Resolution 3562 - Authorizing $550,000 Bruckhauser Pool GO BondsCERTIFICATION OF MINUTES RELA7ING TO
$550,000 General Obligation Bonds of 1985
Issuer: City of Kalispell, Flathead County, Montana
Governing Body: City Council
'Kind, date,'time and place of meeting: A regular meeting,
held on February 4, 1985, at 7:30 o'clock p.m., in
Kalispell, Montana.
Members present- Springer, Saverud, Grainger, Ruiz, Nystul
Manning, Palmer
Members absent:Schindler
Documents attached:
minutes of said meeting (pages): 279-281
RESOLUTION NO. 3s-6 Z
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
KALISPELL, FLATHEAD COUNTY, MONTANA,
AUTHORIZING AND PROVIDING FOR THE ISSUANCE
AND SALE OF ITS GENERAL OBLIGATION BONDS IN
THE AMOUNT OF $550,000 FOR THE PURPOSE OF
RENOVATING, IMPROVING AND RECONSTRUCTING THE
SWIMMING COMPLEX COMMONLY KNOWN AS
BRUCKHOUSER POOL IN THE CITY OF KALISPELL
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing
the obligations referred to in the title of this
certificate, certify that the-docu6ents dttached hereto, as
described above, have been carefully compared with the
original records of said corporation in my legal custody,
from which they have been transcribed; that said documents
are a correct and complete transcript of the minutes of a
meeting of the governing body of said corporation, and
correct and complete copies of all resolutions and other
actions taken and of all documents approved by the governing
body at said meeting, so far as they relate to said
obligations; and that said meeting was duly held by the
governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call
and notice of such meeting given as reqnired by law.
WITNES&my hand officially as such recording
)_,."officer this day of February, 1985.
signature
Al --2 IV 17 A..
P Name and Title
(SEAL) Marjorie GieTmann, Clerk/TreasureT
Member Springer introduced the following
resolution and moved its adoption --
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
KALISPELL, FLATHEAD COUNTY, MONTANA,
AUTHORIZING AND PROVIDING FOR THE ISSUANCE
AND SALE OF ITS GENERAL OBLIGATION BONDS IN
THE AMOUNT OF $550,000 FOR THE PURPOSE OF"
IMPROVING AND RECONSTRUCTING THE SWIMMING
COMPLEX COMMONLY KNOWN AS BRUCKHOUSER POOL IN
THE CITY OF KALISPELL
BE IT RESOLVED by the City Council (the Council)
of the City of Kalispell, Flathead County, Montana (the
City),as follows:
Section 1. Recitals. The electors of the City at
an election duly calleT, —noticed and held on November 6,
1984, at which 73.5 percent of the registered electors
voted, by a vote of 3,263 in favor and 1,620 opposed,
authorized this Council to issue and sell $550,000 principal
amount of general obligation bonds (the Bonds) of the City
for the purpose of renovating, improving and reconstructing
the swimming complex commonly known as Bruckhouser pool in
the City of Kalispell. The indebtedness authorized by the
bonds together will all other indebtedness of the City will
not exceed 28 percent of the taxable value of the property
subject to taxation by the City as ascertained by the last
completed assessrdent'for state an7d'coUnty taxes previdtis to
this date. The Council has full power and authority to
issue the Bonds.
Section 2. Terms of Bonds. Pursuant to the
authority described a6O—ve, �this Council shall issue and sell
the Bonds of the City in the aggregate principal amount of
$550,000 for the purpose of renovating, improving and
reconstructing the swimming complex commonly known as
Bruckhouser pool in the City of Kalispell. The Bonds shall
be dated as of April 1, 1985, shall be issued in one series
designated Series 1985, and shall bear interest, payable
semiannually on April I and October 1 of each year
commencing October 1, 1985, at the rate or rates designated
by the successful bidder at public sale and approved by this
Council, which rate or rates shall not exceed eleven percent
(11%) per annum, with the maximum difference between the
highest and lowest rate of interest not exceeding 2%. If
issued as serial bonds, the Bonds shall mature on April 1 in
each of the following years and amounts:
YEAR AMOUNT
1986 $15,000.00
1987 $20,000.00
-2-
0
EXHIBIT A
Notice of Sale
General obligation Bonds, Series 1985
$550,000
City of Kalispell, Flathead County, Montana
Notice is hereby given by the City Council (the
Council) of the City of Kalispell, Flathead County, Montana
(the City), that the Council at a regular meeting on March
4, 1985, at 7:30 o'clock p.m., M.T., in the City Council
Chambers in Kalispell, Montana will sell to the highes't and
best bidder for cash, either amortization or serial bonds
of the City in the totall principal amount of $550,000 Bonds
(the Bonds) for the purpose of renovating, improving and
reconstructing the swimming complex commonly known as Bruckhouser
pool in the City of Kalispell. The Bonds will be issued
as fully registered bonds only.
Amortization bonds will be the first choice and
serial bonds will be the second choice of the Council.
