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HomeMy WebLinkAboutOrdinance No. 179 ORDINANCE NO.. AUTHORIZING THA EKZM'ON, ISSYJ YOE AND DELIVERY OF COUPON BONDS IN PA NT FOR THE WORK AND INPROVMWTS IN SPYCIAL 114PROVEDNT DISTRICT NO. 28$ OF THE CITY OF 4UREL; MONTANA, AND PRESCRIBING THE FORM, DENOMINATION AND MATURITY DATES ,0F SUCH BONDS. Wes, on June 31 1919s the City Council of the City of Laurel, Montana,' passed and finally adopted Resolution No'. 162, creating Special Improvement District,No. 28, in said City of Laurel, for the purpose of laying and install- ing extensions to the water mains of said City; and WHEREAS, it is provided in the resolutions, ordinances and proceedings ,heretofore passed and had by said City workSpecial ncil in connection with the creation saidsaid improve- rovement Districts that payment Monts shall be made by Special Improvement District Bonds to be issued against said District; all of which more fully shpears from the resolutions and ordinances heretofore said Council* and to =nutes ned and the adoptedsaid of th th all of which.is hereby expressly made; NOW THEREFOR BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA: SECTION 1. That for the purpose of providing the Aeaeeeary funds witki which to pay for the 2orkoan im rove- is nts in Special Improvement District No, ex8t the City penses and all of Laurel, Mointana, including eng oupon.bonds there shall rather able ble incidentals, .negotiable coupon hundred Dollars 08s in the principal sum of Twenty-eight e in number and 1$?80'0,00), such bonds to be Vvent ight 28) Said ;Aumbered consecutively from 1 to 28, both inclusive. of the City at any :lbonds shall be redeemable at the option 'time there are funds to the credit of said Special Improve- ment District Bo. J8 for the redemption thereof. Each of cent said bonds shall bear interest at the rate of six ier cnterest ({) per annum from•the date of its registrations ear, and interest payable annually on January lot of each y ?cou ohs, in the form hereinafter ?pro?hda.ll,behiasued,adateded p to each of said bands. Said bon s be necessary, i s pay.. ,and delivered 'from time to time as may n for the work and-improvements in said District, as the ;work progresses. y 120~ SZCTION 20 That the denomination of each bond issued io paylont for the work"and improvements in said Special Drovent District No 28 be, and the' same is -hereby fixed at the sum of One hundred Dollars ($100.00); provided, how- emr, that'-the last bond to be so issued shall be in such s".as shall represent the balance due for said work and improvements less than One hundred,Dollaro ($100.00). SECTION 3. That the maturity date and time of pay- ment of each and all of said bonds shall be the lot day of January, 1927, subject, 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- stantiaally in the following form: 1 N District No. 28r United States of America ST ATE. OF MONTANA r y - - $p;?d No'. w? B 0, N..D $100.00 Interest,6,per"cent.per annum, payable annually. Special Zmprovemen.t•District Coupon.Bond Issued by the City"of Laurel,.Montana., r - w - THE TREASURER OF THE CITY OF LAUREL, MONTA11A? ezill pay to bearer on the lot day of January, 19279 the sum of One hundred Dollars ($100.00), as authorized ?b3re.ep?u- l?°? creatin q en No. 162 as passed on the 3ray f June 1.919 g OV#oial Improvement District No. 28, E oonstructi"on of t"e improvements and the work performed ae authorized by s id Resolution to be'done in said Districts and all laws, a solutions 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 bearw interest at the rate of six per cent (6%) r annum from the date of its registration as expressed here- In until the date called for redemption by the City Treasurer. The,interest on this bgnd is payable annually on the lot day of January in each year, unless paid previous thereto, and as expressed by the interest coupons hereto attached, which Uar the engraved faceimile•si.gnatures of the Mayor and City 0lerk. This bond is payable from the collection of a special tax or assessment, which is a lien against the real estate No. Impro'ov v 1emeent nt istrict, as describ'd ...in,-_said .. - ,??,1 *ithin said Resolution -leaolution No. 1541/ passed and adopted c This bond is redeemable at the option of the City of tiof said iAurel,.at any time there are funds toth?ercredit Speci- Improvemeht District Fund for -41'- ,I i ?her'W,'and in the manner provided for the redemption of the same, provided howevir, the date of payment shall not be later than the maturity date hereinabove contained. IT IS ZOMY CUTIFXED AND RBCITED, That all things squired to bo"done precedent to the issuance of this bond ave boon propezly'done, happened affid been performed in the *nner` preseribed bit' tho ,lags of the State of Montana relating to the l ssuance thereof. 19..?• Dated at Laurel, Montana, this day of a CITY OF LAUREL, MONTANA, By ftws, Mayor. ATTEST: - I City Clerk. Registered at the office of the City Treasurer,of Laurel1s, Montana* this ? day of , 192 .. My Treasurer, SECTION. That the interest coupons to be attached, to each of said bonds shall be substantially in the follow- ing form: " 01U.P P. I. $6. o0 Coupon No « .. On the let day of January, 192 , the Treasurer of the My of Laurel, Montana, will pay to the7earer the sum of OxDo"'llars, at the office of said Treasurer in Laurel, Ip,ntaraa, o of then funds nt Dig- q'J trict ?To. , o ng t e interest then due on Bond?? of said Special,Improvement District; provided, a'ever,"ihat 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 )Lay"or. has. H, Jordan, City Clerk. " SECTION 6. That each of said bonds shala, be signed by the Mayor and City Clerk of said City of Laurel and be Pmpresssd with the eorporate,seal of said City, and each of said interest coupons shall bear the engraved facsimile signatures of said Mayor and City Clerk, and said officers are hereby authorized and directed to cause said bonds and *upon* to be prepared and to execute the same far and on? ehalf of said Special.Improvement District No. *9cordanos with the proceedings heretofore had in connection with the creation of said District. SXCTION 7. That a continuing direct annual tax, in !Us dorm of a Sp®cial Assessment.bet and the same is hereby levied upon all the taxable real estate within the 70p ndaries? of s aid specia? , Improvement District No. 28 in slid City of Laurel, in--addition tp a,11 other taxes and ®ssmetts thOreona which Special Absessment shall be,in an unt"bufficient 'to pay the inters t on said bonds as the dA me'becomes due and to discharge the principal of said ?an4e'at the maturity thereof. SECTION 8. That all money derived and received $rom the collection of said Spedial'Assessment shall be 4 deposited by the City TrWsW h.provement District No. of said City of Laurel, and tam same shall, be paid out by the City Treasurer for no p rpose other than in payment of the principal and interest or said bonds. GROW 9. This ordinance shall take effect and be in full force from and after the,date of its passage and j?proval. All ordinances and parts of ordinances in con- flict or inconsistent with this ordinance are hereby repealed. Passed by`the City Council and approved by the yor this day of ftt7, 1919• APPAOVIM mayor. ATTEST yCer .