I2. Reso 5942 - Immanuel LutheranCity of Kalispell
Charles A. Harball Office of City Attorney
City Attorney 201 First Avenue East
P.O. Box 1997
Kalispell, MT 59903-1997
TO:
FROM:
SUBJECT:
MEETING DATE:
MEMORANDUM
Doug Russell, City Manager
Charles Harball, City Attorney
Tel 406.758.7709
Fax 406.758.7758
charball@kalispell.com
Resolution 5942 - Agreement to Change Trustee on the
Outstanding Immanuel Lutheran Bond Issue
September 3, 2019
BACKGROUND: In 2017, the City was the issuer of Housing and Healthcare Facilities
Revenue Bonds for the Immanuel Lutheran Corporation (ILC) Project. The City acted as
a pass -through for the funds, which were only available to healthcare and housing
projects. The City is not liable for the debt and its general fund is not impacted. As the
Council may recall, the bonds were issued to provide financing to ILC to
finance/refinance ILC's senior living community facilities including a substantial
expansion project.
The Immanuel Lutheran Corporation is now seeking to replace its current Bond
Trustee/Master Trustee ("U.S. Bank") with Zions Bancorporation, National Association
dba Zions Bank. This request is not contested and ILC must have the Issuer's (the City's)
consent to make this replacement. Therefore, our bond counsel, Ben Johnson, has
provided the City with the agreement proposed by ILC and a resolution to effect it. He
has also provided a memorandum of further explanation.
RECOMMENDATION: It is recommended that Council pass Resolution 5942 to replace
the current Trustee on the outstanding Immanuel Lutheran Bond Issue.
Ballard Spahr
MEMORANDUM
TO Charles Harball, City Attorney
FROM Benjamin Johnson
DATE August 28, 2019
RE Resolution relating to the Substitution of the Bond Trustee and Master Trustee for the Conduit
Revenue Bonds Previously Issued for the Benefit of the Immanuel Lutheran Corporation of
Kalispell, Montana by the City of Kalispell
The City has previously issued its: (i) Housing and Healthcare Facilities Revenue Bonds (Immanuel
Lutheran Corporation Project), Series 2017A (Tax Exempt) (the "Series 2017A Bonds") in the original
aggregate principal amount of $59,230,000; (ii) Housing and Healthcare Facilities Revenue Bonds
(Immanuel Lutheran Corporation Project), Series 2017B Tax Exempt Mandatory Paydown Securities
(TEMP 50") (the "Series 2017B Bonds") in the original aggregate principal amount of $5,000,000; and
(iii) Housing and Healthcare Facilities Revenue Bonds (Immanuel Lutheran Corporation Project), Series
2017C (Federally Taxable) (the "Series 2017C Bonds) in the original aggregate principal amount of
$1,150,000. The Series 2017A Bonds, the Series 2017B Bonds and the Series 2017C Bonds are collectively
referred to herein as the "Series 2017 Bonds." The Series 2017 Bonds were issued for the benefit of the
Immanuel Lutheran Corporation of Kalispell, Montana (the `Borrower"). The Series 2017B Bonds were
redeemed and prepaid by the Borrower in November 2018.
The Borrower provides services to the City's aging population and those in need of rehabilitative
services. The Series 2017 Bonds were issued to provide financing to the Borrower to finance/refinance the
Borrower's senior living community including an expansion project. At this time, the Borrower wishes to
replace its current Bond Trustee/Master Trustee ("U.S. Bank") with Zions Bancorporation, National
Association dba Zions Bank ("Zions"). The Borrower is looking for the City, as issuer of the Series 2017
Bonds, to consent to the appointment of Zions as the successor trustee and the City entering into an
Agreement of Removal, Appointment and Acceptance, dated as of July 31, 2019 (the "Agreement"), by
and among the City, the Borrower, B.C. Ziegler and Company, U.S. Bank and Zions.
The Series 2017 Bonds are special, limited obligations of the City payable solely from the revenues
of the Borrower pledged thereto under the terms of a bond indenture. The Series 2017 Bonds do not
constitute a charge, lien or encumbrance, legal or equitable upon any property of the City. The full faith,
credit and taxing power of the City are not pledged to the payment of the Series 2017 Bonds.
As bond counsel to the City, we are advising the City to adopt the resolution and enter into the
Agreement. We do not believe that there is any issue with the City consenting to the replacement of U.S.
Bank with Zions. The Agreement does not open the City up to liability and is an administrative document.
Please contact me at johnsonbw@ballardspahr.com or (612) 371-6223 if you have any questions.
