Resolution 3182 - Approves Sale of Bonds, SID 326RESOLUTION NO. 3182
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 326.
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on
the 7th day of July, 1978, create Special Improvement District
No. 326 of the City of Kalispell for the purpose of constructing
streets, curbs and gutters, water facilities and a sanitary sewer
system in all of that area included in Lots 33 through 44 of Park
view Terrace Addition No. 1, Addition No. 85 to Kalispell, in
accordance with the terms and conditions as specified in Resolution
No- 3168 and Resolution No. 3180 .
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. 326 in
the amount of Seventy Five Thouoaad and no/100 Dollars ($ 752000-00
which bonds shall bear date of issue of October I —, 1978;
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 Ist day of January -, 19 80
and on the - Ist day of __January of each year there-
after; 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 326 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 326 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 principal and the redemp-
tion 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 pur-
chase 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
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 one (1) to Sevent-y-- —five( 75 ), both incl�usive,
and said bonds shall become due ii—nd-payable on the lst day
of January 19 89
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 sum of Seventy Five Hundred and no/10CDollars
($ 79500-00 _) payable to the order of the City Clerk' of the
City of Kalispell, Montana, which will be forfeited by the success-
ful'bidder in the event he shall fail or refuse to complete the
purchase of said bonds in accordance with the terms of his bid.
The City Clerk shall forthwith publish Notice of said Sale of
Bonds in accord with the laws of the State of Montana; said
Notice shall be substantially in the form of Exhibit "A" attached
hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL THIS 7TH DAY OF JULY
1978.
mayor
ATTEST:
City Cie�. k
I, the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a tr,
copy of the Resolution duly passed by e City, Counci of the City of Kalispell, Montana ai
regular meeting held the Z]-�?L_day of
rtzt.-j City Clel of the City of Kalispell, Montana
me