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HomeMy WebLinkAboutResolution 2544 Authorizing bond sale for SID 647: 3-04-85 '-) r." I ' !: ., ,I ~.,., '-' < COMMISSION RESOLUTION NO. 2544 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, AUTHORIZING AND DIRECTING THE ADVERTISEMENT AND SALE OF SPECIAL IMPROVEMENT DISTRICT BONDS' TO PROVIDE FUNDS FOR PAYMENT FOR WORK AND MATERIAL IN SPECIAL IMPROVEMENT DISTRICT NO. 647 FIXING THE NUMBER, DATE, DENOMINATION AND MATURITY OF SUCH BONDS, AND PRESCRIBING THE FORM THEREOF. WHEREAS, Special Improvement District No. 647 has been duly created; and I WHEREAS, it is necessary to provide a means for the payment of the contractor or contractors and for the expenses of creating said district; and WHEREAS, it is necessary that bonds be issued and sold for the payment thereof. NOW, THEREFORE, BE IT RESOLVED BY THE SAID CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA: 1. FUNDS FOR PAYMENT. That payment for all costs and expenses incurred in the construction of the improvements installed in said Special Improvement District shall be met by the execution and delivery of serial bonds of Special Improvement District No. 647 in an amount not to exceed $900,000.00. 2. BONDS. The bonds shall be in denominations of $5,000.00 or fractions or multiples thereof. Each will be dated May 1, 1985, and shall bear interest from said date with interest payable semi-annually commencing with January 1, 1986 and each July 1 and January 1 there- after unti I paid. Each of said bonds shall be due and payable January 1, 2005, unless sooner called for redemption as provided by law. The form of said bonds shall be substantially as provided by Section 7-12-4202, M.C.A., 1983, and shall be issued in fully registered form. I 3. BIDS ON BONDS. The City Commission shall receive sealed bids for said bonds until Monday, April 1,1985, at 4:00 o'clock p.m. on said date for the purchase of said bonds. 4. NOTICE OF CALL FOR BIDS. The Clerk of the City Commission is hereby directed to give notice of the call for bids by publication in each of the four (4) successive calendar weeks immediately preceding the week which contains the date of the sale. Said notice shall be published in the Bozeman Daily Chronicle, a newspaper of general circulation printed and published in the City of Bozeman, Montana. The Clerk of the City Commission, at least fifteen (15) days before the date fixed for said sale, shall send a copy of the published Notice to the Secretary of the State Board of Investments and shall furnish to said Secretary a transcript of proceedings for the issuance of bonds and such other information relating thereto as the Secretary may find necessary. PASSED AND ADOPTED by the City Commission of the City of Bozeman at a regular I meeting thereof held on the 4th day of March 1985. KENNETH L. WEAVER, Mayor COMMISSION RESOLUTION NO. 2544 o t- c; Jv ATTEST: ROBIN L. SULLIVAN Clerk of the Commission I NOTICE OF SALE OF BONDS of SPECIAL IMPROVEMENT DISTRICT NO. 647 OF THE CITY OF BOZEMAN, MONTANA NOTICE IS HEREBY GIVEN by the City Commission of the City of Bozeman, Montana, that said Commission will on the 1st day of April 1985, at the hour of 4:00 o'clock p.m. at the Commission Room in the City Hall of said City, sell to the highest and best bidder for cash, serial bonds drawn against the funds of Special Improvement District No. 647 of the said City of Bozeman, in the total amount not to exceed Nine Hundred Thousand Dollars ($900,000.00) for the purpose of paying for the construction and installation of the improvements for the realigned Highland Boulevard and a sanitary sewer main to serve certain property lying within the District and for engineering and administrative services rendered the District. All bids for bonds shall be submitted to the Clerk of the Commission of the City of I Bozeman, Montana, on or before April 1, 1985, at 4:00 o'clock p.m.; and the bids will be opened in public at the City Commission Room in the City Hall, Bozeman, Montana, on that date at that hour. Said Bonds will be in denominations of $5,000.00 or fractions or multiples thereof. Each wi II be dated May 1, 1985, and shall bear interest from said date with interest payable semi-annually commencing with January 1, 1986, and each July 1 and January 1 thereafter un t i I pa i d . Said bonds shall be issued in fully registered form. Each of said bonds shall be due and payable January 1, 2005, unless sooner called for redemption as provided by law. Said bonds are redeemable at the option of the City at any time there are funds to the credit of said Special Improvement District for the redemption thereof. Said bonds will be redeemed in the order issued and in the manner provided by law for the redemption of the same. All of said bonds are payable from the collection of a special tax or assessment which is a lien against the real estate within said improvement district. Said bonds will be sold for not less than par value and accrued interest to the date of del ivery . All bidders must state the lowest rate of interest at which the bidder will purchase I the bonds at par and shall state the overall net effective interest rate using a level maturity schedule. The City Commission reserves the right to reject any and all bids and to sell said bonds at private sale. The number and amount of the bonds may be reduced to reflect the actual contract price, after receiving and reviewing the -bonding cost analysis. COMMISSION RESOLUTION NO. 2544 on . _______..._____ ---------,.".,. nr;;; 1",..,' 'I.,."J' "J All bids other than by or on behalf of the Board of Investments of the State of Montana must be accompanied by a certified check in the amount of five (5) percent of bid payable to the order of the City of Bozeman, which wi II be forfeited by the successful bidder in the event he shall fail or refuse to complete the purchase of said bonds in accordance with the terms of his bid. All bids shall be addressed to the City Commission of the City of Bozeman, Montana and I delivered to the Clerk of the said Commission. DA TED this 4th day of Ma rch 1985. Clerk of the City Commission State of Montana ) County of Gallatin : SSe 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 March 8, 15, 22 and 29, 1985, and due proof of such publications is on file in my office. I N WI TNESS WHEREOF, I hereunto set my hand and affix the corporate seal of my office this 4th day of April 1985. Clerk of the City Commission I 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. 2544 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 7th day of March 1985, and due proof of such publications is on file in my office. I N WI TNESS WHEREOF, I hereunto set my hand and affix the corporate seal of my office this 4th day of Apri I 1985. Clerk of the City Commission I COMMISSION RESOLUTION NO. 2544