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Resolution 3476 - Sewerage System Revenue Bonds147. I A. :7 7 Ir"7 UTION 'NO. kESOQ. :3476 RESOLUTION PROVIDING' FOR -PUBLIC': SALE OF $875,000 SEW RAGE SYSTE.M'R-EVENUE ­BONPS OF.'THE CITY OF KALISPELL ji iT ktSOLVFD .by the Cit -Council of the City of Kalispell, y -Montana 6slollows.-' 1. 'This Co6-ncil has.investigated the facts necessary and hereby finds, determines and declares it.� to be necessary and des.irable for the City -ta offer for "sale' $87 5, QOO -Sewerage System ;Reveitue,'.. Bonds, S6ries 1.983 (tb6� Se�ries. 1�83.Bqnds) for -r-he. purpose of �fiviancing i0provements. to tho:'�M'uil�.CiO41 :sewerage- 2.­ This Council shall 'meiit­ at. the� 'time and place specifizd in ".Condit ions 'of 8ai'e- here.in- cp,�tbi-ned f�6r the 'purpose of' r6- -Ze W '983- Bonds, and.- awarding -tho sale t 0 e r ie s': 1 here f.'. The� City.Clerk I s her'e8y *..U�horize4 and directed f or thwith -to cause notice of 'the time,. place. and 4a-i-d,., meeting to be �ublished oncei at least five ­'diys-'�pri6r to the sale'. in The Daily I riter Lake at Kalispell, Montana, and, in the , The Bond Buyer, a financial newspaper published in New York, New York. 3. The followini shall constitute the Terms and Condirions of Sale for the Series 1983 Bond5: 00 - 4,, ' Any other actions taken, resolutions -passed or forrhs of notices of sale approved on . this date with respect to the Series 1983 Bonds are hereby confirmed and -ratified. PASSED by the City council of the City of Kalispell, Montana, and approved by the Mayor of said City.on-this 15th day of August, 1983. ATTEST: City CI)frk 0 I,. 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 622 -4 City, Cl6r of.: t�_, Pity- 9f Witpel.l�,, ­4� J 14B. Q., TERMS AND CONDItIONS OF SALE $875,000 SEWERAGE SYSTEM REVENUE BONDS, SERIES 1983 CITY OF KALISPELL, MONTANA NOTICE NOTICE IS HEREBY GIVEN that the City of Kalispell, Montana, will receive and consider sealed bids for the purchase of its $875,000 fully ,registered Sewerage System Revenue Bonds, Series 1983 (the Series 1983 Bonds), in the Council Chambers in the City Hall in said City on August .15, 1983, at 7:30 o'clock P.M., M.T. THE SERIES 1983 BONDS General Terms. The Sercies 1983 bonds will be dated- September 1, 1983, will be in the denomination of $5,000 each, numbered serially, will bear interest at a race or rates designated by the successful bidder, subject to the limitations stated below, payable March 1, 1984, and semi- annually on September .1 and March I in each year. thereafter, and will mature serially on September I in the following respective years and amounts: Year' Amount Year Amount 1984 $15'.Q00 1994. $40,0oo 1985 15,000 1995 45,000 1986 15,000 1996 45,000 1987 20,000 1997 55,000 .1988 20,000 1998 60,000 1989 25,000 1999 65,000 1990 25,000 2000 70,000 1991 30,000 2001 80,000 1992 30,000 2002 90,000 1993 35,000 2003 95,000 . Redemption: Series 1983 Bonds maturing in 1994 or thereafter are subject to redemption and prepayment at the option of the City, in inverse order of maturities and by lot for Series 1983 Bonds having the same maturities, on September 1, 1993, or any- interest payment date there- after -at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus' accrued interest to the redemption date: I Redemption Date. Premium -September 1, 1993 and March 1, 1994 1021% September 1, 1994 and March 1, 1995 102 % September 1, 1995 and March 1, 1996 101�% September 1, 1996 and March 1, f997 101 % September 1, 1997 and March 1, 1998 100-Vl% Septembtr 1, 1998 and thereafter 100 % I I 11 ? 