Resolution 3076 - SID 324 - Sale of BondsRESOLUTION NO. 3076
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL I,�,IPROVEMENT
DISTRICT NO. 324.
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, an the
13th day of September , 1976 create Special Improvement District
No. 324 of the Z�ity —of Kalispell for the purpose of establishing,
grading, improving, paving and providing for a storm sewer in First
Alley East in downtown Kalispell, in accordance with the terms and
conditions as specified in Resolution No. 3063 and Resolution No.
3075
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. 324 in the
amount of Ninety Thousand and no/100 Dollars $90,000.00), which
bonds shall bear date of issue of January 1 , 197 7 ; 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
annually on the lst day of January 19 8 , and on the lst
day of January provided, however, that
of each year thereafter;
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 324 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
324 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 Lhe 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.
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 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 ninety (90), both inclusive, and said bonds shall
become due and payable on the _lst day of —januarAr , 1997
All bids other than on behalf of the State Board of Land Com-
missioners
the State of_Mvn4,ana must be accompanied by a certified
4d Five HundreJ and !101100---Dollars
check i �the sum of Foup`_T'housa
00 0 the order
00 -the
$4 00.00 pay��bfe to of the Citv Clerk of the City
iOf alispell/, Montar�a", which w*ll be forfeited b . y the successful bidd
i the even/v- he sh,�ll fail o refuse to complete the purchase of
ili�tt�_bonds/in accordance w7h the terms of his bid.
Y�e/City forthwi-0i publish Notice o id Sale of
Bonds A d, ith the laAs-o'f the State of/Montana %aid No -Lice
f Exhi it "A" att ched hereto.
all e ubs tially in�he form
lmS D A AD 1 �3 t'i DA OF' 17-e-,;ter'ber
TE BY,� THE C TY COUNCIL TH�_,
7 ' '7�"e
A TE N, ma E_ -1rapp, Mayor
cl pq��
I, the undersigned, City Clerk t ity of Isp011 certify that the foregoing is
a true copy of the Resolution
of
sed by t ,City Council c�:�rj the C�*ty of Kalispell,
Montana at a regular meeting held/ Septemb,6i- 13� 1976
-P 4-1- rl,+,, -P V-14-
"J
EXHIBIT "All
NOTICE OF SALE OF SID 324 BONDS
CITY OF KALISPELL
NOTICE IS HEREBY GIVEN by the City Council of the City of
Kalispell, Montana, that the said City Council will, on the 6th
day of T)ecember 197 6 , at the hour of 7:30 p.m. in the
council chambers the City Hall in Kalispell, montana, sell to
the highest bidder for cash, either amortization or serial bonds
of Special Improvement District No. 324 of the City of Kalispell,
Montana, in the total amount of NINETY THOUSAND AND N01100 DOLLARS
($90,000.00) for the purpose of defraying the cost of establishing,
grading, improving, paving and providing for a storm sewer in
First Alley East in downtown Kalispell. Amortization bonds will
be the first choice and serial bonds will be the second choice of
the Council. The boundvies of SID 324 are given in Resolution
No. 3063 dated July 19, 1976.
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 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 ($1,000.00) each,
numbered from one to ninety, both inclusive, and said bonds shall
become due and payable on the lst day of January f 19 87 .
The said bonds, whether amortization bonds or serial bonds,
will bear date of issue of January 1 1 19 77 , and will bear
interest not exceeding the maximum rate per annUm—permitted. by the
laws of the State of Montana, payable annually on the lst day of
- January .—, 19 78 , and on the lst day of January of each
year thereafter; provided, however, that said bonds, and each and
all of the same, shall be redeemed at the City of Kalispell at any
time when there is sufficient money in said SID 324 fund, against
which said bonds are issued, available therefore, said redemption
to be made as provided by law; provided, further, that the City
Treasurer shall first pay out of said SID 324 fund, annually, the
interest on all outstanding bonds upon presentation of the coupons
belonging thereto, and all monies remaining in said fund shall be
applied to the payment of the principle and the redemption of the
bonds in the order of their registration.
Said bonds will be sold for not less than their par value with
accrued interest to the date of delivery, and all bidders must state
the lowest rate of interest at which they will purchase the bonds
at par. The City Council reserves the right to reject any and all
bids and to sell said bonds at private sale.
All bids other than on bebff-rfof :he State Board d m-
f ��10'f_ CC,
missioners of the State o�ontana mus be accompa 'ed by ertified
01D
check in the sum of e Hur
Thousand Pi e Hundred a 00 100 ollars
($ 4,500.00 pCayie to the orde of the Cit, Clerk of the City of
Kalispell, Montana, which will be Iffeited bv he succ sful bidder
in the event he sh 11 fail or refus to comple,e the urchase of
r.s of bi
said bonds in accor ance with the erms of hi 1,b .
All bids shall be ad-drq-ssed
Kalispell, Montana, and deliVQrq
DONE BY ORDER OF THE CITY CO
THIS 13th DAY OF Se-ptember
Publish:
11/10/76
11/17/76
11/24/76
12./-1/-7 G
0 the CEty/lcouncil of %the City of
to the Ci/-YNlerk of said City.
OF.THE FTY Of KALISPELL, MONTANA,
976 / /I