HomeMy WebLinkAboutOrdinance 30- 603, Providing for Sale and Issuance of Refunding City Bonds
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ORDINANCE NO. 603 -~-",---.....
AN ORDINANCE OF TEE COMMISSION OF THE CITY OF BOZEMAN PROVIDING FOR THE SALE
AND ISSUANCE OF REFUNDING CITY BONDS OF THE CITY OF BOZEMAN IN THE AMOUNT OF
$109,000.00, TO BEAR DATE, JANUARY 12th, 1931, AND TO BE ISSUED FOR THE PUR-
POSE OF REDEEMING OUTSTANDING FUNDING BONDS OF THE CITY OF BOZEMAN IN THE
AMOUNT OF:~109 ,000 .00. ,'\
\
I WHEREAS:
I. The Oity of Bozeman has outstanding valid, optional Eunding
Bonds in the sum of $109,000.00, bearing interest at the rate of five per
oent per annum, issued by said 0ity under and by virtue of the provisions
of Ordinano~ No. 443, entitled:
"AN ORDINANCE DIRECTING THE ISSUANCE OF TeE FUNDING BONDS OF
THE CITY OF BOZ>>IAN, MONTANA, TO THE .AMOUNT OF $170,000.00
TO FUND THE EXISTING INDEBTEDNESS OF THE SAID CITY AND
AUTHORIZING AND DlRECTIW THE CITY TREASURER TO EXCHANGE
THE FUNDING BONDS FOR THE OUTSTANDnG WARRANTS OF SAID CITyn,
and Ordinance No. 444, entitled:
"AN ORDINANCE DIRECTING THE FORM OF THE FUNDING BONDS OF THE
CI TY OF BOZEMAN";
and
II. On the 24th day of Ootober, 1930, the Commission of the 0ity
of Bozeman passed and adopted Commission Resolution No. 205, entitled:
"A RESOLtJrION OF THE COMMISSION OF THE CITY'OF BOZEMAN
DIRECTING THE CITY MANAGER TO TAKE THE NECESSARY LEGAL
STEPS TO PROVIDE FOR THE ISSUANCE AND SALE OF, $109,000.00
OF REFUNDI NG eI TY BONDS TO REFUND OUT STANDING WARRANT
I FUNDING BONDS";
and
III. !ursuant to said Resolution. so passed and adopted, as
aforesaid. due and legal notioe of the sale of said Refunding City-BondS
was made and given, as requir,ed by law, ani :proof thereof has been made
and filed with the Clerk of said Commission; and
IV. At the time and place designated for reoeiving bids for
the purohase of said Refunding City Bonds, to wit, at a regular session of
the Commission of the City of Bozeman held on the 28th day of November.
1930, the State Board of Land "'ommissioners of the State of Montana SUb-
mitted a bid for the purohase of the entire issue of said Refunding City
Bonds in the amount of tl09,OOO.00, at par, and the fommission at that time
aooepted the bid of the State Doard of Land Commissioners, subJeot to the
right of the Commission to purohase a bond, or bonds, in the amount not
to exoeed $9,000.00; and
v. At a regular session of the Commission of the City of Bozeman
held on the 5th day of Deoember, 1930, it was ordered that the ~ity of
t ., Bo zeman, by and through its Sinking ~'und '.I.'rus tees for the 'benefi t of the
"n._..r_ ~
Permanent Care Fund of Sunset HillsCeJll8tery, purchase a bond of said
issue of said Refunding City Bond s in the'aDlount of ,~2 ,000.00 and that a.
