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1. Authorization of Bond Purchase Agreement - Kalispell City Airport Redevelopment Planuity of Kali'spell Post Office Box 1.997 - Kalispell, Mon -Lana 903-199 - Telephone (406)758-7700-7 REP. .mayor Kennedy and City Council Members FROM: Amy Robertson, Finance Director James H. Patrick, City Manager SUBJECT: Airport Urban Renewal Bondi award bid for Sale of Bonds MEETING DATE: August 2.2, 2005 BACKGROUND: The City is offering for sale $2,000,000 bonds at a negotiated sale on August 23rd. Copies of the Preliminary Official Statement have been left in the Mayor/Council rd Office. Direct bids from D.A. Davidson will be received on the morning of August 2. At the special council meeting on the 22"d Bridget Ekstrom from D. A. Davidson will present preliminary interest rates and other pricing information for your approval. We cannot lock the rates in until after Council approval. We will accept the rates on Tuesday morning when the market opens. Interest rates could possibly change slightly between Monday aftemoon and Tuesday moming. Therefore, we need a Council motion to authorize the City Manage- and Finance Director to agree to changes and sign the Bond Purchase Agreement on Tuesday. RECOMMENDATION: Motion to authorize the City Manager and Finance Director to accept the bids and sign the Bond Purchase Agreement for the sale of $2,000,1000.1n Airport Urban Renewal Bonds, FISCAL EFFECTS: Total new revenue i 2)00000. _5� s 1 .x; 9 .my H. Robertson �__�'7amesH. at e Finance Director City Manager Report compiled: August 17, 2005 i D.A. Davidson & Co. $11,445,000 $555,000 City of Kalispell, Montana City of Kalispell, Montana Tax Increment Urban Renewal Tax Increment Urban Renewal Revenue Bonds, Revenue Bonds, Series 2005A. (Non-AMT) Series 2005 AMT) BOND PURCHASE AGREEMENT' August 23, 2005 City of Kalispell, Montana 312 I ' Avenue East Kalispell, MT 59903 On March. 7. 2005, the City of Kalispell, (the "'City"' adopted a resolution (the "Resolution") ") authorizing the issuance and private negotiated sale of the City' Tax Increment Urban Renewal Revenue Bonds, Series 2005.A (Non-AMT) (the `'Series 2005A Bonds"') and the City's Tax Increment Urban Renewal Bonds, Series 2005E (AMT) (the "Series 2005E Bonds") (collectively the "Series 2005 Bonds"') and the Ci y" s execution and delivery of this Bond Purchase Agreement (the "Agreement"), in light of such authority, D. A. Davidson & Co. (the "'Underwriters') hereby otters to enter into this Agreement with the City. Upon your acceptance, this Agreement shall be in full force and effect accordance with its terms and shall be binding upon the City and the Underwriter. l Series 200.5A Bonds* Upon the terms and conditions and in reliance upon the representations set forth herein, the Underwriter hereby agrees to purchase from. the City and the City hereby agrees to sell to the Underwriter all but not less than ail) of the Series 005 Bonds in the aggregate r c al amount. of 1,445,000 t a urchase rice of � � � ecti theunderwriter's d sco nt o $) ;� fus accrued interest from the date of such bonds to the Closing Date), and otherwise in compliance with the terms of the Resolution. Series 2005E Bonds. Upon the terms and conditions and in reliance upon the representations set forth herein, the Underwriter hereby agrees to purchase from the City and the City hereby agrees to sell to the Underwriter all(but not less than ally of the des ; Bonds 'n the aggregate principalamo �5500o at aurchase e of� eectrg the underwriter" discount of $�, plus accrued interest from the date of such bonds to the Closing Date), and otherwise in compliance with the terins of the Resolution. The 2005 Bonds. The City will