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HomeMy WebLinkAboutOrdinance 31- 612, Creates "Special Improvement District Revolving Fund" " Proof Head 309 nnd Chockod ____.._1J.... ,..f ...-.... ~.n_.L:_Lf.:.J.1____ OBDINANCE NO. 612 AN ORDINANCE CREATING A "SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND" FOR THE PURPOSE, .AND IN ORDER TO SECURE THE PRQM~ PAYMENT OF SPECIAL IMPROVEMENT DISTRICT BONDS AND/ OR WARRANTS, AND THE INTERESTTHEREON, PROVIDING FOR THE TRANSFER OF MONEYS FROM THE GENERAL FUND TO SAID SPECIAL I IMPROVEMENT DISTRICT REVOLVING FUND, AND THE LEVY OF A .. SPECIAL TAX ON THE TAXABLE PROPERTY IN THE CITY OF BOZEMAN, MONTANA, TO MEET THE FINANCIAL REQUIREMENTS OF SAID FUND, AND . PROVIDIliNG FOR THE PURCHASE OF PROPERTY AT SALES FOR DELIN- QUENT TAXES OR ASSESSMENT-S, OR BOTH, AGAINST WHICH PROPERTY THERE. ARE UNPAID ASSESSMENTS FOR SPECIAL IMPRO~1ENTS, ON ACCOUNT WHEREOF THERE ARE OUTSTANDING SPECIAL IMPROVEMENT DISTRICT BONDS OR WARRANTS. , BE IT ORDAINED BY THE COMMISSION OF THE CITY OF BOZEMAN, STATE OF MONTANA: Section 1. CREATION, SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND That in order :to s~oure; the PralDJ~ pB;,yment of any Special Improve. ment District Bonds and/or Warrants issued in payment of improvements made in any Special Improvement Distriot, or D1striots, oreated after the 25th day of February, 1929, and the interest thereon, as it b.comes due~ there is hereby created and established a fund to be known and designated as "SpeCial Improve- ment Distriot Revolving Fund"; Section 2. PROVIDING FUNDS That for the purpose of providing funds for said Special Improvement I..' . District Revolving Fund, the Commission ,.- (a) Transfer From General Fund. May, in its disoretion, from time to time, transfer to the Special Improvement District Revolving Fund from the General Fund of the City of Bozeman, such amount, or amounts, as may be deemed neoessary, which amount, or amounts, so transferred, shall be deemed and considered and shall be loans from such General Fund to the Special Improvement District Revolving Fund; and ~ (b) Tax Levy. Shall, in addition to such transfer, or transfers, from the Gen- , eral Fund, or in lieu thereof, levy and collect for said Speoial" Improvements . District Revolving Fund such a tax, hereby declared to be for a public purpose, on all the taxable property of the City of Bozeman, as shall be necessary to meet the financial requirements of said Fund, such levy, together with such transfer, not to exceed in anyone year five (5) per centum of the principal .. amount of the then outstanding Special Improvement District Bonds and/or Warrants; Seotion 3. I LOANS FROM SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND TO SPECIAL FUND TO SPECIAL IMPROVEMENT DISTRICT FUND . That whenever any Special Improvement District Bond or Warrant, or interest thereon, issued for improvements made in Special Improvement Districts , created after the 25th day of February, 1929, shall be, or shall become, due and payable, and there shall then be either no money, o~ not sufficient money, in the appropria~e Special Improvement District Fund with which to ply the same, an I ._-----_......"._..,..,....~. ". .310 amount sufficient to make up the dificiency may, by order of the Commission, be loaned by the Special Improvement District Revolving Fund to such Special Improve- ment District Fund, and thereupon such Bond or Warrant, or such interest thereon, whether it be for principal or for interest, or for both, as the Commission may in its discretion elect or determine, shall be paid from the money so loaned, or I from the money so loaned when added to the insufficient amount, as the case may require; Section 4. LIEN OF LOAN That. whenever any loan is made to any Special Improvement District Fund from the Special Improvement District Revolving Fund, the Special Improvement \ District Revolving Fund shall have k lien therefor on all unpaid assessments and/ , \ Of installments of assessments on such ditrict, whether delinquent or no~, and on all moneys thereafter coming into such Special Improvement District Fund to the amount of such loan, together with interest thereon from the time it was made at the rate or percentage borne by the Eond or Warrant for payment of which, or, of interest thereon, such loan was made; that whenever there shall be moneys in such SpeCial Improvement District Fund which are not required for the payment of any Bond or Warrant of such Special Improvement Distriot, or of interest thereon, so much of such moneys as may be necessary to pay such loan shall, by order of the Commission, be transferred to the Special Improvement District Revolving Fund, I' . ..,r and after all the