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HomeMy WebLinkAboutOrdinance No. 211II ? I I i OBDINANCE NO. / ( i An Ordinance authorizing tho e=0ution, issuance and delivery of I coupon bonds is ppyment for the work and improvements in S-ecial drove- went District No. 38, of the City of tr-mvl, Montana, and prescribing the form, denomination and maturity date of such bonds. MOMS an the 5th day of Augast, 1919, the City Council of the City ! of Laurel, Montana, Dassed and finally adapted Resolution No. 177, creating Snecial ImIrovement District No. 38 in said City of Laurel, for the iaurpose 11 of constructing a five (5) foot concrete aide-walk in said City and District, j' and. 1 ;I WHWAS it is provided in the resolutions, ordinances and proceedings r: 1 'j h:ex ifors pteseCand had by said City Council in connection with the creat- l l ?I ion of said STecial Improvement,, that payment for said work and improvements .f shall be made by Special Iumrovement District Bonds to be issued against 1 I ji said district, all of which mare fully appears from the resolutions and l l ordinances heretofore passed and, adovted by said City Council and from the l+j ¢ minutes of the meetings of said City Council, reference to all of which is 1'?j I hereby expressly made. i Now T 'M, BE IT M OLYZD BY TEL CITY CO'CNCIL OF THE CITY OF c ' l I.kIIFiEY,, WNTANA, I? 201 jl SECTION 1. That for the purpose of providing the necessary funds i 21 with which to pay for the work and iavrovements in S-*cial Iemrovement 24i I District No. 38 of the City of Laurel, Montana, including engineering ex«- 23 x?ense and all other incidentals. There shall be executed and issued, neg- 2 ;fotiable coupon bonds of said a-^E ial Imnrovement District No. 38, in the I 2 principal sun of ?! _ Dollars, 2t? such bonds to be ( ) 2711 in number and numbered consecutively One(1) to both inclusive. 283aid bonds shall be redeemable at the option of the City at any time there i 29',1 are founds to the credit of said S?ecial Improvement District No. 38 for the Sal' redemption thereof. Each of said bonds shall bear interest at the rate of 311 six tier cent {Go) per annum from the date of its registration, interest 321 ! payable annually on the First of Jotnuary of each year, and interest coui,)ons liijin the form hereinafter nxovided, shall be attached to each of said bonds. la !':Said bonds shall be issued, dated and delivered from time to ti;ue as may be I Inecessary in payment for the work and improvements. SUCTION 2. That the denomination of each bond issued in payment for Ithe work and improvements in said Sreeial Imnrovement District Igo. 38, be, and the same is hereby fined at the sum of One Hundred Dollars (100.00), f; r' ilI'rovided, however, that the last bond to be so issued shall be in such sum I lac shall reuresent the balanee due for said work and improvements less than t100 . QQ) One Hundred Dollars ( . :I ;I ,MOTION 3. That the maturity date and time of payment of each and Tall of said bonds shall be the First Dny of January, 1931, subject, however, r; Tito r1ede=tion as provided in the form of bond in this Ordinance hereinafter }. Iset out. . ii 1;1 i! 'E?.ECTION,4. That each of said bonds shall be substantially in the following ford,: ll; I "'United States of America 1 : I ' i STATE OF M O N T A N A ;Number Dollars 1 i "100.00 SPECIAL I2n1It0VM''l DISTRICT 770. 38 BAND 2iII Interest. six (6) per sent per annum F , payable annually, 21' Special Imnrovement District Oouoon Bond Issued. by the City of laurel, lJontaim. 2 TEE TREAsuIM OP TIM, CITY of LAUIM WITTANA will vlsy to bearer on 231 the lst. day of Jn=uary, 1931, the aum of One Hundred Dollars (1100.00), fas authorized. by Revolution Na. 177, as passed on the 5th. day of August, 2` 111919, creating S-coipl lm-,?rovement District No. a8, for the construction of ?Ithe irmrovemauta and the work Tnerformsd as authorized by said Resolution to 2 ibe done in said Distriet, and all laws, resolutions and.ordinanees relating ithereto, in payment of the contract in accordance therewith. 