HomeMy WebLinkAboutOrdinance No. 198ORDINANCI NO.198
AUThORIZING T1sa iMi CUTION, ISSUANCE AND DzLI-VARY of
COUPON B014DB IN PAY1,711T ItR TNF; 01(h Atdi7 IbPROV.° ra;:]?TS
IN SPECIAL IWPhOVh&'-_i NT DISTRICT NO. 34, OF THIA" CITY
OY LAUPJM, MONTANA, AND :[ IU,'SCRIBING THE I'GRY, DENOMI-
14ATIO14 AND TuIATURITY DATES OF SUCH BONDS.
`IhZREAB, on August 5th. 1919, the City Council of the
Ci of Laurel, Uontaaa,•passed and finally adopted Resolution
No 1789 creating Special Improvement District No. 39, in said
Ci of Laurel, for the purpose of laying and installing exten-
si s to the water mains of said City, and
VHBREAB, it is provided in the resolutions, ordinances
and proceedings heretofore passed and had by said City Council
1n onneation with the creation of said Special Improvement Ilia-
tri to that payment for said 77ork and improvements shall be made
by pecial Improvement District Bonds to be issued against said
Die riot, all of which more fully appears from the resolutions
and ordinances heretofore passed and adopted by said City Gouncil,
and from the minutes of the meetings of said City Council, refer-
dnc' to all of which is hereby expressly made;
NU+ THZRI?FOR$,
BE IT ORDAIN-10 BY 'P T' CITY COUNCIL OF T!.L CITY OF
I.AV.. M014, .1'ANA:
SECTION 1: That for the purpose of providing the nrees•
funds with which to pay for the work and improvements. in Speoft
la:! Improvement District No,, 39, of the City of Laurel, i:ontanao
inouding engineering eppensos and all other incidentals, there
aha 1 be executed and issued negotiable coupon bonds of s d spso-
ialljmprovement District No. 39, in the principal sum of
%vAdAt*4 Dollars #/?a,po such bonds to be Twenty-t
{2 n number and numbered consecutively from 1 to aZ, both In-
clu we. Said bonds shall be redeemable at the option of the City
at ny time there are funds to the credit of said Speetal Improve-
son No. 39, for the redemption thereof. :roach of said
boa s shall beer interest at thr,: rate of six per cent (6A) per an-
nun the date of its registration, interest payable annually on
Jan ary let. of eaoy year, and interest coupons, in the form herein-
aft r provided, shall be attached to each of said bona*. Maid bonds
sha 1 be issued, dated and delivered from time to time as may be
nec'saary, in payment for the work and improvements in said Distrioty
as he work progresaea.
SECTION 2: That the denomination of each bona i.ssuad in
p ant for the work and i?aprovements in said Special Improvement
Dis riot WO- 39, be, and the saie is hereby fixed at the arum of
One Hundred Dollars (#100.00), provided, however, that the last bond
to be so issued shall be in such Bum as shall represent the balance
due for said work and improvements lose than One Ruzdred Dollars
o.00).
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Ord ONO.1y6. -2«
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SRCTION 3: That the maturity date and time of payment
04! each and all of said bonds shall be the let, day of January,
1 79 subject, however,, to redemption as provided in the form of
be d in this ordinanoe hereinafter contained.
SUCTION 4: That each of said bonds shall be substan-
ti y in the following forma
" United States of America
8TATL DB it0NTANA
INumber
Dollars
4-100.00
SPECIAL I R4Xi14WWT DISTRICT NO. 39
B 0 N D
Interest 6. per cent per a>a.nums payable annually.
Special Improvement D istriet Coupon Bond
Issued by the City-of Laurel, ?'ontana
T TREASURER OF THE CITY
OF LAUkhL. MDNTANA, will pay to bearer
enithe let, day of January, 1927. the sum of One Hundred Dollars
o.0oa, as authorized by hessolution No. 178 as passed an the
5 day of August, 1919, creating Special Improvement District
Noy 39.
for the construction of the improvements and the work pez-
fe 'ad as authorised by said :.resolution to be done in said Dis-
tr' t, and all lags, resolutions and ordinances relating thereto,
inI ayment of the cont#aat in accordance therewith.
