HomeMy WebLinkAboutResolution 1947 Loans or Advances from the Revolving Fund
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COMMISSION RESOLUTION NO. 1947
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 THE
COMMISSION DETERMINES NECESSARY. I
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. 580 for the purpose
of constructing and installing of sanitary sewer and appurtenances thereto 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 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
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 I
herein expressed, subject to the maximum limitations imposed by said Section 11-2270. The
undertakings and agreements provided for herein are made pursuant tofue provisions of Section
11-2271 (2), R.C.M., 1947.
PASSED ANb AD.oPTED this 8th day of February,
ATTEST:
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State of Montana
County of Gallatin
City of Bozeman
t, Erna V. Harding, Clerk of the Commission of the City of Bozeman, do
hereby certify that the foregoing Resolution No. 1947 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
of February, 1978.
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___________ __ ___________m'- __... __ _~_____~__ ___..Q.QI'ill:rS$):ONRE;SOJ-,UTION NO. 1947__ _, _d~ _ __.