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HomeMy WebLinkAboutOrdinance No. 553 ORDINANCE NO. 553 AN ORDINANCE PRISCRIBING THE loORM, DEVOMINATION, AND RATE OF INTEREST OF BONDS OF SPECIAL DWROVWENT DISTRICT NO. 900 AND PRO- VIDING THE TIME AND PA ENT AND REDR&TION OF SAID BONDS. BE IT RSBDLVMD BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA: WHEREAS, it is provided by Resolution No. 1151, entitled, "A RESOLUTION CRBATIK0 SPICIAL IMPRDVBM$NT DISTRICT NO. 90, OF THE CI'T'Y OF LAUREL, DESIGNATING THE BOUNDARIES THEREOF AS DEFINED BY RESOLUTION NO. 111+9, PASSED BY THE CITY COUNCIL OF THE CITY OF LAUREL, AND RErMINO TO SAID RESOLUTION OF INTENTION FOR FURTHER PARTICULARS", passed by the City Council on the 20th day of duly, 1960, that all the costs and expenses incurred in the construction and making an installa- tion of the improvements in said Special Improvement District No. 90, which improvements are sere fully described in said Resolution No. 1W,q creating said Improvem=t District, shall be paid by Special Improvent Bonds with interest coupons attached, drawn against Speccial. Improvement District No. 90 Fund, and that said bonds shall be substantially the form provided by law in such cases; and W XRSAS, the contract for the construction and making and installation of said improvements said Special Improvement District No. 90 will be duly and regularly awarded on the 3rd day of JanwuT, 1961. NDW, THSRWORE, BE IT RESOLVED BY THE CITY ©OUNCIL, OF THE CITY OF LAWS,, MONTANA: Section 1. Said bonds shall be drawn in substantially the following form; District No. 90 United States of America State of Montana 1 Bond No. $ Dollars Interest at the rate of per cent per annum, payable annually, Special TaproveaNant District Coupon Bond. Lauren, Montana, Issued by the City of Laurel, Montana.. The treasurer of the City of Laurel, Montana, will pay to bearer, the sum of $ as authorised by Resolution No. 13,510 as passed on the 20th day of July, 1960, creating Special Improvement District No. 90 for the construction of the improvements and the work performed as authorized by said resolution to be done in said District, and all lama, Resolutions, and Ordinances relating thersto, in payment of the contract in accordance therewith. The principal and interest of this bond are payable at the office of the City Treasurer of Laurel, Montana,. This bond bears interest at the rate not to exceed five (5%) per cent per annm from the ditto of registration of this bond, as expressed herein, until the date called for the redemption by lthe City Treasurer. The interest on this bond is payable annually on the first day of January in each year, unless paid previous kthereto, and as impressed by the interest coupons hereto attached, which bear the engraved facsimile signature of the Mayor and City Clerk. Thia bond is payable from the collection of a Special Tax or assessment Which is a lien against the real estate within said Improvement District, as described in said resolution hereinbefore referred to. This bond is redeemable at the option of the City at any time there are funds to the credit of said Special Improvement District Fund for the redemption thersof# and in the manner provided for the reda®ption of the vane. It Is hwdW eerti.fied hd recided, that all things required to be done, precedoxt to the issuance of this bond, have been properly R stone, happened, and been perfarmed, in the manner prescribed by the lave of the State of Montane and the resolutions and ordinances of the City of Laurel, Montanan relating to the issuance thereof. Dated at Laurel., Montana, this day of s 19 J. J. Parker J. J. Parlors )!-,.v(,r (SEAL) Dorothy P. Bund City of Laurel, Montana. Dorotby P, , y r Registered at the office of the City Treasurer of Laurel, Montana, this day of , 19 Dorothy P. Bundy NroW P. Bun -6., ty Clerk The coupons of said bonds shall be in enbstantially the fallowing formg No. $ On the day of 19 the city Treasurer of Laurel, Montana, will at her office in Laurel, Montana, pay to bearer, the mm of $ , being the annual interest then due on Bond No. of Bonds of Special Improvement District No. 90 Mind, and not otherwise; provided that this coupon is subject to all the terms and conditions contained in the Bond to which it is annexed. THE CITY OF LAURII,, MONTANA. By J, J. Parker J. J. Parker$ Mayor ATTEST: Dorothy P. Bundy Dorothy P. RMyq My- Clark Section 2. Said bonds shall be issued in the amount of not more than Eleven Thousand and no/100 ($11,000.00) Dollars, and be drawn against Special Improvement District No. 90 fiend, and shall bear interest at the rate not eaaeeding five (5%) per cent per annum A f'ron the date of registration until called for tedaption or paid in full, interest to be payable annually on the first day of January of each year, and shall be signed by the Mayor and City Clerk; and shall bear the corporate s"I of the City and shall be registered in the offices of the Clerk and Treasurer, and the interest coupons attached thereto shall also be so registered and shall bear the engraved fac- simile signature of the.Mayor and City Clerk. Said Bonds shall be redeemable and payable,as follows: Redeemable at the option of the City on and after the let day of January, 1962, provided, however, that said bonds, and each and all of the same shall be redeemed by the Treasurer of said City when there are funds in said Opecial Improve- ment,-District No. 90 Fuund, against which said bonds are issued, available therefor; provided that the Treasurer shall first pay out of said Special 7aprorrameWnt District No. 90 fand, annually, the interest