1. Award the Sale of Bonds - SID 344RESOLUTION No, 5120
RESOLUTION RELATING To SPECS IMPROVEMENT DISTRICT NO, 344 BONDS,
SERIES f f AWARDING THE SALE THEREOF AND APPROVING CERTAIN MATTERS
WITH RESPECT THERETO
BE IT RESOLVED by the City Council (the "City Council'`) of the City of Kalispell, Montana
(the "City"), as follows:
This City Council on April 3, 2006 adopted Resolution No. 5 111 providing for the public
sale of Special Improvement District No. 44 Bonds, Series Zoo (the `'Bonds"), in a ori
.r ginal aggregate
principal amount of 4,20,000, to finance the costs of certain local improvements to be undertaken in or
for 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 witb
Montana Code .Annotated, Sections-12-4204, - -42 2 and 1 - -lob. Pursuant to the Notice of Sale,
hid 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
true interest cost under the terms of each bid have been determined.
2. 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 Bonds and representing the lowest true interest cost (TIC), The bids of the Purcbaser and the other
bidders are listed in Exhibit A attached hereto and made a part hereof. The bid of the 'urcbaser is hereby
accepted by the City Council and the sale of the Bonds is hereby awarded to the Purchaser. The bid
security of the Purchaser shall be retained by the City 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 are hereby authorized and directed to execute a bid form or
purchase contract for the Bonds with the Purchaser.
4. The Preliminary official Statement relating to the Bonds, dated May 1 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 Ic2+12b1 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 (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 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 City Council shall prescribe the form and security for the Bonds in a subsequent
resolution to be considered on June 19, 2006.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF KA I SPELL, MONTANA,
THIS 13TH DAY of JUN , Zoo .
ATTEST:
Theresa White
City Clerk
Pamela B. Kennedy
Mayor .
OFFICIAL BID FORM
$495209000
CITY of KALISPELL, M NTANA
SPECIAL IMROVEAIE T DISTRICT NO. 344 BONDS, SEAS 2006
City CorrMission
City of Kalispell, Montana
2 1 st ene East
P.O. Box 1997
Kalispell, Montana 50
Pursuant to the provisions contained in the Notice ofl Bond Sale dated April 3, 2006, (the"Notice of Sale")
for the Purchase e of $4,520,000 principal amount ofyour City ofKalispell, Montana, Special Improvement
District No. 344 Bonds, Series 20 (the "Bonds"), we hereby offer to purchase all of the Bonds from you at
the pace of$, 4/14(&0 ��-1, w ch amount s not Tess than $4,42 , 00 � . fo a discount of
$ 0,400 , plus accrued interest, i a , plus a pren,�ium of $ the Bonds to bear
interest at the rates set forth opposite the yew and amounts as follows:
Principal Interest
Year.
Amount
Rate
200
$22 , 00
307c) %
2008
2 5, 000
3..60%
2009
22 ,000
3, 6 � %
2010
22,300Z,2�/o
2011
225,000
V 0 %
2012
2252000
%
2013
225000
%
2014
22 , 0t 0
%
2015
225,000
%
2016
22 ,o00
,SO %
Designa,tion of Teffn M um*ti s:
Principal Interest
Year
Amount
Rat
201
$22 ,00
%
201
22500 0
-74� %
2019
22,000.
r(<
202022,E
2021 2
22 , V h+ 0
45R 0 %
2022
22,000
5M!2�_%
2023
2 0,00
5,1�_210
2024
230,000
. 0 %
2025
23 O,000
2026.
2 0P0
s
ears included in Term Maturities, if -any
The following is slatted not as part of this bid, but for informational purposes, and is subject to
verification prior to award. -
Total interest from June 151.,2006 to matte .....................
lus discountif any .................... #.............................. i........
.14,Mess unif any •. f... t k................ i# r# }...........................
Total Dollar Interest Cost ..t#.................................#.#rtata.r.itt• � i.
`.ue Interest Cost `71C" ii...........+..##.......,..#.t......:.......,%
Bidders have the option of wrnbining the Bonds mating on and after 2007 tbrough and includes 2013 and on and after 2014
through and includes 2026 into one or more ten-n bonds as described in the Notice of Sale.
Enclosed hereva'th is a good faith deposit in the fora of a"fW money of the United States, cashier's cbeck,
certified check, bark money order or a bank draft drawn and issued by a federally chartered or state
chartered bark insured d by the Federal Deposit Insurance Corporation or a financial surety bond in the
ar ou nt of $90,400 payable to the order of the "'City of Kalispell, Montana!" to be held and disposed of by
you as provided in the Notice of Sale. This bed must be accepted in its entirety -%Aithin 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 sucb tome uTess sooner rejected by you.
Each of the Bidders listed blow: i acknowledges receipt of the l re nu'nary Official Statement dated
May 3 1, 2006 and the Notice of Sale dated April 3, 2 006ez represents and warrants that it has full power
and authority to make this be d and to purchase the Bonds if N s bed is accepted; ii agrees that the valldity
and interpretation of this bed shall he governed by the laws of the State of Montana, and iv acknowledges
that bids may be tra sr tied electronically through PantyTM in accordance VAth the terms and conditions of
the Notice of Sale and that to the extent any instruction or directions set forth in Pant Tm conflict with the
Ten,ns and Conditions of Sale, the terms of the "err s and Conditions ofSale shall control. In the evert the
Bidders are -acfing-.throu&h a. .e resen ative s , each of te undersigned Representative(s) wants that it
has the necessary power and a th r'ty to act on behalf of each of the Bidders.
Respectfully s bini'tt d this 13th day of June, 2006,,
BIDDER.
Y:
As Representative(s) of the persons, firms and/or corporations named Below:
SELLING GROUP/ � 14-
SYNDICAT'E.- i.
2.
3.
51
Accepted for and on behalf of the City of Kalispell, Mortara a of .dune 1.3, 2:
ATTEST:
Pamela B. Kennedy, Mayor
Theresa White, City Clerk
u
9
8
5
4
Bond Buyer 20 Bond Index
Monthly Data i
D.A. Davidson & Co.
Date
Source: Bloomberg