HomeMy WebLinkAboutResolution 1892 Amending Res. 1870, Maximum Interest Rate on Bonds for Senior Citizens Center
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COMMISSION RESOLUTION NO. 1892
A RESOLUTION AMENDING COMMISSION RESOLUTION NO. 1870 TO PROVIDE THAT THE MAXIMUM
INTEREST RATE ON GENERAL MUNICIPAL OBLIGATION BONDS FOR THE PURPOSE OF BUILDING
AND EQUIPPING A NEW SENIOR CITIZENS CENTER FOR THE CITY OF BOZEMAN, MONTANA, SHALL
NOT EXCEED SEVEN PERCENT (7%).
WHEREAS, the City Commission of the City of Bozeman on the 2nd day of May, 1977, passed and
I adopted Commission Resolution No. 1870 wherein and whereby in paragraph 5 of page 3 of said resolution
it was provided:
"The said bonds, whether amortization or serial bonds, will bear date of
January 1, 1978, will bear interest at a rate not exceeding eight percentum
(8%) per annum, payable semiannually on the 1st day of July and on the 1st
day of January in each year, and will be redeemable in full, at par and accrued
interest, on the 1st day of January, 1983, and on any interest payment date
thereafter."
AND, WHEREAS, it is the opinion of the Attorney General of the State of Montana that under the
laws of the State of Montana general obligation bonds of a municipality may not bear interest at a
rate in excess of seven percent (7%).
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, AS FOLLOWS:
That paragraph 5 on page 3 of Commission Resolution No. 1870 be, and the same hereby is amended
to read as follows:
"The said bonds, whether amortization or serial bonds, will bear date of January 1,
1978, will bear interest at a rate not exceeding seven percentum (7%) per annum,
payable semiannually on the 1st day of July and on the 1st day of January in each
year, and will be redeemable in full, at par and accrued interest, on the 1st day
of January, 1983, and on any interest payment date thereafter."
PASSED AND ADOPTED by the City Commission of the City of Bozeman at a regular session held on
the 27th day of July, 1977.
ATTEST:
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ERNA V. HARDING 8-
Clerk of the City 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. 1892 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 7th day of August 1977 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 10th day of August 1977.
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Clerk of the City Co ssion I!:> -
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COMMISSION RESOLUTION NO. 1892