HomeMy WebLinkAboutOrdinance 16- 466, Amends Section 3, Ordinance 456 and Provides Tax be Levied Each Year to Pay Interest on Water Bonds
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466.,
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Seotion 3.
All Ordinanoes -and parts~of Ordinances in confliot
herewith ere hereby repealed.
Seotion 4.
This Ordinance shall be in full force and effect from and
after its passage, approval and pub1ioation.
Passed June 15,1916.
Approved June 15, 1916.
John A. Luee,
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Mayor.
A.ttest:
c. A. Spieth
Qity Clerk.
SEAL.
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ORDINANCE NO. 466.,
AN ORDINANCE AMENDING ORDINANCJ; no. 456, AND PRQVIDIlW FOR A TU
TO BE LEVIED EACH YEAR FqR THE PURPOSE OF PAYING THE INTEREST ON THE
$235.000 WATER BO.NDS OF T!ill CITY OF BOZEMAN: ,AND TO CREATE A SIUKING 1'011>
FOR THEIR REDEMPTION.
WHEREAS, at an eleution duly'and regularly called and held on the 3rd
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day of' April" 1916, the issuanoe of Water Works Bonds in -the sum of $235,000;
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$100,000 of the proceeds thereof ~o be used in redeeming the pr.esent out...
standing water bonds, and the balance in extending, imp~ovin.g and enlarging
tae present water works system and acquiring an auxiliary or additional
water works system from Bozeman Creek for the City 'of Bozeman, was
authorized; -and
Wl!EREAS, ,an ordinance,being Ordinance No. 456 was duly and regularly
'passed by the G1ty Oouncil of the City of Bozeman, State of Monte.na, on the'
7th day of April, 19l6~ and approved by the Kayor of said,Oity on _said 7th
day of April, 1916, which said.o.rdinanoe provided for the issuanoe of Water
Bonds o-f tbeC1ty of Bozeman, :Montana, to the amount of $235,000 and
provid.ing for a. tax to be levied each yeat' for the purpose of paying the
interest on such bondS', and to oreate a sinking fund for their redemption.
WHEREAS. the provision of said Ordinanoe providing for a tax to be
levied eaoh year for the purpose of paying the inte~est on such bonds,
to oreate a sinking fund for their redemption, is now deemed insufficient
for the purposes s~t out;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
BOZEMAN, MONTANA:
That Ordinanoe Bo'. 456 of the Qi ty of Bozeman ,. Montana,
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passed by' the 01 ty Oounoil of said Oi ty, and apprQved by the )(ayOr Githe
7th day Of April t' 1916, be and the 'same hereby is amended as follows:
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That Seotion 3 of said Ordin~ce be stricken out '~nd the following
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inserted in plaoe thereof; That in order to raise the necessary funds
with whioh to pay the interest on said bonds promptly when and as the
sameaocruE\f. and to extinguish the principal of satd bonds at their matu-
rity, or at any time after ten years from the date thereof as prov1d.i~a
said bonds and in accordance with the Statutes of the State of Montana,. '1n
such oase made and provi&td. there shall be and there is hereby levied on
all of the taxable property in said 01 ty, in add! tion to all othertwdlS..
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the following direot annual tax, to-wit:
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~or the year 1916. 'a tax which together with the net revenue derived
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from the water supply of the City of Bozeman will be~ suffioient to produoe
the surnof '18.750. being $11.750 for interest and :j)7.000 to oreate and as a
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p~t of a -sinking fund for the redem.ption of said bonds~ .
For the year 1917, a tax. whioh together with the net revenue derived
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from, the water supply of the eity of Bozeman will be suffioient to produce
the surn of $18,750. being $11.760 f-orintereet and $",.000 to create and as a
part of a sinking .fund for the redeJlll)tion of said bonds.
For_the year 1918,. a tax, W'hioh,together with the net revenue derive,Q.\
,from the water supply oithe Citr of Bozeman will' be sufficient to produce
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the eumof $18,750, being tU.760 for interest and '7,000 to oreate and as 8
part of a sinking fund for the redemption of said bonds.
For the year 1919, a ,tax. whioh together with the net revenue derived
from the water supply of the 81ty of Boseman will be suffioient to pro~~~e _"_"
the sum of $18,750, bein,g$11.750 for interest and $7,000 to create and as a
part of a sinking fund for the redemp,tioJl of said bonds.
