Resolution 3205 - SID 326 Revolving FundRESOLUTION
NO. 3205
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT
THAT THE CITY COUNCIL UNDERTAKES AND AGREES TO ISSUE ORDERS
ANNUALLY AUTHORIZING LOANS OR ADVANCE FROM THE REVOLVING
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 7th day of July, 1978, pass a Resolution,
creating Special Improvement District No. 326 for the purpose
of constructing streets, curbs and gutters, water facilities
and sanitary sewer systems, in said City; and,
WHEREAS, the said Council did on the 4th day of June,
1956, create a Special Improvement District Revolving Fund
under the provisions of Section 11-2269 of the Revised Codes
of Montana, 1947; and,
WHEREAS, on the llth day of September, 1978, D. A.
Davidson & Co. agreed to purchase the bonds to be 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 respect 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 District hereinbefore specifically referred to,
the Council hereby undertakes and agrees to issue orders
annually authorizing loans or advances from the revolving
fund to the district 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 pro-
visions of Section 11-2270, R.C.M., 1947, by annually
making such tax levy (or, in lieu thereof, such loan from
the general fund) as the Council shall determine to be
required to provide the funds sufficient for the purposes
herein expressed, subject to the maximum limitations imposed
by said Section 11-2270. The undertakings and agreements
provided for herein are made pursuant to the provisions of
Section 11-2271(2), R.C.M., 1947.
PASSED AND ADOPTED this 20th day of
November , 1978.
1_4 -1
., �"ty f.
ATTEST: MAYOR Norma E. Rapp
CITY CrRK Ma-rJ0rfii':.1;2ei*='
1, the undersigned, City CleTk of the City of Kalispell certify that the foregoing is a trm
�,-,opy of the Resolution duly assed by the City Council of the City of Kalispell, Montana at
meeting held the 1,LN
!_L_day of )7e-V,
City ? lerk of the City of Kalispellt Montana