HomeMy WebLinkAboutResolution 2681 Prescribing form and terms of bonds for SID 652: 10-05-87
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Commissioner Jordan
introduced the
following resolution and moved its adoption:
RESOLUTION NO.
2681
RESOLUTION RELATING TO $462,000 SPECIAL
IMPROVEMENT DISTRICT BONDS, SERIES 1987
(SPECIAL ..-
IMPROVEMENT DISTRICT NO. 652);
PRESCRIBING THE
FORM AND TERMS AND THE COVENANTS OF THE CITY FOR
THE PAYMENT THEREOF
BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana, as follows:
Section 1. Recitals. It is hereby found,
determined
and declared as follows:
1.01. Resolutions of Intention.
By Resolution
No. 2657, adopted June 8, 1987, (the Resolution of
Intention)
this Commission declared its intention to create Special
Improvement District No. 652 (the District), for the purpose of
making special improvements for the special benefit of the
District, which resolution designated the number of the
District, described the boundaries thereof and stated the
general character of the improvements to be made and an
approximate estimate of the costs thereof, in accordance with
the provisions of Montana Code Annotated, Title 7, Chapter
12,
Parts 41 and 42, as amended. By the Resolution of Intention
this Commission also declared its intention to cause the cost
and expense of making the improvements especially benefiting
the District to be assessed against the properties included
within the boundaries of the District, each lot or parcel of
land to be assessed for that part of the whole cost which its
area bears to the entire District, exclusive of streets,
avenues, alleys and public places.
1.02. Notice. Notice of the passage of the
Resolution of Intention was mailed to all persons, firms or
corporations or the agents thereof having real property within
the proposed district listed in their names upon the last
completed assessment roll for state, county and school district
taxes, at their last known addresses. The notice described the
general character of the improvements proposed to be made,
designated the time and the place where the City Commission
would hear and pass upon all protests made against the making
of such improvements or the creation of the District and
described the boundaries of the District, all as provided in
the Resolution of Intention. Because of certain defects in the
notice as mailed and the failure of the City to publish notice,
the City obtained consents, waivers and acknowledgements from
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all persons to whom notice was sent which set forth the
estimated cost of the improvements and the method of
assessment.
1.03. Creation of District.
On July 6, 1987, at the
place specified in the notice hereinabove described, this
Commission met to hear, consider and pass upon all protests
made against the making of such improvements
and the creation
of the District, and after consideration thereof, it was
determined and declared that insufficient protests against
the
creation of the District or the proposed work had been filed
in
the time and manner provided by law by the owners of the
property to be assessed for the improvements, and the
Commission did therefore by Resolution No. 2664,
adopted
July 27, 1987, create Special Improvement District No.
652, and
did order the proposed improvements in the District
in
accordance with the Resolution of Intention.
1.04. Construction Contract.
Plans, specifications,
maps, profiles and surveys for construction of
said
improvements were prepared by the engineers acting
for the
City, and were thereupon examined and approved by this
Commission. Advertisements for bids for construction
of said
improvements were published in the official newspaper of the
City in accordance with the provisions of Montana Code
Annotated, Section 7-12-4141, after which the bids
theretofore
received were opened and examined. After referring the
bids to
the engineers for the City it was determined that the
lowest
regular proposal for the furnishing of all work and
materials
required for constructing the improvements in
accordance with
the approved plans and specifications was the proposal
of
pioneer Ready Mix, of Bozeman, Montana,
at a total contract
price of $297,888. Said bidder also agreed to construct
additional sidewalks in the District for
a cost of just under
$32,000. Contracts for construction of
the improvements were
therefore awarded to said bidders, subject to the
right of
owners of property liable to be assessed to elect to take
the
work and enter into a,written contract therefor
in the manner
provided by Montana Code Annotated, Section 7-12-4147,
which
election the property owners failed to make, whereupon the City
and the successful bidders entered into written contracts
for
construction of the improvements upon the bidders having
executed and filed bonds satisfactory to this Commission and in
the form and manner provided by Montana Code Annotated,
Title 18, Chapter 2, Part
2.
1.05. Costs. It is currently estimated that the
cost
and expense connected with and incidental to the
formation of
the improvement districts to the City,
including costs of
preparation of plans, specifications, maps,
profiles,
engineering superintendence and inspection,
preparation of
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assessment rolls, expenses of making the assessments, the cost
of work and materials under the construction contract and all
other costs and expenses, including the deposit of proceeds 1n
the Special Improvement District Revolving Fund of the City,
will be $462,000 for the District, which amount will be levied
and assessed upon all property within the District on the basis
described in the Resolution of Intention. This Commission has
jurisdiction and is required by law to levy and assess such
amount, to collect such special assessments and credit the same
to the special improvement district accounts created for the
District, which accounts are to be maintained on the official
books and records of the City separate from all other City
funds, within the 1987 Special Improvement District No. 652
Sinking Fund (the Sinking Fund).
1.06. Sale and Issuance of Bonds. For the purpose of
financing the share of the cost and expense of making the
improvements for the District, which is to be assessed against
the assessable property within the Drstrict, this Commission
called for the public sale of bonds in the principal amount of
$462,000. The sale was duly noticed and conducted in
accordance with applicable statutory provisions.
On September 8, 1987, this Commission entered into a
contract with Grande & Co., Inc. of Seattle, Washington (the
Purchaser) pursuant to which the Purchaser agreed to purchase
from the City the $462,000 Special Improvement District Bonds,
Series 1987 (Special Improvement Districts No. 652) (the Bonds)
at a net effective interest rate of 8.032%.
1.07. Recital. All acts, conditions and things
required by the Constitution and laws of the State of Montana,
including Montana Code Annotated, Title 7, Chapter 12, Parts 41
and 42, in order to make the Bonds herein authorized valid and
binding special obligations in accordance with their terms and
in accordance with the terms of this resolution have been done,
do exist, have happened and have been performed in regular and
due form, time and manner as so required.
Section 2. The Bonds.