on all out- standing bonds on presentation of the coupons belonging thereon, and aaay? funds remaining shrill be applied to the payment of the principal and redemption of the bands in the order of their registrationj and provided further, that whenever there are funds in.Special Improvement District No. 90 Fund, after4paying the interest on said bonds dram against said fund, the City Treasurer shall Call in for payment, outstaaading bonds, which, together with the interest thereon an to the date of redemption, will equal the amount of said Fund on that dates which date shall be fazed by the Treuurer, who shall give notice by pub3.14ation once in a newspaper published in said City of Laurel, Montana, or at the option of the Treasurer, by written notice to the holder or holders of such bonds, if their address is known, of the number of bonds and the date on which payment will be made, which date shall not be less than ten (10) days aster the date of publ"- k Lion or of service of notice, and on which date so fixeds Interest shall aeeas'a. k Section 3. That the City Clerk of the City of Laurel, Montana, is authorised, empowered and directed to give notice of gale by advertisement in the Laurel Outlook, a week3,v newspaper of general circulation printed and published in said City of Laurel, Kontsnay for a period of four successive weeks inaediately preceding the date of sale, said advertisso mt to be published in the regular issues on January 5th, January 12th, January 19th, January 26th, and February 3rd, 1%1, and said notice is to be substantially in the following fore, to-wit; (COPY OF NOTICE OF SALE OF LAUREL,, MONTANA, SPECIAL IMPRAVMK DISTRICT NO. 90 BONDS) ATTACHED Section 4. That an emergency is hereby declared to exist, and this ordinance shall be in dill force and effect from and after its passage and approval. Passed by the City Council of the City of Laurel, Montana, and approved by the Mayor this 3rd day of January, 1961. J. J. Parker Approve 3s 3. 3. Parer. Rijor (SEAL) ATTZST c Dorothy P. Bundy ro , City Mark ? t f AFFIDAVIT OF PUBLIGATION OF ORMNANCE NO. 553 STATE OF HONTANA ) sst County of Yellowstone Dorot1W P. Bundy, being duly miorn according to lax, deposes and says: That she is the duly appointed, qualified and acting City Clark of Laurels Montana; That on the ,nth day of Jamw7j 1961, in ca®pli,ame with the orders of the Council of said. City of Laurel, Montana, she published Ordinams No. 553, passed and adopted on the 3rd dray of January, 1961, by the Council of said City of Laurels by posting a full, true and correct copy thereof on the front of the City Hall in said City of Laurel. Dorothy P. Bun& ro y, City CWk Subscribed and worn to befcre me, this 5th day of Janua ry$ 1961. Thomas L. Bradl,e Notary Public for the State of Montana. Residing in Laurel, Montana. My comol sion expires January 159 1961. (3m) NOT= OF SALE OF CITY BDXW MOTICS IS H=W QIVIN BY THZ CITY 0DUN3IL OF THE City of La oral, Montana, that the said Counall trill, on the 7th day of February, 1%1., at the hoar of 7:30 o"cloak, P.M., at the Council Chambers in the City of Laurel, located at LU West First Streets Laurel, Montana, sell to tho highest and best bidder for cash, dither amortization or serial bones of Special Iaprav---- Datrict No. 90, of the City of Laurelp not in excess of $11,000.00 for the purpose of paying the contractor or contractors for the necessary labor and materials of Special 7aprovement District No. 90, avA the expenses of creating said Spacial Improveawt District No. 90. Amortisation bonds will be the first choice and the serial bonds will be the second choice of the City Council. If Amortization bonds are sold and issued, the entire issue may be put into one (1) side bond, or divided into several bonds as the conacil°may determine upon at the time of sale,, both principal and Interest to be payable In anigoal installments over a Ikericd of ten (20) years from the date of issue. If Sdrial bonds are sold and issued, they will be in the aarnnt of M-00 each. The an of $1,000.00 of said serial bonds will becomm due and payable on the lot day of Jasaaaryy 1962s and a like amount on the sane date each year thereafter until tine tenth year when th sum of $21,000.00 will, became due and payable. The said benches %4wther amortisation or serial bonds, will bear date of July let, 191, Will bear interest at the rate not exceed- AM five (5%) per aentum per anMas pyrable anamwlly on the let day of Jaauary of each years cad rill be redeemable in full at the option of the City of Laurel at any time there are funds to the credit of said $pool" IMpr"Mmwt Distriatt No. 90 Amd for the redemption thereof. Said bonds will be sold for not less than their par value with &earned interest to date of delivery and all bidders mat state the lowest rats of Intitrest at rhisrh they rill purchase the bonds at par. par. The Council reserves the right to reject any and all bids and to sell said bonds at private sale. A31 bids other than by or on behalf of the State Board of Land Condasioners of the State of Montana neat be aocom panied by a certified amok in the sure of ten (10) per cent of the bid,* payable to the order of the City Clerk, which will be forfeited by the successful bidder in the event he shall fail or refuse to ooWlete the purchase of said bands in accordance with the terms of his bid. All bids shall be addressed to the Council of the City of Laurel, Montana, and delivered to the City Clerk of said City of Laurel. Dated this 4th day of January, 1961. 761J. Tarkers Mayor (SEAL) ATTESTv Dom P. Bond Dor"by F. Bwdyjp y Clark lot pub. 1/5/61 (5 tixes )