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HomeMy WebLinkAboutOrdinance 25- 551, Provides for Redemption of Sewer Bonds -~ ~ -------.-.-,--.-.-. . ...........,.............- .~"""""."<.~~'.""""""',~"",",,,,!,,,,"""~'.""":':"-::.". 18 ORDINANCE liD. 551. AN ORDlNAmE PROVIDING FOR THEREDEKPTION OFSIXTY...SlIVEN THOUSAND DOLLARS ($67,000.00) OF OUTSTANDING SlSWl!i.H BONDS OF THE CITY OF BOZEJ4AN BY ISSUING A REFUNDING BOND OF BAlD CITY IN THE' AUOUN'l'OF SIXTY THOUSAND 'DOLLARS ($60,000.00), TO BlUR DATE JULY 1, 1925, AlIDTO BE EXCHANGED FOR SAID OUTSTANDING ISSUE OF SEWER BONDS. W.f'1&H.KAS, the City of Bozeman has outstanding valid optional I sewer bonds in the sum of Sixty-seven Thousand Dollars ($67,000.00), bearing interest at the rate of 5~ per annum; and, wmr:RrrAS, the State Board of Land Cormnissioners of the State of Monta.na has purchaeedthe whole of said outstanding issue of sewer bonds at ninety per cent. of the par value and has, offered to exchange said issue of sewer bonds fora refunding bond payable on the amortization plan, bearing interest at the rate of 4t% per annum, payable in equal semi-annual installments of principal and interest during, a period of twenty ye ars from d at e; and, WHEREAS, the issuance and exchange of said refunding bond wi 11 effect a substantial saving to the Ci ty of Bozeman in both principal and interest and will be of financial benefit to said City, and will, in other respecte" be advantageou. to the City; NOW, THEREFORE, BE IT ORDAINED by the City Commission of the City of Bozeman: I ~ec. 1. That a refunding bond in the name of the City of Boze- man shall be issued, payable on the amortization plan; in th:e amount of .;:;. Sixty Thousand Dollars ($60,000.00) for the purpose of exchanging said " issue for Sixty-seven Thousand Dollars ($67,000.00) worth of outstanding optional sewer bonde of the City of Bozeman, See. 2. That under and by virtue of the provisions of Section 5288 of the Revised Codes of Montana of 1921, the City of Boze:rm.n, Galla- " .~"-""'''''''''''''''"~'~''''t,,- tin e.otih-t.y, JIontana, shall issue its 'negotiable amortization bond in the stUn of S[~tyThousand Dollars ($60,000) for the purpose of refunding and - rede~1Tling Si;xty...s-even 'l'housand Dollars ($67,000.00) worth of 'its out- .-- standing valid bonded indebtedrie's8 by exchanging said bond for Sixty-sev- en Thoueand Dolla.rs ($67 J 000'. 00) worth of said val id outstanding sewer bonds of the Ci ty of Bozeman j said bond to be design'ated "Refunding Bond" , and shall be in the denomination of Sixty'l'housand Dollars ($60,000.00) and ehall be dated July 1, 1925, and payable in equal semi-annual install- ments of principal and interest during a period of' twenty years from date, I and shall be redeemable at ,anytime after ten years from d'ate. at the op- tion of said City of Bozeman; said bond to bear interest at the rate of 4-!-% per annum, and the amortized payments of both prineipal and interest to b.e payable at the office of the State Treasurer at the Capitol of the State, at Helena, Montana. Said bond mall be signed by the Mayor and Clerk of said City of Bozeman, and co upone shall be attached toeaid bond , ,". . .