HomeMy WebLinkAboutResolution 2356 Establishing 5% admin. fee on newly created SIDs: REPLACED BY 2500
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COMMISSION RESOLUTION NO. 2356
A RESOLUTION OF THE CITY OF BOZEMAN, MONTANA, PROVIDING FUNDS FOR THE SPECIAL
IMPROVEMENT DISTRICT REVOLVING FUND BY REQUIRING FIVE (5) PERCENT OF THE IMPROVE-
MENT COST TO BE AN INITIAL INCIDENTAL EXPENSE TO BE DEPOSITED IN THE REVOLVING
FUND.
WHEREAS, the City of Bozeman seeks to provide needed funds for the Special Improvement
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District Revolving Fund; and
WHEREAS, Senate Bill No. 96 of the State of Montana, effective October 1, 1981, allows five
(5) percent of the improvement cost to be an initial incidental expense to be deposited in the revolving
fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOZEMAN:
1. That the costs and expenses connected with and incidental to the formation of any special
improvement district, including costs of preparation of plans, specifications, maps and plats; engineering,
superintendence, and inspection; and preparation of assessment rolls, shall be considered a part of the cost
and expense of making the improvements within such special improvement district.
2. The costs of any improvement shall include five (5) percent of the principal amount of any
bonds or warrants to be issued which shall be deposited in the revolving fund created in Section 7-12-4221,
Chapter 12, Title 7, M.C.A. 1978.
3. Funds for the revolving fund may be provided by a transfer to the revolving fund from the
general fund of such amount as may be deemed necessary, and considered to be a loan from the general fund to the
revolving fund.
4. Funds for the revolving fund may, in addition, be provided for by the levy and collection of I
a tax, hereby declared to be for a public purpose, on all the taxable property in town as shall be
necessary to meet the financial requirements of such fund; such levy shall not exceed five percent (5%) of
the principal amount of the then outstanding special improvement district bonds.
Whenever there shall be money in the district fund which is not required
interest thereon, so much of that money as may be neces
loan
ction 7-12-4223, Chapter 12, Title 7, M.C.A.
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which the City Commission
bonds or interest thereon,
the City Commission may:
(1 )
order such excess
such excess or any part thereof for the purchase of proper for delinquent
taxes or assessments, or property which may have been struck off or s to the county
for delinquent taxes or assessments, or both, and against which property the en
any unpaid assessment for special improvements on account whereof there are outsta
special improvement district bonds of the City.
ADOPTED AND APPROVED this 21st day of Octo
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ATTEST:
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Clerk of the City Comm1ssion
COMMISSION RESOLUTION NO. 2356 -
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007
State of Montana )
County of Gallatin)
City of Bozeman )
I. Robin L. Sullivan. Clerk of the Commission of the City of Bozeman,do hereby certify that the
foregoing Resolution No. 2356 was published by title and number in the Bozeman Daily Chronicle. a newspaper
of general circulation printed and published in said City, in the issue dated the 5th day of November
1981. and due proof of such publication is on file in my office.
IN WITNESS WHEREOF I hereunto set my hand and affix the corporate seal of my office this
21st day of December 1981.
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C erk of the City Comml ss i on
** 5. Whenever there shall be money in the district fund which is not required for payment
of any bond or warrant of that district or interest thereon, so much of that money as may be
necessary to pay the loan provided for in Section 7-12-4223, Chapter 12, Title 7, M.C.A. 1978, shall
by order of the City Commission be transferred to the revolving fund. After all the bonds and
warrants issued on any special improvement district have been fully paid, all money remaining in
such district fund shall by order of the City Commission be transferred to and become part of
the revolving fund.
6. Whenever there is an amount in the revolving fund in excess of the amount deposited
in the revolving fund under Section 7-12-4169(2), Chapter 12, Title 7. M.C.A. 1978, and in excess
of the amount which the City Commission deems necessary for payment or redemption of maturinq
bonds or interest thereon, the City Commission may:
(1) By vote of all of its members at a meeting called for that purpose,
order such excess or any part thereof transferred to the general
fund.
(2) Use such excess or any part thereof for the purchase of property as
sales for delinquent taxes or assessments, or property which may
have been struck off or sold to the county for delinquent taxes or
assessments, or both, and against which property there then be any
unpaid assessment for special improvements on account whereof there
are outstanding special improvement district bonds of the City.
COW1ISSION RESOLUTION NO. 2356