149. Purpose and Secur ity. The Bonds will be issued in accordance with the provisions of Montana Code Annotated, Title 7, Chapter 7, Part 44, for the purpose of providing monies to pay the costs of improvements .to the City's municipal sewerage system (the System). The Series t983 Bonds will be payable solely from and will constitute a first lien upon the net revenues from time to time derived from charges imposed and col- lected for the services and facilities of the System, in excess of the current, reasonable and necessary expenses of operation, maintenance and repair thereof and on a parity with $90,000 principal amount outstanding sewerage system revenue bonds of the City dated and $�30,000 principal amount outstandin.Fl sewerage system revenue bonds of the City dated July 1, 1976. BIDS AND AWARD OF SALE Terms of Bid. All Series 1983 Bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, expressed in integral multiples of 1/8 or 1/20 of 1% per annum. No rate may exceed 13% per annum. No supplemental interest will be allowed. No bid for less than par plus accrued interest (based on a 360- day year) from September 1, 1983, until the date of delivery of the Series 1983 Bonds will be considered. Paying and Transfer Agent. Principal and interest will be made -payable at any suitable bank in the United States, designated.by the suc- cessful bidder within 48 hours after award of sale, subject to approval by the City Council, and the City will pay reasonable and customary paying and transfer agency charges.. The City Council will select the paying and transfer agent if the recommendation is not approved. Receiptof Bids. Sealed bids for the Series 1983 Bonds will be received by the City at the office of the Finance Director in the City Hall, Kalispell, Montana, until 7:30 o'clock P.M., Mountain Time, on August 15, 1983. The bids will thereupon be opened and tabulated. Time and Place of Award. A tabulation of bids received will be presented to the City Council at 7:30 o'clock P.M., M.T., an the same day at its regular meeting to be held at the Council Chambers in -the City Hall, Kalispell, Montana, at which time and place the City Council will make the award of sale, if any. . Submission of Bids. Bids must be' -"'on —the OfffiCial Bid form and enclosed in a s ' ealed envelope marked as follows: "Bid for $875,000 Sewer- age System Revenue Bonds, Series 1983.11 Each envelope when delivered must indicate the name and address of the bidder, or, in the case of a group of bidders, of the representative. No alterations or amendments of the Official Bid form are permitted, except for those additions speci- tically provided for. Basis of Award. The award, if any, will be made to the bidder whose bid results in the lowest net interest cost (total interest from date of Series 1983 Bonds to stated maturities, less any cash premium). The City reserves the right to reject any aii'd all bids and 'to waive any in- formality or irregularity in any and all. bids. iso. Good Faith Check. Each bid must be accompanied by lawful money of the United States or a cashier's check, certified check, bank money order or bank draft drawn and issued by a national banking association located in Montana, or by any banking association incorporated under the laws of the State of Montana, payable to the Finance Director, in the amount of $17,500. ' No interest will be allowed on the bid securit'.y. The bid security of the unsuccessful bidders will be returned immediat4ily on award of the Series 1983 Bonds to the successful bidder of after the rejection of all bids. The bid security of the successful bidder wilI be deposited by the City and retained by the City until the delivery of ihe Series 1983 bonds, at which time -such security will be applied againsc the purchase price for the Series 1983 Bonds or the proceeds thereof will be retained as liquidated damages upon the failure of the successful bidder to take and pay for the Series 1983' Bonds in accordance with the terms of its bid. Information. Additional copies, in reasonable quantities, of the Terms and Conditions of Sale, the Official Bid Form, and the Official Statement, so long as available, and information regarding the Series 1983 Bonds and sale may be obtained from the City's financial consultant, D. . A. Davidson & Co. , Incorporated, Attn. Kreg A. Jones (406) 727-4200 or William J.