Resolution 3098 - SID 324 Bonds - $90,000RESOLUTION NO. 3098
A RESOLUTION DESCRIBING AND AUTHORIZING THE FORM AND DETAILS FOR
THE PRINTING, EXECUTION AND DELIVERY OF NINETY THOUSAND DOLL,�\RS
OF SPECIAL IMPROVEMENT DISTRICT NO. 324 BONDS OF THE CITY OF
KALISPELL, MONTANA.
WHEREAS, the Playor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on
the 13th day of September, 1976, create Special Improvement District
No. 324 of the City of Kalisnell 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 Resolutions No. 3063 and 3075; and
WHEREAS, by Resolution No. 3076, duly enacted by said Council
on the 13th day of September, 1976, bonds in the amount of *9n,000.00
were authorized to be issued and sold by said City for the purpose
of obtaining funds to pay the cost of said project; and
WHEREAS, the City Clerk did, in accord with said Resolution
No. 3076 give and publish due Notice of the sale of said bonds and,
at a regular meeting of said council on the 20th day of December,
1976 a proper bid for serial bonds in demoninations of $1,000.00
each, to bear interest at6,Z5� per annum, and to mature January
I , 1987 , was received from D. A. Davidson, Inc., (-,reat Palls,
R-o—ntana, and no other bid having been received, said bid was accepted
by the Council at said meeting thereof; and
WHEREAS, all procedures and actions of the City in connection
with formation of said SID 324 and issuing said bonds, have been
reviewed and approved by said D. A. Davidson, Inc.,
and the City of Kalispell has been so advised by Risken & Scribner,
Attorneys at Law, Helena, Montana, attornevs for said D. A. Davidson,
Inc.
NOW THEREFORE, BE -IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF KALISPELL, MONTANA, AS FOLLOWS:
1. The City Clerk shall forthwith cause Serial Bonds, with
coupons attached, in the total amount of $90,000.00 to be printed,
executed and delivered, said amount being the estimated cost of
the expenses of said project.
2. Said Bonds shall be designated as "Special Improvement
District No. 324" bonds and shall be datedJan�UM 1, 1-27-Y-,
and shall bear interest at6-75 % per annum, from the date of recTi-s-
tration thereof, payableJanuaa 1, 1978 , and annually thereafter
onJanuary 1st of each year, at Kalispell, Montana, unless paid
previoiisly thereto, until said bond is called for redemption hv
the City Treasurer as provided by law; said bonds shall be ninety
(90) in number and shall be numbered seriallv one (1) through ninety
(90); said bonds not theretofore redeemed sh-all become due and Dav-
able on January 1. 1987 and shall be redeemable prior theret I o at
the opti-in- of the City of Kalispell at any time there are funds in
said Special improvement District No. 324 fund for the redemption
thereof and in the manner as provided by law, provided that the
City Treasurer shall first pay out of said Special Improvment
District No. 324 fund, annually, the interest on all outstanding
bonds upon presentation of the coupons belonging thereto and any
funds thereafter remaining shall be applied to the payment of the
principal and the redemption of said bonds.
3. Said bonds, and the interest coupons to be thereto attached,
and the registration certificate to be endorsed thereon, shall be
substantially in the form attached hereto as "Exhibit A" and which,
by this reference is made a part hereof.
4. Said bonds shall be forthwith prepared for execution and
shall be executed an behalf of the Special Improvement District No.
324 of the City of Kalispell, Montana, by the signature of the Mayor
of the City of Kalispell, attested by the City Cierk of the City 'of
Kalispell., and by affixation of the official seal of the City of
Kalispell, and the interest couDons shall he executed and authent-
icate� by'the engraved or litho'graphic facsimile signatures of said
officers, which fact shall be so recited in the bonds, and said bonds
shall then be registered by the City Treasurer. When the bonds have
been so fully executed and registered, the City Treasurer shall then
deliver them, or cause them to be delivered to the purchaser upon
payment to the City Treasurer of the purchase theretofore agreed upon-
5. The City Clerk is authorized and directed to order the
printing of thq,-Ponds and Coupons; as per subseauent agreement with
the purchase�;,,��. A. Davidson, ,T4,�. , costs of such printing shall
be born by,.ehe/purchaser. Z I
,YASSED/BY THE CIT OUNC
DAYZOr DEC/MBER, 1.976..X/ �D APPROVED BY THE MAYOR THIS 20th
T-
r
Norma E. Happ,
I, the -undersigned, City Ofe-r-k-� th/City of Kali el C rtify that the foregoing is
a true copy of the Resolution dulWsed b oil of tn!�, UX of Kalispell,
t a regular meeting h ld �Vhe y IV
Montana a e W :/-�, L4-Pl -4 W-1
erk-b?�,the -01tv of
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