Resolution 2691 - SID 305 Bonds - Form and Details117SCLUTION NO. 2691
! RES00TION IDISCATnTNC = FORM AND D7TATL9 POR OTRICTTNC TIE USCUTION ANTJ
n7viVrnY n7 $6,500.00 OF SPECIAL IMPROVEMENT DISTalCT rO. 305 BONOS OP TUE
CITY OF KALISPS11, NyNTANA.
WHERUS, thcre has been created under the Statutes of the State of Montana by
Lhc City oF Kn2Qpcl1, Montana, Special ImprovemenL District No. 301 for W`
paypose oF lay5n& sewer lines and appurtenances in Fisher Addition Area of
yalfspoll,
WITRZAS, the estimated cost of said project is $6,500.00.
NOW 102REFORE, nU IT RESOLVED, by the City Council of the City of Kalispell,
MonLana, as follows'
1, That for the purpose U 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 forwith be
prepared Cor cxvcuLlor and delivery Special Improvement District No. 305 Bonds of
the City of Kalispell, Montana, in the aZIrc3ate principal amount of SIX TUOUSAND
FIVE r3nRED OCLURS ($6,500.00) which is the estimated cost and expense of the
foyoZoln3, which bonds shall be dated August 1, 1968, and shall bear interest at
the rnte of six per cent (6%) per annum, payable annually.
Said rands shnll bc thirteen (13) in number, and numbered serially from one to
th3ronon, both inclusive, and said bonds shall become due and payable on the first
day of january, 1978.
Sale Bonds shn1l be reeeemable by the Treasurer of the City of Kallspell, Anta=
at par cnd acctucd Interest, when there are funds in said Special improvement
District No, 05 Pund, n3ainst which said bonds are Issmod, available therefor,
an& said rqdemptlon shall be made in the manner provided by law, provided that the
7nessurar shall first pay out of said Special improvement District No. 305 Fund,
anavally, the Interest on all outstandin! bonds opon presentavlon of the coupons
Nalan3lal thereto, and any funds rcmalala3 zhal.i be applied to the payBonQ of the
principal and the redemption of the bonds.
2� The intgrost on said bonds shall be payable annually on the first lay of Jan-
uary of each year coln'ac'ncin�" January 1' 1969.
1� Sold bonds and the Interest coupons to be thereto attached, and rejiStraLiOn
werticiante to be endorsed thereon, shall be in substan�ially the form attached
heroto as Exhibit "A" and by the reFerence made a part herwof�
4. Sold honds shall be forthwith prepared for execution and shall be eXeCUA
on hchalf of the Special Improvemznt District No. 305 of the City of Kalispall,
Mantaia, by the signature of the Moyor of the City of Kalispell, attested by the
City Clerk of the Cizy of Kalispell, and by WCHation of the official seal of
L%c Why of Kalispell, and the Intcvest coupons shall be executed'ane aut%enttca--
ted by the cnaravol or lithographic facsimile signatures of said officers, which
fact shall he so recited in the bonds, and said bonds shall then be registered by
the City Treasurer. Whcn the hands have boon so fully executed and realstered,the
City Trensurer shall Vien deliver them, or cause them to be delivered to the pur-
chaser upon payitent to the City Treasurer of the purchase theretofore aLreed upon,
5. Thc�� 'Mayor, the City Council, and the City Treasurer of the City of Kalispell
art sythorizea and diracted to prepare and furnish to the purchaser of Sall bonds,
and to its Attorneys, Certified copies of all proceedln8s and records relatina to
sajv vonds and such other certificates ani affidavits as may be required to brW�
the Octs winkin their knowledge, all as shown by the books and recorCslanler their
ampoviy and control rclating to the validity and marketability of said bonds, and
said certj7jov copies of certificates and Ofidavitsy inQlud1n3 any thereof hereto-
fore furalsbc, shall coystitntQ a represcrtatlon of the City of KaIiSpell, Watana
as to the trotb'of each fact reported to be Shown therein.
