HomeMy WebLinkAboutResolution 1816 Authorizing Loans aor Advances from the Revolving Fund
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COMMISSION RESOLUTION NO.
1816
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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 I
11th day of February, 1976, pass a Resolution, creating Special Improvement
District No. 558 for the purpose of constructing and installing an asphaltic-
concrete type pavement, integral concrete curbs and gutters, and necessary
appur-
tenances thereto in said City; and,
WHEREAS, the said Co~ission 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 8th day of June, 1976, D. A.
Davidson & Co. agreed to pur-
chase 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 ::-:' I
District he~einbefore 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 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.
FIRST PASSED AND ADOPTED this 28th day of July, 1976.
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. ~ES W . VOLLMER , yor
ATTEST:
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ERNA V. HARDING, /
Clerk of the City Commission
FINALLY PASSED AND ADOPTED this 28th ~~y of July, 1976.
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ATTEST:
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ERNAV. HARDING ,~
Clerk of the City Commission
CO~ISSION RESOLUTION NO.
1816
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117
State of Montana )
County of Gallatin :
City of Bozeman )
I, Erna V. Harding, Clerk of the Conunissionof the City
of Bozeman, do hereby certify that the foregoing Commission
I Resolution No. 1816 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 1st
day of August 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 6th day of August, 1976.
I
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COMMISSION RESOLUTION NQ. ;1816
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