Loading...
HomeMy WebLinkAboutResolution 2655 Authorizing sale of warrants for 1986 Sidewalk Program: 6-01-87 '.' ,I ..- RESOLUTION NO. 2655 A RESOLUTJON RELATING TO SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPR9ACH BONDS: AUTHORIZING AND DIRECTING THE ADVERTISEMENT AND SALE OF $95,500 CITY OF BOZEMAN SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, TO PROVIDE FUNDS FOR PAYMENT FOR WORK IN CONJUNCTION WITH THE CITY'S ANNUAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH CONSTRUCTION PROGRAM. Be It Resolved By the City Commission (the Commission) of the City of Bozeman (the City) , as follows: Section 1. Recitals. 1.01. The City is authorized pursuant to Section 7-14-4109, M.C.A. to order the construction or reconstruction of sidewalks, curbs or gutters in front of any lot or parcel of land and may order alley approaches constructed or replaced adjacent to any lot or parcel of land within the City. 1.02. The Commission ordered constructed certain sidewal]:s, curbs, gutters and alley approaches along streets as reflected by the minutes of the Commission and described by Exhibit A, attached hereto. 1.03. As provided in the Orders and in accordance with Section 7-14-4109, M.C.A., written notice of the Orders was given to the owners or agents of owners of lots or parcels of land against which the costs of the proposed improvements were to be assessed. - 1. 04. Upon the expiration of the 30 day notice period provided in the Orders, the City has determined which of the proposed improvements have been or will be constructed by the owners of the adjacent property and which of the proposed improvements will be constructed by the City. The improvements to be constructed by the private property owners and excepted from the City sidewalk project are described in Exhibit B, attached hereto. 1. 05. The City is authorized to pay the costs of constructing the Improvements by the issuance of special warrants (the Special Sidewalk, Curb, Gutter and Alley Approach Warrants) -...,.-- ~-,.,-- ..--- - ..- .--.....-----.-.---.-..-. . ~. --"~._- .---- . , . . . drawn against a fund to be known as the special sidewalk, curb, gutter and alley approach fund (the Special Sidewalk, Curb, Gutter and Alley Approach Fund) and to secure such Warrants by the revolving fund of the City created pursuant to Section 7-12-4221, M.C.A. 1.06. The total costs of the Improvements to be constructed by the City including construction, engineering costs and all costs incidental to the ordering of the Improvements and the issuance of the Warrants is estimated to be $95,500. Section 2. Terms and Conditions of the Bonds. This Commission shall issue and sell its Special Sidewalk, Curb, Gutter and Alley Approach Warrants, Series 1987, hereinafter referred to as Special Sidewalk, Curb, Gutter and Alley Approach Bonds, in the aggregate principal amount of $95,500 (the Bonds) for the purpose of financing the Improvements. The Bonds shall be dated as of August 1, 1987, and shall bear interest from the original issue date, payable semiannually on January 1 and July 1 of each year commencing January 1, 1988, at a rate or rates designated by the successful bidder at public sale and approved by this Council. If issued as serial bonds, the Bonds shall mature on July 1, in each of the following years and amounts: Year Amount 1988 $15,500 1989 $15,000 1990 $20,000 1991 $20,000 1992 $25,000 If issued as amortization bonds, the bonds will be issued as a single bond or divided into several bonds, as the Commission may determine at the time of sale, the principal of the Bonds shall be payable semiannually on each January 1 and July 1, commencing January 1, 1988 and continuing through July 1, 1992. Serial bonds shall be in the denomination of $5,000 each ( except. for Bond #1 which