Resolution 2986 - SID 321 - Sale of BondsRESOLUTION No 2986
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 321.
WHEREAS, the mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on the
ist day of July, 1974, create Special Improvement District No. 321
of the,City'of Kalispell for the purpose of bring up to grade and
paving North Parkway Drive In Northridge Heights, in accordance witn
the terms and conditions as specified in Resolution No. 2960 and
Resolution No. 2973.
NOW THEREFORE, be it resolved by the mayor and City Council of
the 4�y,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. -121 in the
amount of F I IFTEEN THOUSAND DOLLARS ($15,000.00), which bond� shall
bear date of issue of December 1 197 4 ; said bonds may bear
interest at a rate not exceeding :_!7% per annum, payable annually
on the lst day of Iaana� 1 197 6 and on the ist day of
January of each year th�i�rafter_;provided, however, that
s 'd bonds, a
aid bonds, 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 321,fund, against which said bonds are issued, available therefore,
s c
ai 1 redemption to be made as provided by law; provided, further,
that the City Treasurer shall first pay, out of said SID 321 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 theiT 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 anO 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-an4ual 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 FIVE HUNDRED DOLLARS ($1,500.00) eacb, numbered
from one (1) to ten (10), both inclusive, and said bonds shall
become due and payable on the lst day of January , 1986 . .
All bids other than on behalf of the State Board of Land
Commissioners of the State of Montana must be accompanied by a
certified check in the sum of SEVEN HUNDRED FIFTY DOLLARS
($ 750.00) payable to the o der of the City Clerk 0 e City of
KaT1'spcqY;__P4ontana, which will be forfeited by the successful biddor
in t1he event he shall fail or refuse to complete the purchase of �,Ii(i
bolld,,� i n accordance with the terms of his bid.
The lerk shall forthwit publish Notice of said Sale of
Bonds I a rd with thelkaws of khe State of Montana; said Notice
shall e in substantiai�l`y th!"y-,Orm of Exhibit "A" attached hereto.
PA�SED,7, A]
_19 4.
y
ITY CO
,UNCIL /V OF,
23rdKA _��ptcLmber
1, the undersigned, City Clerk of the City
going is a true and correct copy of "thn
the City of Kalispell, MonXamJV--at re
allspell,
ton duly
Ify that the fore-
o City Council of
er 25 1974
Clty,,�Clerk OVthe-CAty o
M
Exhibit "A"
Resolution 29B6
NOTICE OF SALE OF
DISTRICT #321 BONDS
CITY OF YALISPELL, MONTANA
NOTICE IS HEREBY GIVEN by the City Council of the City of
Kalispell, Montana, that the said City Council will on the 4th
day Of November , 1974, at the hour of 7:30 P.M. in the 'council
chambers oT the —City Hall in Kalispell, Montana, sell to the high-
est bidder, for cash, either amortization or serial bonds of
Special Improvement District No. 321 of the City of Kalispell,
Montana, in the total amount of FIFTEEN THOUSAND AND N01100 DOLLARS
($15,000.00) for the purpose of bringing up to grade and paving''
North Parkway Drive in Northridge Heights. Amortization bonds will
be the first choice and serial bonds will be the second choice of
the Council. The boundaries of SIDNo. 321 are given in Resolution
No. 2973 dated July 1, 1974.
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 FIVE HUNDRED DOLLARS ($1,500.00) each,
numbered from one (1) to ten (10), both inclusive, and said
bonds shall become due and payable on the I
s t d ay o f
19'86
The said bonds, whether amortization bonds or serial bonds,
will bear date of issue of December 1, 197 4 , and will bear
interest at a rate not exce�Rdrn_q% per -ii-n-num, payable annually
on the lst day of January 1 197 6 and on the lst day of
January of each year thereaff—er; provided, however, that
"gaid 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 321 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
321 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 the State Board of Land
Commissioners of the State of Montana must be accompanied by a
certified check in the sum of Seven Hundred Fifty Dollars
( $ 750.00 ) 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 _tD-copplete the
purchase of said bonds in,accordance wit"e te/ms o�,ha�g_ �61
All bids shall be addressed to
of Kalispell, Montana, and deliverp
DONE BY ORDER OF THE CITY COUNCIL Or -
THIS 23rd DAY OF Sepitember -, 197
PUBLISH:
10/14/74
6e city unexI of the Cktv
to t4m-,,,d-
�i y/C erk of r
_,;��d city.
ITYA-Ei-L-IS-PELL, MONTANA,