5, The CrSy.-I'Ark Is- Und directed to order the printing of the Bonds
Coupon\'
PASSf�M' A"Y'' 1 %1r\11TM1M_D' n_/ A, 2�" I 1",AYCR, AND C17%4' �0,7_',NCTT, Tl'�TIS 10-111 2,AY 07 iT,3Nr, 196-3.
Z
LTT
CITY CLER,
J M,%VOR
EMITUT "A"
UNTTP.'D =A77-, 07 A�!!:RICA
STAT�: OF NCNTAN,'�
r)TSTRTCT N0. 305
tz: the vate or 62. per �)nnum
Payable January 1, 1969, and annually thereafter
on 1�3t day 01, January in cach year.
SPECIAL IMPROVEMENT DISTRICT BOND
Qued by the City of Kalispell,
Flathead County, Montana
NCO.
WE
TIC TrCasurar of the City of Kalispell, Montana, will pay to the bearer
on or before January 1, 1973, frmn the funds of its Specla! ImPrOWOOnt District
No. 005 the sum of 7TIVr UUIN')RED DOTTARS as authorized by Resolution &.2644
as passed on the '9th day of Octobev, 1967, creatin; Special Improvement DWrIct
No. 305 for the construction of the Improvements ane the work performed as aut%-
orized by said Wesolutlon to be done In said District, and all laws, regulations
and ordinances relatins thereto, in payment of the contract !a accordance there-
with, The principal and interest of this bond are payable at the office of the
City Treasurer of lalinpwll� Montana,
This bond bears interest at theytate of six aW to tenths
per cent C 6 %) ;:,or a�vn��.m, the date of of this bond, as express-
ed herein, until paid or' until the date called for redemption by the City
Treassere. The Interest Dn t%ls bond Is payable January 1, 1969, and annually
thereafter oa the ist day of January in cank year, unless paid previous thereto,
and as empressed by the interest coupons hereto attached, which bears the
printed facsimile signatures of the Mayor and City Clerb.
This bond is payable from the collection of a special nx or assessment
which Is a lien against the veal estate within said Improvement District, as de-
scribed in said resolution horvinbefore referred to.
This boil is redveQable at the option of the City at any time there aLk�
funds to the credit of said special improvement district fual for the redemption
t%srcof, and in the manner provided for the redemption of the same. The date of
redemption shall 5e fixed by the Treasurer, who shall 31ve aotice by publication
once in a newspaper in Yalispell, or at thQ option of the Treasurer, by written
notice to the holders of such bonds if their addresses be known, of the nanbers
of bonds and the date of which payment will be made, which late shall not be less
than ton days after the date of publication or W service o! notice, an whicli
date so fixed interest shall cease.
IT IS 117WAY CERTIFIOD AND RECITED that all thinjs required to be done
px0ecdcat to the issuance of this bond, have been properly ionc, happened and
been perfornad, in the manner prescribed by the laws of the State of Montana
and the resolutions and ordinances of the City of Kalispell, Montana, relating
to the issuance thereof.
(SEAL)
Dated at Kalispell, Montaaa, thisAst day of AuSust, 1968.
CITY OF KALISP211
By, I% yor
,City Clark
1, the undersigned, City Clark of the CitY Of 01isP011, hereby certify
that the f6regolng is a true and correct COPY Of the resolution duly
passod by the City Council of the PAY Of Nalispol 0 an4, at a
70gular meeting on
P68
WIWI_ OTA TIS OF � : 13-C
SVTTZ 3? 11ONW-,
1-at- of 'Per ann-a-1
nd a--, ��-"Iy rnrre, '-mer
on "-i; day of in e�%c% year.