For the 'year' 1920, a tax, whioh together with the net revenue derived
from tAe water supply of the Qity of'Bozeman will be suffioient to produce
the s~ of $18.750 being $11,750 for interest and $7.000 to create and as a
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-part of a sinking fund fo~the redemptio:Q,of satd bonde.
For the year 1921, a' tax, which together with the net revenue Q.ertt'e4
from the water supply of the, ,Cl'ty of :BozeDlf.f,Jl will be sufficient to produce
the sum of $18,750 being $11.760 for interest and $7,000 to create and as a
:part of a sinking fund for the redemption of said bonds.
For ,the year 1922. a tax. whiohtogether with the net revenue 4e~1..d
from the water supply of the City oiBesamen will be sufficient to produce the
Sum of $18,750 being $11.750 for'interest ahd .",000 to crea.te and as a
partofa sinking fund for the redemption ofS8i4 bonds.
For, the y'ear 1923. a tax, which to,gether with the net revenue derived
from the water supply of theC1t7 af:ao..man will be suffioient to produoe
the sUm of $18,750, being ill1tt750 for interest and $7.000 to orea.te and as a
part of a sink1ngfund for th~ redemption of said bonde.
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1!'or the year 1924. a t8.2:. whioh together with the net revenue derived
f!om the water supply of the Cit70f Boztman wi3:1 be suffioient to produoe
the ,sum of $18.750, 'being$J.l.750 for interest and.',OOO to oreate and as a.
part of a sinking fund for the rede.p'tion of said bonde.
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For the year 1925, a ta.%, which together with the net r,evenue derived
from the water supply of the City of Bozeman will be sufficient to produce
the sum of $18,750, being $11,750 for interest and $7,000 to create and as a
part of a sinking fund for the' redemption of said bonds.
For the year 1926, a tax, whioh together with the net revenue derived
from the water sunply of the City of Bozeman will be sufficient to produce
the sum of tl8~760, being $11,750 ,for interest and .7,000 to create and as
a part of a sinking fund for the reclemp'tion of'said bonds.
For the year 1927, a tax, which together with the net revenue derived
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from the water supply_ of the Oi ty of :Sozeman will be sufficient' to produce
the sum of $18 ~ 750, being $11,750 for interest and .7,000 to, ,c~eate and
as a part of a sinking fund for tne redemption of said bonds.
For the year 1928, a tax, which together with the net revenue derived
from the 1I'&t61: supply of the City of Bozema.tl will be suffioient to pro-
duoe the sum of $18,750,being $11,750 for 'interest and '7,000 to oreate
and as 8. part 'of a Sinking fund for the redemption of said bonds.
. For the year 1929, a tax, Which together with the net revenue deriv-
ed from the water supply of the Cit;;r of Bozeman will be sufficient to
produce the sUm of $18,750, being $11,750 for intere~t and $7,000 to ore ate
and as a part of a sinking fund for the redemption of said bonds.
For the year 1930, a tax, which together with the net revenue derived
from the water supply of the City of Bozeman will be suffioient to pro-
duce the sum of '$18, 760J~ being tll, 750, for interest. and ~7 ,000 to create
. and as a part of a sinking fund for the' redemption cjf said bonds.
For the year 1931, a tax, which together with the net re'YeI),ue derived
from. the water supply Of the City of Bozeman will be sufficient to produoe
the sum of $18,""50, being ~hl, 750 for interest and $7,000 to create and
as a part of a sinking fund for the redemption of said bonds..
For they-ear 1932, a 8ax, whieh together with the net revenue derived.
from the water supply of the City of Bozeman will be sufficient- to pro-
duoe the sum of $18,750, being $11,750 for interest and .7,000 to create
and as a part of a sinking fund for the ~edemption, of said bonds.
For the year 1933, a tax, 'which together with the net revenue
derived from, the water supply of. the Cit~ of Bozeman'will be sufficient
to produce the 'sum of $18;750, being $11,750 for interest and $7,000 to create
and as a part of a sinking fund for the redemption of said bonds.
For the year -l934 , a tax, whioh.together with the net revenue derived
from the water supply of the City of Bozeman will be sufficient to pro-
duce the sum of $18,750, being $ll,760 for interest and,$7,000 to create
and as a part of a sinking fund for the redemption of said bonds.
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For the year 1935, a tax, which together with the net revenue derived
from the water supply of the City of Boseman will be sufficient to produce
the sum of $18,750, being $11, '160 fo'r interest and $'7,000 to create and as
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a part of a sinking fund for the r~demption of said bonds.
