Loading...
HomeMy WebLinkAboutResolution 5250 Creating SID 762 Page 2 of 3 RESOLUTION 5250 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 762; CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS IN AND ABOUT SOUTH 6TH AVENUE BETWEEN BABCOCK STREET AND CLEVELAND STREET, FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE ISSUANCE OF MUNICIPAL WARRANTS WHEREAS, on the 2nd day of February, 2021, the City Commission (the "Commission") of the City of Bozeman, Montana (the "City") adopted Commission Resolution No. 5250 (the "Resolution of Intention"), stating its intent to create Special Improvement District No. 762 (the "District") 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 from street reconstruction fees to the costs of the project; and WHEREAS, on February 7th and February 14th, 2021, the City Clerk did publish a Notice of Passage of the Resolution of Intent to Create SID No. 762 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 WHEREAS, the Bozeman City Commission conducted a public hearing on protests submitted to the creation of the District on March 2, 2021 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, to wit: DocuSign Envelope ID: BF6B4F9F-5A4A-4BDD-B810-EA301ABBD497 Page 2 of 3 Section 1 Passage of Resolution of Intention. This Commission, on February 2, 2021, 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 March 2, 2021, 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 Protests. Within the Protest Period, 2 protests were filed with the City Clerk by the property owners of two parcels, representing 2.26% percent of the total costs of the Improvements to be assessed against properties in the District, as proposed. Section 4 Creation of the District; Insufficiency of Protests. The Commission determines the District is hereby created on the terms 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 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. 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 $782,129.98 after the date of payment of all or a portion of the costs 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 DocuSign Envelope ID: BF6B4F9F-5A4A-4BDD-B810-EA301ABBD497 Page 2 of 3 district revolving loan fund in an amount equal to the principal of the Loan of $782,129.98 to the District plus interest at approximately 2.5% annually. Over the 20- year term of the Loan from the revolving fund to the District, interest earnings of up to $170,723.30 are estimated to be paid from the District property owners and deposited to 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(l)(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. DocuSign Envelope ID: BF6B4F9F-5A4A-4BDD-B810-EA301ABBD497 Page 3 of 3 PASSED, ADOPTED, AND, APPROVED by the City Commission of the City of Bozeman, Montana, at a regular session thereof held on the 2nd day of March, 2021. __________________________________ Cynthia L. Andrus Mayor ATTEST: __________________________________ Mike Maas City Clerk APPROVED AS TO FORM: __________________________________ GREG SULLIVAN City Attorney DocuSign Envelope ID: BF6B4F9F-5A4A-4BDD-B810-EA301ABBD497 Version April 2020 CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned, being the duly qualified and acting recording officer of the City of Bozeman, Montana (the “City”) hereby certify that the attached resolution is a true copy of Resolution No. 5250, entitled: “A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 762 FOR LOCAL IMPROVEMENTS TO SOUTH 6TH AVENUE; CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE ISSUANCE OF MUNICIPAL WARRANTS” (the “Resolution”), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Commission of the City at a meeting on March 2, 2021, and that the meeting was duly held by the City Commission and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that, upon vote being taken on the Resolution at said meeting, the following Commissioners voted in favor thereof: Deputy Mayor Cunningham, Commissioner Pomeroy, Commissioner Wallner, Commissioner Madgic; voted against the same: Mayor Andrus___________ _____________________________________; abstained from voting thereon: None_____________; or were absent: None__________________ . WITNESS my hand officially this 2nd day of March, 2021. _______________________________________ Mike Maas City Clerk DocuSign Envelope ID: BF6B4F9F-5A4A-4BDD-B810-EA301ABBD497