be responsible for all other costs of issuance 'inclusve of the fees of Bond Counsel, printing and distr'but on costs of the rehnu*nary and final Official Statements,, and paying agent and registrar fees. The Series 2005 Bonds shall be issued and secured under and pursuant to the .fond Resolution dated on or about September 6, 20005 (the `Bond Resolution") and shall mature, bear interest and be sub ect to redemption as set Forth i Exhibit A hereto. The Underwriter agrees to make a public offering ng of the Series 2005 Bonds at the initial offering prices set forth in the Official Statement referred to in Section 2 herein, which prices may be changed from time to time by the Underwriter. Public Finance — www.dadavidson.com 402 East Main Street • Suite 202 # Bozeman, MT 59715 ' 4 55" 5 * ( 415-6950 * FAX () SW2160 Montana 0 Washington 11 Idaho * Wyoming * Oregon Utah* Cafifomia August 23, 200 City ofKalispell Page 2 of 2) The City shall deliver or cause to be delivered to the Underwriter, promptly after acceptance hereof, five copies of the Official Statement, substantially in the form of the relirrd.ary Official Statement dated Angst 9, 2005, (the "Preliminary official Statement") with only such changes therein as shall have been accepted by us (such Preliminary official Statement with such changes, f any, and including the cover page and all appendices, exhibits and statements included therein or attached thereto being called the "Official Statement"). The Official Statement is to be dated August st 23, 2005. The City hereby authorizes the distribution by the Underwriter of the Preliminary Official Statement in offering the Series 2005 Bonds for sale to prospective purchasers of the Series 2005 Bonds, ) On September 15, 2005 or at such other time, or on such earlier or later date as the Underwriter and the City may mutually agree (the "Closing ate"), the Underwriter will accept delivery of the Series 2005 Bonds and pay the purchase price thereof as set forth in Section I herein by Federal Reserve System wire transfer in immediately available Federal fads or by any other form of 11=ediatey available Federal fads. The Series 2005 Bonds shall be delivered through The Depository Trust Company, New York., New York "DW") in definitive font, bearing CUSIP numbers and issued under a book -entry system. ) The City rakes the following representations and warranties: a.) The City is a public body corporate organized and existing under the laws of the Mate of Montana and is authorized to issue the Series 2005 Bonds, to enter into this Agreement and all other agreements contemplated hereby and to adopt the Resolution. b) The City has complied to date with all applicable provisions of the laws of the Mate of Montana in connection with the execution and issuance of the Series 2005 Bonds. c) The Resolution and this Agreement have been, duly and validly authorized and executed by the City. d Upon the adoption of the Bond Resolution on or about September 6, 2005, the City will have authorized all necessary action to be taken by it for i) the issuance and sale of the Series 2005 Bonds upon the terns set forth herein, in the Official Statement and in the Resolution-, H) the execution, delivery, receipt and due performance of this Agreement, the Series 2005 Bonds and the Resolution and all other agreements contemplated hereby or required in order to carry out, give effect to and consummate the transactions contemplated hereby; and iii) cog out, giving effect to and consummation of the transactions contemplated hereby. e) The Series 2005 Bonds when issued, delivered and paid for as provided for herein and i the Resolution and Bond Resolution, will have been duly and validly authorized and