
pal and the redemption of the bond in the order of their registration.
3. That the Notice of Sale of the foregoing Special Improvement
District No. 309 bonds of FIFTEEN THOUSAND FIVE HUNDRED DOLLARS ($15,500.00)
shall be in substantially the following attached form.
PASSED AND APPROVED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY
OF 'KALISPELL, MONTANA, THIS 8th DAY OF April ., 1968.
1, the undersigned, City Clerk Of
that the foregoing Is a true and
passed by the City CounCil Of th
regular meeti.'ng on
the City of Kalispell, hereby certify
Orre�. copy Of the res91-utl", duly
C_ n' 02
tana,,at a
�,�of Kalispell, Md
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ity J 1�f the Clt��,6f Kalispell, Montana
NOTICE OF SALE
OF
CITY OF KALisreLL, NtoNTANA,
SPECIAL IMPROVEMENT BONDS
Votice Is hereby given by the City Council of the City of Kalispell, Montana,
tj�,It: tile said City Council will, on the 13th day of May, 1968, at the hour of
7z30 o'clf,)c% P. M., in the Council Chambers of the City Hall in Kalispell,
Mc)qr.anij)'0411 to tho jii�heat bidder for cash, serial bonds of Special Improvement
Dis��rjct No. 309, in the amount of FIFTEEN THOUSAND, FIVE HUNDRED DOMRS
(��15,500.00), for the purpose of defraying the cost of construction of main water
lines within the district.
Serial bonds will be issued and sold, said bonds will be in the amount of
FI'VE UU14T)Tzr'*) DOTLAils ($5oo.00) each, Bonds will 'bear date of July 1, 1968, and
wlll bear Interest at a rate not exceeding six per cent (67.), payable annually
on the First day of January in each year, and said bonds shall bee ome due and
payable on the first day of January, 1988, provided however, that said bonds and
eacl, and all of the same shall be redeemed by the Treasurer of said City when
t'here are funds In the respective Special Improvement District funds against
which said bonds are Issued, available therefore; provided that the Treasurer
sball first pay out of the Special Improvement District 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
rQdomption of the bonds in the order of their registration.
Said bonds will be sold for not less than their par value with accrued
to the date of delivery, and all bidders must state the lowest rate of
I�o:(2rest at which they will purchase the bonds at par. The City Council reserves
tl,�e r1ght to reject any and all bids and to sell said bonds at private sale.
All bids other than by or on�behalf of the Sthte Board of Land Commissioners
muat be accompanied by lawful moneys of the United States, or a cashler*s check,
cc,rZified check, bank money order or bank draft drawn and Issued by a National
Pc�WklTk3 Association located in the State of Montana, or by any banking corporat-
1�,n incorporated under the Laws of the State of Montana, payable to the order of
t1he City Clerk of the City of Kalispell, Montana in the sum of Seven Hundred
Seventy -Five Dollars ($775.00) whdch will be forfeited by the successful bidder
ar,d be retained as liquidated damages in the event that he shhll refuse to
purchase the said bonds.
All bids shall be addressed to the City Clerk of the City of Kalispell,
Montana.
Laurence G. BJorneby*(YAYOR
Pell, Mont
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