Resolution 2988 - SID 315 - Sale of BondsRESOLUTION NO. 2988
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 315.
IL
WHEREAS, the Mayor and the City council of the City of Kalis-
pell, in compliance with the statutes of the State of Montana, did,
on the 5th day of November, 1973 create Special Improvement District
No. 315�of the City of Kalispell for the purpose of installing
water mains in all of that area included in 4B's Addition No. 45
and Gibson Addition No. 41, in accordance with the terms and con-
ditions as, specified in Resolution No. 2929.
NOW THEREFORE, be it resolved by the Mayor and City Council of
the City of Kalispell, Montana as follows:
That the City shall sell and issue at this time amortization
or�.serial bonds of said Special Improvement District No. 315 in the
amount of One Hundred Thousand and No/100 Dollars ($100,000.00),
which bonds shall bear date of issue of Jhnuary I # 197r_;
said bonds may bear interest at a rate not exceeWi�r�g-7 _% per,annum,
payable annually on the lgt day of January, 19 76 -a nd on the
day of of each year thereafter; provided, however,
that said bonUs, and —each and all of the same, shall he rodcomed ot
th6'City of Kalispell. at any time when there 1-s i;iffficionl_ money in
said SlD 315 fund, a(jainst which said bonds are issued, avii 1-able
therefore, said rodomption to be made as provided by law; provided,
further that the City Treasurer shall first pay out of said SID 315
fund', annually the interest on all outstanding bonds upon presenta-
tion,,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 registration.
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 Two Thousand Five Hundred and No/100 Dollars ($2,500.00)
each, numbered from one (1) to forty (40), both inclusive, and said
bonds shall.become due and payable on the Igt day of _jRr
lqq'� juAjrV_,
All bids other than on behalf of the State Board of Land
Commissioners 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 o of the City Clerk 6T'
Kal' ell n-f—ana, which will be forfeited by the successful bidder
in e ht he all fail or refuse to complete the purchase of said
nt
-Is _L 1�
th
bonds��h:accorda�ce with the his bid.
The City/Cle�k shal forthwit-Vpublish_Nofi'c�"'f d Sale of
0 sai
B Zds in acord with
'tA aws ofthe St ate"6f Mont a, said Notice
tantiA4y th Orm. xhibit A attached here-E�.
s be t -7 f at
AT
6e, Vity
CITY POVNCII,,THIS
ure
1, the undersigned, City Clerk of the City o�,,Kalispell,
Zoing is a true and correct copy of the res�ol�tion duly
the City of Kalispell, Montana, at a regu4ir_jneeting on,
P,A-Y OF 'r 197
i'l X
rne 116yor
ce Afy that the fore -
by e City Council of
t
- _0
ob 7. 1974
na
"EXHIBIT A - RESOLUTION NO. 29881,
NOTICE OF SALE OF
DISTRICT 315 BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS ITEREBY GIVEN, by the City Council of the City of
Nali-SPell, Montana, that the said City Council will, on the pTid
(1�ly Or D000ml)Or , .1.974, a(-, Hie hour of -7:30 P.M. in Lhe coull'u-i-f-
76i'tio Ci(�y 11all in Kalispell, Montana, sell to the highest
Chambers
bidder for cash, either amortization or serial bonds of Special
Improvement District No. 315 of the City of Kalispell, Montana,
in the total amount of ONE HUNDRED THOUSAND AND N01100 DOLLARS
($100,000.00) for the purpose of installing water mains in 4B's
Addition No. 45 and Gibson Addition No. 41. Amortization bonds
will be the first choice and serial bonds will be the second choice
Of the CoPncil- '.11ho boundaries of SID 315 are given in Resolution
No. 29,29 datod November 5, 1973.
If amortization bonds are sold and issued, the entire ibbue
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 Two Thousand Five Hundred and No/100 Dollars ($2,.500.00)
each, numbered from one (1) to forty (40), both inclusive, and said
bonds shall become due and payable on the ist day of - January
1995 .
Said bonds, whether amortization bonds or serial bonds, will
bear date of issue of 19-15L, and will bear interest
at a rate not exceeding __7_% per annum, payable annually on the
ist day of January , 19 76 , and on the Ist day of Janu
of each year thereafter; PrOVT-dj-(!, however, that said bonds, and Uhr
and all of the same, shall be redeemed at the City of Kalispell at
any time when there is sufficient money in said SID 315 fund,
against which said bonds are issued, available therefore, said
redemption to be made as provided by law; provided, further, that the
City Treasurer,shall first pay out of said SID 315 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 registration.
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.
All bids other than on behalf of th
sioners of the State of Montana must be
check in the sum of Five Thousand Dpll
payable to the order of th;,City C rk o
Montana, which will be for ite y the
event he shall fail or refuse o complet
in accordance with the terms of his Ibid.
All bids shall be addressed-t�o__
Kalispell, Montana, and delivered to
DONE BY ORDER OF THE CITY COUNCIL
THIS 7th— DAY OF October
PUBLISH:
1974
P0,
27,
_1 91L
e St4;L__5_ Boa*d of Land Comro_l_�
�,�ompan by a certif-ied
,bell
ars 000.
ar8 ' 000
h
:uche �,Ity of K—aii 'pell,
uccec sful bidde in th
0 3
t
e t purchase f s bonds
f
_a. ty Counci 0 Ity 'of
-J. C 01 thq City of
C y
ity Cler 9 said City.:
HE%CITY OF/MIS)?ELL, MONTANA,
rgefiearas,,lee,