2.01. Principal Amount, Maturity, Denominations,
Date, Basic Interest Rates of Bonds. For the purpose of paying
the costs and expenses incurred in construction of the
improvements authorized to be constructed in the District, and
in anticipation of the collection of special assessments to be
levied therefor, and in accordance with the proposal described
in Section 1.06, the City shall forthwith issue and deliver to
the Purchaser the Bonds in the aggregate principal amount of
$462,000 payable solely from the Sinking Fund. The Bonds shall
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bear an original issue date and be registered as of October 1,
1987, and shall be issued in the form of fully registered Bonds
of single maturities in denominations of $5,000 each or any
integral multiple thereof, provided that the Bond representing
principal installment No. 1 shall be in the denomination of
$7,000.
The Bonds shall mature on July 1 in the years and
amounts set forth below, subject to prior redemption, and shall
bear basic interest from the date of original registration to
their respective maturities or prior dates upon which they have
been duly called for redemption at the rates per annum set
forth opposite such years and amounts, respectively:
Year Amount Rate Year
Amount Rate
1988 $17,000 5.50% 1998 $25,000
7.45%
1989 20,000 5.75 1999
25,000 7.60
1990 25,000 6.00 2000
25,000 7.75
1991 25,000 6.20 2001
25,000 7.90
1992 25,000 6.40 2002
25,000 8.00
1993 25,000 6.60 2003
25,000 8.00
1994 25,000 6.80 2004
25,000 8.10
1995 25,000 7.00 2005
25,000 8.10
1996 25,000 7.15 2006
25,000 8.10
1997 25,000 7.30
Each of the Bonds shall represent one or more principal
installments of the issue of the same maturity. Principal
installments of the issue are numbered from 1 through 92, each
in the amount of $5,000, provided that principal installment
No. 1 shall be in the amount of $7,000. Principal of and
interest on the Bonds are payable in lawful money of the United
States of America. Upon the original delivery of the Bonds or
upon transfer or exchange of Bonds, the Registrar (as
hereinafter defined) shall place the date of authentication on
each Bond then delivered.
2.02. Additional Interest Certificates. All Bonds
shall bear additional interest from October 15, 1987 to July 1,
1988, at the rate of 3.00% per annum, payable on July 1,
1988.
All Bonds representing principal installment numbers 13 through
92 shall bear additional interest from July 1, 1988 to
January 1, 1989, at the rate of 3.00% per annum, payable
on
January 1, 1989. All Bonds representing principal installment
numbers 43 through 92 shall bear additional interest from
January 1, 1989 to July 1, 1989, at the rate of 3.00% per annum
payable on July 1, 1989. Additional interest on the Bonds
shall be represented by separate additional interest
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certificates (the Certificates). One or more Certificates
shall be issued to represent all additional interest to be paid
on all Bonds on each additional interest payment date; provided
that all such Certificates shall represent an integral multiple
of five-hundredths of one percent (.05%) of the additional
interest payable on said date. The Certificates representing
additional interest on the Bonds shall be dated as of
October I, 1987.
2.03. Method of Payment. The Bonds and the
Certificates shall be issuable only in fully registered form,
and the ownership of the Bonds and the Certificates shall be
transferred only upon the register of the City hereinafter
described. The basic interest on, and upon presentation and
surrender thereof, the principal amount of each Bond, or the
amount represented by each Certificate, upon presentation and
surrender thereof at the principal office of the Registrar,
shall be payable by check or draft issued by the Registrar (as
hereinafter defined).
2.04. Interest Payment Dates. Basic interest
on the
Bonds shall be payable on January 1 and July 1 in each year,
commencing July I, 1988, to the owner of record thereof
as of
the close of business on the fifteenth day of the immediately
preceding month, whether or not such day is a business day.
Additional interest on the Bonds shall be payable July I, 1988,
January I, 1989 and July I, 1989 to the extent the Bonds have
not been paid prior thereto, to the registered owners of the
Certificates.
2.05. Reqistration. The City hereby appoints the
Director of Finance of the City to act as registrar, transfer
agent and paying agent (the Registrar). The City reserves the
right to appoint a bank, trust company or fiscal company as
successor bond registrar, transfer agent or paying agent, as
authorized by the Model Public Obligations Registration Act of
Montana (the Act), but the City agrees to pay the reasonable
and customary charges of the Registrar for the services
performed. This Section 2.05 shall establish a system of
registration for the Bonds and the Certificates as defined in
the Act.
The effect of registration and the rights and duties
of the City and the Registrar with respect thereto shall be as
follows:
(a) Bond Register. The Registrar shall keep at its
principal office a bond register in which the Registrar
shall provide for the registration of ownership of the
Bonds and the Certificates and the registration of
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transfers of the Bonds and the Certificates entitled to be
registered or transferred.
(b) Transfer. Upon surrender for transfer of any
Bond or Certificate duly endorsed by the registered owner
thereof or accompanied by a written instrument of transfer,
in form satisfactory to the Registrar, duly executed by the
registered owner thereof or by an attorney duly authorized
by the registered owner in writing, the Registrar shall
authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Bonds of a like
aggregate principal amount and maturity, as requested by
the transferor, or a new Certificate of like interest rate
and payment date, as the case may be. The Registrar may,
however, close the books for registration of any transfer
if the Bond to be transferred has been called for
redemption on the next succeeding interest payment date.
No transfer or exchange of a Bond shall affect its order of
registration for purposes of redemption pursuant to Section
2.06.
(c) Exchange of Bonds or Certificates. Whenever any
Bond or Certificate is surrendered by the registered owner
for exchange, the Registrar shall authenticate and deliver
one or more new Bonds of a like aggregate principal amount
and maturity, or a new Certificate of like interest rate
and payment date, as the case may be, as requested by the
registered owner or the owner's attorney duly authorized in
writing.