will be $5,500) or any integral multiple thereof of single mat.urities. Amortization bonds shall be preferred. -2- '. j The Bonds shall be issued only as fully registered bonds and shall be executed by the manual or facsimile signatures of the Mayor and City Clerk. The Bonds will be secured by the special improvement district revolving fund of the City and shall conform in all respects to the terms and conditions set forth in the Notice of Sale attached hereto as Exhibit C and made part hereof (the Notice of Sale). Section 3. Sale. The Bonds shall be sold at a public sale which is hereby called and shall be held at a regular meeting on July 6, 1987 at 2:00 p.m., M.D.T. The City will receive sealed bids only for the Bonds until July 1, 1987 at 2:00 p.m. The City Clerk is authorized and directed to cause the Notice of Sale to be published in substantially the form set forth in Exhibit C hereto, in the Bozeman Daily Chronicle, once a week for four (4) successive weeks preceding the week which contains the date of sale. The City Clerk is also directed to send a copy of the Notice of Sale of the Bonds to the State Board of Investments. PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, this 1st day of June , 1987. ... ~ 8- VYk~<JL . Jud* h A.Mathre, Mayor Attest: ~:_, ( Robin L. u l~van Clerk of the Commission I 'I -3- , , , ". .. EXHIBIT A CITY OF BOZEMAN SIDEWALK CONSTRUCTION 1986 PROGRM1 , Street Limi ts East side of S. 15th Avenue W. Babcock St. to W. Koch St. Wes1: side of s. 15th Avenue W. Babcock S t. to W. College St. E. & W. sides of S. 16th Ave. W. Olive St. to W. Koch Street E. & W. Sides of S. 17th W. Olives Street to approx. 400 a.ld S. 18th Avenues feet south of W. Olive Street .' & W. sides of S. 20th Avenue W. Babcock Street to W. College St. .... E. & W. sides of S. 22nd Avenue W. Koch Street to W. Dickerson St. E. side of S. 23rd Avenue W. Babcock St. to W. College St. N. & S. sides of W. Babcock St. S. 23rd Avenue to S. 19th Avenue N. & S. sides of W. Olive St. s. 20th Avenue to S. 16th Avenue N. & S. sides of W. Koch Street S. 23rd Avenue to S. 15th Avenue N. & S. sides of W. Dickerson St. S. 22nd Avenue to approx. 335 feet east of S. 19th Avenue ------ - --....- , , EXHIBIT B SIDEWALKS TO BE PRIVATELY INSTALLED Legal Description Lot 2, Minor Subdivision No. 15 in SW~ of 12/2S/5E Lot 4, Block 5 of Corcorans Rearrangement Lot 5, Block 5 of Corcorans Rearrangement Lot 2, Moes Subdivision Lot 3, Moes Subdivision Lot 7, Moes Subdivision Lot 8, Moes Subdivision Lot 4, Minor Subdivision No. 21, SW~ Sec l2/2S/5E Lot 3, Block 2, Richards Subdivision Lot 4, Block 2, Richards Subdivision Lot 6, Block 2, Richards Subdivision, Sixteenth Street Condominiums, Units A through D Lot 10, Block 2, Richards Subdivision, Olive Tree Townhouses, Units 1 through 12 Lot 12, Block 2, Richards Subdivision Lot 5 + 20' alley, Block 1, Kirks Subdivision Lot 6, Block 1, Kirks Subdivision Lot 16, Block 2, Kirks Subdivision Lot 1, Block 2, Kirks Subdivision Lot 15, LeClair Subdivision Lot 5, Block 1, Richards Subdivision Tracts 2, 3, 4 and 5, cas No. 386B, Cedar Winds Condominiums, Any Remaining Lots 13 and 14, LeClair Subdivision, Alpine Square Condominiums, Units A through H Lot 11, LeClair Subdivision Lot 6, LeClair Subdivision Lot 5, LeClair Subdivision Lot 4, LeClair Subdivision Lot 4, Minor Subdivision No. 21, in SW~SW~ of 12/2S/5E Lot 2, Block 2, Richards Subdivision Lot 8, plus 20' alley, Block 2, Kirks Subdivision Lot 9, Block 2, Kirks Subdivision Tract 4, Rearrangement of Lots 9-13, Block 1, Kirks 4th Subdivision Lot 1, Block 1, plus 20' alley, Kirks Subdivision No.1 Lot 10, Block 1, Kirks Subdivision No.1 Lot 1 of cas No. 93, a tract of land in Block 3, Kirks Subdivision No. 4 Lot 4, Block 1, Kirks Subdivision No.4 Lot 5, Block 1, Kirks Subdivision No. 4 Lot 6, Block 1, Kirks Subdivision No. 4 Tract 1, Rearrangement of Lots 9-13, Block 1, cas No. 451, Kirks Subdivision No.4, Briar Crest Condominiums, Units 215A through 215D and 303A through 303D Tract 3, Rearrangement Lots 9-13, Block 1, cas No. 451, Kirks Subdivision No. 4 Tract 4, Rearrangement Lots 9-13, Block 1, cas No. 451, Kirks Subdivision No. 4 n______..._ __. -.