03. Resolution 4991 - Award the Bid for Sale of Bonds - Fire Station 62City of Kalispell
Post Offlc�, .Box 1,997 - KalispelL Moptana 59903-1 47 - Telephone f406)758-7700 Fax (406)758-7758
REPORT TO: Mayor Kennedy and City Council Members
FROM: Amy Robertson, Finance Director
James H. Patrick, City Manager
SUBJECT: Fire Hall - G. O. Bonds —award bid for Sale of Bonds
MEETING DATE: March 21, 2005
BACKGROUND: The City is offering for sale $3,000,000 bonds at a competitive sale
on March 21 st at 12 noon. The bids will be received electronically or can be fared. A
Preliminary Official Statement has been left in the Council Office. This is the document
provided to potential bidders such as D. A. Davidson, Piper Jaffery and other investors including
the local banking institutions. The bids will be opened, or in the case of electronic bids,
revealed, at noon on Monday. Our Financial Advisor, Bridget Ekstrom, from D. A. Davidson
will be here for the opening and will be available to answer any questions.
RECOMMENDATION: Adoption of Resolution awarding the Sale of Bonds.
(Blanks will be filed in after the bids are received on Monday)
FISCAL EFFECTS: Total new revenue is S 3,000,000.
ALTERNATIVES: None.
Amy H. Robertson
Finance Director
Report compiled: March 15, 2005
ames H. Patrick
City Manager
RESOLUTION NO.4991
RESOLUTION RELATING TO $3,000,000 GENERAL OBLIGATION BONDS, SERIES
2005; AWARDING THE SALE THEREOF AND 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 17-5-106. Pursuant to the notice of sale,
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 , of (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 AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE .MAYOR OF
THE CITY OF KALISPELL THIS 21 ST DAY OF MARCH, 2005.
ATTEST:
Theresa White
City Cleric
Pamela B. Kennedy
Mayor