HomeMy WebLinkAboutResolution 1985, Annually Authorizing Loans or Advance
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COMMISSION RESOLUTION NO. 1985
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
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DETERMINES NECESSARY.
WHEREAS, the City Commission of the City of Bozeman, Montana, did on the 20th day of
July, 1977, pass a Resolution, creating Special Improvement District No.
584 for the pur-
pose of constructing and installing pavement, curbs and gutters and necessary appurtenances
thereto, 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 3rd day of May, 1978, Grande & Co. 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 Special Improvement District Bonds to be issued to
defray the cost of the improvements in the Special Improvement District hereinbefore specific-
ally referred to, the Commission hereby undertakes and agrees to issue orders annually auth-
orizing loans or advances from the revolving fund to the district fund of said district 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
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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 provisions of
Section 11-2271 (2), R.C.M., 1947.
PASSED AND A~OPTED this 21st day
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DUNCAN S. MACNAB, ACTING MAYOR
ATTEST:
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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.
1985 was, published
by title and number in the Bozeman Daily Chronicle, a newspaper of gen-
eral circulation printed and published in said City in the issue of the
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28th day of June, 1978,
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 28th day of June, 1978.
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CLERK OF THE CITY COMMIS N
COMMISSION RESOLUTION NO. 1985
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