HomeMy WebLinkAboutResolution 205 Directing City Manager to take Legal steps to provide for sale of refunding city bonds
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Cm.TI'.IISSION HESOLUJ1ION
HO: 205
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A RI~SOLU'I1I=; Oli' TIill CQI,LlISSIOiT U:F TEB CITY OJ? BO;':;:;:,l.l~',:', DIRECTING 'TEE CITY 1,iAlJ.A.GER
TO 'THKE "r-T~ TT""CEscc/\..RY LEG\L nTT:p'" TO ":;:mVID':;' FOR '[1-;1:; ICC<Ul"CT' "'I"D ("'LE OT;' "~'lOc 000
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o Ii' RZFUlrniTC CITY 130HDS TO REFUND OUl'STlI,lrDING <'1.AHRAirl' FUlillIHG 301m3.
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WHEREAS:
1.
Pursuant to Council Resolution No. 5'/2 passed and adoJ)ted Februar~/,
26, 1914, an election was held April 6,
1914, at which election the Qualified voters
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ElIy;)roved a bond issue in the amount of ~,;170, 00.' to be used to fund the ti~en exist
ing
floatinc indebtedness; and
2.
SUbseQuently Ordinance :;.Jo. 443 entitled:
!tAlT ORDINANCE DI'2EC'I'ING THE ISSl)'.lJTC}~ OIi' ':PIIE FlmJJING DOHDS aI" '1'lIE
CITY OF BOZEljjJI, MONTAIIA, TO TIlE .Al.lOUlf[1 Oli' ~fl 70, 000 TO Ii'UND THE
l!:XISTHm INDEBTED1JESS OJT SAID CITY, ,AITDAT...i!1LWin~ING AIm DIHECT-
Il'IG '111m CI'l':{ TREAsumm TO EXCILUTGE TEE ]'mmING BONDS Fon TEE
OLJTSTAiL'ING UARRAlfJ.'S OF SAID CITY",
vms duly IJassed and al)p roved l'I.1J{':1..wt la, 1914,
and Ordinance Ho. 44{, ent itled:
'fAIT OHDINAlJCE DIHECTIlm TIm rOH;I 0]3' TIill FUl>JDIljC LONDS 03' THE CITY
o Ii' DO :~~ EI.J.l\..IP' ,
,
YlaS also (.uly passed and approved AU[;u::::t 10, 1914;
and
5.
The City of Bozeman did issue \/arrant Funding Bonds dated July 1, 1914,
in the arllount qf ~~166,OOO bearing interest at h0'1
optional after July 1, 1924 andl
:J /0,
redeer:n bIe Jul:l 1, 1934; and
4.
"1'here will remain outstanding after the payrnent arranf;ed for at
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January 1, liJ3l, $109,000 of the aforesaid
issue; and
5.
There is not now, nor will there be betDeel1 now and the day the
aforesaid bonds must be redeemed, sufficient money available to recleer:,. theII'.
according
tot h e t e I'LlS 0:. t]; e bond s; and
6.
A tax suffic ient in amount to Tedcem the bond E; acco :.(.\1 ing to the t orms
thereof would impose, in the opinion of this Commission,
an ul1warrant ea l:w.rds., iIJ on
the taxpayers of the City of Bozeman; and
7.
The DonG raarl\:et seeElS to offer an unusual opportunity to refund the
outstandinG bouds ~t a 10Der ~ute o~ in'Gere8t und in
better tonH 0 f bOJ1ds, t ~Je H3-
fore, b~ :c'of1..mclinc: at th:Ls tirtlG the credit
of this Gity ~ill be enhance~, preserved
and mc~intained; and
8.
Section 1013 J:~. C. L. 1921 directs the notific tiOD of the ~tate board
of Land COD2issioners of any proposed bond sale; end
g.
Section ~')(:;::;,e. R. C. ::. 19:~1 , presc~ibe3
tho conditions unde? w:lich
rer"nH~'lnr' bC:lds Llay bo iSS1Jed and sold and d L'ect Q tllG necessary advert i::: in!::
procedure and the Ilethods 01' sale and provi(les chat an election is unnecessary;
and I
10. Chapter 38,
Laws of Montana, 1923, makes and directs certain additional
recluirenents relative to tj1e form of bone" issued and the subject IT~ttor
of notices
of sale of bonda; --
NO\, '1': IERE:b'OHE
, Db I'l' lillSOLV1::D i':.l;v IT IS lIEi'.:EBY OHDEIlliD EY TilE COU.I;::iGIOlJ
,
Oli' 1'1IE CITY OiI' DOZN,,).,::
Section 1.
ThD.t tl:e City" I.Ianager and. t~le City .A.ttorney be and are hereby
inst ruc ted to IJl'opare and presontfo l' Bl)Pl"oval E, ]) roper o1'c1 iD:H1C () oJ:' ol'dinanc es
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providinG for the issuance, sale,
form, payglent of interest, and red ernpt ion 0 l'
4~lO9,000, Refunding City Warrant F1U1ding Bonds to re::'u.:n::l
;"'109 ,~.iOJ \"larrant Ii'unding
I Bonds nOr! optional and outstanding.
