HomeMy WebLinkAboutResolution 2545 Authorizing loan or advance from SID revolving account to SID 646: 3-04-85
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RESOLUTION
No. 2545
A RESOLUTION 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.
WHEREAS, the City Commission of the City of Bozeman, Montana, did
on the 2nd day of July, 1984, pass a Resolution, creating Special
Improvement District No. 646 for the purpose of installing and
constructing a sanitary sewer trunk and other appurtenances thereto,
in said City; and
WHEREAS, the said Commission has created a Special Improvement
District Revolving Fund under the provisions of what is now Section
7-12-4221 of the Montana Code Annotated, as amended; and,
WHEREAS, on the 14th day of January, 1985, Grande & Company agreed
to purchase the bonds to be issued by said District, upon condition
that the Council enter into the undertakings and agreements
hereinafter set forth; and,
WHEREAS, it is necessary and appropriate that the following under-
takings and agreements be made by said Commission with respect to said
revolving fund and special improvement district.
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
improvements in the Special Improvement District hereinbefore specifi-
cally 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 principal and interest accounts thereof to
the extent that funds are available, and hereby further undertakes and
agrees to provide funds for such revolving fund pursuant to the provi-
sions of Section 7-12-4222(1) of the Montana Code Annotated, 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). The undertakings and agreements provided for herein are
made pursuant to the provisions of Section 7-12-4225, of the Montana
Code Annotated, as amended.
PASSED AND ADOPTED this ~ day of March
, 1985.
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