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Home My WebLink AboutResolution 1636 Issuance of Bonds in the amount of $900,000 -.- ._~ ~., .~-".~-- -. .-. .~~-.-.~-. ~.."...--.~- _.. ___.~",~'r_ ._.._ .;:..~.r'uvr I~~I. 125 ..nd Obeok"d / 2. ,. '7" 7....3 -""~_...-.....~."'._~~._.... .. E 1/1-1 _.to. ---- COHHISSION RESOLlJI'ION NO. 1636 PROVIDING FOR THE ISSUANCE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZElW{ IN THE AMOUNT OF $900,000.00, ESTABLISHING THE MAXIMUM RATE OF INTEREST SAID BONDS SHALL BEAR, THE DATE OF SAID BONDS, AND THE PERIOD OF TU1E THEY SHALL BE PAYABLE, AND PROVIDING THAT ANY OF SAID BONDS SHALL BE REDEE!.1ED IN FULL AT THE OPTION OF I 'l'HE CITY OF BOZEMAN ON ANY INTEREST PAU-1ENT DATE FROM AND AFTER TEN YEARS FROM THE DATE OF ISSUANCE; PROVIDING FOR THE ll(ANNER OF THE ISSUANCE OF SAID BONDS AND PROVIDING THAT PREFERENCE SHALL BE GIVEN TO AMORTIZATION BONDS, BlJI' PERMI'ITING THE DENOMINATION OF SERIAL BONDS IN CASE IT SHALL BE ADVANTAGEOUS TO ISSUE BONDS IN THAT FORM, AND PROVIDING THE FORM OF NOTICE OF THE SALE OF SAID BONDS. BE IT RESOLVED by the City Commission of the City of Bozeman as follows: Section l. That the City of Bozeman shall issue $900,000.00 in general municipal obligation bonds "..'.'-- of the City of Bozeman, in accordance with the authority conferred by the qualified electors of the City of Bozeman at a general city election held in the city of Bozeman on the 6th day of November, 1913. Section 2. That said bonds shall be issued and sold for the following purposes, to wit: A. $600,000.00 to be used to renovate an existing swimming pool in Bogert Park; to secure a site for and construct, furnish, and equip a new 50 meter outdoor svrimming pool; to provide local funding to match an approved Bureau of Outdoor Recreation Grant for a Recreation Complex on city-owned property known as the "Old Elks Country Club"; to upgrade, expand, and renovate park and playground facilities at Beall Park, Bogert Park, Cooper Park, Kirk Park, Hyalite Park, Lindley Park, North Grand Park, and South Side Park. B. $300,000.00 to be used to erect, furnish, and equip an enclosure structure for a new 50 meter swimming pool. I eection 3. The maximum rate of interest which said bonds may bear shall be seven percent per annum, and shall be payable semi-annually. eection 4. The date that said bonds shall bear shall be March 1, 1914; the period of time through which said bonds shall be payable is 20 years and said bonds shall be redeemable at the option of the City of Bozeman at any interest payment date after one-half of the term for which said bonds were issued has expired. 9~on 5. Said bonds shall be executed by the signature of the Mayor and the Director of Finance, attested by the Clerk of the City Commission, and sealed with the official corporate seal of the City of Bozeman. and the appurtenant coupons shall be executed by a lithographed facsimile of the signatures of the said officers. Section 6. Preference shall be given to amortizations bonds, but in case it shall be foUnd ad- vantageous to issue bonds in serial form, they shall be in the denomination of ~)l,OOO.OO each, or frac- tions or multiples thereof. Section 1. The form of the notice of sale of said bonds shall be as follows: NOTICE OF SALE OF GENERAL MUNICIPAL OBLIGATION BONDS OF THE CITY OF BOZEMAN, MONTANA I .- Notice is hereby given bJr the City Commission of the City of Bozeman, Montana, that said City Commission will, on the 23rd day of January, 1914, at the hour of 1:30 o'clock p.m. at the Commis- sion Chambers at the City Hall Building of the City of Bozeman, sell to the highest and best bidder for cash, either amortization or serial bonds of the said City in the total amount of $900,000.00, for the following purpose: A. $600,000.00 to be used to renovate an existing swimming pool in Bogert Park; to secure a site for and construct, furnish, and equip a new 50 meter outdoor swimming pool; to provide local funding to match an approved Bureau of Outdoor Recreation Grant for a Recreation COMMISSION RESOLlJI'ION NO. 1636 ~..~. -~..- .- . ..--. - -- - ' -- - - _._.__.._~----~.. .