Tab 12 Affidavit of Pub of Notice of SaleSTATE OF MONTANA
FLATHEAD COUNTY
AFFIDAVIT OF PUBLICATION
DOROTHY GLENCRGSS BEING DULY
SWORN, DEPOSES AND SAYS: THAT SHE IS
LEGAL CLERK OF THE DAILY IN'T'ER LAKE, A
DAILY NEWSPAPER OF GENERAL
CIRCULATION, PRINTED AND PUBLISHED IN
THE CITY OF KALISPELL, IN THE COUNTY OF
FLATHEAD, STATE OF MONTANA, AND THAT
_.
ISO. 4669 LEGAL, ADVERTISEMENT WAS
PRINTED AND PUBLISII[ED IN THE REGULAR
AND ENTIRE ISSUE OF SAID PAPER, AND IN
EACH AND F-VERY COPY THEREOF ON THE
DATES OF MAY 9 & 16, 2001
AND THE RATE CHARGED FOR THE ABOVE
PRINTING DOES NOT EXCEED THE MINIMUM
GOING RATE CHARGED TO ANY OTHER
ADVERTISER FOR THE SAME PUBLICATION,
SET IN THE SAME SIZE TYPE AND PUBLISHED
F TBE SAME NUMBER OF INSERTIONS.
r
Subscribed and sworn to before me this
A AY. 1 2001
Public for the State of Montana
r P4'Res :a. in Kalispell
my fission expires 5/30/03
s
N€�. 4669
of �i} the average rate of
Bonds shall -be payable
NOTICE OF BOND
interest borne by the
semiannually on each
SALE
then outstanding Bonds,
January 1 and July 1,
FACE AMOUNT SPE-
plus (ii)- one-half of one
commencing January 1,
"DIAL IMPRQVEMENT
Percent (0.50%) per an-
2002 -and continuing
I]ISTRICT NO. 343
num.
through July 1, 2021,
F3ONDS
The City will establish
: subject to prior redemp-
CITY OF KALISPELL,
in the"District Fund, and
tion. Serial bonds shall
MONTANA
fund with $79,075 from
be in the denomination
NOTICE IS HEREBY
Proceeds of the Bonds,
of $5,000 each or -any
1IVEN that the City of
a District Reserve Ac-
integral multiple thereof
Kalispell, Montana (the
count (the "Reserve Ac-
of single maturities; pro -
"City"), will sell to the
: count"}, from which
vided that one Bond
'highest and best bidder
moneys are to be ap-
with a stated maturity in
or cash, as evidenced
Plied to pay principal of
2002 shall. be in the
)y sea.led bids, the
and. inte-rest on the
principal- amount of
"ibove-described Bonds
I Bonds in the event col-
$6,500.
:drawn: against -the fund
:'•, lections of special as
Book Entry
of Special Improvement.
sessments are insuffi-
The Bonds will be is-
)istrict No: 343 in the
' cient there#ore. The
sued by means of a
irincipa amount ~=off _
:1,5815oD.:
=-C--iitV has :no obligation tv
replensh'he' Reserve
book entry system with
no physical distribution
Sealed bids for the
Accvu.nt -�if -funds. are
of Bonds -made_ to the
purchase of the Bonds
withdrawn- therefrom,
public.. -The Bonds will
Vill be received until
The -Bonds are further
be issued in fully regis
2:00 MT, on
secured by the Special
tere.d form and one
-Noon,
. Vednesday, the 23rd
Improvement District
'Bond, representing the
day of May, 2001 at the
Revolving Fund of. the
"Revolvin-g
aggregate principal
office of the City Clerk in
City the
amount of the Bonds
afispell, Montana, at
Fund"}. The City will
matufing in each year,
�312-1st Avenue East,
agree to make- a loan
will be registered in the
Kalispell, Montana, at
from the Revolving
Fund to the district fund
name of Cede & Co. as
which time the bids will
be opened and tabulat-
established for the Dis-
nominee of The Deposi-
tory Trust Company
d. The City Council of '
t ri�ct a District
("DTC"), New York,
She City will meet at
�=(th
Fund") to make good
New York which will act
00 o'clock p.m. o n
any deficiency then ex-
as securities depository -
the same day- in the
'sting in the principal
of the- Bonds. Individual
Council Chambers 'to
and' interest accounts
purchases of the Bonds
".onsider the bids and
therein after depletion of
may be made in the
he. award of sale of the
the Reserve Account
principal amount of
31 ends and, if a respon-
and to provide funds for
$5,000 or any multiple
live and acceptable bid
the Revolving Fund by
thereof of a single ma -
is received, award the
levying a tax or making
turity, provided that one
turity,
Series 2001 Bonds to
a loan from the City'
Bond with a stated ma -
,,he responsive bidder.
general fund to the ex-
turity in 2002 shall be in
vhvse bid reflects the
tent and for the period
the principal amount of
lowest true interest cost
authorized by the Act.
$6,500, through book
to the City.
Date and Type
entries, made on the
Purpose and Security
The Bonds will be dat-
books and records of
u The Bonds will be is-
ed, as. originally issued,
DTC and its partici-
ued for the purpose of
as of June 1, 2001, and
pants. Principal and in -
financing the cost of
will be issued as nego-
terest are payable by
construction of certain
tiable,:investment secure-
the registrar to DTC or
=pcal improvements (the';
ties in registered form
its nominee as regis-
£Improvements"} within
as tv both principal and
te-red owner of the
r for the benefit of Spe-
cial Improvement Dis-
interest.
Maturities and Form
Bonds. Transfer, of prin-
cipal and interest pay-
trict- No.' 343 (the "Dis-
1# issued as serial
ments to participants of
+:�rict"), in accordance
bonds, the -Bonds shall
DTC will be the respon-
�rith. the provisions of
mature, subject to re-
sibility of DTC; transfer
Montana Code Annotat- `
demption, on July 1 in
of principal and interest
ed, Title 7, Chapter 12,
the following years and
payments to beneficial
.
Parts 41 and 42, as
amounts:
Principal
owners- by participants
emended the "Act"},
:he Bonds will .be spe- i
Year nt
will be the responsibility
of such participants and
lial, limited obligations
$76,5
2002 $78=500
other nominees. of bene-
of the City and do not
2003 75,000
ficial owners. The pur-
constitute general obli-
2044 75,000
chaser, as a condition of
9ations of. the City.
2005 75,D00
delivery of the Bonds,
The Bonds are paya-
2006 80,000
will be required to de-
`)Ie primarily from the
20D7 80=D40
posit the. Bonds with
coliectivn of a special
2008 80,000
2009 80,000
DTC.
tax or assessment
which is a lien against
Mo 80,000
Redemption
Mandatory Redemp-
�he assessable real
2011 80,000
tion. - If -on any interest
-property within the Dis-
2012 80,000
payment date there will
rict benefited by the lm-
2013 84,000
be a balance in the' Dis-
provements to be un-
2014 :801000
trict Fund after payment
Jertaken therein or
2015 80,000
of the' principal and.. in-
xherefore. The special
2017 80,000
terest due on all Bonds
4ssessments are paya-
2017 80,000
;drawn against it, either
ale in semiannual in-
2018 80,000
'from the prepayment of
stallments over a term
2D1g 8fl=000
;special assessments
not exceeding 20 years,
2020 80,000
� levied in the Districts or
pack in equal semian-
2021 80,000
from the transfer of sur-
aual installments of prin-
If issued as amortize- plus money from. the
-- Cipal, plus interest, with
tion bonds, the Bonds
Construction Account to
unpaid installments of
will be issued. as a sin- •
the Principal Account,
the special assess-
gle- bond or divided into
outstanding Bonds, or
rents bearing interest }
several hands, as the
portions thereof, in an
=fit a rate -equal, .from
Council may determine,
amount which, together
Time to time, to the sum
and the principal of the
with the interest thereon
to the interest payment the highest and lowest ,obligations" within the
-date, will equal the :rate being no greater
;meaning of Section
amount of such funds than 3.50%.
'265(b)�3) of the internal
on deposit in the District Bond: Registrar, Trans-
!Revenue Code of 1986,
Fund on that date are fer Agent
!as amended (the
subject to mandatory re- and Paying Agent
'"Code"), and financial
demption on that inter-
The City shall select a
institutions described in
est payment date. The
bond registrar, transfer
Section 265(b)(5) of the
redemption price shall
agent and paying agent
Code may- treat the
equal the amount- of the
(the Registrar ) in
Bonds for purposes of
principal amount of the
connection with the
Sections 265(b)(2) and
1291(e)(1)(B)
Bonds .to be redeemed
. Bonds. The bond regis-
of the
plus interest accrued to
ter will be kept,- transfers
lot
'Code as if they were ac-
the date of redemption.
ownership will be ef-
q u i re d on August 7,
F Optional Redemption.
{fected and principal of
1986:
The Bonds are subject
and interest on the
,-Legal Opinion,
to. redemption, in whole
or in part, at the option
'Bonds will, be paid by
the -Registrar. The City
An-opirflon as -to the
validity of ,the Bonds
..of, the City from sources will pay the charges .of
and the exclusion of the
of'funds available1here- the~Registrar for such
fore other than those services.. The City re-
interest thereon from
gross income for federal
described under "Man- iserves the right to -re-
datory Redemption" on 'move the Registrar
7incom,e tax. purposes
and Montana' individual
and
any interest payment to appoint a successor.
date; provided, howev- Delivery
income tax purposes
will be furnished by Dor-
er, the Bonds shall not Within 45 days 'after
sey: & Whitney LLP, of
be called for redemption the sale, the City will de-
Missoula, Montana, and
(i) from amounts on deg liver to the 'Registrar.the
posit in the Reserve Ac- printed Bonds ready for
Minneapolis, Minnesota,
as Bond Counsel. The
count or (ii) before July completion and authen-
1; 2006, from the pro- tication. The original
legal' o p i n'ion Will be
the
printed on, the Bonds.
ceeds of refunding -spe- purchaser of the Bonds
The legal will
vial improvement district must notify the Regis-
bonds or warrants. The trar, at least five ' busi-
state that the Bonds are
valid and binding spe- -
redemption price shall ness..days before issu-
cial, limited obligations
equal the principal ante of- the Bonds, of
;amount of the Bonds to the persons in whose
of the City enforceable
in accordance with -their
be redeemed plus inter- names the will be
terms, except to the ex-
.Bonds
est accrued to the date initially registered and
tent to which enforcea-
of redemption. the denominations of
Selection of Bonds for the Bonds to be original-
bility thereof may be lim-
ited by the exercise of
Redemption. If less ly issued. If notification
than all of the Bonds are is not received by that
Judicial discretion or by
state or federal laws re -
to'. -be redeemed, Bonds date, the Bonds will be
shall be redeemed in or- registered in the name
lating to bankruptcy, re -
organization, moratori-
der of the stated maturi- i of the original purchaser
um ' rights.
t ties thereof. If less than I
and, if serial bonds, will
t Bid
Type of Bid and Good
Type
,all Bonds. of a' stated 1
be issued in denomina-
Faith Deposit
maturity are to be re- Itions
corresponding to
Sea -led bids for not
deemed, the Bonds of 1the
principal maturities
less than $1 ,549,870
.!such maturity shall be
of the Bonds. On the
and accrued interest on
!selected for redemption
`in $5,000 principal twill
day of closing, the City
furnish to the'.pur-
the principal sum of
FACE AMOUNT must
`amounts selected by the `chaser
the -opinion
be malted- or- delivered
Registrar by lot or other
'manner .it deems ° fair,
,of
Bond. Counsel- herein-
after described, an arbi-
to. the undersigned and
must be received at the
except that the Bond trage certification and a
office of'the City Clerk
!with 'a stated maturity in Certificate stating that no
2002 and in the princi- litigation in any manner
prior to the time stated.
above. Bidders must
pal amount of $6,500 questioning the validity
shall be redeemed be- of the' Bonds is then
bid.for all.or.none of the
Bonds. Each bid must
fore other Bonds of ipendin,g or, to the
such stated maturity. f knowledge of officers of
be unconditional.