2 1i The nrineinal and interest of this bond is ?nayable at the office of 27 illthe City Treftaurer of Lptxrel, Mant,+. This bond bears interest at the rate ',of air pear cent (4) Ter annum from the date of its registration as ervressed 2$I!i1?erein, until the date called for redemption by the City Treasure Th 24 30 31 32 r. e erect on this bond is uayable annually on the First. Way of Jaxuary of h yea's unless vaid previous thereto, and as expressed by the interest Pma hereto attached, which bead the engraved facsimile signatures of the Dar and Oity Clerk. This bond is payable from the collection of a special tax or assess- ', which is a lien against the real estate within said Imnrovement Die- t, as described in said Resolution No. 1779 as well as in Resolution 172, massed and adopted June 27, 1919. I Cl _3_ I? 1 ? 1 I? ro I 2? 2I 27 30 3I This bond is redeemable at the o-ntion of the City of L=rel, at any time there are finch to the credit of said ftecial Im-rovement Fund for the redowntion thereof, and in the mariner 'provided for the redemption of the same', provided, however, the date of payment shall, not be later than the maturity date hereinabove contained. IT IS MMBY CERT.Ik`IM AND RECITEV, That all things required to be done urecedent to the issuance of this bond have been -rnroT*rly done, haTmened and been performed in the manner nreseribed by the laws of the State of llont^ns relating to the issuance thereof. D., .tpd at LA.,urel, Montana, this _La- dQty of , 1920. CITY OF LA , Z T ITT By ATTEST: MQyor. -- City Clerk Registered at the office of the City Treasurer of Laurel, Ibnt:m , this day o f , 19 City Treasurer Registered at the office of the City Clerk of .Laurel. Mout:ua., this dAy of , 19 n City Clerk. w.L;CTIOIT 5. That the interest coupons to be attached to each of said bonds shall be substantially in the following form: • 6. GO Counon No. On the First day of Jxsury 19 , the Treasurer of the City of TAurel, Montana, will nay is the bearer the sum, of Sig Dollars ($6.00), at the office of said Treasurer in Laurel, lJontina, out of the funds of Srieciel Imnrnvement District Ido. SB,being the interest then due on Bond No. of said Sneoial Imnrovement Diatrict: provided, however, that if said bond, together with the accrued interest thereon to the date called for its redw*1sion, has theretofore been naid under the option reserved in said bond, then this coupon shall be mull and void. L: ,yor. City Clerk. SWTIQN 6. Thpt each of said bonds shall be signed by the M!%vor °nd CitV Clerk of said Citv of L.purej and be imnressed witir the corporate seal of said City, and each of said interest coupons shall bear the engrav- ed facsimile signatures of said Mayor and Citv Clerk, and said officers are hereby authorized and directed to cruse said bonds and coupons to be -orenared tie, 2 'I I i and to execute the same for and. on ?Xf of said Special I?rovement 1IDistrict No. 38, in accordance with the proceedings heretofore had, in con ct;ion with the creation of said District. SE(.`TION 7. That a continuing direct annual tax, in the form of a Special AesessIDent be, and the asme is hereby levi9d upon all the taxable real estate within the boundaries of said S-ecial Imnrovement District No.38, in said Citv of Laurel, in addition to all other taxes aAd assessments there-- on, which. Slneeivl Assessment shall be in so amount suffUiert to ly the in- terest on said bonds as the same become due and to discharge the princi-nal f said bonds at the maturity thereof. SWTION S. That all the money derived and received from the col- leetion of said Sraeaial Assessment shall be deposited, by the City Treasurer to the credit of S'nesial Imnrovement District go, 38, of said City of TAurel,, ! ?I r l Z 2 tf and the same shall be 'nand out by the City Treasurer for no purpose other l II I than in Dkvmnt of then, prineil?1 and interest of said bonds. t !I SWTION 9. Thia Ordluance, aha7.l take effect and be in full force 1 I I from am& after the date of its passage and, avproval. All ordinances and . parts of ordinances in conflict or inconsistent with this ordinance are 19 (hereby repealed. 1 Pnesed by the City C nmeil sad approved by the M--yor this Z day of 19 Z A Approved: M?.yor 4TT=: ZI City ,Cl et9r. 31 it w . ?+ 4.