Bonds and Warrants issued on any Special Improvement District have been fully paid, all moneys remaining in such Special Improvement Distriot Fund shall, by order of the Commission, be transferred to, and become a part of, . the Special Improvement District Revolving Fund; Sect ion 5. USE OF EXCESS, SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND That whenever there is, in the Special Improvement District Revolving Fund, an amount in excess of the amount which the Commission deems neoessary for the payment or redemption of maturing Bonds or Warrants, or interest thereon, the Commission may, (a) Transfer to Ueneral Fund. By a vote of all its memebers, at a meeting called for that purpose, order such excess" or any part thereof, transferred to the General Fund of the City of Bozeman; or (b) Purchase of Property for Delinquent Taxes~ Use such excess, or any part thereof, for the purpose of purchase of I property at sales for de1inqueBt taxes or assessments, or both, or which may have been struck off or sold to the County of Gallatin tor delinquent taxes or assessments, or both, and against which prqperty there then be any unpaid assessments for special improvements on account whereof there are outstanding Special Improvement District Bonds or Warrants of the U1ty of Bozeman; and -. . 311 (cJ Disposition ot Property. . Sell any tax certificates issued on any such sale or sales. After acquiring title to such property, the Commission may lease such property or sell the same at public or private sale I and make conveyance thereof, or otherwise dispose thereof, as the interest of the City of Bozeman may require; and all proceeds from such sale of tax, cert iticates, or from such leasing, sale or other disposition of the property, shall belong to, and be paid into, the Special Improvement District Revolving Fund, and be subJect to trans- fer, in whole or in part, to the General Fund by the vote of all the members of the Commission at a meeting called for that purpose, as herein- before provided; Seet ion 6. LEVY OF TAX That the special tax to be levied, as herein provided in Section 2, paragraph (b), shall be in addition to the tax for generals muniqipa1 ,and ad- , ministrat i ve purposes, and the levy shall be made by the Commis~1011.~t'-t-.hetime - and by the Resolution passed and adopted by the Commission aspr<?vid~~ ~.Sec- -.. tion 2 of Ordinanoe No. 594; . ' 8eo",10n 7. LEVY FOR 1931 -I That the levy of one-half ( i) mill, made by the Commission for the .\"". Speoia1 Improvement District Revolving Fund for the year 1931, as provided in Commission Resolution No. 224, passed and adopted by the Commission of the City of Bozeman at a regular session thereof held on the 18th day of September, 1931, . is hereby oonfirmed; Section 8. AUTHORITY That this Ordinance is passed pursuant to the power and authority vested in the Commissio'n by Chapter 24, Laws of Montana, 21st Session, 1929, entitled: "An Aot Relating to SpeCial Improvement Distriots in Cit.ies and Towns; Authorizing the Creation, Maintenance and Use of a. Special Improvement District Revolving Fund in any City or Town 'for the Purpose of Securing Prompt payment of Speoial Improvement District Bonds and Warrants and Interest Thereon, and Requiring Levy of Taxes When Neoessary for the Financial Requirements of Suoh Fund"., , and the interpretation thereof by the Supreme Court of the State of Montana in the case of Stanley vs. Jeffries, 86 Mont. 114. Section 9. EFFECTIVE DATE I That this Ordinance shall be in fUll force and effeot from and after thirty days after its final passage. Finally passed by The Commission of the City of Bozeman this 2nd day of Octo~er, 1931. . ~ " - - .J:. . "'^. - ., .. 3.12 Introduced and read for the first time, and provisionally passed by the Commission of the City of Bozeman this 25th day of September, 1931; final passage fixed for a meeting of the Comm!ssion October 2nd, 1931. Published in the Bozeman Daily Chronicle (f.:..J. t, 1931. Effective November 1, 1931. I" " I, Carolyn Westlake, Clerk of the Commission of the City of Bozeman, > Montana, do hereby certify that the foregoing Ordinance Nb. 612 of the City of Bozeman, was publlahed by title in the Bozeman D~y Chronicle, a daily news- paper of general circulation printed and published in said City ot Bozeman in , the issue of {f2e~ 1:., Iqal and that due proof of said publication was made and tiled in my office. IN WITNESS WI1EREOF I have hereunto set my hand and the oorporate seal ot said City this 14 ?7/~' t''!'if. ~Jf.lir#~ 1er t e ommiss ion ''11~ _. ___.... / , '-... '",,"'..~'_' - ,~- .. "':'" -, . I'.' ...... . , I I ~ ,r __ .~, r'\,.,.".. - - _ ,;". " "",~....., - .. --" ". .~ -,'" ........~.. .~ .,.1, ....,"'