HomeMy WebLinkAboutResolution 2562 City will annual authorizing loans from SID revolving to SID 647: 7-08-85
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COMMISSION RESOLUTION NO. 2562
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, PURSUANT TO STATUTORY PROVISIONS, SETTING OUT THAT
THE CITY COMMISSION UNDERTAKES AND AGREES TO ISSUE ORDERS
ANNUALLY AUTHORIZING LOANS OR ADVANCES FROM THE REVOLVING
ACCOUNT TO THE EXTENT FUNDS ARE AVAILABLE AND TO PROVIDE
FUNDS FOR SUCH REVOLVING FUND BY MAKING TAX LEVY AND LOANS AS
THE COMMISSION DETERMINES NECESSARY.
I WHEREAS, the City Commission of the City of Bozeman, Montana, did on the 1 st day
of April 1985 pass Commission Resolution No. 2550, creating Special Improvement District No.
647 for the purpose of accomplishing the engineering design, construction, inspection and
engineering certification of the asphalt paving, storm drainage, curb and gutter on a portion
of Highland Boulevard and an eight-inch sanitary sewer main and all other necessary
appurtenances thereto, in said City; and
WHEREAS, the said City Commission has created a Special Improvement District
Revolving Fund under the provisions of what is now Section 7-12-4221, M.C.A., as amended;
and
WHEREAS, on the 22nd day of April 1985, Dain Bosworth, Inc., Denver, Colorado,
agreed to purchase the bonds to be issued by said District, upon condition that the
Commission enter into the undertakings and agreements hereinafter set forth; and
WHEREAS, it is necessary and appropriate that the following undertakings and
agreements be made by said Commission with respect to said revolving fund and special
improvement district.
I NOW THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman,
Montana, that in connection with the issuance of Special Improvement District Bonds to be
issued to defray the cost of the improvement in the Special Improvement District hereinbefore
specifically referred to, the Commission hereby undertakes and agrees to issue orders,
annually authorizing loans or advances from the revolving fund to the district fund of said
district in amounts sufficient to make good any deficiency in the interest account thereof to
the extent that funds are available, and hereby further undertakes and agrees to provide
funds for such revolving fund pursuant to the provisions of Section 7-12-4222(1), M.C.A., as
amended, by annually making such tax levy (or, in lieu thereof, such loan from the general
fund) as the Commission shall determine to be required to provide the funds sufficient for the
purposes herein expressed, subject to the maximum limitations imposed by said Section
7-12-4222(1), M.C.A. The undertakings and agreements provided for herein are made
pursuant to the provisions of Section 7-12-4225, M.C.A., as amended.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, this
8th day of July 1985.
I KENNETH L. WEAVER, Mayor
ATTEST:
ROBIN L. SULLIVAN
Clerk of the Commission
COMMISSION RESOLUTION NO. 2562
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