I T B
7 D-"�7R C 0
Issued of
plathenz conovy, yontana
We wy�ovurcr 0, -� �� o n,:, �,,,��t��.na, w?-,- r��,y to
Vre jlaw.a 1, W- . nds : iow Spec! I. d�wzant District,
a,,��:,.-Izcd by o.Lonwicn No, 2661
wa on W .;2 day of january, 1968, dreaming Spezia! improvejenn Dhtriw�
Sor the construction of the improvements W the work perforked, as
saft resolution to be done in zaid Diotrict, and all laws, regulativoli
:Z.noneps relating thereto, in payment of the contract in accordanco these-
Ona principal and interest of this bond are payable at the office of the
ircasurer of Kalispell, Montana.
This bond bears interest at the rato of five and seventy h"adwodtas
�'5-75%) per annum from the date of registration of this bond , as expres-
rQip, until paid or until the date called for,,redemption by t�e.City
_curer, The interest on this bond is payable January 1, 1969, and annually
InLfter on the Ist day of January in each year, unless paid previous thereto,
as expressed by the interest coupons hereto attached, which bears tie
-nod facsimile signatures of the Mayor and City Clerk.
This bond is payable from the collection of a special tax or assessment
which is a lien against the real estate within said Improvement District, as de-
scribed in said resolution hereinbefore referred to.
This bond is redeemable at the option of the City at any time there are
funds to the credit of said special improvement district fund for the redemption
ttereof, and in the manner provided for the redemption of the sane. The date of
redemption shall be fixed by the Treasurer, nVo shall give notice by publication
once in a newspaper in Kalispell, or an the c�,ton of the Treasurer, by written
notice to the holders of :uch bon0 if their ',--own, of the numbers
of bonds and the date of "Lich jLyLpni will U made, whicl L,te shall not be less
than ten days after '6h�-, �:,ate of oi i;�' service oo�' n.otice, orl-which
date so fixed inte��'est shz�'Il Qaa8u.
IT . -i Cll',T�21BD AND RECITED that all things required to be
done precok zn the issuance of this bond, have been properly done, happened
and been pe- -�na, in the manner presqriled by the laws of the State of Montana
and the ress--:4ono and ordinances of o4e City of Kalispell, Montana, relating
to the 0sua-an thereof.
(SBAL)
Dated JaLLspell, Mont"L,, thia Ist day of April, 1968.
&ITY OF KALISPELL
I Mayor
City Clerk
nc,gistered at the office of the City Treasurer of Kalispell, Montana, this Ist
dw of Apri), 1968.
(Form of Coapon)
No.
, City Treasurer
Unless the bond describea below is cdied for earlier redemption, on
-he fix-st d��Y OZ -T�zucz7' 19 the city of Kalispell, Montana, will pay to
bearer at the office of the City Treaslzrer of Kalispell, Montana, the amount
zhown her(�6n in laaful money of the United States of America, from the special
tax or assessraent referred to in the bond to Vaich this coupori appertains, for
interest then due on its Special Iraprovemexit District No. 306 Bond, dated April 1,
1968,
(Facsimile signature) (Facsimile signature)
City Clerk Mayor
Q00on 3. Exack''Cion Rell-gration and Do...very of bond . The bonds
rZa7l he prepared under the direction of the City Clerk and shall then be signed
hy rAo 11yor and City Clark, and the interest coupons appurtenant thoroto shall
in executcd and authenticated by the printed facsimile signatures of Cho Mayor
ond City Clerk. The bonds and coupons shall then be registered,in order of their
serial nuslers by the City Treasurer,,as of the Ist day of April, 1968, and stall
in delivered by the Treasurer to the purchasers upon payment of the par valuc
thvrcof plus accrued interest from the registration date to the date of such
uol�vory and payment. The purchasers shall not be obligated to see to the appli-
caclon of the purchase price, but the proceeds of the bonds shall be credited by
tne Treasurer forthwith to Cho Special Improvement District No. 308 Fund, and
uscd solely for the payment of the cost and expenses necessarily incurred In the
completion of the improvements heretofore ordered, except that the accrued incer-
est receivod shall be applied to payment of interest on Cho bonds when due.