(d) Cancellation. All Bonds and Certificates
surrendered upon any transfer or exchange shall be promptly
cancelled by the Registrar and thereafter disposed of as
directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond
or Certificate is presented to the Registrar for transfer,
the Registrar may refuse to transfer the same until it is
satisfied that the endorsement on such Bond or Certificate
or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The
Registrar shall incur no liability for the refusal, in good
faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
(f) Persons Deemed Owners. The City and the
Registrar may treat the person in whose name any Bond or
Certificate is at any time registered in the bond register
as the absolute owner of such Bond or Certificate, whether
such Bond or Certificate shall be overdue or not, for the
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purpose of receiving payment of, or on account of, the
principal of and interest on such Bond or the amount of
such Bond or Certificate and for all other purposes, and
all such payments so made to any such registered owner or
upon the owner's order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the
extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer of
Bonds or Certificates or exchange of Bonds or Certificates
(except an exchange upon a partial redemption of a Bond),
the Registrar may impose a charge upon the owner thereof
sufficient to reimburse the Registrar for any tax, fee or
other governmental charge required to be paid with respect
to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds or
Certificates. In case any Bond or Certificate shall become
mutilated or be destroyed, stolen or lost, the Registrar
shall deliver a new Bond or Certificate of like amount,
number, maturity date and tenor in exchange and
substitution for and upon cancellation of any such
mutilated Bond or Certificate or in lieu of and in
substitution for any such Bond or Certificate destroyed,
stolen or lost, upon the payment of the reasonable expenses
and charges of the Registrar in connection therewith; and,
in the case of a Bond or Certificate destroyed, stolen or
lost, upon filing with the Registrar of evidence
satisfactory to it that such Bond or Certificate was
destroyed, stolen or lost, and of the ownership thereof,
and upon furnishing to the Registrar an appropriate bond or
indemnity in form, substance and amount satisfactory to it,
in which both the City and the Registrar shall be named as
obligees. All Bonds or Certificates so surrendered to the
Registrar shall be cancelled by it and evidence of such
cancellation shall be given to the City. If the mutilated,
destroyed, stolen or lost Bond or Certificate has already
matured or such Bond has been called for redemption in
accordance with its terms, it shall not be necessary to
issue a new Bond or Certificate prior to payment.
2.06. Redemption. Whenever there is any balance in
the Sinking Fund after payment of the principal and interest
due on all Bonds drawn against it, either from the prepayment
of special assessments levied in the District or from the
transfer of surplus moneys from the Construction Account to the
Principal Account as provided in Section 3.02, the Director of
Finance shall call for redemption on any interest payment date
outstanding Bonds or principal installments thereof in an
amount which, together with the interest thereon to the date of
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redemption, will equal (as closely as the amount of the
principal installment will permit) the amount of the Sinking
Fund on that date. For purposes of redemption, the order of
registration of the Bonds shall correspond to the order of the
numbers of the principal installments represented by the
Bonds. Bonds representing more than one principal installment
may be redeemed in part, in one or more whole principal
installments, and upon such partial redemption, a new Bond or
Bonds will be delivered to the registered owner without charge,
representing the remaining principal installments outstanding.
The Bonds are subject to redemption at the option of the City
from other sources of funds available therefrom on any interest
payment date. Bonds shall be redeemed in the order of the
principal installments they represent, at a redemption price
equal to the principal installment or installments of the Bonds
to be redeemed plus interest accrued thereon to the date of
redemption. The date of redemption shall be fixed by the
Director of Finance, who shall give notice, by first class
mail, postage prepaid to the owner or owners of such Bonds at
their addresses appearing in the bond register, of the numbers
of the principal installments and Bonds to be redeemed and the
date on which payment will be made, which date shall be not
less than ten days after the date of mailing notice. The
Director of Finance shall at the same time mail notice of the
redemption to the original Purchaser of the Bonds. On the date
so fixed interest on the Bonds or principal installments
thereof so redeemed shall cease. Notwithstanding anything to
the contrary contained herein, the Bonds shall not be called
for redemption from the proceeds of refunding special
improvement district bonds or warrants before July 1, 1997.
2.07. Form of Bonds and Certificates. The Bonds and
the Certificates shall be drawn in substantially the forms set
forth in Montana Code Annotated, Section 7-12-4202, with such
modifications as are permitted by the Act, and as more fully
set forth in Exhibit A hereto and by this reference made a part
hereof.
2.08. Execution, Registration and Delivery of Bonds
and Certificates. The Bonds and Certificates shall be prepared
under the direction of the Clerk of the Commission and shall be
executed on behalf of the City by the signatures of the City
Manager and the Clerk of the Commission and sealed with the
official seal of the City; provided that the seal and all
signatures may be printed, engraved or lithographed facsimiles
of the originals and the seal need not appear on the
Certificates. In case any officer whose signature or a
facsimile of whose signature shall appear on the Bonds or
Certificates shall cease to be such officer before the delivery
of any Bond or Certificate, such signature or facsimile shall
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nevertheless be valid and sufficient for all purposes, the same
as if he had remained in office until delivery.
Notwithstanding such execution, no Bond or Certificate shall be
valid or obligatory for any purpose or entitled to any security
or benefit under this resolution unless and until a certificate
of authentication and registration on such Bond or Certificate
has been duly executed by the manual signature of an authorized
representative of the Registrar. Certificates of
authentication and registration on different Bonds or
Certificates need not be signed by the same representative.
The executed certificate of authentication and registration on
each Bond or Certificate shall be conclusive evidence that it
has been authenticated and delivered under this Resolution.
The Bonds shall be registered in order of their serial numbers
by the Director of Finance, as Registrar, as attested by the
Certificate of Authentication and registration as of october 1,
1987, and the Bonds and Certificates shall be delivered by the
Registrar to the Purchaser upon payment of the par value of the
Bonds plus accrued interest to the date of delivery. The
Purchaser shall not be obligated to see to the application of
the purchase price, but from the proceeds of the Bonds the
Director of Finance shall credit forthwith $23,100 to the
Special Improvement District Revolving Fund of the City, as
authorized by Montana Code Annotated, Section 7-12-4169(2), any
accrued interest to the Sinking Fund and the balance of such
proceeds to the Construction Account, to be used solely for the
payment of the cost and expenses necessarily incurred in the
completion of the improvements heretofore ordered, except that
the accrued interest received shall be applied in payment of
interest on the Bonds when due.
