HomeMy WebLinkAboutResolution 1648 Prescribing Form and Details of $900,000 General Obligation Bonds
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cO:,ITUGSIC)ii REC,OLU'l'IOII lW. lU,u
nl::SOLlJ'I'IO~; PIillSCRIJ3I1TG TEl; FORj,~ AIJD DETjlILS OF ;;:900,000 GtIIEPP_L
OULIGA'l'Io:r BO~mf), DIREC'.:L'IlTG Tm:;n~ EXl:Cl]'i'IOIr film D:8LIVETIY, PROVIDIlTG
FU1Jm; FOR 'l'.i:iEIR PAy/mU'l' Aim CO:dFIruHITG TIll: Sfl~L}: OF f:UCE BOliDS.
DE IT Rl:COLVED by the City Corl11ni~>sion of the City of Bozenan, t!ontana. as follovIS:
I l. Pur::mant to t:iw })rovisions of Resolution lio. lOn, ad.optecl ,January 23, 191h. entitled l1":e_
solution l\va,rcUnr Uale of ~:;900,OOO General Oljlip;ation Boneb", ill-dell resolution is 1:JY reference incor-"
I)Orated herein and made a part hereof, the City has sold to First ;;ational Bank of Gaint Paul and
D. A. Davidson, Great Falls, and First llational Bank of Bozeman and associates, its General O1Jliration
Bonds in the princi}Xl1 amount of ~;900, COO, at a net interest rate of' 4. 5S~:, and "the sale of such londs
is hereby anproved, ratified and confirmed. It is nQV' in the b(~st interest of the City to specif;r the
form and details of such bonds and provide for the manner of their execution and delivery.
') 'ir~1C General Olilip,ation Bonds ~>o authori zed and sold shall be issued in nerotial,le COU11on forn,
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in the agp,re[':ate principlll amount of ::;::;00, aDO and numbered seriall~/ from 1 throup;h 100, each in the
denomination of :;;5,000. The ~oonds shall be dated as of January 1> 1911" and shall mature in order of
serial nuro1:Jers on January 1 in the amounts of :;;1,5,000 in each of the years 1915 throup;h 19911, sub,j ect
to the riCht reserved tJ:), the City to repay and redeeI" on <Tanuar:'r 1, 193h, awl an~r interest }1ayment date
thereafter, at par plus accrued interest and in order of their serial numbers, Imrest mnnl:Jers first,
an:r or all of the bonds maturing in the years 1985 through 1991,. Hot less than thirty days before the
date specified for prepayment and redemption of an:r of the tJonds, the City Director of Finance shall
give notice to the holder thereof, if I:nown to him, and to the banI;: or financial institution at which
the bonds are tnen pa;,{a-ble, that the bond "rill be redeemed and prepaid on such date, and the Director
of Finance shall also publish in a neirspaper of general circulation printed and published in the City
of Bozeman, once a \Teek for t\!O f3uccessi vc \feel,-s inmediately precedinr: such date, a notice that such
lond has been called for redemption and ,rill be paid in full on such date. The Director of Finance
shall maintain a record of the names and addresses of holders of prepayable bonds, so far as this in-
formation is given him by the holders, for the purpose of mailine such notices. Bonds ma.tl1ring in the
years and amounts set forth below shall bear interest from date of issue l.mtil paid or until duly called
for redempti_on at the annual ('basic and additional) rates set forth opposite such years and amounts,
respectively:
Basic Additional
~~.~,U.:t:'j:~;L ,Y ~~s Interest Hate Interest TIate
-."-.----.-- _.~-,,--'.-...-._,...................'-'... ._._"-
1915 4.0;"j 3-15-14 - 1-1-15
1916 - 1983 ). OJ": 3-l5-1h 1-.1-16
I 1984 - 1985 1;. 2~{ 3-15-11+ - 1-1--76
193G h. 3~; 3-15-1)( - 1..1-16
1981 )1. 1( j"; 3-15-14 - 1-1-16
1988 1~. 5% 3-15-14 - 1-1-1G
1989 1! . 6~.; 3-1)-11, - 1--1..16
1990 11.1~j 3-15-14 - 1-1-16
1991 h . 8~; 3-15--74 - 1-1-16
1992 ' 9rf 3-15-14 1-1-16
L,.. F
1993 4. 9~~ 3.,15-11+ - 1-1--16
1991, . 05~: 3--15-11, - 1-1-16
Interest on the bonds shall be payable semiannua11;,r on each <January 1 and <Tuly 1. commencinr on .July 1, 191 h.
