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Resolution 5120/SID 344 Bonds2006;RE SOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 344 BO1!D SERIES P.O WITH RESPECT THERETO I BE IT RESOLVED by the City Council (the "City Council") of the City of Kalispell, Montana (the "City"), as follows: 1. This City Council on April 3, 2006 adopted Resolution No. 5111 providing for the public sale of Special Improvement District No. 344 Bonds, Series 2006 (the "Bonds"), in an original aggregate principal amount of $4,520,000, to finance the costs of certain local improvements to be undertaken in or for the benefit of the properties within Special Improvement District No. 344. The notice of Bond sale (the "Notice of Sale") has been duly published by the City in The Daily Inter Lake in accordance with Montana Code Annotated, Sections 7-12-4204, 7-7-4252 and 17-5-106. Pursuant to the Notice of Sale, 1 (one bid 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 true interest cost under the terms of each bid have been determined. 2. The bid of D.A. Davidson & Co. (the "Purchaser") to purchase the Bonds, is hereby determined to comply with the Notice of Sale, and to be the lowest, most reasonable bid for the purchase of the Bonds and representing the lowest true interest cost (TIC). The bids of the Purchaser and the other bidders are listed in Exhibit A attached hereto and made a part hereof. The bid of the Purchaser is hereby accepted by the City Council and the sale of the Bonds is hereby awarded to the Purchaser. The bid security of the Purchaser shall be retained by the City 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 are hereby authorized and directed to execute a bid form or purchase contract for the Bonds with the Purchaser. 4. The Preliminary Official Statement relating to the Bonds, dated May 31, 2006, and together with any addendum or final official statement thereto (the "Official Statement'), is hereby approved and the determination of the City officials 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 (7) 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 City Council shall prescribe the form and security for the Bonds in a subsequent resolution to be considered on June 19, 2006. PASSED AND ADOPTED BY THE CITY THIS 13TH DAY OF JUNE, 2006. aL OF THE CITY OF KALISPELL, MONTANA, Pamela B. Kenny ATTEST: Theresa White City Clerk Mayor OFFICIAL BUD FORM ,, 000 CITY OF KALISPELL, MONTANA SPECIAL IMPROVEMENT DISTRICT NO.BONDS, 1 116 City Commission City of Kalispell, Montana 312 I't Avenue East P.O. Box 1997 Kalispell, Montana 59903 Pursuant to the provisions contained in the Notice of Bond Sale dated April 3, 2006, (the "Notice of Sale") for the purchase of $4,520,000 principal amount of your City of Kalispell, Montana, Special Improvement District No. 344 Bonds, Series 2006 (the "Bonds"), we hereby offer to purchase all of the Bonds fromyou at the price of $ -//� �% ��� 00 . which amount is not less than $4,429,600 (98.0%)(for a discount of $90,400), plus accrued interest, if any, plus a premium of $ — the Bonds to bear interest at the rates set forth opposite the years and amounts as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2007 $225,000 3,70 % 2017 $225,000 % 2008 225,000% 2018 225,000 % 2009 225,000 % 2019 225,000 % 2010 225,000 - 9�o 2020 225,000 L4 L1 C1 2011 225,000 �©0 % 2021 225,000 5-00 %� 2012 225,000 �% 2022 225,000 5. 2013 225,000 0/0 2023 230,000 _%o 5, l D 0/0 2014 225,000 % 2024 230,000�% 2015 225,000 % •,S� 2025 230,000 / % 2016 225,000 % 2026 230,000 �S 7•'y% nation of Term Maturities: ( ears included in Term Maturities, if The following is submitted not as part of this bid, but for informational purposes, and is subject to verification prior to award: Total interest from June 15, 2006 to maturity ..................... $ a, a 93 z,,l 3 Ste• 3 Plus discount, if any............................................................ $ Less premium, if any........................................................... $ Total Dollar Interest Cost .................................................... $ True Interest Cost ("TIC") ................................................... • 99 14- % % • Bidders have the option of combining the Bonds maturing on and after 2007 through and including 2013 and on and after 2014 through and including 2026 into one or more term bonds as described in the Notice of Sale. Enclosed herewith is a good faith deposit in the form of lawful money of the United States, cashier's check, certified check, bank money order or a bank draft drawn and issued by a federally chartered or state chartered bank insured by the Federal Deposit Insurance Corporation or a financial surety bond in the amount of $90,400 payable to the order of the "City of Kalispell, Montana" to be held and disposed of by you as provided in the Notice of Sale. This bid must be accepted in its entirety within the time provided in the Notice of Sale and if not so accepted by you within such time shall be deemed to have been rejected. This bid shall remain irrevocable until the expiration of such time unless sooner rejected by you. Each of the Bidders listed below: (i) acknowledges receipt of the Preliminary Official Statement dated May 31, 2006 and the Notice of Sale dated April 3, 2006 (ii) represents and warrants that it has full power and authority to make this bid and to purchase the Bonds if this bid is accepted; (iii) agrees that the validity and interpretation of this bid shall be governed by the laws of the State of Montana; and (iv) acknowledges that bids may be transmitted electronically through Parity in accordance with the terms and conditions of the Notice of Sale and that to the extent any instruction or directions set forth in Parity conflict with the Terms and Conditions of Sale, the terms of the Terms and Conditions of Sale shall control. In the event the Bidders are acting through a Representative(s), each of the undersigned Representative(s) warrants that it has the necessary power and authority to act on behalf of each of the Bidders. Respectfully• -• this IP day of 1!. nn BIDDER: AA-t As Representative(s) of the persons, firms and/or corporations named below: SELLING GROUP/ ` SYNDICATE: 1. ! IA- 3. 2. C! and on behalf of the City of Kalispell, Montana as of June 13, 2006: ATTEST: B. Kerme —,Mayor A Theresa White, City Clerk