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HomeMy WebLinkAboutOrdinance No. 409ORDINANCE NO. 409 AN ORDINANCE PRESCRIBING THE FORM, DENOMINATION, AND HATE OF INTERRST.CF BONDS OF SPECIAL IMPROVEMENT LIGHTING DISTRICT NO. lA, AND PROVIDING FOR THE TIME OF HA YbETT AND REDFZIPTION OF SAID BONDS. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA t WHEREAS, it is provided by resolution No. 648, entitled, "A Resolution Creating Special Improvement Lighting District No. IA, of the City of Laurel, designating the boundaries thereof as defined by Resolution No. 646, passed by the ?'ity Council of the City of Laurel and referring to said Resolution of Intention for further particulars," passed by the city Council November 16th, 1948, and approved by the Mayor of said City November 16th, 1948, that all the costs aril expenses incurred in the construction and making and Installation of the improvements in said S pecial Improvement Light- ing District No. U. which improvementw? are more fully described in said Aesolution No. 648, creating said Improvement Listrict, shall be paid by Special Improvement Lighting ponds with interest coupons attached,, drawn against dpecial Ir;provement Lighting District No. 3A?, Fund, and that such bonds shall be in substantially the form pro- vided by law in such cases; and WHEREAS, the contract for the construction and making and installation of said improvements in said Special Improvement Li6ht ing District No. 1A, has been duly and regularly awarded; NOW, THEREF'O iE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IA UREL t Section 1. Said bonds shall be drawn in substantially the following forma Lighting District No, lA. United States of America, State of Montana. Bonds No. Dollars 4100.00 Interest at the rate of six per cent per annum, payable annually. Special Improvement Lighting District Coupon Bond. Laurel, Montana. Issued by the City of Laurel, Montana. The treasurer of the City of Laurel, Montana, will pay to , or bearer, the sum of one Hundred dollars as authorized by hesolution No. 648 as passed on the 16th day off' November 1948, creating Special Improvement Lighting district No. ]A, for the construction of the improvements and the work performed as authorized by said resolution to be done in said district, and all ]a ws, resolutions, and ordinances relating thereto, 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 of six per cent per annum from the date of registration of this bond, as expressed herein, until the date cal]®d for the redemption by the city treasurer. The interest on this bond is payable annually on the first day of January in each year, unless paid previous thereto, and as expressed by the interest coupons hereto attached, which bear the engraved facsimile signature of the Mayor and City Glerk. This 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 rdferred too This bond is redeemable at the option of the city at any time there are funds to bhe credit of said special improvement district fund for the redemption thereof, and in the manner pro- vided for the redemption of the same. It is hereby certified and recited, that all things required to be done, precedent to the issuance of this bond, have been properly done, happened, and been performed, in the manner pre- -scat bed by the laws of the State of Montana and the r esolutions and ordinames of the City of Laurel, Montana, relating to the issuance thereof. (seal) Dated a t Laurel, Montana, this day of , 194 . City of Laurel, Montana. By _Q:Z?Q _ ,Mayor . , City Clerk. Registered at the office of the city treasurer of Lqurel, Montana, this day of , 194 City Treasurer. Registered at the office of the city clerk of Laurel, Montana, this day of , 194 My Clerk, The coupons of said bonds shall be in substantially the follow- ing form. No. $6,00 On the 1st day of January, 1946,_ the City Treasurer of Laurel, Montana, will at his office in Laurel pay to bearer the sum of Six and no/100 Dollars (46.00). being the annual interest then due on Bond No, of the ponds of Special Improvement Lighting District No. 1A, of Laurel, Montana, payable out of Special Improvement Light- ing District No. 1A Fund, and not otherwise; proViA-ed that this coupon is subject to all the terms and conditions contained in the Bond to which it is annexed. CITY OF L& REL, MONTANA. By lJ , Mayor Attest s--r , Oity Clerk. Section 2. Said bonds shall be 19 in number, and be awn against special Improvement Lighting +district No. 1A Fund, and shall bear interest at the rate of six per cent (6%) per annum from the date of registration until called for redemption 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 Clerk; and shall bear the corporate seal of the City and shall be registered in the office 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 in the denomination of One Hundred Dollars ($100.00) each and may be issued in installments, and shall be redeemable and payable as follows s Redeemable at the option of the City on and after the first day of January, 1948, at any time when there are funds to the credit of said special Improvement Lighting District No. lA for the redemption thereof and available therefore, and shall be payable $300.00 on January lot, 19490 $300.00 on January lat. 19500 $300.00 on January lat, 19510 $200.00 on January lat., 19529 $200.00 on January lat., 1953, $200.00on January lat, 19540 $200.00 on January lat, 19550 $200.00 on January lat, 1956; provided, that the Treasurer shall first pay out of such