bond of said issue of rtefunding City Bonds, in the amount of $107,000.00,
be issued and sold to 'the State Board of Land Commissioners, pursuant to
its bid; and that a bond of said issue of said Refunding City Bonds in the
amount of $2,000.00 be sold and issued to the City of Bozeman, by and through
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its Sinking Fund Trustees for the benefit of the Permanent Care Fund of
Sunset Hills Cemetery; am that said .nefunding City Bonds, so sold and
issued, be payable on the amortization plan, bearir~ interest at the
rate of 4t per cent per annum and payable in equal semi-annual install- I
ments of principal and interest during a period of eighteen years from
da t e; and
VI. Pursuant to the provisions of said Ordinance No. 443 and
No. 444, passed as aforesaid, the City of Bozeman has exercised its
right to redeem the outstanding Funding Boms in the sum of $109,000.00,
and said outstanding Funding Bonds in the sum of ~109,OOO.OO have been
called for redemption on the 1st day of January, 1931; and
VII. The issuance of said nefunding City Bonds will effect a
substantial saving to the City, of Bozeman by reason of the reduced rate
of interest and will be of financial benefi t to 'the sa,id Ci ty, and will
in other respects be advantageous to the said Ci ty;
NOW THEREFORE, BE IT ,ORDAINED BY THE C0M11ISSION OF THE CITY
OF BO ZEMAN :
Section 1. ~hat under and by virtue of the provisions of
,
Section 5288, Political Code, R.C.M. 1921, the City 'of Bozeman, County .
of Gallatin, state of Montana, shall issue in the name of the City of I
Bozeman two Refunding City Bonds in the aggregate amount of '~lO9,OOO.00,
, the first, or No.1, in the amount of ~l07,000.OO, and the second, or
No.2, in the amount of $2,000.00; for the purpose of refunding and
redeeming said issue. of $109,000.00 of the outstanding optional Funding
Bonds of the said City of Bozeman; that said bonds, so issued, shall be
payable on the amortization plan, and the moneys derived from the sale
of said two Refunding City Bonds shall be used for the purpose of
redeeming outstanding Funding Bonds in the sum of $109,000.00; the. t said
bonds shall be designated "REFUNDING CITY BONDS"; that Bond No. 1 shall
be in the denomination of ,;plO? ,000.00 and Bom No.2 shall be in the
dElnomination of~2,OOO.OQ; that both bonds shall be dated January 12th,
1931, and payable in equal semi-annual installment s or principal and
interest during a period of eighteen years from date, and shall be
redeemable at any time 'after fifteen years from date at the option of the
City of Bozeman; that said bonds shall bear interest at the rate of 4t .
percent per annum, and the amortized payments of both prineipal and I
interest on bond No.1 for ~107,OOO.OO shall be payable at the office of
the State Treasurer of the State of Montana at the Capitel of the State,
Helena, Montana, and the amortized payments of both principal and interest
on Dond No.2 for $2,000.00 shall be payable at the office of the Director
of ,Finance of the ~ity of .Bozeman, Bozeman, Montana; that said bonds shall
be signed by the Mayor and (;lerk of the Commission of the City of Bozeman;
.n. ____.. -~.__._.._.'------..,.....~._.__.'.'._. Ii
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that ooupons ahall be attaohed to said bonds evidencing the semi-annual
installments of principal and interest, which coupons shall be signed and
the oorporate seal of the City of Bozeman affixed to said bonds, and said
I bonds shall, when so issued~ be registered by~e Director of Finance in
a book provided for that purpose and shall show the date, number, term and
amou~t of said bond and the person to whom th~ bond 1s 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 bonds;
Section 2. n '
~hat said bond and the ooupons thereto attached, pur-
chased by, and issued to, the State Board of Land Commissioners of the State
of Montana, shall be substantially in the following form:
No. 1 $107,000.00
UNITED STATES OF .!JIERICA
,
STATE OF MONTANA COUNTY OF GALLATIN
Ci ty of~ozeman
Refunding ity Bond.
The City of Bozeman, in the State of Montana, for value reoeived
aOknoVlle,dges itself indebted and hereby promises to pay to bearer One
Hundred Seven Thousand Dollars ('107,000.00), in lawful money of the United
I States of Amerioa, in semi-annual installments on the 12th day of July and
January in each year, commencing on the 12th day of July, 1931, and ending,
on the 12th day of January, 1949, together with interest on the o~tstanding
balance on said principal sum at the rate of 4t per cent per annum, pay-
able semi-annually on the 12th day of July and J~uary in each year, such
payments of principal and interest to be made upon the presentation and
surrender, as they severally become due, of the annexed coupons, each for
the sum of Four Thousand Three Hundred Sixty-Eight and 30/100 Dollars
(.t4 ,368.30), exoepting the last coupon due "January 12th, 1949, which is
for the s~ of ~our ~housand Three Hundred Sixty-Eight and 22/100 Dollars
($4,368.22), representing the semi-annual installments Qf both principal
and interest as shown by the schedule on the reverse hereof; both principal
and interest hereof are payable in lawful money Of the United States, at
the offioe of the State Treasurer of the State of Montana.
