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HomeMy WebLinkAboutOrdinance No. 180 ORDINANOE NOJ07 156" AUT$ORIZIJSG THE SXECUTION, ISSUANCE AND DELIVERY OF COUPON BONDS IN I'ATVM FOR THE WORD AND IMPROVEMENTS IN SPECIAL IOROVEUUT DISTRIOT NO,. Sl, OF TM CITY OF LAUR&L, XONT.Aikko AJ11) pRS3QRI2tj4 TELS POW0D,iWOMINATION AND LATURITY DATES 02 0011 BORD316 t, on lone 3, 1919s they City Council of the i city ei' Lw*m4-v Mentanat page", and f1ma.1y adopted Re- Solution ,Nq:. W., creating Special Improvement District lot- 31 N in said Qity of Laurel, for the p=pose of ,laying and installing extensions to the water mains of said City; F and WENRUA, It Is provided in the resolutions, ordi- nanees and proooedings heretofore passed and had by 'said City Council in connection with the creation of said ,S dial Imprw"ment# District.,, 11?at payment for said work and improvemeutas shell be z*4o ' Special Improvement Dis- trict bonds t©."te`y,i siuot ?Ust said DiIstr dif 611 of which more fully appears from the resclutious and ordi- n+ es heretofore pwwod and adopted by said City 4ounai1,, and from the minutes of the meotings of sai.d_ City Cou cil, reference to all of which is hereby expressly made; NOW, TRzaa ORE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAURUO MONTANAt Section 1, That for the purpose of providing the necessary funds with which to pay for the work and improve- mante in ftooial Improvement 0latrio't 1e4 $1, bt *e Qitq of Laurel, Montana, including engineering expenses and all other incidentals, there shall be executed and issued ne- gotiable coupon bonds of said Speeial Improvement District t no, 31, in the principal sum ($4100.00), suah bonds to be "abored consecutively from j bests shall he redeemable at of Forty-one hundred Dollars forty-one (41) in number and L to 41, both inclusive* Said the option of they City at any 4 r +l- time there are funds to the credit of said Special Improve- meat District low 31, for the redemption thereof. Bach of ¦sid bonds shall bear interest at the rate of six per *onto (6%) per annum from the date of its registration, interest payable annually on January lot of each year, and interest apnpouss in the form hereinafter provideed, shall e - be attached to each of said bonds. Said bonds shall be Is-med., dated and delivered from time to time as may be necessary, in payment for the work and improvements in said Dist-riot, as the work progresses. Section E. That the denomination of each bond is- shed in payment for the work and improvements in said Special Improvement District No. 31 be, and the same is hereby fixed at the sum of One hundred Dollars ($100.00); provided, however, ghat the last bond to be so issued K p?? . 4bXll - bQ. 44 L AAA, M. as Rhx).X Z-019,41PAV 140 for said work and improvements lees than One hundred Dollars (0100000)• section ?. That the maturity date and time of pair- went of each and all of said bonds shall be the lot day of January, 182y, oubJect, however, to redemption as pro- vided in the form of bond in this ordinances hereinafter contained. seat-ion 4,r That each of said bonds shall be sub- stantially in the following forms L w' e a f t i • nDistriot No. 31 UNITED STATES OF Ai R10A S T A T E O F U 0 B T A N A Bernd Al©, B 0 B. D 4100000 Interest B per vent per annum, payable annually- Special Improvement District Coupon Bond Issued by the Qity of Laurel, Montano THE TMSURER OF THIS CITY 02 LLUREL, MORTANA, will pay to bearer can the 18t day Of Jaxtaare, 198 , the sum of One hun- dred Dollars (4100000)0 as authorised by Resolution No. 163 as passed on the ?rd day of June. 1919, creating Speoial Im- ., prbvetnent Distt'iwt...ro. 31, f°or'the evveintltfo`vf th* im- provements and the work performml as authorised by said Re- 50,3.utien U bo One in said Districts and all 1aw9„ resolu- ti.ous and ord.inaaoee relating thereto, In payment of the con- Uaat in aaegrdamve therew,ithr Tho principal and interest of this bond are payable at the offlee of the City Treasuaror of Laurel, Montana. This bp" errs int*zest at the rate of six per cent. (? +) pe.r annum from s "to of its registration as expressed herein 1 until the date Balled for redemption by the City Treasurer& `?;'' ,' YID?