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HomeMy WebLinkAboutResolution 2341 Montana Farm Bureau Federation Industrial Revenue Bond Issue: 7-29-81 ~~-_.~. - -~--_._-_._--"...._._-_._.~..- -". -'-.-. -- -..-... .... ~. _..... _~__ ._... .u.._......_,. ,_. _. ~__~__~__ .-- ..~.--..._- -----. - -.. ..-. .. - . - ~ - .. - - ... - ..- - . .-. .. , ..........------..---.-....- ~---~.._- ..~. -.. ,- ._...~ 463 COMMISSION RESOLUTION NO. 2341 A RESOLUTION PROVIDING FOR THE ISSUANCE BY THE CITY OF BOZEMAN, MONTANA, OF ITS INDUSTRIAL DEVELOPMENT FIRST MORTGAGE REVENUE BONDS FOR THE MONTANA FARM BUREAU FEDERATION PROJECT TO INDUCE SAID FEDERATION TO CONSTRUCT A STATE HEAD- QUARTERS AND OFFICE BUILDING COMPLEX CONSISTING OF BUSINESS AND COMMERCIAL OFFICE AND RELATED FACILITIES WITHIN THE CORPORATE LIMITS OF THE CITY OF I BOZEMAN, MONTANA; THE PROCEEDS OF SAID BONDS TO BE USED FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING AND EQUIPPING SAID FACILITIES WITHIN THE CITY OF BOZEMAN; AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND INSTRUMENTS RELATED THERETO. WHEREAS, the City of Bozeman, r10ntana (the IICityll), is authorized by the provisions of Part 1, Chapter 5, Title 90, Montana Code Annotated 1979 (the IIActll) to issue bonds for the purpose of defraying the costs of acquiring, constructing and equipping a commercial and business enterprise; and WHEREAS, the Montana Farm Bureau Federation, a Montana federation, qualified to engage in and do business under the laws of the State of ,Montana, (the IICompanyll) proposes to acquire, construct, equip, operate and maintain a new state headquarters and commercial office complex and facility (the IIProjectll) within the City by constructing, acquiring and equipping a IIprojectll within the meaning of the Act including the proposed financing of the Project by the City's issuance of its industrial development revenue bonds therefor; and WHEREAS, the Company has requested the City to issue and sell its revenue bonds pursuant to the provisions of the Act (the IIBondsll) for the purpose of financing the Project; and WHEREAS, pursuant to, and in the form required by, Section 90-5-104 of the Act, the City Commission has given notice that a public hearing would be held on the proposed bond issue for the I Company, said notice having been published in a newspaper of general circulation in the City once each week for three consecutive weeks prior to the date of the hearing, i.e., once on June 17, 1981, a second time on June 24, 1981, and a third time on July I, 1981; and WHEREAS, it appears to the City and the City considers that, after and pursuant to lawful public hearing upon due notice and in compliance with the Act, and, based on the facts presented at said hearing, the acquisition, construction, and equipping of the Project is in the public interest of the City, and will promote public health, welfare, safety, convenience and prosperity within and for the City and its citizens, will provide the City with increased employment opportunities, pay- rolls and tax base and will facilitate and promote the sound economic growth of the City and the State of Montana; and WHEREAS, by subsequent resolution to be adopted before issuance of the Bonds, the City will consider and approve the final details of the Bonds and, subject to the conditions of this Resolution, will authorize all acts and the execution of all documents and instruments in connection with the issuance thereof; NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman, Montana: Section 1. The City Commission of the City of Bozeman, Montana, finds, intends and declares I that, based on facts and information presented at the public hearing held on the proposed Bonds, the approval of the issuance of the Bonds for the Project and the Company is in the public interest of City; and, therefore, the City Commission of the City of Bozeman, Montana, further finds, intends and declares that this Resolution shall constitute its official binding commitment to issue the Bonds COMMISSION RESOLUTION NO. 2341 _.~--~ -- .- _.. _n. u..___.... _._._. _ .- -.. .. _....~ ..- -~ .-. . -.-.- _..~. - . .._'~-'- .-.. ------.. - ._n._. _.. ____~. -. -. ~. ..-.- ~..'-.......----.-- -. -. ..~. _....~.__._- . - .._~_.."_.