HomeMy WebLinkAboutOrdinance No. 2211
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ORDINANCE N0.
AMORIZ.ING THE MCUTION, ISSUANCE AND DHLIVLRY OF COUPON
BONDS IN PAS FOR Tn WORN AND XMOVMWS IN S IAL
IMMVMWT DISTRICT NO. 48 OB THR CITY OF LAUREL, MONTANA,
AND PR WRIBING TUN FORM, DENOMINATION AND MATURITY DATRS OF
SUCH BONDS.
MMRW, On September 7th, 1920, the City Councib
of the City of Lsnrel, Montana, paased 80A finally adopte4
aosolution No: 196, arenting SP**ial IMrvTement District
Be- 48 in said City of Lamml, for the purpose of making and
installing additions and isp T,ements to the water supply
system of said City; and
1KNIZA , It is provided in the resolutions, ordinances
eadd proveodings heretofore passed and had by said City Council,
in connection with the creation of said Special Improvement
District, that payment for said work and improTements shall be
ode by Special improvement District Bonds to be issued against
said District; all of which more fully appears from the resolu-
tions and ordi=Lives heretofore possed and adopted by said City
Council and from the minutes of the meetings of said City Council
reference to all of which is-hereby expressly made;
NOW, TARS, BN IT ORRAIM BY THE CITY COUNCIL OF
THR CITY OF LAS., MONTANA:
Section l• That for the purpose of providing the
aoeasaary funds with which to pay for the work and improvements
in Special IM"v0sent District No. 48 of the City of Laurel,
Montana, including engineering ewpenses and all other incidentals
there shall be emacated and issued negotiable coupon bonds of
said Hpeaial Improvement District So. 48 in the prlm.pal sues of
X*r%"A&t RWMVO& ($4800o") Dollars,. such bonds to be twenty-
four (24) In amber, and numbered consecutively from 1 to 24,
iiin J
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both inclusive. Said bands shall be redeem ble at the option
of the City at air time there are funds to the credit of said
Special Improvement District No. 48 for the redemption thereof.
>W?sh of said bends shall bear interest at the rate of six per
•ent• (8%) per annul from the date of its registration, interest
parable annU&11 r oa Jury let of samh year, and interest
ceupoas in the form hereinafter provided shall be attached to
each of said bands. Said bands shall be issued, dated and de-
livered from timm to time as mar be necessary in payment for
the mark and improvements in said District, as the work progress-
es, and upon estimates to be furnished by the enfineer in charge
of said work.
Section 2• That the denomination of each bond issued
in payment for the work and improvements in said Special Improve-
ment District No. 48 be, and the some is hereby, fisted at the
see of Two Hundred ($200#00) Dollars; provided, however, that
the last bond to be so issued shall be in such sum as shall
represent the balance due for said work end improvements lass
than Two Hundred ($200-00) Dollars.
Seetlen 3. That the maturity date and time of payment
of each and all of said bonds shall be the let day of January,
1929, subject, however, to redsMtion, as provided in the form
of bond in this ordinance hereinafter contained.
Section 4. That sach'of said bonds shall be substan-
tially in the folloAng fora:
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*ZMITCT NO. 46
TXD STATM OF A CA
8 T A T Z OF X O N T A N A
Xmm it C a D 0,00
Est 8 per sett. per aammm, payable Anmml4o
SP*4&2 IW"Ts *ftt ]Distrtot Cowan Bond
l ummed W the City of Laurel, xonts a.
N- w w ,w w _ M
TIZ TMASURM +E TIM C1 Y 07 LAOS, MONTANA, sill pay
to beaver on tha 1St dad of Xenmva7, 19291, the scat of Two hundred
(*00) ]Dol rs., as by heselution Ito. 198, ss passed
un the "lth day of September, 1920, creating Special lMrovement
District New 48, for the *amtreotiun of the ia?rara Bata and
the work pertaraed as astbarloW W said resolution to be dome
in said ]District. A" A< tuns, resolutions and ordinanees
ring tber+eto„ is p4psnt of the contraet in accordance there-
via'
T1sr PAUGIpa1 cad interest of this bond ors payable at
the offl,es or the City Trod of Laurel, Uontana. Th1s bond
bomm intsrost at the ram of Adz per cant. (6%) per ss? rpm
tba date .et its S atTStion as azpressod herein until the data
glad for redeoption 1w tbs City Treasurer. The interest et
this 'band i¦ pROGMe anuWall, on the lot day of Tm=m 7 in emwlb
Ysar, U810m pald peed thereto, and as expressed by the
laterest Nowms hometo attaobed, wish bear the engraved
rmmiaila al4poA ?res of time Neyor and City Clerk.
