HomeMy WebLinkAboutResolution 2406-Establishing administrative fees for IDR bonds
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COMMISSION RESOLUTION NO. 2406
A RESOLUTION OF 'l'HE CITY COMMISSION OF THE
CITY OF BOZEMAN, MONTANA, ESTABLISHING AN
APPLICATION FEE AND ADMINISTRATIVE CHARGES
FOR ALL INDUSTRIAL DEVELOPMENT REVENUE BOND
ISSUES PRESENTED TO THE CITY COMMISSION FOR
APPROVAL.
WHEREAS, the City of Bozeman is authorized to issue
industrial development revenue bonds as provided in Section
90-5-102, MCA, which bonds and interest coupons shall not
constitute nor give rise to a pecuniary liability of the
City or a charge against its general credit or taxing
powers; and
WHEREAS, the City Commission deems it advisable and
prudent to set an application fee and an administrative
fee to compensate the City for administrative charges
relating to all industrial development revenue bond issues;
and
WHEREAS, the City Commission seeks to provide funds
for a capital improvements fund for the general good of
the City of Bozeman.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOZEMAN:
Section 1
That application for City Commission approval of any
industrial development revenue bond issue shall be in the
form of a written request to the city manager and shall be
accompanied by a filing fee of Five Hundred Dollars ($500).
Said monies shall be deposited in the general fund to
help defray the administrative costs to the City in connection
with industrial development revenue bond issues.
Section 2
That in addition to the filing fee required above an
administrative fee shall be paid to the City of Bozeman
immediately upon receipt of gross proceeds from the sale of
industrial development revenue bonds bearing the name of the
City of Bozeman in accordance with the following schedule:
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o - $500,000 issue
1.00 percent
$500,001 - $1,000,000
.75 percent
Over $1,000,000
.50 percent
Said monies shall be deposited in the following
manner:
From time to time the monies so received shall be
used to reimburse the General Fund for all costs
associated with the issuance and periodic reviews
of the issue, and the balance of the monies will
be retained in the Capital Improvements Fund.
Section 3
A capital improvement fund as referred to in Section 2
above is hereby established for the enhancement of future
capital needs and acquisitions of the City of Bozeman.
Monies in the capital improvements fund shall not be
expended except upon authorization by the city Commission.
ADOPTED AND APPROVED this
16th
day of
August
.,
1982.
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Mayo
II
ATTEST:
(ia!t4L (/ ~ .
Clerk of the city Commission
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