HomeMy WebLinkAboutResolution 2047 Revolving Fund
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COMMISSION RESOLUTION NO.
2047
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 TOrHE EXTENT FUNDS ARE AVAIL-
ABLE AND TO PROVIDE
FUNDS FOR SUCH REVOLVING FUND BY MAKING TAX LEVY AND
I LOANS AS THE COMMISSION
DETERMINES NECESSARY.
WHEREAS, the City Commission of the City of Bozeman,
Montana, did on the 23rd day of
August, 1978, pass a Resolution,
creating Special Improvement District No.
600 for the pur-
pose of constructing and installing a water
main and other necessary appurtenances, in said
City; and ,
WHEREAS, the said Commission did
on the 2nd day of October, 1931, create a Special Im-
provement District Revolving Fund under the provisions of Section 11-2269 of the Revised Codes
of Montana, 1947;
and,
WHEREAS, on the 17th day of January,
1979, 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, on the 17th day of January,
1979, Grande & Company agreed to purchase the
bonds to be issued by said District, upon condition that the Commission enter into the under-
takings 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 dis-
trict.
NOW, THEREFORE,
BE IT RESOLVED BY the City Commission of the City of Bozeman, Montana,
that in connection with the issuance of Special Improvement District Bonds to be issued to
I defray the cost of the improvements in the Special Improvement District hereinbefore specif-
ically 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 pursuant to the provisions of Section 11-2270, R.C.M.,
1947, 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 11-
2270. The undertakings and agreements provided for herein are made pursuant to the pro-
visions of Section 11-2271(2), R.C.M.,
1947.
PASSED AND ADOPTED this 28th day of February,
1979.
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.-
,- EDMUND P
ATTEST:
.-
Cl~e~:t;~:::Z
State of Montana
)
I County of Gallatin)
City of Bozeman
)
I, Erna V.
Harding, Clerk of the Commission of the City of Bozeman,
do hereby certify that the
foregoing Resolution No. 2047 was published
at length in the
Bozeman Daily Chronicle, a newspaper of general circu-
lation printed and
published in said City, in the issue.dated March 5,
1979, and due proof
of such publication is on file in my-office.
,'<t' " .
IN WITNESS WHEREOF I hereunto set my hand and affix the corporate
seal of my office
this 16th day of March, 1979.
d ~;-',' ..... '
Clerk ~it; cZ:~:~~;7;/
COMMISSION RESOLUTION NO.
2047
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