The City of Bozeman reserves the right to redeem this bond at
. any time after January 12th, 1946.
I For the prompt payment hereof of both principal and interest as
the same become due, the full faith, oredit and resouroes of said City of
Bozeman are hereby irrevocably pledged.
This bond is issued in pursuance of an ordinance duly and reg-
ularly passed by the Cwmm~Bs1on of the City of Bozeman on the 12th day of
Deoember, 1930, and pursuant to theautbority of Section 5288, Political
Code, R.\.i.M. 1921, and is issued for the purpose of providing funds to
~ . .. .._.~_.._"..
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. pay valid outstanding optional Funding Bonds of said City of Bozeman.
It is hereby oertified and reoited that all aots, oonditions
and things required to happen, exist and be performed precedent to and
in the issuanoe of this bond have happened, existed and have been per- I
formed in due time, form and manner as required by the laws and
Constitution of Montana.
It is further reoited that the total indebtedness of the City
of Bozeman, inoluding this bond and the indebtedness refunded h~reby,
does not exoeed any limit presoribed by the laws of Constitution of
the State of Montana.
INl1WITNESS HEREOF, the Commission of the City of Bozeman has
oaused this bond to be signed by the Mayor and Clerk of said City and has
oaused the oorporate seal to be affixed hereto, and has oaused the prin-
oipal and interest_ooupons hereto attaohed to be signed by their sig-
natures this 12th day of January, A. D., 1931.
Mayor "-
Attest:
~lerk of the Commission
I I
(ENDORSEMENT ON BOND)
STATE OF MONTANA
County of Gallatin, ss. .
City of Bozeman,
I hereby certify that I have registered the within bond in my
offioe in a book,provided for that purpose in the manner provided by law.
Dated at Bozeman, Montana, this 12th day of January, A. ~., 1931.
Uirector of ~inanoe
(FORM OF COUPON)
No. 1 $
(July) the lity of Bozeman, in
On the 12th day ot (January), 19__,
...
~'.
the State of Montana, will pay to bearer at the office of the state
Treasurer of ~he State of Montana the sum of Dollars,
in lawful money, which sum represents Dollars,
for six months 1 interest then due on the Ullpaid portion of the principal I
o~;the bond to whiah this coupon is attaohed, and
Dollars, for the semi-annual installment of prinoipal then payable on
said bond, being its Refunding City Bond No.1, dated January 12th, 1931.
Mayor
Attest:
Clerk of the ~ommission
..- ..--.-...... ---.-.
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AMORTIZATION SCHEDULE OF PAYMENTS
$107,000.00, 18 years, 4t peroent.
Installments on Principal and Interest Payable Semi-Annually.
I Balance of
Coupon Total of l!;ach 'Applied on Applied on Prinoipal
No. Due Dates Payment ,Interest Prino-ipal Unpaid
. ....,<
-
Original Amount 107,000.00
1 July 12, 1931 4,368.30 2,407.50 1,960.80 j,1015, 039.20
2 Jan. 12, 1932 4,368.30 2,363.38 2,004.92 103,034.28
3 July '12, 1932 4,368.30 2,318.27 2,050.03 100,984.25
4 Jan. 12, 1933 4,368.30 ":2,272.15 2,096.15 98,888.10
5 July 12, 1933 4,368.30 2,224.98 2,143.32 96,744.78
6 Jan.12 , 1934 4,368.30 2,176.76 2,191.54 94,553.24
7 July 12, 1934 4,368.30 2,127.45 2,240.85 92,312.39
8 Jan. 12, 1935 4 , 368 .30 2,077.0Z 2,291.27 90,021.12
9 July 12, 1935 4,368.30 2,025.48 2,342.82 87,678.30
10 Jan. 12, 1936 4,368.30 1,972.76 2,395.04 85,282.76
11 JUly 12, 1936 4,368.30 1,918.86 2,449.44 82,833.32
12 Jan. 12, 1937 4,368.30 1,863.76 2,504.55 80,328.77
