Resolution 3183 - Approves Sale of Bonds, SID 325RESOLUTION NO. 3183
A RESOLUTION PROVIDING FOR THE SALE OF BONIDS, SPECIAL IMPROVEMENT
DISTRICT NO. 325.
WHERRA9, the Mayor ancl City CounciA of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, on
the 7th day of JUIy, 1978, create Special Improvement District
No. 325 of the City of Kalispell for the purpose of construction
of streets, curbs and gutters, two arch culverts, a storm drain
and sanitary sewer system in all of that area included in the
property described in Exhibit "A" attached hereto, in accordance
with the terms and conditions as specified in Pesolution No. 3171
and Resolution No. 3181 -
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. 325 in the
amount of One Million One Hundred Thousand and No/100 Dollars
($1,100,000.00), which bonds shall bear date of issue of Oct. I
19'78; 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 ___Ian�a�M_, 19 79,,
and on the ist day of January (ST each year thereaf ter;
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 325 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 325 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 redemption of the bonds in the
order of their registration.
Said bonds will be sold for not less than their pair., 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.
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 -twenty years (20) from date of lmiue.
If serial bonds are issued and sold, said bonds will be in
the amount of CYna..%w.i.sand. Dnl I _Pxa_ each, numbered
from one (1) toeleven bundred(1100 both inclusive, and said -
bonds shall bec e due and payable on the lst day of January
1998 - -.
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 One 11=dred Ten Thousand Dollars ($110,000.00)
payable to the order of the Ci:Ey;� , ferk of the City o f Kalispell,
Montana, which will be forfeited by the successful 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 publiDh 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 C?Yk
11 the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a ti
copy of the Resolution duly passed by he City Council of the City of Kalispell, Montana a
regular meeting held the �7Y day of
of the City of Kalispell, Montana
;��;City Cle