2005/08/22 Authorization of Bond Purchase Agreement - Kalispell City Airport Redevelopment Planuity of Kali'spell
Post Office Box 1.997 - Kalispell, Mon -Lana 903-199 - Telephone (406)758-7700-7
REP. .mayor Kennedy and City Council Members
FROM: Amy Robertson, Finance Director
James H. Patrick, City Manager
SUBJECT: Airport Urban Renewal Bondi award bid for Sale of Bonds
MEETING DATE: August 2.2, 2005
BACKGROUND: The City is offering for sale $2,000,000 bonds at a negotiated sale on
August 23rd. Copies of the Preliminary Official Statement have been left in the Mayor/Council
rd
Office. Direct bids from D.A. Davidson will be received on the morning of August 2.
At the special council meeting on the 22"d Bridget Ekstrom from D. A. Davidson will present
preliminary interest rates and other pricing information for your approval. We cannot lock the
rates in until after Council approval. We will accept the rates on Tuesday morning when the
market opens. Interest rates could possibly change slightly between Monday aftemoon and
Tuesday moming. Therefore, we need a Council motion to authorize the City Manage- and
Finance Director to agree to changes and sign the Bond Purchase Agreement on Tuesday.
RECOMMENDATION: Motion to authorize the City Manager and Finance Director to accept
the bids and sign the Bond Purchase Agreement for the sale of
$2,000,1000.1n Airport Urban Renewal Bonds,
FISCAL EFFECTS: Total new revenue i 2)00000.
_5�
s
1 .x;
9
.my H. Robertson
�__�'7amesH. at e
Finance Director City Manager
Report compiled: August 17, 2005
i
D.A. Davidson & Co.
$11,445,000 $555,000
City of Kalispell, Montana City of Kalispell, Montana
Tax Increment Urban Renewal Tax Increment Urban Renewal
Revenue Bonds, Revenue Bonds,
Series 2005A. (Non-AMT) Series 2005 AMT)
BOND PURCHASE AGREEMENT'
August 23, 2005
City of Kalispell, Montana
312 I ' Avenue East
Kalispell, MT 59903
On March. 7. 2005, the City of Kalispell, (the "'City"' adopted a resolution (the "Resolution") ") authorizing
the issuance and private negotiated sale of the City' Tax Increment Urban Renewal Revenue Bonds,
Series 2005.A (Non-AMT) (the `'Series 2005A Bonds"') and the City's Tax Increment Urban Renewal
Bonds, Series 2005E (AMT) (the "Series 2005E Bonds") (collectively the "Series 2005 Bonds"') and the
Ci y" s execution and delivery of this Bond Purchase Agreement (the "Agreement"), in light of such
authority, D. A. Davidson & Co. (the "'Underwriters') hereby otters to enter into this Agreement with the
City. Upon your acceptance, this Agreement shall be in full force and effect accordance with its terms
and shall be binding upon the City and the Underwriter.
l Series 200.5A Bonds* Upon the terms and conditions and in reliance upon the representations set
forth herein, the Underwriter hereby agrees to purchase from. the City and the City hereby agrees
to sell to the Underwriter all but not less than ail) of the Series 005
Bonds in the aggregate
r c al amount. of 1,445,000 t a urchase rice of � � � ecti theunderwriter's
d sco nt o $) ;� fus accrued interest from the date of such bonds to the Closing Date), and
otherwise in compliance with the terms of the Resolution.
Series 2005E Bonds. Upon the terms and conditions and in reliance upon the representations set
forth herein, the Underwriter hereby agrees to purchase from the City and the City hereby agrees
to sell to the Underwriter all(but not less than ally of the des ; Bonds 'n the aggregate
principalamo �5500o at aurchase e of� eectrg the underwriter"
discount of $�, plus accrued interest from the date of such bonds to the Closing Date), and
otherwise in compliance with the terins of the Resolution.
The 2005 Bonds. The City will be responsible for all other costs of issuance 'inclusve of the fees
of Bond Counsel, printing and distr'but on costs of the rehnu*nary and final Official Statements,,
and paying agent and registrar fees. The Series 2005 Bonds shall be issued and secured under and
pursuant to the .fond Resolution dated on or about September 6, 20005 (the `Bond Resolution")
and shall mature, bear interest and be sub ect to redemption as set Forth i Exhibit A hereto. The
Underwriter agrees to make a public offering ng of the Series 2005 Bonds at the initial offering
prices set forth in the Official Statement referred to in Section 2 herein, which prices may be
changed from time to time by the Underwriter.
