Resolution 3217 - Sale of Bonds - SID 327RESOLUTION NO. 3217
A RESOLUTION PROVIDING FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 327.
WHEREAS, the Mayor and City Council of the City of Kalispell,
in compliance with the statutes of the State of Montana, did, an
the 18th day of December, 1978, create Special Improvement District
No. 327 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 and water system in all of that area incl-
uded in the following described property attached hereto as
Exhibit "A" and by this reference made a part hereof, in
accordance with the terms and conditions as specified in
Resolution No. 3204 and Resolution No. 3210.
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 �;erial bonds of said Special Improvement District No. 327 in
the amount of one Million Six Hundred Fifty Thousand and No/100 Dollars
C;1.650,000.00 ), which bonds shall bear date of issue of May 1,
1979 - _; said bonds way 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
Jn n iin ry 19 80, and on the Ist day of Januaty
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 327 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 327 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 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.
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 (20) years from
date of issue.
If serial bonds are issued and sold, said bonds will be
in the amount of One Thousand Dollars
(..$l.'000.00 -) eac umbered from one (1) to sixteen hundred fifty (lr650)
both inclusive, and said bonds shall become due and payable
on the Ist day of January 1 19 99.
All bids other than on behalf of the State Board of
Land Commissioners of the State of Montana must be accompanied
M
by a certified check in the sum of One Hundred Sixty Five Thousand
. and no/100 Dollars ($165,000-00 ) payable to the
order of the City CU;rk -of the City of 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 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 19th DAY OF February
1979.
ATTEST:
City C
,,Prk
Mayor
Tj the undersigaedt City Clerk of the City of Kalispell certify that the foregoing is a tr
e�,,)py of the Resol'ation duly passed by the C-L Council of the City of Kalispell, Montana a
ve'gulax meeting held the jj�k day of
--z
C i ty C 1.7'
'�k of the City of Kalispell, Montana
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EMIBIT "All
NOTICE OF SALE OF
SID 327 BONDS
CITY OF KALISPELL, MONTANA
NOTICE IS HEREBY GIVEN by the City Council of the City of
Kalispell, Montana, that the said City Council will, on the 16th
day of April, 1979, at the hour of 7:30 p.m. in the Council
Chambers of the City Hall in Kalispell, Montana, sell to the
highest bidder for cash, either amortization or serial bonds of
Special improvement District No. 327 of the City of Kalispell,
Montana, in the total amount of One Million Six Hundred Fifty
Thousand and No/100 Dollars ($1,650,000.00), for the purpose of
defraying the cost of the construction of streets, curbs and
gutters, two arch culverts, a storm drain and sanitary sewer
system and water system in that area described in Exhibit "A"
attached hereby and by this reference made a part hereof.
Amortization bonds will be the first choice and serial bonds will
be the second choice of the Council. The boundaries of SID 327
are given in Resolution No. 3204 dated November 20, 1978.
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 twenty (20) 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 one thousand six hundred fifty (1,650)
both inclusive, and said bonds shall become due and payable on
the Ist day of January, 1999.
The said bonds, whether amortization bonds or serial. bonds,
will bear date of issue of May 1. 1979, 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,
1980, 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 327 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 327 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 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. Date of delivery shall be no more than ninety
(90) days from date of issue, unless the City agrees otherwise in
writing. 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 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 Hundred Sixty Five Thousand and
N01100 Dollars ($165,000.00) payable to the order of the City
Clerk of the City of 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.
All bids shall be addressed to the City Council of the City
of Kalispell, Montana, and delivered to the City Clerk of said
city.
DONE BY ORDER OF THE CITY COUNCIL OF THE CITY OF KALISPELL,
MONTANA, THIS 19th DAY OF FEBRUARY, 1979.
Publish:
3/19/79
3/26/79
4 2/79,
4/9/79
City Clerk
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