Loading...
HomeMy WebLinkAboutResolution 2494 Authorizing sale of bonds for SID 645 411 COMMISSION RESOLUTION NO. 2494 I A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, AUTHORIZING AND DIRECTING THE ADVERTISEMENT AND SALE OF SPECIAL IMPROVEMENT DISTRICT BONDS TO PROVIDE FUNDS FOR PAYMENT FOR WORK AND MATERIAL IN SPECIAL IMPROVEMENT DISTRICT NO. 645 FIXING THE NUMBER, DATE, DENOMrNATION AND MATURITY OF SUCH BONDS, AND PRESCRIBINGTH'E FORM THEREOF. WHEREAS, Special Improvement District NO. 645 has been duly created; and WHEREAS , it is necessary to provide a means'for the payment of the contractor or contractors and for the expense of creat~ng said district; and WHEREAS, it is necessary that bonds he ~s$'Ued and s'old for the payment thereof. NOW, THEREFORE, BE IT RESOLVED by the sa;rd ci;t.:y commission of the City of Bozeman, Montana: 1. FUNDS FOR PAYMENT. That payment for work and labor performed and improvements installed in said Special rmprovement District shall be met by the execution and delivery of serial bonds of Special Dmprovement District No. 645 in an amount not to exceed $42,000.00. 2. BONDS. The bonds shall be in denominations of $100.00 or fractions or multiples thereof. Each will be dated May 1, 1984, and shall bear interest from said date with interest payable semi-annually conunencing with .'January 1, I 1985 and each July 1 and January 1 thereafter until paid. Each of said bonds shall be due and payable January 1, 2005, unless sooner called for redemption as provided by law. The form of said bonds shall be substantially as provided by Section 7-12-4202, M.C.A., 1983, and shall be issued in fully registered form. 3. BIDS ON BONDS. The city Commission shall receive sealed bids for said bonds until Monday, March 12, 1984, at 4:00 o'clock p.m. on said date for the purchase of said bonds. 4. NOTICE OF CALL FOR BIDS. The Clerk of the City Commission is here- by directed to give notice of the call for bids by pUblication in each of the four (4) successive calendar weeks immediately preceding the week which contains the date of the sale. Said notice shall be published in the Bozeman Daily Chronicle, a newspaper of general circulation printed and published in the City of Bozeman, Montana. The Clerk of the city commission, at least fifteen (15) days before the date fixed for said sale, shall send a copy of the published Notice to the Secretary of the State Board of Investments and shall furnish I to said Secretary a transcript of proceedings for the issuance of bonds and such other information relating thereto as the secretary may find necessary. COMMISSION RESOLUTION NO. 2494 .. Lf:. ' PASSED AND ADOPTED by the city Commission of the City of Bozeman at a regular meeting thereof held on the 6th day of February 1984. Mayor ATTEST: I Clerk of the City Commission NOTICE OF SALE OF BONDS OF SPECIAL rMPROVEMENT D!STRrCT NO. 645 OF THE CrTY OF BOZEMAN, MONTANA NOTICE IS HEREBY GIVEN by the city commission of the City of Bozeman, Montana, that said commission will on the 12th day of March 1984, at the hour of 4:00 o'clock p.m. at the Conunission Room in the City Hall of said City, sell to the highest and best bidder for cash, serial bonds drawn against the funds of Special Improvement District No. 645 of the said City of Bozeman, in the total amount not to exceed Forty-Two Thousand Dollars ($42,000.00) I for the purpose of paying for the construction and installation of an eight (8) inch sanitary sewer, manholes and service stubs to the property line, and necessary appurtenances, to serve property within Graf's Second Subdivi- sian, and for engineering and administrative services rendered the District. All bids for bonds shall be submitted to the Clerk of the Commission of the City of Bozeman, Montana, on or before March 12, 1984, at 4:00 o'clock p.m.; and the bids will be opened in public at the City Commission Room in the City Hall, Bozeman, Montana, on that date at th.at hour. Said Bonds will be in denominations of $100.00 or fractions or multi- pIes thereof. Each will be dated May 1, 1984, and shall bear i.nterest from said date with interest payable s,emi-annually commencing with January 1, 1985, and each July 1 and January 1 thereafter until paid. Said bonds shall be issued in fully registered form. Each of said bonds shall be due and payable January 1, 2005, unless sooner called for redemption as provided by law. Said bonds are redeemable I at the option of the City at any time there are funds to the credit of said Special Improvement District for the redemption thereof. Said bonds will be redeemed in the order issued and in the manner provided by law for the redemption of the same. COMMISSION RESOLUTION NO. 2494 413 All of said bonds are payable from the collection of a special tax or assessment which is a lien against the real estate within said improvement district. Said bonds will be sold for not less than par value and accrued interest I to the date of delivery. All btdders must state the lowest rate of interest at which the bidder will purchase the bonds at par and shall state the overall net effective interest rate using a level maturity s'chedule. The City conunission reserves the right to reject any and all bids and to sell said bonds at private sale. The number and amount of the bonds may be reduced to reflect the actual contract price, after receiving and reviewing the bonding cos't analysis. All bids other than by or on behalf of the Board of rnvestments of the State of Montana must be accompanied by a certified check in the amount of five (5) percent of bid payable to the order of the City of Bozeman, which will be forfeited by the successful bidder in the event he shall fail or refuse to complete the purchase of said bonds in accordance with the terms of his bid. All bids shall be addressed to the City commission of the City of Bozeman, Montana, and delivered to the Clerk of the said Comrn.;ission. DATED this 6th day of February 1984. I Clerk of the City Conunission 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 Notice of Sale of Bonds was published in length in the Bozeman Daily Chronicle, a newspaper of general circulation printed and published in said City, in the is'sues dated February 12, 19 and 26, and March 4, 1984, and said proof of such publications is on file in my office. IN WITNESS WHEREOF I hereunto set my hand and affix the corporate seal of my office this 13th day of March 1984. Clerk of the City conunission I State of Montana ) County of Gallatin) City of Bozeman ) I, Robin L. Sullivan, Clerk of the COIlUl\ission of the City of Bozeman, do hereby certify that the foregoing :Re$'clution No. 2494 was: publ;ished by title and number in the Bozeman Daily Chron.;icle, a newsl"ape:L' 0f general circu- lation printed and published in s'aid City, in th.e issue dated the 12th day of February 1984 and proof of such publ.;ication ;is on tile in my office. IN WITNESS WHEREOF I hereunto set my h.and and affix the corporate seal of my office this 13th day of March 1984. Clerk of the C.;tty Comm.;tssion COMMJ$$JON RE$OLUTION NO. 2494 -.~- ~ - --~..._,-_. ..,.. . -~~~--_.............~--~.~.~_._. . ~-~".~ .-----....-- --,.,._,~ -"---,~,.~