HomeMy WebLinkAboutResolution 852 Emergeny Resolution authorizing Issuance of Warrants on Water System Improvement Fund
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COMMISSION RESOLUTION
NO. 852
AN E]lliRGENCY RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA,
AUTHORIZING THE ISSUANCE OF WARRANTS ON THE WATER SYSTEM IMPROVEMENT FUND AND
PROVIDHm FOR TEE PAYMENT THEREOF.
I WHEREAS, this resolution is necessary for the immediate preservation of the
public peace, property, healtn and safety, inasmuch as the City has heretofore duly
authorized an 1mdertaldng comprising the reconstruction, improvement, betterment
and extension of its water systeM, and has approved plans and specifications and
entered into contracts therefor, and substantial sums are now due or will shortly
become due to the contractors and others for work and materials furnished and
engIneering and other services performed in connection with said undertak':ng, and
it is necessary to proceed with ssid undertaking as fast as possible in the interests
of public health and fire protection,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OB' TI-IE CITY OF BOZEMAN,
MONTANA:
Section 1. There is hereby created and there shall be maintained on the official
books and records of the City a separate and special fund to be designated as the
Water System Improvement Fund into which there shall be paid the proceeds of the
water system revenue bonds authorized by the qualified electors at the special elec-
tion held May 29, 1956, in the maximum amount of $1,500,000., immediately upon the
delivery of said bonds or any part thereof. The rr.oneys in said fund shall be used
solely for the payment, as incurred, of costs of the reconstruction, improvement,
betterment and extension of the municipal water system for which said bonds were
authorized, as provided in the plans and specifications therefor which have been
approved by the City Commission.
Section 2. Pending the sale and delivery of the bonds in the amount of
$1,200,000. which are presently being advertised for sale, warrants for the payment
of valid claims in connection wi th said undertaking, in an aggregate amourt not to
exceed $1,200,000. may be drAwn on said fund b;: the Director of Finance, upon
vouchers approved by the Director of Public Service and countersigned by the City
Manager, as authorized in the Revised CodeR of Montana, 1947, Section 11-3267
and Section 11-1408, as amended by Chapter 95, Laws 1957.
I Section 3. All warrants so drawn, when duly presented and endorsed by the
Director of Finance, shall bear interest at the rate of not to exceed five per
cent (5%) per annum and shall be registered in accordance with law, and shall be
paid from said fund, or the registered holders thereof shall be notified that
moneys are available for the payment thereof, within not to exceed ten business
days after the receipt of the proceeds of said bonds by the Director of Finance.
Section 4. Each and all of the stR.tements contained in the preamble hereof
are hereby found and determined to be correct, and an emergency is hereby declared
to exist, and this resolution shall be in full force and effect from and after its
passage and recording in accordance with law.
Passed by the City Co~~ission and approved by the Mayor this 17th day of
Jul y, 1957.
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ayor
A t te s t :
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Clerk 0 .e Commission
,
State of Montona )
County of Gallatin ) ss
Resolution by title and number
T, L. G. Shadoan, Clerk of tr.e Commisslon of The City of Bozeman, do hereby
certify tha t the foregolng/U~nw:,s published/XX:XXMQD. In the Bozeman Daily
I Chronicle, a newspaper of general circulation printed and VabllshOd in said city
in the issue of July 22, 1~57, and that due proof of such publication 18 on file
in my office.
IN WITNESS WHEREOF, I HEREUNTO SET MY HAND AND AFFIX THE CORPORATE SEAL
of my office this 23rd day of July, 1957.
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lerk 0 the Commission