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HomeMy WebLinkAboutResolution 2161 Issuance of General Municipal Bonds for Library: 1-23-80 ~.... _ _ ____-______~_-________.-r -~ -..-.---' ~ . -_._~--......--.---~.......---. - ..----, ~ 467 COMMISSION RESOLUTION NO. 2161 PROVIDING FOR THE ISSUANCE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZEMAN IN AN AMOUNT NOT TO EXCEED $1.460.000.00. ESTABLISHING THE MAXIMUM RATE OF INTEREST SAID BONDS SHALL BEAR. THE DATE OF SAID BONDS, AND THE PERIOD OF TIME THEY SHALL BE PAYABLE, AND PROVIDING THAT I ANY OF SAID BONDS SHALL BE REDEEMED IN FULL AT THE OPTION OF THE CITY OF BOZEMAN ON ANY INTEREST PAYMENT DATE FROM AND AFTER FIVE YEARS FROM THE DATE OF ISSUANCE. PROVIDING FOR THE MANNER OF THE ISSUANCE OF SAID BONDS AND PROVIDING THAT PREFERENCE SHALL BE GIVEN TO AMORTIZATION BONDS. BUT PERMITTED TO DENOMINATION OF SERIAL BONDS IN CASE IT SHALL BE ADVANTAGEOUS TO ISSUE BONDS IN THAT FORM. AND PROVIDING THE FORM OF NOTICE OF THE SALE OF SAID BONDS. WHEREAS. a special bond election was held in the City of Bozeman. Montana, on Tuesday. November 7. 1978. for the purpose of issuing $1.460,000.00 in municipal general obligation bonds for a public library; and, WHEREAS. the results of that bond election were as follows: FOR $1.460.000.00 bond issue 5,141 Votes AGAINST $1.460.000.00 bond issue 2.098 Votes TOTAL PERSONS VOTING 7.239 WHEREAS. the 7.239 persons voting constitutes 64.69 percent of the 11.189 registered voters. THEREFORE. BE IT RESOLVED by the City Commission of the City of Bozeman. as follows: Section 1. That the City of Bozeman shall issue not to exceed $1,460.000.00 in general I municipal obligation bonds of the City of Bozeman. in accordance with the authority conferred by the qualified electors of the City of Bozeman at a general city election held in the City of Bozeman on the 7th day of November. 1978. Section 2. That said bonds shall be issued and sold for the following purposes, to-wit: a. $1.460,000.00 to be used to acquire land, build and equip a public library for Bozeman, provided. however. that if the cost of construction and equipment of said library is less than $1,460.000.00 the Commission reserves the right to sell bonds in the lessor amount. Section 3. The date that said bonds shall bear shall be March 1. 1980. the period of time through which said bonds shall be payable is 20 years and said bonds shall be redeemable at the option of the City of Bozeman at any interest payment date after one-half of the term for which said bonds were issued has expired. Section 4. Said bonds shall be executed by the signature of the Mayor and the Director of Finance. attended by the Clerk of the City Commission. and sealed with the official corporate seal of the City of Bozeman. and the appurtenant coupons shall be executed by a lithographed facsimile of the signature of the said officers. I Section 5. Preference shall be given to amortization bonds. but in case it shall be found advantageous to issue bonds in serial form. they shall be in the denomination of $1,000.00 each. or fractions or multiples thereof. Section 6. The form of the Notice of Sale of said bonds shall be as follows: NOTICE OF SALE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZEMAN. MONTANA COMMISSION RESOLUTION NO. 2161 ~_..._~._.n .....:>>.:. ....--. .-~,~ ..- ~._.. ..................~.. ....._.--..~.~ ~~ .._._._~ ~...~_~. ---..-..-.0....__ _~._ _~._.....__ _.._ _~._....-........ .__~""-"""""'_-"-___"""'."""'~. ....................~_..I..-. ...........~~__ ~...._. __~_ ._.~~ .~ ._.~ _. .~..~....~.____________ u_.____..."'-'-__~...,._ ~___ . . ____. .~~ .~- ,~""""",,,,,,,,,,,-.'-~.......----.. ..__._-~ -----~.............-- ~----...,..._..- ~~.--.-.-...........--~'~-- ...--".~--~"""[ -',~ - 468 Notice is hereby given by the Commsision of the City of Bozeman. Montana. that said Commission will. on the 26th day of March. 