HomeMy WebLinkAboutResolution 1847 Annually Authorizing Loans or Advances from the Revolving Fund
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COMMISSION RESOLUTION NO. 1847
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.
WHEREAS, the City Commission of the City of Bozeman, Montana, did, on the 12th I
day of May, 1976, pass a Resolution, creating Special Improvement District No. 562
for the purpose of constructing curbs and gutters and a storm drainage system 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 11-2299
of the Revised Codes of Montana, 1974; and,
WHEREAS, on the 27th day of October, 1976, D. A. Davidson & 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 forthi 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-
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 I
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 8th day of Decemril~..~........ .... .. c=-..~:....:"..__..._... /,/ ... J.
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ATTEST:
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Clerk~he City Co ssion
State of Montana )
County of Gallatin) 55.
City of Bozeman )
I, Erna V, Harding, Clerk of the Commission of the City of Bozeman,
do hereby certify that the foregoing Resolution No. 1847 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 14th
day of December1976, and due proof of such publication is on file in my
office. I
IN WITNESS WHEREOF I hereunto set my hand and affix the corporate
seal of my office this 3rd day of January 1977.
~ .tY
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Clerk of the C'ty C ssion
COMMISSION RESOLUTION NO. 1847
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