issued and will constitute special, limited obligations of the City secured as provided in the Bond Resolution and as described in the Official Statement. f) The City has disclosed to the Underwriter litigation, threatened or pending of which it was aware as of the date of this Bond Purchase Agreement. To the hest knowledge of fie City, August 23, 2005 City ofKalispell Page 3 of 7 there are no legal or goverrumental proceedings pending or threatened, or any basis therefore, wherein an unfavorable decision, ruling or finding would have a material adverse effect on the validity or secun'ty of the Series 25 Bonds, the Bond Resolution, this Agreement or the transactions contemplated thereby or the power of the City t execute and deliver the Series 25 Bonds or this Agreement, or adapt the Bond Resolution. g As of the date hereof, the .preliminary Official Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. h The Preliminary Official Statement is deemed '"final" in accordance with Rule 1 c2-- 1) under the Securities Exchange .act of 1934. The City has entered into a continuing disclosure .nderta ing as described in the Bond Resolution for poses of compliance with Rule 1 5c2- . 5 The Underwriter is entering into this Agreement in reliance upon the representations and warranties of the City contained herein and in the Resolution and m reliance upon the representations and warranties to he contained in the documents and instruments to be delivered at the Closing and upon the performance y the City and its obligations hereunder both n and as of the date hereof and as of the Closing Date. Accordingly, the Inderwriter's obligation under this Agreement to accept delivery of and to .day for the Series 2005 Bonds shall be conditioned upon the performance by the City of its obligations to be performed hereunder and under such d cwnents and instruments at or prior to the C cis g, and shall also be subject to the following additional conditions: a the representations and warranties of the City contained herein shall be true and correct on the date hereof and of the Closing, as if made on and at the Closing; l at or r r to the Closing, the Underwriter shall receive the following documents: 1 ') certified copies of the Resolution and Bond Resolution; ii the opinion of Dorsey & Whitney LLB', as Bond Counsel, dated. the Closing Date, substantially in the form of Appendix E to the Official Statement; i such additional legal opinions, certificates, proceedings, instruments and other documents as the Underwriter or Bond Counsel may reasonably request. If the conditions to the Underwriter's obligations contained Mn this Agreement are not satisfied (unless otherwise waived in meting by the Under riter)or if theUnderwriter's obligations shall he tern nated for any reason expressly permitted herein, this Agreement shall terminate and the 1nderw-iter nor the City shall have any further obligation hereunder except to reimburse the Underwriter for expenses related to the printing and ma mng of the Preliminary and final Official Statements, as detailed in paragraph I of this Agreement, The Clty's obligations under this August 23, 2005 City of Kalispell Page 4 of Agreement shall be conditioned on the performance of the Underwriter of its obligations to be performed .hereunder. 