HomeMy WebLinkAboutOrdinance No. 429a r r ? r
OR IX NANCE NO. 429
AN ORDINANCE PRESCRIBING THE FORM, DENDMINATION, AND RATE OF
INTEREST OF BONDS OF SPECIAL IMPROVEMENT DISTRICT NO. 73, AND
PROVIDING FOR THE TIM OF PAYMENT AND REDEMPTION OF SAID BONDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL,
MONTANA:
WHEREAS, it is provided by Resolution No, 741, entitled,
"A Resolution Creating Special Improvement District No. 73 of the
City of Laurel, designating the boundaries thereof as defined by
Resolution No. ,744, passed by the City Council of the City of Laurel
and referring to said Resolution of Intention for further particulars,"
passed by the City Council May 15, 1951, and approved by the Mayor
of said City May 15, 1951, that all the costs and expenses
incurred in the construction and making and installation of the,
improvements in said Special Improvement District No. 73, which
improvements are more fully described in said resolution No. 7??31(;,
creating 'aid Improvement District, shall be paid by Special
Improvement Bonds with interest coupons attached, drawn against
Special Improvement District No. 73 Fund, and that such bonds
shall be substantially the form provided by law in such cases;
and
WHEREAS, the contract for the construction and making and
installation of said improvements in said Special Improvement
District No. 73, has been duly and regularly awarded;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LAUREL :
Section 1. Said bonds shall be drawn in substantially the
following form;.
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District No. 73s
United States of Americas
State of Montana.
Bond No.
Dollars
$100.00
Interest at the rate of six per cent per annum, payable annually.
Special. Improvement District Coupon Bond.
Laurel, Montana,
Issued by the City of Laurel, Montana.
The treasurer of the City of Laurel, Montana, will pay
to , or bearer, the sum of One Hundred Dollars
as authorized by Resolution No. 741 as passed on the 5th day of
June, 1951, creating special improvemeht district No. 73 for the
construction of the improvements and the work performed as author-
ized by said resolution to.be done in said district, and all laws,
resolutions, and ordinances relating thereto, in paymant of the
contract in accordance therewith. The principal and interest of
this bond are payable at the ',office of the city treasurer of
Laurel, Montana.
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This bond bears interest at the rate of six per cent
per annum from the date of registration of this bond, as expressed
herein, until the date called for the redemption by the city
treasurer. The interest on this bond is payable annually on the
first day of January in each year, unless paid previous thereto,
and as expressed by the interest coupons hereto attached, which
bear the engraved facsimile signature of the mayor and city clerk.
This bond is payable from the collection of a special
#ax or assessment which is a lien against the real estate within
said improvement district, as described in said resolution here-
inbefore referred to.
This bond is redeemable at the option of the city at any
time there are funds to the credit of said special improvement
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district fund for the redemption thereof, and in the manner pro..
vided for the redemption of the same.
It is hereby certified and recited, that all things
required to be done, precedent to the issuance of this bond, have
been properly done, happened, and been performed, in the manner
prescribed by the laws of the State of Montana and the -mesolutions
and ordinances of the city of Laurel, Montana, relating to the
issuance thereof.
(SEAL)
Dated at Laurel, Montana, this day of
City of Laurel, Montana.
By
1951.
, Mayor
, City Clerk
Registered at the office of the city treasurer of Laurel. ,.
Montana, this day of
, City Treasurer.
Registered at the office of the city clerk of Laurel,
Mont an a, this day of , 1951.
, City Clerk.
The coupons of said bonds shall be in substantially the
following form
No. 06.00
On the 1st day of Jau,ary, 1g_, the city Treasurer of
Laurel, Montana, will at his office in Laurel pay to bearer the
sum of Oix and noAOO Dollars (06.00), being the annual interest
then due on Bond No. of the Bonds of ;Special Improvement
District No. 73, of Laurel, Montana, payable out of Special
Improvement :District No. 73 Fund, and not otherwise; provided that
this coupon is subject to all the terms and conditions contained in
the Bond to which it is annexed.
L
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CI'1Y OF LAUREL, MONTANA.
