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HomeMy WebLinkAboutResolution 2530 Setting public hearing date for IDRs for Cowdrey: 11-05-84 015 COMMISSION RESOLUTION NO. 2530 RESOLUTION PROVIDING FOR THE GIVING OF NOTICE OF A PUBLIC HEARING ON THE PROPOSED ISSUANCE BY THE CITY OF BOZEMAN, MONTANA, OF HOUSING DEVELOPMENT REVENUE BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $950,000 FOR MARVIN R. AND JUDY G. COWDREY FOR THE CONSTRUCTION OF 32 UNIT APARTMENT COMPLEX AND RELATED EXPENDITURES THERETO. I BE IT RESOLVED by the City Commission of the City of Bozeman, Montana (the City), as follows: Sect ion 1. Recitals. 1 .01 . The City is authorized by Title 90, Chapter 5, Part 1, Montana Code Annotated (the Act), to issue its revenue bonds for the purpose of defraying the costs of acquiring, constructing, and equipping multifami Iy housing projects and to loan the proceeds of such bonds to others to pay such costs, upon such terms and conditions as the governing body of the City shall deem advisable. To provide funds for such projects and loans, the City, acting pursuant to the Act, may issue and sell its revenue bonds or notes (hereinafter bonds) at public or private sale in such manner and at such times as may be determined by this Commission to be most advantageous. Such bonds are to be payable solely from the revenue derived by the City from the project and may be secured by such security devices as may be deemed advantageous by the City and as are permitted by the Act. 1.02. A proposal has been presented to the City by Marvin R. and Judy G. Cowdrey, I of Bozeman, Montana (the Borrower) that the City, acting pursuant to and in accordance with the Act, authorize the issuance of bonds (the Bonds) of the City in the maximum aggregate principal amount of $950,000, the proceeds of which will be loaned to the Borrower and used to acquire and construct a project (the Project) consisting of 26 two-bedroom apartments and 6 one-bedroom apartments, equipment, furnishings, incidental and related facilities and improvements and the payment of costs and expenses incident to the issuance, sale and security of the Bonds. The Project will be located in the City of Bozeman on the corner of West Dickerson and South 22nd (Lots 1 and 2--B lock 1, University Square Subdivision). 1 .03. Under the provision of the Act, any Bonds so issued by the City shall be special, limited obligations of the City payable solely from the loan repayments to be made by the borrower and proceeds realized from additional security pledged thereto. The Bonds and interest thereon shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. Sect ion 2. Public Hearings. Section 90-5-104 of the Act and Section 103(k) of the Internal Revenue Code of 1954, as amended (the Code) require that, prior to the issuance of I any Bonds under the Authority of the Act and the Code, the City shall give notice and hold a public hearing on the proposed Project. Pursuant to such authority, a public hearing on the proposed Project is ca lied and shall be held on Monday, December 3, 1984, at 7 o'clock p.m., Mountain Time, in the City Commission Chambers, City Hall, Bozeman, Montana. COMMISSION RESOLUTION NO. 2530 . - --.--.-..----.--- - -- -----..------.-...--.----...- Ole Sect ion 3. Form of Notice. The notice of the public hearing shall be in substantially the form as set forth in Exhibit A hereto. Sect ion 4. Publication of Notice. The City shall cause the notice to be published in a newspaper of general circulation in the City at least once a week for three consecutive weeks prior to the date set for the hearing, the last such publication date being at least seven days I before the date of the hearing, excluding the day of publication. Sect ion 5. Costs and Commitment. The Borrower will make payment either directly or through the City of any and all costs incurred by the City in connection with the Project whether or not the Project is finally approved, whether or not the Project is carried to completion and whether or not the Bonds a re issued. The adoption of this resolution does not constitute a guarantee or a firm commitment that the City will issue the Bonds as requested by the Borrower. The City retains the right, in its discretion, to withdraw from participation and accordingly not issue the Bonds should the City, at any time prior to the issuance thereof, should it determine that it is in the best interests of the City to not issue the Bonds or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for transaction. PASSED AND APPROVED by the Bozeman City Commission this 5th day of November I 1984. Mayor ATTEST: City Clerk EXHIBIT A NOTICE OF A PUBLIC HEARING ON A PROPOSED PROJECT FOR MARVIN R. AND JUDY G. COWDREY AND THE ISSUANCE BY THE CITY OF BOZEMAN, I MONTANA, OF HOUSING DEVELOPMENT REVENUE BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $950,000. NOTICE IS HEREBY GIVEN that the Bozeman City Commission, Montana (the City), will meet on Monday, December 3,1984, at 7 o'clock p.m., Mountain Time, in the City Commission Chambers" City Hall, Bozeman, Montana, for the purpose of holding a public hearing on a COMMISSION RESOLUTION NO. 2530 ---------- ----------------- ------ -~------------------ 017 proposed project and the issuance of industrial development revenue bonds or notes therefor (hereinafter Bonds) under Title 90, Chapter 5, Part 1, Montana Code Annotated. The proposed project (the Project) will be the acquisition and construction of 26 two-bedroom apartments and 6 one-bedroom apartments, equipment and furnishings and incidental and related facilities and improvements. The Project wi II be located in the City of Bozeman on the I corner of West Dickerson and South 22nd (Lots 1 and 2--B lock 1, University square Sub- division) . Marvin R. and Judy G. Cowdrey (the Borrower), will be the owner of the Project. It is proposed that the City issue and sell housing development bonds in the maximum aggregate principal amount of $950,000 (the Bonds) to finance the costs of acquisition, construction, equipping and furnishing the Project, incidental and related facilities and improvements and to pay costs and expenses incident to the issuance, sale and security of the Bonds. The proceeds of the Bonds will be loaned to the Borrower who will be obligated to acquire, construct, equip and furnish the Project, to repay the loan at the times and in the amounts sufficient to pay the principal of and interest on the Bonds when due and to pay all costs and expenses incident to ownership of the Project. The Bonds, if issued, will be special, limited obligations of the City, payable solely from the loan repayments to be made by the Borrower and proceeds realized from other security, if any, granted therefor. The Bonds will not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. I All persons interested in addressing the City Commission on the Project of the Bonds may appear to be heard at the time and place above written or may file written comments with the City Clerk's office prior to the date of hearing set forth hereinabove. Dated: 5th day of November 1984. BY ORDER OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONT ANA 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 Notice was published at length in the Bozeman Daily Chronicle, a I newspaper of general circulation printed and published in said City, in the issues dated November 11, 18 and 25, 1984, and due proof of such publications is on file in my office. I N WI TNESS WH EREOF, I hereunto set my hand and affix the corporate seal of my office this 3rd day of January 1985. Clerk of the City Commission COMMISSION RESOLUTION NO. 2530