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HomeMy WebLinkAboutOrdinance No. 559ORDINANt7, NO. 559 AN ORDINANCE PRESCRIBING THE FORM, DENOMINATION, AND RATE OF INTERF T (IF BONDS OF SPECIAL IMPROVEMENT DISTRICT NO. 91, AND PROVIDING THE TIME AND PAYMENT AND REDTWTION OF SAID BONDS. BE TT RES(LVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA : WHEREAS, it is provided by Resolution No. 1199, entitled, "A RESOLUTION CRF,ATING SPECIAL IMPROVEMENT DISTRICT NO. 91, OF THE CITY OF LAUREL, DESIGNATING THE BOUNDARIES THEREOF AS DEFINED BY RESOLUTION NO. 1196, PASSED BY THE CITY COUNCIL OF THE CITY OF LAUREL AND REFrRRING TO SAID RESOLUTION OF INTENTION FOR FURTHER PARTICULARS", passed by the City Council on the 5th day of September, 1961, and that all the costs and expenses incurred in the construction and making and installation of the improvements in said Special Improve- ment District No. 91, which improvements are more fully described in said Resolution No. 1199 creating said Improvement District, shall be paid by Special Improvmment Bonds with interest coupons attached, drawn against Special Improvement District No. 91 Fund, and that said 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 for said Special Improvement District No. 91, will be duly and regularly awarded on the 19th day of September, 1961. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA: Section 1. Said bonds shall be drgwia in substantially the following fcrms DISTRICT NO. 91 United States of America State of Montana Bond No. A Interest at the rate of 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 $ as authorized by Resolution No. 1199, as passed on the 5th day of Sep% tember, 1961, creating Special Improvement District No. 91 for the construction of improvements and the work performed as authorized by said resolution to be.done in said District, and all laws, Resolu- tions, and Ordinances relating thereto, -in payment 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. This bond bears interest at the rate of five (5%) 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 bn 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 the 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 done, happened, and been performed, in the manner prescribed by the laws of the State Montana, and the resolutions and ordinances of the City of Laurel, Montana, relating to the issuance thereof. (SEAL ) Dated at Laurel, Montana, this day of 19 City of Laurel, Montana By John Besl wit h Mayor Dorothy P. Bundy City Clerk Registered at the office of the City Treasliver of Laurel, Montana, this day of , 19 By John W. Fd mond City Treasurer The coupons of said bonds shall be in substantially the following form: No. On the day of , 19 , the City Treasurer of Laurel, Montana, will at his office in Laurel,, Montana, pay to bearer, the sum of $ , being the annual interest then due on Bond No. of Bonds of Spedi„al Improvement District No. 91 Fund, and not otherwise, pr6vided that this coupon is subject to all the terms and conditions contained in the Bond to which it is annexed. CITY OF LAUREL, MONTANA By John Beslanwitah Mayor ATTEST: City erk Section 2. Said bonds shall be issued in the amount of not more than Twenty-Seven Thousand and no/100 ($271000,00) Dollars, and be drawn against Special Improvement District No. 91 Fund, and shall bear interest at the rate not exceeding six (6%) per cent per annum from the date of registration until called for redemption or paid in full, interest being payable annually 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 offices of the Clerk and Treasurer, and the interest coupons attached thereto shall also be so registered and shall bear the engrAved facsimile signatures of the Mayor and City Clerk. Said bonds shall be redeemable and payable as follows:- Redeemable at the option of the Gity on and after the lst day of January, 1963s 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. 