Section 6, Snec
- 0 W! : vormut Ddstric; No. 308 Fund. There is -hereby
created and established a &W d*s!qnaow& as "Special improvement District.No.
30B AW, which shall he maintained by the City Treasurer on the books and.
racorls of the City separate and �ajz from all other funds of the City. Withil'4
anti Fund chore shall be maintained separate accounts, designated as the "Pond
Acca"W" Lnd "Intarest Account", respectively. Said Fund and the Accounts0herein
shall W maintaVed in the manner prescribed in said Ordinance No. 759, adopted
May 13, 1958,
Scction 5. Covenan . The City of Kalispell covenants and agrees -with
the holdar fzom time to time of each of the bonds issued pursuant to this resolu-
tion tMal "Mil all such bonds and interest thereon are fully paid:
5_0 The City will hold the Special Improvement District No. 306 rund and
thn Spocial Improvement District Revolving Fund described above as trust funds,
30parate and apart from all of its other funds, and that the City, Its officers
Ona agents, will Comply with all covenants and agreements contained in this
resolution.
5A2 The City will do all acts and things necessary to assure the com.
plevion of the improvement in Special Improvement District No. 308 in accordance
with the Plans and specifications and within the time therein provided, and
will pay all costs thereof promptly as incurred and allowed, out of the Special
To?rovoment District No. 308 Fund and Within the amount of the bond proceeds
appropriated thereto.
5.33 The City will do all acts and things necessary for the final and valid
levy of special assessments upon all property within the boundaries of Special
improvement District No. 303 in accordance with the Constitution and laws of the
State of Nontana and the Constitution of the Unit6d States, In an aggregate prin-
cipal amount not less than $32,000. Such special assessments shall be levied In
accordance wiW the basis therefor prescribed in Resolution No. 2658, adopted
jkcorber 18, 1967, payable in annual installments over a period of twenty years,
ont h annnal instal Iment being due in an amount equal to one-twent leth of the
proi�ipal swouaw of each assessment, with interest on the whole amount remaining
uEFAij at the rate of 5.70% per aanum, interest being payable with principal
The assessments to be levied will he payable on the 30ch day of
Navo"Qor in each of the years 1968 through 1987, inclusive, if not theretofore
?aid, and shall become delinquent on that date unless paid in full. The first
pavvial payment of each assessment shall include interest on the entire assess-
�oc from the date of registration of the bonds herein authorized to January 1,
1900, and each subsequenn partial payment shall include interest from one year on
rhon payment and the then remaining balance of the special assessment. The
shall constitute a lien upon and against the property against which
whey are made and levied, which lien may only be extinguished for payment of the
with 411 penalties, cost and interest as provided in Section 11-2229,
lovinn, Co4os of Montana 1947. No tax deed issued with respect to any lot or
-5-
-parcel of land shall operate as payment of any installment of the assessment
there�,n which is payable after the execution of such deed, and any tax deed so
issued shall convey title subject only to the lien of said future installments,
as Drovided in Section 84-4170, Revised Codes of Montana 1947.
5.04 If at any tire and for whatever reason any special assessment or tax
hcre�n agreed to be leived is he'd invalid, the City and tbiS CO=Cil, it Of
-Ij-cers and employees, will take all steps necessary to correct the same and to
re -assess and levy the same, including the ordering of work, with the same force
c�.nd effect as if -maade at the time provided 'by law, ordinance or resolution re-
lating thereto, and will re -assess and re -levy the same with the same force and
effect as an original levy thereof, as authorized in Section 11-2238, Revised
Codes of Montana , 1947. Any snecial assessment, or re -assessment or re -levy shall,
so far as nracticable, be levied and collected as it would have been if the first
levy had been enforced, includi;ig the levy and collection of any interest accrued
on the first levy.