'I'he principal and interest on the bonds shall be payable at The First national BanJ\. of Ut. Paul, in
St. T'aul, lfiinnesota, and the Ci t~r arrees to pay the reasonable and customar;y charges of the paying:
ap,ent for tile receipt and disbursenent thereof.
3. 'i'he bonds and the interest coupons appurtenant thereto shall be in 8ubstantially the follO\-ring
form:
UnITED E3TATES OF A1:']~rnCA
S'I'ATE OF HON'rAHA
COUN'l'Y OF GALl/ATIlT
CITY OF BOZEr.WI
Ql::JERAL OBLIGATION BOND
Ho. ~;5 ,000
I KNOH ALL r'!EH BY 'l'EESE PRESEHTfJ that the Ci t;<r of Dozeman, Gallatin County, !'i:ontana, acl:nO\-rledr;es
itself to be indebted and for value received hereb;T pro1'1ises to pa;,:' to bearer the sum of FIV1~ THOUS_AND
DOIJLARS on the first day of January, 19 , or, if this bond is prepayable as r,tated lJelov:, on an earlier
date on \!hich it shall have been duly ca.lled for redemption, vrith interest thereon, shall have been
duly called for redemption, with interest thereon, from the date hereof until the principal sum is naid
or until this bond, if prepayable, has been duly called for redemption, at the rate of
per cent ( i[) per annum (and to pa;r addi tiona1 interest on
said principal sum at the rate of percent
( ,I) from 19 , to ,19 Ejaid interest is
I" per annum, , .
payable semiannually on <Tanuary 1 and <Tuly 1 in each year, commencinp; , 19 , in-
terest to maturity being payable in accordance ;ri th and upon presentation and surrender of the interest
coupons appurtenant hereto (which are in tvro sets, one set representinr; interest at said basic rate
from date of issue to maturity, and the other "et, desip:nated as "}]" coupons, representinf, interest at
said additional rate for the limited period alJove specified). The principal of and interest on this
l)ond are payable at , in , , in ~m;r coin or currenc;r of the
C011JUSGIOlJ m~SOLtfnOlI dO. lGl,S
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162
Uni ted States of America which on the respective dntes of :\)a;nnent is ler:al tender for Dllblic and private
debts. For the prompt and full payment of such princirml and interest as the same resnecti vely become
due, the full faith, credit and unlill1i tcd taxinp: po"Ters of the City of 130zeru=m have 'ieen and are hereby
irrevocal!ly pledged.
'1'his bond is one of an issue in the total }1rincipal illnount of ::j~)OO, 000, all of 1iJ:e date and tenor
except as to serial numbers, interest rate, maturity date and redemI)tion priviler;c, all issued by
tile Ci t:;r to :rrovide f1llids for the purpose of payinr the cost and expense of various h'rnroveT'lcnts to I
park and recreation facilities in the City, B.nd is issued pursuant to the favoral'le vote of more than
the requisite ma,jori ty of the quali fied electors of said City votinr on said question at ,q.n election
duly and lefally called and held therein, and pursuant to and in full conformi t:,.T vrith the Constitution
and la,.rs of the [;tate of IIontana thereunto enalJling.
