Resolution 4272 - Award Bid for Water System Revenue Bonds346
s
RESOLUTION 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 $530.259.44 of D.A. Davidson ,
& Company (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.
-4 .,
-2-
1347
1
PASSED AND APPROVED by the City Council of the City of Kalispell,
Montana, on this 11th day of June, 1996.
Mayoro
ATTEST:
WJIL�L- � 1
mac.
City Clerk of CduiiW
-3-
J UN-10-96 MON 10 ; 56
D. A. DA+I 1 DSON & Go.
City Coil
City of Kalispell
312 1st Avenue Fast
Kalispell, Montana 59903
FU NO. SUfbb58811
N. U2
aMcrar, sm Fort '
$19060,000
City Of K.Wispell, MOW=
Water ,yam Reveuae Bonds,
$elw 1.9%
Pwrsuant to the provisions contained in the Official Notice of Salt dated May 28. 1996 (the 'Notice of
Sate") for the purchase of $1,060,000 principal amount of your City of Kalispell Water System Revcmie
Bonds, Series
1996 (tire "Bonds"), we hereby offer to purchase all of the Bonds from you at the price
of par, plus acc=4 interest from Jena 15, 1996 to ttte date of delivery of the Bonds to us, plus a
premium of S
, the Bonds to bear inretest at the taus set forth opposite she years and
amounts as follows:
Princ#w merest Principal Lae=
YM
RM Y= Amp= E=
1997
S45,000 7,50 % 2005 S75,000 5,20 9�
1998
50,000 7 SG % 2006 75,000 5�,
1999
55,000 % 2007 80,000 5.
2000
55,000 6 Z % 2008 85,000 5�96
2001
60,000 S7S7 % ?,009 90,000 5. 96
2002
60,000 % 2010 95,000 5'.�v5 %
MM
65,000 5�96 2011 100,000 5.7G1 9b
2004
70,000 S. 1 G %
Enclosed herewith is a_800d faith deposit in the form of lawfal moray of the United Stasis, cashier's
check, c erMed clerk, bank money order or a bank draft drawn and issued by a federally ch& mred or
state chutered bank iaseued by the Federal Deposh Insurance Coepotation or a lbxcial stray bond
in the amount of $21,200 payable to the order of "City of Ka3isgcIl" to be bold and disposed of by you
as provided in the Notice of Sale. This bid must be accepted in its endrety within the time provided
in the Notice of Sale and if not so accepted by you within such time slash be deemed to halve been
rejected. This bid shall remain irrevocable unto the expiration of such time unless sooner rejected by
YOU.
i
1 '3 0
1
JUN-10796 MON 10:56
D. A. DAV I DSON & CO.
FAX NO. 5096658811
F, 03
Each of the Bidders: (i)-acknowiedges receipt of rite Preliminary Ofticia.l Statemcm dated May 30, 1996
and Notice of Sale dated May 29, 19%, CH) repmsents and warrun that it has full power and authority
to make this bid and to pmchase the Bonds if this bid is accepted; and (ii) % that the validity and
interpretation of this bid shall be governed by the laws of tha Stan of mommn& In the ever the
Bidders are acting though a RePrtwoutin , each of the undersigned Representadves
warrants that it bas the =essary power and authority to net on b& f of each of the 8iddaa.
Respee tally submitted this I1th day o$ Juan, 1996,
BIDDER: L * On
BY:C/) d-
As Representadve(s) of the personas, funs and/or corporations named below:
SELLING GROUP/
SYNDICATE: 1. 3.
2. 4.
Accepted for and on behalf of the City of Kalispell, Montana w of lum 11, 1996:
BY:
MAIVEOiF
11-0 following is submiftd not as part of this bid, but for informational purposes, and is subject to
verification prior to award:
Total interest from Am 15, 1996 to maturity ..:. S3Q A59. 4-S/
Less prembnn, if any ................... S-
TOW Dollar Internist Cost ................ $ 5 3C,5� I . V 5!
Not Incereat Rato .......................1553 & 7 %
.• T