Resolution 4272 - Award Bid for Water System Revenue Bonds346
a ,
W
RESOLUTION NO. 4272 1
RESOLUTION RELATING TO $1,060,000 WATER SYSTEM REVENUE
BONDS, SERIES 1996; AWARDING THE SALE THEREOF AND
APPROVING CERTAIN MATTERS WITH RESPECT THERETO
BE IT RESOLVED by the City Council (the "Council"') of the City of
Kalispell, Montana (the "City"), as follows:
1. This Council on May 28, 1996 adopted a resolution providing for
the public sale of $1,060,000 Water System Revenue Bonds, Series 1996 (the
"Bonds"), prescribing the terms and conditions thereof and adopting the Notice of
Sale, such notice having been published in accordance with Montana Code
Annotated, Section 7-7-4434. The bids have been opened and the purchase price,
interest rates and net interest cost under the terms of each bid have been
determined.
2. The bid of $530.259.44 ' of D.A. Davidson
& Company (the "Purchaser"), attached as Exhibit A, to purchase the Bonds of
the City, is hereby determined to comply with the notice of sale, and to be the lowest,
most reasonable bid for the purchase of the Bonds. The bid of the Purchaser is
hereby accepted by the Council and the sale of the Bonds is hereby awarded to the
Purchaser. The bid security of the Purchaser shall be retained pending delivery of
the payment for the Bonds and the bid security of all other bidders shall be promptly
returned.
3. The Mayor and the City Clerk of Council are hereby authorized
and directed to execute a purchase contract with the Purchaser with respect to the
Bonds.
4. The Preliminary Official Statement relating to the Bonds, dated
May 30, 1996, is hereby approved and the determination of the City Clerk of Council
that the Official Statement has been deemed final for purposes of SEC Rule
15c2-12(b)(1) is hereby ratified and confirmed. The officers of the City are hereby
authorized and directed to execute such certificates as may be appropriate concerning
the accuracy, completeness and sufficiency of the Official Statement and to deliver to
the Purchaser within seven business days after the date of adoption of this
resolution copies of the Official Statement in accordance with the Notice of Sale,
supplemented so as to contain the terms of the Bonds as set forth in this resolution
and the reoffering and other information provided by the Purchaser for inclusion in
the Official Statement.
5. This Council shall prescribe the form and security for the Bonds
in a subsequent resolution.
-4.
-2-
1347
I
I I
a
PASSED AND APPROVED by the City Council of the City of Kalispell,
Montana, on this 11th day of June, 1996.
Mayoro
ATTEST:
WJIL�L- � 1
City Clerk of CduiiW
-3-
t47�
7m W
AL
JUN-10-96 MON 10:56
D.A.DAUDSON & GO.
Cly Co=fl
City of Kalispell
312 Ist Ave= East
Kalispell, Montana 59903
FU NO. bUftbb8811
OMCUL BID FORM
$19060,000
Chy Of KWUPA MOW=
Water SysUm Revenne Bon&,
saw 9%
F. U2
Pmmunt to the provisions contained in ft Official Notice of &k dated may 28. 1996 (the 'Notice of
Sale*) for the purchase of $1,060,000 principal amoum of your City of Kalispell water System Revcmie
Bonds, Series
1996 (tbe "Bond3"), we hereby offer to pxchaw all of the Bonds from you at the prke
of par. plus acc=4 ==sE ftm June 15, 1996 to ft date of delivay of the Bonds to us, plus a
pmmium Of S---
the Bonds to bear inretest at the mtes set fbrth opposite the yem and
amounts as follow
Princ#w Imerest Primcw Lae=
YM
RM Y= Amp= E=
1997
S45,00D 7,50 % S75,000 5,20
1998
50.000 7SO % 2006 75,060 5�
1999
55.000 % 2007 80,000 5.
2000
55,000 _CZ % 2008 85,000 L-,,50 %
2WI
60,000 7S7 % 90,000 5.
2002
60,000 % 2010 95,000 %
MM
65,000 .57 ec % 2011 100,000
2004
70.000 S. / 1� %
Enclosed herewith is i.,good faith dq?osit in the fbrm of lawfid momy of the Unked St3m, cashier's
cbeck, cerMed check, bink money order or a bank draft drawn and issued by a federally ch&mmed or
stme chutered bank hqxed by, dw Federal Deposh Insurance Coqoration or a fbxrial =ray bond
in the amount of $21,200 payable to the mdw of "City of XafispeUl' to be bold and disposed of by you
as provkled in the Notice of Sale. This bid must be accepted in its =drety within the time provided
in the Notice of Sale and if not so accepted by you within such d= 9WI be doemed to bave been
rejected. This bid shall rermin irrevocable untfl, the expiration of mch time unless sooner rejected by
YOU.
1'3 0.
I
q
JUN-10796 MON 10:56
D.A.DAVIDSON & CO.
a
FAX NO. 5096658811
F,03----�
F.Acb of the Bidders; (i)-ackn wiedges jeccipt of ft prelimbIK7 OftleW Statm= dated May 30, 1996
and Notice of Sale dated May 29, 19%, CH) ropmsents and warrun that it has fuJ1 power and mahoriry
to make this bid and to pmch= Ehe Bonds if this bid is accepted; and (Iii) SM% that dl-. validiry an'd
h=pretaflon of tWs bid dull be governed by the laws of ft Soft of monmn& In the evem the
Bidden are acting ftough a Reprtwoutin or ReF 0 -4 F
s- i --,. each of de undersigned Representadvcs
w== ft k bas tk =essary power and auboft to xt on b&ff of each of the akkim.
RespeeftHy submifted this I lth day o( Ame, 1996,
DA bai)LA-re..
BMDEEL L -- * On
BY: C/) d- -
Q
As ftpresentadve(s) of the persons, fmas and/or corporations named below:
SPT-I GROUP/
S M11CATE: 1. 3.
2. 4.
Accqxcd fbr and on behalf of the City of KaUspell, Montana w of lum 11, 1996:
BY:
"Y
MAIVEI if
O�F
11-0 following is submiftd not as pan of this bid, but for Wormational purposes, and is subject to
venficadon prior to award:
Total k== from Am - 15, 1996 to maMrity J5 3Q A 59. y- </
Less pfembnn, if W ................... S-
TOW Dollar Inwmst Con ................. $ 53C,,,-A5V, V5/
Not IMrea Rft ....................... 15 53 & 7 %
.4 T