01. Resolution 4882 - Awarding Bid for Water System Revenue and Refunding Bonds,sty of Kalispell
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REPORT TO: Mayor Kennedy and City Council Members
FROM: Amy Robertson, Finance Director
Chris Kukulski, City Manager
SUBJECT: Water Revenue Bond and Refunding Bond —award bid for Sale of
Bonds
MEETING DATE: May 3, 2004
BACKGROUND: The City is offering for sale $1,840,000 bonds at a competitive sale
on May 3rd and 12 noon. The bids will be received electromcatlyor can be faxed. 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 3affey 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 at the Council meeting to answer any questions.
RECOMMENDATION: Adoption of Resolution awarding the Sale of Bonds.
FISCAL EFFECTS: Total new revenue is S 1,840,000.
ALTERNATIVES: None.
Amy H. Robertson
Finance Director
Report compiled: April 28, 2004
Chris A. Kukulski
City Manager
RESOLUTION NO.4882
RESOLUTION RELATING TO $1,840,000 WATER SYSTEM REVENUE AND
REFUNDING BONDS, SERIES 2004; 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 April 19, 2004, adopted a resolution providing for the public sale
of $1,840,000 Water System Revenue and Refunding Bonds, Series 2004 (the "Bonds"), in part
to finance the costs of a Project described therein and in part to refund certain outstanding bonds
of the City, as described therein. Notice of the sale has been duly published in accordance with
Montana Code Annotated, Section 7-7-4434. 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 (or accessed) 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 April 20, 2004, 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.
This Council shall prescribe the form and security for the Bonds in a subsequent
resolution.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, ON
THE 3RD DAY OF MAY 2004.
Pamela B. Kennedy
Mayor
ATTEST:
Theresa White
City Clerk