HomeMy WebLinkAboutResolution 2501 Intent to issue IDR bonds - Friska-Solvie AMENDED BY 2546
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COMMISSION RESOLUTION NO. 2501
RESOLUTION PROVIDING FOR THE GIVING OF
NOTICE OF A PUBLIC HEARING ON THE PRO-
POSED ISSUANCE BY THE CITY OF BOZEMAN,
MONTANA, OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $8,000,000 FOR
FELSKA-SOLVIE, A MONTANA CORPORATION,
FOR THE PURPOSE OF ACQUIRING LAND FOR,
DEVELOPING, CONSTRUCTING, IMPROVING,
EQUIPPING AND FURNISHING A HOTEL AND
CONVENTION CENTER FACILITY.
BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana (the City), as follows:
Section 1
Recitals
1.01. The City is authorized by Title 90, Chapter 5,
Part 1, Montana Code Annotated (the Act), to acquire,
whether by construction, purchase, devise, gift or lease, or
anyone or more of such methods, projects consisting of any
building or other improvements, and all real and personal
properties deemed necessary in connection therewith, whether
or not now in existence, or to loan funds for the purpose
of such projects, which projects shall be suitable for
commercial facilities. To provide funds for such projects
and loans, the City, acting pursuant to the Act, may issue
and sell its revenue bonds or notes (hereinafter bonds) at
public or private sale in such manner and at such times as
may be determined by this Council to be most advantageous.
Such bonds are to be payable solely from the revenues
derived by the City from the project and may be secured by
such security devices as may be deemed advantageous by the
City and as are permitted by the Act.
1.02. A proposal has been presented to the City by
Felska-Solvie, a Montana corporation (the Borrower), that
the City, acting pursuant to and in accordance with the Act,
authorize the issuance of the bonds (the Bonds) of the City
in the maximum aggregate face amount of $8,000,000, the
proceeds of which will be used to acquire land for, develop,
construct, equip and furnish a 128,000 square foot hotel and
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convention center with related improvements (the Project),
and to pay for the costs and expenses incident to the
issuance, sale and security of the Bonds. The Project is to
be located within the City near the intersection of and on
the easterly side of North 7th Avenue and on the southerly
side of the Interstate 90 Highway, the Project site consists
of approximately eleven (11) acres.
1.03. Under the provision of the Act, any Bonds so
issued by the City shall be special, limited obligations of
the City and the Bonds and interest thereon shall not
constitute nor give rise to a pecuniary liability of the
City or a charge against its general credit or taxing
powers.
Section 2
Public Hearing.
Section 90-5-104 of the Act and Section 103(k) of the
Internal Revenue Code of 1954, as amended (the Code) require
that, prior to the issuance of any Bonds under the authority
of the Act and the Code, the City shall give notice and hold
a public hearing on the proposed project. Pursuant to such
authority, a public hearing on the proposed Project is
called and shall be held on June 18 , 1984, at
7:00 o'clock p.m., Mountain Daylight Time, at the City
Commission Chambers, City Hall, at 411 East Main Street,
Bozeman, Montana.
Section 3
Form of Notice.
The notice of the public hearing shall be in
substantially the form as set forth in Exhibit A hereto.
Section 4
Publication of Notice.
The City shall cause the notice to be published in a
newspaper of general circulation in the City at least once a
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week for three consecutive weeks prior to the date set for
the hearing, the last such publication date being at least
seven days before the date of the hearing, excluding the day
of publication.
Section 5
Costs and Commitment.
The Borrower will make payment either directly or
through the City of any and all costs incurred by the City
in connection with the Project whether or not the Project is
finally approved, whether or not the Project is carried to
completion and whether or not the Bonds are issued.
The adoption of this resolution does not constitute a
guarantee or a firm commitment that the City will issue the
Bonds as requested by the Borrower. The City retains the
right, in its discretion, to withdraw from participation and
accordingly not issue the Bonds should the City, at any time
prior to the issuance thereof, determine that it is in the
best interests of the City to not issue the Bonds or should
.
the parties to the transaction be unable to reach agreement
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as to the terms and conditions of any of the documents
required for the transaction.
PASSED AND APPROVED by the Bozeman City Commission this
21st
day of
May
, 1984.
Attest:
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(2j~d ~~
Clerk of the City Commission
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EXHIBIT A
NOTICE OF A PUBLIC HEARING ON THE PRO-
POSED ISSUANCE BY THE CITY OF BOZEMAN,
MONTANA, OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $8,000,000 FOR
FELSKA-SOLVIE, A MONTANA CORPORATION,
FOR THE PURPOSE OF ACQUIRING LAND FOR,
DEVELOPING, CONSTRUCTING, IMPROVING,
EQUIPPING AND FURNISHING A HOTEL AND
CONVENTION CENTER FACILITY.
NOTICE IS HEREBY GIVEN that the Bozeman City Commis-
sion, Bozeman, Montana (the City), will meet on
June 18
19 8 4, at 7 : 00
o'clock p.m., Mountain Daylight Time, at the
Commission Chambers, City Hall, Bozeman, Montana, for the
purpose of holding a public hearing on a proposed project
and the issuance of industrial development revenue bonds or
notes therefor (hereinafter bonds) under Title 90, Chapter
5, Part 1, Montana Code Annotated. The proposed project
(the Project) will be the acquisition of land for, the
development, construction, equipping and furnishing of a
128,000 square foot hotel and convention center with related
improvements and to pay the costs and expenses incident to
the issuance, sale and security of the bonds. The Project
will be located in Bozeman, Montana, near the intersection
of and on the easterly side of North 7th Avenue and on the
southerly side of the Interstate 90 Highway, Project site
consists of approximately eleven (11) acres.
Felska-So1vie, a Montana corporation (the Borrower),
will be the owner of the Project. It is proposed that the
City issue and sell industrial development bonds in the
maximum aggregate principal amount of $8,000,000 (the Bonds)
to finance the costs of acquiring land for developing,
constructing, improving, equipping and furnishing the
Project, and to pay costs and expenses incident to the
issuance, sale and security of the Bonds. The proceeds of
the Bonds will be loaned to the Borrower which will be
obligated to acquire land for, develop, construct, improve,
equip and furnish the Project, to repay the loan at the
times and in the amounts sufficient to pay the principal of
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and interest on the Bonds when due and to pay all costs and
expenses incident to ownership of the Project.
The Bonds, if issued, would be special, limited
obligations of the City, payable solely from the loan
repayments to be made by the Borrower and proceeds realized
from other security, if any, granted therefor. The Bonds
will not constitute nor give rise to a pecuniary liability
of the City or charge against its general credit or taxing
powers.
All persons interested in addressing the City
Commission on the Project or the Bonds may appear to be
heard at the time and place above written or may file
written comments with the City Clerk prior to the date of
hearing set forth hereinabove.
DATED:
May 21
, 1984.
BY ORDER OF THE CITY COMMISSION
OF THE CITY OF BOZEMAN, MONTANA
&J~ci lJ~
Clerk of the City Commission
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Publication Dates:
First Publication:
Second Publication:
Third Publication:
May 27, 1984
June 3, 1984
June 10, 1984
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