Thank you for your consideration of the resolution approving the substitution of the Bond Trustee/Master
Trustee.
DNMORTH #6988278 v1
CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting recording officer of the City of
Kalispell, Montana (the "City"), hereby certify that the attached resolution is a true copy of
Resolution 5942 entitled: "RESOLUTION RELATING TO THE APPROVAL OF A SUCCESSOR
TRUSTEE FOR CONDUIT REVENUE BONDS PREVIOUSLY ISSUED FOR THE BENEFIT OF
THE IMMANUEL LUTHERAN CORPORATION OF KALISPELL, MONTANA" (the
"Resolution"), on file in the original records of the City in my legal custody; that the Resolution was
duly adopted by the City Council of the City at a meeting on September 3, 2019, and that the meeting
was duly held by the City Council and was attended throughout by a quorum, pursuant to call and
notice of such meeting given as required by law; and that the Resolution has not as of the date hereof
been amended or repealed.
I further certify that, upon vote being taken on the Resolution at said meeting, the following Council
members voted in favor thereof:
(SEAL)
voted against the same: ;
abstained from voting thereon:
or were absent:
WITNESS my hand and seal officially this 3rd day of September, 2019.
Aimee Brunckhorst, CMC
City Clerk
RESOLUTION NO.5942
RESOLUTION RELATING TO THE APPROVAL OF A SUCCESSOR TRUSTEE FOR
CONDUIT REVENUE BONDS PREVIOUSLY ISSUED FOR THE BENEFIT OF THE
IMMANUEL LUTHERAN CORPORATION OF KALISPELL, MONTANA
BE IT RESOLVED by the City Council (the "City Council") of the City of Kalispell, Montana (the
"City"), as follows:
Section 1. Recitals.
1.01 On May 18, 2017, the City issued its: (i) Housing and Healthcare Facilities Revenue Bonds
(Immanuel Lutheran Corporation Project), Series 2017A (Tax Exempt) (the "Series 2017A Bonds") in the
original aggregate principal amount of $59,230,000; (ii) Housing and Healthcare Facilities Revenue Bonds
(Immanuel Lutheran Corporation Project), Series 2017B Tax Exempt Mandatory Paydown Securities
(TEMP 50SM) (the "Series 2017B Bonds") in the original aggregate principal amount of $5,000,000; and
(iii) Housing and Healthcare Facilities Revenue Bonds (Immanuel Lutheran Corporation Project), Series
2017C (Federally Taxable) (the "Series 2017C Bonds) in the original aggregate principal amount of
$1,150,000. The Series 2017A Bonds, the Series 2017B Bonds and the Series 2017C Bonds are collectively
referred to herein as the "Series 2017 Bonds." The Series 2017B Bonds were repaid and redeemed in
November 2018. The Series 2017 Bonds were issued for the benefit of Immanuel Lutheran Corporation of
the City of Kalispell, Montana (the `Borrower'') pursuant to (i) Montana Code Annotated, Title 90 Chapter
5 Part 1, as amended (the "Act"), and (ii) a Bond Indenture, dated as of May 1, 2017 (the "Bond Indenture"),
between the City and U.S. Bank National Association, as bond trustee (the "2017 Bond Trustee"). The
proceeds of the Series 2017 Bonds loaned by the City to the Borrower and were used by the Borrower to
provide financing to the Borrower to finance/refinance the Borrower's senior living community.
The Series 2017 Bonds are special, limited obligations of the Borrower payable solely from the
revenues of the Borrower pledged thereto under the terms of the Bond Indenture. The Series 2017 Bonds
are not a general or moral obligation of the City and the full, faith and credit (including the taxing power)
of the City are not pledged to the payment of the Series 2017 Bonds.
1.02 The Series 2017 Bonds and the interest payable thereon are further secured by the Series
2017 Obligation issued by the Borrower under a Master Trust Indenture, dated as of May 1, 2017, as
supplemented by a First Supplemental Master Trust Indenture, dated as of May 1, 2017 (as supplemented,
the "Master Indenture"), each between the Borrower and U.S. Bank National Association, as master trustee
(the "Master Trustee").
1.03 The Borrower would like to remove the current 2017 Bond Trustee and the Master Trustee
and appoint Zions Bancorporation, National Association dba Zions Bank, as successor 2017 Bond Trustee
and Master Trustee (the "Successor Trustee") to replace the original 2017 Bond Trustee and Master Trustee
in such capacities under the Bond Indenture and Master Indenture.
