Resolution 3011 - Authorizing Loans - SID 315M
RESOLUTION NO. __3211_
WHEREAS, the City Council of the City of Kalispell, Montana,
did, on the 5th day of November, 1973, pass a Resolution, 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 day of June, 1-956,
create a Special Improvement District Revolving Fund under the
provisions of Section 11-2269 of the Revised Codes of Montana,
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 agree-
ments hereinafter set forth; and,
WHEREAS, it is necessary and appropriate that the following
undertakings and agreements be made by said Council with respect
to said revolving fund and special improvement district.
NOW THEREFORE, BE IT RESOLVED 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 herein -
before 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 undertakes and agrees to provide funds 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
horein,are made pursuant to the provisions of Section 11-2271(2),
R.C.M., 1947.
PASSED AND ADOPTED T1jIS 21st DAY OF April 1975.
Laurence G. Bjorneby,-", ayo
ATTEST:
George B �"ardslee, r2ity clerk
- 2'y�
X
1, tho undersined, city Clerk of the city f �!Aspell' al- t e
h
going is a tnto and correct copy of the r;3111-1oJV ion dilly Cl* Y, oune i
the City of Kalispell, �Jotltan�a, at a re larAmeeting 0
yC or:k of 110 (;It. sp"�11' Nonrana-
y