Section 3. Sinking Fund; Assessments.
3.01. The Sinking Fund. There is hereby created and
established the Sinking Fund designated as the "1987 Special
Improvement District No. 652 Sinking Fund" which shall be
maintained by the Director of Finance on the books and records
of the City separate and apart from all other funds of the
City. Within the Sinking Fund there shall be maintained
separate accounts, designated as the "Construction Account,"
"Principal Account" and "Interest Account," respectively.
3.02. Construction Account. There shall be credited
to the Construction Account the proceeds of the sale of the
Bonds, less any interest accrued thereon to the date of
delivery to the Purchaser. Any earnings on investment of money
in the Construction Account shall be retained therein. All
costs and expenses of constructing the improvements for the
District to be paid from proceeds of the Bonds shall be paid
from time to time as incurred and allowed from the Construction
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Account in accordance with the provisions of applicable law,
and moneys in the Construction Account shall be used for no
other purpose; provided that upon completion of said
improvements and approval thereof by the engineers for the
District, and after all claims and expenses with respect to
said improvements have been fully paid and satisfied, any
moneys remaining in the Construction Account shall be
transferred to the Principal Account.
3.03. Principal Account and Interest Account.
Moneys
in the Principal Account and the Interest Account shall be used
only for payment of the principal of and interest on the Bonds
as such payments become due, or to redeem Bonds.
Upon collection of the installment of principal
and
interest due on November 30 and May 31 of each year on the
special assessments to be levied with respect to the
improvements in each District, the Director of Finance shall
credit to the Interest Account in the District Account so much
of said special assessments as is collected as
interest payment
and the balance thereof to the Principal Account. Any
installment of any special assessment paid prior to its due
date with interest accrued thereon to the next succeeding bond
call date shall be credited with respect to principal and
interest payments in the same manner as other assessments are
credited to the Sinking Fund. All moneys in the Interest
Account and the Principal Account shall be used first to pay
interest due, and any remaining moneys shall be used to pay
Bonds then due and, if moneys are available, to
redeem Bonds or
principal installments thereof in accordance with Section 2.06;
provided that any money transferred to the Principal Account
from the Construction Account pursuant to Section 3.02 shall be
applied to redeem Bonds or principal installments thereof to
the extent possible on the next interest payment date for which
notice of redemption may properly be given pursuant to Section
2.06. Redemption of Bonds therefrom shall be in order of the
principal installments they represent as provided in Section
2.06, and interest shall be paid as accrued thereon to the date
of redemption, in accordance with the provisions of Montana
Code Annotated, Section 7-13-4203 and 7-12-4206.
3.04. Loans from Revolvinq Fund. The Commission
shall annually or more often if necessary issue an order
authorizing a loan or advance from the Special Improvement
District Revolving Fund to the Sinking Fund in an amount
sufficient to make good any deficiency then existing in the
Interest Account, and shall issue an order authorizing a
loan
or advance from the Revolving Fund to the Sinking Fund in an
amount sufficient to make good any deficiency then existing in
the Principal Account, to the extent that moneys are available
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in the Revolving Fund. Pursuant to Ordinance No. 612,
the City
has undertaken and agreed to provide funds for the Revolving
Fund by levying such tax or making such loan from the General
Fund as authorized by Montana Code Annotated, Section
7-12-4222. In the event that the balance on hand in the
Revolving Fund fifteen days prior to any date when interest
is
due on special improvement district bonds or warrants of the
City is not sufficient to make good all deficiencies then
existing in the improvement district fund for which the City
has promised to make loans from the Revolving Fund, the balance
on hand in the Revolving Fund shall be allocated to the funds
of the improvement districts in which such deficiencies then
exist in proportion to the amounts of the deficiencies on the
respective dates of receipt of such money, until all
interest
accrued on such special improvement district bonds of the City
has been paid. On any date when all accrued interest on
special improvement district bonds or warrants of the City
payable from funds for which the City has promised to make
loans from the Revolving Fund has been paid, ~ny balance
remaining in the Revolving Fund shall be loaned or advanced to
the improvement district fund for payment and redemption of
bonds to the extent the improvement district fund is deficient
for such purpose, in an amount proportionate to the amount
of
such deficiency.
Section 4. Covenants. The City covenants
and agrees
with the holder from time to time of each of the Bonds and
Certificates that until all the Bonds and interest thereon are
fully paid:
4.01. Compliance with Resolution. The City will
hold
the Sinking Fund and the Special Improvement District Revolving
Fund described above as trust funds, separate and apart from
all of its other funds, and the City, its officers
and agents,
will comply with all covenants and agreements contained in this
resolution. The provisions hereinabove made with respect to
the Sinking Fund and the Revolving Fund are in accordance with
the undertaking and agreement of the City made in connection
with the public offering and sale of the Bonds as set forth
in
Section 1. 06.
4.02. Construction of Improvements.
The City will do
all acts and things necessary to enforce the provisions of the
construction contracts and bonds referred to in Section
1. 04
and to ensure the completion of the improvements for the
benefit of the District in accordance with the plans and
specifications and within the time therein provided, and will
pay all costs thereof promptly as incurred and allowed, out of
the Construction Account and within the amount of the bond
proceeds appropriated thereto.
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4.03. Levy of Assessments.
