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HomeMy WebLinkAboutOrdinance No. 188ORDINANCE NO. 1L ZTHARIZING TEX ZCUTION, ISSUAYCM AND DELIVERY OF OOUPON BONDS IN PAMONT FOR TEX WORM AND IMPROVEMENTS IN 9PZCIAL IWRO T DISTRICT NO. 30, OF THS CITY OF LAUREL, MNTANA, An PZWCRIBING THS YORY, DWOMINATION AND MATURITY DATES 07 SUCH 301D6. 1 8, on May 20th, 1919s the City Council of the City of Laurel, Montana, passed and finally adopted Resolution No. 160 creating ft4clal Improvement District No. 30 of said City of Laurel, for the purpose of constructdSg a five (5) foot concrete sidewalk and concrete curb in said City and District. TES, it is provided in the resolutions, ordinances and proceedings heretofore passed and had by said City Oeuncil in connection with the creation of said Special Improvement District, that payment for said work and improve- msnts 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 "sod an& adopted by said City Council, and from the minutes of the meetings of oA& City Council, reference to all of which is hereby expressly made; NOW Um'. 30 IT ORDAIMW BY THE CITY COUNCIL 01 TIM CITY OF LA=L, MONTANA: 9XOT101 10 That for the purpose of providing the necessary funds with which to a for the work and improve- :rents in special Improvement D s ,let No. 30, of the city of Laurel, Montana, including engineering expenses and all other incidentals, there shall be executed and issued negotiable coupon bonds of said ftooi Improvement str ct =o 30 in the principal su* of ?•-?? ?- (A X5 , ea bonds o be -? a num er an n erect consecutively fro b6th inclusive. Said bonds shall be redeemable at the option of the City at any time there are funds to the credit of said Special Improvement District Ho. 30 for the redemption thereof. Bach of said bonds shall bear interest at the rate of six per can& (6%) per annum from the date of its registration. interfot payable annually on January lot of each year, and interest coupons in the form hereinafter provided, shall be attached to each of said bonds. Said bonds shall be issued, dated and delivered from time to time as may be necessary, in payment for the work and improvements in said District, as the work progresses. SECTION 20 That,the denomination of each bond issued is payment for the work and improyments in said ft?ecial Improvement District Ho. 30 be, and the same is hereby fixed at 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 1 provements less than One Hundred Dollars ($100.00)0 =CTI01 3. That the maturity date and time of pay- meat of each and all of said bonds shall be the lot day of 7aanary, 19299 subjeet, however, to redemption as pro- vided in the form of bond in this ordinance hereinafter - contained. SMCTIOY 40 That each of said bonds shall be sub- stantially In the following form: 10 HUaber . Dollars IInitod States of America State•of Montana CITY 0? LAMM SPZCIAL 10 VZWT DISTRICT M0. 30 ?HOMD six per Cent, payable annually issued by the City of Laurel, Montana THS THHASDMM OF THi CITY OF LWM* MOMTAITA, will. Pay to . or bearer, the sum o One Hundred no/100 as author- ised by Resolution No. 160, as passed on the 20th day of May, 19190 creating Special Improvement District No, 30 for the construction of the improve- amts and the work owformed as authorised by said Resolution to be done in said district and all laws, resolutions and ordinances relating thereto, in payment of the contract in accordance t arowitho The principal and interest of this bond ars payable at the office of the City Treasurer of Laurel, Montana. This bond bears Interest at the rate of six per Cent (6%) per annum from date of registration of this bond as expressed herein, until the date called for redemption by the City Treasurer. The interest on this bond is payable assually on the first day of January of each year, unless paid previous thereto and as expressed by the interest coupons hereto attached, which bear the engraved facsimile signatures of the Mayor and the City Clerk. This bond is payable from the collection Of s special tau or assessaemt which is a lien against the real estate within said improvement District, as described In said Resolution hereiabefore referred to. This bead is redeonable at the option of the city at any - /Z- time there are funds to the credit of said Special Improvement District ]fund for the redemption thereof, and in the maanor provided for the redemption of the seas, provided, however, that payment shall not be made later than such a tine as will permit of the levy of 10 annual consecutive tax levies after the date of the issuance hereof. . -IT IS HEMY CBST171W AID ISCITI'D, That all things required to be done preeed,..ent to the issuance of this bomd, have been properly done, happened and boom performed in the manner prescribed by the Jews of the State of Montana and the resolutions and ordinanoss of the City of Laurel, Montanus relating to the issuance thereof. Dated at yaurelt Montana, this day of r 19.,..0 CITY OB L&MML j MONTANA, By Chas. Davis. Mayor. Attest: Jas. H. Jordan, City Clark, a SECTION .5. That the interest coupons to be attaohed to each of said bonds shall be substantially In the follow- ing fors: Coupon No* gmuo. on January lot, 192 , The Treasurer of the CITY Op LANM, ]WATAXA, 'rill pay to the bearer the sun of six h ne/100 Dollars at the office of said Treasurer in Laurel, Montana, out of the 8unds of Special Imrovemont District No..30, being the interest than due on Bond No. in special Improvement District No. 30, PO ided, however, if said Bend, together with seemed interest thereon to the date called for its redemption has heretofore boon paid under the option reserved in said Bond, then this Coupon shall be null and void. Chas. Davis, Mayor. Jas. H. Jordan, City Clerk. $6.00 " OCTIOY b. That each of said bonds shall be signed by the error and City Clerk of said City of Laurel and be impressed with the corporate 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 authorised and directed to cause said bonds and coupons to be prepared and to execute the same for and on - If- behalf of said Special Improvement District No. 30, in accordance with the proceedings heretofore had in connection with the creation of said District. OCTION ?. that a continuing direct annual tau, in the form of a Special Assessment tie, and the same is hereby levied upon all the taxable real estate within the bouaiaries of said Special Improvement District No. 30, in said City of Laurel, in addition to all other taxes and assessments thereon, which special Assessment shall be in an amount sufficient to pay the interest on said bonds as the same becomes due and to discharge the principal of said bonds at the maturity thereof. SSCTIOp 8. That all money derived and received frem the collection of said special Assessment shall be deposited by the Clay Treasurer to the credit of Special Improvement District No. ?0, of said City of Laurel, and the same shall be paid ou by the City Treasurer for no purpose other than in payment of the principal and interest of said bonds. UCTIOp 9. This ordinance shall take effect and be in full force from and after the datgbf.its passage and a roval. 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 )Wor this th day of Amu It - , 1919. APMVW: s Davis Mayor. ATTMOT CITY Clerk.