91 Fluid, against which said bonds are issued, available therefor; provided that the Treasurer shall first pay out of said Special Improvement District No. 91 Fund annually, the interest on all out- standing bonds on presentation of the coupons belonging thereon, and any funds remaining shall be applied to the payment of the principal and redemption of the bonds in the order of their registration; and provided further, that whenever there are funds in Special Improvement District No. 91 Fund, after paying the interest on said bonds drawn against said fund, the City Treasurer shall call in for payment, out- standing 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 publica- tion once in a newspaper published in said City of Laurel, Montana, or at the dption of the Treasurer, by written notice to the holder or holders of such bonds, if their address is known, of the number of bonds and the date on which payment will be made, which date shall not be less than ten (in) days after the date of publication or of serlice of notice, and on which date so fixed, interest shall cease. Section 3. That the City Clerk of the City of Laurel, Montana, is authorizedi empowered and directed to give notice of sale by adver- tisement in the Laurel Outlook, a weekly newspaper of general circulation printed and published in said City of Laurel, Montana, for a period of four successive weeks immediately preceding the date of sale, said advertisement to be published in the regular issues on December 6th, 1961; December 13th, 1961; December 20th, 1961; December 27th, 1961, and said notice is to be substantially in the following form, to-wit; (COPY OF NOTICE OF SALE OF LAIIR..F,,, MONTANA, SPECIAL IMPROVEMENT DISTRICT . NO. 91 BONDS) 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. Passed by the City Council of the City of Laurel., Montana, and approved by the Mayor this 5th day of September, 1961. APPROVED: John Beslanwitch John Beslanwitch, Mayor ATTEST: Dorothy P. Bundy Doro by P. n y, City Clerk (SEAL) AFFIDAVIT OF PUBLICATION OF ORDINANCE NO. 559 STATE OF MONTANA ) ) ss: County of Yellowstone ) Dorothy P. Bundy, being duly sworn according to law, deposes and says: 'That she is the duly appointed, qualified and acting City Clerk of Laurel, Montana; that on the 6th day of September, 1961, in compliance with the orders of the Council of said City of. Laurel, Montana, she published Ordinance No. 559, passed and adopted on the 5th day of September, 1961, by the Council of said City of Laurel, by posting a full, true and correct copy copy thereof on the front of the City Hall in said City of Laurel, Montana. Dorothy P. Bundy Dorothy P. Bundy, ity -jerk Subscribed and sworn to before me this 15th day of January, 1962. Thomas L. Bradley otary Public for the State of Montana. Residing at Laurel, Montana. Ply commission expires January 15, 1964. (SEAL) NOTICE OF SALE OF CITY BONDS NOTICE IS HEREBY GIVEN BY THE 'CITY COUNCIL OF THE CITY OF LAURA,, MONTANA, that the said Council will, on the 2nd day of January, 1962, at the hour of 7:30 o'clock, P.M., at the Council Chambers in the City of Laurel, located at 115 West First Stneet, Laurel, Montana, sell to the highest and best bidder for cash, either amortization or serial bonds of Special Improvement District No. 91, of the City of Laurel, not in excess of $27,000.00 for the purpose of paying the contractor or contractors for the necessary labor and materials of Special Improvement District No. 91, and the expense of creating said Special Improvement District No. 91. Amortization bonds will-be the first choice and the serial bonds-will be the second choice of the City Council. If Amortization bonds are sold and issued, the entire issue may be put into one (1) single bond, or divided into several bonds as the council may determine upon at the time of sale, both principal and interest to be payable in annual installments over a period of fifteen (15) years from the date of issue. If Serial bonds are sold and issued, they will be in the amount of $30.00 each. The sum of $1,800.00 of said serial bonds will become due and payable on the 1st day of January, 1963, and a like amount on the same date each year thereafter until paid in full. The said bonds, whether amortization or serial bonds, will bear date of January 1, 1962, will bear interest at the rate not exceeding five (5%) per centum per annum, payable annually on the lst day of January of 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. 91 Fund for the redemption there- of. 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 City Council reserves the right to reject any and all the bids and to sell said 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 a certified check in the sum of ten (10%) per cent 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 d6livered to the City Clerk of said City of Laurel, Montana. Dated this 21st day of November, 1961. John Beglanwitch John Beslanwitch, Mayor ATTEST: Dorothy P. Bundy Dorothy P. Bundy, City Clerk (SEAL) 1st pvb. 127/6/6% 2nd pub. 12/13/61 3rd pub. 12/20/61 4th pub. 12/26/61