HomeMy WebLinkAboutResolution 1599 Confirming Sale of $67,000 Special Improvement District 520 Bonds
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COMMISSION RESOLUTION NO. 1599 ..nil ObtoelLM
., . '73
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RESOLUTION AMENDING COMMISSION RESOLUTION NO. 1580. Lv.., JL._..._____.
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BE IT RESOLVED by the City Commission of the City of Bozeman, Montana
that Qrnnmission Resolution 1580, dated May 23, 1973, entitled RESOLUTION
CONFIRMING SALE OF $67,000 SPECIAL IMPROVEMENT DISTRICT NO., 520 BONDS,
AND PRESCRIBING THEIR FORMS AND COVENANTS OF THE CITY FOR THE SECURITY OF
THE HOLDERS THEREOF, is amended as follows: I
Section l. Section 2 of said resolution is amended to read: "Special Improvement District
No. 520 Bonds. For the purpose of paying the costs and expenses incurred and to be incurred in construction
of the improvements authorized to be constructed in Special Improvement District No. 520, and in anticipation
of collection of special assessments to be levied therefor, and 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. 520 Bonds in the total amount of $67,000, payable from
the Special Improvement District No. 520 Fund. The bonds shall be dated as of July 1, 1973, and shall
mature on January 1, 1993. The Bonds shall be 67 in number and numbered serially in order of their registration
as provided below, from 1 through 67, 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 or paid in full
at the annual rate of 6.10% 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. 520 in accordance with the I
constitution and laws of the State of Montana and the Constitution of the United States, in an aggregate
principal amount not less than $67,000. Such special assessments shall be levied in accordance with
the basis therefor 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
6.10% 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
assessment 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 then remaining balance of the special 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 1l-2229,
Revised Codes of Montana 1947. No tax deed issued with respect to any lot or parcel of land shall operate
as payment of any installment of the assessment thereon which is payable after the execution of such deed, I
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."
Section 3. Effective date. This resolution shall be in full force and effect from and after
its passage and approval.
COMMISSION RESOLUTION NO. 1599
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passed and adopted by the City Omnmission of the City of Bozeman, Montana, this 1st day of
August, 1973, and approved by the Mayor of said City of Bozeman this lst day of August 1973.
Mayor
I ATTEST:
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6..<:, /:,.-<".., ft.:: <'. ..< -/V'
Clerk of the City Cot11lnt'Ssion
State of MOntana )
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
Resolution No. 1599 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.
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(;.,_~.;l/"'.._/ ., .--t:- ~-#C/
Erna V. Harding, ~
I Clerk of the City Omnmission
I
COMMISSION RESOLUTION NO. 1599
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