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Resolution 4991 - Awarding the Sale of Bonds - Fire Station 62RESOLUTION NO.4991 RESOLUTION RELATING TO $3,000,000 GENERAL OBLIGATION BONDS, SERIES 2005; AWARDING THE SALE THEREOF AND APPROVING THE OFFICIAL STATEMENT RELATING THERETO. BE IT RESOLVED by the City Council (the "Council") of the City of Kalispell, Montana (the "City"), as follows: 1. This Council on March 7, 2005, adopted a resolution providing for the public sale of $3,000,000 General Obligation Bonds, Series 2005 (the "Bonds") to finance the costs of a Project described therein. Notice of the sale has been duly published in accordance with Montana Code Annotated, Sections 7-7-4252 and 17-5-1.06. Pursuant to the notice of sale, nine (9), sealed bids 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 net interest cost under the terms of each bid have been determined. 2. The bid of Citigroup Global Markets, Inc., of Los Angeles, California (the "Purchaser"), attached as Exhibit A, to purchase the Bonds is hereby determined to comply with the notice of sale and to be the most favorable bid received for the purchase of the Bonds. The bid of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the Purchaser. The bid security of the Purchaser shall be retained pending payment for the Bonds and the bid security of all other bidders shall be returned forthwith. 3. The Mayor and the Finance Director are hereby authorized and directed to execute on behalf of the City a contract for the sale of the Bonds with the Purchaser. 4. The Preliminary Official Statement relating to the Bonds, dated March 8, 2005, 2005, is hereby approved. 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. PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE CITY OF KALISPELL THIS 21ST DAY OF MARCH, 2005. Pamela B. ATTESTS Mayor Theresa White City Clerk PARITY Bid Form https://www.newissuehome. i-deal.com/Parity/asp/main.asp?frame=co.. upcoming.Calef dar Overview: Result Excel Citigroup Global Markets Inc. - Los Angeles, CA's Bid .�.I?.`� Kalispell $3,000,000 General Obligation Bonds Series 2005 For the aggregate principal amount of $3,000,000.00, we will pay you $3,000,000.00, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon %. Bond Insurance 07/01/2006 125M - --- - _ .. 6.5000 ..._ ...--- ....... _.. Ambac ............. 07/01 /2007 160M 6.5000 Ambac - .... - 07i01/2008 165M 6.0000 Ambac 07/01 /2009 175M 6.0000 Ambac 07l01l2010 : 180M 3.0000 Ambac 07/01/2011 185M 3.2000 Ambac 07/01/2012 190M 3.3500 Ambac 07/01/2013 200M 3.5000 Ambac 07/01/2014 205M 3.6000 Ambac 07/01/2015 215M ...... 3.7500 Ambac 07/0112016 220M ....:..: 3.8000 -- Ambac - 07/01/2017 230M 3.9000 Ambac 07/01/2018 240M 4.0000 Ambac 07/01/2019 250M 4.0000 Ambac 07l01 /2020 260M 4,0000 Ambac Total Interest Cost: $1,062,740.63 Discount: $0.00 Net Interest Cost: $1,062,740.63 TIC: 3.940962 Total Insurance Premium: $20,700.00 Time Last Bid Received On:03/21/2005 11:57.57 MST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Citigroup Global Markets Inc., Los Angeles, CA Contact: Susan Viscarra Title: Telephone: 213-486-8811 Fax: Issuer Name: City of Kalispell Company Name: 1 of 2 3/21/2005 11.57 AN Y AIC I I X HIO 11 Orm https://www.newissuehome. i-deal,corn/Parity/asp/main. asp?frame=co.. Accepted By. Accepted Date: A 63L 3 5 ©ate: of 2 3/21/2005 11:57 AM Sale Date: 3/21/05 BBI: 5.56% (3/17/05) Name of Bidder 1) D. A. Davidson 2) United Bankers 3) Wells Fargo 4) Citigroup 5) Legg Mason Wood Walker 6) RBC Dain Rauscher 7) Stifel. Nicolaus. Hanifen 8) Ross Sinclaire and Assoc. 9) Sterne. Agee and Leach 10) $3,000,000 - City of Kalispell General Obligation Bonds, Series 2005 BID SUMMARY SHEET Received Good Faith True Interest Total Dollar (Less Net Dollar Deposit (✓) Cost "TIC" Interest Cost Premium) Interest Cost X 197898% $l 077 041.25 $0 $1,077,041,25 X 4.037250/. $1,092 866.25 $0 $1,092,866.25 X 3.9808% $1,090,510.00 $10 849.75 $1,079,660.25 X 3.9409620/o $1,062,740.63 $0 $1,062,740.63 X 3.997448% $1,096,746.25 $4,414,11 $i 082,332.14 X 4.024310% $1 090,510.00 $1,382.60 $1,089 127 40 X 4,0800783% $1,109,360,94 $1,184.05 $110081,76.89 X 4,117411% $1 116,503.75 $450.00 $1.116.053.75 X 4,126075% $1,116.203.75 $376,60 $1 115 827.15 $ $ $