Resolution 2990 - SID 316 - Sale of BondsI i.: 1) b
"r;;,U1,UT1UN NO, 29()0
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 316.
WHERE,AS, the Mayor and the City Council of the City of Kalispell,
i.11 co�lipliancc with the st'aLut--cs, of the sti"Ite of Morit,ana, did, on the
1�th �Iay of Nc,�vombor, 1973, crnato Spocia3 Improvement Diiftric,.L No.
316 of the City of Nalispell for the purpose of the construction of
sanitary sewers in all of that area included in Gibson Addition No.
41, in accordance with the terms and conditions as specified in
Resolution No. 2930,
NOW THEREFORE, be it resolved by the Mayor and City Council
of the City of Xalispell, Montana, as follows:
That the City shall sell and issue at this time amortization
or serial bonds of said Special Improvement District No. 316 in the
amount of Forty Five Thousand and No/100 Dollars ($45,000.00), which
bonds shall bear date of issue of January 1, 1975; said bonds may
bear interest at a rate not exceeding the rate permitted by law
payable annually on the Ist day of January, 1976 and on the Ist 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,Kalispoll at any time when there is sufficient money in said SID
316 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 316 fund,
annually, theinterest 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 redemp-
tion 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 ten (10) years from date of issue,
if serial bonds are issued and sold, said bonds will be in the
,amount of One Thousand and No/100 Dollars ($1,000.00) each, numbered
from one (1) to forty-five (45), both inclusive, and said bonds shall
become due and payable on the Ist day of December, 1985.
All bids other than on behalf of the State Board of Land Comm-
issioners of the state of Montana must be accompanied by a certified
chock in the sum of Two Thousand Two Hundred Fifty and N01100 Dollars
($2,250.00) payable to the order of the City Clerk of the City of
Kalispell, Montana, which will be forfeited by the successful bidder
in the event he shall fail or refuse to complete the purchase of said
bonds in acpo�rdince with the terms of his bid.
Tl,�e City Vlerk shall forthwith publish Notice of said Sale of
Bon in �cco# with the la of
the State nVana); said Notice
shk"117be in zubstantiallv--the fc)rm of Exhibr "t"A" atVached heret_o,.-
50
orge
THE
sloe, Citk Clk-,rk
1, the undersigned, City Clerk of the C
going is a true and correct copy of the
the City of Kalispell, Montana, at iq_re
THIS 2nd PAY'O 9CE0 I ER,
�Z_
Bior ' ,j,. aYOr
�ilspoll, her#bY,, rtify that the fore -
ton duly pa"'e "'biethe City Council of
aing on //$/- ';� - A
lispell,
NOTICE OF SALE OF
DISTRICT 316 B ONDS
CITY OF, NTANA
WSPELL,,41119'11'.
NOTICE IS HEREBY GIVEN by the City Council of the City of
Kalispe - 11 Montana, that the said City Council will. on the - & 7t -TI
d -iy at the hour of 7:30 P.M. in th, 'oun
of: 197%5�, C, C cl
Chambers of Lho CiLy Hall in Kalispell, Montana, sell to the highest
bidder for cash, either amortization or serial. bonds of Special
Improvement District No. 316 of the City of Kalispell, Montdr1a, in
the total amount of FORTY FIVE THOUSAND AND NO110Q DOLLARS (�45,000,00)
for the purpose of defraying the cost of the construction of a sanitary
sewer.in Gibson Addition No. 41. Amortization bonds will be the first
choice and serial bonds will be the second choice of the Council. The
boundaries of SID 316 are given in Resolution No. 2930 dated November
5, 1973.
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 ten (10)
years from date of issue.
if serial bonds are issued and sold, said bonds will be in the
amount of One Thousand and No/100 Dollars ($1,000.00) each, numbered
from one (1) to forty-five (45), both inclusive, and said bonds shall
become due and payable on the lst day of January, 1985.
Said bonds, whether amortization bonds or serial bonds, will
bear date of issue or January 1, 1975, and will bear interest at a
rate not exceeding the rate permitted by law payable annually on the
lst day of January, 1976, and on the Ist day of January of each year
thereafter; provided, however, that said bonds, and each and all of
the same, shall be redeeme�J at the City of Kalispell at any time
when there is sufficient money in said SID 316 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 316 fund, annually the interest on
all outstanding bonds upon presentation of the coupons belonging the-
reto, 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 the State Board of Land Comm-
issioners of the State of Montana must be accompanied by a certified
check in the sum of Two Thousand Two Hundred Fifty and no/100 Dollars
($2,250.00) payable to the order of the CJ _WCle k of the City of
Kalispell, Montana, which will be f�rgfr �cd by he successful bidder
in the event he shall fail or refus,
compl- e the purchase of said
X, -
bonds in accordance with the term , 0 f his bic.
All bids shall be addresse(d to the Ci��y of 'he'Cj'tf of
t
Kalispell, Montana, and deliver- to the I cl-ext _-,-sai-,T -6ity.
the
DONE BY ORDER OF THE CITY COUNCIL OF CITY 70FK�4i. P LL, MONTANA,
111UTC 'nd DAY OF DECEMBER, 1974.
uu_u e i5qarasiee uiry uierK
PUBLISH:
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