- -.. . .......... -. .- .~._."--'-. .......-... -.. .-. -. ...~-- -~- _.-- -~~-_. -..- ~. -- -. ,,- - ~..._. .. .___'.~.'"","-<I"""",,-..~._.. .'.r''''~--.-''''''.........r.'.. ~'r~__~_"____"~'_.._ .,.____...~__.._. ._-.-- ......._ --." ......~_ ._ ~- .- .__r__'__.~~ lC)r- t.;U Complex on city-owned property knmm as the !fOld Elks Country Club"; to upgrade, expand, and renovate park and playground facilities at Beall Park, Bogert Park, Cooper Park, Hyalite Park, Kirk Park, Lindley Park, North Grand Park, and South Side Park. B. $300,000.00 to be used to erect, furnish, and equip an enclosure structure for a new 50 meter swimming I pool. Amortization bonds '..rill be the first choice and serial bonds will be the second choice of the City Commission. If amortization bonds are sold and issued the entire issue may be put into one single bond or divided into several bonds. as the City Commission may determine upon at the time of sale, both princi- pal and interest to be payable in semiannual installments during a period of 20 years from the date of issue. If serial bonds are issued and sold they will be in the amount of $1,000.00 each, or fractions or multiples thereof, except the last bond which will be in the amount of $none; the sum of $lf5, 000.00 of said serial bonds will become due and payable on the 1st day of January, 1915, and a like amount on the same day each year there- after until all such bonds are paid, except that the last install- ment will be in the amount of $none. The said bonds, whether amortization or serial bonds, will bear the date of the 1st day of March, 1914. will bear interest at a rate not exceeding seven percent per annum, payable semiannually, on the 1st day of January and on the 1st day of July in each year, and will be redeemable in full, at par and accrued interest, on the 1st day of July, 1984, and on any interest payment date thereafter. Said bonds will be sold for not less than their par value with accrued interest to date of deli very and all bidders must state - the lowest rate of interest at which they will purchase the bonds at par. The City Commission reserves the right to reject any and all bids and to sell said bonds at private sale. I All bids other than by or on behalf of the state board of land commissioners of the state of Montana must be accompanied by a cer- tified check in the sum of $1+5.000.00, payable to the order of the Clerk of the City Commission. which will be forfeited by the success- ful bidder in the event he shall fail or refuse to complete the pur- chase of said bonds in accordance with the terms of his bid. All bids shall be addressed to the City Commission of the City of Bozeman, and delivered to the Clerk of the City Commission of the City of Bozeman. - .- HILLIAM E. GHAEmI, Hayor ATTEST: ~L' ;g<~v r '_. '?i ERNA V. HARDING . , Clerk of the City Commission PASSED AND ADOPTED by the City Commission of the City of Bozeman at a regular session held on the 21st day of November, 1913. WILLIAN E. GRABOW, Mayor I ATTEST: ~ .'/ i' -,>' L,' ."'. 2/(/ t:" , ;-;.-{f"c.z.:.c:.c: ?<;r -- ERNA V. HARDING J Clerk of the City Commission COMMISSION RESOLUTION NO. 1636 .~ __...1.... "--. -. -........ ~~....-~ .., . ..o........:..._~~._~._.____ .... ............_.0.-.._.._,........ ..:..~~~_:Io....._~. _ _......__~_................J.... ..~~.~__~...~........-. ~ ............................~.......~~_ '-. .~.. ~_ _~__..., _ - - --_.~~--- .......-....-..... ~~_. .-. ~ .~- _..~. ~--~ ... I . ~,. - r -.... . 127 State of Hontana ) County of Gallatin : ss City of Bozeman ) I, Erna V. Harding, Clerk of the Commission of the City of Bozeman do hereby certify, that the foregoing Notice was published at length in the Bozeman Daily Chronicle, a newspaper of general circulation printed and published in said City in the issue of the 26th day of November 1913 and due proof of such publication I is on file in my office. IN WITNESS WHEREOF I hereunto set my hand and affix the corporate seal of my office this 1th day of December 1913. d:. // ~p~ ."o?;J'-Z-?L..o ,e~ / d ERN A V. HARDnrG r Clerk of the CHy Commission I . I COI1MISSION RESOLUTION NO. 1636 .~-~,-.- ~ -- ~