HomeMy WebLinkAboutResolution 1836 Annaully Authorizing Loans or Advances from the Revolving Fund
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COMMISSION RESOLUTION NO. 1836
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.
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WHEREAS, the City Commission of the City of Bozeman, Montana, did, on the
28th day of July, 1976, pass a Resolution, creating Special Improvement District
No. 567 for the purpose of constructing and installation of sanitary sewer lateral
mains and appurtenances to serve the adjoining properties 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 15th day of September, 1976, D. A. Davidson & Co. ag
reed 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 amounts sufficient to make good any
deficiency in the principal and interest accounts thereof to the extent that funds
are av. a:Uable, 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 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.
FIRST PASSED AND ADOPTED this 3rd day of November, 1976.
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Acting Clerk of the City aommission
COMMISSION RESOLUTION NO. 1836
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State of Montana )
County of Gallatin) 66.
City of Bozeman )
I, Diane Krupinsky, Acting Clerk of the Commission of the City of
Bozeman, do hereby certify that the foregoing Resolution No. 1836 was
I 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 5th day of November 1976, 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 29th day of November, 1976.
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Acting Clerk of the City Commission
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COMMISSION RESOLUTION NO. 1836
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