Resolution 2679 - $134,000 Sewer Revenue Bonds - Form and Details. 21V 3 F
RESOLUTION NO.2679
A RESOLUTION DESCRIBING THE FORM AND DETAILS FOR DIRECTING THE EXECUTION AND
DELIVERY OF $134,000.00 OF SEWER REVENUE BONDS OF THE CITY OF KALISPELL, MONTANA
AND AWARDING THE SALE OF THE BONDS
WNERMS, the voters of the City of Kalispell, Montana at a Municipal Bond
Election have approved the issuance of $134,000.00 of Sewer Revenue Bonds.for
tile ptirpose of installing sanitary sever facilities,
NOW THEREFOR, BE IT RESOLVED, by the City Council of the City Of Kalispell,
Montana, as follows:
1. That for the purpose of obtaining and providing funds to pay the cost of
the above project, and pursuant to the authorities of the Statutes of the State
of Montana and the proceedings recited In the preamble hereto, and shall forthwith
be prepared for execution and delivery Sewer Revenue Bonds in the aggregate
principal amount of ONE HUNDRED THIRTY-FOUR THOUSAND DOLLARS ($134,000.00),
which bonds shhIl be dated May 1, 1968, and shall bear Interest at the rate of
Four and eighty-five hundredths percent (4.85%) per annmo payable seml-annually.
2. The interest on said bonds shall be payable semi-annually ow.the first day
of May and on the first day of November of each year commencing November 1, 1968.
Said bonds shall mature and shall be redeemable by the Treasurer of the City of
Kalispell, Montana as follows:
BOND NUMBERS
DENOMINATION
MATURITY
TOTAL
(Inclusive),
1-6
$1,000.00
November
1.
1968
$6,000.00
7-12
$1,000.00
May
1,
1969
$6,000.00
13-18
$1,000.00
November
1,
1969
$6,000.00
19-24
$1,000.00
May
1,
1970
$6,000.00
25-30
$1,000.00
November
1,
1970
$6,000.00
31-36
$1,000.00
May
1,
1971
$6,000.00
37-40
$1,000.00
November
1,
1971
$4,000.00
41-44
$1,000.00
May
1,
1972
$4,000.00
45-43
$1,0w.00
November
1,
1972
$4,000.00
49-52
$1,000.00
May
1,
1973
$4,000.00
53-56
$1,000.00
November
It
1973
$4,000.00
57-60
$1,000.00
May
1,
1974
$4,000.00
61_64
.$1,000.00
November
It
1974
$4,000.00
65-63
$1,000.00
May
1,
1975
$4,000-00
69-72
$1,000.00
November
1,
1975
$4,000.00
73-76
$1,000.00
May
1,
1976
$4,QOO.0O
77-80
$1,000.00
November
1,
1976
$4,000.00
1
131-8/4
$1,000.00
May
1,
1977
$4,000.00
85-88
-$1,000.00
November
Is
1977
$4,000.00
39-92
$1,000.00
May
1,
1978
$4,000.00
93-96
$1,000.00
November
1,
1978
$4,000.00
97-100
$1,000.00
May
1,
1979
$4,000.00
101-104
$1,000.00
November
1,
1979
$4,000.00
105-110
$1,000.00
May
1,
1980
$6,000.00
111-116
$1,000.00
Novembe r
1,
1980
$6,000.00
117-122
$1,000.00
'
May
1,
1981
$6,000.00
123-128
$1,000.00
November
1,
1981
$6,000.00
129-134
$1,000.00
May
1,
1982
$6.000.00
$134,000.00
3. Said bonds and the Interest coupons to be thereto attached, and registration
certificate to be endorsed thereon, shall be In substantially the form attached
h(�reto as EXHIBIT A and by the reference made a part hereof.
