Resolution 4991/Awarding Sale of GO BondsRESOLUTION RE, LAI`ING TO $3,000,000 GENERAL OBLIGATION BONDS, SERIES
2005; AWARDING THE SALE THEREOF E APPROVING THE OFFICIAL
STATEMENT RELATING THERETO.
BE IT RESOLVED by the City Council (the `Council") of the City of Kalispell,
Montana (the "City"), as follows:
1. This Council on March 7, 2005, adopted a resolution providing for the public sale
of $3,000,000 General Obligation Bonds, Series 2005 (the "Bonds") to finance the costs of a
Project described therein. Notice of the sale has been duly published in accordance with
Montana Code Annotated, Sections 7-7-4252 and 1.7-5-1.06. Pursuant to the notice of sale, nine
(9), sealed bids for the purchase of the Bonds were received at or before the time specified for
receipt of bids. The bids have been opened and publicly read and considered, and the purchase
price, interest rates and net interest cost under the terms of each bid have been determined.
2. The bid of Citigroup Global Markets, Inc., of Los Angeles, California (the
-Purchaser"), attached as Exhibit A, to purchase the Bonds is hereby determined to comply with
the notice of sale and to be the most favorable bid received for the purchase of the Bonds. The
bid of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the
Purchaser. The bid security of the Purchaser shall be retained pending payment for the Bonds
and the bid security of all other bidders shall be returned forthwith.
3. The Mayor and the finance Director are hereby authorized and directed to
execute on behalf of the City a contract for the sale of the Bonds with the Purchaser.
4. The Preliminary Official Statement relating to the Bonds, dated March 8, 2005,
2005, is hereby approved. 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..
PASSED XND .APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL THIS 21ST DAY OF MARCH, 2005.
Pamela B. X`e`rfry
A l'TEST• Mayor
Theresa White
City Clerk
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CitigroupGlobalam Los Angeles, Bid i
Kalispell1"11 101 General Obligation B. a'
2005Series
For the aggregate principal amount of $3,000,000.00, we will pay you $3,000,000.00, plus accrued interest
from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
.Maturity Date Amount $ Coupon %.
Bond Insurance
07101/2006 125M
6.5000
Ambac
07/01/2007 160M
6.5000
Ambac
07/01/2008 165M
6.0000
Ambac
07/01 /2009 175M
6.0000
Ambac
07/01 /2010 180M
3.0000
Ambac
07/01/2011 185M
3.2000
Ambac
07/01/2012 ' 190M
3.3500
Ambac
07/01/2013 200M
3.5000
Ambac
07/01 /2014 205M
3.6000
Ambac
07/01/2015 215M
3.7500
Ambac
07/01/2016 - 220M
3.8000
Ambac
07/01 /2017 230M
3.9000
Ambac
07/01/2018 240M
4.0000
Ambac
07/01/2019 250M
4.0000
Ambac
07/01 /2020 260M
4,0000
Ambac
Total Interest Cost:
$1,062,740.63
Discount:
$0.00
Net Interest Cost:
$1,062,740.63
TIC:
3.940962
Total Insurance Premium:
$20,700.00
Time bast Bid Received On:03/21 /2005 11:57:57 MST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Citigroup Global Markets Inc., Los Angeles, CA
Contact: Susan Viscarra
Title:
Telephone: 213-486-8811
Fax:
Issuer Name: City of Kalispell
Company Name:
1 of 2 3/21/2005 11:57 M
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Accepted By. Accepted
Date: 3 /,9 5 Date:
By.
2 of 2 3/21/2005 11:57 AN
Sale Date: 3/21105
BBI: 5.56% (3117/05)
Name
of Bidder
1) D. A. Davidson
2) United Bankers
3) Wells Fargo
4) Citigroup
5) Leap, Mason Wood Walker
6) RBC Dain Rauscher
7) Stifel Nicalaus Har6en
8) Ross, Sinclaire and Assoc.
9) Sterne Agee and Leach
10)
$3,000,000 - City of Kalispell
General Obligation bands, Series 2005
BID SUMMARY RY SHEET
Received
Good Faith
True Interest
Total Dollar
(Less
Net Dollar
Deposit (✓)
Cost "TIC"
Interest Cost
Premium)
Interest Cost
X
3.97898%
1077,041.25
$0
$1,077,041.25
X
4.03725%
$1,092,866.25
$0
$1,092,866,25
X
3.9808%
$1,090,510.00
$10 849.75
$1.079,660.25
X
3.9409620/.
$1,062 740.63
$0
$1,062,740,63
X
3.997448%
$1,096,746.25
$4,414.11
$1 082 332.14
X
4.024310%
$1,090,510.00
$1,382.60
$1,08 1127.40
X
4.0800793%
$1109,360.94
$1,184.05
$1.108.176.89
X
4.117411%
$1.116503.75
$450.00
$1.116,053.75
X
4.126075%
$1,116,203.75
$376.60
$1.115,827.15