Resolution 3031 - SID 322 - Sale of BondsM
RESOLUTION NO. 3031
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 322
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the state of Montana, did, on
the 18th day of August, 1975, create Special Improvement District
No. 322 of the City of Kalispell for the purpose of bringing up to
grade, paving and installing curbs on a portion of Claremont Street,
in accordance with the terms and conditions as specified in Reso-
lutions No. 3019 and 3029,
NOW THEREFORE, be it resolved by the Mayor and City Council of
the City 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. 322, in the
amount of One Hundred Ten Thousand and No/100 Dollars (�110,000.00)
which bonds shall bear date of issue of October 1, 1975; said bonds
may bear interest at a rate not exceeding the maximum rate per annum
permitted by the laws of the state of Montana, payable annu�lly on
the Ist day of January, 1976, and on the lst day of January of each
year thereafter; provided however, that said bonds., and each and all
of the same, shall he redeemed at the City of Kalispell at any tifne
when there is sufficient money in said SID 322 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 322 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 deliver, 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(l) single bond or divided into several bonds, as
the council may determine at the time of sale, both principle 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 ten (110), both inclusive, and said bonds
shall become due and payable on the lst day of October, 1985.
All bids other than on behalf of the State Board of Land Commis-
sioners of the state of Montana must be accompanied by a certified
check in the sup -of Five Thousand Five Hundred and no/100 T)ollars
($5,500.00) pa
,,yable to the order of the City Clerk of the City of
Kalispell, M htana, which will be forfeited by the successful bidder
I
in the even�,�
he/shall fail or refi_-Lsq__to_compleL(-_' the purchase of said
bonds in ac4cordance with the terms - of h')s bid.
f
TheXcit�""Cle,k shall ��rthwith ublish Notice of said Sale of
Bonds inl�'9ccotd with the IA;�s of e state of Montana; said Notice
A
shall be q'ub stant i ally., _i, t-1 a- rm of Exhibit "A" attached hereto.
N�� _�Y I Y COUNCIL HIS 18TH DAY OF AUGUST, 1-975.
PASSED d(OPTED IE
CC
i�' 1-1/
E. Happ, Mayor
Exhibit "All #3031
NOTICE OF SALE OF
DISTRICT 322 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 29th
day of September, 1975, at the hour of 12 noon in the Outlaw inn
(Colt 45 Room), 1701 Highway 93 South, Kalispell, Montana, sell to
the highest bidder for cash, either amortization or serial bonds
of Special Improvement District No. 322 of the City of Kalispell,
Montana, in the total amount of ONE HUNDRED TEN THOUSAND AND N01100
DOLLARS ($110,000.00) for the purpose of defraying the cost of the
construction of bringing up to grade, paving and installing curbs
on a portion of Claremont Street. Amortization bonds will be the
first choice and serial bonds will be the second choice of the
Council. The boundaries of SID 322 are given in Resolution No.
3019 dated June 16, 1975.
if amortization bonds are sold and issued, the entire issue may
be put into one 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 1 to 110, both inclusive, and said bonds shall become due and
payable on the lst day of October, 1985.
The said bonds, whether amortization bonds or serial bonds, will
bear date of issue of October 1, 1975, and will bear interest not
exceeding the maximum rate per annum permitted by the laws of the
state of Montana, payable annually on the lst day of January, 1976,
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 322 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 322 fund, annually, the interest on all
outstanding bonds upon presentation of the coupons belonging theretOr
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 sM of FIVE THOUSAND FIVE HUNDRED AND NO/100
DOLLARS ($5,500.00) 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 accordance with the terms of his bid.
All bids shall be addressed to the City Council of the City of
Kalispell, Montana, and delivered to the City Clerk of said City.
DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL, MONTANA,
THIS 18th DAY OF AUGUST, 1975.
PUBLISH-. George Beardslee, iHty �Clerk
September 2, 1975
September 9, 1975
September 16, 1975
',�tptember 23, 1975