Resolution 3006 - SID 315 - Sale of BondsRESOLUTION NO. 3006
A RESOLUTION PROVIDING FOR THE SALE OF BONDSr SPECIAL IMPROVEMENT
DISTRICT NO. 315.
WHEREAS, the Mayor and City Cmncil of the City of Kalispell,
in compliance with the statutes of the state of Montana, did, on
5th day of November, 1973, create Special Improvement District
No. 315 of the City of Kalispell for Lhe purpose of the construction
of sanitary sewers in all of that area included in 4-13's Addition No.
45 and in CAbson Addition No. 41, in accordance with the terms and
conditions as specified in Resolution No. 2929.
NOW THEREFORE, be it resolved by the Mayor and City Council
of the City of Kali -spell, Mon -Lana, as follows:
That the City shall sell and issue at this time amortization
or serial bonds of said Speci I improvement District No. 315 in
the amount of one Hundred Thoiasand and No/100 Dollars ($100r000-00)7
which bonds shall hear date of issue of April 1, 1975; said bonds
may bear interest at a rate not exceeding the rate permitted by law,
payable annually on the lst day of January, 1.976, and on the lst
day of January of each year thereafter until paid. 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 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 principal 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 bidder-- 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 one hundred (100), both inclusive, and said bonds
shall become due and payable on the lst day of January, 1985.
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 and No/100 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 6�� refuse to complete the pur-
chase of saik _�s in accordance with the terms of his bid.
j 1--t—on
o _C<Tlie Ci y I I erk s ia,ll forthwith publish Notice of said Sale of
i n ac o i b,,t-fie laws/of the state of Montana; said Notice
nrl-11 e in ubswLa ally the` form of "Exhibit A" attached hereto.
S S
, , AV --TT-D TV'ECITY COUNCIL this th dqy_'of,,March, 1975.
SED DOI
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"EXHIBIT A"
"Resolution 3006 tT
NOTICE OF SALE OF
DISTRICT 31.5 BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS HEREBY GIVEN, by the City Council of the City of
Kalispell, Montana, that the said City Council will, on the 21st
day of April, 1975, at the hour of 7:30 P.M. in the Council
Chambers of the City Hall in Kalispell, Montana, sell to the high-
est bid&�r for cash, either amortization or serial bonds of Special
Improvement District No. 315 Of the CitV of Kalisp��,11, Montana,
in the total amount of ONr HUNDRrD THOU -SAND 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 choic,'�
of the Council. The boundaries of SID 315 are given in Resolution
No. 2929 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 he 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 one hundred (100), 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 of April 1, 1975, and will bear interest at a
rate not exceeding the rate permitted by law, payable annually
on the lst day of January, 1975, and on the lst day of January of
each year thereafter until paid, 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 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 ou� of said SID
315 fund annually, the interest on all outstanding bonds upon
presentation of the coupons belonging thereto, and all monies re-
maining in said fund shall be applied to the payment of the
principal 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 Five Thousand and no/100 Dollars
($5,000.00) payabl8 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 nur-
chase of said bonds in accordance with the terms of his bid.
All bids shall be address,-d to the City Council of the City of
Kalispell, Montana, and delivered to the City Clerk of said City.
DONr BY ORDER OF TfIr CITY COUNCIL
T111IS 17th DAY OF NTARCH, 1975.
P U D L 1,13 11:
3/25/75
4/l/75
4/8/75
4/15/75
OF THE CITY OF KALISPELL, MONTANA,
George Be�Ardslep' qAty Clerk