'1'he bonds of this issue maturing in the years 1975, throup:h 1~)81: are not su1J,j ect to redem:ption
before maturity, 1JUt those maturing in the ;years 1985 throuGh 19~)11 are each subJect to rede!'1ption and
prepayment at the option of the City on ,Tanuar;r I, l~)Glf and on any interest pa.yment date thereafter,
in order of serial numbers, lovrest numbers first, at a price equal to the principal amount thereof plus
interest accrued to the date fixed for redemption. not less than thirty da;r:> l)cfore the date fixed
for the redemption of any bonds, the City ,-Jill mail notice to the holder thereof. if Imovm, and to the
bank at \fJ:lich the -bonds are payable, and "rill publish such notice once a "leek for hro successive \reeks
:i.mmediately preceding such date in a ne"rspa:oer of r;eneral circulation in Bozenan. t1ontana, statinF': that
such bonds have been called for redemption and ,rill be paid in full on such date; and if not then pre.-
sented for redemption and prepayment, interest on the bonds shall cease on such date. Bondholders
desiring to receive mailed notice IClUSt register their names and addresses and the serial numbers of
their bonds with the Director of Finance, in Bozeman. Montana.
IT IS HEREBY CERTIFIED AND m~CITED that all acts, conditions and things required by the Constitution
and la,ofS of the Litate of Montana. to be done, to happen, to exist, and to be performed precedent to
and in the issuance of this bond, in order to mal:.e ita valid and binding general obligation of the
City according to its terms, have been done, have happened, do exist and have been performed in rerular
and due form, time and manner as so required; that a direct, annual irrepealable tax has been ordered
levied upon all of the taxable property in said City in amounts sufficient to pay the principal hereof
and the interest hereon \Then and as the same become due; and that the issuance of this bond did not
cause the indebtedness of said City to exceed any constitutional or statutory limitation.
IN TYITHESS WHEREOF the City of Bozeman, Gallatin COUllty, Hont811a, has caused this bond and the
interest coupons appurtenant hereto and the certificate appearinr, on the reverse side hereof to be
executed and authenticated in its behalf by the siGnatures of its Payor and Director of Finance, at.-
tested by the signature of the CIerI" of the City Commission, and sealed ,Tith its cornorate seal, I
the seal and each of said sir;natures being a printed facsirlile of the original tllereof, excer)t the sig..
nature of the Cle:rl: ,"hich is manually subscribed on the face of this bond, and has caused this 1)Ond
to "be registered by the Director of Pinance and to be elated as of ,Tanuary I, 1914.
(FacfJi!'1ile sic;nature) (Pacsinile ~iRnature)
Director of Finance 1!a.yor
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Eie-rf~~h"e--"c-i{;:i;;n.t;s~-----'-
(Facsimile [Jeal)
(Form of Counon)
No. (',
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On the 1st day of ,January (,Jul;r), 19 , unless the bond described belmr is then s~J~JJect to and
is called for earlier redePlption, the City of Bozerlan, G-allatin County, Tlonta.na., ,-rill Day to bearer
at , in ,
, the sum shO\m hereon in lauful money of the United States of J\merica for in-
terest then due on its General ObliGation BOLl', dated January 1, 1911f, Iro. .
(Facsimile siGnature) (Pacsimile signature) (Facsimile sirno,ture)
Director of Finance Clerl: of the Ci t:r COP11!1ission ~fa~" 0 r
(Form of certificate to be printed on the reverse side of each
bond follo"Ting a full cOPJ" of the lep:al oninion on the issue) I
He certi:t;t that the above is a full, true and correct copy of the legal opinion rendered by
bond c01llisel on the issue of bonds of the City of Bozeman, 'i-A.11atin County. r:tate of Pont8.na, '\.,hich
includes the \fithin bond, dated as of the da.te of deli very of and l)ayment for the bonds.
