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HomeMy WebLinkAboutResolution 2622 Authorizing issuance of wannts for 1986 sidewalk program: 8-11-86 ---.--.--.--.---..-.- t"\.~ .~ f. .,..,.1 .. RESOLUTION NO. 2622 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RELATING TO THE 1986 SIDEWALK CONSTRUCTION PROGRAM; AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF SPECIAL WARRANTS, IN THE AMOUNT OF $144,000.00, FOR THE PURPOSE OF FINANCING THE ENGINEERING DESIGN; CONSTRUCTION, INSTALLATION, INSPECTION AND ENGINEERINGCERTIFI.CATION OF SIDEWALKS ALONG PARTICULAR STREETS IN THE CITY OF BOZEMAN, MONTANA. Section 1 I Recitals. The City of Bozeman has ordered that engineering design be prepared for the construction of particular sidewalks along the following streets with an approximate cost of $25,500.00: Street Li m i ts -- E. side of S. 15th Ave. W. Babcock St. to Koch St. W. side of S. 15th Ave. W. Babcock St. to W. College St. E. & W. sides of 5. 16th Ave. West Olive 51. to W. Koch St. E. & W. sides of 5. 17th and W. Olive St. to approx. 400 feet S. 18th Ave. south of W. Olive St. E. & W. sides of 5. 20th Ave. W. Babcock 51. to W. College St. E. & W. sides of S. 22nd Ave. W. Koch 51. to W. Dickerson St. E. side of S. 23rd Ave. W. Babcock 51. to W. College St. N. & 5. sides of W. Babcock 51. 5. 23rd Ave. to S. 19th Ave. N. & 5. sides of W. Olive 51. 5. 20th Ave. to 5. 16th Ave. N. & S. sides of W. Koch St. S. 23rd Ave. to S. 15th Ave. N. & 5. sides of W. Dickerson St. 5. 22nd Ave. to approx. 335 feet east of S. 19th Avenue The City of Bozeman has ordered, in addition to the preparation of engineering speci- I fications, the construction of particular sidewalks along the following streets with an approximate cost of $118,500.00: Street Limits E. & W. side of 5. 15th Ave. W. Babcock St. to W. Koch St. E. side of S. 16th Ave. W. Olive 51. to W. Koch St. W. side of S. 16th Ave. W. Olive 51. to W. Koch 51. excepting Lot 1, Block 1, Richards Subdivision E. side of 5. 17th Ave. W. Olive St. to and including S. cui de sac W. side of 5. 17th Ave. W. Olive 51. to and including 5. cui de sac excepting Tract 3, Certificate of Survey 386B E. & W. sides of 5. 18th Ave. W. Olive 51. to and including 5. cui de sac E. & W. sides of S. 20th Ave. W. Babcock 51. to W. Koch 51. E. side of S. 23rd 51. W. Babcock 5t. to W. Koch St. excepting Lot 3A-3 and a portion of Lot 3A-2, Block 3. Kirk 4th Subdivision N. & 5. sides of W. Babcock St. 5. 23rd Ave. to S. 19th Ave. I N. & 5. sides of W. Olive St. S. 20th Ave. to S. 16th Ave. excepting Tract A, Certificate of Survey 1059 and Tract 3, Certificate of Survey 386B N. side of W. Koch Street S. 23rd Ave. and S. 15th Ave. excepting Lot 3A-3, Block 3, Kirk 4th Subdivision COMMISSION RESOLUTION NO. 2622 . -.-- ---.-----.-..---.. .. 263 Section 2 Warrants to be Issued. -.-.--.--- The amount of warrants necessary to be sold to accomplish the improvements is One Hundred Forty-Four Thousand Dollars ($144,000.00). The City Commission of the City of Bozeman has full power and authority to issue the warrants. Pursuant to the authority described above, the City Commission of the City of Bozeman shall issue and sell the warrants drawn against the funds of the 1986 Sidewalk Construction I Program in an aggregate principal amount of One Hundred Forty-Four Thousand Dollars ($144,000.00). The warrants shall be dated as of September 1, 1986, and shall bear interest, payable annually on January 1 of each year commencing January 1, 1987, at the rates desig- nated by the successful bidder at public sale herein authorized and approved by this City Commission. The warrants wi II be issued as a single warrant or divided into several warrants, as the City Commission may determine at the time of the sale, with principal of the warrants payable on each January 1, commencing January 1, 1987, and, subject to prior redemption and prepayment, continuing through January 1, 1991. The warrants shall be executed by the manual or facsimile signatures of the City Manager, Director of Finance and Clerk of the City Commission. Section 3 Notice of Sale. The warrants shall be sold at a public competitive sale which is hereby called and shall be held at a regular meeting of the City Commission of the City of Bozeman on August 25, 1986, at 2 o'clock p.m., Mountain Daylight Time, in the Commission Room of the Municipal Building, 411 East Main Street, Bozeman, Montana. The Clerk of the Commission is authorized and directed to cause the notice of the sale to be published in the Bozeman Daily Chronicle, once a week for two successive weeks preceding the week which contains the date of sale. The notice of sale attached hereto as Exhibit A (the Notice of the Sale) contains further terms and conditions for the sale of the warrants which terms and conditions are hereby ratified and made a part hereof. I The notice of sale shall be in substantially the form set forth in Exhibit A. PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, at a regular session held thereof on the 11th day of August 1986. Mayor ATTEST: Clerk of the City Commission EXHIBIT A NOTICE OF SALE OF WARRANTS FOR 1986 SIDEWALK CONSTRUCTION PROGRAM OF THE CITY OF BOZEMAN, MONTANA NOTICE IS HEREBY GIVEN by the City Commission of the City of Bozeman, Montana, that the Commission, at a regular meeting to be held on the 25th day of August 1986, at the I hour of 2 o'clock p.m., Mountain Daylight Time, at the Commission Room in the City Hall, 411 East Main Street, Bozeman, Montana, will sell to the highest and best bidder for cash, warrants drawn against the funds of the 1986 Sidewalk Construction Program in the total aggregate principal amount of One Hundred Forty-Four Thousand Dollars ($144,000.00) (the Warrants) for the purpose of financing the engineering design, construction, installation, inspection and engineering certification of sidewalks along particular streets within the City of Bozeman, Montana. COMMISSION RESOLUTION NO. 2622 .... --.-.-. .".