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HomeMy WebLinkAboutOrdinance No. 192I `J ORDINANCE 10. " AUTHORIZING THE EI$CUTION, ISSUANCE AND DELIVERY OF COUPON BONDS IN PAMMNT 10 TITS V ORK AND WROVMWT S IN SPECIAL IWROVMMT DISTRICT 10. 35, Op THE CITY OF LAUREL, VDNTANA, AIM PRESCRIBING TER POPM, DENO=NATION AND MATURITY DATES OF SUCH BONDS. YMMEAS, an June 3, 1919, the City Council of the City of Laurel, Fontana, passed and finally adopted Resolution s No. 168 creating Special Improvement District No. 35a o of Laurel, for the purpose of constructing a five (5) foot concrete sidewalk and concrete sorb in said City and District. WHER W , it is provided in the resolutions, ordinances and proceedings heretofore passed and had by said City Council in connection with the creation of said Special Improvement District, that payment for said work and improve- monte shall be made by Special Improvement District Bonds to be issued a sinst said District; appears from 7 the resolutions and ordinances heretofore the inutes of 8 the adopted by of said a City, t0ouncil, lrefernce from to all of which is hereby expressly made; NOW THEREFOR, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 07 LAUREL, E019 ANA: SECTION 1. That for the purpose of providing the ecessary funds with which to pay for the work and improve- ments in Special Improvement District No. 35 of the city at Laurel, Montana, including engineering expenses and all Other incidentals, there shall be executed and issued negotiable coupon bonds of said S cial mprovement District o. 35, in the principal sum of - 7 ?ad ( X30 / , o ) , such ens o be ?AiRclusive. Mum er an mumBred consecutively fr rJe) Said bonds shall be redeemable at Lion of the City at any time there are funds to the credit of aid Special Improvement District No. 35 for the redemption hereof. Each of said bonds shall bear interest at the rate :f six per cent (6%) per annum from the date of its registration, Interest payable annually on January lot of each year, and inter- Oat 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 ayment for the work and improvements in said District, to the work progresses, 4- SECTION 2. That the denomination of each bond issued iapayment for the work and improvements in said Special improvement District No. 35 be, sand the same is hereby fixed at the sum of One Hundred Dollars ($100.00); provided, how- ev r, that the last bond to be so issued shall be is such s as shall represent the balance due for said work and improvements lase than One Hundred Dollars ($100.00). SECTION 3. That the maturity date and time of pay- "Ot of each.and all of said bonds shall be the lot day or :anuary, 1929, subject, however, to redemption as pro- vided in the form of bond in this ordinance hereinafter contained. SECTION 4, That each of said bonds shall be sub- st%ntially in the following form: N Number Dollars United States of America State of Montana CITY OF LAUREL 3PEC IAL IMPROVEM M DISTRICT NO. 35 8 0- N D Six per cent, payable annually issued by the City of Laurel, Montana THE TIUW RER OF THE CITY OF LAUREL, MONTANA, will *A to , or bearer, the sum o one un a nolloo o ars as author- ised by Resolution No. 168 as passed on the 3rd day of June, 1919s creating Special Improvement District No. 35 for the construction of the improve- ments and the work performed as authorized by said Resolution to be done in said district, and all laws, resolutions and ordinances relating thereto, in payment of the contract in accordance therewith. The principal and interest of this bond are payable at.the office of the City Treasurer of Iraureli Montana, This bond bears interest at the rate of six pwr cent (6%) per annum from date of registration of this bond as ox;wssed herein$ until the date ialled this bond inn pthe ayablenannuallyeon thehe 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 sigantures 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, ato. s described in.sais redeemable at theboption rofetheaCity at any - IJ- # I. time there are funds to the credit of said Special Improvement District Fund 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 levy of 10 annual consecutive tax levies after the date of the issuance hereof. IT IS HXMY CMRTT1I3M) AND RMCITED, That all things required to be done precedent to the Issuance of this bond, have been properly done, happened and been yrformed 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. 46. Dated at Laurel, Montana, this day of - s 19.. CITY OF LAUREL, MONTANA, By Chas. Davis, Mayor. Attest: Jas. H. Jordan, City Clerk. N SECTION 5. That the interest coupons to be attached to each of said bonds shall be substantially in the follow- Ing form: Coupon No. On January let, 192,,,, The Treasurer of the CITY OF LAU=, MONTANA, will pay to the bearer the sum of Six & no/100 Dollars at the office of said Treasurer in Laurel, Montana, out of the kinds of Special Improvement District No. 35, being the interest then due on Bond No. in Special Improvement District No. 35, Provided, however, if said Bonds together with accrued interest thereon to the date called for its redemption has heretofore been paid under the option reserved in said Bonds then this Coupon shall be null and void. CbAs. Davis s Mayor. Jas. H. Jordan, $6.00 " City clerk* S:SCTI03f 6. That each of said bonds shall be signed y the Mayor and City Clerk of said City of Laurel and be ppressed with the corporateAeal of said Citys and each 9 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 coupons to be prepared and to execute the same for and on -17- 'I i behalf of said Special Improvement District No. 35, in accordance with the proceedings heretofore had in connection wish the creation of said District. SECTION 7. That a continuing direct annual li tor n of.a Special Assessment be, and the same is ed upon all the taxable real estate within the boundaries of said Special Improvement District No. said City of Laurels in addition to all other taxes assessments thereon, which Special Assessment shall tax, in hereby 35 in and be in an unto sufficient to pay the interest on said bonds as the sa?i becomes due and to discharge the principal of said b©?de at the maturity thereof. SECTION 8. That all money derived and received fr m the collection of said Special Assessment shall be d osited by the City Treasurer to the credit of Special I rovement District No. 35 of said City of Laurel, and th same shall be paid out by the City Treasurer for no pu pose other than in payment of the principal and interest of said bonds. SECTION 9. This ordinance shall take effect and bol,in full force from and after the date of its passage and a roval. All ordinances and parts of ordinances in con- f1 of or inconsistent with this ordinance are hereby repealed. Passed by the City Council and approved by the Ya?or this 12 ,. day of . !„ August ? , 1919. A"IROVIID : Chas vi s Mayor. A'!'TUT y Jerk.