Resolution 3039 - SID 322 - Annual Loans22 �T
RESOLUTION
NO - 3039
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT
THAT THE CITY COUNCIL UNDERTAKES AND AGREES TO ISSUE ORDERS
ANNUALLY AUTHORIZING LOANS OR ADVANCES FROM THE REVOLVING
FUND TO MAKE GOOD ANY DEFICIENCY IN PRINCIPAL AND INTEREST
ACCOUNT TO THE EXTENT FUNDS ARE AVAILABLE AND TO PROVIDE
FUNDS FOR SUCH REVOLVING FUND BY MAKTMn TAX LEVY AND LOAN AS
THE COUNCIL DETERMINES NECESSARY.
WHEREAS, the City Council of the City of Kalispell, Montana,
did, on the 18th day of August , 1975,1pass a Resolution,
creating Special Improvement District;,No. 322 for the purpose
of bringing up to grade, paving and i bstalling curbs in a
portion of said City; and,
WHEREAS, the said Council did, on the 4th day of June,
1956, create a Special Improvement Dibtrict Revolving Fund
unaer the provisions of Section 11-2A9 of the Revised Codes
of Montana, 1947; and,
WHEREAS, on the 29th day of Septpmber, 1975, D. A.
Davidson & Co., agreed to purchase th�p bonds to be issued by
said District, upon condition that th�o Council enter into
I
the undertakings and agreements herei�nafter 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 Improve-
ment 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
go,7�d any deficiency in the principal and interest accounts
thr_,reof to the extent that funds are available, and hereby
fufther 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
liou thereof, such loan from the general fund) as the
Cc'-��' 11 914,111 determine t b req . d to provide the funds
_i 1 0 e r
f r the purposes he n e pressed, subject to the
-2270, The
imi ations imposed bY/said Section 11
id
U i( ��ta -ings and agreements rovid. for herein are made
P, -uant to the provision, See ion 11-2271(2), R.C.M.,
( 47.
P'ssed a adopted �TH d of JANUARY 1976.
MAYOR
AT=ST: