1. Resolution 4684 - Resolution Awarding the Bid for the Sale of General Obligation Bonds - Aquatic FacilityCity of Kalispell.
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax(406)758-7758
REPORT TO:
FROM:
SUBJECT:
MEETING DATE:
Mayor Kennedy and City Council
Amy Robertson, Finance Director
Chris Kukulski, City Manager
G. O. Bond — issue 2002 Pool for $3,675,000
March 18, 2002
BACKGROUND: The voters of the City of Kalispell approved the construction of a
new aquatics facility and skate park to be financed by General
Obligation Bonds. Previous Council action authorized the bond
sale. This Resolution awards the bids for the sale of the bonds. A
representative from D. A. Davidson will be here at noon on the 181h
of March to open and tabulate the bids. We will provide you with
the results of the offering at the Council meeting.
For more information on the Series 2002 bonds you may refer to
the Preliminary Official Statement. Copies were left in the Council
Office and are available in the Finance Office.
RECOMMENDATION: Adopt Resolution 4684 to awarding the bid for the sale of the G.O.
Bonds, series 2002.
FISCAL EFFECTS: $3,675,000 proceeds of bonds will be used for design, construction
and equipping the new facility. Costs for issuance and legal
counsel will be paid from the bond funds also.
ALTERNATIVES:
Amy H. Robertson
Finance Director
As suggested by Council.
Report compiled: March 12, 2002
Chris A. Kukulski
City Manager
RESOLUTION NO. 4684
RESOLUTION RELATING TO $3,675,000 GENERAL
OBLIGATION BONDS, SERIES 2002; 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 4, 2002, adopted a resolution providing for the public sale
of $3,675,000 General Obligation Bonds, Series 2002 (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 5, 2002, 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 by the City Council of Kalispell, Montana, this 18th day of March, 2002.
Mayor
Attest:
City Clerk
(SEAL)