1.04 The Borrower has requested that the City consent to such substitution and enter into an
Agreement of Removal, Appointment and Acceptance, dated as of July 31, 2019 (the "Agreement"), by and
among the City, the Borrower, B.C. Ziegler and Company, the 2017 Bond Trustee/Master Trustee, and the
Successor Trustee.
1.05 The City has been advised by Ballard Spahr LLP, as bond counsel to the City, that the
City's execution and delivery of the Agreement is authorized under the Bond Indenture and the Master
Indenture and will not violate the Bond Indenture or the Master Indenture or adversely affect the tax-exempt
status of the outstanding Series 2017A Bonds.
BE IT RESOLVED by the City Council of the City as follows:
1. The City hereby approved the execution of the Agreement by the Mayor and attested to by
the City Manager. The City hereby consents to the appointment of the Successor Trustee and the
replacement of the original 2017 Bond Trustee and the Master Trustee.
2. If for any reason the Mayor is unable to execute and deliver the Agreement, any other
member of the City Council, or any officer of the City duly delegated to act on behalf of the Mayor, may
execute and deliver the Agreement with the same force and effect as if such document was executed by the
Mayor. If for any reason the City Manager is unable to execute and deliver the Agreement, the Agreement
may be executed and delivered by the City Clerk, any member of the City Council, or any officer of the
City duly delegated to act on behalf of the City Manager, with the same force and effect as if such
Agreement was executed and delivered by the City Manager.
3. This resolution shall be in full force and effect from and after its passage.
PASSED by the City Council of the City of Kalispell, Montana this 3rd day of September, 2019.
Mark Johnson
Mayor
ATTEST:
Aimee Brunckhorst, CMC
City Clerk
DMNORTH #6988230 v1
AGREEMENT OF REMOVAL, APPOINTMENT AND ACCEPTANCE, dated as of
July 31, 2019, (the "Agreement") by and among the CITY OF KALISPELL, MONTANA (the
"Issuer"), IMMANUEL LUTHERAN CORPORATION OF KALISPELL, MONTANA (the
"Obligated Group Representative"), B.0 ZIEGLER and COMPANY, the Underwriter, U.S. BANK
NATIONAL ASSOCIATION (the "Prior Bond Trustee and Master Trustee"), and ZIONS
BANCORPORATION, NATIONAL ASSOCIATION DBA ZIONS BANK (the "Successor Bond
Trustee and Master Trustee").
RECITALS:
WHEREAS, the Issuer has previously issued the series of bonds (the 'Bonds") listed on
Exhibit A-1 hereto, currently outstanding under the Bond Indenture dated as of May 1, 2017, (the
"Bond Indenture") between the Issuer and the Prior Bond Trustee;
WHEREAS, the Obligated Group Representative has previously issued obligations (the
"Obligations") listed on Exhibit A-2 hereto, currently outstanding under the Master Trust Indenture
dated as of May 1, 2017, (the "Master Trust Indenture") between the Obligated Group
Representative and the Prior Bond Trustee;
WHEREAS, Section 706 of the Bond Indenture provides that the Bond Trustee may be
removed at any time by an instrument or concurrent instruments in writing delivered to the Issuer
and the Bond Trustee and consented to by the Underwriter, signed by the Owners of a majority in
Outstanding principal amount of the Series 2017 Bonds, or, so long as the Corporation is not in
default under the 2017 Loan Agreement and no Event of Default exists under this Bond Indenture,
by the Corporation with the written consent of the Underwriter, or by the Underwriter in writing;
WHEREAS, Section 5.4 of the Master Trust Indenture provides that the Master Trustee
may be removed at any time by an instrument or instruments in writing signed by the Holders of
not less than a majority of the principal amount of Obligations then Outstanding or, unless an Event
of Default has occurred and is then continuing, the Obligated Group Representative;
WHEREAS, the Underwriter and Obligated Group Representative desire to remove the
Prior Bond Trustee and Master Trustee (as such terms are defined in the Bond Indenture and Master
Indenture and Underwriter and Obligated Group Representative desire to appoint Zions
Bancorporation, National Association dba Zions Bank, as Successor Bond Trustee and Master
Trustee (the "Successor Bond Trustee and Master Trustee") to succeed Prior Bond Trustee and
Master Trustee in such capacities under the Bond Indenture and Master Indenture; and
WHEREAS, the Successor Bond Trustee and Master Trustee is willing to accept such
appointment as Successor Bond Trustee and Master Trustee under the Bond Indenture and Master
Indenture;
NOW, THEREFORE, the Issuer, Prior Bond Trustee and Master Trustee and Successor
Bond Trustee and Master Trustee, for and in consideration of the premises of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby
consent and agree as follows:
ARTICLE I
THE PRIOR BOND TRUSTEE AND MASTER TRUSTEE
SECTION 1.01 Prior Bond Trustee and Master Trustee is hereby removed as Bond
Trustee and Master Trustee under the Bond Indenture and Master Indenture.
