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HomeMy WebLinkAboutOrdinance No. 457 ORDINANCE NO. 457 AN ORDINANCE. PhRSCRIBING THE FORM, DENOMINATION, AND RA'Z'E OF' INTEREST OF BINDS OF SPLCIAL IMPROVENILNT DISTaICT 110. 77, AND PROVIDING FOR THE TIME OF' PA.YN:ENT AND REDEMPTION OF' SAID BONDS. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA : WhEREEAS, it is provided by Resolution No. 820, entitled, "A Resolution Creating Special Improvement District No. 77, of the City of Laurel, designating the Boundaries Thereof as Defined by Resolution No. 518, Passed by the City Council of the City of Laurel and Referring to Said Resolution of Intention for Further Particulars. ,11 passed by the City Council on the 16th day of June, 1953, and approved by the Mayor of said City July 21st, 19539 that all the costs and expenses incurred in the construction and making and installation of the improvements in said Special Improvement District No. 77, which improvements are more fully described in said Resolution No. 820, creating said Improvement District, shall be paid by Special Improve- ment Bonds with interest coupons attached, drawn against Special Improvement Distract No. 77 Fund, and that such bonds shall be sub- stantially 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. 77, has been duly and regularly awarded; NOW, ` iihhhFQhh, bE IT RESOLVED BY THE C I'1'Y COUNCIL OP' THE C ITY OF, LA'UhhL : Section 1. Said bonds shall be drawn in substantially the following form; District No. 77, United States of America, State of Montana. Dollars Bond No. 01,000.00 X Interest at the rate of six per cent per annum, payable annually. Speeial 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 Thousand Dollars as authorized by Resolution BIB as passed on the 16th day of Juice, 1953, creating special improvement district No. 77 for the construction of the improvements and the work performed as authorized by said resolu- tion to be done in said district, and all laws, resolutions, and ordinances relating thereto, in payment of the contract in accordance therewith. The principal and interest of this bond are [,ayable at they office of the City Treasurer of Laurel, hiontana. 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 dedemption 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 tre engraved facsimile signature of the mayor and city clerk. This bond is payable from the collection of a special tax or assessment which is a lien against the real estate within said improvement district, as described in said resolution hereinbefore 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 district fund for the redemption thereof, and in the manner provided 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 dope, happened, and been performed, in the manner prescribed by the laws of the State of Montana and the resolution and ordinances of the city of Laurel, Montana, relating to the issuance thereof. { (sEnd. ) Dated at Laurel, Montana, this day of .1953. City of Laurel, Montana. By. , Mayor 4 , City Clerk Registered at the office of the city treasurer of Laurel, Montana, this day of , 1953. ,City Treasurer, Registered at the office of the city clerk of Laurel, Montana, this day of 1953. ,City Clerk. The coupons of said bonds shall be in substantially the following form: No. 66.00 On the 1st day of January, 19 , the City 't'reasurer of Laurel, Montana, will at his office in Laurel pay to bearer the sum of Six and no/100 Dollars (46.00), being the annual interest then due on Bond No. of the Bonds of Special Improvement District No. 77, of Laurel, Montana, payable out of Special Improvement District No. 77, Func., and not otherwise; provided that this coupon is subject to all the-terms and conditions contained in the Bond to which it is annexed. CITY OF LAUREL, MONTANA. ATTEST: .9 Mayor City Clerk Section 2. Said bonds shall be 24 in number and be drawn against Special Improvement District No. 77 Fund, and shall bear 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 annpally on the first day of January of 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 shad bear the engraved facsimile signature of the Mayor and City Clerk. By. f Said bonds shall be in the denomination of One Thousand Dollars (61,000,00) 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 days of July, 1963; provided however, that said, bonds, and each and all of the same shall be redeemed by the Treasurer of said City when there are funds in said Special Improve- ment District No. 77 Fund,, against which said bonds are issued, available therefor; provided that the Treasurer shall first pay out of said Special Improvement District No. 77 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 publication once in a newspaper published in said City of Laurel, Niontans, 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, which 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 Clerk of the City of Laurel, Montana, is authorized, empowered and directed to give notice of sale by advertisement in the Laurel 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 15, 1953, July 22, 19530 July 29, 1953, August 5, 1953 and August 12, 1953, and said notice to be substantially in the following ` t. + f orpl, too!'wit ; NOTICE OF' SALE OF LAUREL, MONTANA, SPECIAL IMPROVEMENT DISTRICT NO. 77, BONDS. NOTICE IS HEREBY GIVEN BY THE Council of the City of Laurel, Montana, that the said Council will, on the 18th. day of August, 1953, at ',the hour of 7:30 o'clock Y.M., at the Council Chamber in the City of Laurel, Montana, sell to the highest and best bidder for cash, serial bonds of Special Improvement District Na. 77, of the said City in the total amount of §24,000.00, for the purpose of paying the contractor or contractors of Special Improvement District ho. 77, and the expenses of creating said Special Improvement District No, 77:. , Serial bonds of Special Improvement District No. 77 issued and sold will be 24 in number and in the amounts of $1,000.00 each, and said bonds will become due and payable on the 1st day of January', A. D., 1963; provided however, that said bonds, and each and all of the same shall be redeemed by the Treasurer of said City when there are funds in said Special Improvement District No. 77 Fund, against which said bonds are issued, available therefor, and the redemption of the bonds shall be in the order of their registration. The said bonds will bear date of July 1st, 1953, will bear interest at a rate not exceeding six (6%) per cent per annum, payable anmually on the first day of January each 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. 77 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 loQest rate of interest at which they will purchase the bonds at po. 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 State of Montana, must be accompanied by . r 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 7th, 1953. (SEAL) ATTEST: Tip lie Hohendorf City Clerk, PETER D. THOMSON Mayor of the City of Laurel, Mont. Section 4. That an emergency is hereby declared to exist, and this ordinance shall be in full force and effect from and after its padsage and approval. Passed by the City Council of the City of Laurel, Montana, and approved by the Mayor this 7th day of July, 1953. (SI AL) Attest: APPROVED: Mayor City Cler