HomeMy WebLinkAboutOrdinance 16- 457, Directs Issuance of Sewer Bonds and Providing Tax be Levied Each Year for Purpose of Paying Interest on Such Bonds and to Create a Sinking Fund for Their Redemption
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o R DIN A N 0 E Ii O. 4 5 7 .
.All ORDINANCE DIRECTlNG THE' ISSUANCE OF SEViER BONDS OF
THE OITY OF BOZilUN,JlOllTAll., TO THE AMOUHT 0]' .70,000;
THE PROOUDS. '. FROI.' THE SAL,E;-fHEREOF- TO BE USED IN
EXTENDING" IKPRQ'VING AND DWGI.N(} THE SANITARY AND
STORM S.iWERSYS~. OF Tlm,:,CITY OF :BQ'ZK1l.{II,N: AND
PROVIDING FOR A TAX TO BEJ:&VIED EA. YlWi FOR THE
PURPOSE OF PAYIIG THE IBTdJS..'..."...'.T...., ON SUCH BONDS AIm TO
OREATE A SH1KINl FUND FOR~Ia R1n)ElIPTIOll
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WHEREAS, the Oity Oounoil of the Oity of Bozeman at a special
meeting held on Febru~y.28,19l6. .dul~ and regularly passed Counoil
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Resolution l~o. 696 enti t~ed "A~ounOil Resolution Providing --for the
Issuance of Sewer Bonds in'the$\1JD. 01'70,000; the prooeeds from the
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sale there of to be 'tlBed', irt ext~nd~ng, ~mproTing and oCjnlarging the
Sanitary Sewer 8ild.S~orm i,we;r 31st,._. of thetity of Boaeman; and
~~'V'1ding for the Calling and Holding ofe. Speoial, Eleo1;ion for the
Purpose of Submitting the' Question of Slloh :S9nd Ies'Ue' to the. Qualified
"leotors", and
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W:a:&RiA8, the City OOllnoil of said City in said Oounoil Resolution
No. 696, ordered that a speoial eleotion be held in the ca ty of :Bozeman,
,KfHltana, on the 3rd day of April, ..1916', and the C1 ~y Clerk of said C1 ty
waS authorized' and directed to give' notioe ttiereof as provided by law
for the purpose of submitting to the taxpayers of said Qity of Bozeman,
as defined by Seot.ions 468 and 469 of the ieTised Codes of Montana of
190'1, who were also possessed ,~of thequalifioat10ns fo electors in
the said City of :Bole man, the question of the said Oity of Bozeman
issuing sewer bonds upon the oredi t of the said Oity in the suni of:\-t.
.70,000, the prooeeds from the sale thel'eof to be used in extending,
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improving and enlarging the present sanitary sewer system and storm sewer
system of the City of Bos.ma.n;,t 'and
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WHEREAS, at the said speoial _eting of the said City Council,
held oI\,the 28th daY'".o1 February, 1'16, a registry agent was appointed
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,,;to reg~s.te~\>the taxpayers of said ,,~1 ty~;. qualified to vote at the said
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SP'8otal\ e'le;cti~ to be held 011 tlleM-Jild3rdday of April, 1916, on the
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'question of the issuanoe of the ~aid,.ewer bonds, who thereafter gave
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dlJ.-enotioe of :regiBtra_t,~oa'"~a:nd duly -...4 regularly registered the ,names
of the,'taxpsyers qus.lifiedto vote.t said speoial eleotion~~~ aooor...
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d~O.wi ~h the prOvisionsofQld~aO~:,ir!~O of said C1ty~,~,.~~ so far
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as the same r,~lates ~Q, registratlontorap.olal City-eleotions; land
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\.JHEREAS. a special eleotion was duly notioed and held ~n the3rdday
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of April, ".l916, in said City of Bozeman. as provided in said COUnoil Re- ii
solution No. 696 oalling the sam.e, and as provided by law for holding apecial . I!
municipal elect,ions; and
Wl:IEREAS, at an adjourned regular meeting of the City Oounol1.oi' the
said City, held on the 7th da.y of April. 1916, the vote at said speoial
election was duly and regularly oanvassed and it was ascertained and, deter-
miDed that at said election 239 votes were cast in favor of the issuanc$
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of said. sewer bonds ~nd 116 votes were cast against the issuance Of said
bonds, and there be~~ga majority in favor of the issuanoe o~ said bondS
of 123 votes, the question,of the issuanoe of such Sfter bondS. was deolared
oarried; and
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~lEREAS, at said meeting. of said City Counoil held on April 7, ~9l6,
the said City Counoil appointed May'l'8, 1916, at Beven thirty 0 'ol.ock P.M. .
at the Council Chamber in the 8ity Hall building ,in the said City of
Boze~an, $oS the time when and'the place,wh~re the issue of $70,000 of
sewer bonds of said City woula be offered. for sale at public auot16n,
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direoted the Qity Cler~ to givenotiQe ~f suoh sale by advertising in the
Weekl~l Courier, a weekly newspaper 'publ.ished in' the ;:;:aid City of BoaeIQ.aIlf
and in The Fi.nancier, a wee,kly newspaper published in l'4ew York City, for
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a period of four weeks before May 18, 1916.
. NOW THERE.lWRE, BE IT oaDA.Il1ED BY THE CITY dOUUCIL
OF THE CITY OF BOZEMAN, MONTANA:
Seotion 1.