SECTION 1.02 Prior Bond Trustee and Master Trustee hereby assigns, transfers,
delivers and confirms to Successor Bond Trustee and Master Trustee all rights, titles and interests
of Prior Bond Trustee and Master Trustee in and to the [trusts /Trust Estate] (as defined in the Bond
Indenture and Master Indenture), and all duties and obligations of Prior Bond Trustee and Master
Trustee under the Bond Indenture and Master Indenture. Prior Bond Trustee and Master Trustee
shall execute and deliver such further documents, instruments, and certificates and shall do such
other things as the Successor Bond Trustee and Master Trustee and Issuer may reasonably require
as to more fully and certainly vest and confirm in Successor Bond Trustee and Master Trustee all
the rights, titles and interests hereby assigned, transferred, delivered and confirmed to Successor
Bond Trustee and Master Trustee. The documents and instruments to be transferred and assigned
to the Successor Bond Trustee and Master Trustee by the Prior Bond Trustee and Master Trustee
include, but are not limited to, those described in Exhibit B attached hereto and incorporated herein.
ARTICLE II
THE ISSUER
SECTION 2.01 The Issuer hereby represents that all conditions, if any, relating to
the appointment of Zions Bancorporation, National Association dba Zions Bank as Successor Bond
Trustee and Master Trustee under the Bond Indenture and Master Indenture have been met by the
Issuer. The Issuer hereby consents to the appointment of the Successor Bond Trustee and Master
Trustee as Successor Bond Trustee and Master Trustee under the Bond Indenture and Master
Indenture with like effect as if originally named as Bond Trustee and Master Trustee.
ARTICLE III
THE PRIOR TRUSTEE
SECTION 3.01 The Prior Trustee hereby assigns, transfers, delivers and confirms
to the Successor Trustee all the right, title, and interest of the Prior Trustee in and to the trusts under
the Indenture and all the estates, properties, rights, powers, trusts, duties and obligations of the
Trustee under the Indenture. The Prior Trustee shall execute and deliver such further instruments
and shall do such other things as the Successor Trustee or the Issuer may reasonably require so as
to more fully and certainly vest and confirm in the Successor Trustee all the estates, properties,
rights, powers, trusts, duties and obligations hereby assigned, transferred, delivered and confirmed
to the Successor Trustee as trustee.
SECTION 3.02 Further, the Prior Trustee hereby represents and warrants to the
Issuer and the Successor Trustee that:
(a) No covenant or condition contained in the Indenture has been waived by the Prior
Trustee or, to the best of the knowledge of the Prior Trustee, by the holders of the
percentage in aggregate principal amount of the Bonds required by the Indenture
to effect any such waiver;
(b) There is no action, suit or proceeding pending or, to the best of the knowledge of
the Prior Trustee, threatened against the Prior Trustee before any court or any
governmental authority arising out of any action or omission by the Prior Trustee
as trustee under the Indenture;
(c) As of the Effective Date of this Agreement, the Prior Trustee will hold no moneys
or property under the Indenture;
(d) This Agreement has been duly authorized, executed and delivered on behalf of the
Prior Trustee and, assuming the due authorization, execution and delivery hereof
by the Issuer and the Successor Trustee, constitutes its legal, valid and binding
obligation; and
(e) To the best of the knowledge of the Prior Trustee, no event has occurred and is
continuing which is, or after notice or lapse of time would become, an Event of
Default under Section 601 of the Bond Indenture or Section 4.1 of the Master Trust
Indenture.
SECTION 3.03 The Prior Trustee shall deliver to the Successor Trustee, as of or
promptly following the Effective Date, all of the documents in its possession listed on Exhibit B
hereto, including any such documents needed by the Successor Trustee in relation to the Bonds
which are not listed on Exhibit B hereto.
ARTICLE IV
THE SUCCESSOR BOND TRUSTEE AND MASTER TRUSTEE
SECTION 4.01 Successor Bond Trustee and Master Trustee hereby represents and
warrants to Prior Bond Trustee and Master Trustee and to the Issuer that Successor Bond Trustee
and Master Trustee is qualified to act as Successor Bond Trustee and Master Trustee under the
Bond Indenture and Master Indenture.