T he principal and interest of this bond in payable at the
e co of the City 'treasurer of Laurel Vontana 'This bond bears
in rest at the rate of six per cent (6:) per annum from the date
of is registration as expressed herein until the date celled for
rep Lion by the City Treasurer. '.the interest on this bond is
p ble annually on they first day of J anuary of each year, unless
pal previous thereto„ and as expressed by th(* rote:^est coupons
he* to attached, which bear the engraved facsimile signatures of the
r and City Clark.
This bond is payable from the collection of a special tax or
asl esment, which is ra lien against the real estate within said Ismprove-
me* District, as described in said Resolution No. 178, sass well as
In resolution No. 172, passed and adopted Nne 27. 1919.
This bond is redeemable at the option of the City of Laurel,
at' y time there are funds to the credit of said Special Improve-
=0311i Fund for the redemption thereofp and in the manner provided
fo the redemption of the same. provided, howevert the. date of
peal ent shall not be later that Vie maturity date hereinabove oon-
ta ed.
IT I S K&MY CM{TIFIIED AN-1) I CM D. That all thins required
to be donf precedent to the issuance of this bond have been properly
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or '40.1980 -3*,
d4 co happened and been performed in the manner prescribed by the
lad s off the State of Montana relating to the issuance thereof.
')ated at Laurel, ':,ontana, this day of It 1919.
CITY IT LAU119L, TrDNTANA
'aBT
33y---------_--__--___---
Ya- r.
------------------------------
City Clerk.
xe istered at the office of tkie City Treasurer of Laurel, I'Lontana,
t hs day of 19y
y rescuer.
ite xstored at the office of the City Clerk of Laurel, Montana,
thin `,.day of , lye .
MY C or .
SECTION 5: That the interest coup#* to be attached to
ea?* of said bonds shall be substanitally in the following form:
.00 Coupon No. ..,..?_
-On the first day of January 192 , the Treasurer of the
Ci of. Laurel , ],:ontana, will pay to_The bearer the dum of Six
Dot are, at the office of said Treasurer in Laurel. Mont.& out
of lie funds of Spe dial Improvement District No. 396 being; the
sat rest then due on bond no, of said Special Improvement
Di riot; provided, however. tha if said bond, together with
th accrued interest thereon to the date called for its redenp-
t1406 has theretofore been paid under the option reserved in
¦aid bond then this coupon shall be null and void.
Chas. Davis,
Jaoo H. ltordan, Mayor,
City Clerk.
cUCTION b: That each of said bonds shall be eigned by
th Uayor and City Clerk of said City of Laurel amid be impressed
•!,' the corporate seal of said Cityq rind each of said interest
cow one shall bear the engraved facsimile signatures of said mayor
an City Clerk, and said officers are hereby authorised and direct-
ed to cause said bonds and coupons to be prepared and to execute
th same for and on behalf oil said Special Improvement District
No*I; 39, in accordance with the proceedings heretofore had in con-
me ion with the oreation of said District*
BHCTIOY 7: That a continuing direct annual tax, in the
to of a Spoolal Assessment be, and the sane is hereby levied upon
alll the taxable real estate within the boundaries of said Special
tap overlent Distriet No. 399 In said City of Laurel, in addition
to 11 other tastes and assessments thereon, which Special Aseess-
cow shall be in an amount sufficient to pay the interest on said
beaj s as the same becomes due and to discharge the principal of
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ox?0 go. 1980
•4? .
s a?d bonds at the maturity thereof.
SECTION 8: That all the money derived and received
f!I s the collection of said Spacial Assessment shall be depesit•
el by the City Treasurer to the credit of Special Improvement
DI trict,xo. 39. of said City of Laurels and the same shall be
pa d out by the City Treasurer for no purpose other than in pay.
as it of the principal and interest of said bonds,
S ECTION 9: This ordinance shall take effect and be
ln: full force from and after the date of its passage and approval.
Al ordinances and parts of ordinances In conflict or incorasisj?ent
wi h this ordinance are hereby repealed.
Passed by the City uncil and approved by the Mayor
th s ?a? of -.d J , 19190
Approved:
AT?FIMT:
J o
City Clark,
Mal ?; v
ayor,