-... , . , , EXHIBIT B (page 2) Legal Description Lot 9, Block 2, Kirks Subdivision No. 1 Lot 10, Block 2, Kirks Subdivision No. 1 Lot 13, Block 2, Kirks Subdivision No. 1 Lot 16, Block 2, plus alley, Kirks Subdivision No. 1 Lot 6, Block 1, Kirks Subdivision No. 1 Lot 7, Block 1, Kirks Subdivision No. 1 Lot 9, Block 1, Kirks Subdivision No. 1 Lot 10, Block 1, Kirks Subdivision No. 1 -.. --.-- -. .-.- -......--.- _~'_._._____,....,._.'__..'n..______' __, '_.-.:-' .. .. , EXHIBIT C NOTICE OF SALE $95,500 SIDEWALK, CURB, GUTTER AND ALI,EY APPROACH BONDS, SERIES 1987 CITY OF BOZEMAN, MONTANA Notice is hereby given by the City Commission of the City of Bozeman (the City), that the City Commission at a regular meeting to be held on July 6, 1987 at 2;00 p.m., M.D.T., in the City Commission Chambers, City Hall, Bozeman, Montana will sell to the highest and best bidder for cash, either amortization or serial bonds drawn against the Special Sidewalk, Curb, Gutter and Alley Approach Fund in the total amount of $95,500 (the Bonds) for the purpose of paying the costs of engineering, constructing and installing curbs, gutters, sidewalks and alley approaches pursuant to the City's annual curb, gutter, sidewalk and alley approach construction program (the Improvements). THE BONDS General Terms. Amortization bonds will be the first choice and serial bonds will be the second choice of the Commission. If amortization bonds are sold and issued, the Bonds will be issued as a single bond or divided into several bonds, as the Commission may determine at the time of sale, both principal and interest to be payable in equal semiannual installments on each January 1 and July 1, commencing January 1, 1988, and, subject to prior redemption and prepayment, continuing through July 1, 1992. If serial bonds are issued and sold, the Bonds will be issued as bonds in the denomination of $5,000 each or any integral multiple thereof of single maturities: will be numbered serially and will mature serially on July 1 in the following respective years and amounts unless earlier prepaid or redeemed as hereinafter provided; Year Amount 1988 $15,500 1989 $15,000 1990 $20,000 1991 $20,000 1992 $25,000 The Bonds, whether amortization or serial bonds, will be dated as of August 1, 1987, and will bear interest at the rate or -1- EXHIBIT C - -----..,.- ..n."_."__.__.. _ .__ _...__....__ '. , " rates designated by the successful bidder at the sale, subject to the limitations stated herein. Interest will be payable semiannually on January 1 and July 1 of each year commencing January 1, 1988. Redemption. All Bonds are subject to redemption and prepayment at the option of the City, in order of registration on any interest payment date from proceeds of the Bonds not required to pay costs of the Improvements or from the prepayment of assessments levied against the properties adjacent to the Improvements or from other sources of funds available to the City. The Bonds shall not be callable from the proceeds of an issue of refunding bonds prior to the expiration of 1/3 of their original term. Security. The Bonds are payable from the collection of a special tax or assessment which is a lien against the real estate against which the assessment is made and are not a general obligation of the City. The Bonds are secured by the special improvement district revolving fund of the City (the Revolving Fund) . The City