4. Said bonds shall be forthwith prepared for execution and shall be executed
on behalf of the City of Kalispell, Montana, by the signature of the Mayor of
the City of Kalispell, attested by the City Clerk of the City of Kalispell, and
by affixation of the official seal of the City of Kalispell, and the Interest
coupons shall be executed and at;thenticated by the engraved or lithographic
facsimile signature$ of said officers, which fact shall be so recited In the
bands, and said bonds shall then be registered by the City Treoauret* When the
bonds have been so tullv OiWduted and registered the City TV#00tor Abell then
44tiv## Owffi� 6t 0*1*# k4m *0 �# 40liq0*04 t# V40 "kwohooev upon P*�"Pak to 4*0
City Treasurer of the purchase theretofore agreed upon.
(2)
Resolution No.2679
5. The Mayor, the City Council, and the City Treasurer of the City of Kalispell
are. authorized and directed to prepare and furnish to the purchaser of said bonds,
and to its Attorneys, certified copies of all proceedings and records relating to
said bonds and such other certificates and affidavits 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 Aralidity and marketability of said bonds
and sAld certified copies of certificates and affidavits* Including any thereof
heretofore furnished, shall constitute a representation of the City of Kalispell,
Montana as to the truth of each fact reported to be shown therein.
6. The sale of the bonds is hereby awarded to Conrad National Bank, Kalispell,
MonLuna at the interest rate of 4.85% per annum.
7. The City Clerk is authorized and directed to order the printing of the Bonds
and Coupons.
PASSED AND APPROVED BY THE MAYOR AND CITY COUNCIL THIS 8TH DAY OF APRIL, 1968
1, the undersigned, City Clerk of the City ispell, hereby certify
the foregoing is a true and correct copy of esolution duly passm.xt the
t a regular TneetIng
City Council of the City of Kalispell, Mont I ��Ari
8 1968,
the Ci-E—y of)Kallspell, Montana
2 6�
.36
"EXHIBIT A"
UNITED STATES OF AMERTCA
STATE OF MONTANA
COUNTY OF FLATHEAD
CITY OF KALISPELL
SEWERAGE SYSTEM REVENUE BOND OF 1968
No.
$1,000
KNOW ALL MEN BY THESE PRESFNTS that, the City of T,'alispell, a duly
organized municipal corporation of Flathead County, Montana, for value received
hereby promises to pay to bearer, solely out of the Pevenue Bond Account of Its
Sewerage System Fund, the sum of ONE THOUSAND DOLLARS on the IBt day of
19 , or if this bond is redeemable as stated below, on a date prior thereto
on which it shall have been duly called for redemption, and to pay interest
thereon out of said acco"t from the date hereof until the principal sum is paid,
or if this bond is redeemable, until it has been duly called for redemption, at
the rate of four and eighty-five hundredths per cent (4.85%) per annum, payable
semiannually on the Ist day of May and the lst day of November of each year,
interest to maturity being represented by and ' peyable in accordance with and
upon presentation and surrender of the interest coupons appurtenant hereto. Both
principal and interest are payable at the office of the City Treasurer, in
Kalispell, Montana, in any coin or currency of the United States of America which
on the respective dates of payment Is legal tender for public and private debts.
This bond Is one of an issue in the total principal amount of $134,000,
all of like date and tenor except as to serial number, maturity date and re-
demption privilege, issued pursuant to authorization by the requisite majority
of the qualified electors of the City voting on the question at an election duly
called and held, for the purpose of providing money to finance the improvement ol
its municipal sewerage system, and pursuant to and In full conformity vith the
Constitution and laws of the State of Montana and the ordinances of said City
thereunto enabling, including Title 11, Chapter 24 of the Revised Codes of Mon-
tana 1947, as amended, and Ordinance No. of the City, duly enacted on May
968.
