HomeMy WebLinkAboutOrdinance No. 215BM
4
ORDINANCE NO.
1
2
3'
4
5
61
7
8'
9'
101
12H
13
14'„
15;
1611
17
18
191
201
21
22 I'
231
241
25 I.
26',
271
28
29
30I
3V
32I
Authorizing the execration., ismmce and delivery of coupon bonds in
In payment for the votk and improvements in Special Improvement District
No. 42, of the City of laurel, Montana, and prescribing the form, denomi-
nation and maturity dates of such bonds.
%'i1MEAS, on September 16th. 1919, the City Council of the City of
;laurel, Montana, passed and finally adopted Resolution No.
1! creating Special Improvement District No. 42, in said City of Lau el,
iIfor the purpose,of constructing a five (5) foot concrete side-walk in said
if City and District, and
WBEERA.S, it is provided in the resolutions, ordinances and proceed-
ings heretofore passed and had by said City Council in connection with the
ycreation of said Special Improvement District, that payment for said wozlk
;sand improvements shall be made by Special Improvement District Bonds to be
''issued against said District, all of which more fully appears from the res-
olutions and ordinances heretofore passed and adopted by said City Council,
land from the minutos of the meetings of said City Council, reference to all
'of which is hereby expressly made;
NOW TAEREk=, Sli IT OHMIMM BY TAR CITX COMIL OF TAE CITY OF
LAiJ,E?EL6 MMTANA:
SECTION 1. That for the purpose of providing the necessary fads
with which to pang for the work and improvements in Special Improvement Dis-
trict No. 42, of the City of Laurel, Montana, including engineering expenses
and all other incideutals, there shall be executed and issued negotiable
coupon bo of id Sp c-I&I Improvement District No. 42 in the principal
sum of gc Dollars
each bonds to be ?o ) in number and zmbered
inconsecutively from One (1 to , both inclusive.
Said bonds shall be redeemable at the option of the City at any time there
are funds to the credit of said Special Improvement District No. 42, for the
redemption thereof. Each of said bonds shall bear interest at the rate of
six per cent (6%) per annum from the date of its registration, interest pay-
able annually on January let. of each year, and interest coupons,lin the
form hereinafter provided, shall be attached to each of said bonds. Said
1Ibon0a shall be issued, dated and delivered from time to time as may be nec-
essary, in payment for the work and improvements in said District, as the
work progresses.
!i SECTIOR 2. That the denomination of each bond issued in
payment for
!'the work and improvements in said Special Improvement District No. 42, be,
and the same is hereby fixed of the sin of One H=A d Dollars ($100.00),
provided, however, that the last 'bond to be so issued shall be in such sump
l;as shall represent the balance due for said work and improvements less than
One Hmu red Dollars (0100.00).
SECTION S. That the maturity date and time of payment of each and all
of said bonds shall be the 1st. day of January, 19 , subject, however, to
;redemption as provided in the form of bond in this ordinance hereinafter
!j contained.
SECTION 4. That each of said bonds shall be substantially in the
;following form:
"United States of America
STATEOF MONTANA
Ilfamber Dollars
$100.00
MOM WROYE=T DISTRICT NO. 42
4
-2-
2
3'
4
5i
6'
7'I
9''.
10
11
12
13:.
14
15
1617
18,
19
20,
li
21
22
.j
23-
24
25
26
27
28
29
30
31
32
D 0 1 D
Interest 6 per cent per annum, payable a=ually,
Special Improvement District Ooupon Bond
Issued by the City of laurel, Montana
THE TIMIM MR OF THE CITY OF LAUREL, WNTANA, will pay to bearer on
the lat. day of Jauuary, 19 , the sum of One Hundred Dollars (0100.00),
as authorized by Resolution No. , as passed on the 16th day of
September, 1919, cheating Special Improvemt District No. 42, for the con-
struction of the Improvements and the work performed as authorized by said
Resolution to be done in said District, and all laws, resolutions and ordinsm-
ces relating thereto, in payment of the contract in accordance therewith.