-Swanson, the Finance Director (406) 755-5457. DELIVERY Bonds. Delivery of the Series 1983 Bonds will be made against payment therefor in immediately available funds within 45 days of the date of sale at the office of the purchaser or, at his option, at a bank in the United States selected by him and approved by the City as its agent. The charge of the delivery ajent must be paid -by the purchaser, but all other costs will be paid by the City. - The City will provide for the as- signment and printing. of CUSIP numbers on the Series 1983 Bonds, but will assume no responsibility for the correctness of the CUSIP numbers printed thereon. Legal Opinion and Closing CeEtificates. At the time of delivery of the Series 1983 Bonds the City will also deliver to the successful bidder the legal opinion, of Dorsey & Whitney, Minneapolis, Minnesota. The legal opinion will state that the Series -1'9M*Bonds are valEd and binding Special obligations of the City, in accordance with their terms, payabZ I e solely from the Net Revenues of the System pledged and appropriated to the Revenue Bond Account of the Sewerage System Fund of the City, and that the Series,1983 Bonds are a first and prior lien on the entire capital Net Revenues of said System.. A copy of the legal opinion will be printed on the reverse side of the Bonds. Dorsey & Whitney has not been retained to prepare or review and has -'not prepared or reviewed the Official State- ment and assumes no res . p . onsibility for and will express no opinion with respect to the accuracy, completeness or sufficiency thereof. The City will also deliver a certificate stating that no litigation in any manner questioning the validity of the Series 1983 Bonds is then threatened or pending, along w ith other customary closing certificates. 41 4,rl Dated: August 1, 1983. BY OBDER OF THE CITY COUNCIL Isi Ma �Jorie Giermann I I City Clerk Kalispell, Montana 151. APPENDIX A NOTICE OF SALE ' CITY OF KALISPELL, MONTANA $875,000 SEWERAGE SYSTFM REVENUE BONDS SERIES 1983 NOTICE IS HERE ' BY GIVEN that the City of Kalispell, Montana, will receive sealed bids for the purchase of its 1875,000 Sewerage Systern Revenue Bonds, Series 1983 (the Bonds), on August 15, 1983 until 7:30 o'clock P.M., M.T., in the City Hall in Kalispell, Montana. The Bonds will be dated 1, 1983, and will mature on Aagemt 1 in the following years and amounts: Wav, be e- Year Amount Year Amount 1984 $15,000 1994 $40,000 1985 15,000 1995 45,000 1986 15,000 1996 45,000 1987 20,000 -1997 55,000 ig8a 1089 20,000 25,000 1998 1999 60,000 65,000 1990 25,000 2000 70,000 1991 30,000 2001 80,000 1992 30,000 2002 90,000 1993 35,000 2003 95,000 .-Bonds maturing in 1994 and thereafter will be subject to redemption on Sep- tember 1, 1993 and any interest payment date thereafter. Interest on the Bonds will be.payable on each March 1 and September 1, commencing March 1, 1983. The opinion of Dorsey & Whitney, Minneapolis, Minnesota, as bond coun- sel, will be furnished by the City. Further information regarding the Bonds and the terms and condi- tions of this sale may be obtained from Mr. William J. Swanson, Finance Director (406) 755-5457 or Mr. Kreg Jones, D. A. Davidson & Co., Incorpor- ated, (406) 727-4200. Dated: August 1, 1983. By Order of the City Council Kalispell, Montana -!7, �01 152. 4 ki LcRo'y E. McDmA P.O. Box lo35 Mayor ZiP 5WI'.1035 Tckpho- (0) 755-5457 T H E CITY OF KALISPELL., MONTANA Date Aug. 2, 1983 Daily Inter Lake P. 0. Box 8 Kalispell, 14T 59901 Dear Sirs; Please publish the Hotice of Sale of Sewerage System Revenue Bonds Series 1983 as per the attached notice on the dates indicated thereon. Please furnish -as with an affidavit of publication. .4p Respectfully, A A .1 A A, Mari 0 0 'eroam, City ClGrk P "Vacation City"