Except for a bid by or
.. Interest Payment. the. City, threatened,
on behalf of the. Board
.Dates, Rates Payment for -the Bonds
of Investments of the
Interest will be paya. must be received by the.
ble each July 1 and Jan- City in immediately
State of Montana, a
faith(the
h-
"Deposit")
1,'goode
uary , commencing available funds at
January 1, 2002, to the designated depository
the fit
p ) iof
money, cashiers check,
registered owners of the on the day of closing.
Bonds as such appear The successful bidder
certified check, bank
money order, or bank
in the bond register as Shall submit to -the -City
draft drawn and issued .
of the close of business Clerk not earlier than 48
by a federally chartered
on the 15th day .(wheth- hours after the award of
er or not a business sale and not later than
or state chartered bank
insured by the federal
day) of the immediately the day of closing a cer-
deposit insurance cor-
:preceding month. All tificate, in form satisfac-
poration or -a financial
Bonds of the same, stat. tory to Bond Counsel,
surety bond in the sum
ed maturity. must ' bear as to the initial reoffer-.
of $31,630.payable to
-interest from date of ing price of each stated
the order. of the City is
original issue until paid maturity of the Bonds
required. for a bid to be
at a single, uniform rate.: and stating that at least
Each rate must. be ex- ten percent of the princi-
considered. If money,
cashier's check, certified
pressed in an:.integral =pal arnoun# of such
multiple of 118 or 51100 !Bonds of each stated
check'; bank money or -
der; yr bank draft is
of 1 °/n, Interest will be ' maturity has been sold
calculated on the -basis iat such respective pri-
used, it must accompa-
ny the bid and be deliv-
of a:360-day year con- ices.
eyed to the Financial Of-
sisting �:of twelve -30-day G�ualified Tax -Exempt
: months.- 1ndividual in- .Obligations
fiver.. if a financial -sure-
ty, bond. is ;used; -it must
fterest rates may be no The Bonds -will be des-
higher than 7.00./a, with :ignated by the City as
be from an insurance
company licensed and
the difference between' "qualified tax-exempt
qualified to issue au�ch a
Montana and such bond
_h ust 'be submitted to
the Financial, Officer, or
.the Citys , financial advi-
or prior to.- the opening
f the bids. The financial
.surety bond must 'identi-
fy each , bidder whose
Deposit is guaranteed
y - such financial surety
fond. if the Bonds are
.:warded to a bidder uti-
lizing a financial. surety
blond, then -that purchas-
`r is required to submit
s Deposit to the City in
� )e form of a cashier's
check (or wire transfer .
such amount as in-
Ftructed by the City or
"s financial advisor) not
pater than 1:00 p.m.,
Mountain Daylight Time,
on the next business
Say following the award.
such Deposit is not re-
.eived by. -that time, the
financial surety bond
may be drawn by the
flty to satisfy the De-
osit requirement.. No
.:aiterest on the Deposit
will accrue. to the pur-
chaser. The Deposit will
e applied to the pur-
1hase price of . the
fonds. In the event the
purchaser fails to honor
its accepted: bid, the De- l
posit will -be retained by
she City as liquidated ,
damages: The, Deposit
of the unsuccessful bid-
ders will be returned im-
�ediately. 'on award of
'he Bonds to -the pur-
-haser or after rejection
of all bids.' Instructions
for wiring the'Deposit
nay be obtained from
"he City's Financial Ad-
isor, Bridget Ekstrom,
Vice President, D.A. Da-
vidson & Company, 529
past Main Street, Boze-
`nan, Montana, 59715,
800) 233-4359.
Award
The .bid .authorizing 1
the lowest true interest
3:ost (a present value
alculation of total inter-
est on all Bonds from
June 1., .2001 to .their
maturities, less any pre-
•ni.um or plus any dis1.
-
ount), will be deemed I
.the most favorable. In i
the event that two or
more bids state ,the low-.
`est net interest cost, the
sale of the Bonds will be
awarded by lot. No oral
bid will be considered.
