HomeMy WebLinkAboutResolution 2559 Authorizing loans from 18th District Court to SIDs 621-625: 6-10-85
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RESOLUTION NO. 2559
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN
AUTHORIZING A LOAN OF $175,000.00 FROM FUNDS HELD BY THE CLERK OF
THE EIGHTEENTH JUDICIAL DISTRICT, IN AND FOR THE COUNTY OF
GALLATIN, STATE OF MONTANA.
WHEREAS, the City of Bozeman has requested and received authorization from the 18th
Judicial District Court, Judge Thomas A. Olson presiding, to borrow an amount necessary to I
make the interest payment due July 1, 1985, for bonds outstanding in Special Improvement
Districts 621 through 625, from the trust fund set up by the Court in the litigation
commenced by Valley Unit Corporation; and
WHEREAS, the Court has required a resolution by the City Commission of the City of
Bozeman to authorize the loan;
NOW, THEREFORE, be it resolved by the City Commission of the City of Bozeman,
Montana:
Sect ion 1
That the City of Bozeman is authorized to borrow, by July 1, 1985, the sum of ONE
HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($175,000.00) from trust funds for Special
Improvement District Numbers 621 through 625 held by the Clerk of the Eighteenth Judicial
District in and for the County of Gallatin, State of Montana.
Sect ion 2
That the proceeds of this loan shall be used to make the July 1, 1985, interest payment
of Special Improvement District Bonds for Special Improvement District Numbers 621 through 625.
Sect ion 3 I
That the loan shall accrue interest at the rate of ten and one-quarter percent (10*%)
per annum and shall be due and payable within thirty (30) days after the District Court
makes its decision regarding the Special Improvement District assessment litigation.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, at a
regular session thereof held on the 10th day of June 1985.
KENNETH L. WEAVER, Mayor
ATTEST:
ROBIN L. SULLIVAN
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 Resolution No. 2559 was published by number and title in the I
Bozeman Daily Chronicle, a newspaper of general circulation printed and published in said
City, in the issue dated the 13th day of June 1985, and 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 25th day of June 1985.
Clerk of the City Commission
COMMISSION RESOLUTION NO. 2559