Bonds of this Issue maturing on or before May 1, 1973 are p�yable at
their respective stated maturity dates without option of prior paymen t, but bonds
having stated maturity dates on or after November 1, 1973 are each subject to
redemption and prepayment at the option of the City, at par and accrued interest
and in inverse order of their serial numbers, on May 1, 1973, and any interest
payment date thereafter. Not less than thirty days in advance of the date fixed
for prepayment and redemption of any bond, the City will mail notice�of thb call
thereof to the holder, if known, and to the original purchaser, and will cause
auch notice to be published in a general circulation in said City. Holders of
prepayable bonds of this issue may register their names and addresses and the
serial numbers of their bonds with the City Treasurer for the purpose of receiv-
ing such mailed notice.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that the. City hal,
duly authorized and will forthwith construct and complete the undertaking above
mentioned, has fixed and established and will collect reasonable rates and char-
ges for the services and facilities afforded by the municipal sewerage system,
and has created a special Sewerage System Fund into which the gross revenues of
the system, including all additions thereto and replacementB and improvements
thereof, will be paid, and a separate and special Revenue Bond Account in that
fund, into which will be paid out of the net revenues of the system amounts
sufficient to pay all principal of and interest on the bonds of this issue when
due, and sufficient to establish a reserve therefor as provided in said Ordinance
in a sun equal to the maximum amount of principal and Intereat to fall due with-
in any subsequent calendar year an all. such bonds-, that the Revenue Bond Account
"MflBrT A"'
will be used only to pay the principal or and interest on bonds made payable
therefrom, as such principal and interest respecitmely become due; that such
rates and charges will from time to time be made and kept sufficient to provide
gross income and revenues adequate for prompt payment of the reasonable and
current expenses of operation and maintenance of the sewerage system and to
produce in each calendar year not revenues, in excess of such current expenses,
equal to the maximum amount or principal and interest payable from the Revenue
Bond Account in any subsequent calendar year; that the payments,required to 'be
made to the Revenue Bond Account constitute a :first and prior lien and charge
on the entire net income and revenues to be derived from the operation of such
system mid of all future additions thereto and betterments thereof; that ad-
ditional revenue bonds payable as to both prineipaa and interest from said net
revenues on s. parity with the bonds of this issue may be issued pursuant to the
authority recited above, upon certain conditions set forth in said Ordinance, and
bonds payable from the Revenue Bond Account may be refunded by the issuance of
refunding bonds Dayable from the same account, provided that such refunding
bonds mature subsequent to the last maturity date of bonds not so refunded, but nr
no other obligation will be incurred and made payable from the net revenues of
the municipal sewerage system, whether or not such obligation shall also con-
stitute a general obligation and indebtedness of the City, unless the lien
thereof shall be expressly made subordinate to the lien of the bonds of this
issue on such net revenues; that all provisions for the security of the holder
of this bond set forth in said Ordinance will be punctually and faithfully per-
formed as therein stipulated; that all acts, conditions and things required by
the Constitution and laws of the State of Montana and the ordinances of the City
to be done, to exist, to happen and to be performed in order to make this bond
a valid and binding special obligation of the City according to its terms have
been done, do exist, have happened and have been performed as so required; and
that the issuance of this bond did not cause the indebtedness, 'Whether general
or special of the City to exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF the City of Kalispell, Flathead County, Montana, by
its City Council, has caused this bond to be executed in its behalf by the.Mayors
countersigned by the City Treasurer, and attested by the City Clerk, and sealed
with its corporate seal, has caused the appurtenant interest coupons to be
executed ancl authenticated by the facsimile signatures of such officers, and hao
caused this bond to be dated as of May 1, :L968.
City Clerk tountersigned
(SEAL)
(Form of Coupon)
No.
�*o
city Vreas—urer
On the lst day of May (November), 19 , the City of Kalispell, Flat-
head County, Montana, will pay to bearer at the office of the City Treasurer, in
Kalispell, Montana, out of the special fund and account designated in the bond
described below, the amount shown hereon in lawful money of the United States of
America for interest then due on its Sewerage System Revenue Bond of 1968, dated
may 1, 1968, No.
(Facsimile signature) (Facsimile signature) (Facsimile signature)
City Clerk City Treasurer Mayor
(Coupons numbered 11 and upwards shall also contain the phrase:
"Unless the bond described below to called for earlier redemption"-1