13 July 12, 1937 4,368.30 1,807.40 2,560.90 77,767.87
14 Jan. 12, 1938 4,368.30 1,749.78 2,618.52 75,149.35
15 July 12, 1938 4,368.30 1,690.86 2:,677.44 72,471.91
16 Jan. 12, 1939 4,368.30 1,630.62 2,737.68 69,734.23
17 July 12, 1939 4,368.30 1,569.02 2,799.28 66,934.95
18 Jan. 12, 1940 4,368.30 1,506.04 2,862.26 64,072.69
19 July 12, 1940 4,368.30 1,441.64 2,926.66 61,146.03
20 Jan. 12, 1941 4.368.30 1,375.79 2,992.51 58,153.52
21 July 12,1941 4,368.30 1,308.45 3,059.85 55,093.67
22 Jan. 12, 19<ft2 4,368.30 1,239.61 3,128.69 51,964.98
I 23 JulY 12, 1942 4,368.30 1,169.21 3,199.09 48,765.89
.. 24 Jan'. 12, 1943 4,368.30 1,097.23 .3,271.07 45,494.82
" 25 JUly 12, 1943 4,368.30 1,023.63 3,344.67 42,150.15
26 Jan. 12, 1944 4,368.30 948.38 3,419.92 38,730.23
27 July 12, 1944 4,368.30 871.43 3,496.87 35,233,36
28 Jan. 12, 1945 4,368.30 792.76 3,575.55 31,667.81
29 JUly 12, 1945 4,368.30 712.30 3,656.00 28,001.81
30 Jan. 12, 1946 4,368.30 630.04 3,738.26 24,263.55
31 July 12, 1946 4,368.30 545.93 3,822.37 20,441.18
32 Jan. 12, 1947 4,368 .30 459.93 3,908.37 16,532.81
33 July 12, 1947 4,368.30 371.99 3,996.31 12,536.50
34 Jan. 12, 1948 4,368.30 282.0'1 4,086.23 8,450.27
35 July 12, 1948 4,368.3,) 190.13 4,178.17 4,272.10
36 Jan. 12, 1949 4,368.ae 96.12 4,272.10 Naught
TOTALS 15'l,2fa8.72 50,258,.72 107,000.00
Section 3. Too t said bond and the ooupons thereto a ttaohed, purohased
by, and issued to, the City of Bozeman, by and through its Sinking Fund Trustees
for the benefit of the Permanent Care Fund of Sunset Hills Cemetery, shall be
substantially in the following form:
No. 2 $2;000.00
UNITED STATES OF AMERICA
I STATE OF MONTANA COUNTY OF GALLATIN
City of Bozeman
Refunding City BOnd.
.----- ~he City of Bozeman, in the State of Montana, for value reoeived
aoknow1edges itself indebted and ~ereby promises to pay to bearer Two Thousand
Dollars (iP2000.00), in lawful money of,,~he United I:;)tates of America, in semi-
,-
annual installments on the 12th day of J~,Y and January in each year, oommenoing
on the 12th day of July, 1931, and ending on the 12th day of January 1949,
256
together with interest on the outstanding balance of said principal sum
at the rate of 4}% per annum, payable semi-annually on the 12th day of
July and January in each year, suoh payments of principal and interest to
be made upon the presentation and surrender, as they severally become I
due. of the annexed coupons. each for the sum of Eighty-One and 65/100
Dollars ($81.65), excepting the last coupon due January 12th. 1949. which
is for the sum of J:4ighty...One and 72/100 Dollars ($81.72), r.epresenting the
semi.annual installments of both principal and interest as shown by the
schedule on the reverse hereof;bo th principal and interest hereof are
p87able in lawful money of the United States. at the office of the
Director of Finance of the City of Bozeman, Montana.
The City of Bozeman reserves the right to redeem this bond
at any time after January 12th, 1946.
For the prompt payment hereof of both principal and interest as
the SaIne become due, the full faith. cradi t and resourc'es of said ~i ty of
~ozeman are hereby irrevocably pledged.
~his bond is issued in pursuance of an ordinance duly and
regularly passed 'by the eommission of the City of Bozeman on the 12th
~
day of December, 1930, and pursuant to the e:uthority of Section 5288,
Political Code, R.!.K. 1921. and is issued for the purpose of providing I
funds to pay 'valid outstanding optional Funding Bonds of said City of
Bozeman.