The principal and interest of this bond is payable at the office of
he City Treasurer of Laurel, Montana. This bond bears interest at the rate
f six per cent (6%) per annum from the dat of its registration as impressed
erein until the date called for redemption by the City Treasurer. The inter-
at on this bond is paid previous thereto, and as expressed by the interest
oupons hereto attached, which bear the engraved facsimile signatures of the
syor and. City Clerk.
This bond is payable from the collection of a special tax or assess-
lvent, which is a lien against the real estate within-said Improvement Die-
riot, as described in said Resolution No. as well as in Resolution
.;0. 172, passed and adopted June 270 1919.
I+
This bond is redeemable at the option of the City of Laurel, at any
'dime there are funds to the credit of said Special Improvement Fund for the
redemption thereof, and in the manner provided for the redemption of the same,
provided, however, the date of payment shall not be later than the maturity
to hereinabove contained.
IT IS HF'.REBY CFMIFIED AND RECITED, That all things required to be
precedent to the issuance of this bond have been properly done, happened
been performed in the manner prescribed by the laws of the State of
ana relating to the issuance thereof.
Dated at Laurel, Montana, this day of , 19
CITY OF L,A.UTML, mNTAxA
By
s
City Clerk
Mayor
at the office of the City Treasurer of ,Laurel, Montana, this
ay of , 19
registered at
A&Y of
City Treasurer
the Office of the City Clerk of Laurel, Montana.,
, 19
City Clerk
SECTION S. That the interest coupons to be attached to
fonds shall be substantially in the following form:
this
each of said
4
'9
10
12 'I,
14
15
16;
17
18.
19;
20
21
22
231
24 j'
25,:i'
26
27,
28
29
30
31
32
$6.00
Coupon No.
On the facet day of January 19 , to Treasurer of the City of Laurel,
ip ontma, will pay to the bearer the eam of Sipe Dollars ($6.00), at the office
ibf said Treasurer in Laurel, Montana, out of the funds of Special Improvement
District No. 42, being the interest then due on Bond No. of said
ignial Improvement District; provided, however, that if said bond, together
*ith the sAwrued interest thereon to the date called for its redemption, has
litheretofa a been paid under the option reserved in said bond then this coupon
'shall be null and void.
Chas. Davis,
Mayor.
SECTION 7. That a continuing diredt annual ta=a in the fora of a
cial Assessment be, and the same is, hereby levied upon all the taxable
l estate within the boundaries of said Special Improvement District No. 42,
said City of Laurel, in addition to all other taxes and assessments thereon,
ch-Special Assessment shall be in an amount sufficient to pay the interest
said bonder an the same becomes due and to discharge the principal of said
de at the maturity thereof.
SECTION 8. That all the money derived and received from the eollect-
ion of said Special Assessment shall be deposited by the City Treasurer to
the credit of Special Improvement District No. 42, of said City of Laurel,
hand the saran shall be paid out by the City Treasurer for no purpose other
?Ithan in payment of the principal and interest of said bonds.
li SECTION 9. This ordinance shall take effect and be in full force
Iifrom and after the date of its passage and approval. All ordinances and
arts of ordinances in conflict or inconsistent with this ordinance are here-
!?y repealed.
Passed b the City Council and approved by the Nayor this day
of 19 -;Fv
APPROVED:
,LTMST :
Garvey,
City Clerk.
SECTION 6. That each of said bonds shall be signed by the Mayor and
ty Clerk of said City of laurel and be impressed with the corporate seal of
id Clay, and each of said interest coupons shall bear the engraved fac-
mile signatures of said Mayor and City Clerk, and said officers are hereby
thorized and directed to cause said bonds and coupons to be prepared and to
acute the same for and on behalf of said Special Improvement Distract No. 42,
accordance with the proceedings heretofore had in connection with the
eation of said District.
City Clerk
1:ayar