µ imt!? ?INM?:¢? :.,:be?i V4PUZ+I? W4*WRU:4* US 1*% day € of January in each year, unless paid previous thereto, and as expressed try the interest coupons hereto attached, which bear the engraved facsimile signatures of the Mayor and City Clerk. This bond is payable from the collection of a special tau or assessment, whioh is a lien against the. real estate within said Improvement District, as described in said Resole- 4 a r tion. bas. 163# as well as in Rovelation No. 155, passed and adopted May 6, 19199, This bond Is, ro##Omble at the option of the City of at any time thence are f adw to the credit of said Speeia'i, IWOVOxont Distriot land for the redemption there- of, and in the ma»er provided for the redemption of the same, prOvidotp however# the date of payment shall not be later t&n the maturitg "to horoixiabove contained. IT 13 HXR 4MT1F13D AU RAQITRD, That all things re- quirod to bo done prosodent. to the issuance of this bond, have bed, propoxU d ono;v -penal w and been performed in the 'Manner prescribed by the laws, of the State of Montana relat- ing to the issuanoe thereof. ]AW at Laurel, Montana, this day of , ATTICOT s asa H. Jordan, City Clerk. CITY OF LAU -+'.. , U014TANA, By B, L. Prios, Mapr. Registered at the Office of the City Treasurer of Laurel, Montana, this day of , 19E City TroaRY-6-r-o' s Seotion 50 That the interest coupons to be attached R ing form: n C 0 U P 0 N. 46.00 Coupon No* on the lot day of January, 192 , the Treasurer of the it, of. Laurel, Montana, will pay to the bearer the sum of "31m Dollars, at the offies of said Treasurer in Laurel., Montana,' s i 11 out of the fnnde of Special Improvement District fio. 31, be- ing the interest then due on Bond No. of said Special Improvement District; provided, however, that if said bond, togeUgr with the accrued interest thereon to the date called t , for, ito red4aptien, has thorotofore been paid under the option reserved in said bond, then this coupon shall be null and void. B. L. Price, Mayor. Jae. H. Jordan, City Clerk." Section 6. That each of said bonds shall be signed by the Mayor and City Clerk of said City of Larxol and be impressed with the corporate peal of said City, and each of said interest "coupons shall bow the ehg?ra'1"oQ" dCSimil® `616?%ture6' of said Mayor and City Clerk, and said offiosrg are hereby authorised and directed to cause said, bonds and coupons to be prepared and to execute the name for and., on behalf of said Special Im- provement District No* 31, in accordance voAth the proceedings heretofore had in connection with the creation of said. District. Section V. That a continuing direct annual tax, in the form of a special assessment, be, and the same is hereby levied "on all the taxable real estate within the boundaries of said Special Improvement District No. 31, in said City of Laurel. .?°;i : M?d itieet ill iMer tin-°es , aai ant l?er"a-b which speoial 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 thereofe Section as That all money derived and received from the oolleotion of said special assessment shall be deposited by the City Treasurer to the credit of Special Improvement District No. t 81, of said City of Laurel* and the same shall be paid out by c -5- • t the Oity Treasurer for no purpose other than in payment of the principal and interest of said bonds. Seoti.on go We ardinana:e shall take effect and be Lz fill forge from and after the date of its passage and approvalo All ordinames and parts of ordinances in con- . fliet or i=gnsisteat with this ordinance are hereby re- Paaoed by the City Council and approved p by the Mayor this pith dap of ;u4. 1919~ APPROVED: r ? s ., ,y k. N. v r. ?Glw