6) During the initial public offering of the Series 2005 Bonds a period concluding the final date the nderwn'ter is charged with furnishing a copy of the Official Statement to a potential customer under SEC Rule 15c2-12 but no later than six months after the Closing rate), the City will a not consent to the distribution of any amendment of or supplement to the Official Statement to which, after having been furnished with a copy, the Underwriter shall reasonably object in writing or which shall be reasonably disapproved by counsel for the Underwriter and b if any event shall occur as a result of which it is necessary, in the opiion of the Urderwn'ter, to arnend or supplement the Official Statement in order to make the Official Statement not misleading in light of the circumstances existing at the time it is delivered to a purchaser, consent to the distribution of an amen&ment of or supplement to the Official Statement, prepared without expense to the City (in form and substance satisfactory to the Underwriter in a reasonable number of copies which will amend or supplement the Official Statement so that it will not co.tain an untrue statement of a material fact or omit to state a material Fact necessary in order to make the statements therein, in the light of the circumstances existing at the time the Official Statement .t is delivered to a purchaser, not misleading. 7) The Underwriter shall have the right to cancel its obligation to purchase the Series 2005 Bonds if between the date hereof and the Closing, i legislation shall have been enacted by the Congress of the United Mates or the legislature of the Mate of Montana or legislation shall have been reported out of committee of either body or be pending in committee of either body, or a decision shall have been rendered by a court of the United Mates or of the Mate of Montana or the Tax Court of the United States, or a ruhMg shall have been made or a regulation or temporary regulation shall have been proposed or made or any other release or announcement shall have been made by the Treasury Department of the United Mates or the Internal Revenue Service, with respect to federal taxation upon revenues or other income of the general character of the Series 2005 Bonds which, in the reasonable judgment of the of the Under, r'ter, materially adversely affects the market for the Series 2005 Bonds, or ii, there shall exist any event which, in the reasonable judgment of the Underwriter, either a makes untrue or incorrect in any material aspect as of such time any statement or infonnation contained in the Official Statement or b is not reflected in the Official Statement but should be reflected therein in order to make the statements and information contained therein not rislead.ng in any material respect, or iii there shall have occurred any outbreak of hostilities or any other national or interr ational calamity or crisis, the effect of which outbreak, calamity or crisis on the financial markets of the United States, in the reasonable judgment of the Underwriter, would make it impracticable for the Underwriter to market or enforce contracts for the sale of the Series 2005 Bonds, or i there shall be in force a general suspension of trading on the New York Stock Exchange or minimum or maximum prices for trading shall have been fixed and in force, or maximum um ranges for prices for securities shall have been required and be in force on the New York Stock Exchange, whether by virtue of a determination by that Exchange or by order of the Securities and Exchange Commission or any other govemmental authority having ur' sdiction, or v a general bang moratorium shall have been declared by either Federal, Mate of Montana or New York authorities having Jurisdiction and be in force, or i there shall he established any new restriction on transactions in securities August 23, 2005 City of Kalispell Page 5 of materially affecting 'ecting the free .market for securities (including the imposition of any limitation on interest rates) or extension of credit by, or charge to the net capital requirements of, Underwriter's established by the New York Stock Exchange, the Securities and Exchange Commission, , any other federal or state agency or the Congress of the United States, or by Executive Order. 