HomeMy WebLinkAboutResolution 1502 Amendment to Resolution 1500
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COMMISSION RESOLUTION
NO. 1502
WHEREAS, this Council duly passed and adopted on December IS, 1971, Resolution No.
1500
Confirming the sale of $450,000 Special Improvement District No. 502 Bonds, and prescribing
their
forms and terms and covenants of the City for the security of the holders thereof;
I WHEREAS, as of this date the said bonds have not been delivered and the purchase price therefor
has not been received;
WHEREAS, it has now been determined that the estimated cost and expenses connected with and
incidental to the formation of said improvement district and the making of improvements therein is
$770,000.00, and of such estimated cost and expenses it is presently estimated that $432,000.00
shall be borne by the city;
WHEREAS, the cost and expenses to be borne by the city shall be assessed upon all lots and
lands within the boundaries of Special Improvement District No. 502 fronting upon improvements
to be constructed within said district;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA:
1) Section 1.05 of Resolution No. 1500 is amended to read as follows:
It is presently estimated that the cost and expense connected with
and incidental to the formation of said improvement district,
including costs of preparation of plans, specifications, maps,
profiles, engineering superintendence and inspection, preparation
of assessmentrolls, expenses of making the assessments,
the cost
of work and materials under the construction conaract, and all
other costs and expenses will be $770,000.00, of which $338,000.00
is to be paid under a Federal Grant which has been approved, and
this Commission has jurisdiction and is required by law to levy and
assess the remaining $432,000.00 cost upon all property within the
I improvement district on the basis described in said resolution of
intention, to collect such special assessments and credit the same
to the special improvement district fund created for said district,
which fund is to be maintained on the official books and records of
the City separate from all other City funds, to be used solely for
payment of interest when due on the bonds herein authorized and for
redemption of such bonds in order of their registration whenever and
as often as the balance in said fund after payment of interest due is
sufficient for the purpose.
2) Section 7.03 of Resolution No. 1500 is amended to read as follows:
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. 502 fronting on the
improvements to be made therein in accordance with the Constitution
and laws of the State of Montana and the Constitution of the United
States, in an aggregate principal amount not less than $432,000.00.
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 twenty 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 5.5% 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 1972 through 1991, 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 1, 1973, and each subsequent partial payment shall include
I 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 11-2229,
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, 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.
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COMMISSION RESOLUTION
NO. 1502
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3) This resolution shall be in full force and effect from and after its passage and approval.
Passed and adopted by the City Commission of the City of Bozeman, Montana, this 19th day of
January 1972, and approved by the Mayor of said City oL;Bozeman tnis 19th day of January 1972.
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Lehrkind, and upon vote being taken thereon, the following voted in favor tnereof: Commissioner
Sedivy, Commissioner Lenrkind, Commissioner Vandeventer, Commissioner Vollmer and Mayor I
Grabow; Those voting No, none. whereupon said resolution was declared duly passed and adopted.
Mayor
ATTEST: William E. Grabow
G~~ /~
Clerk of City Comm.
Erna V. Harding
No Publication
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