HomeMy WebLinkAboutResolution 1769, Authorizing Loans or Advances from the Revolving Fund
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COMMISSION RESOLUTION NO. 1769
ftOI1l ~ A RESOLUTION PURSUANT TO STATUTORY PROVISIONS, SETTING OUT THAT THE
...~ CITY COMMISSION UNDERTAKES AND AGREES TO ISSUE ORDERS ANNUALLY
'( \~..)\, 1~u._._ AUTHORIZING LOANS OR ADVANCES FROM THE REVOLVING FUND TO MAKE GOOD
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,,~l~,~...._ 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 28th day of I
May, 1975, pass a Resolution No. 1734, creating Special Improvement District No. 553 for
the purpose of constructing and installing a storm drainage system including necessary
storm drainage pipe, manholes, inlets, ditches, and other necessary appurtenances to storm
drainage, together with all trench excavation and backfill in portions of 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 6th day of August, 1975, D. A. Davidson,
Inc., 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 agree-
ments be made by said Commission with respect to said revolving fund and special improve-
ment 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 District hereinbefore apecifiM I
cally 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 suffiM
cient for the purposes herein expressed. subject to the maximum limitations imposed by
said Section llM2270. The undertakings and agreements provided for herein are made pur-
suant to the provisions of Section 11-2271(2), R.C.M., 1947.
FIRST PASSED AND A~OPTED this 29th day of October. 1975.
ATTEST:
/,('r"c ;>'-_ . >~Lc'/h >' LI l:;:
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Acting Clerk of the City Commission
State of Montana )
County of Gallatin) ss.
I
City of Bozeman )
I, Erna V. Harding, Clerk of the Commission of The City of Bozeman, do hereby certify
that the foregoing Resolution No. 1769 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 21st day of November, 1975, 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 21st day of November, 1975.
.(~~e~*
Clerk of t e C1ty Comm sion
COMMISSION RESOLUTION NO. 1769
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