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HomeMy WebLinkAboutResolution 1870 General Obligation Bonds .--- 2'44 COMMISSION RESOLUTION NO. 1870 PROVIDING FOR THE ISSUANCE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZEMAN IN AN AMOUNT NOT TO EXCEED $400,000, ESTABLISHING THE MAXIMUM DATE OF INTEREST SAID BONDS SHALL BEAR, THE DATE OF SAID BONDS, AND THE PERIOD OF TIME THEY SHALL BE PAYABLE, AND PROVIDING THAT ANY OF SAID BONDS SHALL BE REDEEMED IN FULL AT THE OPTION OF THE CITY OF BOZEMAN ON ANY INTEREST PAYMENT DATE FROM AND AFTER FIVE YEARS FROM THE DATE OF ISSUANCE, PROVIDING FOR THE MANNER OF THE ISSUANCE OF SAID BONDS AND PROVIDING THAT PREFERENCE SHALL BE GIVEN TO AMORTIZA- TION BONDS, BUT PERMITTED THE DENOMINATION OF SERIAL BONDS IN CASE IT SHALL BE I ADVANTAGEOUS TO ISSUE BONDS IN THAT FORM, AND PROVIDING THE FORM OF NOTICE OF THE SALE OF SAID BONDS. WHEREAS, a special bond election was held in the City of Bozeman, Montana, on Tuesday, April 5, 1977 , for the purpose of issuing $400,000 in municipal general obligation bonds for a senior citizen center; and, WHEREAS, the results of that bond election were as follows: FOR $400,000 Bond Issue 2,980 Votes AGAINST $400,000 Bond Issue 938 Votes TOTAL PERSONS VOTING 3,971 WHEREAS, the 3,971 persons voting constitutes 41.83 percent of the 9,490 registered voters. THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman as follows: Section l. That the City of Bozeman shall issue not to exceed $400,000 in general municipal obligation bonds of the City of Bozeman, in accordance with the authority conferred by the qualified electors of the City of Bozeman at a general city election held in the City of Bozeman on the 5th day of April, 1977 . Section 2. That said bonds shall be issued and sold for the following purposes, to wit: a. $400,000 to be used to build and equip a new senior center for Bozeman including, but not limited to, meeting, crafts and game rooms; dance area; health facilities and food service, provided, however, that if the cost of construction and equipment of said senior center is less than $400,000, the Commission reserves the right to sell bonds in the lessor amount. Section 3. The date that said bonds shall bear shall be January 1, 1978, the period of time through which said bonds shall be payable is 10 years and said bonds shall be redeemable at the I option of the City of Bozeman at any interest payment date after one-half of the term for which said bonds were issued has expired. Section 4. Said bonds shall be executed by the signature of the Mayor and the Director of Finance, attended by the Clerk of the City Commission, and sealed with the official corporate seal of the City of Bozeman, and the appurtenant coupons shall be executed by a lithographed facsimile of the signature of the said officers. Section 5. Preference shall be given to amortization bonds, but in case it shall be found advantageous to issue bonds in serial form, they shall be in the denomination of $1,000 each, or fractions or multiples thereof. Section 6. The form of the notice of sale of said bonds shall be as follows: NOTICE OF SALE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZEMAN, MONTANA Notice is hereby given by the Commission of the City of Bozeman, Montana, that said Commission will, on the 24th day of August, 1977, at the hour of 1:15 o'clock p.m. at the Commission Chamber at the City Hall Building of the City of Bozeman, Montana, sell to the highest and best bidder for cash, either amortization or serial bonds of the said City in the total amount of Four Hundred Thousand Dollars ($400,000) for the purpose of building and equipping a new senior center for Bozeman including, but not limited to, meeting, crafts and game rooms, dance area, health facilities and food service. Amortization bonds will be the first choice and serial bonds will be the second choice of the City Commission. I If amortization bonds are sold and issued, the entire issue may be put into one (1) single bond or divided into several bonds, as the City Commission may determine upon at the time of sale, both principal and interest to be payable in semi-annual installments during a period of ten years from the date of issue. If serial bonds are issued and sold, they will be in the amount of One Thousand Dollars ($1,000) each, or fractions or multiples thereof. The sum'.c of Forty Thousand Dollars ($40,000) of the said serial bonds will become payable on the 1st day of January, 1979, and the same day each year thereafter until all of such bonds are paid. COMMISSION RESOLUTION NO. 1870 ---.-.. - ...... ----.--. ..-. ---.--... - _..._~ 245 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 semi~annually 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. Said bonds will be sold for not less than their par value with accrued interest to date of delivery and all bidders must state the lowest rate of interest at which they will purchase the I bonds at par. The City Commission reserves the right to reject any and all bids and to sell said bonds at private sale. All bids other than by or on behalf of the state Board of Investments of the State of Montana must be accompanied by money, a certified check, cashier's check, bank money order or bank draft, drawn and issued by a national banking association located in Mon tana or by any banking corporation incorporated under the laws of the State of Montana, in the sum of $20,000 payable to the order of the Clerk of the City Commission, which will be forfeited by the successful bidder in the event he shall fail or refuse to complete the purchase of said bonds in accordance with the terms of his bid. All written bids should be addressed to the City Commission of the City of Bozeman, Montana, and delivered to the Clerk of the City Commission of the City of Bozeman. PASSED AND ADOPTED by the City Commission of the City of Bozeman at a regular session on the 2nd day of May, 1977 . JAMES W. VOLLMER, Mayor ATTEST: - I 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. 1870 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 12th day of May 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 26th day of May 1977. };>~//~~ c~rk of the City Commiss~ I COMMISSION RESOLUT~ON NO. 1870