HomeMy WebLinkAboutResolution 1598 Confirming Sale of $688,000 Special Improvement 512 Bonds
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COMMISSION RESOLUTION NO. 1598 i1' ... b- '7 :,
RESOLUTION AMENDING COMMISSION RESOLUTION NO. 1579 'i (J i/ .'-'.
BE IT RESOLVED by the City Commission of the City of Bozeman, MOntana that
Commission Resolution No. 1579, dated May 23, 1973, entitled RESOLUTION
CONFIRMING SALE OF $688,000 SPECIAL IMPROVEMENT DISTRICT NO. 512 BONDS, AND
PRESCRIBING THEIR FORMS AND TERMS AND COVENANTS OF THE CITY FOR THE SECURITY
OF THE HOLDERS THEREOF, is amended as follows:
Section 1. Section 2 of said resolution is amended to resd: "S.ecis1 Improvement District JII
No. 512 Bonds. For the purpose of paying the costs and expenses incurred and to be incurred in constructio
of the improvements authorized to be constructed in Special Improvement District No. 512 and in anticipation
of collection of special assessments to be levied therefore, in accordance with the public offering and
contract of sale described in paragraph 1.06 hereof, the City of Bozeman shall forthwith issue and deliver
to the purchaser its Special Improvement District No. 512 Bonds in the total principal amount of $688,000
payable solely from the Special Improvement District No. 512 Fund. The bonds shall be dated as of July 1, 1973
and shall mature on January 1, 1993. The bonds shall be 688 in number and numbered serially in order of
their registration as provided below, from 1 through 688, each in the denomination of $1,000. The bonds
shall be payable to bearer, and shall bear interest from their date of registration until called for
redemption of paid in full at the annual rate of 5.9% per annum, payable on the 1st day of January of each
year, represented by coupons appurtenant to each bond."
Section 2. Section 7.03 of said resolution is amended to read:
"The city will do all acts and things necessary for the final and valid levy of special assessments upon all
property within the boundaries of Special Improvement District No. 512 in accordance with the Constitution
and laws of the State of MOntana and the Constitution of the United States. in an aggregate principal I
amount not less than $688,000. Such special assessments shall be levied in accordance with the basis
therefore prescribed in the resolution of intention described above, payable in annual installments over
a period of nineteen years. each annual installment being due in an amount equal to one-twentieth of the
principal amount of each assessment, with interest on the whole amount remaining unpaid at the rate of 5.9%
per annum. interest being payable with interest installments. The assessments to be levied will be payable
on the 30th day of November in each of the years 1973 through 1992, inclusive, if not theretofore paid. and
shall become delinquent on that date unless paid in-full. The first partial payment of each shall include
interest on the entire assessment from the date of registration of the bonds herein authorized to January
I. 1974, and each subsequent partial payment shall include interest from one year on that payment and the
remaining balance of the special assessment. The assessment. The assessments shall constitute a lien upon
and against the property against which they are made and levied. which lien may only be extinguished for
payment of the assessment with all penalties, cost and interest as provided in Section 11-2229, Revised
Codes of Montana 1947. No tax deed issued with respect to any lot as parcel of land shall operate as payment
of any installment of the assessment thereon which is payable after the execution of such deed. and any tax
deed so issued shall convey title subject only to the lien of said future installments, as provided in Section
84 - 4170, Revised Codes of Montana 1947." I
Section 1. Effective IBte. This resolution shall be in full force and effect from and after
its ~assage and approval.
COMMISSION RESOLUTION NO. 1598
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Passed and Adopted by the City Commission of the City of Bozeman, Montana, this 1st day of
August, 1973, and approved by the Mayor of said City of Bozeman this 1st day of AugBst, 1973.
Mayor
I
ATTEST
/
. .1'.~ P::/ ~~ C
of the City Commis' on
State of Montana )
County of Gallatin : ss
City of Bozeman )
I, Erna V. Harding, Clerk of the Ornnmission of the City of Bozeman do hereby certify that the foregoing
Resolution No. 1598 was published by title and number in the Bozeman Daily Chronicle, a newspaper of
general circulation printed and published in Bozeman in the issue of 5 August 1973, 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
1973.
I iJ P::/~~
~~~-t';~j oo;DING, _.~.. .~/ ,ry
Clerk of the City Commission
I
Q) MMISSION RESOLUTION NO. 1598