[Provided, however, and it is hereby so orde:r;ed and directed that the
net income from ~he water supply of said City over and above the cost of
,operating and maintaining the same shall be applied in payment of the
interest on said bonds and the balance, after the paying of said interest
to be used to create a sinkingf~d for the payment of the principal of the
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bonds aforesaid.
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Provided, also, that if the Oity of Bozeman shall redeem any of said
bonds at any time before their date of absolute maturity, or as provided
in Section 4 of said Ordinanoe Bo. 456, then the levy of a tax for the
suooeeding year shall 'be for a sum. whioh to.ether with the net revenue' de-
rived from the water supply of the said City of Bozeman will be at least
t18, '750; and suffioient .ol said last mentioned sum shall annually be
used 'in paying the interest on the then outstanding, unpaid and unredeeme~
bonds herein mentioned and the balance shall 'be placed in the sinking :fund
for the redemption of such outstanding, unpaid and UIlredeeded bonds.
The BumS herein provided fat to me,et' the' interest on suoh bonds and
to create said sinking~und are hereby appropriated for t~t purpose and
said amount for each year shall be inoluded in the annual appropriation
bills passed by the ,City Counoil .f said City in each of Laid years res-
pectively.
The annual tax. above speoifle4,ehall ineaoh of the years 1916 to
1936, both inolusive, be'p1a.ced upon the tax rolls of said City and shall
be oollected in the same manner and at the same time and by the Bame offi-
cials as the taxes for general Oity purposes in such year are oolleoted,
and when oollected, said bond tax and the net income from said water supply
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shall be set apart irxev.aably as a. separate fund to be designated as the
"'later Works 1916 Bond Fund". for the payment of inte'rest on _d~'aa:3a
sinking fund, for the ,redemption 9f s.aid bonds. It shall be the duty of said,
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eit,- Council of said City to do all acts and things required to fully carry
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out the provisions of this section.
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466.
The City' Treasurer shall paY.u1n lawful monty of the Uni ted States
on the 1st day of' January and the 1st day of July in each year, the interest
due on said bonds upon the presentation at his off.ice of the proper notice
whioh". shall show the amount due ,and the number of the bonds to whioh (they
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$WTerally belong,
But in case the holder or helders of said bonds shall
give the Treasurer notice in writing that he or they -wish the bonds so held
by them &nd the interest to be paid in New,York City, then said bonds a.nd
coupons shall be payable in New York City (at euth bank as shall be desig-
nated.by the City Treasurer) and all bonds and coupon~ so paid'shall be
returned to the City Counoil a.t,the next monthly meeting, and such bonds
and ooupons shall be oancelled in "the manner in which Ci ty Warrants are
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now oancelled.
Section 2.
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All other ordinanoes or parts of ordinance,S in conflict
wi th the 'pro,visions of this Ordinance are hereby repealed.
This Ordinance shall'be in full foroe and ,effect from and after its
passage, approval and publication.
Passed by the City Council ~f the City of Bozeman, Montana, this 6th
day of July, 19l6, and approved by the Aoting Mayor July 6th, 19l6.
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L. W. Tr1;Litt,
Attest:
C. A. Spieth.
City Clerk.
-' Acting Mayor.
The State of Montana, )
County of Gallatin, : as.
Ci ty of Bozeman.) _ . , t
. , I. C. A. Spieth, City Clerk of th~ Citf of
Bozeman, - said. County and State, do- hereby certify that the above and fore- I
going is the original of Ordinance No. 466 of the City of Bozeman; that 1;,
said Ordinance 'was passed by the Oi ty Oounoil of Bo_zeman, said Oountya.nd
State, on the 6th day of JUly. 1916, B:I1d appro:vod by the' Mayor; that true
and oorrect copies of said OrdinanoeNo. 466 were posted, one ea.oh in the fol-
lowing named places; , _
, . City Hall. El11s-Brandley & Co., Old Courier Building,
'Bon Ton Ba.ker~ and Qo~r1er Building Bulletin Boaraa, and that the same re-
mainedposted for the time. reQuired by law for suoh _publioation. '
of the
IN WITNESS WHEREOF. ~ nave hereunto set my hand and affixed the
City of Bozeman, Montana, thi's 15th day of July, A.D., 1916,.,
C.A. Sp1eth,
Q1ty Clerk.
Seal
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