THE BONDS
If amortization bonds are sold and issued, the
Bonds will be issued as a single bond or divided into several
bonds, as the Council may determine at the time of sale,
both principal and interest to be payable in equal semiannual
installments on each April 1 and October 1, commencing October
1, 1985, and, subje - ct t-;P prior redemption -and prepayment-','
continuing through April 1, 2000. 'f - .
. If serial bonds are issued and sold, the Bonds
will be issued as bonds of single maturities in the denomination
of $5,000 each or any integral multiple thereof. The serial
bonds will mature, subject to prior redemption and prepayment,
on April 1, in the following years and amounts:
YEAR AMOUNT
1986
$15,000.00
1987
$20,000.00
1988
$20,000.00
1989
$25,000.00
1990
$25,000.00
1991
$30,000.00
1992
$30,000.00
1993
$35,000.00
1994
$35,000.00
1995
$40,000.00
1996
$45,000.00
-5-
1997 $50,000.00
1998 $�5,000.00
1999 $60,000.00
2000 $65,000.00
The Bonds whether amortization or serial bonds,
will be dated as of April 1, 1985, and will bear interest at
the rate or rates, not exceeding eleven (11%) per annum,
with the maximum difference between the highest and lowest
rate of interest not exceeding 2%, designated by the
successful bidder at the sale. No supplemental or B coupon
is allowed. Interest will be payable semiannually on April
1 and October 1 of each year commencing October 1, 1985.
The Bonds maturing on or after April 1, 1993 will be subject
to redemption and prepayment on October 1, 1992, and each
interest payment date thereafter, in inverse order of
maturity and by lot within a maturity, at a redemption price
equal to the principal amount thereof plus accrued interest
to the redemption date.
BOND REGISTRAR
The bond registrar and transfer agent will be a
suitable bank or trust company in the United States
designated by the successful bidder within 48 hours after
award of sale, subject to approval by the Council. The City
will pay the reasonable and customary charges of the
Registrar. The Council will select the Registrar if the
recommendation of the purchaseE if Hot ap-p'roved.
BIDDING AND SALE PROCEDURES
Bids must be on the Official Bid form, a copy of
which may be obtained from the City and enclosed in a sealed
envelope marked as follows: "Bid for $550,000 General
Obligation Bonds, Series 1985.1' 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.
The Bonds will be sold for not less than their par
value with accrued interest to the date of delivery, and all
bidders must state the lowest rate of interest at which they
will purchase the Bonds at par. Bids will be compared on
the basis of net effective interest cost (total interest
from date of issuance to each of the respective maturities
less any premium). The Bonds will he sold in open
competition bidding or by sealed bids. Sealed bids will not
be opened until all oral bids have been received and
recorded. The Council reserves the right to reject any and
all bids and to sell the Bonds at private sale and to waive
any informality and irregularity in any and all bids.
W
All bids other than those by or.on behalf of the
state board of investments must be accompanied by money,
certified check, cashiers checkr bank money 6rder, or bank
draft drawn and issued by a national banking association
located in Montana or by any banking corporation
incorporated under the laws of Montana in the sum of
$11,000.00 payable to the order of the City of Kalispell.
No interest�will be allowed on the bid security. The bid
security of the unsuccessful bidders will be returned
immediately on award of the Series 1985 Bonds to the
successful bidder or after rejection of all bids.
The bid security of the successful bidder will be
deposited by the City and retained until the delivery of the
Series 1985 Bonds, at which time such security will be
applied against the purchase price of the Series 1985 Bonds
or the proceeds thereof will be retained as liquidated
damages upon the failure of the successful bidder to
purchase the Bonds.
DELIVERY
Bonds. Delivery of the Series 1985 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, the Registrar and Paying Agent. The charge of
the delivery agent must be paid by, the purchaser, but all
other costs will be pa' -,Id by the City.- The City will provide
for the assignment and printing of CUSIP'numbers on the
Series 1985 Bonds, but will assume no responsibility for the
correctness of the CUSIP numbers printed thereon.
Legal Opinion andLLCL1,0�sin Certificates. At the
time of delivery of the Series 1985
Bonds the City will also
deliver to the successful bidder the legal opinion of Dorsey
& Whitney, Great Falls, Montana'and Minneapolis, Minnesota.
The legal opinion will state that the Series 1985 Bonds are
valid and binding
general obligations of the City, in
accordance with their terms payable from ad valorem taxes
levied
annually on all taxable property within the corporate
limits of the City. 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 any Official Statement or Prospectus
and assumes no responsibility 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 1985 Bonds is then
threatened or
pending, along with other customary closing
certificates.
-7-
All bids should be addressed to the City of Kalispell,
Flathead County, Montana and delivered to the City Clerk.
Additional information regarding the City and the ir
Bonds may be obtained from Mayor LeRoy McDowell, Kalispell,
Montana (406-755-5457) or Bob Ehlers, Dain Bosworth, Inc.,
1225 17th Street, Denver, Colorado 80202 (303-294-7200).
WWI, NO--
�r' Orwl
W
"'0
ATTEST:
Cit Y lerk
Publication Dates:
Daily Interlake
February 8, 1985
February 15, 1985
February 22, 1985
March 1, 1985
-8-