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That the sewer bonds of the City of BQzeman,State of
Montana., to an amount not .to' exo,eed $70.000, be issu~d upon the gale
thereof by the City in pursuanoe of such sale, for the purpose of extending,
improving and enlarging the present sanitary sewer system and stor~ sewer
system of the,C,i tf of Boseman.
Seotion 2.
That the l4ayor and City Clerk of the .Oity of Bozeman
are hereby authorized and instl"ucted to sign and exeoute, after the sale
tbereof, the said Sewer Bonde to an amount not to exceed the.sum of
$70.000.
The bonds issued by. virtue of this Orc11nance shall be known as
"Sewer Bonds"; shall be da.ted July l, 1916; shall be of the denomination
of One Thoueand DQllar.s eaohand shall bear interest at a rate not exceed-
ing five per oent per annum; interest payable semi-annually on th, fi'ra.1;
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4li7.
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days of January and of July in 88ch year. .S..id bonds<shall haveattaohel
semi-annual coupon notes for eaoh installment of interest, and the bonds
and ooupons attaohed thereto shall be signed by the Mayor and City Clerk;
iiprovlded a Ii thographio or.-an engxo&vedtao-simile 'of the signatures of
the }(qor and OitY' Olerk may be affl:dd to the ooupons only, and it shall
'be tloreoited in the bonds.
!ehe said.boa4lsshall \e conseop.tively num-
ber_li, beginning at nwnber one.
Seotion 3.
A tax of one and one-half mille on the dollar shall
be levied eaoh rear upon the taxable property in said City and the pro-
oeeds thereo,f shall be' used for the purpose of' paring the interest on said
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,:i. .. bonds so issued, and to oreate a sinJUngfund. for their redemption, until
the same are paid! in full and redeemecl. .
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The Cl.ty T~ea.Burer shall pay in lawful monly of the United States
oatllefirst day' of Januarr and the first day of July in eaoh year, the
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interest due on such bonds \1pon the presentation at his office of the
proper coupons, which ahall show .the.-outre due' and the number of the bonds ,
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to whioh they severally bitlong;', but'in'oassthe holder or holders of suoh
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bonds shall give the Treasurer. .'notioe, in writing, that he or they wish
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,the bonds so held by them and,; t'he 'interest to bepa1d, in .New York Oi t;y,
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then such bonds and coupons shall.be p",,-<<'Ole 1n-Uew York City, ( at such
bank as shall be designated by theOl'tl' !rra8i!urerl, and a,ll' bonds and
oeupQn8 so paid Bha1h:-_ 'be returned to the e,t'ty'Council at the nex;t monthly
Dle.tiag, and sai'd bon~s and oouponsshall be canceiled in the manner. in which
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Jitl'...rran,ts are now oancelled.--
-S.ct~on 4.
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The Sewer Bonde; t'lttel'hance ofwhioh 1s hereta pro.,
vided for shall be pa;table in twenty"ears uAl"ecl..mable at the option of
the 01 ty of Boseman' at any time ~ter'. ten years, and whenever at any time
. after ten' years from the date of 18sua..,.'of ...14 bondo, , the aumin the
. s1,nking fund, sha~l ,equal or eXQeed aa.Thouaand Dollars;-' th$ said Treasurer
shall oause no-tice to be published in-one newepaperin the' iity o,fBQ~eman,
~hat he will, within thirty days from the ute ofsuoh notioe, redeem said
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atl101int of bonds, giving the ,number th'tre()f, and calling for said bonds
in their numerioal order. ~ j, s;1$11ar n"$,1,oe shall be -gl veu'Q1mal1 to suoh
bank in the Gity of New York as the e~t;y Treasurer has designated 88 the
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bank at whioh said bonds and in'tered'her-eon will be paid; and1f at the
expiration of thirty days, the holderorholdere of said bonds shall fail
,or negleot to present the same for payment. interest shall oeas8 Pd.', the
Treasurer shall be ready at allt:l.rae.e\i*ore4e...,l!Iaid bonds, On presentation.
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Seotion 5. That the saJ:dbonde'_allbe 1n such form as the ~lty
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467.
Counoil of the Oity of Bozeman ,shall hereafter by Ordinance, presoribe.
Section 6.
That this 9rdinance shall -take effect and be in for'oe
from and~.r its passage, approval and publication. '
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'"', PasslA} this 7th day .f April. 1916.
Aprlroved this 7th daY' of April, 1916.
, John J!.. Luoe,
1Iayor.
Attest:
c.' A. Spieth
City Olerk.
SEAL.
~he State of Monta.na,
Gbun.ty of Gallatin,
Oity of Bozeman.
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I, C. A. Spieth, Pity Clerk ,of the,Citl ,of
BOJeman, a:aidCounty and,State,do hereby oertify that the above and fore-
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,!()1ng is the original of Ordinance 1~0. 457 of the C1 ty of Bozema; ~hat
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said Ordin~;J.nce wa.s passed by-the 01 ty Oounoil of B~zeman, said County and
State, on the 7th day of April, 19l6, and approved by the Mayor;that true
and correct copies of said Ordinanoe, IJ o. . 457 were posted, one each in the
following namedplaoe.s:
OldOOurfer Building, Republioan-Courier Building, Kenyon-Nobl,e.,"
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.._Lumber Co., and City Hall Bulletin Boards, and that, the same remained postecl
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for the time required by law'for suoh publioati.on.
IN WITNESS Wr:ERE~F, I have hereunto set my hand and affixed the
Seal of the City of Bozeman, Montana, this l3th day of 'pril, A.D.,l916.
c. A. Spieth
City Clerk.
SEAL.
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