~.. ,'\ ..;. IS! evidencing theaemi"annual installment a of principal and interest, which coupons shall be signed and theca rporate seal of said City of Bozewan shall be affixed to said bond, and sa:id bond shall, when so issued, be I registered by the Oi ty Clerk ina book provided fort'hatpurpose, and shall show the date, number, term and amount of said bond, and the person to whom the. bond is issued, and, when so executed, shall be taken to be a valid obligation of said City, as evidencing the semi...annual principal and interest accruing on said bond; that said bond and coupons thereto attacheQ. shall be in substantially the fo 110wing form: No. I $eo,ooo.OO. UNlTEDST ATES OF ADRICA STATE OF :MONTANA cotnrry OJ'GALLATIN Oi ty of Bozeman. Refunding City Bond. The C~ty of Bozeman, in the State of Montana, for value received acknowledges it8elf 1ndebtedand hereby promises to pay to bearer Sixty ThoussndDollars ($60,000.00), 1n lawful ,. ,. .-'" money of the United States of America, in semi-annual install- ments on the 1st day of January 'and July in each year, oommenc i08 I on the 1st day of January, 1926, and ending on the 1st day of July, 1945, together wi th interes.t on the outstanding balance of , . said principal Bum at the rate of 4~ per annum, payable semi- annually on the ls t day 0 f Jan nary and July in each year, such payments of principal and interest to be made upon the presenta- tion and surrender ,as they severally become du'e, of the annexed coupons, each for the sumot Two Thousand Two Hundred Ninety-one and 75/100 Dollars ($2,291.75), excepting the last coupon due July 1, 19~5" which is for the sum of Two 'Thousand Two Hundred Twenty- one and 9/100 Dollars ('2,221.09), repreee-ntingthesemi-annual installments of both principal. '_4 lnteres-tas showri" by the schedule on the revers'e hereof; both prinCipal and interest hereof are payable in lawful money' rd the trllitedStates, at the office of the State Treasurer of the State of MOntana. ~ The City of Bozeman re8erves..the right to redeem this bond at any ti me after July 1 ,1935. I For the prompt payment hareotof both principal and interest as the same 'become due, the full fedth, credit and reBources of said Oi ty of Bozeman are hereby irrevocably pledg,d. This bond isi'88ued in pursuance or an ordinanc e duly and reg- ularly passed by the 'Ci ty Commission of the City of Bozeman on the 30th day of July, 1925, and pursuant to the aUt.hority of s.ection 5288 of the Revised Codes of KOlltaJal.'of1921, and is issued for the ,". ",." ,..,.,..,.;.'.- ... ..."',:.,1' 2~ , purpose of provldlng'fUnds to'payvaild outstanding optional bonds of said City of Bozeman, and it is hereby' oertified and recited that all aots, co mtitions and things required t'o happen, exist and be performed precedent to and in the issuance of this bond have I happened, existed and have been performed in du'e time,form and manner as required by the .laws and Constituti on of Montana. It is further reoited that the total indebtedness'of the City of Bozeman, including this bond and the indebtedness refunded hereby, does not exceed any limit'preecribed by the laws or Consti- tution of the. State of Montana. IN WITNESS