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HomeMy WebLinkAboutOrdinance No. 190 DBYlw"CE 80. 19 : AUTURIZING THS 3=90TION, ISSUAIFU AND DELrMy OF 00UM BOm8 IN PAS'!' POE TU ?RlC AND IBBDUVIOMNTS IH IAL IBBAO?T DISTRICT 10. 33, OF TS! CITY 03P LAUREL, ==ANA, AND PUSCSIBING TIN ]"OIL, MMOMINATION ARID MATURITY DAT]RS OP SUCP BOHn89 . on June 3s 1919s the city Council of the City of laurels Montana, passed and finally adopted Resolution No. 166 4weatiieg special ImproTsM*nt District No- 33s of said City of Laurel, for the purpose of constructmw a fire (f) feet condrete sidewalk in said City and District. , it is provided In the resolutions, ordinances Md proesodings horetofore passed and had by said City Council in connection with the creation of said Special Improvement District, that payment for said work and isxprove- monts 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 Councils reference to all of which is hereby expressly made; NOW THSBBp'OBE, = IT ORDAINID BY TSB CITY COUNCIL 07 THB CITY 07 LAUREL, MOITANA: ACTION U That for the purpose of providing the aeoessary funds with which to pay for the work and Imgrove- uts In Special U*rovoment District BIo- 33 of the city of Laurel Montana, including engineering expenses and all other ineldontals, there shall tie executed and issued msgotiable coupon bonds of said i Impr ement Dis ict No- 330 In the prno pal um of such 'bonds to 700 9?anm er an Etm Bred consecutively fr o / , o nalusive- Said bonds shall be redeemable at the op on of the City at any time there are funds to the credit of said Special Improvement District No. 33 for the redemption thereof o, Each of said bonds shall bear interest at the rate of six per cent (6%) per annum from the date of its registration, interest 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 necossarY in pay- ment for the work and improvements in said District, as the work prigresses- UCTION 2. that the denosInatibn of each bond issued is payment for the work and improvements in said Special Improvement District Ho. 33 be, and the same is hereby fixed at the sum of One Hundred Dollars 0100.00); provided, how- ever, that the last bond to be so issued shall be in such sun as shall represent the balanc m 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 each and all of said bonds shall be the let day of January, 1929s subject, however, to redemption as pro- vided in the form of bond in this ordinance hereinafter contained. 8=101 4. That each of said bonds shall be sub- stantially in the following form: N Number Dollars United States of America State of Montana CITY OF LAUMM SPECIAL IMPROV TS DISTRICT NO. 33 8 0 N D Six per cent, payable annually issuJ4 by the City of Laurel, Fontana T87i MVVM CITY 07 LAUREL, MONTANA, will pay to , or bearer, the sus o one Hundred o o ars as author- ised by Resolution No. 3,96, as passed on the 3rd day of June, 1919, creating Special Improvement District No. 33 for the construction of the improve- seats and the work performed 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 therewith. The prim oi al and interest of this bond are payable Moo of the City Treasurer of Laurel, at the off Momtaas. This boa®r ???itro?e?t?t of registration six per cent (6%) p #:reseed herein, until the date of this bond as ee3r called for rodowtion by the City Treasurer. The interest an this bond is payable annually on the first day of January of each your, unless paid previous thereto and as expressed by the interest coupons hereto attached, which bear the engraved facsisile signatures of the Mayor and the City Clerk. 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 her®inbefore referred to. This 'bond is redeers'bie at the option of the City at any time there are funds to the credit of said Special Improvement District 8und for the redemption thereof, and in the manner provided for the redemption of the same provided, however, that payment shall not be made inter than such a time as will permit of the levy of 10 annual consecutive tax levies after the date of the issuance hereof. IT IS HEMY 03ETIBI31D AND $ICITZD, 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 preseribed by the laws of the State of Montana and the resolutions and ordinances of the City of Laurel, Montana, relating to the issuance thereof. Dated t el, Montana, this day of , 1919. CITY o? LAMM $ XONTAHA, By Chas. Davie, Mayor. Attest: Jae. H. Jordan, City Clerk. " ONCTION 5. That the interest coupons to be attached to each of said bonds shall be substantially in the follow- tag form: M Coupon No, G. On January let, 192 The Treasurer of the CITY 03P LMMSL, NUTAHA, whl pay to the bearer the sum of Six d no/160 Dollars at the office of said Treasurer in Laurel Montana, out of the Bunds of special Improvement District Ho. 33, being the interest then due on Bond No* , in Special Improvement District To. 33, Provided, however, if said Bond, together with accrued interest thereon to the date ealled for its redemption has heretofore been paid under the option reserved in said Bond, then this Coupon shall be null and void. Chas. Davis, Mayor. Jae. H. Jordan, City Clark a $6.oo " SZCTIOM 6. That each of said bonds shall be signed by the Mayor 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 -,6__. F behalf.of said special Improvement District NO, 33, in accordance with the proceedings heretofore had in connection with the creation of said District. MOTION 7. That a continuing direct annual tai, in "f ft of a Special Assessment be, and the same is hereby 1 lot upon all the taxable real estate within the b u?daries of said Special Improvement District No, 33, in e id City of Laurel,. in addition to all other taxes and a sessments thereon, which Special Assessment shall be in an ant sufficient to pay the interest on said bonds as the etas becomes due and to discharge the principal of said b n1s at the maturity thereof. MOTION 8. That all money derived and received from the collection of said Special Assessment shall be d Gaited by the City Treasurer to the credit of Special rovemzent District lo- 33, of said City of Laurel, and t e same shall be paid out by the City Treasurer for no purpose other than in payment of the principal and interest o said bonds. I MOTION 9. This ordinance shall take effect and b in full fares from and after the date of its passage and 'p=oval. All ordinances and parts of ordinances in con- lot or ineonsistent with this ordinance are hereby repealed. Passed by the City Council and approved by the dyer this 5th day of - - Auaust -- , lgig. APPROVU: MALL 2WE'S mayor* AST : a Jorda City Clerk.