Resolution 3239 - Sale of Bonds - SID 328RESOLUTION NO. 3239
A RESOLUTION PROVIDTMO FOR THE SALE OF BONDS, SPECIAL IMPROVEMENT
DISTRICT NO. 328.
WHEREAS, the Playor and City Council of the City of Kalispell,
in comnliance with the statutes of the State of Montana, did, on
the - 1th day of may , 1979, create Special Improvement District
No. the Ci—tyo-f—Kal—ispell for the purpose of designing and
constructing a sanitary sewer collection system, water distribution
system, and streets in all of that area included in that area
described,in Exhibit "A" attached hereto, in accordance with
the terms and conditions as specified in Resolution No. 3226
and Resolution No. 3237
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. 328 in
the amount of One Thousand Dollars ($1,000.00), which bonds shall
bear date of issue of Yuly 1, 1979; 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 of
January, 1980, 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 328 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 328 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 ($1,000.00) each, numbered
from one (1) to three hundred (300), both inclusive, and said bonds
shall become due and payable on the lst day of January, 1999.
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 Thirty Thousand Dollars ($30,000.00)
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.
82A
The City Clerk shall forthwith publi0h 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 "All attached
hereto.
PASSED AND ADOPTED BY THE CITY COUNCIL THIS 7th DAY OF may
1979.
Mayor
ATTEST:
- W, 4- ' .
U C-ity Cle
n�i rr
11 the undT�,�� -�ed, City Clerk of the City of Kalispell certify that the foregoing is a true
copy of olution duly passed by the City Council of the City of Kalispell, Montana at
-ng held May 7, 1979
City erk of the City of Kalispell