HomeMy WebLinkAboutResolution 2048 Authorizing Loans
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COMMISSION RESOLUTION NO. 2048
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT THAT THE
CITY COMMISSION UNDERTAKES AND AGREES TO ISSUE ORDERS ANNUALLY AUTH-
ORIZING LOANS OR ADVNACE 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 the 23rd day of I
August, 1978, pass a Resolution, creating Special Improvement District No. 601 for the
purpose of constructing and installing sanitary sewer main and necessary appurtenances,
in said City; and,
WHEREAS, the said Commission did on the 2nd day of October, 1931, create a Special
Improvement 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, it is necessary and appropriate that the following undertakings and agree-
ments be made by said Commission with respect to said revolving fund and special improve-
ment district.
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
defray the cost of the improvements in the Special Improvement District hereinbefore spec-
ifically 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 I
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 suf-
ficient 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 provisions of Section 11-2271(2), R.C.M., 1947.
PASSED AND ADOPTED this 28th day of February, 1979.
ATTEST:
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'" .;r . JilT 4' "-
Clerk the City Commissio ~
State of Montana )
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. 2048 was published at I
length in the Bozeman Daily Chronicle, a newspaper of general circulation
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.
IN WITNESS WHEREOF I hereunto set my hand and affix the corporate
seal of my offic~ this 16th day of March, 1979.
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~ 67. Ji1Y~ .
C1erk~ the City Commissi
COMMISSION RESOLUTION NO. 2048
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