HomeMy WebLinkAboutResolution 2171 Authorizing loans from revolving fund for deficiencies in SID 613: 3-19-80
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496
COMMISSION RESOLUTION NO. 2171
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT
THAT THE CITY COMMISSION UNDERTAKES AND AGREES TO ISSUE ORDERS
ANNUALLY AUTHORIZING LOANS OR ADVANCE 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
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the 13th day of June, 1979, pass a Resolution creating Special Improvement District
No. 613 for the purpose of paving streets, constructing curbs, gutters and sidewalks,
installing street signs, water valves, manholes, and other appurtenances hereto, in
sai d Ci ty; and,
WHEREAS, the said Commission did on the 8th day of September, 1931, create
a Special Improvement District Revolving Fund under the provisions of what is now
Section 7-12-4221 of the Montana Code Annotated, 1978, as amended; and,
WHEREAS, on the 6th day of February, 1980, Grande & Company agreed to purchase
the bonds to be issued by said District, upon condition that the Commission enter into
the undertakings and agreements hereinafter set forth; and,
WHEREAS, it is necessary and appropriate that the following undertakings 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 the Special Improvement District
Bonds to be issued to defray the cost of the improvements in the Special Improvement I
District hereinbefore specifically 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 pursu-
ant to the provisions of Section 7-12-422(1) of the Montana Code Annotated, 1978, 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,
1978, as amended.
PASSED AND ADOPTED thi s 19th day of Ma rcl)'; 1980.
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ATTEST:
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Ci ty Cl erk
COMMISSION RESOLUTION NO. 2171
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. . 497
State of Montana )
County of Gallatin)
Ci ty of Bozeman )
I I, Erna V. Harding, Clerk of the Commission of the City of Bozeman
do hereby certify that the foregoing Resolution No. 2171 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 23rd day of March 1980, 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 25th day of April. 1980.
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. Cler of the Clty Commo sion
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COMMISSION RESOLUTION
NO. 2171
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