3. Resolution 4272 - Award Bid for Water System Revenue BondsRESOLUTION NO. 4272
RESOLUTION RELATING TO $1,060,000 WATER SYSTEM REVENUE
BONDS, SERIES 1996; AWARDING THE SALE THEREOF AND
APPROVING CERTAIN MATTERS WITH RESPECT THERETO
BE IT RESOLVED by the City Council (the "Council") of the City of
Kalispell, Montana (the "City"), as follows:
1. This Council on May 28, 1996 adopted a resolution providing for
the public sale of $1,060,000 Water System Revenue Bonds, Series 1996 (the
"Bonds"), prescribing the terms and conditions thereof and adopting the Notice of
Sale, such notice having been published in accordance with Montana Code
Annotated, Section 7-7-4434. The bids have been opened 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 of
the City, is hereby determined to comply with the notice of sale, and to be the lowest,
most reasonable bid for the purchase of the Bonds. The bid of the Purchaser is
hereby accepted by the Council and the sale of the Bonds is hereby awarded to the
Purchaser. The bid security of the Purchaser shall be retained pending delivery of
the payment for the Bonds and the bid security of all other bidders shall be promptly
returned.
3. The Mayor and the City Clerk of Council are hereby authorized
and directed to execute a purchase contract with the Purchaser with respect to the
Bonds.
4. The Preliminary Official Statement relating to the Bonds, dated
May 30, 1996, is hereby approved and the determination of the City Clerk of Council
that the Official Statement has been deemed final for purposes of SEC Rule
15c2-12(b)(1) is hereby ratified and confirmed. 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.
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PASSED AND APPROVED by the City Council of the City of Kalispell,
Montana, on this 11th day of June, 1996.
ATTEST:
City Clerk of Council
-3-
Mayor
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JUN-10-96 MON 10 ; 56 DA URV I D6UN & UU, t° Htt Nu, oud00000 i i r. UC
OFFI BID FORM
$L060,000
City of Kaflspell, Montana
Water System Revenue Bands,
Series 1996
City Council
City of Kalispell
312 1st Avenue Fast
Kalispell, Montana 59903
Pursuant to the provisions contained in the Official Notice of Sale dated May 28, 1996 (the "Notice of
Sale") for the purchase of $1,060,000 principal amount of your City of Kalispell Water System Revenue
Bonds, Series 1996 (the "Bonds"), we hereby offer to purchase all of the Bonds from you at the price
of par, plus acczue4 'interest from June 15, 1996 to the date of delivery of the Bonds to us, plus a
premium of the Bonds to bear interest at the rates set forth opposite the years and
amounts as follows:
Principal
Interest
Principal
Interest
Year
Amount
Itae
year
Amount
to
1997
$45,000
7,50
%
2005
$75,000
5,20
%
1998
50,000
_7 SC
%
2006
75,000
5.30
70
1999
55,000
7. DG
%
2007
80,000
5 V O
%
2000
55,000
SG
9",
2008
85,000
9'a
2001
60,000
S. 75
%
2009
90,000
5, &0
%
2002
60,000
%
2010
95,000
5.1a 5 .
%
2003
65,000
S f->'
%
2011
100,000
S. 7G
%O
2004
70,000
%
%
Enclosed herewith is a good faith deposit in the form of lawful money of the United States, cashier's
check, certified check, bank money order or a bank draft drawn and issued by a federally chartered or
state chartered bank insured by- the Federal Deposit Insurance Corporation or a financial surety bond
in the amount of $21,200 payable to the order of "City of Kalispell" to be held and disposed of by you
as provided in the Notice of Sale. This bid must be accepted in its entirety within the time provided
in the Notice of Sale and if not so accepted by you within such time shall be deemed to have been
rejected. This bid shall remain irrevocable until, the expiration of such time unless sooner rejected by
you,
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F. W
Each of the Bidders: (i) acknowledges receipt of the Preliminary Official Statement dated May 30, 1996
and Notice of Sale dated May 28, 1996, (ii) represents and wan -a= that it has. full power and authority
to make this bid and to purchase the Borzois if this bid is accepted; and (iii) agrees that the validity and
interpretation of this bid shall be governed by the laws of the State of Montana. In the event the
Bidders are acting t#=gh a Representative or Representatives, each of the undersigned Representatives
warrants that it has the necessary power and authority to act on behalf of each of the Bidders.
Respectfully submitted this 11th dray of June, 1996,
BIDDER: D A �� � i �-� �, . �-
BY: 1
SELLIIVG GROUP/
SYNDICATE: 1.
3.
2. 4.
Accepted for and on behalf of the City of Kalispell, Montana as of June 11, 1996:
BY:
- - 4
The following is submitted wt as part of this bid, but for informational purposes, and is subject to
verification prior to award:
Total interest from June,15, 1996 to maturity ..:. S '5V, / ;A 5�/. `�
Less premium, if any ................... S ZS'
Total Dollar interest Cost ................ $ 5
Net Interest Rate ....................... a S .� ( �% %,
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