HomeMy WebLinkAboutResolution 4762 Creating SID 739, East Olive and a Portion of Church 2017 Street Reconstruction Project i.
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COMMISSION RESOLUTION NO. 4762
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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
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MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 739;
CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN
LOCAL IMPROVEMENTS IN AND ABOUT EAST OLIVE STREET BETWEEN
SOUTH BLACK AND SOUTH CHURCH AVENUE AND SOUTH CHURCH AVENUE
BETWEEN EAST OLIVE AND EAST BABCOCK STREET,FINANCING THE COSTS
THEREOF AND INCIDENTAL THERETO THROUGH A LOAN TO THE
DISTRICT FROM THE CITY'S SPECIAL IMPROVEMENT REVOLVING FUND.
WHEREAS, on the 23rd day of January, 2017, the City Commission (the
"Commission")of the City of Bozeman,Montana(the "City")adopted Commission Resolution
No. 4761 (the "Resolution of Intention"), stating its intent to create Special Improvement
District No. 739(the"Distinct")to finance the costs of various improvements within the District
as described therein (the "Improvements"); and
WHEREAS, as set forth in the Resolution of Intention, the Commission committed
other revenue sources fiom street reconstruction fees to the costs of the project; and
WHEREAS, on January 29th and February 5th, 2017, the City Clerk did publish a
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Notice of Passage of the Resolution of Intent to Create SID No. 739 in accordance with Sect.
7-12-4106,MCA,and mailed said notice to each person,firm,or corporation or the agent of the
person, firm or corporation having real property within the proposed District; and
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Resolution 4762, Creation of SID 739-2017 Street Reconsh'llCtio7J of East Olive and Portions oj Church
WHEREAS, the Bozeman City Commission conducted a public hearing on protests
submitted to the creation of the District on February 27, 2017 and did pass on all such protests
having found the written protests not sufficient to bar the Commission from proceeding with
creation of the District.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana, as follows:
Section I
Passage of Resolution of Intention. This Commission, on January 23, 2017, adopted the
Resolution of Intention, pursuant to which this Commission declared its intention to create the
District, under Montana Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as amended,
for the purpose of financing costs of certain local improvements within the District described
generally therein (the "Improvements"), and paying costs incidental thereto, including costs
associated with the creation and administration of the District,and the funding of a Loan from
the City's Special Improvement District Revolving Fund(the"Loan").
Section 2
Notice of Passage of the Resolution of Intent and Public Hearing on Protests. Notice of passage
of the Resolution of Intention was duly published and mailed in all respects in accordance with
law, and on February 27, 2017,this Commission conducted a public hearing on written protests
submitted by property owners against the creation of the District and the making of the
Improvements. The public hearing occurred on the date of the first regular meeting of the
Commission following the expiration of the period ended 15 days after the first date of
publication of the notice of passage of the Resolution of Intention(the "Protest Period").
Section 3
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Resolution 4762,Creation ofSID 739-2017 St eet Reconstruction of East Olive and Portions of Church
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Protests. Within the Protest Period, protests were filed with the City Clerk by the property
owners of two parcels, representing 3.8%percent of the total costs of the Improvements to be
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assessed against properties in the District,as proposed.
Section 4
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Creation of the District, Insufficiency of Protests. The Commission determines the District
is hereby created on the terins and conditions set forth herein and otherwise in accordance
with the Resolution of Intention, as modified hereby. The protests against the creation of
the District or the making of the Improvements filed during the Protest Period are hereby r
found to be insufficient. The findings and determinations made in the Resolution of Intention,
including,without limitation, those relating to benefits conferred, costs associated with the
borrowing of funds from the City's special improvement district revolving fund,and for the
creation and administration of the District,are hereby ratified and confirmed.
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Section 5
Reimbursement Expenditures.
5.01. Declaration of Intent. The City reasonably expects to reimburse the expenditures
made for costs of the Improvements out of the proceeds of the Loan from the City's
special improvement district revolving loan fund in an estimated maximum aggregate
principal amount of$140,950.00 after the date of payment of all or a portion of the costs
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of the Improvements. All reimbursed expenditures shall be capital expenditures, a cost
of issuance of the Loan, or other expenditures eligible for reimbursement.
The Commission intends to assess the District to reimburse the special improvement
district revolving loan fund in an amount equal to the principal of the Loan of
$140,950.00 to the District plus interest at approximately 1.5% annually. Over the 20-
year tern of the Loan from the revolving fund to the District,interest earnings of up to
$22,722 are estimated to be paid from the District property owners and deposited to i
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Resolution 47G2, Creation of SID 739-2017 Street Reconstruction of East Olive and Portions of Church
the special improvement district revolving fund. In addition to reimbursing the
revolving fund on interest the revolving fund would otherwise earn, these interest
earnings are intended to satisfy any revolving fund contribution from the district
that may be required under 7-12-4222(1)(b), MCA.
5.02. Budgetary Matters. As of the date hereof, there are no City funds reserved,
allocated on a long-term basis or otherwise set aside (or reasonably expected to be
reserved, allocated on a long-term basis or otherwise set aside) to provide permanent
financing for the expenditures related to the Improvements, other than pursuant to
the Loan from the City's special improvement district revolving loan fund. The
statement of intent contained in this resolution, therefore, is determined to be
consistent with the City's budgetary and financial circumstances as they exist or are
reasonably foreseeable on the date hereof.
5.03. Reimbursement Allocations. The City's financial officer shall be responsible
for making the "reimbursement allocations" described in the Resolution of Intention
being generally the transfer of the appropriate amount of proceeds of the Loan to
reimburse the source of temporary financing used by the City to make prior payment
of the costs of the Improvements. Each allocation shall be evidenced by an entry
on the official books and records of the City maintained for the Loan or the
Improvements and shall specifically identify the actual original expenditure being
reimbursed.
PASSED AND ADOPTED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 27"' day of February, 2017.
CARSON TAYLOR
Mayor
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Resolution 4762, Creation ofS1D 739-2017 Street Reconstruction of East Olive and Portions of Church
ATTEST:
ROBIN CROMM' • ' ' •
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City Clerk �; �•:.�� • �,'-.
• 3 �•��' APP VED AS TO FORM:
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�T1�, �� rti•-•
G S LIVAN
City A oMey
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