SECTION 4.02 Successor Bond Trustee and Master Trustee hereby accepts its
appointment as Successor Bond Trustee and Master Trustee under the Bond Indenture and Master
Indenture and accepts the rights, titles, interests, duties and obligations of Prior Bond Trustee and
Master Trustee under the Bond Indenture and Master Indenture, upon the terms and conditions set
forth therein, with like effect as if originally named as Bond Trustee and Master Trustee.
SECTION 4.03 References in the Bond Indenture and Master Indenture to
designated office or other similar terms shall be deemed to refer to the designated office of
Successor Bond Trustee and Master Trustee at Minneapolis, Minnesota, or any other office of
Successor Bond Trustee and Master Trustee at which its corporate trust business shall be
administered.
ARTICLE V
MISCELLANEOUS
SECTION 5.01 This Agreement and the removal, appointment and acceptance
effected hereby shall be effective as of the opening of business on September 4, 2019 (the
"Effective Date"). The responsibilities of the Successor Bond Trustee and Master Trustee under
the Bond Indenture and Master Indenture shall commence on the Effective Date, and the Successor
Bond Trustee and Master Trustee shall assume no responsibility for any liability prior to the
Effective Date.
SECTION 5.02 This Agreement shall be governed by and construed in accordance
with the laws of the State of Montana.
SECTION 5.03 This Agreement may be executed in any number of counterparts
each of which shall be original, but such counterparts shall together constitute but one and the same
instrument.
SECTION 5.04 The Prior Bond Trustee and Master Trustee shall deliver each of
the following to the Successor Bond Trustee and Master Trustee on or before, the Effective Date:
a. The registers relative to the current bondholders and outstanding Bonds;
b. All unissued Bond certificates along with a copy of the original and any subsequent
printer's certificates and, if the Bonds have been delivered in accordance with DTC
FAST procedure, the original Bonds;
c. A list of all assets and account balances for each trust account as of the Effective Date;
The Prior Bond Trustee and Master Trustee will transfer all monies or other property held by it for
the Bonds to the Successor Bond Trustee and Master Trustee. Delivery and receipt of such funds
shall be acknowledged by execution of a cross receipt in the form attached as Exhibit C,
appropriately completed.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and acknowledged and their respective seals to be affixed hereunto and duly
attested all as of the day and year first above written.
Attest:
Name:
Title:
Attest:
Name:
CITY OF KALISPELL, MONTANA
as Issuer
By: _
Name:
Title:
201 First Avenue East
Kalispell, Montana 59901
Attn: City Manager
Phone: (406) 758-7703
Fax: (406) 758-7758
B.0 ZIEGLER and COMPANY
as Underwriter
By: _
Name:
Title:
Title: 601 Union Street, Suite 4200
Seattle, WA 98101
Attention: Sarkis Garabedian
Phone: (312) 705-7232
Attest:
Name:
Title:
Attest:
Name:
IMMANUEL LUTHERAN CORPORATION
OF KALISPELL, MONTANA
as Obligated Group Representative
By: _
Name:
Title:
185 Crestline Avenue
Kalispell, Montana 59901
Attention: Chief Executive Officer
Phone: (406) 752-9612
Fax: (406) 752-9602
U.S. BANK NATIONAL ASSOCIATION,
as Prior Bond Trustee and Master Trustee
By: _
Name:
Title:
Title: 170 South Main Street, Suite 200
Salt Lake City, UT 84101
Attention: Brandon Elzinga
Phone: (801) 534-6051
Fax: (801) 534-6029
Zions Bancorporation, National Association dba
Zions Bank, as Successor Bond Trustee and
Master Trustee
Attest: By:
Name:
Title:
Name:
Title: Zions Bancorporation, National Association
Corporate Trust, Zions Bank Division
601 Union Street, Suite 3600
Seattle WA, 98101
Attn: Anna McCully, Vice President
Phone: (206) 438-1267
EXHIBIT A-1
$59,230,000
CITY OF KALISPELL, MONTANA
HOUSING AND HEALTHCARE FACILITIES REVENUE BONDS
(IMMANUEL LUTHERAN CORPORATION PROJECT)
SERIES 2017A
$1,150,000
CITY OF KALISPELL, MONTANA
TAXABLE HOUSING AND HEALTHCARE FACILITIES REVENUE BONDS
(IMMANUEL LUTHERAN CORPORATION PROJECT)
SERIES 2017C