Special Improvement Lighting District Fund annually, the interest on all outstanding bonds on presentation of the coupons belonging thereon, and any fund a remaining shall be applied to the payment of the principal and the redemption of the bonds in the order of their registration; and provided further, that whenever there ari funds in said Special Improvement Lighting District Fund, after paying the interest on said bonds drawn against said fund, the City Treasurer shall call in for payment outstanding bonds, which, together with the interest thereon to the date of redemption, wil]L equal the amount of said Fund on that date, which date shall be fixed by the 111reasurer, who shall give notice by publication once in a newspaper published in said 4ity of Laurel, Montana, or at the option of the Treasurer, by written notice to the holder or holders of such bonds, if their address be 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 after the date of publication or of service of notice, and on which date so fixed, interest shall cease. Section 3. That the City Clerk of the City of Laurel, Montana, is authorized, empowered and directed to give notice of sale by advertisement in the Laurel Outlook, a weekly newspaper of general circulation printed and published in said pity of Laurel, for a period of four successive weeks immediately preceding the date of sale, said advertisement to be published in the regular issues on January 5, 1949, January 12, 1949, January 19, 19490 January 25, 1949, and, February 2, 1949, and said notice to be substantially in the following form, to-wit: NOTICE OF SALE OF LAUREL, MONTANA, SPECIAL LIGHT IMPROVEMENT NO.1A BONDS. NOTICE IS HEREBY GIVEN by the Council of the City of Laurel, Montana, that the said Council will, on the 15th day of February, 1949, at the hour of 7s,30 olalock, P. M., at its Council Chamber in the City of Laurel, Montana, sell to the highest and best bidder for cash, serial bonds of Special Improvement Lighting District No. 1A of the said city in the total amount of 41,900..00, for the purpose of paying the contractor or contractors of Special Improvement Lighting Listrict No. 1A and the expenses of creating said Special Improvement Lighting District No. 1M. Serial bonds of Special Improvement Lighting District No. 1A Issued and sold will-be 19 in number and in the amounts of $100600 each; the sum of $300900 of said serial bonds will become due and payable on the lot day of January 1949, and a like amount on the same day each year through 1951,.then $200.00 of said serial bonds will become due and payable on the lst day of January, 1952, and a like amount on the same day each year thereafter until all such bonds are paid. The said bonds will bear date of January 1st, 19482 will bear interest at a rate not exceeding six (6) per cent per annum, payable annually on the first day of January each year, and will be redeemable in full at the option of the City of Laurel at any time there are funds to the credit of said Special Improvement Lighting District No. lA Fund for the redemption thereof. Said bonds will be sold for not leas than their par value with accrued interest to date of delivery and all bidders must state t he lowest rate of interest at which they will purchase the bonds at par. The Counc it reserves the right to reject any and all bids and to s ell bonds at private sale. ?*ll bids other than by or on behalf of the State Board of Land commissioners of the 6tate of Montana, mush be accompanied by a certified check in the sum of *190, payatin to the order of the City Clark, which will be forfeited by the successful bidder in the event he shall fail or refuse to complete the purchase of said bonds 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 ('ity of Laurel. Dated January 5th, 1949. PETER D. THOMSON Mayor of he ity of Laurels Montana (SEAL) Attest: Millie Rohendorf ty er . Section 4. Thab an emergency is hereby declared to exist, and this ordinance shall be in full 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 4th day of January, 1949. 6'1_ L --Attests y1ty clerk A PPR WED ff? 44 v Ada or Council. Minutes Adopting ordinance No. 409 Council Chamber, Laurel, Montana. Tuesday, January 4, 1949 The City Council of the City of Laurel., Montana, met in a regular session on above date. Present, kayor Peter D. Thomson, and old ermenx Fred Feuerbacher, Henry "a Gomer, J. J. Parker, John L. Tubman, Ira D. nodgers, J. E. Freebury and I. N. Smith. Absent: Paul A. Wold. A quorum being present, the Mayor called the Uouncil to order at 7,-30 o'clock P. M. ORDINANCE NO. 409 Ordinance No. 409, being an ordinance prescribing the form, denomination, and rate of interest of bonds of Special Improvement Lighting District No. lA, and providing for the time of payment and redemption of said bonds, was presented and read. It was moved by Alderman Tubman and seconded by Alderman kodgers, that Ordinance No. 409 be passed and adopted. Motion carried on roll call, as follows t Ayes, aldermen, Feuerbacher, Gomer, Parker, Tubman, Rodgers, kreebury and Smith. Nayes, none. Whereupon, the Mayor declared the said motion duly carried. It was moved by Tubman and seconded by Rodgers that the City Clerk advertise sale of Bonds for ''pecial Lighting District No. 1A Bonds. T he motion carried. There being no further business to come before the Council at this bas ion, on motion and s ec onded, Council adjourned to meet in regular session on Tuesday, January 18th, 1949, APPFC VEf7s Mayor ATTEST: i y C er