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HomeMy WebLinkAboutOrdinance No. 504ORDINANCE NO, 504 AN ORDINANCE PRESGRIBING THE FORMA DENOMINATION, AND RATE OF INTEREST OF BONDS OF SPECIAL IMPROVET DISTRICT NO. 81, AND PROVIDING FOR THE TIME AND PAYMENT AND REDEMP'T'ION OF gi.ID BONDS. BE IT RESOLVED BY THE CITY COUNCIL OF SHE CITY OF L UREL, MONTANA: WMREAS* it is provided by Resolution No. 917, entitled, "A 16solution Creating Special Improvement District No. 81s of the City of Laurel,# designating the boundaries thereof as defined by Resolution No. 9121, passed by the City Council of the City of La%Xrel and referring to said Resolution of Intention for further particulars*" passed by the City Council, the 2nd day of August, 1955, that all the costs and* xpenses incurred in the construction and making and installation of the improvemsnts in said Special ?mproviement District No. 81, which improvements are more fully devoribed in said Rssolut ion No. 917, creating said Improvement Distriot, wall be paid by Special Improvement Bodnds with interest 'boupons attached, drawn against Special Improver'ient District No. 81 Funds and that said bonds shall be substantially the f cr provided by law in such cases) and WHEREAS# the con'traot for the construction and making and installation of said improvemnts of said Special Improvement Ristriot No* 81'will be duly and regularly awarded on the 4th day of September# 19564 NOW* THEREFORE, BE I T R ESOLVED BY THE CITY COUNCIL OF THE CITY OF LAURELI ?Sotion lr laid bonds shall be drawn in substantially the folia? ing f orml 2 - District No. 81 United States of America State of Montana Bond Na. Dollars Intsgrest at the rate of ? per cent per annum, payable annually#. Spe+aial Improvement Distridt Coupon Bond. LAUREL s KOWANA , Issued by the City of Laurel„ Montana. rho treasurer of the City of Laurel, Fontana, will pay to is, or bearers the sum ct as authwized by 'rjeolution No. 917, as passed on the 2nd day of August 19$5, creating special improvement district No. 81 for the construe- Lion of the improvements and the work performed as authorised by said resolution to b a done in said district, and all laws, resolu.tions# and ordinances relating thereto$ in payment of the contract in aeoardawe therewith,. The principal and interest of this bond are payable at the office of the City Treasurer of Laurel, Fontana. This bond bears interest at the r at* not to exaead 6% per cant per annum from the date of regftttration of this bond, as expressed hereing, until the date called for the redemption by the City #reasurer. Thi interest on this bond is payable annually on the first day of Jaaua7 in each years unless paid previous hereto„ and as expressed by the interest coupons hereto attached, which bear the ongraved fassimile signature of the mayor and city clerk* THIS bond is payable from the collection of a special tax or asasssment which is a lien a gains t the real a state vi thin said improvement district, as described in said .° esolution hereinbefore referred to. This band is redeemable at the option of the the City at any time there are funds to the credit of said special improvemeinik district: fund for the redemption thereof, and in the manner provided for the rodemptib en of the same. - 3 - It is hereby aertif Lod and recited, that all thirwe roqu$"d to be done, precedent to the issuanee of this bond, have been proporly done, happened, and been perf ormed, in the ea rmr prescribed b,,; the lava of the State of Montana and the resolution and ordinances of theglty of Laurel, Montana, relating to the issuance thereof. Dated at Laurel, Montana# this day of ,r 1g5?. City of Laurel, Montana. BT l/ -- ..yagor City Clerk Registered at the office of the city treasurer of Laurel, Montana, this day of lg? My Treasurer Reolatered at the off Lee of the city clerk of Laurel, Rtontana, thin day of , 19 My er The aouporm of a aid b onds shall b e in subs tent Ially the f ollowing fora , NC. On the _day of 19, the City Treasurer of Laurel t Montana# still at his offioe in Laurel pay to b earer the sumt of , being the annual interest then due on Bond No's of bonds of Special Improvement Vistrict Not 81t of Laurel, Montana. payable out of Special Impro uedt Vistriat No. 81 Fund# and not otherwis?f provided that this coupon Is subject; to all the tome and conditions contained in the Bond to which it is anneatwed« CITY OF LAUREL It MONTANA By ? ? - Mayer ATTEIRTi City Clerk! Section 2. Said bander shall be issued in the amount of not more than $53,000#00 and be drawn against Special Inprcv==t District: No, 81 Fund,, and shall bear interest at the rate not exceeding six (6%) per