EXHIBIT A-2
[INSERT OBLIGATIONS]
Corporation Direct Note Obligation No. IA
Corporation Direct Note Obligation No. IC
EXHIBIT B
[LIST DOCUMENTS, ASSETS, INSTRUMENTS TO BE ASSIGNED, ETC. BELOW]
• UCC-1 Financing Statement from Corporation, as Debtor, to Master Trustee, as
Secured Party re Gross Revenues and Trust Indenture re Personal Property filed with
MT Secretary of State
• UCC-1 Financing Statement from Issuer, as Debtor, to Bond Trustee, as Secured
Party re Trust Estate filed with MT Secretary of State
• Combination Trust Indenture, Security Agreement and Fixture Financing Statement,
dated as of April 1, 2016, by the Corporation, as grantor, to the First American Title
Company of Montana, as trustee, for the benefit of the Master Trustee, as beneficiary
• First Amendment to Combination Trust Indenture, Security Agreement and Fixture
Financing Statement dated May 1, 2017, by the Corporation, as grantor, to the First
American Title Company of Montana, as trustee, for the benefit of the Master
Trustee, as beneficiary
• All assets, securities to be transferred to Successor Trustee as of September 4, 2019
• Any additional documents as requested
EXHIBIT C
CROSS RECEIPT
Re: $59,230,000 CITY OF KALISPELL, MONTANA
HOUSING AND HEALTHCARE FACILITIES REVENUE BONDS
(IMMANUEL LUTHERAN CORPORATION PROJECT) SERIES 2017A
U.S. BANK NATIONAL ASSOCIATION, the Prior Bond Trustee and Master Trustee, has
delivered to the undersigned Successor Bond Trustee and Master Trustee, on this date, the funds
and investments held under the Bond Indenture and Master Indenture for the referenced issue of
bonds as set forth on the account statement (or screen print of current holdings) which is attached
to this cross receipt:
Such funds and investments were transferred to the following account of the Successor Bond
Trustee and Master Trustee:
Zions Bancorporation, National Association dba Zions Bank
ABA No. 124-000-054
Account No. [TBD]
Account Name: Corporate Trust
Ref: Montana ILC 2017A
Attn: Anna McCully, Vice President
The Successor Bond Trustee and Master Trustee acknowledges receipt of such funds and
investments.
The Prior Bond Trustee and Master Trustee agrees to forward to the Successor Bond Trustee and
Master Trustee any earnings or other amounts relating to such funds and investments subsequently
received by the Prior Bond Trustee and Master Trustee promptly upon receipt.
Dated:
U.S. BANK NATIONAL ASSOCIATION, as
Prior Bond Trustee and Master Trustee
By: _
Name:
Title:
Zions Bancorporation, National Association dba
Zions Bank, as Successor Bond Trustee and
Master Trustee
By: _
Name
Title:
10
Anna McCully
Vice President
EXHIBIT C
CROSS RECEIPT
Re: $1,150,000 CITY OF KALISPELL, MONTANA
TAXABLE HOUSING AND HEALTHCARE FACILITIES REVENUE BONDS
(IMMANUEL LUTHERAN CORPORATION PROJECT) SERIES 2017C
U.S. BANK NATIONAL ASSOCIATION, the Prior Bond Trustee and Master Trustee, has
delivered to the undersigned Successor Bond Trustee and Master Trustee, on this date, the funds
and investments held under the Bond Indenture and Master Indenture for the referenced issue of
bonds as set forth on the account statement (or screen print of current holdings) which is attached
to this cross receipt:
Such funds and investments were transferred to the following account of the Successor Bond
Trustee and Master Trustee:
Zions Bancorporation, National Association dba Zions Bank
ABA No. 124-000-054
Account No. [TBD]
Account Name: Corporate Trust
Ref: Montana ILC 2017A
Attn: Anna McCully, Vice President
The Successor Bond Trustee and Master Trustee acknowledges receipt of such funds and
investments.
The Prior Bond Trustee and Master Trustee agrees to forward to the Successor Bond Trustee and
Master Trustee any earnings or other amounts relating to such funds and investments subsequently
received by the Prior Bond Trustee and Master Trustee promptly upon receipt.
Dated:
U.S. BANK NATIONAL ASSOCIATION, as
Prior Bond Trustee and Master Trustee
By: _
Name:
Title:
Zions Bancorporation, National Association dba
Zions Bank, as Successor Bond Trustee and
Master Trustee
By:
Name: Anna McCully
Title: Vice President
m