Resolution 2817 - SID 313 - Sale of BondsRESOLUTION NO. 2817
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVE14ENT
DISTRICT NO. 313. .
WHEREAS, the Mayor and City Council Of the City of Xalispell,.
in compliance with the statutes of the State of Montana, did, on the
6th day of July, 1971, create Special Improvement District'No. 313
?f the City of Kalispell for the purpose of installing water mains,
installing sanitary sewers and installing curbs and paving in all of
that area included in Northridge Heights, Section Four, in accordanoc
with the terms and conditions as specified in Resolutions No. 2800
and No. 2BO8.
NOW THEREFORE, be it resolved by the Mayor and City Council of
the City of Kalispell, Montana, as follows:
1. That the City shall sell and issue at this time amortization
or serial bonds of said Special Improvement District No. 313 in the
amount of One Hundred'Thousand Dollars ($100,000.00), which bonds sha , 11
bear date of issue of October 1, 1971; said bonds may bear interest at
a rate not exceeding 7% per annum, payable annually on the Ist day of
January, 1973 and on the lst day of January of each year thereafter;
provided however, that said bonds, and each and all of the same, shall
be redeemed at the City of Kalispell at any time when there is
sufficient money in said SID #313 fund, against which said bonds are
issued, available tlierefore, said redemption to be made as provided
by law; provided, further, that the City Treasurer shall first pay,,
out of said SID #313 fund, annually the interest on all outstanding
bonds upon presentation of the coupons belonging thereto, and all
monies remaining in said fund shall be applied to the payment of the
principle and the redemption of the bonds in the order of their
registratic5n.
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.
If amortization bonds are sold and issued, the entire issue may
be put into one (1) single bond or divided' into several bonds, as
the council may determine at the time of sale, both principal and
interest to be payable 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) eachf numbered from one (1)
to two -hundred (200), both inclusive, and said bonds shall become
due and payable on the first day of January, 1992.
All bids other than on behalf of the State Board of Land COMMIs-
sioners of the State of Montana must be accompanied by a certified .
check in the sum Of FIVE THOUSAND DOLLARS ($5,000.00) 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 fail or
refuse to complete the purchase of said bonds in accordance with the
terms of his bid.
-T.he ' y erk sha l,-E4) thwith nublish Notice of said Sale of
'Bonas I -'acco with t aw . of the State of Montana; said Notice
shall- - /,ih. ubstant' y t116 form of Exhibit "A" attached hereto.
5 -AND A PTED THE CITY C(�UNCIL THIS 9�h DAY OF AUGUST, 1971
rc
Mayor
Citv)Clo-rk
1� the undersignadv City Clerk of the City Of Its 11, hereb tify-t at the
foregoing is a,true and correct copy of the res u ion duly pas the City
Council of the, City of Kalispell, Montana, at a ular meet ing
—&-st 9. 1971
V, C10Vk Of Atha 1tv or RaiLlilveUM11 M=14=10