WHEREOF, theCity'Cormniesion of the City of'Bozeman has caused this bond to be signed by the May.or's.nd Clerk of said Oi ty and has caused the corporate seal to be affixed hereto, and has o~uBedtheprine<ipaland' interest coupons hereto attaohed to be signed by their' signatures this day of JUly, A.n. 1925. ., May or . . City Clerk. I . (EDORSEMEN'l'ONBOND ) ST ATE OF :MONT ANA. ) se County of Gallatin ) I hereby certify that I have registered the within'bond in my offioe 'in a book provided for that purpose in the manner pro- vided by law. Dated at Bozeman, .ontana; this day of July, A~D. 1925. Oity Olerk. (VOB OF COUPON) - No. t (January) On the 1st day of (July), 19_, the City of Bozeman, in the state of Jlontana, will p~ to' bearer at theoff'icer of the State I Treasure'!' of the stat e of Montana the sum of , , Dollars, inlaW:f'ulmoney, ,..whiche'WI1 repl'e-eents ..'.'. Do llars for a!x:1Donthtr' interest. then due on the. unpa,:t<t port~ on of the prtnc-ipal ftftpel.>1hd .towhichth'1aoouponis attached, and ". " Dollar.8 for the semi-annualinstal.lmen t of principal then payalJleon said bond, being its refunding bond dated ,.,*;<-"-',' ":"'..';' - - ,- "- -, .' ~ -'..... - - - - . -~' ~~~,--~-'-'_._-' ,. ._~~..'-~~'_.---..-----...-----~. "'"'7""..'. ... ._,..."-...--.,.....,.,.,..",..,,...,."-..~.,...':'I"""""'.,..,'-' :~."~.....,..~~;" '",",'.. , 21 July 1, 1925. .yor. I City Clerk. (TO BE PRIlfTE1l0NBlVERSE 'OF BOND ) SCHBDULE OF' PRINCIPAL '.om ~l'1!iJ:{l!;ST PAYMENTS. Principal Principal Interest Semi-annual Date 'Vna.i1d:' . PaY1lRtnts pa.yments Payment .1 Jan. 1, 1926 59,058.25 941,75 1,350.00 2,291.75 2 Jul. 1, 1926 58,095.3'1 962,94 1,328.81 ~,2~1.75 3 .Tan. 1, 1927 57,110.70 984..61 1,307.14 2,291.75 .' 4 .Tul. 1, 1927 56,103.94 1 " OO&~75 1,284.-99 2,291.75 5 Jan. 1, 1928 55,074.53 1,029.41 1,262.34 2,291.75 6 J~l. 1, 1928 54,021.96 1,052.57 1,239.18 2,291.75 7 Jan. 1,1929 52,945.70 1,076.26 1,215.49 2 , 291 . 75 8 3ul. 1, 1929 51 ,845.23' 1,1QO.47 1,191.28 2,2~1.75 9 Jan. 1, 1930 50,720.00 1.125.23 1,166.52 2,291.75 10 Jul. 1,'193Q 49.,569,.45 1,150.55 1,141.20 2,291.75 11 Jan. I, 1931 <&$'.. ,3t1'i'Ol .... 1,176.,44. 1,115.31 2,291.75 12 .Tul.. 1, 1~-= 47,190,.1'0,' 1,202.91. 1,088.84 2,291.75 13 Jan. 1, 1932 45,960.13' 1,229.97. 1,061.78 2,291.75 14 Jul. 1, 1932 44,702.48 . 1,257.65. 1,034.10 2,291.75 15 Jan. I, 1933 43,416.54. 1 ,285~ 94 . 1,005.81 2,291.75 16 Jul. 1, 193342,101.66. 1,314.88. 976.87 2,291.75 :1:7 .Tan. 1, 1934/40,757'.20'/ 1,..344.46 . 947.29 , 2,291.75 Jl8 Jul. 1, 1934 39,382.491 1,374.71 917.04 2,291.75 -19 Jan. I, 1935 37,976.85 1,405.64 886.11 2,291.7.Q.. . " - 854.48 20 Jul. I, 1935 36,539.58"'- r,437.2? 2, 29l. 75,':' I 21 Jan. 1, 1936 35 , 069'; 97 1.469.&1 822.14 2,291.75"- 22 Jul. 1, 1936 33,56.7 .29 1.. 502'1.68 789.07 2,291.'15. 23 Jan. 1, 1937 32,030.80 1,536.41 755.26 2,291.75 24 Jul. 1, 1937 3a... 45-9 . 74 1,571.,06 720 .69 2,291.75- 25 Jan. 1, 1938 28,'8&3.33 1,&06.41 685.34 2,291.75 "'" 26 Jul. 1, 1938 27,210.78 1., 842 i.55 6,49.20 2,291.75, 21 Jan. 1, 1939 25,53"1'.27 1,6T9~51 612.24 2,291.75 28 Jul. 1, 1939 23,813.9'1 1; ,n1.30 574.45 2,291.75 29 Ian. 1, 1940 22,058.03 1, "'1~5.:-94 535.81 2,291.75 30 Jul. 1, 1940 20,262.59 1,'1..44 496.3l 2,291.75 31 Jan. I, 1941 18,426.75 ' 1,,836.84 455.91 2,291.75 32 Jul. 1, 1941 16,549.60 1 , 877:~ 15 414.60 2,291.75 33 Jan. 1, 1942 14,630.22 1,9190.