The City will do all acts
and things necessary for the final and valid levy of special
assessments upon all property within the boundaries of the
District in accordance with the Constitution and laws of the
state of Montana and the Constitution of the United States,
in
an aggregate principal amount not less than $462,000. Such
special assessments shall be levied on the basis prescribed in
the Resolution of Intention described above, and shall be
payable in semiannual installments over a period of nineteen
years, each installment being due in an amount equal to one
thirty-seventh of the principal amount of each assessment, with
interest on the whole amount remaining unpaid at the average
annual interest rate borne by the Bonds plus up to one-half of
one percent per annum as may be determined by the City
Commission, interest being payable with principal
installments. The assessments to be levied will be payable on
the 30th day of November in each of the years 1988
through
2005, and on the 31st day of May in the years 1988 through
2006, inclusive, if not theretofore paid, and shall become
delinquent on such date unless paid in full. The first partial
payment of each assessment shall include
interest on the entire
assessment from the date of original registration of the Bonds
to July 1, 1988, and each subsequent partial payment shall
include interest for six months on that payment and the then
remaining balance of the special assessment. The assessments
shall constitute a lien upon and against the property against
which they are made and levied, which lien may be extinguished
only by payment of the assessment with all penalties, cost and
interest as provided in Montana Code Annotated, Section
7-12-4191. No t~x deed ioaued uith reapect to ~ny lot or
parcel of land 3hall operate as payment of any installment of
.the assC~3fficnt thereon which is payable after the execution of
ouch d~cd, and any tax deed so issued shall convey title
cubjcct only to the licn of :Jaid future in:JtallmoRta,
aE:
providod in Mont~na Code Annotatcd, Ccction 15 18 309.
4.04. Reassessment. If
at any time and for whatever
reason any special assessment or tax herein agreed to be levied
is held invalid, the City and this Commission, its officers
and
employees, will take all steps necessary to correct
the same
and to reassess and re-levy the same, including the ordering of
wo r k , with the same force and effect as if made at the time
provided by law, ordinance or resolution relating thereto, and
will reassess and re-levy the same with the same force and
effect as an original levy thereof, as authorized
in Montana
Code Annotated, Section 7-12-4186. Any special
assessment, or
reassessment or re-levy shall, so far as is practicable,
be
levied and collected as it would have been if the first
levy
had been enforced including the levy and collection of
any
interest accrued on the first levy.
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If proceeds of the Bonds, including investment
income
thereon, are applied to the redemption of such Bonds,
as
provided in Montana Code Annotated, Section 7-12-4205 and
7-12-4206, or if refunding bonds are issued and the principal
amount of the outstanding Bonds is decreased or
increased, the
City will reduce or increase, respectively, the assessments
levied in the Districts and then outstanding pro rata by the
principal amount of such prepayment or the increment
above or
below the outstanding principal amount of bonds
represented by
the refunding bonds. The City and this Commission, its
officers and employees will reassess and relevy such
assessments, with the same effect as an original levy,
in such
reduced or increased amounts in accordance with the provisions
of Montana Code Annotated, Sections 7-12-4176 through 7-12-4178.
4.05. Absence of Litigation.
There is now no
litigation threatened or pending questioning the validity or
regularity of the creation of the District, the contract for
construction of improvements for the benefit thereof or the
undertaking and agreement of the City to levy special
assessments therefor and to make good any deficiency in the
collection thereof through the levy of taxes for
and the making
of advances from the Special Improvement District Revolving
Fund, or the right and power of the City to
issue the Bonds or
in any manner questioning the existence of any condition
precedent to the exercise of the City's powers in these
matters. If any such litigation should be initiated or
threatened, the City will forthwith notify in writing the
Purchaser, and will furnish the Purchaser a copy of
all
documents, including pleadings, in connection with such
litigation.
4.06. Escrow Agreement.
The City will enter into an
escrow agreement with each property owner in the District
pursuant to which the property owners will establish escrow
accounts for the benefit of the City in the total amount of
$ 82,380 . The City covenants to abide by
the terms of such
Escrow Agreement and to enforce it against the property
owners
during the term of the Bonds.
Section 5. Investment of Moneys.
5.0l. Covenant. The City covenants
and agrees with
the holders from time to time of the Bonds that
it will not
take or permit to be taken by any of its officers, employees
or
agents any action that would cause the interest on the Bonds to
become subject to taxation under the provisions of the United
States Internal Revenue Code of 1986 (the Code),
and the
Treasury Regulations promulgated thereunder in effect at the
time of such action, and covenants and agrees
that it will take
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or cause its officers, employees or agents to take any action
within its or their powers to prevent the interest on the Bonds
from becoming subject to taxation under the Code and applicable
Treasury Regulations.
5.02. Certification. The City Manager, the Clerk of
the Commission and the Director of Finance, being the officers
of the City charged with the responsibility for issuing the
Bonds, are authorized and directed to execute and deliver to
the Purchaser a certification in accordance with the provisions
of Section 148 of the Code and Treasury Regulations, Sections
1.103-13, -14, and -15, stating the facts, estimates and
circumstances in existence on the date of issue and delivery of
the Bonds which make it reasonable to expect that the proceeds
of the Bonds will be used in a manner that would not cause the
Bonds to be arbitrage Bonds within the meaning of Section 148
of the Code and applicable Treasury Regulations. The
certification shall further state that to the best of the
knowledge and belief of the certifying officers no other facts,
estimates or circumstances exist which would materially change
this expectation.
5.03. Specific Covenants. In furtherance of the
general covenants of the City contained in Section 5.01, the
City further agrees with the owners from time to time of the
Bonds, as follows:
(1) As provided in Section 4.03, payment of principal
of and interest on the Bonds is secured by the Revolving Fund.
The amount on deposit in the Revolving Fund allocable to the
Bonds (the Reserve Amount) constitutes a reasonably required
reserve fund which may be invested without yield limitation if
the Reserve Amount does not at any time exceed the Maximum
Reserve Requirement, which is the lesser of: (i) 10 percent of
the original proceeds of the Bonds ($46,200), (ii) the maximum
amount of principal and interest payable on the Bonds in any
fiscal year, or (iii) 125 percent of the average amount of
principal and interest payable on the Bonds in any fiscal
year. To ensure that the Reserve Amount never exceeds the
Maximum Reserve Requirement, the City agrees that following the
payment of Bonds on each July 1, the City will calculate the
Reserve Amount, and that, if the Reserve Amount exceeds the
maximum amount of principal and interest payable on the Bonds
then outstanding in any future fiscal year, the City will
within 30 days thereafter either (a) reduce the Reserve Amount
so that it does not exceed such amount or (b) limit the yield
of the investments allocated to the Reserve Amount in excess of
such amount to the yield of the Bonds if and to the extent such
reduction or limitation is necessary to prevent the Bonds from
becoming "arbitrage bonds" within the meaning of the Code. In
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determining the Reserve Amount, the City shall allocate amounts
on deposit in the Revolving Fund to outstanding special
improvement district bonds or warrants secured thereby in
proportion to their original principal amounts.