----- --,.--. ,---,---- n_n__.'.._,___._ t) ," , ' .' '.' ,I .. .'-) . The Warrants ,- The warrants will be issued as a single warrant or divided into several warrants, as the City of Bozeman may determine at the time of sale, both principal and interest to be payable in equal annual installments on each January 1, commencing January 1, 1987, and subject to prior redemption and prepayment, continuing through January 1, 1991. Redemption All warrants are subject to redemption and prepayment at the option of the City of I Bozeman, in numerical order, on any interest payment date whenever there is any balance in the warrant account for the 1986 Sidewalk Construction Program after payment of interest due on all warrants, either from the prepayment of special assessments levied for the program or from the transfer of surplus monies in the construction account. Security The warrants are not general obligations of the City of Bozeman. The warrants are payable from the collection of special assessments which are levied against and become a lien on the real property within the sidewalk program. The assessments to be levied by the City of Bozeman will bear interest at an annual rate equal to the average annual interest rate born by the warrants. The warrants shall also be secured by the City of Bozeman's Special Improvement District Revolving Fund (the Revolving Fund). The City of Bozeman will agree to make a loan from the Revolving Fund to the 1986 Sidewalk Construction Program to make good any deficiency then existing in the interest and warrant account of the Program Sidewalk Fund and to provide funds for the Revolving Fund by levying a tax or making a loan from the General Fund to the extent authorized by law. The City of Bozeman has outstanding as of June 30, 1986, $9,108,519 principal amount of Special Improvement District Bonds and Sidewalk, Curbs, Gutters and Alley Approaches Warrants backed by the Revolving Fund. The City has a balance of $0 in its Special Improvement District Revolving Fund. Registrar and Paying Agent I Principal of and interest on the warrants will be payable at the principal office of the Director of Finance, City of Bozeman, Montana. Bids and Award of Sale Terms of Bid. Each bid must be for all but not less than all of the warrants. All warrants must bear basic interest from the date of issue until paid at a single, uniform rate, expressed in integral multiples of 1/20 of one percent per annum. No bid for less than par value with accrued interest on the principal amount of the warrants to the date of delivery of the warrants will be considered. Receipt of Bids and Award of Sale. Sealed bids for the warrants will be received by the Clerk of the Commission of the City of Bozeman, Montana, until 2 o'dock p.m., Mountain Daylight Time, on August 25, 1986. Each envelope must be marked as follows: "Bid for $144,000.00 1986 Sidewalk Construction Program Warrants" and must indicate the name and address of the bidder or, in the case of a group of bidders, of the representative. Basis of Award. The award, if any, will be made to the bidder whose bid results in the lowest net I interest cost payable on the warrants. The City of Bozeman reserves the right to reject any and all bids and to waive any informality or irregularity in any and all bids. Good Faith Check. Each bid must be accompanied by lawful money of the United States of America or a cashier's check, certified check, bank money order or bank draft in the amount of Two COMMISSION RESOLUTION NO. 2622 265 Thousand Eight Hundred Eighty Dollars ($2,880.00) drawn and issued by a national banking association located in Montana or by any banking corporation incorporated under the laws of Montana, payable to the City of Bozeman. The bid security of the unsuccessful bidders will be returned immediately on award of the warrants to the successful bidder or after rejection of all bids. The bid security of the successful bidder will be deposited by the Director of Finance on the date of sale, and at the time of the delivery of the warrants such security will be applied against the' purchase price for the warrants or will be retained as liquidated damages upon the I failure of the successful bidder to take and pay for the warrants in accordance with the terms of the bid. No interest wi II be allowed on the bid security. Additional Information. Additional information regarding the 1986 Sidewalk Program and the warrants may be obtained from the Clerk of the City Commission, City of Bozeman, P.O. Box 640, Bozeman, Montana 59771, telephone (406) 586-3321. Delivery of Warrants. Delivery of the warrants will be made payable therefore in immediately available funds within forty-five (45) days of the date of sale at Bozeman, Montana, or at such other location as the purchaser shall request and the City of Bozeman shall approve. The charge of the delivery agent will be paid by the purchaser. The cost of printing of the warrants will be paid by the sidewalk program. Clerk of the City Commission State of Montana ) I County of Gallatin : ss. City of Bozeman ) I, Robin L. Sullivan, Clerk of the Commission of the City of Bozeman, do hereby certify that the foregoing Resolution No. 2622 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 14th day of August 1986, 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 17th day of September 1986. Clerk of the City Commission State of Montana ) County of Gallatin : ss. City of Bozeman ) I, Robin L. Sullivan, Clerk of the Commission of the City of Bozeman, do hereby certify that the foregoing Notice was published at length in the Bozeman Daily Chronicle, a newspaper of general circulation printed and published in said City, in the issues dated the 13th and 17th days of August 1986, and due proof of such publication is on file in my office. I N WITNESS WHEREOF, I hereunto set my hand and affix the corporate seal of my office this 17th day of September 1986. I Clerk of the City Commission COMMISSION RESOLUTION NO. 2622