cent per annum f ran the da to of t1tegbatration until called for redemption or paid in full, intevost to be payable annually on the first day of January of each year,, and shall be signed by the Mayor and Clerks 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 no r egistored and shall bear the ongraved facsimile signature of the Mayor and City Clerk. Said bonds shall be redeemable and payable as follows Redeemable at the option of the City on and a ftser the lot day of January# 19581 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 speeial Improvement District No. 81 Fund,, against which said bonds are istued, available therefor= provided that the Treasurer shall first pay out of said Special Improvement District No. 81 annually, the interest on all outstanding bonds on presentation of the coupons belonging ther,jon, and any funds remaining shall be applied to the payments of The principal and the r edemp i ton of the bonds in the car der, of their registration; and provided further, that whenever there are funds in said gpeaial Improvement District Fund„ after paying the interest on said bonds drawn against said fund , the city t reasurfr shall call in for payment outstanding bonds,which, together with the interest thereon to the date of redemption, will equal the amount of said,Yund 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; Montana, or at the option of the Treasurer, by written notice to the hold or 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 b e less than ten (10) days of ter the date of publication or of s ervice of notioey and on which, date so fixed, interest will aeas,e Section 3; ?tt the City Clerk of the w sty of Laurel, Montana, is authorised, empowered and directed to give notice of sale by advert- isement in the Laurel Outtlook# a weekly newspaper of general ciroulation «5.. printed and published in a aid City of Laurelp for a peridd of Pour sugasseive weeps immediatley preceding the date of s ale, said advertise- neat to be published In the regultr issues on August 15th, Aug:a t 22nd, August 4th, September 5th and September 12th* 1956, and said notice is to be substantially in the following form, to-wit: NOTICE OF SALE OF J AvW6tnMD A SPECIAL IMPRaVXNSNT DISTRICT NO, 81 BONDS NOTICE IS HEREBY GIB # by the Council -7'f the City of Laurel, M ontam , th*t the said aounoil will, on the 18th day of. September, 1956s at the hour of 7:30 o'clock p.m., at Its council chamber in the City of Laurel, Montana, sell to the highest and beat bidder for dash, serial bonds of the said City of "aurel, in the total amount of Fifty-three Thousand 453*000.00) for the purpose of paying the contractor or contractors of Special Improvement District Nor 81# and the expenses of creating said Special Improvement District No. 81. Serial bonds of 3peoial Improvement District No. 81 will be issued and sold in the amount of Ft ai[undred Dollars ($500.00) each; the sum of Four Thousand Dollars' (44* 000.00) of said serial bonds will be oom due and payable on, the lot day of January 195ar and a sum of Three Thousand Five Hundred Dollars ($3#500.00) on the 1st day of January, 1959p and a like amount on the same day each year there- after through January lc, 19729 The said bonds mill bear date of October 1, 1956, will bear interest at a rate not exceeding six per centum (b$ per annum,. payable annually on the first day of January each year, and will be redeemable In full a t the op t I on of the 0 ity of Lau ret a t any t ime th ere are f undo to time credit of said Special Improvement District Fund for the fedemption ther sof. Said bonds will be sold for not less than their par =slue with &0arucd 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 r said bonds at private sale, All bids other than by or on behalf of the State Board of Land opwissioners of the state of Montana must be accompanied by a certified -6 check in the sum of 10% of the bid, payable to the order of the City Clark, which will be forfeited by the sucoessful bidder in tiie event he shall f ail or refuse to complete the purchase of the said bonds in accordance with the terms of has bid. All bids shall be addressed to the c ouna 11 of the City of Laurel,, and delivered to the Clark of said City of Laurel. Dated the 15th day of August, 1956. PE= D. THOMSON Mayor the My o Laurel, on ATTEST: Tillie Rohemdorf City Clark. Section 4. That an emergency is hereby declared to exist, and this ordinance shall be in full force aad effect from and after 414z passage and approval. Ppeed by the City Cvunail of the City of Laurel, Montana, and approved by the Mayan this 71;h day of August # 1956. APPROVED; (SNAL) ATTESTe city e