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02. Resolution 4883 - Awarding Bid for Sewer System Revenue BondsCity of Kalispell Foss Office Fox 1997 - Kalispell, %ion*ana 59407-1997 - Telephone (406)758-7700 Fax (406)758-7758 REPORT TO: Mayor Kennedy and City Council Members FROM: Amy Robertson, Finance Director Chris Kukulski, City Manager SUBJECT: Sewer Revenue Bond —award bid for Sale of Bonds MEETING DATE: May 3, 2004 BACKGROUND: The City is offering for sale S1.675,000 bonds at a competitive sale on May 3`d and 12 noon. The bids will be received electronically or 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 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 at the Council meeting to answer any questions. RECOMMENDATION: Adoption of Resolution awarding the Sale of Bonds_ FISCAL EFFECTS: ALTERNATIVES: rV Amy H. Robertson Finance Director Total new revenue is $ 1,675,000. None. Report compiled: April 28, 2004 Chris A. Kukulski City Manager RESOLUTION NO.4883 RESOLUTION RELATING TO $1,675,000 SEWERAGE SYSTEM REVENUE 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: I. This Council on April 19, 2004, adopted a resolution providing for the public sate of $1,675,000 Sewerage System Revenue Bonds, Series 2004 (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, 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 terns 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