Resolution 3015 - SID 315 - LoansRESOL,UTION
NO. 3015
WHEREAS, the City Counci.f of the City of Kalispell, Mon-
tana, did, on the 5th day of November, 1973, pass a Reso-
lution, creating Special Improvement District No. 315 for the
purpose of installing water mains in said City; and,
WHEREAS, the said Council did, on the 4th clay of June,
1956, ccreate a Special improvement District Revolving Fund
under the provisions of Section 11-2269 of the Revised Codes
of Mon -Lana, 1,947; and,
WHEREAS, on the 21st day of April, 1975, D. A. Davidson,
Inc., agreed to purchase the bonds to be issued by said
District, upon condition that the Council enter into the
undertakings and agreements hereinafter set forth; and,
WHEREAS, it is necessary and appropriate that the
following undertakings and agreements be made by said Coun-
cil with respect to said revolving fund and special improve-
ment district.
NOW THEREFORE, BE IT RESOI,VED by the City Council of
the City of Kalispell, Montana, that in connection with the
issuance of Special Improvement District Bonds to be issued
to defray the cost of the improvements in the Special Improvement
District hereinbefore specifically referred to, the Council
hereby undertakes and agrees to issue orders annually authorizing
loans or advances from the revolving fund to the district
fund of said district in amounts sufficient to make good any
deficiency in the principal and interest accounts thereof to
the extent that funds are available, and hereby further
under -takes and agrees to provide fund-, for such revolving
fund pursuant to the provisions of Section 11-2270, R.C.M,,
1947, by annually making such tax levy (or, in lieu thereof,
such loan from the general fund) as the Council shall determine
to be required to provide the funds sufficient for the
purposes herein expressed, subject to the maximum limitations
imposed by said Section 11-2270. The undertakings and
agreements provided for herein are made pursuant to the
provisions of Section 11-2271(2), R.C.M., 1947.
',,P,,Assed and adopted this 19th day of Mlay 1975
MAYOR
i��!-Tr, ST
CITY CLYRK
Deput ItV Clerk
1, the undersigned, City Clerk of the City '�' Ka 11 8 t�b
going Is a true and correct copy of olution duly s V
�9419 A
t1le ) g 0 'L
t1le City Of Kalispell, Montana, at a reptdar mee/n