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HomeMy WebLinkAboutOrdinance No. 490ORDINANCE NO. 49 0 AN ORDINANCE PRESCRIBING THE FORM, DENOMINATION, AND RATE OF INTEREST OF BONDS OF SPECIAL IMPROVEMENT DISTRICT NO. 80, AID PROVIDING FOR THE TIME AND 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. 9116, entitled, "A Resolution creating ",pecial Improvement District Ao. 80, of the City of Laurel, designating the boundaries thereof as defined by Resolution No. 911, passed by the City '4ouncil of the City of Laurel and referring to said Resolution of Intention for further particulars," passed by the City Council the 2nd day of August, 1955, and approved by the Mayor of said City August 2nd, 1955, that all the costs and expenses incurred in the construction and making and installation of the improvements in said Seep c ial Improvement District No. 80, which improvements are more fully described in said Resolution No. 916, creating said Improvement District, shall be paid by -Special Improvement Bonds-with interest coupons attached, drawn against Special Improvements Listrict No. 80 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 said Special Improvement District No. 80 will be duly and regularly awarded on the 6th day of September, 1955 NOW, THEREFORE, BE I r R ESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL : Section 1. Said bonds stall be drawn in substantially the following form: h 2 w District No. 80 United States of America State of Montana. Bond No. DOLLARS 0 Interest at the r ate of 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 as authorized by Resolution No. 916, as passed on the 2nd day of August, 1955, creating special improvement district No. 80 for the construc- tion of the improvements and the work performed as authorized by said resolution to be done in said district, and all laws, r esolutions, 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 CitykTreasurer of Laurel, Montana. This bond bears interest at the r ate. not to exceed 6% per cent per annum from the date of registration of this bond, as expressed herein, until the d ate called for t he r edemption by the city treasurer. y The interest on this bond is payable annually on the first day of January in each year, unless paid previous there to, and as expressed by the interest coupons hereto attached, which bear the engraved facsimile signature of the mayor and aiity clerk. This bond is payable from the collection of a special tax or asmessment 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 - 3 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 resolution and ordinances of the city of Laurd., Montana, relating to the issuance thereof. (SEAL) Dated at Laurel, Montana, this day fo , 195 • City of Laurel, Montana. By ity 6l erk Registered at the off ice of the c ity treasurer of Laurel , Montana, this day of 19 CIty Treasurer Registered at the office of the City clerk of'Laurel, Montana, this day of 19 5 My Clerk Ube coupons of said bonds shall be in substantially the following form: NO. On the day of 19_, the City Treasurer L of. Laurel, Montana, will at his office in aurel pay to bearer the sum of $ , being the annual interest then due on Bond No. of Londs of Special Improvement District No. $)0, of Laurel, Montana, payable out of Special Improvement District No. 80 III und, 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: By. May or Gity Clerk Section 2. Said bonds shall be issued in the amount of not more than $71,000,00 and be drawn against Special Improvement District Mayor No. 80 i'und, and shall bear interest at therate pot exceeding aix _4_ (6%) per cent per annum from the date of registration until called for redemption or paid in full, interest to be payable annually on the f irs t 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 registaXied and shall bear the engraved 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 after the lst day of January, 1957; provided, however, that said bonds, and each and all of the same shall be redeemed by the 'treasurer of s aid City when there are funds in s aid Special Improvement District No. 80 k'und, against which said bonds are issued, available therefor; provided that the 'iereasurer shall first pay out of said Special Improvement Di stridt No. 80 annually, the interest on all outstanding borris 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 here are funds in said Special Improvement Listrict Fund, after paying the irterest 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, Montana, or at the option of the Treasurer, by written notice to the holder or holders of such bads, if their address be known, of the number of bwnds 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. fiat the City Clerk of the City of Laurel, Montana, is authorized, empowered and directed to give notice of sale by advert- isment in the Laurel Outlook, a weekly newspaper of general circulation 11 - 5 .. printed and published in said City of Laurel, for a period of four successive weeks immediately preceding the date of sale, said advertise- ment to be published in the regular issues on August 3rd, August 10th, August 17th, August 24th and August 31, 1955, and said notice is to be submitantially in the following form, to-wit: NOTICE OF SALE OF LAUREL, MONTANA SPECIAL IMPROVEMENT DISTRICT NO, 80 BONDS NOTICE, IS HEREBY GIVEN, by the 'City Council of the City of Laurel, Montana, that the said Oounci 1 will, on the 6th day of "'eptember, 1955, at the hour of 7:30 o'clock p.m.., at the Fount it Chamber in the City of Laurel, Montana, s ell to the highest bidder for cash, serial bonds of Special Improvement District No. 80, of the said City not in excess of $71,000.00 for the purpose of paying the c ontrgotor or contractors of Special faprovement District No. 80, and the expensesof creating said Special Improvement Dis tric # No. 80. Serial bonds of Special. Improvement -'istrict No. 80 issued and sold it 11 become due and payable on the lst day of January A. D. 1970; provided however, that said bonds, and each and all of the same shall b e redeemed by the treasurer of said City when there are funds in said Special Improvement District No. 80 Fund, against which said bonds are issued, available Therefore, and the redemption of the bonds shall be in the order of their registration. The said bonds will bear date of October 1st, 1955, will bear interest at the rate not exceeding 6% per annum, payable annually on the lst day of January of each year, and will be redeemable in full at the option of the _,-,UJity of Laurel at any time there are funds to the credit of said Special Improvement '?istrict No. 80 2und 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. Rhe Council reserves the right to reject any and all bids and tosell bonds at private sale. All bids other than by or on behalf of the State Board of Land - 6 - Commissioners of the State of Montana, must be accompanied by a certified check in the sum of 10% of the bid, payable to the order of the City ?'lerk, ihich 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 Uouncil of the Gity of Laurel, Montana dnd delivered to the City Clerk of said City of Laurel. Dated the grid day of August, 1955. Mayor of the City of Laurel, Montana (SEAL) ATTEST: City Clerk Section )}. That an emergency is hereby declared to exist, and this ordinance shall be in full f orce and effect from and after its passage and app oval. Passed by the City Council of the City of Laurel, Montana, and approved by the Mayor this 2nd day of August, 1955. APPROVED: Mayor (SEAL) ATTEST: ity lerk