HomeMy WebLinkAboutResolution 1883 Annually Authorizing Loans or Advances from the Revolving Fund
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COMMISSION RESOLUTION NO. 1883
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 2nd
day of March, 1977, pass a Resolution, creating Special Improvement District No. 576
for the purpose of constructing and installing a watermain and sanitary sewer
main 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 5th day of May, 1977, 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 Dis-
I trict 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 amount 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 suffi-
cient 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 29th day of June, 1977.
~UND F.
ATTEST:
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I )P/--4'1~ ~ c:. - ,
EfiNA V. HAR ING
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. 1883 was published by title and number
in the Bozeman Daily Chronicle, a newspaper of general circulation printed and pub-
lished in said City in the issue of the day_of June, 1977, and due proof of
such publication is on file in my office.
IN WITNESS WHEREOF I her-eunto set my hand and affix the corporate seal of my
office this 13th day of July 1977. -- _____ t:~/ ~~ _ >
Clerk of the City C mission 8, ,
____ CQ~J:.9$~_<{N ~E$qLUT~QN~ NQ, 1883 ___ - ___