___n - .... -~. ~~_..._._-_. '464 subject to the terms hereof and thereof, and that the adoption of this Resolution is and constitutes the taking of affirmative official action by the City acting by and through the City Commission toward the issuance of the Bonds, and that such affirmative official action shall constitute "similar official action" toward the issuance of bonds within the meaning of Section 1.103-8(a)(5) of the Treasury Regulations issued under Section 103(b) of the Internal Revenue Code of 1954, as amended. I Section 2. In order to insure the completion of the Project and the furtherance of the public interest and the public benefit which is expected from the operation thereof, the City, subject to the terms and conditions of the Memorandum of Agreement (attached hereto as Exhibit A and by this reference made a part hereof), will issue the Bonds pursuant to the provisions of the Act in a principal amount necessary to pay the costs of financing the acquisition, construction and equipping of the Project, together with costs incident to the authorization, issuance and sale of the Bonds, which Bonds will not exceed the aggregate principal amount of $1,600,000.00. Section 3. The Bonds shall bear such interest rate, be in such denominations, bear such date, mature at such date or dates, be in such form, carry such registration privileges, be executed in such manner, be payable at such place and be subject to such terms of redemption consistent with the Act and as shall finally be approved and provided in a subsequent resolution or ordinance of the City Commission of the City prior to the issuance of the Bonds. Any trust indenture or other security device, lease and purchase option agreement, lease, security agreements (hereinafter collectively referred to as the "FinancingAgreements") and other documents relating to the Project and the Bonds will also be approved and authorized in final form prior to the issuance of the Bonds I by the City. Section 4. The proceeds of the Bonds will be used to finance the acquisition, construct- ion, improvement and equipping of the Project as described on Exhibit B and by this reference made a part hereof. Section 5. The City will enter into mutually agreeable Financing Agreements with the Company for the acquisition, construction, improvement and equipping of and payment for the Project, as more fully described in the Memorandum of Agreement. Section 6. The Memorandum of Agreement between the City and the Company in the form attached hereto is approved and the Mayor of the City and the Clerk of the City Commission are hereby authorized and directed to execute such Memorandum of Agreement on behalf of the City. Section 7. The entire cost of financing the Project will be paid out of the proceeds from the sale of the Bonds, and none of the bonds will be general obligations of the City nor shall any of the Bonds including interest thereon constitute the debt or indebtedness of the City within the meaning of any limitation of the Constitution or statutes of the State of Montana nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers but shall be secured and payable by a pledge of the revenues pursuant to the Financing Agreements. I Section 8. Nothing contained in this Resolution or said Memorandum of Agreement shall constitute a debt or indebtedness of the City within the meaning of the Constitution or statutes of the State of Montana nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. rCOMMI9SION RESOLUTION NO. 2341 - __n ._....__ ...~ .~- -~ ._~ . .~.~_...__. ._-~ -..-..-...- _...__.,,~. ..... . .n._ ..._. ._" ...._ ...-. -..-..--....-..- ..... __._~..~___. '_'___'.__ __u_ . ___n ...-... -.-......-..-.._"-..-.--.-.. -.-----.. .-_.__-__~._ -.-.----. .--~.._._ .--.- -____~_.__._____._~ -_ .-. ~~ __"""'11"_ ..-_ __no _.~ __.~ _~.. - _... _..~._ -.... _. ..,__._._. _..,...._.__~ ._.........~ ... ._. - _. ~._.. _n.. _ 465 Section 9. The issuance of the Bonds shall be conditioned upon and subject to purchase and/or placement prior to the adoption of the resolution or ordinance authorizing their issuance. ADOPTED THIS 29th day of July. 1981. .......,...,,,""..,,_ .~-....... I ,...,. } I ~1~ ATTEST: ~ciJ~ C erk of the City Commission State of Montana ) County of Gallatin) City of Bozeman ) I. Robin L. Sullivan, Clerk of the City Commission of the City of Bozeman,do hereby certify that the foregoing Resolution No. 2341 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 30th of August , 1981, and due 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 I 1st of March . 1982. ~ d .J~ lerk of the Clty Commisslon I COMMISSION RESOLUTION NO. 2341 - ~.- ~