(Facsimile signature) (Facsimile signa.ture) (Fa.csimile sip:nature)
Director of Finance Cler}; of the City Commission I Tayor
COI1:msnrcm !i.Ef:,OLU"J'IOlJ no. 1018
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163
4. 'l'he bonds shall be pre:parcd for execution under the direction of the Clerk of the City Com-
mission and the purchaser, but at the expense of the purchaser, and shall thereupon be executed in
behalf of the City 1);, the signatures of the Hayor. Director of Finance and Clerk, one such si(';nature
being manual and the others being printed facsimile signatures, and sealed llith a printed facsimile
of the seal of the City; and the interest coupons shall be executed and authenticated by the printed
facsimiles of the signatures of these officers, and the bonds shall be ree;istered in accordance lTi th
Section 11-2318, Revised Codes of Jlontana 19h1. Ivhen so executed and rer;istered, the Director of
I Finance shall deliver them, or cause them to be delivered to the purchaser upon receipt of the purchase
price heretofore agreed upon, to-lTit, the par value thereof plus a premium of 835, plus accrued in-
terest, and the purchaser shall not l)e obligated to see to the application of the purchase price.
The sale of the bonds upon these terms is hereb:T in all respects, ratified, confirmed and approved.
5. For the prompt and full payment of each and all of the General Obligation I30nds herein authorized
and the interest thereon as such principal and interest respectively become due, the full faith, credit
and unlimited taxing powers of the Ci t~r of Bozeman are hereby irrevocably pledp"cd. In order to provide
funds for that purpose there is hereby ordered and directed to be levied an annual tax which shall be
sufficient, with other moneys rwailable therefor, to pay the interest on the bonds as the SP.JT1e becomes
due and to provide a sinking fund for payment of the principal of the bonds at their respecti vc
maturi ties. and it is hereby made the duty of the proper officers to see to the levy and collection
of such taxes sufficient in amount for such purposes and to cause the proceeds of such levies to be
applied in payment of such principal and interest.
6. The City will make no use of the proceeds of bonds issued hereunder lThich, if such use had
been reasonably expected on t~e date of issue thereof, 1fould have caused the bonds to be arbitrage
bonds under the provisions of Section l03(d) of the United States Internal Revenue Code.
1. The County Clerk and Recorder of Gallatin County and the City officers of Bozeman are A.uthorized
and directed to furnish to the purchaser of said bonds, and to the attornc:Ts approvinp: the lee;ality
thereof, certified copies of all nroceedinp:s relating to the issuance of the bonds, and such other
certificates and affidavits as may be required to ShOlT the riGht, power and authority of the City to
issue the 'bonds; and all statements contained in or shOim by such instrurnents. includinp: any heretofore
fnrnished. shall constitute representations of the City as to the truth of the statements purported
to be shown thereby.
8. All proceedings heretofore taken .vi th respect to the bonds herein authori zed. including re-
solutions of the City Commission, 1-;hich in any way conflict vith the terms of this resolution are
hereb:r amended or su})erseded to the extent that they conflict with the terms of this resolution.
I 9. This resolution shall l)e in full force and effect from and after its adoption and approval.
. /~I
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// ""-Em1UND P. 0EDIVY, ~J:\.;:?" ayor
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Attest: /
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ij~IIA"-#:~~AIfD:i:I,i6- ~__<,c~.L~c~ ~------
Clerk of the City Commission
State of Hontana )
County of Gallatin : C' co
" .>
Ci ty of Bozeman )
I, Erna V. Hardinr, Clerk of the Commission of the City of Bozeman do hereb7T certify that the forcp-oing
Resolution Ho. 16h8 vas published by title and number in the Bozeman Daily Chronicle. a newST'aper of
general circulation printed and published in Bozeman in the issue of 3 February 1911f and due proof
of such publication is on file in my office.
I:J '\'!ITHESS limEREOF I hereunto set my hand and affix the corporate seal of rw office this 25th day of
February, 19111.
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Em Ill. v. HM1DIH G
Clerl: of the City ComMission
CO!JrHSSIOTJ PY.SOLtJ'l'ION no. lG1f3
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