8) All fees, expenses and costs incident to the execration and performance of this Agreement and t the authorization issuance and sale of the Series 2005 Bonds to the Underwriter, including, but not fisted to, the fees and expenses of Band Counsel and the Paying Agent and Registrar and the costs of printing and distributing the Preliminary and final Official Statement shall be paid by the City, All expenses to be paid by the City pursuant to this Agreement may be paid from Bond proceeds to the extent permitted by the Resolution or Bond Resolution. The obligation of the City under this Section 8 shall survive the payment of the Series 2005 Bonds. 9) Any notice or other communication to be given to the City under this .Agreement may be given by delivering the same in writing at the address set forth above and any such notice or other c rmumcations t e given t the nder Triter may e ; ven y delivering the same in writing t D.A. Davidson & Co., Fixed Income Capital Markets, 8 Third Street North, Great Falls, M 1. The approval of the Underwriter when required hereunder or the determination of its satisfaction as to any document referred to herein shall be in meting signed by the Underwriter and delivered to you. 1 This Agreement is made solely for the benefit of the City and the Underwriter (including successors or assigns of the Underwriter, t excluding any rchaser, as such purchaser, of Series 2005 Bonds from the Underwriter and, to the extent expressed herein, controlling persons thereof, and no other persons, partnership, association or corporation shall acquire to have any right hereunder or by virtue hereof'. All representations and agreements of the parties to this Agreement shall remain operative and in fall force and effect regardless of any investigation made by or on behalf of the Underwriter and shall survive the delivery of and payment for the Series 2005 Bonds, Tie shall be of the essence of this Agreement. This Agreement shall be gover. ed y, construed and enforced in accordance with the lags of the State of Montana. This Agreement may he executed in any number of counterparts each of which shall be an original but all of which together will constitute one and the same instrument. Very truly yours, D.A. DAVIDSON & CO, Bridget R. Ekstrom Vice President, Public Finance D.A. Davidson & Co. August 23, 2005 City of Kalispell .gage 6 of .ACCEPTED AS OF THE DATE HEREOF Y: City of Kalispell, Montana y. James H. Pack, City Manager Amy Robertson, City Finance Director August 23, 2005 City of Kalispell Page 7 of 7 EXHIBIT A — TERMS of THE SERIES 2005 BONDS SERIES 2005 BONDS DATED: September 15, 2005 DUE: July 1, as shown below Description of Series 2005A Bonds. The Series 2005A Bonds shall be called Tax Increment Urban Renewal Revenue o ds, Series ,boo . . (Non-AMT)o the City; shall be the aggregate pr .cipal. amount o $1 ,000; shall be dated September 15, Zoo ; shall be M the denomination of $ ,000 or any integral multiple thereof within a single maturity; shall be numbered separately in the manner and with any additional designation as the Bond Registrar as defined herein) deems necessary for poses of identification; shall bear interest (computed on the basis of a 0-day year of twelve 0-day months) payable semiannually on each January and July 1, commencing January 1, Zoo , to the maturity or earlier redemption of the Series 005A Bonds; and shall mature on July l in years and amounts and bear interest at the rates per annum as follows: Principal Interest Pnincipal Interest Year Amount Rate Yield trice Year Amount Rate Yield Price 201 120 000 l a A li 1 0, °f ii 2016 $145,000 ► Y $/o V.Alo 100.00% 2012 125,000 3-.20 �_. �� oo.00 01 150,000 .