Section 2. rl'hut
iTovel;~bel-' ;::8, 1930, at 4:30 P. L..:..,
:Ln tIle City Hall be
tt.G tirle and the place at r[hich sealed biej:::-;, which have been filed
with the Clerk
of t11 e Cormuissioi1 . l~ior to that time,
will be opened;
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Sect ion 3.
ri'hat the City 1L.nager cause a not ice of the aforesaid sale to
be l)ublislwd L, the Bozer;llill lJaily Chronicle,
in the lvlontana Standard, for not less
than 4 y,'eekc })receed ine; such sal e; and in the Eond Buyer of I-Jevf Yo]:'l;: City a
sui table length of time and th,<t he cause a copy of the aforesaid not ic e to be
mailed to the I(eu;ister of State Lands iHunediat<:..:ly upon it s puulicat ion;
Section 4.
'11hat the aforesaid notice shall be in substantially the
follovdng fa I'm:
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II 0 TIC E
NOTICE IS lillBER:.' GIVEN That the Commission of the City of ,--
Bozeman ':rill rece i
ve and open sealed b ids for ',Pl09, 000.00
5efunding City Warrant
Funding Bonds in the City Hall, Bozeman,
I\Iontana, at L.b:30 P. L~., November 28th, 1930;
That the proposed::ond issue \7ill bear interest at 4.~-%
payable ser..,i-annually
at Jam18ry L::t and July 1st of each ~lcar;
that the (Ionds will
be opt ional 15 years f'ron date and redeemable
I 18 years frOD do.te;
tho.t the bonds 81:1.a11 not be sold for less than
par and accrued interest; that bids suLl.litted must
be for "amort.
ization bonds" and / or IIseria1 bonelst! C:L.l~:f'ined
and required in
Chapter ~8, Laws 0 l' Liontana 1923; that
"serial bondst! shall be in
den. minD. tion of five hundred do llarE' (4~500.
00) or lesser l1lult iples
of one hundred dollars ($100.00); that ITamortization
bonds!! are
and will be the first
cho:ice and the "serial bonds" are and will
be IT :;;econd CllD ice"
of the COEIDlis.s ion in determining the successful
bidder, if any, as required
in Chapter 38, Laws of Montana 1923;
that the Cornmission
reserves the right to reject any and/or all
bids;
Thect the Commission reserves the right to purchase for the
account of the ;:';'inking
FWld 'I'rustees any amount up to 4;;10,000
of those bonds at the
datc of issue at the price of the success-
ful bid;
Thut all bids must be sealed and filed w:i.th the Clerk of' the
Commission on or before
4:30 I'. 1'.1., November 28, 1930, and
must
be accompanied by a Cashier's
Check in the amount of' ;";5000.00 as
a guarantee of good faith
and perfonwance.
By Order of the Commission of' ~he City of' Bozeman.
Dated this
day of 1930,
"
,
Clerk of the Cornmissiori-- .
,
Thct the aforesaid Notice
shall be Dublished in the Bozeuan Daily
Chronicle and the I,Iontana Standard on:
October 28, 1930
Noveruber 4, 1930
November 11, 1930
Kover:lb er 18,1930
I Sect ion 5.
That for the pronpt payraent of interest and principal as they
slmll fall due, the :rull faith, credit and
resourCes of the City of BOZel~lan be
irrevocably pledged;
Section 6.
That a tax of three mills, or so much thereof as may be
reQtcired to pay interest and principal accordinc: to tLe telYilS of' the bond issued,
i:c:: levied each year on all taxable property in the City of Bozeman from 1931 to
lSf/~ inclusilTe to pay interest anc1 pTincipal on this };co:posod
issue.
Section 7.
Tlw..t L. case the bonds herein propoi3ed to e issued are not
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sold at the sale herein provided ~or, the City Manager is hereby directed to negotiate
F~nd receive pro:Ciosals and offers for submission to the 00uf_ission for the sale or
exchange of the proposed bonds.
Section 8. That the proceedincs hel'eunder are had pursuant to tt.e pro- I
visions of Sect ion 5039, paragraph 64 as amended; Sectio"," 5049, and Sect ion 5288.
Political Coele, H. C. LI. 1921 and Chapter 38, L[-,",.iS of i,lontana 1923.
Passed and adopted by the CorflIllission of the City of Bozer,1Qn at a regular
sess ion thereof, held on the 24th da:{ of October, 1930.
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Attest:
~~Qu~~. ~
e of t ie nmltssion
I, Elizabeth Johnson, ClerIc of the Commission of' the City of Bozeman,
Montana, do hereby certify that the foregoing ~esolution No. ~05 of the City of
:..:o~,;eI:lan, Eontana, v:as publislred by title, in the Doze17,<::.11 Daily Chronicle, cL dally
newspaper '.)1' general cil~culction, rrinted and pUblished in the City of Bozernan, I
in the issue of Octo bel" 28tl~, 1930, and that due prool' of said publicat ion VlaS made
and filed in my office.
IYf VlITlTESS VIIIIm::W:F I have hereunto set my hand and the cor:Jorate seal of
said City this 28th day of October, 1930.
~~O~~~ion
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