5.05 In connection with the public offering of the Special Improvement
D�strict No. 308 Bonds the City Council has undertaken and agreed, and does
hereby undertal-e'and agree, -oursuant to the -Drovisions of Revised Codes of
Montana 1947, Section 11-2271(2), to issue orders annually authorizing loans or
advances from its Special Improvement District Revolving Fund created by Ordin-
ance No. 759, adopted 14ay 13, 1968, in amounts sufficient to make good any
deficiency in the 'Bond and interest Accounts thereof, to the extent that funds
are available, and to Drovide funds for the -Revolving Fund by annually malUng
such tax or loan from the General Fund, subject to the maximum limitations im-
posed by Section 11-2270, as may be necessary to accumulate and maintain at all
times a reserve balance in the lunount required to meet the -provisions set forth
in Ordinance No. 759 for the Revolving Fund.
5.06 There is now no litigation threatened or pending questioning the
validity or regularity of the creation of Special Improvement District No. 308,
the contract for construction of im-Drovements therein of the undertaking and
agreement of the City to levy special assessments therefor and to make good
any deficiency in the collection thereof through the levy of taxes for and the
making of advances from the Special Improvement District 241volving Fund, or the
rip,ht and power of the City to issue the bonds herein authorized, or in any
,-,anncr questioning the existence of any condition precedent to the exercise of
the City's powers in these matters. If any such litigation should be initiated
or threatened, the City will forthwith notify in writing the original purchasers
of the bonds herein authorized and will furnish the purchasers with a co-oy of all
doctiments, including pleadings, in connection with such litigation.
Section 6. Authentication of Transcj:�ipt. The County Clerk and Recorder
of Plathead County and the City officers are hereby authorized and directed to
furnish to the purchaser of said bonds, and to the attorneys approving the
legality thereof, certified copies of all proceedings relating to the issuance
of said bonds and such other certificates and affidavits as may be required to
show the right, power and authority of the City to issue said bonds, and all
statements contained in and shown by such instruments, including any heretofore
furnished, shall constitute reDresentations of the City as to the truth of the
statements purported to be shown thereby.
Section 7. This resolution shall be in full force and effect from and
at'ter its passage and approval.
Passed and adopted by the City Council of the City of Kalis-Pell,
�Ion-tana, this 10P�day of June --1966, and approved by the Mayor of said
City of Kalisp4�,117this lot� Ir- Lune . 1968.
est
ThQ Yonica for the adoption of the forezoing resolution was duly
seconded by Alderman Roborts and upon vote being taken thereon, the
followiT4 Aldermen voted in favor thereof-.
Non"�'q E., iiapp Johz D. Roche
X'v�-�!Qy X. �Iccorl-�"Ick Jack L4 �ie�nsjc-y
E� O'Brien ,i. C. Roborts
and the 1311oulng voted against the same:
None
wharsupon said resolution was declared duly passed and adopted and wawapproved
and signed by the Mayor and attested by the City Clark.
STATE 0? XOTTAIA )
)SS.
CNITY OF FLATHEAD)
Z, the undersigned, being the duly qualified and acting City Cie= or
Qe City of Kalispell, Ylathead Cou"ty, Montana, hervIv certify that I have
comparea the attached and foregoing extract of minutes with the Original on
file and of record in my office and that the same ia a full, tuue and correct
transcriat of the minutes of the meeting of the City Council of said City duly
calIQ and held on the date therein indicated, including any resolu tions adopted
at such meeting, insofar as they relate to $32,000 Special layroynement District
Xo. 308 Bonds of the City.
WITNESS my hand and the seal of sald Ity this, 110th Jay f June
i968.
Citv U] erk
(SEAL j
1, tho undersigned, City Clerk 9�fthe City Of Kalispell, hereby certify
that the foregoing is a true 06ha 4orrect copy Afe resolution duly
passed by the City Council o th City of Xa spall, Montana, at a
regular meeting on -7
n, IQ64 1
Clay� of the CIty of Kalispell, Montana