It is hereby certified and recited that all acts, conditions
and things required to happen. exist and be performed precedent to and
in the issuance of this bond have happened, -existed and have been per-
formed in due time, form and manner as required by the laws and Con-
sti tution of Montana.
It is further reoitedthat the total in6ebtedness of the City
of Bozeman, including this bond and the indebtedness refunded hereby. does
not exceed any 1imi t prescribed by the' laws or Gonsti tution of the State
of Montana. ~
IN WITNESS WHEREOF, the Qommission of the City of Bozeman has
caused this bond to be signe d by the Mayor and Clerk of the Commission'
and 'has caused the oorporate seal to be affixed hereto, and has caused
the principal and interest coupons hereto attached to be signed by their
signatures this 12th day of January, A. D., 1931. I
~,
Attest: ayo
t.ilerk of the Commission
~
.
25,7
(DDORSEMENT ON BOND)
-STATE OF MONTANA
County of Gallatin, ss. .
City of Bozeman,
I I hereby oertify that I have' registered the within bond in my
offioe in a book provided for that purpose in the manner provided by law.
Dated at Bozeman, Montana, this /~~ day of January, A. D., 1931.
Director Of Ifinanoe
(FORM OF COUPON)
No. t
- (July)
On the 12th day of (January), 19___, the City of Bozeman, in
the state of Montana, will pay to bearer at the offioe of the Direotor
of Finance of the City of Bozeman, Montana, the SUm of
Dollars, in lawful money, which sum represents
~ollars for six 'months' interest then du~ on the unpaid portion of the
prinoipal of the,bond to whioh this coupon is attaohed, and
Dollars for the semi-annual installment of prinoipal then payable on said
bond, being its Refunding City Bond No.2, dated January 12th, 1931.
-------... Kayor
I
Attest:
~lerk of the Commission
Al40RTIZATION SCHEDULE OF PAYMENTS
. $2,000.00, 18 years, 4t Percent.
Installments on Prinoipal and Interest Payable Semi-annually.
Balanc~ of
Coupon Total of Each Applied on Applied on Princ~pal
No. Due Dates Fayme nt Interest Prinoipal Unpaid
I Original Amount 2,aOO.Oo
1 JUly 12, ;1931 81.65 45.00 36~65 1,963.35
2 Jan. 12, 1932 81.65 44.18 37.47 1,925.88
3 JUly 12, 1932 81.65 43.33 38.32 1,887.56
4 Jan. 12, 1933 81.65 42.47 39.18 1,848.38
5 JUly 12, 1933 81.65 41.59 40.06 1,808.32
6 Jan. 12, 1934 81.65 40.69 40.96 1,767,36
7 July 12, 1934 81.65 39.77 41.88 1,725.48
8 Jan. 12, 1935 81.65 38.82 42.83 1,682.65
9 July 12, 1935 81.65 .a, . 86 43~79 1,638.86
10 Jan. 12, 1936 81.65 36.87 44.78 1,594.08
11 July 12, 1936 81.65 35.87 45.78 1,548.30
12 Jan. 12, 1937 81.65 34 . 84 46.81 1,501.49
I 13 July 12, 1937 81.65 33.78 47.87 1,453.62
14 Jan. 12, 1938 81.65 32.71 48.94 1,404.68
15 July 12, 1938 81.65 31.61 50.04 1,354.64
16 Jan. 12, 1939 81.65 30.48 51.17 1,303.47
17 July 12, 1939 81.65 29.33 52.32 1,251.16
18 Jan. 12, 1940 81.65 28.16 53.50 1,197.65
19 July 12, 1940 81.65 26.95 54. 70 1,142.95
20 Jan. 12, 1941 81.65 25.72 55.93 l,Q87.02
21, July 12, 1941 81.65 24.46 57.19 1,029.83
22 Jan. 12, 1942 81.65 23.16 58.49 971.34
23 ~ JUly 12, 1942 81.65 21.86 ,59. 79 - 911.55
24 Jan. 12, 1943 81.65 20.51 61.14 - ,,8-50.41
-
25 July 12, 1943 81.65 19.13 62.52 '~, - . '- ''f87 .89
-" ~ ',.
26 Jan. 12, 1944 81.65 17.73 63.92 -.. ,723.91
27 July 12, 1944 81.65 16.29 65.36 ~ 658.61
28 Jan. 12, 1945 81.65 14.82 66.83 ..- 591.78
....