(2 ) The City (1) has general taxing powers,
(2) will
use 95 percent or more of the net proceeds of the Bonds (gross
proceeds less amounts deposited in the Revolving Fund) to pay
the costs of improvements in the Districts and (3) has not
issued, and does not intend to issue, more than $5,000,000 of
obligations (other than "private activity bonds" as described
in Section 141 of the Code) in calendar year 1987.
Section 6. Authentication of Transcript. The
officers of the City are hereby authorized and directed to
furnish to the City and the original Purchaser, and to the
attorneys, certified copies of all proceedings relating to the
issuance of the Bonds and such other certificates and
affidavits as may be required to show the right, power and
authority of the City to issue the Bonds and the Certificates,
and all statements contained in and shown by such instruments,
including any heretofore furnished, shall constitute
representations of the City as to the truth of the statements
purported to be shown thereby.
Section 7. Defeasance.
7.0l. General. When the liability of the City on all
Bonds issued under and secured by this Resolution has been
discharged as provided in this Section 7, all pledges,
covenants and other rights granted by this Resolution to the
owners of such obligations shall cease.
7.02. Payment. The City may discharge its liability
with reference to any Bond or installment of interest thereon
which is due on any date by mailing to the registered holder of
such Bond on or before that date a check or draft in a sum
sufficient and providing proceeds available for the payment
thereof in full; or if any Bond or installment of interest
thereon shall not be paid when due, the City may nevertheless
discharge its liability with reference thereto by mailing to
the registered holder thereof a check or draft in a sum
sufficient and providing proceeds available for the payment
thereof in full with interest accrued to the date of such
mailing.
7.03. Redemption. The City may also discharge its
liability with reference to any prepayable Bonds which are
called for redemption on any date in accordance with their
terms by depositing with the Registrar on or before that date
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, ) 'i'
an amount equal to the principal and interest which are then
due thereon; provided that notice of such redemption has been
duly given as provided in this Resolution.
7.04. Defeasance by Escrow. The City may also at any
time discharge its liability in its entirety with reference to
the Bonds, subject to the provisions of law now or hereafter
authorizing and regulating such action, by depositing
irrevocably in escrow, with a bank qualified by law as an
escrow agent for this purpose, cash or securities which are
authorized by law to be so deposited, bearing interest payable
at such times and at such rates and maturing on such dates as
shall be required without reinvestment to provide funds
sufficient to pay all principal, interest and redemption
premiums to become due on all Bonds of the issue on or before
maturity or, if any Bond has been dUly called for redemption or ,
provision irrevocably made therefor, on or before the
designated redemption date.
I
Section 8. Repeals and Effective Date.
8.0l. Repeal. All provisions of other resolutions
and other actions and proceedings of the City and this
Commission that are in any way inconsistent with the terms and
provisions of this resolution are repealed, amended and
rescinded to the full extent necessary to give full force and
effect to the provisions of this resolution.
8.02. Effective Date. This resolution shall take
effect immediately upon its passage and adoption by this
Commission.
PASSED by the City Commission of Bozeman, Montana this
5th day of October, 1987.
~;',1h
fJ" rn~
Mayor
Attest: ~~ cd ~
Clerk of the Commission
J,
.
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EXHIBIT A
[Face of the Bond]
UNITED STATES OF AMERICA
STATE OF MONTANA
CITY OF BOZEMAN
$462,000 SPECIAL IMPROVEMENT
DISTRICT BONDS, SERIES 1987
(Special Improvement District No. 652)
Basic interest at the rate per annum specified below
and additional interest for the limited period hereinafter
described at the rate per annum specified herein
Payable on July 1, 1988 and
semiannually thereafter
on the 1st day of January and the 1st day of July
in each year.
Issued by the City of Bozeman
Gallatin County, Montana
No.
$
Representing Principal Installment
Nos.
Date of Original
Basic Rate Maturity Issue
CUSIP
October I, 1987
REGISTERED HOLDER: SEE
REVERSE
FOR CERTAIN
PRINCIPAL DEFINITIONS
AMOUNT:
The Director of Finance of the City of Bozeman,
Montana, will pay to the registered owner identified above, or
registered assigns, on the maturity date specified above the
principal amount specified above, as authorized by Resolution
No. adopted October 5, 1987 (the Bond Resolution), all
subject to the provisions hereinafter described relating to the
redemption of this Bond before maturity. Basic interest on
and, upon presentation and surrender hereof at the principal
office of the bond registrar and paying agent hereinafter
named, the principal of this Bond are payable by check or draft
of the Director of Finance of the City of Bozeman, Montana, as
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bond registrar and paying agent, or its successor designated
under the Bond Resolution described herein (the Registrar).
The principal of and interest on this Bond are payable in
lawful money of the United states of America.
This Bond bears interest at the basic rate per annum
specified above from the date of registration of this Bond, as
expressed herein, or from such later date to which basic
interest hereon has been paid or duly provided for, until the
maturity date specified above or an earlier date on which this
Bond shall have been duly called for redemption by the Director
of Finance. Basic interest on this Bond is payable
semiannually, commencing July I, 1988, on the first day of
January and the first day of July in each year, through July I,
2006, unless this Bond is paid previous thereto, to the owner
of record of this Bond appearing as such in the bond register
as of the close of business on the 15th day (whether or not
such is a business day) of the' immediately preceding month.
Additional interest is payable Dn all Bonds of the issue at the
rate of 3.00% per annum from October IS, 1987 to July I, 1988
payable July I, 1988, additional interest is payable on Bonds
of the issue representing principal installment numbers 13
through 92 from July I, 1988 to January I, 1989 at the rate of
3.00% per annum payable on January I, 1989, and additional
interest is payable on the Bonds of the issue representing
principal installment numbers 43 through 92 from January 1,
1989 to July I, 1989 at the rate of 3.00% per annum payable on
July I, 1989, unless such Bonds are paid previous thereto.