By , Mayor
Attest
, City Clerk
Section 2, Said bonds shall be 232 in number and be drawn
against Special Improvement District No. 73 -'"und, and shall b ear
interest at the rate of six per cent (6%) per annum from the date
of registration until called for redemption or paid in full, interest
to be payable annually on the first day of Jm11*? f each year, and '
shall be signed by the Mayor and Clerk; and shall bear the corporate
seal of the City and shall be registered in the office of the Clerk
and treasurer, and the interest coupons attached thereto shall also
be so registered and skull bear the engraved facsimile signature
of th~ Mayor and City Clerk. Said bonds shall be in the d emomination
of One Hundred Dollars ($100.00) each and may be issued in
installments, and shall be redeemable and payable as follows:
Redeemable at the option of the City on and after the first day
of July 1952, at any time iwn there are funds to the credit of
said Special Improvement District No, 73 for the redemption thereof
and available therefore, and shall be payable $7,199.00 on July lst,
1952, $80000.00 on July 1st, 1953, and $8,000.00 on July lst, 1954;
provided, that the Treasurer shall first pay out of such Special
Improvement District Fund annually, the interest on all outstanding
bonds on presentation of the coupons belonging thereon, and any
funds remaining shall be applied to the payment of the principal
and the redemption of the bonds in the order of their registration;
and provided further, that whenever there are funds in said Special
Improvement District Fund, after paying the interest on said bonds
drawn against said fund, the City Treasurer shall call in for payment
outstanding bonds, which, together with the interest thereon to the
date of redemption, will equal the amount of said Fund on that date,
which date shall be fixed by the Treasurer, who shall give notice by
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publication once in a newspaper published in said City of Laurel,
Montana, or at the option of the Treasurer, by written notice to
the holder or holders of such bonds, if their address be known,
of the number of bonds and the date on which payment will-be made,
YLich date shall not be less than ten (10) days after the date of
publication or of service of notice, and on which date so fixed,
interest shall cease.
Section 3• That the City Clark of the City of Laurel, Montana,
is authorized, empowered and directed to give notice of sale by
advertisement in the 1jaurel Outlook, a weekly newspaper of general
circulation printed and published in said City of Laurel, for a
period of four successive weeks immediately preceding the date of
sale, said advertisement to be published in the regular issues on
July 18, 1951s July 25, 1951, August 1, 1951, August 8, 1951s and
August 15, 19% and said notice to be substantially in the following
farm, to-wit:
NOTICE OF SAIE OF LAUREL., MONTANA,
SPECIAL IMPROVEMENT DISTRICT NO. 73 Bonds.
NOTICE IS HEREBY GIVEN by the Council of the City of Laurel,
Montanan that the said Council will, on the 21st day of ,August,
1951, at the hour of 7«30 o'clock P. M., at its Council Chamber
in the City of uaurel, Montana, sell to the highest and best bidder
for cash, serial bonds of Special Improvement District No. 73,
of the said City in the total amount, of $23,199.00, for the purpose
of paying the contractor or contractors of apecikl Improvement
Distri ct No. 73, and the expenses of creating said Spacial
Improvement District No. 73.
Serial. bonds of Special Improvement District No. 73 issued
and sold will be 232 in number and in the amounts of $100.00 each,
with .thefIrA bond bei.rg $99.00; the sum of 7,199.00 of said
serial bonds All become due and payable on the 1st day of July 1952,
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then $80000.00 of said serial bonds will become due and payable
on the let day of July, 1953, and a like amount on the same day
each year thereafter until all such bonds are paid.
The said bonds will b ear date of July lst, 1951, will bear
interest at a rate not excel ing six (b%) per cent per annum, payable
annually on the first day of Ju yeach year, and will be redeemable
in full at the option of the City of Laurel at any time there are
funds to the credit of said Special Improvement District No. 73
Fund for the redemption thereof.
Said bonds will be sold for not less than their par value with
accrued interest to date of delivery and all bidders must state the
lowest rate of interest at which they will purchase the bonds at
par. The Council reserves the right to reject any and all bids and
to sell bonds at private sale.
All bids other than by or on behalf of the State Board of
Land Commissioners of the Sate of Montana, must be accompanied by
a certified check in the sum of 10% of the bid, payable to the order
of the City Clerk, which will be forfeited by the successful bidder
in the event he shall fail or refuse to complete the purchase of
said bonds in accordance with the terms of his bid.
All bids shall be addressed to the Council of the City of
Laurel, Montana, and delivered to the City Clerk of said City of
Laurel..
Dated July 18th, 1951.
PETER D. TH OMSON
Mayor of the City 017 Laurel,
Montana
(SEAL)
Attestx
Tillie Hohendorf
City Clerk.
Section 4. That an emergency is hereby declared to exist,
and this ordinance shall be in full force and effect from and after
its passage and approval.
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Passed by the City Council of the City of Laurel, Montana,
and approved by the Mayor this 17th day of July, 1951.
APPROVED:
Mayor
(SEAL)
Attestx
-mil •-t-?-L...c?
Ci y Clerk