1980. at the hour of 1:15 o'clock p.m. at the Commission Chamber at the City Hall Building of the City of Bozeman. Montana. sell to the highest and best bidder for cash. either amortization or serial bonds of the said city in the total amount of One Million Four Hundred Sixty Thousand Dollars I ($1.460.000.00) for the purpose of building and equipping a new public library for Bozeman. Amortization bonds will be the first choice and serial bonds will be the second choice of the City Commission. If amortization bonds are sold and issued. the entire issue may be put into one (1) single bond or divided into several bonds. as the City Commission may determine upon at the time of sale. both principal and interest to be payable in semi-annual installments during a period of 20 years from the date of issue. If serial bonds are issued and sold. they will be in the amount of One Thousand Dollars (1.000.00) each. or fracttons or multiples thereof. The sum of $ of the said serial bonds will become payable on the day of . 19 . and the same day each year thereafter until all of such bonds are paid. The said bonds. whether amortization of serial bonds, will bear date of March 1. 1980. will bear interest at a rate not exceeding seven percent (7%) per annum, payable semi-annually on the 1st day of and on the last day of in I each year. and will be redeemable in full, at par and accrued interest. on the 1st day of . 2000. and on any interest payment date thereafter. Said bonds will be sold for not less than their par value with accrued interest to date of delivery and all bidders must state the lowest rate of interest at which they will purchase the bonds at par. The City Commission reserves the right to reject any and all bids and to sell said bonds at private sale. All bids other than by or on behalf of the State Board of Investments of the State of Montana must be accompanied by money, a certified check. cashier's check. bank money order or bank draft. drawn and issued by a national banking association located in Montana or by any banking corporation incorporated under the laws of the State of Montana, in the sum of $73,000.00. payable to the order of the Clerk of the City Commission. which will 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 written bids should be addressed to the City Commission of the City of Bozeman. Mon tana, and deli vered to the Cl erk of th e C ity CO~i 55 i on of tCi ~~f_~ozeman . I '1.l:-<:~ ) 7,-,....---/L- MAYOR t- ATTEST: :? COMMISSION RESOLUTION NO. 21161 ...,. ......._..__........"'----.. ,,__ ...' ,. ..........~,~,................__, ___", . __. _ r _ .. _ ~__~... ~~. ._~_!....._ _~__~ ......t......L..___._........__ ~,,~__ ~~~_"_ ,_......_.,.....J. ..~....-..-...._ .._ __ .~_,...,~. _ _,_,_~_._ .,~,_ .__.~_ ,~~., ~. ._~ -~. ............ ...J. _,.......:.-"~~J.,III..A-...J... ,----"-0.......0......- .,.....- ..--~_.~~ ~--~~-- - ---'----- ._--~.------ - -----...----........-..................~--------......_.- ..----------------.~ -- ~~~~ ----...---...............-.........--.-- --...--....----....--- -.------.... '468 PASSED AND ADOPTED by the City Commission of the City of Bozeman at a regular session held on the 30th day of January, 1980. ,~ , t~.,. ."' I ATTEST: ~~~~/ g~~ . CLERK OF THE I Y C~SSION State:- of Montana ) County of Gallatin) Ci ty of Bozeman ) I, Erna V. Harding, Clerk of the Commission of the City of Bozeman do hereby certify that the foregoing Resolution No. 2161 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 10th day of February 1980. IN WITNESS WHEREOF I hereunto set my hand and affix the corporate seal of my office this 10th day of April, 1980. t",,:~.c.- ,,/ ~~ Cler of the Ci y Comm . n I I COMMISSION RESOLUTION NO. 2161 ._._ ...._ ~........ ~....... __ __................. _........:...n.a_ ........... _. _._..... ._.._...._..-""._ ._..__.d."'^.__ ~.____.___.&........._ ___~~~......_~_. "'_ _............_._......._.. ..........__ ._.~_. ... ..~ &................................ ._............~ ......~___............... ........__ ....._~. _~ _ .__.. _____ ~.......... ._......... ........... . "'."