HomeMy WebLinkAboutResolution 1948 Annually Authorizing Loans or Advances from the Revolving Fund
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409
COMMISSION RESOLUTION NO.
1948
A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT THAT THE CITY
COMMISSION UNDERTAKES AND AGREES TO ISSUE ORDERS ANNUALLY AUTHORIZING
LOANS OR ADVANCES FROM THE REVOLVING FUND TO MAKE GOOD ANY DEFICIENCY
IN PRINCIPAL AND INTEREST ACCOUNT TO THE EXTENT FUNDS ARE AVAILABLE AND
TO PROVIDE FUNDS FOR SUCH REVOLVING FUND BY MAKING TAX LEVY AND LOANS AS
I THE COMMISSION 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. 582 for the purpose of con-
structing and installing water mains in said City; and,
WHEREAS, the said Commission did on the 2nd day of October, 1931, create a Special Improve-
ment District Revolving Fund under the provisions of Section 11-2269 of the Revised Codes of
Montana, 1947; and,
WHEREAS, on the 4th day of January, 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 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 extend that
funds are available, and hereby further undertakes and agrees to provide funds for such re-
volving 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
I determine to be required to provide funds sufficient for the purposes herein expressed, sub-
ject to the maximum limitations imposed by said Section 11-2270. The undertakings and agree-
ments provided for herein are made pursuant to the provisions of Section 11-2271(2), R.C.M.,
1947.
PASSED AND ADOPTED this 8th day of February,
ATTEST: .r
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CLERK OF THE COMMISSION .
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. 1948 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 of the 10th day of February,
1978, and due proof of such publication is on file in my office this 15th day
I of February, 1978.
COMMIS~ION RESQLUTION NO!
1948
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