Resolution 2692 - SID 308 Bonds - IssuanceExtract of 'linutes of �'eeting
of City Council
City of Kalispell, Flathead County, �Iontana
Held June io, 1968
A regular meeting of the City Council of the City of Kalispell,
Montana, was duly held at the City Hall in said City on June 10, 1968, at 7:30
o'clock P.M.
The Mayor, City Clerk and the following Aldermen were present:
Albert A. Hiron Norma E. Happ John D, Roche
Manley K. McCormtck Jack L. Hensley
Kenneth E. O'Brien M. C. Roberts
and the following were absent:
* * * Robert W. Riley
Alderman lien.sley introduced the following resolution and moved
its adoption:
RESOLUTION NO. 2692
RESOLUTION AUTHORIZING THE ISSUANCE OF $32,000
SPECIAL IMPROVEMENT DISTRICT NO. 308 BONDS, AND
PRESCRIBING THEIR FORM AND TERMS AND COVENANTS
OF THE CITY FOR THE SECURITY OF THE HOLDERS
=EOP
BE IT RESOLVED by the City Council of the City of Kalispell, Montana:
Section 1. Special Improvement District 'To. 308 Bonds. For the purpose
of paying the costs and expenses incurred and to be incurred in construction of
the improvements authorized to be constructed in Special Improvement District
No. 30B, and in anticipation of collection of special assessments to be levied
therefor, and in accordance with the public offering, and sale thereof, the City
of Kalispell shall forthwith issue and deliver to the purchasers its Special
Improvement District No. 308 Bonds in the total principal amount of $32,000,
payable solely from the Special Improvement District No. 308 Fund. The bonds
shall be dated as of April 1, 1968, and shall mature on January 1, 1988. The
bonds shall be 64 in number and numbered serially in order of their registration
as provided below, from I through 64, each in the denomination of $500. The
bonds shall be payable to bearer, shall bear interest from their date of regis-
tration until called for redemption or paid in full at the rate of 5.70% per
annun, payable on the first day of January of each year, commencing January 1,
1969, or upon any date prior thereto on which it shall have been duly called for
redemption. The principal of and interest on the bonds shall be payable at the
office of the Cit,
y Treasurer. The interest shall be paid by the Treasurer from
the Special Improvement District No. 308 Fund on - presentation of the coupons
belonging thereto when due, and any balance remaining on the fund shall be
applied to the payment of the Drincinal and the redemption of the bonds in the
order of their registration as evidenced by their serial numbers. Whenever
there is any balance in the fund after paying the interest due on all bonds
drawn against it, the Treasurer shall call in for payment on outstanding bonds
in an amount which, together with the interest thereon to the date of redemption,
will equal the amount of the fund on that date. The date of redemption shall be
fixed by the Treasurer, who shall give notice by publication once in a newspaper
published in the City or, at the option of the Treasurer, by written notice to
the holder or holders of such bonds if their addresses be known, of the number
of the bonds and the date on which oayment will be made., which date shall be not
less than ten days after the date of publication or of service of notice. On
the date so fixed interest shall cease.
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