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HomeMy WebLinkAboutResolution 3554 Authorize sale of bonds for 2000 Sidewalk Program --.-.--. .----....-.--. .-.--. ....- --.. - - COMMISSION RESOLUTION NO. 3554 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RELATING TO $106,000 SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2002; MAKING CERTAIN FINDINGS WITH RESPECT TO THE PLEDGE OF THE REVOLVING FUND TO THE SECURITY THEREOF. BE IT RESOLVED by the City Commission (the "Commission") of the City of Bozeman, Montana (the "City"), as follows: Section 1. Recitals. (a) The City is authorized pursuant to Section 7-14-4109, M.C.A. to order the construction or reconstruction of sidewalks, curbs or gutters in front of any lot or parcel of land and may order alley approaches constructed or replaced adjacent to any lot or parcel of land within the City. By Resolution Nos. 3358 and 3362 adopted April 17 , 2000 and May 15, 2000 (the "Orders"), the Commission set forth its intention and after notice and public hearing ordered in certain sidewalks, curbs, gutters and alley approaches which were described in the respective resolutions. The Orders were duly entered in the minutes of the Commission and setforth the names ofthe streets along which sidewalks, curbs or gutters are to be constructed or along which the alley approaches are to be constructed or replaced (the "Project"). As provided in the Orders and in accordance with Section 7-14-4109, M.C.A., written notice of the Orders was given to the owners or agents of owners of lots or parcels of land against which the costs of the proposed improvements were to be assessed. Upon the expiration of the 30-day notice period in the Orders, the City determined which of the proposed improvements have been or will be constructed by the owners of the adjacent property and which ofthe proposed improvements will be constructed by the City. The improvements to be constructed by the City (the "Improvements") are described in Exhibit A attached hereto. The total estimated costs of the Improvements to be constructed by the City are $106,000, including such incidental costs and a deposit to the City's Special Improvement District Revolving Fund (as hereinafter defined the "Revolving Fund"). The City is authorized to pay the costs of constructing the Improvements by the issuance of special warrants (the Special Sidewalk, Curb, Gutter and Alley Approach Warrants) drawn against a fund to be known as the Special Sidewalk, Curb, Gutter and Alley Approach Fund and to secure such warrants by the City revolving fund created pursuant to Section 7-12-4221, M.C.A. (the "Revolving Fund"). All of the costs of the Improvements are to be paid from the proceeds of Special Sidewalk, Curb, Gutter and Alley Approach Warrants, Series 2002, hereinafter referred to as Special Sidewalk, Curb, Gutter and Alley Approach Bonds (the "Bonds"), which are to be payable primarily from special assessments to be levied against property which will be specially benefitted by the Improvements in an amount not less than $106,000. (b) Pursuant to Montana Code Annotated, Section 7-7-109, the City has received an offer from the Board of Investments ofthe State of Montana through its INTERCAP Program to purchase the Bonds at a price of $106,000, plus interest accrued on the Bonds to the date of delivery, if any, upon the furtherterms -.-----,,---.. ..-. ...-......------ and conditions to be set forth in a subsequent resolution, on the condition that the Bonds are secured by the Revolving Fund. Section 2. Findings and Determination To Pledge the Revolving Fund. The City is authorized to secure payment of principal of and interest on the Bonds by the Revolving Fund and is authorized to enter into the undertakings and agreements authorized in the Act in respect of the Bonds, based on the factors required to be considered under Section 7-12-4225(4) of the Act. Section 3. Method of Financinq; Pledqe of Revolving Fund: Findings and Determinations. The City will issue Sidewalk, Curb, Gutter and Alley Approach Bonds in an aggregate principal amount notto exceed $106,000 in orderto finance the costs ofthe Improvements. Principal of and interest on the Bonds will be paid from special assessments levied against the property in the Project. This Commission further finds it is in the public interest, and in the best interest of the City and the Project, to secure payment of principal of and interest on the Bonds by the Revolving Fund and hereby authorizes the City to enter into the undertakings and agreements authorized in Section 7-12-4225 in respect to the Bonds. In determining to authorize such undertakings and agreements, this Commission has taken into consideration the following factors: (a) Estimated Market Value of Parcels. The special assessments to be levied against each lot, tract or parcel for the Improvements is insignificant in comparison to the market value of such lot, tract or parcel in the Project area. (b) Diversitv of Procerty Ownership. Substantially all the lots, tracts or parcels in the Project area are under separate ownership. Given the diversity of ownership, it is unlikely that financial difficulties would arise that would require a loan to be made from the Revolving Fund. (c) Comcarison of Special Assessments. ProcertvTaxes and Market Value. The estimated assessments forthe Improvements range from $371.23 to $20,322.53. Given the amountofthe proposed assessmentforthe Improvements and the amount of other special