�� 100.0 2013 130y000J4►5-0 a •10 Rrt lw hl 160000F�� h#rtk1 0 2014 l 135,000 100.00 2019 165,000 ........ ............ . {� 100.00 20 1 0,00 1 . / . o 0 1 , �+ 100.00 Series 2005,E Bonds - Optional Redemption. The Ser'es 200 A Bonds with stated maturities on or after July l 2013 will be subject to redemption on January 1, 2013 and any datc thereafter, at the option of the City in whole or in part, at a redemption price equal to the prl .clpa.l amount thereof to be redeemed plus interest accrued to the redemption date, without premium. Description of Series 2005B Bonds. The Series 2005B Bonds shall be called Tax Increment Urban Renewal Revenue Bonds, Series Zoo (AM , of the City; shall be in the aggregate principal amount o $ 5, 00; shall be dated September 15, 2005 shall be M the denomination o 5,000 or any integral multiple thereof within a single maturity; shall be numbered separately in the manner and with any additional designation as the Bond Registrar as defined herein) deems necessary for purposes of identification; shall bear interest (computed on the basis of a 0-day year of twelve 0-day months) payable semiannually on each January and July lcommencing January 1, 2006, to the malty of the Series 2005E Bonds; and shall mature on July in years and amounts and bear interest at the rates per annum as Follows: Principal Interest Year Amount Rate Yield r* e oo 10. ,0 0 o 2?/o 100-00% 2007 1051,000 3. 0 3.&5 100.00 2008 11 o,000 . z5, 3.7,5 t 00.00 009 115,000 5 3. -5 100-00 010 120,000 F2- 100#00 Seties 2005E Bonds — No Prior Redemption. The Series 2005B Bonds are not subject to redemption prior to their stated maturities. $ -00 City of Kalispell, Montana Tax Inurement Urban Renewal Revenue Bonds, Se e Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total +1 Fiscal Total fi.J 1 /2006 - i.40,493.75 ,8T6.3 23,846.32 — w1 yy�y f 1011 006 �{�,�yW+�y ��{} �/�]i{�� 105,000.00 1J A. , .1J LJ /#� Jj i.i. 50% 45t . 7 169,340.07 y j'�E`j �� X h.t f/• V f+I 110,000.00 . f % 36,713.75 146,71175 183,427.50 +1 ■a+a■�ea4' r3� i R W 0110112009 fi —{( 34# 1 * 25 �ip��4} yY�n 34,651.25 4 # +,/ 1 . Y — j �Vy 09 +y—�� ��+yE�y}j ��yF ij�i }} 3. y#� 34,651 149,651.25 ](� ,302.50 01 L+ /20 1 — ... .. . .. .... _.. . _. .. ...... ...... ....... ....... . .... ....... ......... ......... 32,437.50 .... ......... .... .......... . . .... ................ . .. 32,437,50 .............. .. ....... .......... ..... .... .... .... ...... .............. — .... . .. .. ............ .... .. .. .... ... ............ ....... ..... .......... .......... 0+/� 1 fr 0 120,000.00 3.950% 32,437.50 152,437.50 00 1 1f+j 1 /20 1 — w 30,06T50 30,067.50 - fY� 1++fV�y�11 1 120,000.00 "{� f . /V ,06. � �� *%5 t06 . 150,067.50 ff�}� ,1 - 5J fM} f� %V� 7101/ ■ 125,000.00 Y. Y0% 27,787.50 .5 152,787.50 180# aYY 01 1 1 / 2 3 * , 350- 0 25,350.00 E.Yy. F7 V1/+ 13 { ;�y1 eye.' j ! , 0.0 130,000.00 ] }� f . 00 V (} f 50.VFR 155,350.00 %�— f� 1 V,700- fF 11201 0110112014 — , 750-0j}� yy 00 0+00 �Vy +1jt fj 1/2014 yy ;�j] s�jJ {j }!}�+#�,+J�4. 0,500.00 1/01 1 . — ., i s 20,016.25 .. — . 0ii��yt 7/01 / 140,000.00 }} . 1 % }��{�} 20,016.25 20, 16. 3}�, 1 ,016, _�yy 0, 03 . � fit 1 /4 1 /201 .. 14,066.25may 14,066.25 .�`178,132.50 07/0112017 �.y� .. ...... .. ...... ......................._....._..... ........ .................. ......._._....._............_. .............__............... .... 164,066-25 ... ._......._..................... ........................ .................. � �} �y .... .... ..............__ ......... ........_..._........}....................+.�......_ _................._._.._ i i 1 / 1 .... .............._..... ... ........ — 10,878.75 10,878.75 .'7y/w. 07/0112018 i/—�' rn`■J�lyiJ�` ;JYy �J�■+Ay fr y/Y 78.75 ■Jy'� � iA' 181,757.50 F 1 /1 9 1 V f X X Y. V R/ 'Z . 50 � T} } . 172,438.75 179,877.50 x � Fy.`ry� ... .... ...... .w{y... ... _..+r. ... ,...... ..._ _......... V f / 1 f 0 0 _ .... 175,000M .. 4 A 00 } qy�} * 50.00 +{y }gyp ! 1 .00 182,700.00 fi�l TIF 2005 Offed I tss a Summary 1 812212005 1 P $2,000,9000,00 City of Kalispell, Montana Tax Increment Urban Renewal Revenue Bonds, Series 2005 Pricing Summary Maturity Maturity Type of Bond Coupon Yield Value Pace Dollar Price 07/01/2006 Serial Coupon 3.55 % 3.55 % 1 5, 9- 1 . 0% 105,000.00 0 serial Coupon 3. % 150% 105,000,00 100.000% 105, .00 07/01/2008 Serial Coupon 3. "5 % 3.750% 110,000-00 1.000% 110,000.00 07101/2009 Serial Coupon 3. 50% 3. 5 % 115,000-00 100. % 1 15, 0 . 9 07101/2010 Serial Coupon 3.95 % 3.950% 1 9*0 'I W000% 120,000M 011 91 Serial Coupon 3.800% 3. 0 . .... . . ... . . 120,000.00 '10 . 00% 120,000M 0710112012 serial Coupon .900% ��1r� } 3. J� ,000 100. 00% 125,000.00 0 /01/ 013 Serial Coupon 4. 00% 4. 00% 130,000.00 '�0. 00% 130,000.00 0' / /201 Serial Coupon 4. 50% 4. 5 % 35,I 9. '� 4{ 0. 0% 135, 00. 1 1/2 15 Serial Coupon 4.15 % 4. 5 % 14 , 0.0 100.000% 140,000.00 07/01/2016 Serial Coupon 4. % 4. % 145,000.00 10 . 0% 145: M 07/01/2017 Serial Coupon 4.250% 4. 5 % 150,000.00 100.000% 150,000.00 07/01/2018 Serial Coupon 4.3 0% 4.3 % 1 0, . 1000% 1, 9 . 07/01/2019 Serial Coupon 4.350% 4.35 % 165,000-00 1 0,000% 1 5,000.0 07/01/2020 Serial Coupon 4.4 0% 4.4 % 175,000M 100.000% 175,000.00 Total w w , 01000.00 $2,000,000.00 Bid Information ................ Par Amount of Bonds $2M0,000.00 Gross Production S-2,000,000.00 Net Interest Cost (NIQ 4.3 9" 302% True Interest Cost 'I 4.3942 % Kalispell TIF 2005 Oftri I Issue Summary 1 2/21 2-53 P 00 $�,1. City of Kalispell, Montana Tax Increment Urban Renewal Revenue Bonds', Series 2005 Revenue vs D/S Fart 1 of Total Scheduled Date Revenue Revenues P+1 DIS Fund 01 /0 - - - _ 01/01 / 00 137, 00.00 137, 00.00 23,846.32 113,653.68 07/01/ 006 137, 00.0 137,500-00 145,493.75 + ! ) 01/012007 137, 00.00 137, 00.00 38,630.00 98,870,00 07/01/ 007 137, 00,00 137,500M . ................ 1 , - 0 .............................._...................... .... (6, �.i . } .. ..... ...... _................. ... ........... 01 /01 /2008 137, 0.00 137, 0.00 36, 713.78 100,786-25 07/01/20 8 137, 00.00 137,500.00+ 146,713.75 (9,213.75)y� 01/01/ 00 137, 00.0 '1 7,��0.00 34,651.25 1 ,848,i 07/01/2009 137,500.00 "137, 00.00 149,651.25 "1 ,1 1. 01101/ 010 137, 00.00 137, 0.00 32,437.50 105,062.50 07101 / 0'10 137, 00.00 137, 00.00 152,437.50 14, 37. 0 01/ 1/ 011 137,500.00 , 137, 0+ 0 30,067-50 107,432.50 07/01 / 011 137, 00.0 137, 00.00 150,067.50 (12,567.50 01101 / 1 137,500.00 137,500.00{� 7, `8T 109,712.50 07 011 012 137, 00.00 137, 00.00 1 ,787. 0 (15,287.50 01/011 013 137, 00.00 137, 0.00 ,3 0.0 11 ,10.00 07/01/ 013 137,500-00 137, 00M 155,350.00 17,8 0.0 01/0112014 137,500.00 137,500.00 22,750.00 114,750,00 07/011 01 137, 00.00 137, 0 .00 157,750.00 0, 0.00 01/0 "1 015 137, 00,00 137,500.00 20,016.25 117, 83.7 07/01/2015 137,500.00 137,500,00 1, 1 .(22,516.25) 01/0112016 137, 00M 137,500M 17,111.25 120,38875 07/01/2016 137, 0.00 137, 00.00 162,111.25 ,611, 01 /011 017 137,500.00 137, 00.00 14,0M25 123,433.75 07/01/ 0'17 137, .00 137, 0.00 16 ,088.25 (26,566. l01/2018.............. 137, 00.00 137, 00.00 10,878.75 126,621.25 07/0 1 / 018 137, 500.00 '137, 0.00 170,878.7 33,378.7 01/0112019 '137, 00.00 137# 00.00 7,438.75 130,061.25 07/01/2019 '137, 0.00 137, 0 - 0 172, 3 +7 (34,938.75) 0 /0"1 0 0 "137, 00.00 ................................. ...... .. ... .. .............. .... .. ....... 