Resolution 3403 - $1,400,000 Industrial Development Revenue Bonds4� ,
RESOLUTION NO. 3403
A RESOLUTION AMENDING RESOLUTION NO. 3394 AND
APPROVING CERTAIN TERMS OF $1,400,000
INDUSTRIAL DEVELOPMENT REVENUE BONDS (JEWEL
COMPANIES, INC. PROJECT) SERIES 1982 OF THE
CITY OF KALISPELL, MONTANA
BE IT RESOLVED by the City Council of the City of
Kalispell, Montana (the City), as follows-.
Section 1. Background. on March 1, 1982, by
Resolution No. 3394, this Council authorized the issuance
and sale to D. A. Davidson & Co., Inc. (the Underwriter) of
$1,400,000 Industrial Development Revenue Bonds (Jewel
Companies, Inc. -Project), Series 1982 (the.Series 1982
Bonds) for the purpose of financing the costs of a Project
to be owned by Jewel Companies, Tnc. (the Obligor) and used
as a retail food and drug store. Issuance and sale of the
Series 1982 Bonds was made subject to the approval by this
Council, the Obligor and the Underwriter of the final terms
thereof. The Obligor and Underwriter have agreed upon said
terms and request this Council's approval.
Section 2. Amendment. Section 4.02. of
Resolution No. 3394 as passed and approved March 1, 1982, by
the City Council of the City of Kalispell,? Montana, shall be
amended to read as follows:
4.02. Terms. The Series 1982 Bonds shall be in
the denomination of $5,000 each, shall be numbered
consecutively and shall mature in order of serial numbers.
The Series 1982 Bonds shall bear interest at such rate or
rates and shall mature and be subject to optional, redemption
on the date and in the amounts as the Company and
Underwriter shall. agree upon and this Council shall approve.
The interest on each Series 1982 Bond.shali be payable on
April: May 1 and Geteber November 1, commencing eeteber
November 1, 1982, until the Bonds are fully paid or
discharged.
Section 3. Bonds. The Series 1982 Bonds shall
mature on May 1 in the years and amounts and bear interest
at rates as follows:
1
Maturity
Principal
Interest
(May 1)
Amount
Rate
1983
$ 50,000
8.40%
1984
55,000
8.70%
1985
60,000
9.00%
1986
65,000
9.25%
1987
70,000
9.50%
1988
80,000
9.75%
1989
85,000
10.00%
1990
95,000
10.25%
1991
110,000
10.50%
1992
120,000
10.75%
1993
35,000
11.00%
1994
35,000
11.20%
1995
40,000
11.40%
1996
45,000
11.60%
1997
55,000
11.80%
1998
60,000
11.90%
1999
70,000
12.00%
2000
80,000
12.10%
2001
90,000
12.15%
2002
100,000
12.20%
The Series
1982 Bonds shall
be dated as
of May 1, 1982 and
:.hall bear
interest payable
on each May
1 and November 1,
commencing
November 1, 1982.
The Bonds
shall be subject to
redemption
and prepayment at
the times and upon the terms
,;et forth
in the Indenture described
in
Resolution No. 3394.
First Interstate
Bank of Kalispell,
N.A.
shall act as
trustee under
the Indenture.
ATTEST:
(SEAL)
PASSED AND APPROVED this /_7 . day of May, 1982.
APPROVED:
Clerk Mayor
49.
the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a true
copy of the Resolution passed by the City Council of the City of Kalispell, Montana at a
regular meeting held
City CI k of the City of Kalispell