HomeMy WebLinkAboutResolution 2367 Finally approving the MT Bank Rev. Bond project: 12-02-81
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COMMISSION RESOLUTION NO. 2367
RESOLUTION OF THE CITY COMr.1ISSION OF THE CITY OF BOZH1AN, MONTANA, CONFIRt.lING
RESOLUTION NO. 2353 OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA,
APPROVING THE ISSUANCE AND SALE OF $3,000,000 AGGREGATE PRINCIPAL AMOUNT OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS (BOZEMAN BANCORPORATION, INC. PROJECT)
SERIES 1981 AND SETTING THE INTEREST RATE THEREON
BE IT RESOLVED by the City Commi ss i on of the City of Bozeman, ~.1ontana (the II Ci tyll) ,
Section 1. It is hereby found, determined and declared as follows:
(a) The issuance and sale of $3,000,000 aggregate principal amount of industrial
development revenue bonds to finance the costs of acquiring, constructing and equipping
a project for Bozeman Bancorporation, Inc. was approved by Resolution No. 2358 (the
IIResolutionll) of the City Commission of the City on October 28, 1981-
(b) The Mayor of the City and the Clerk of the Commission and all members af the
City Commission are authorized and directed by the Resolution to execute and deliver all
documents and to take such other action as may be required or appropriate for the per-
formance of the duties imposed by the Resolution or to carry out the purposes thereof.
(c) The total amount necessary to finance the costs of acquiring, constructing and
equipping the Project, including the costs and estimated costs permitted by Section
90-5-109 of the Montana Code Annotated, as amended (the "Actll) will require the issuance
of the City's Industrial Development Revenue Bonds (Bozeman Bancorporation, Inc. Project)
Series 1981 (the "Series 1981 Bondsll) in the principal amount of $3,000,000.
(d) The average interest rate on the Series 1981 Bonds will be Eleven and Thirty-Five
Ten Thousandths percent (11.0035%) per annum.
(e) The total amount necessary to pay the principal of the Series 1981 Bonds is
Three Million Dollars ($3,000,000) and the total amount necessary to pay the interest
on the Series 1981 Bonds is Two Million Seven Hundred Seventy-Five Thousand Six Hundred
Twenty-Five Dollars ($2,775,625), making the aggregate debt service requirement for the
Series 1981 Bonds Five Million Seven Hundred Seventy-Five Thousand Six Hundred Twenty-
Five Dollars ($5,775,625).
(f) The approval by the City Commission of the issuance and sale of the Series 1981 I
Bonds in the aggregate principal amount of $3,000,000 at an average interest rate of
11.0035% per annum is required or appropriate for the performance of the duties imposed
on the City Commission by the Resolution and the furtherance of the purposes thereof.
(g) Pursuant to an Official Statement dated December 2, 1981 (the "Official State-
ment"), a final version of which has been presented to the City Commission at this meeting
and which has been reviewed to the extent deemed necessary, certain information relating to
the City, the Company, the Series 1981 Bonds and the above-described documents will be
given to the purchasers of the Series 1981 Bonds by Dougherty, Dawkins, Strand & Yost
Incorporated (the "Underwriterll).
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as follows:
Section 2. In order to perform the duties imposed by the Resolution on the City Commission
and to carry out the purposes thereof, the City Commission hereby confirms the Resolution and
authorizes the issuance by the City of its industrial development revenue bonds to be designated
"City of Bozeman, Montnaa Industrial Development Revenue Bonds (Bozeman Bancorporation, Inc. Project)
Series 1981" in the aggregate principal amount of $3,000,000.
Section 3. The Official Statement is hereby made a part of this Resolution as fully as
though set forth in full herein and is hereby approved in the form submitted to this meeting, and the
Mayor is hereby authorized and directed to execute the Offical Statement on behalf of the City and the
information contained therein is hereby authorized to be used by the Underwriter in connection with the
sale of the Series 1981 Bonds to the public.
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The above and foregoing resolution was offered at a regular meeting of the City Commission
of the City of Bozeman held on the 2nd day of December 1981 by Commissioner Mathre and was adopted
by the fOllowing vote:
AYES: Commissioner Mathre
Commissioner Vollmer
Mayor ~1acNab
NAYS: None
Commissioner Swanson abstained.
Whereupon the above and foregoing resolution was duly declared adopted.
COMMISSION RESOLUTION 2367
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PASSED AND ADOPTED this 2nd day of December 1981.
MAYOR
ATTEST:
Clerk of the City Commission
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State of Montana )
County of Gallatin)
City of Bozeman )
I, Robin L. Sullivan, Clerk of the Commission of the City of BozemaR,do hereby certify
that the foregoing Resolution No.2367 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 22nd day of January 1982, 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 January, 1982.
Clerk of the City Commission
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COMMISSION RESOLUTION NO. 2367