Loading...
HomeMy WebLinkAboutOrdinance No. 177OSDINANCE NO. 1 . AUTHORIZING THE MMCUTION, ISSUANCE AND DELIVERY OF COUP' BONDS IN PAYMENT FOR THE WORK AND IMPROVTS IN SPECIAL IMPROVEMENT DISTRICT NO. 26, OF THE CITY OF LAUREL, MONTANA, AND PRESCRIBING THE FORM, DZNOUI- NATION AND MATURITY DATLS OF SUCH BONDS. WHEREAS, on June 3, 19191 the City Council of the City of Laurel, Montana, passed and findLly,adopted Resolu- tion No. 161, craat'ing Special Improvement District No. 26, in said City of Laurel, for the purpose of laying and in- stalling extensions to the.water mains of said City; and WHMMS, it is provided in-the resolutions, ordinances and proceedings heretofore passed and had by said City Council in connection with the creation of said Special Improvement District, that payment for said work and improve- ments shall be made by Special Improvement District bonds to be issued against said District;,all of which more fully appears from the resolutions and ordinances heretofore'passed and adopted by said City Council, and from the minutes of the meetings-of said City Council, reference to all of which is hereby expressly made; NOW THEREFORE 9 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA : SECTION 1. That for the purpose of providing the i?bcaessary funds with which to pay for the work and improve- ants in Special Improvement District No,,261 of the City ?I£ Laurel, Montana, including engineering expenses and all other incidentals, there shall be executed and. issued negotiable coupon bonds of said Special Improvement District No. 26, in the principal sum of Twenty-eight hundred number and ($2800.00), such bonds to be twenty-eight numbered consecutively from 1 to 28, both inclusive. Said 'Oonds,shall be redemaable at the option of the City at any `time there are funds to'the credit of said Special Improve- ment District No. 26 for the redemption thereof. Each of said bonds shall bear interest at the rate of'six per cent, ,(6%) pier annum from the date of its registration, interest 'payable annually on January 1st of each year, and interest ;0aupons, in the form hereinafter provided, shall be attached ,to each of said bonds. Said bonds shall be issued, atpeday_ ?,nd delivered from time to time as may be necessary, -went for the work and`improvements in said District, as the ,fork progresses. -200 SECTION 2. That the denomination of each bond issued in payment for the work and improvements in said Special I rovement District'No. 26 be, and the same is hereby fixed ii'the sum of one hundred Dollars ($100.00); provided, how- ever, that the last bond to be so issued shall be in such sum as shall represent the balance due for said work and improvements less than One hundred Dollars ($100.00). SECTION 3. That the maturity date and time of pay- ment of'e,ach and all of said bonds shall be on the lot day at January, 1927s subjeect$ however, to redemption as pro- vided in the form of bond in this ordinance hereinafter contained. SECTION 4. That each of said bonds shall.be sub- stantially in the following form: " District No. 26 United States of America S T A T E O F M O N T A N A Bond-No. B 0 N D $100.00 Interest 6 per cent per annum, payable annually. Special Improvement District Coupon Bond Issued by the City,of Laurel, Montana. THE TRNABURER OF THE CITY OF LAUREL, MONTANA, will pay to bearer on the lst day of January, 19279 the sum of one hundred Dollars ($100.00), as authorized by Resolution No. 161 as passed on the 3rd day of June, 19193 creating Special Improvement District No. 26, for the construction of the improvements and the work performed as authorized by said Resolution to be done in said District, and all laws, resolutions and ordinances relating thereto, in pay- Mont 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. bond bears interest at the rate of six per cent (6%) per annum from the date of its registration as expressed herein until the date called for redemption by,the City Treasurer. the interest on this bond is payable annually on the lst day of January in each year, unless paid previous thereto and as expressed by the interest coupons heretoe attached, City Clerk. the engraved facsimile signatures of Yac This bond is payable from the collection of a special -tax or assessment, which is a lien against the real estate Resolu-' ,within said Improvement District, as described in aid No. 1619 as. well as in Resolution No. 153s Pa adopted May 6, 1919. This bond it redeemable at the option of`the City of ,,Laurels at any time there are funds to the credit of said Special Improvement District Fund for the redemption there- bf and i the manner provided for the redemption of the w-!1- r same, provided however, the date'of payment shall not be later than the maturity date hereinabove contained. IT IS HER= CIRTIFIED AND. RECITED, That all things required to be done precedent to the issuance of this bond t o been properly done, happened and been performed in the prescribed by.the laws of the State of Montana relat- i to the issuance thereof. Dated at Laurel, Montana, this day of , CITY OF LAUREL, MONTANA, ATTEST; By Chad. Daoiis, Mayor. JAS. H. JOBDAN,, City Clerk. Registered at the office of-the City Treasurer of Laurel, Maptana, this -?` day of is 192_• City Treasure-r." SECTION 5. That the interest coupons to be attached to each of said bonds shall be substantially in the follow- ing form; #6.00 Coupon No. On the lot day of January, 192 , the Treasurer of the City of Laurel, Montana, will pay to the'mBearer the sum of Six Dollars, at the office of .said Treasurer in Laurel, Montana, out of the funds of Special Improvement District No. 26, being the interest then due on Bond No. of el%id Special Improvement District; provided, however,, that if said bond, together with the accrued interest thereon to the date called for its redemption, has theretofore been paid under the option reserved in said bond, then this coupon shall be null and void. Chas.. Davis,„ Jas. H. Jordan, City Clerk." Mayor. SECTION 6. That each of said bonds shall be signed 4 the Mayor and City Clerk of said City of Laurel and be reseed with the corporate seal of said City, and each of id interest coupons shall bear the engraved facsimile sig- turee of said Mayor and City Clerk, and said officers are Yipreby authorized and directed to cause said bonds and 00upons to be prepared and to execute the same for and on 'behalf of said Spacial Improvement District No. 26s in adcordance with the proceedings heretofore had in connection ,with the creation of said District. r W =12- SECTION 7. That a continuing direct annual.tax, in t 'e' fdFm of a Special. Assessment be, and the same is hereby 1 vled'upon"all the tazAble regl estate within the' b.;tiindaries of said Spioial Improvemsnt'District No. 26, in eaid City of'Laurel, in addition to all other taxes and a0sessments'ther®on, which Special''Assessment shall be in an amount sufficient to pay the interest on'said bonds as the same becomee'due and to discharge the principal of said bonds at the maturity thereof. SECTION 8. That all money derived and received from the collection of said Special Assessment shall be deposited by the City Treasurer to the credit of Special Improvement District No. 26, of said City of Laurel, and the same shall be'paid out by the City Treasurer for no purpose other than in payment of the principal and interest of said bonds. SECTION 9. This ordinance shall take effect and be in-full force from and after the date of its passage and approval. All ordinances and parts of ordinances in conflict or inconsistent with this,ordinance are hereby repealed. Passed,by the City Council and approved by the MAyor this 15th day of July, 1919. APPROVED : Mayor. ATTEST : : city Cle .?1L'