258 .,
Coupon Total of Eaoh Applied on Applied on Balanoe of
No. Due Datee Payme nt Interest prinoipal Prinoipal
Unpaid
29 July 12, 1945 81.65 13.32 68.33 523.45
30 Jan. 12, 1946 81.65 11.78 69.87 453.58
31 July 12, 1946 81.65 10.21 il.44 382.14
32 Jan. 12, 1947 81.65 8.60 73.05 309.09
33 July 12, 1947 81.65 6.96 74.70 234.39
34 Jan. 12, 1948 81.66 5.27 76.38 158.01 I
35 July 12. 1948 81.66 3.56 78.09 79.92
36 Jan. 12, 1949 81.72 1.80 79.92 Naught
TO TALS 2,939.47 939.47 2000.00
Seo tion 4. ~hat in eaoh of the years 1931 to 1948, inclusive,
there shall be :Ie vied upon all the taxable property in said Ui ty, in addition
to all other taxes, a tax sufficient to pay the installments of principal and
interest on ,said Refunding Oity Bonds as the same falls due; the taxing and
oollecting offioers of said U1ty are hereby authorized and re~uired to levy
and cause to be extended and oollected such tax annually as shall beoome
neoessary for the purpose atoresaid and due under this Ordinanoe, and the,
said taxes. when oolleoted, shall be applied only to the payment of
installments of prinoipal and interest of said bonds, and for no other
purpose whatsoever, until said bonds authorized by this Ordinanoe, both
prinoipal and interest, shall be fully paid, satisfied and discharged,
and the sums hereinbefore provided for to meet'the principal and interest
on said bonds, when due, are hereby appropriated for that purpose, and I
'.,' :.~
~ said amounts for each year shall also be included in the annual approp-
riation Ordinance passed by the Commission of the Ci~y of Bozeman in
each of said years suooessively;
Seotion 5. That when said R~fundi~ City Bonds Nos. 1 and 2,
for the sums of $107,000.00 and $2,000.00 respeotively, have been pre-
pared and exeouted and the said Board of Land Commissioners of the State
of Montana has paid to the City of Bozeman the sum of ~l07,OOO.OO, and
the Sinking Fund Trustees, for and on behalf of the Permanent Care Fund
of Sunset Hills Cemetery, has paid to the Director of Finance of the
'\;ity of Bozeman the sum of $2,000.00, then and'thereupon the said bonds
shall be delivered to the said Board of Land Commissioners and to the
"Sinking Fund Trustees respectively; and the moneys derived therefrom,
'to wit, ~109,800.00, anall be ueed in paying and redeeming the Funding
Bonds in'the sum'of ~109,OOO.00, herein referred to, and thereupon, said
-Funding Bonds in said ameuntof 9109,000.00 shall be oanoelled and
destroyed; . I
Seotion 6. ~hat this Ordinanoe shall be in full force and
.
effect from and after thirty days after its final passage.
._,_......,.~' "'0" ','.". Finally passed by the Commission of the City of Bozeman this
'12th day of Deoembe~, 1930, and corrected December 19, 1930.
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Attest: -
<"
.4~Sion
, , ",' ,~'. .
259
Introduoed and read for the first time, and provisianally passed
by the Commission of the \!ity ot. Bozeman, the 5th day of December, 1930.
Final passage fixed at a meeting .of the said Commission, Deoember
I 12th, 1930.
. . Published in the Bozeman Daily Chronicle, Deoember 13th and
December 23rd, 1930.
~ffective January 11th, 1931.
I, Elizabeth Johnson, Clerk of the Commission of the City of
Bozeman, Montana, do hereby oertify that the foregoing Ordinance No. 603
of the City of Bozeman, Was published by title in the Bozeman Daily
Chroniole, a daily newspaper of general oiro1fLl.ation printed and published
in said City of Bozeman, in the issues of Deoember 13th and December 23rd,
1930, and that due proof of said publication was made and filed in my
otfic e.
IN WITNESS WHEREOF I have hereunto set my hand and the corporate
seal ot said City this 23rd day of December, 1930.
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FOR ORDINANCE NO. 604 SEE PAGE 2?1.
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