Public Finance — www.dadavidson.com
402 East Main Street • Suite 202 # Bozeman, MT 59715 ' 4 55" 5 * ( 415-6950 * FAX () SW2160
Montana 0 Washington 11 Idaho * Wyoming * Oregon Utah* Cafifomia
August 23, 200
City ofKalispell
Page 2 of
2) The City shall deliver or cause to be delivered to the Underwriter, promptly after acceptance
hereof, five copies of the Official Statement, substantially in the form of the relirrd.ary Official
Statement dated Angst 9, 2005, (the "Preliminary official Statement") with only such changes
therein as shall have been accepted by us (such Preliminary official Statement with such changes,
f any, and including the cover page and all appendices, exhibits and statements included therein
or attached thereto being called the "Official Statement"). The Official Statement is to be dated
August st 23, 2005. The City hereby authorizes the distribution by the Underwriter of the
Preliminary Official Statement in offering the Series 2005 Bonds for sale to prospective
purchasers of the Series 2005 Bonds,
) On September 15, 2005 or at such other time, or on such earlier or later date as the Underwriter
and the City may mutually agree (the "Closing ate"), the Underwriter will accept delivery of the
Series 2005 Bonds and pay the purchase price thereof as set forth in Section I herein by Federal
Reserve System wire transfer in immediately available Federal fads or by any other form of
11=ediatey available Federal fads. The Series 2005 Bonds shall be delivered through The
Depository Trust Company, New York., New York "DW") in definitive font, bearing CUSIP
numbers and issued under a book -entry system.
) The City rakes the following representations and warranties:
a.) The City is a public body corporate organized and existing under the laws of the Mate of
Montana and is authorized to issue the Series 2005 Bonds, to enter into this Agreement
and all other agreements contemplated hereby and to adopt the Resolution.
b) The City has complied to date with all applicable provisions of the laws of the Mate of
Montana in connection with the execution and issuance of the Series 2005 Bonds.
c) The Resolution and this Agreement have been, duly and validly authorized and executed
by the City.
d Upon the adoption of the Bond Resolution on or about September 6, 2005, the City will
have authorized all necessary action to be taken by it for i) the issuance and sale of the
Series 2005 Bonds upon the terns set forth herein, in the Official Statement and in the
Resolution-, H) the execution, delivery, receipt and due performance of this Agreement,
the Series 2005 Bonds and the Resolution and all other agreements contemplated hereby
or required in order to carry out, give effect to and consummate the transactions
contemplated hereby; and iii) cog out, giving effect to and consummation of the
transactions contemplated hereby.
e) The Series 2005 Bonds when issued, delivered and paid for as provided for herein and i
the Resolution and Bond Resolution, will have been duly and validly authorized and
issued and will constitute special, limited obligations of the City secured as provided in
the Bond Resolution and as described in the Official Statement.
f) The City has disclosed to the Underwriter litigation, threatened or pending of which it was
aware as of the date of this Bond Purchase Agreement. To the hest knowledge of fie City,
August 23, 2005
City ofKalispell
Page 3 of 7
there are no legal or goverrumental proceedings pending or threatened, or any basis
therefore, wherein an unfavorable decision, ruling or finding would have a material
adverse effect on the validity or secun'ty of the Series 25 Bonds, the Bond Resolution,
this Agreement or the transactions contemplated thereby or the power of the City t
execute and deliver the Series 25 Bonds or this Agreement, or adapt the Bond
Resolution.
g As of the date hereof, the .preliminary Official Statement does not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading.
h The Preliminary Official Statement is deemed '"final" in accordance with Rule 1 c2--
1) under the Securities Exchange .act of 1934.
The City has entered into a continuing disclosure .nderta ing as described in the Bond
Resolution for poses of compliance with Rule 1 5c2- .