Additional interest hereon and on all such Bonds is represented
by and payable in accordance with and upon presentation and
surrender at the principal office of the Registrar of
separately registered additional interest certificates.
Additional provisions of this Bond are contained on
the reverse hereof and such provisions shall for all purposes
have the same effect as though fully set forth hereon.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any security or benefit under the
Bond Resolution until the Certificate of Authentication and
Registration hereon shall have been executed by the Registrar
by the manual signature of one of its authorized
representatives.
CITY OF BOZEMAN, MONTANA
(Facsimile Signature)
CITY MANAGER
(Facsimile Signature)
CLERK OF THE COMMISSION
(FACSIMILE SEAL)
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CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the Bonds delivered pursuant to the
Bond Resolution mentioned herein and this Bond has been
registered as required by law on the books of the City as of
the 1st day of October, 1987.
DIRECTOR OF FINANCE
City of Bozeman, Montana
By
Authorized Signature
Date of Authentication:
[Reverse of the Bonds]
This Bond is one of an issue in the aggregate
principal amount of $462,000 (the Bonds), all of like date
of
original issue and tenor, except as to serial number,
denomination, date, basic interest rate, bearing of additional
interest, maturity date and redemption privilege. The Bonds
are issued pursuant to and in full conformity with the
Constitution and laws of the State of Montana thereunto
enabling, including Montana Code Annotated, Title 7, Chapter
12, Parts 41 and 42, as amended, to finance the costs of
certain local improvements for the special benefit of property
located in Special Improvement District No. 652 of the City
(the District). The Bonds are issuable only as fully
registered bonds of single maturities in denominations of
$5,000 or any integral multiple thereof, provided that the Bond
representing principal installment No. 1 shall be in the
denomination of $7,000. This Bond represents one or more
principal installments of an issue of Bonds of the City
numbered as set forth above. The principal installments for
the issue are in the aggregate principal amount of $462,000,
and are numbered from 1 though 92, each in the amount of
$5,000, provided that principal installment No. 1 is
in the
amount of $7,000.
This Bond is payable from the collection of a special
tax or assessment levied upon all property within the
boundaries of the District, in an aggregate principal amount of
not less than $462,000, except as such amount may be reduced or
increased in accordance with provisions of Montana law. Such
assessments constitute a lien against the assessable real
estate within said District, and are not general obligations of
the City.
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The principal installments of the Bonds
are subject to
mandatory redemption in order of registration on any interest
payment date if, after paying all principal and interest
then
due on the Bonds, there are funds to the credit of the 1987
Special Improvement District No. 652 Sinking
Fund of the City,
from the prepayment of assessments levied in the District or
from surplus funds not required to pay costs of the
Improvements, for the redemption thereof, and in the manner
provided for the redemption of the same. The Bonds are
subject
to redemption at the option of the City from other sources of
funds available therefor on any interest payment date;
provided, however, that the Bonds are not to be called for
redemption from the proceeds of refunding special improvement
district bonds before July L 1997. The
redemption price is
equal to the amount of the principal installment or
installments of the Bonds to be redeemed plus interest
accrued
to the date of redemption. The date of redemption shall be
fixed by the Director of Finance, who shall give notice by
first class mail, postage prepaid to the holder or holders of
such Bonds at the~r addresses shown on the bond
register, of
the numbers of the principal installments and Bonds to be
redeemed and the date on which payment will be made, which date
shall not be less than ten days after the date of publication
or of service of notice, on which date 50 fixed interest
shall
cease. Upon partial redemption of any Bond,
a new Bond or
Bonds will be delivered to the registered holder without
charge, representing the remaining principal installments
outstanding. On the date so fixed interest on the Bonds or
principal installments thereof so redeemed
shall cease to
accrue.
As provided in the Resolution, and subject to certain
limitations set forth therein, this Bond
is transferable upon
the books of the City at the principal office of the Registrar,
by the registered owner hereof in person or by his
attorney
duly authorized in writing upon surrender hereof together with
a written instrument of transfer satisfactory to
the Registrar,
duly executed by the registered owner or his attorney; and
may
also be surrendered in exchange for Bonds of other authorized
denominations. Upon such transfer or exchange, the City will
cause a new Bond or Bonds to be issued in the name
of the
transferee or registered owner, of the same aggregate principal
amount, bearing interest at the same basic
rate and maturing on
the same date, subject to reimbursement
for any tax, fee or
governmental charge required to be paid with respect to such
transfer or exchange.
The City and the Registrar may deem and treat the
person in whose name this Bond is registered as
the absolute
owner hereof, whether this Bond is overdue or not, for
the
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purpose of receiving payment and for all other purposes, and
neither the City nor the Registrar shall be affected by any
notice to the contrary.
IT IS HEREBY CERTIFIED AND RECITED that all things
required to be done precedent to the issuance of this Bond have
been properly done, happened and been performed in the manner
prescribed by the laws of the State of Montana and the
resolutions and ordinances of the City of Bozeman, Montana,
relating to the issuance thereof.
The following abbreviations, when used in the
inscription on the face of this Bond, shall be construed as
though they were written out in full according to applicable
laws or regulations:
TEN COM -- as tenants UNIF GIFT MIN ACT... ..Custodian.....
in common (Cust) (Minor)
TEN ENT -- as tenants
by the entireties
under Uniform Gifts to
JT TEN -- as joint tenants Minors
with right of
survivorship and Ac t. . . . . . . . . . . . . . . . . . . . . .
not as tenants in (State)
corrunon
Additional abbreviations may also be used.
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, ) -"
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
the
within Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints
attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
Dated:
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER NOTICE: The signature OF
ASSIGNEE: to this assignment must
correspond with the
/ / name as it appears upon the
face of the within Bond in
every particular, without
alteration, enlargement
or
any change whatsoever.