-38 372.37 2,291.75 34 Jul. 1, 1942 12,667.65 1,962.57 329.18 2,291~75 35 Jan. I, 1943 10,660.. 92 ., 2,OG6.'73 285 .. 02 2,291.75 36 Jul. 1, 1943 8,609..04 ,2;O~I.88 239.87 2,291.75 37 Jan. 1, 1944 6~510j,;99- 2~O9&.O5. 193.70 2,291'.75 38 Jul. 1, 1944 4,365.74 2,145.25 146.50 2,291.75 39 Jan. 1, 1945 2,172.22 2,193.52 98.23 2,291.75 40 Jul. 1, 1945 -_..'....~...~-' 2,~ ",1122 48..87 2,221.09 60,000.00 31,599.34 91,599.34 Sec. 3. In each of tbe"Y8'are 1925 to 1944, inclusive, there .. . '.~, ,... . .. shall be 1ev1edupon all the taxable property'in said Oity .in addition to all other taxes, a tax sufficient to pay the installments of principal I and interest on said refunding bond as the same falls due. The taxing and co11ectiX1goff,1cersof$aid 01 ty are hereby authorized and re quired to levy and cause to be extended and eollectedsuoht ax annually as shall be- come necessary for the purpose aforesaid and due under this ordinance, and the said taxes, when col-1ec~ed, shall be applied only to the payment of installments of principal andinterest''Of.lIaid bond t and for no other, pur- , pose whatsoever, Wlti1 said'bond' autb'O*1zed 1l'"thisordina.nce, both ..;, .'" '~,' ..~.- 22 principal and,in"terest, '"aball be fully paid, satisfied and discharged, and the sums hereinbefore provided for to meet the principal and interest on said bond, when due, are hereby.appropriated for that purpos'e, and said amounts f-or-each year shall also be included in the an nual appropri- I" ation bills passed by the City Commission of said City in each of said . years successively. . Sec. 4. When said refunding bond has been prepared and execut- ed, it shall be exchanged. for the whole amount ofsaidontstanding option- al bonds, whereupon the said bonds now outstanding shall be cancelled and destroyed. See. 5. After said refundingbond'iB issued, this ordinance " shall be and remain irrepealable until said bond and the interest thereon " shall be fully paid, satisfied and di scharged ,as herein provided. Sec. 6. This 'ordinance shall become "effective from and after . its passage,' approval and pUblication as provided by law. . . Adopted and approved this '30thclay of July, A.D. 1925.- . . . . . . ;~ ~~/;#~ayor. Att.est: "~~~hv Clerk 0 f ".'~the Connnis si on.. -. :\,:',' . ; - , ..... . . STAn OF MONT ANA ) . . S8 County of Gallatin ) I; Walter Davis, Clerk of' the Commission in the 'City of Boze- man, .ootana, do hereby' certify that the number and title at the foregoing ordinance NO. 551 of the 01 ty of Boaeman, Monta.na, was publiShed once within ten days after its passage, to-wit: On'the 4th day of August, 1925. in the Bozeman Daily Chronicle, a'daily newspaper -of generaleircu- lation, printed and published in the C1 ty of Bozeman, Montana, and that due proof of said publioation was made and filed in my.office. " " , . , m WITNESS WJI:EREOF I have hereunto set my band and theeorporate seal of the' said City this 5th day of Augus,t. A.D. 1925. .~~~~. Cler. ore Conm 8s10n. I .s.: . .r , ,: ,:,~;:\:~ ,";, ;