137, 00.00 .. .. .. ...................... .. .... .... .......................... 3,8 0M .... ......... ... ........ .. ........................................... 133, . 0 .....__................ ... ... .... .. .... .... .......... ........ . .. ... .... ... .. ..... 07101/ 0 0 ...... ..... 137, 00.00 ... ........ ... ...... ..... 137, 00.00 178,8 0.00 (1,458,512A3 Kalispell TIF 2005 Offe€i I Issue Summary 1 81221 045 1 2:53 PM $27000,000,00 City of Kalispell, Montana Tax Increment Urban Renewal Revenue Bonds, Series 2005 Proof of Reserve Fund Requirement Date POncipal Interest TOTAL +1 07/01/2006 105,000.00 4,3 0- 7 169,340.07 1 1 007 105,000.00 77,260-00 182,260.00 07/01 /2008 110,000.00 73,427.50 183,427.50 07/0112009 , 0,0 1J F0- 184,302.50 71011 0 E 0 +11 t 0,000.00 4� 7 .00 184,875M 07/ 1 /2011 120,000.00 ,1 ,.i+ 180,135M 07/01/2012 125,000.00 5, 575.0 180,575.00 07/ 1/2013 13 t0 0. 0 50,700.00 180,700.00 71 11 014 135,000M 45,500.00 180,500M 071 1 /201 14 f 0- 00 40,032.50 1 0 . 07/0112016 145,000.00 34,222.50 ........ ....t 17 , . 07/01/2017 150,000-00 +/+yam /J� .50 7/01 018 160,000.00 1,757.5 181,757.50 07/01/201 16 FOO€O-0 14,877.5 179,877.50 0710112020 11 175,000,00 7,700.00 182,700.00 Total $2,000,000.00 $707x837.57 970 , 7- 7 PROOF OF RESERVE FUND MAXIMUM PERIODIC DEBT 0121it Last Period? e 1 0% of the Maximum Periodic 'debt Service 184ffl5,00 PERCENT OF PAR 15.J % o Par f� 200,000.00 REQUIREMENT1 SFyERVEy� t�a YY t y Y 4+ Y V . ... .. . s ... .. . . . . . . ...... . . . .. . . . .. _ .. _.. . . . . . . .. _ . .. _.. . .... .. .. _ . .. _ . .... . . . . . . . ....... _ . _ .. _ . . . . ... .. ...... _ .. . . . . . ... l} �} _ _ . . ... ... _ . . . . . . ... ` �i T F Y �+1 'Ke Liirement 184875.00 Kalispeh TIF 2005 Offer! I Issue Summary 1 005 1 2,53 P $11445,000,00 City of Kalispell, Montana Tax Increment Urban Renewal Revenue Bonds, Series 2005A (Non-AMT) Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total +1 Fiscal Total 7/01/200 - 30,067.50 • 30,067.50 47,773-92 1 /0112017 - ,067. .0710112G07 - /30,06+{�.50 y+� 30,067.V30,067,50VV,1 {}�a��y}�- a00 1 /01 /2008 R - 30,067.50 30,067.50 - 7/01 /2 08 - - 30,067M 30,067.50 11011 } - 30,067.50 30,067.50 7/ 1120 - 30,067M 30,067.50 60,135.00 110"1/.. .201 .. .... - - ....... 30,067.50 30,067.50 7101 /2010 30,067, 30,067,50 60,135.00 0110112011 - - 3 ,067M 3 ,f 7. - 71 112 11 120,000.00 3t 0% 30,067.50 150,067.50 1 ,13 -00 1/ 1/2012 - - 27,787.50 27,787.50 - 0710112012 125,00D.00 3. 0% 27,787.50 152,787.50 �18 ,� 75.0 01/ 1/201 - - 25,350.00 25.350M 07/ 1/2 13 130,000.00 4. 0% 25,350.00 155,350.00 180,700-00 01 / 1 /2014 -� - 22,750.00 22,750.00 .. 07/ 1 /201 4 135,000.00 4.050% 22,750-00 1 7, 7 0.0 18 , 0 .0 01/011 '1 - - 20,016.25 20,016.25 07101/2015 140,000.00 4.150% 20,016.25 160,016.25 180,032.50 01 /01 / - - 17,111-25 17,111.25 07/01/2016 145.000M 4.200% 17,111.25 162,111.25 179,222.50 07/01/2017 . . . .. ... .. . . .... ...... .. ... .. . . . ...-..-....... .. 150,000.00 .. ......... . ... ... ... . .. ...... .. ....... a 50�� . ........ -- .. . . .. . ..... .. ........ ......... 14,066.25 .. ........ ........... ... .... .........-... ........ 1 4,06r ..... .......... ....-.... 1 f 8,132-50 .... .... 01/ 1 /2018 10,87& .. ..... .. ...... ....... �10,878.7 .. .. ..-.-.......... .. .. 07 1 /2#€p�18 160,000.00 4. % 10,878.7 17 ,878.7 '1'1,7 7. 0 01/01 /2 3'1 �y# 7,438,757,438.75 - 7/ 112 31 165,000.00 {■ 4.350% 7,43 .75 172,43&7 17 ,87T 01/ 1/2020 W - -00 3,850.00 7/ 1/20 0 175,000,00 4. % 3,850-00 178,850.00 182,700.00 ................... ................... ... ---- ........... ..... ... Total t445#000.00 $64 1, 4 .4 , 1 �946.42 KafispeU 'I'll= 2006 Offeri I Not SubjW to AM ` 1 8I 1 00 1 2:53 PM