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Payments for the construction of sidewalks, curbs or gutters constructed under the provisions of this chapter shall be made by special warrants drawn against the special sidewalk, curb and gutter fund, which warrants shall bear interest at the rate of six percent (6%) per annum, payable annually. When the city council passes and adopts a resolution levying an assessment and tax under the provisions of this chapter it shall provide therein for the payment of said interest. Such warrants shall be substantially in the following form:
United States of America
State of Montana
Warrant or Dollars
(Bond No. ) $
Interest at the rate of per cent per annum, payable annually, Special Improvement District Coupon warrant or bond.
Issued by the City of Sidney, Montana.
The Treasurer of the City of Sidney, Montana, will pay to bearer, the sum of dollars as authorized by resolution No. as passed on the day of , 19 , creating special improvement district No. for the construction of the improvements and the work performed as authorized by said resolution 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 warrant (or bond) are payable at the office of the City Treasurer of the City of Sidney, Montana.
This warrant (or bond) bears interest at the rate of per cent per annum from the day of registration of this warrant (or bond), as expressed herein, until the date called for redemption by the City Treasurer. The interest on this warrant (or bond) is payable annually on the first day of in each year, unless paid previous thereto, and as expressed by the interest coupons hereto attached, which bears the engraved facsimile signature of the Mayor and City Clerk.
This warrant (or 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 warrant (or bond) is redeemable at the option of the City at any time there are funds to the credit of said special improvement district, for 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 warrant (or bond), have been properly done, happened and been performed, in the manner prescribed by the laws of the State of Montana and the resolutions and ordinances of the City of Sidney, Montana, relating to the issuance thereof.
Dated at , Montana, this day of , 19 . City of , Montana.
By: , Mayor
Registered at the office of the City Treasurer of Sidney, Montana, this day of , 19 .
(Ord. 416, 1-3-1994)