Tab 25 Certificate of Original Purchaser$100,f000
Special Improvement District No. 341 Bonds
City of Kalispell, Montana
CERTIFICATE OF ORIGINAL PURCHASER
D. A. Davidson & Co., in Great Falls, Montana (the Original Purchaser),
in connection with the issuance by the City of Kalispell, Montana (the City), of its
$100,000 Special Improvement District No. 341 Bonds, originally dated and
registered as of September 1, 1995 (the Bonds), by its undersigned duly authorized
officer, certifies as follows:
1. The bid accepted by the City for the purchase of the Bonds is a
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reasonable bid under customary standards applicable in the municipal bond market.
2. The Original Purchaser ' has reoffered the Bonds of each maturity to
the public at a price of par (100%), and as of the date hereof at least 10% of the
principal amount of each stated maturity of the Bonds has been sold at said price.
3. Based upon the initial reoffering prices, the yield of the Bonds,
calculated in accordance with Section 148(h) of the Internal Revenue Code of 1986,
as amended (the "Code"), is 5.69807669% per annum.
4. The weighted average maturity of the Bonds,based on the issue
price of each stated maturity of the Bonds from their date of issue (not on the basis
of the principal amount of the Bonds or from their dated date), is 10.013889 years.
5. The terms used herein have the same meaning given them in
Section 148 of the Code, applicable Treasury Regulations thereunder, in the
Instructions for Form 8038-G (Rev. May 1995), or *in the Officers' Certificate of the
City of even date herewith. This Certificate is being furnished to Dorsey & Whitney
P.L.L.P. for the purpose, among other things, of completing and filing on a timely
basis Internal Revenue Service Form 8038-G for the Bonds.
Dated: September 26, 19#95.
D. A. DAVIDSON & CO.
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