Resolution 5120 - Awarding Sale of Bonds - SID 344 - Old School StationRESOLUTION No. 5120
RESOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 344 BONDS,
SERIES 2AWARDING THE SALE THEREOF AND APPROVING CERTAIN MATTERS
WITH RESPECT THERETO
E IT RESOLVED by the City Council (the "City Council") of the City of Kalispell, Montana
(the '*'City"'), as follows:
1. This City Council on April , 2006 adopted Resolution No. 5111 providing for the public
sale of Special Improvement District No, 344 Bonds, Series 2006 (the "'Bonds"'), in an original aggregate
principal amount of $ ,5 o,000, to finance the costs of certain ioca� irn rover nts to be undertaken in or
::or the benefit of the properties within Special Improvement District No. 344. The notice of Bond sale
(the "Notice of Sale"') has been duly published by the City in The .Daily Inter Lake in accordance with
Montana Code .annotated, Sections -12- 20 , 7- - 2 2 and 1 - -10 . Pursuant to the Notice of Sale, 1
"onebid for the purchase of the Fonds 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
true interest cost under the terms of each bid have been determined.
. The bid of D.A. Davidson & Co. (the "Purchaser") to purchase the Bonds, is hereby
determined to comply with the Notice of Sale, and to be the lowest, most reasonable bid for the purchase
of the Fonds and representing the lowest true interest cost (TIC). The bids of the Purchaser and the other
bidders are listed in Exhibit A. attached hereto and made a part hereof. The bid of the :purchaser is hereby
accepted by the City Council and the sale of the Bonds is hereby awarded to the Purchaser. The b.id
security of the Purchaser shall be retained by the City pending delivery of the payment for the Bonds and
the hid security of all other bidders shall he promptly returned.
. The Mayor and the City Clerk are hereby authorized and directed to execute a bid form or
purchase contract for the Bonds with the Purchaser.
. The Preliminary official Statement relating to the Bonds, dated May , 2006, and
together with any addendum or final official statement thereto (the "Official Statement"'), is hereby
approved and the determination of the City officials that the official Statement has been deemed final for
purposes of SEC Rule 12-12b1is hereby ratified and confirmed. The officers of the City are hereby
authorized and directed to execute such certificates as may he appropriate concerning the accuracy,
completeness and sufficiency of the official Statement and to deliver to the Purchaser within seven (7)
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 tens 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 City Council shall prescribe the form and security for the Bonds in a subsequent
resolution to be considered on June 19, 200.
PASSED AND ADOPTED BY THE CITY of THE CITY OF KALISPELL,, MONT N ,
THIS 13TH DAY of J N , 2006.
Pamela B. Kenx y N ...
ATTEST: Mayor
Theresa White
City Clerk
OFFICIAL BID OR
$4,5200
CITY of KALISPELL, MONTAN
SPECIIAL IMPROVEMENT DISTRICT NO, 344 BONDS, SEAS 2006
City Comrmssion
City of Kalispell, Montana.
312 I s' e ue East
P.O. Box 1997
Kalispell, Montana 59903
Pursuant to the provisions contained in the Notice of Bond Sale dated April 3 , 2006, t e Noti ce ofSale"
for the purchase o $4,520,000 principal amount of your City of Kalispell, Montana, Special Improvement
District No. 344 Bonds, Series 2006 (the "Bonds'), we hereby offer to purchase all of the Bonds from you at
the price of L/I �;;L I 00 # which amomt s not less than $ , 2 , 0 8. � or a disco
�t of
$ o,4 ,, plus accrued interest, if any, plus a premium o , the Bonds to bear
interest at the rates set forth opposite the years and amounts as follows:
Principal
Interest
Year
Amount
Rate
2
$225,000
3.70 %
28
22,
x
2009
225,000
%
2010
2251)000
2!�__%
2011
225�
%
°
12
225M00
2013
22,
V%
2014
225.7000
%
2
225,
%2016
225M00
V,90 %
Principal
Interest
Year
Amount
Rate
2017
$2251000o
2018
221P00
%
2019
225� o
%
2020
22,
%
2021
22 ,5000
°
2023
2303000
%
2024
23 ,0
1!� %
2026
230M00
%
signat10 . of Term Maturities. .. .. ..... .- ears e n erg Mies, i
. ..
The follovVing is subrr-tied not as part of this bid, but for informational or a poses* and is sub eet to
e fiea on prior to away
Total interest from June 15,, 2006 to matte ..................... s
Plus discount, if any ..........................................................
Less r rm'uni, if any ... . .................... +................................. .
Total dollar Interest Cost., .................... ... . ............ . ........ . . . . . �
True Interest Cost " TIU .................... . ..... + ... + ..... , ............ %
Bidders have the option of combining the Bonds =tong on and air 2007 through and includes 2013 and on and after 201
through and ineludmg 2026 into one or more term bonds as described in the Notice of Sale.
Enclosed herewith is a good Faith deposit in the form of lawful money of the United Sates, cashier"s check;
certified check, bark money order or a bark draft drawn and issued by a federally chartered or state
chartered bark insured by the Federal Deposit Insurance Corporation or a financial surety bond in the
amount of $90,400 payable to the order of the "City of Kalispell, Mo tand" to be held and disposed of by
you as provided in the Notice of Sale. This bid must be accepted in its -entire 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 Bless sooner rejected by you.
Each of the Bidders listed below: i acknowledges receipt of the Preliminary official Statement dated
May 3 1, 2006 and the Notice of Sale dated April 3, 2006 1 represents and warrants that it has full power
and authority to make this bid and to purchase the Bonds ifthis bid is accepted; ii agrees that the validity
and interpretation. of this bid shall be governed by the laws of the State of Montana; and iv acknowledges
that bids may be transmitted electronically through Panty in accordance with the terms and conditions of
the Notice of Sale and that to the extent any instruction or directions set fob in ParilyTm conflict with the
Terms and C and iti ores of Sale,, the terms of the Terns and C ondi ti o .s of Sale shall cc trot . In the evert the
Bidders are acting through a Re r entative s , each of the undersignedRepresentative(s) warrants that it
has the necessaty power and authority to act on behalf of each of the Bidders.
Respectfully s brr tted this day of .tune, 2006,
BIDDER:
Y:
As Representative(s) oft e persons, firms and/or corporations named below:
SELLING GROUP/
SYNDICATE: 1. 1A, 3.
2.
cce and on behalf` of the City o Kalispell, Montana as of June 13, Zoo :
ramalla B. Kew ,may or 1beresa White, 6� Clerk