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Home My WebLink AboutOrdinance No. 191ORDINANCZ NO. 1 1 AUTHORIZING THS WICUTION, ISSUANCE AND MMIVERY OF COUP" BONDS IN PAMWT POR THE YORK AND IMPROVAMTS IN SPACIAL IMOVIRMT DISTRICT 10. 34, OP THN CITY OP LAURYLO VONTANA, AND PRESCRIBING THE PORK, DNNOYINATION AND MATURITY DATW OP SUCH B4ND8. 1, an June 3a 1919s the City Council of the city of,Laurel, Montana, passed and finally ado ted Resolution No. 167 creating Special Improvement District No. 34 of said City of Laurel, for the purpose of constructing a five (5) foot co3?erets sidewalk and concrete curb in said City and District. THLUA30 it is provided in the resolutions, ordinances an4 prooeedinge heretofore passed and had by said City Couieil in connection with the creation of said Special I rovement District, that payment for said work and imp?prove- mits 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 pa sod and adopted by said City Council, and from the a, %itp of the meetings of said City Council, reference to all.`of which is hereby expressly made; Nor T 370 Si IT ORDAINED BY TEE CITY COUNCIL 01 THS CITY OP LAUREL, MONTANA: SECTION I. That for the purpose of providing the ne essary funds with which to pay for the work and improve- ;.!a in in Special Improvement District Bo. 34 of the city of Laurel, Montana, including engineering expenses and all other incidentals., there shall be executed and issued negotiable coupon bonds of said Special Improvement District peg, 34 in the principal sum of 0 )s suc ens to e J-In n er an n Bred consecutively from c , b nclusive. Said bonds shall be redeemable at th pion of the City at any time there are funds to the credit of said Special Improvement District No. 34 for the redemption thereof, Xach of said bonds shall bear interest at the rate of six per coat (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 Pay- aid, delivered from time to time as may be necessary, opt for the work and improvements in said District, as the work progresses. BECTIOY 2. That the denomination of each bond issued in'payment for the work and Improvements in said Special IsProvesemt District No. 34 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 sun as shall represent the balance due for said work and I*rovements less than One Hundred Dollars ($100.00). EMOTION 2. That the maturity date and time of pay- meet of each and all of said bonds shall be the lot day of'January, 19290 subject, howeverp 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: ' A Number Dollars United states of America State of Montana CITY Of LAUREL SPECIAL IUPRO T DISTRICT N0. 34 ROHD Six per cent, Wable annually issued by the City or Laurel, Montana TER TMUMMIR Op THE CITY OF LAUART., MONTANA, will pay to , or bearer, the sun o7rm ne u e no/100 as author- ised by Resolution No. 167 as passed on the 3rd day of June, 1919s creating Special Improvement District No. 34 for the construction of the improve- masts and the work performed as authorized by said Resolution to be done in said district and all lawn, resolutions and ordinances relating thereto, is 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 bears interest at the rate of six per cent (6%) per annum from date of registration of this bond as expressed heroin# until the date called for redemption by the City Treasurer. The interest on this bond is payable annually 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 Clark* This bond is payable from tho collection of a special tax or assessment vhich is a lien against the real estate within said Improvement District, as described in said Resolution hereiabefore referred to. bond is redeemable at the option of the City at any time there are funds to the credit of said Special Improvement District tad for the redemption thereof, and in the manner provided for the redemption of the same, provided, however, that payment shall not be made later than such a time as will permit of the 44v of 10 annual consecutive tax levies after the date of the issuance hereof. IT 19 M1 I'lSY CUTI71MD AND $BCITBD, 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 prescribed 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 at Laurel, Montana, this day of ? 19?9 CITY 01 LAMU L, MONTANA. by Chas. Davis, Mayor. Attest: Jae. H. Jordan, City Clerk. " MWTION 5. That the inter-ont coupons to be attached ti each of said bonds shall be substantially in the follow- ing fors: " Coupon No. On January 1st, 192 , She Treasurer of the CITY 07 LAMM, MO0TANA6 will pay to the bearer the sun of six A no/100 Dollars at the office of said Treasurer in Laurel Montana, out of the Bunds of Special Improvement District Bo. 340 being the interest then due on Bond No* in Special Improvement District xo. 348 Bro'?ded, however, if said Bond, together with accrued interest thereon to the date called for its redemption has heretofore been paid unde* the option reserved in said Bond, then this Coupon shall bull and void. Chas. Davis, Mayor. Jas. H. Jordan, ;6.00 " city Clerk, eMCTIO& 6. That each of said bonds shall be signed b the mayor and city Clerk of said City of Laurel and be i saed with the corporate seal of said City, eachilc o said interest coupons shall bear the engraved s gnatures of said Mayor and City Clerk, and' said officers 09 hereby authorised and directed to cause said bonds and coupons to be prepared and to execute the same for and on f behalf of said Special Improvement District No. 34, in accordance with the proceedings heretofore had in connection with the creation of said District. SRCT101 7. That a continuing direct annual the form of a Special Assessment be, and the same is levied upon all the taxable real estate within the boundaries of said Special xmp rovement District ao, s??id City of Laurel, in additl.on to all other taxes assessments thereon, which tpecial Assessment shall tax. in hereby 34, and be in in an the amount sufficient to pay the interest an said bonds as e?^o becomes due and to discharge the principal of said bonds at the maturity thereof* szcTION 8. That all money derived and received from the collection of said Special Assessment shal0e deposited by the-City Treasurer to the credit of Special lioroTement District No. 349 of said City of Laurel$ and the same shall be paid out by the City Treasurer for no p pose other than in payment of the principal and interest of bonds. SRCTIOX 9. This ordinance shall take effect and be in fall farce from and after the date of its passage and proval. All ordinances and parts of ordinances in con- e lot or inconsistent with this ordinance are hereby repealed. Passed by the City Council and approved by the IkWor this 5th day of A t , 1919. APPROVAD: Chas avis Kayo r. AITRST : Mg, ]13 rdan y erk. ?' L