SIGNATURE GUARANTEED
Signature(s) must be
guaLanteed by a commercial
bank or trust company or by
a brokerage firm having a
membership in one of the
major stock exchanges.
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UNITED STATES OF AMERICA
STATE OF MONTANA
CITY OF BOZEMAN, MONTANA
DATED AS OF OCTOBER 1, 1987
REGISTERED ADDITIONAL INTEREST CERTIFICATE
RELATING TO
$462,000 POOLED SPECIAL IMPROVEMENT DISTRICT
BONDS, SERIES 1987
(Special Improvement District No. 652)
Interest Interest Date of
Percentage of
Period Rate Payment
Ownership
3.00%
REGISTERED OWNER:
On the date specified above, the City of Bozeman,
Montana, will pay to the registered holder specified above, or
registered assigns, at the office of the Director of Finance,
in Bozeman, Montana, or at the principal office of a successor
Bond Registrar and Paying Agent (the Registrar), an amount
equal to the percentage of 'ownership specified above multiplied
by the amount then due representing additional interest at the
annual rate and for the limited period specified above on the
portion of the Special Improvement District Bonds, Series 1987
(Special Improvement District No. 652) of the City of Bozeman,
dated originally as of October 1, 1987, maturing on July 1 in
the years 1988 through 2006 and issued in the aggregate
principal amount of $462,000 (the Bonds), bearing additional
interest during such period, to the extent such Bonds have not
been paid previous to said date. Such additional interest is
payable in lawful money of the United States of America, solely
from the special tax or assessment referred to in the Bonds.
As provided in a resolution adopted by the City
Commission on October 5, 1987 (the Bond ~esolution), pursuant
to which the Bonds and this Certificate were issued, this
Certificate is transferable upon the books of the City at the
principal office of the Registrar, by the registered owner
hereof in person or by his attorney duly authorized in writing
upon presentation hereof together with a written instrument of
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f ~ ~
transfer satisfactory to the Registrar, duly executed by the
registered owner or his attorney and may also be surrendered in
exchange for Certificates representing other authorized
percentages of the amount of additional interest payable on the
date of payment hereinbefore specified. Upon such transfer or
exchange, the City will cause a new Certificate to be issued in
the name of the transferee or registered owner, representing
additional interest to be paid at the same rate and on the same
date, subject to reimbursement for any tax, fee or governmental
charge required to be paid with respect to such transfer or
exchange.
The City and the Registrar may deem and treat the
person in whose name this Certificate is registered as the
absolute owner hereof, whether this Certificate is overdue or
not, for the purpose of receiving payment and for all other
purposes, and neither the City nor the Registrar shall be
affected by-any notice to the contrary.
This Certificate shall not be valid or become
obligatory for any purpose or be entitled to any security or
benefit under the Bond Resolution until the Certificate of
Authentication and Registration hereon shall have been executed
by the Registrar by the manual signature of one of its
authorized representatives.
IN WITNESS WHEREOF, the City of Bozeman, Montana,
by
its City Commission, has caused this Certificate to be executed
by the signatures of the City Manager and the Clerk of the
Commission and has caused the official seal of the City to be
impressed hereon and has caused this Certificate to be dated as
of October 1, 1987.
CITY OF BOZEMAN, MONTANA
Clerk of the Commission City Manager
(Seal)
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~II
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the Certificates representing
additional interest on the Bonds delivered pursuant to the
Resolution mentioned within and this Certificate has been
registered as required by law on the books of the City as of
the 1st day of October, 1987.
DIRECTOR OF FINANCE
City of Bozeman, Montana
By
Authorized Representative
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ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
the
within Certificate and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to transfer
the within Certificate on the books kept for registration
thereof, with full power of substitution in the premises.
Dated:
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER NOTICE: The signature to this
OF ASSIGNEE: assignment must correspond
with the name as it appears
/ / upon the face of the within
certificate in every particular,
without alteration, enlargement
or any change whatsoever.
SIGNATURE GUARANTEED
Signature(s) must be
guaranteed by a commercial
bank or trust company or by
a brokerage firm having a
membership in one of the
major stock exchanges.
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Upon vote being taken on the adoption of the foregoing
resolution, the following Commissioners voted in favor thereof:
Commissioner Jordan, Commissioner Stiff, Commissioner Martel
and Mayor Mathre
and the following voted against the same:
None
and the following abstained from voting thereon:
None
whereupon the resolution was declared duly passed and adopted,
and was signed by the Mayor, which signature was attested by
the Clerk of the Commission.
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CERTIFICATION OF MINUTES RELATING TO
$462,000 Special Improvement
District Bonds, Series
1987
(Special Improvement District No. 652)
Issuer: City of Bozeman, Montana
Governing Body: City Commission
Kind, date, time and place of meeting: A regular meeting,
held
October 5, 1987, at 2:00 o'clock p.m. in the City Hall,
Bozeman, Montana.
Commissioners present: Mayor Mathre, Commissioner Jordan,
Commissioner Stiff, Commissioner Martel
Commissioners absent: Commissioner Vant Hull
Documents Attached:
Minutes of said meeting (pages): _ through _,
including:
RESOLUTION NO. 2681
RESOLUTION RELATING TO $462,000 SPECIAL
IMPROVEMENT DISTRICT BONDS, SERIES 1987
(SPECIAL
IMPROVEMENT DISTRICT NO. 652); PRESCRIBING THE
FORM AND TERMS AND THE COVENANTS OF THE CITY FOR
THE PAYMENT THEREOF
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing the
bonds referred to in the title of this certificate, certify
that the documents attached hereto, as described above, have
been carefully compared with the original records of the
corporation in my legal custody, from which they have been
transcribed; that the documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
the corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at the meeting, insofar as they
relate to the bonds; that the meeting was duly held by the
governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice given as required by law and that Resolution No.
2681 has not of this date been amended or repealed.
WITNESS my hand officially as such recording officer
and the seal of the City this 5th day of October, 1987.
(SEAL) (f~ d~
Robin L. Sullivan, Clerk of the
Commission
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