The City , rese roes the
.rights to reject any and
fall bids, to waive,infor-
. ... ........malities in any bid and
to adjourn the sale.
CUSIP Numbers-.
s The City will assume
no obligation for the as-
w........... signment or printing of
CUSIP numbers on the
Bonds or for the correct--
ness of any numbers
2 printed thereon, but will
permit such numbers to
be assigned and printed
,at the expense of the
purchaser, if the original
purchaser ,waives any
delay in delivery occa-
sioned thereby.
Official .Statement
The City will prepare
an.Official Statement re-
lating to the Bonds
which the -City will
deem, . for purposes of
SEC Rule 15c2-12, to
be final .as of. its date.
The City will deliver, at
closing,, a .-c.erti.fcate
executed by -.the
th-e" City' .Clerk -;and -the
. Financial' 'Officer 'to. 'the
effect that, to the best of
their knowledge, .as- of
the date -of closing, the
information contained in
the Official. Statement,
including any supple-
ment thereto, does not
contain any untrue
statement of a material
fact or omit to . state a
material fact necessary
to make , the statements
therein, in light of the
circumstances- :in. which
they are made, not mis-
leading;. provided that
no comment will .be
made with respect to.
any information provid-
ed by 'the successful
bidder for 'inclusion . in
any supplement -to 'the
Official Statement.: -
... By submitting a bid for
the. Bonds, the- success-
ful bidder agrees: (1) to i
disseminate to all mem-
bers of .the underwriting
syndicate copies of the
Official Statement, in-
cluding any supple-
ments prepared by the
City, (2) to file promptly
a copy of the Official
Statement, including
any supplement pre-
pared by the City, with a
nationally recognized
municipal 'securities re-
pository, and (3) to take
any and all other actions '
necessary to comply
with applicable rules of ;
the Securities and 'Ex-
change Commission)
and the Municipal Sew'
curities -Rulemaking
Board governing the of-
fering, sale and delivieryi.
of the Bonds to. ultimate
purchasers.
Within seven business
days after the sale; -the
City will furnish -to the
successful, bidder with-
out charge up to 100.
copies of -the final Offi-
cial Statement relating
to the -Bonds. The suc-
cessful bidder must noti-
fy the Financial Officer
in writing within . seven
business days after the
award 'of sale of the
Bonds if it requires addi-
tional copies of the Offi-
cial Statement. The cost
of additional copies
shall be paid by the suc-
cessful bidder.
Continuing Disclosure
In order -to permit bid-
ders for the Bonds and
other participating un-
derwriters in the primary
offering of the -Bonds to
comply With paragraph
(b) (5) of Rule 15c2-12
promulgated by the Se-
curities -and Exchange
Commission under the
Securities. Exchange- Act
of -1934- (the "Rule"), the
City will covenant and
agree, for the benefit of
the registered holders
and- beneficial owners
from time to time of the
outstanding _Bonds, in
the resolution -prescrib-
ing. the -terms of. the
Bonds, to provide annu-
al reports of:specified
information and notice
of the occurrence of cer-
tain events, if material.
The City and the District
Fund and Revolving
Fund are the only "obli-
gated persons" in re-
spect of the Bonds with-
in the meaning of .the
Rule forthe' purposes of
disclosing information
on an ongoing basis. A
description of the under-
taking is set forth in the
Official Statement. Fail-
ure of, -the -City to enter
into an undertaking sub-
stantially' similar to that
described in_the .Official
'Statement would relieve
the successful bidder of
its obligation to pur-
chase the Bonds. The
City has complied in all
material respects with
any undertaking previ-
ously , entered into by it
under the Rule.
Information for bidders
and bidding forms may
be obtained from the
undersigned City Clerk,
in Kalispell, Montana,
telephone (406) 758-
7701,. or from D.A. Da-
vidson & Co,mpany in
Bozeman, Montana, tel-
ephone (800) 233-4359,
financial consultants to
the City.
Dated: May 7, 2001.
BY ORDER •OF THE
CITY COUNCIL
Is/Theresa White
Theresa White, City
Clerk
City of Kalispell, Mon-
tana
May 97 15, 2001