Resolution 3100 - Agrees to Issue Loans from BondsRESOLUTION NO, 3100
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT THAT
THE CITY COUNCIL UNDERTAKES AND AGREES TO ISSUE ORDERS ANNUALLY
AUTHORIZING LOANS OR ADVANCES PROP! THE PEVOLVING FUND TO MARE
GOOD ANY DEFICIENCY IN PRINCIPAL AND INTEREST ACCOUNT TO THE
EXTENT FUNDS ARE AVAILABLE AND TO PROVIDE FUNDS FOR SUCH REVOLVING
FUND BY MAKING TAX LEVY AND LOANS AS THE, COUNCIL DETERMINES
NECESSARY.
WHEREAS, the City Council of the City of Kalispell-, Montana,
did on the 13th day of September, 1976, pass a Resolution
creating Special Improvement District No. 324 for the purpose of
establishing, grading, improving, paving and providing for a
storm sewer in said City; and
WHEREAS, the said Council did on the 4-th day of June, 1956
create a Special Improvement District Revolving Fund under the
provisions of Section 11-2299 of the Revised Codes of Montana,
1947; and
WHEREAS, on the 6th day of December, 1976, D. A. Davidson
& Co. agreed to purchase the bonds to he 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 Council with respe'ot
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 Districl�
hereinbefore specifically referred to, the Council hereby under-
takes and agrees to issue orders annually authorizing loans or
advances from the revolving fund to the districi ' 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 fron the general fund) as the
Council shall determine to be required to piovide the funds
sufficient for the purposes herein express�d, subject to the
maximum limitations imposed by said Section 11-2270. The under-
takings and agreements provided for herein are made pursuant to
the prql-i�ions of .9e-ZNion 11-2271(2). R.C.M., 1947.
THIS LE7th _ day of January, 1977.
ST:
rcirtr,�aarlslee, City Cler
e e Un
und signed, City �11%
that the foregoing is a true
by the CitTdCouncil of the C
meeting he the 17th day of,
�ff he City a
t t�ispell certify
Py or=&w 80,111 ion du y ssed
of Kalis 1. Montana regul ar
nuary 197 r. A