assessments and property taxes levied against the various parcels in the Project area and the respective market value of the parcels, if the City had to enforce the assessment lien against the properties for the Improvements there would be more than sufficient value in the property to secure the obligation to the City. (d) Delinquencies. The tax delinquency rate for properties in the Project area is no greaterthan the delinquency rate of the City at large, and therefore, no unusual need for loans from the Revolving Fund would be expected. (e) The Public Benefit of the Improvements. Based on current City Subdivision and Site Development Ordinances, and under City Commission policies, the cost of installation of new curb, gutter, sidewalk, and drive approaches is to be borne by adjoining property owners. The availability of good curb, gutters and sidewalks does have general benefit, however, to the community at large as well as special benefit to the property owners to be assessed, and therefore, the use of the Revolving Fund to secure the Bonds is in the public interest. Section 4. Public Hearing. The Clerk of the Commission is hereby directed to publish notice of the public hearing, which hearing will be held Tuesday, November 12,2002, at 7:00 p.m., in the Commission Room, Municipal Building, 411 East Main Street, Bozeman, Montana, concerning the Project; and all interested parties will be allowed to testify. The City Commission will also -2- -..--..--..---------- consider all written comments submitted to the Clerk of the Commission prior to the hearing or submitted to the Commission during the hearing. PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, at a regular session thereof held on the 21 st day of October 2002. ~~k:~-f- ATTEST: ~L~~ Clerk of the Commission AS TO FORM: -3- . ----. "...-.-.".---.--- - u.n.____._ -.--...---..- ------------.-----.--... A-1 EXHIBIT A THE IMPROVEMENTS Description The Bonds are being issued to pay a portion ofthe costs of engineering, reconstructing and installing certain local improvements to benefit certain properties in the City described above consisting of various sidewalk, curb, gutter and alley approach improvements consisting ofthe 2000 Sidewalk Program (the "Improvements") as shown below. 2000 SIDEWALK PROGRAM The City Commission has ordered in the installation of sidewalks along both sides of the following streets: . West Koch Street between South 15th Avenue and South 19th Avenue . West Koch Street between South 19th Avenue and South 23rd Avenue . Lincoln Road between Willow Way and South 19th Avenue (north side only) . Kagy Boulevard between Greek Way and South 11 th Avenue (south side only) . Cypress Avenue between East Main Street and East Curtiss Street . East Curtiss Street between Cypress Avenue and Aylsworth Avenue . East Babcock Street between Cypress Avenue and Aylsworth Avenue . East Olive Street between Cypress Avenue and McAdow Avenue . McAdow Avenue between East Olive Street and East Curtiss Street . East Main Street between Cypress Avenue and Highland Boulevard . West Dickerson Street/North 22nd Avenue between South 19th Avenue and West Koch Street . Wheat Drive between North 7th Avenue and Mandeville Lane . Mandeville Lane between Wheat Drive and North 7th Avenue (south side only) . South 15th Avenue between West Koch Street and West Dickerson Street . South 20th Avenue between West Koch Street and West College Street ---- .-...---- ...._._n___ NOTICE OF PUBLIC HEARING WITH RESPECT TO PLEDGE OF REVOLVING FUND FOR SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS CITY OF BOZEMAN, MONTANA NOTICE IS HEREBY GIVEN that on October 21, 2002, the City Commission of the City of Bozeman, Montana (the "City"), adopted a Resolution Relating to $1 06,000 Special Sidewalk, Curb, Gutter and Alley Approach Bonds, Series 2002; Making Certain Findings With Respect to the Pledge of the Revolving Fund to the Security Thereof. The City will issue Sidewalk, Curb, Gutter and Alley Approach Bonds in an aggregate principal amount not to exceed $106,000 (the "Bonds") in order to finance the costs of the sidewalk improvements. Principal of and interest on the Bonds will be paid from special assessments levied against the property in the Project. Subject to the limitations of Montana Code Annotated, Section 7 -12-4222, the general fund of the City may be used to provide loans to the Revolving Fund or a general tax levy may be imposed on all taxable property in the City to meet the financial requirements of the Revolving Fund. Pursuant to the Resolution, the Commission found it to be in the public interest, and in the best interest of the City and the Project, to secure payment of principal of and interest on the Bonds by the Revolving Fund and authorized the Cityto enter into undertakings and agreements in respect to the Bonds. On Tuesday, November 12,2002, at 7:00 p.m., in the Commission Room at City Hall in Bozeman, Montana, the City Commission will conduct a public hearing on the pledge ofthe Revolving Fund to the above reference Bonds. Further information regarding the Revolving Fund or the Bonds or other matters in respect thereof may be obtained from the Clerk of the Commission at the Municipal Building, 411 East Main Street, Bozeman, Montana or by telephone at (406) 582-2320. Dated: October 21, 2002. BY ORDER OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA ()~J~ Clerk of the Commission Legal Ad Publish: Sunday, October 27,2002 Sunday,November3,2002 ___....___n __