will agree to make a loan from the Revolving Fund to the Special Sidewalk, Curb, Gutter and Alley Approach Fund (the Fund) , to make good any deficiency then existing in the Interest and Bond Account of the Fund and to provide funds for the Revolving Fund by levying a tax or making a loan from the City's general fund to the extent authorized by law. BIDS AND AWARD OF SALE Terms of Bid. Each bid must be for all but not less than all of the Bonds. All Bonds maturing on the same date must bear interest from the date of issue until paid at a single uniform rate, expressed in integral multiples of 1/20 of 1% per annum. No supplemental or "B" coupons or additional interest certificates will be allowed. No bid for less than $91,000 plus accrued interest on a 360 day year from August 1, 1987, until the date of delivery of the Bonds will be considered. -2- EXHIBIT C ._ .. ._____..__n...._.__ - ...~ --.--... -- ...-.. ,,-_.. ,. , , " Paying Agent and Bond Registrar. Principal and interest on the Bonds will be payable at the principal office of the Director of Finance, City Hall, Bozeman, Montana. Receipt of Bids and Award of Sale. Sealed bids for the Bonds will be received by the City Clerk of the City of Bozeman, City Hall, Bozeman, Montana, until 2:00 o'clock p.m., on July 1, 1987. The bids will thereupon be opened and tabulated. A tabulation of the bids received will be presented to the City Commission at 2:00 p.m., on July 6, 1987 at which time the City Commission will make the award of sale, if any. Each envelope containing a bid must indicate the name and address of the bidder or, in the case of a group of bidders, of the representative. Basis of Award. The award, if any, will be made to the bidder whose bid results int he lowest net interest cost payable on the Bonds. The City reserves the right to reject any and all bids and to waive any informality or irregularity in any and all bids. Good Faith Check. Each bid must be accompanied by lawful money of the United States of America or a cashier's check, certified check, bank money order or bank draft, in the amount of $11,000.00 drawn and issued by a national banking association located in Montana or by any banking corporation incorporated under the laws of Montana, payable to the City Clerk. The bid security of the unsuccessful bidders will be returned immediately on award of the Bonds to the successful bidder or after the rejection of all bids. The bid security of the successful bidder will be deposited by the City Clerk on the date of sale, and at the time of the delivery of the Bonds such security will be applied against the purchase price for the Bonds or will be retained as liquidated damages upon the failure of the successful bidder to take and pay for the Bonds in accordance with the terms of its bid. No interest will be allowed on the bid security. Additional Information. Additional information regarding the Improvements and the Bonds may be obtained from Miral Gamradt, Director of Finance, Bozeman, MOntana (4056) 586-3221. -3- EXHIBIT C . _..'~---" -. -~-~.. -. n______ .. ., I to ., ., DELIVERY AND LEGAL OPINION Bonds. Delivery of the Bonds will be made against payment therefor in immediately available funds within 45 days of the date of sale at Bozeman, MOntana or at such other location as the purchaser shall request and the City shall approve. Costs. The Bond Purchaser shall be responsible for the cost of the printing of the Bonds, any delivery agent charges and the legal opinion. (fJ:. cd) jJ!~~ ROBIN L. SULLIVAN Clerk of the Commission Publication Dates: Sunday, June 7, 1987 Sunday, June 14, 1987 Sunday, June 21, 1987 Sunday, June 28, 1987 . , .. I ,. -4- EXHIBIT C .- . - . - .-- .~:.......;..:...~._-_._~~------_....__. . .---.. .. ---.---.- - ._.._--~- .-- -. --.- ...---..--.-