This bond is payable Pram tb& collection of a special
Um or aweoaa t'o fah Is a li m samisst the "&I estate
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Vitus aim" Ingro 'oumt, Dintri+et as d"Wribed in said Resolutles
XO. 2916 as wll as in Ree"n'tion No- 194 t pawed and adopted-
July 104h, 19200
T R beat is redeemable at the option of the City of
Lwzel at mW tJmo these a" fvmde to the aredit of said Bpeeial
Iapaar crest District fund for the re+dowtlos thereof, and to tho
smoner pree`ided for the re+d rtion of the same; prodded, how-
eYor, Uo d 4o of psyumt shall not be later then the maturity
date heseinabo" esat"aad.
IT 13 IMMY C 171RD AND RRCITXD, That all things
roudred to bs ton pmoodent to the issaanoe of this bond have
brava p perly done, happowd rind been perfosned in the mawker
ribod by the law of Vw State of ldaatana relating to the
ismame thareed'.
Dited *A Lanml, Restana, this ? day of ,
1910.
CITY OF LAURM., XONTANA,
,AT=RST: By ONW., Daris,
I. J. Riedekorn, Mayor*
City Clark.
PAGLstored at thr offift of the City TX%aaUrer of LWAX01,
1$rtatW6 thi s ..? day of
City Treasurer*
Rstered at the offloe of for City Clerk of Lwta mlp
Nbstana, this day of 1k.-
City Clerk."
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I
80"L40 5* IbA the interest QOMPMs to be attached
#r each of said ewe OAU eabs""ia4U in the foliaving
fora:
"C0VP0N.
¦. sus in IM an ?
Coupon No•
On the lot day of dasaw7g, 19k j, the TroaseAler of
the City of Laurel„ Wm taws# sdll pW to the mouser the sam of
Tialve DollarsO at the offfoo of said Twonmrer in Laurel,
lwtarm, out of the funds of dial Impzov t District #o+ 48
Daing the interosrt these dace ow DOM Wo: of said SpeeLol
rewme -'k Distriett po!!'dA*d, h nevor, that if said bond,
together with tho, a exu*4 Interest thereon to the date eallyd
for its redeaption, haw therotefore been paid under the option
reserved in said ba rd, th this upon :ball be null and void:
CH". DAVIS*
S* J. NIBDXKOIWO
Nerve
Clay aCle 9 9
Section to That each of said bonds shall be signed by
the Mayor and City Clerk of said City of Laurel, and be impressed
with the Corporate Boa of oWA City, and each of said interest
""Penn. shall bear the ongraved facsimile signatures of said.
Mayor and City Clark and said officers are hereby authorised and.
directed to cause said bonds and coupons to be prepared and to
*meant* the s=& for and on behalf of said Special Improvement
District He. 48, in acoordanso with the proceedings heretofore
had in connection with the creation of said District.
Section 7. That a continuing direct annual tax in the
form of a special assessment be, and the same is, hereby levied
upon all the taxable real estate within the boundaries of said
Special Improvement District No. 48, in said City of Laurel,
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In addition to all other' terms and assessments thereon, which
speeial asses seat shall be in an amt sufficient to pay the
interest on Bald bonds as the same becomes due and to discharge
the primm1pal of said bonds at the maturity thereof.
Seetion 8• That all money derived and received from
the aolloetivn of said special assessment shall be deposited
by the Uty Treasurer to the credit of Special Improvement
Dstri.at So. 48 of said City of Le argil, and the same shall be
paid out by the City Treasurer for no purpose other than in
payment of the principal and interest of said bonds.
8eoti on 9- Thin orAimance shall take effect and be
In full force trrm and alter the date of its passage and approva
All ordinauees amd parts of erdiaanoes in conflicat or inconsist-
ent with this ordia are hereby repealed.
Passed by the City C evil and approved by the error
this J J_? day of .?P 1920
??, `T-T
ATTEST : Mayor.
City Clerk.
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