5 The Underwriter is entering into this Agreement in reliance upon the representations and
warranties of the City contained herein and in the Resolution and m reliance upon the
representations and warranties to he contained in the documents and instruments to be delivered at
the Closing and upon the performance y the City and its obligations hereunder both n and as of
the date hereof and as of the Closing Date. Accordingly, the Inderwriter's obligation under this
Agreement to accept delivery of and to .day for the Series 2005 Bonds shall be conditioned upon
the performance by the City of its obligations to be performed hereunder and under such
d cwnents and instruments at or prior to the C cis g, and shall also be subject to the following
additional conditions:
a the representations and warranties of the City contained herein shall be true and correct on the
date hereof and of the Closing, as if made on and at the Closing;
l at or r r to the Closing, the Underwriter shall receive the following documents:
1 ')
certified copies of the Resolution and Bond Resolution;
ii the opinion of Dorsey & Whitney LLB', as Bond Counsel, dated. the Closing Date,
substantially in the form of Appendix E to the Official Statement;
i such additional legal opinions, certificates, proceedings, instruments and other
documents as the Underwriter or Bond Counsel may reasonably request.
If the conditions to the Underwriter's obligations contained Mn this Agreement are not satisfied
(unless otherwise waived in meting by the Under riter)or if theUnderwriter's obligations shall
he tern nated for any reason expressly permitted herein, this Agreement shall terminate and the
1nderw-iter nor the City shall have any further obligation hereunder except to reimburse the
Underwriter for expenses related to the printing and ma mng of the Preliminary and final Official
Statements, as detailed in paragraph I of this Agreement, The Clty's obligations under this
August 23, 2005
City of Kalispell
Page 4 of
Agreement shall be conditioned on the performance of the Underwriter of its obligations to be
performed .hereunder.
6) During the initial public offering of the Series 2005 Bonds a period concluding the final date the
nderwn'ter is charged with furnishing a copy of the Official Statement to a potential customer
under SEC Rule 15c2-12 but no later than six months after the Closing rate), the City will a not
consent to the distribution of any amendment of or supplement to the Official Statement to which,
after having been furnished with a copy, the Underwriter shall reasonably object in writing or
which shall be reasonably disapproved by counsel for the Underwriter and b if any event shall
occur as a result of which it is necessary, in the opiion of the Urderwn'ter, to arnend or
supplement the Official Statement in order to make the Official Statement not misleading in light
of the circumstances existing at the time it is delivered to a purchaser, consent to the distribution
of an amen&ment of or supplement to the Official Statement, prepared without expense to the City
(in form and substance satisfactory to the Underwriter in a reasonable number of copies which
will amend or supplement the Official Statement so that it will not co.tain an untrue statement of
a material fact or omit to state a material Fact necessary in order to make the statements therein, in
the light of the circumstances existing at the time the Official Statement .t is delivered to a
purchaser, not misleading.
7) The Underwriter shall have the right to cancel its obligation to purchase the Series 2005 Bonds if
between the date hereof and the Closing, i legislation shall have been enacted by the Congress of
the United Mates or the legislature of the Mate of Montana or legislation shall have been reported
out of committee of either body or be pending in committee of either body, or a decision shall
have been rendered by a court of the United Mates or of the Mate of Montana or the Tax Court of
the United States, or a ruhMg shall have been made or a regulation or temporary regulation shall
have been proposed or made or any other release or announcement shall have been made by the
Treasury Department of the United Mates or the Internal Revenue Service, with respect to federal
taxation upon revenues or other income of the general character of the Series 2005 Bonds which,
in the reasonable judgment of the of the Under, r'ter, materially adversely affects the market for
the Series 2005 Bonds, or ii, there shall exist any event which, in the reasonable judgment of the
Underwriter, either a makes untrue or incorrect in any material aspect as of such time any
statement or infonnation contained in the Official Statement or b is not reflected in the Official
Statement but should be reflected therein in order to make the statements and information
contained therein not rislead.ng in any material respect, or iii there shall have occurred any
outbreak of hostilities or any other national or interr ational calamity or crisis, the effect of which
outbreak, calamity or crisis on the financial markets of the United States, in the reasonable
judgment of the Underwriter, would make it impracticable for the Underwriter to market or
enforce contracts for the sale of the Series 2005 Bonds, or i there shall be in force a general
suspension of trading on the New York Stock Exchange or minimum or maximum prices for
trading shall have been fixed and in force, or maximum um ranges for prices for securities shall have
been required and be in force on the New York Stock Exchange, whether by virtue of a
determination by that Exchange or by order of the Securities and Exchange Commission or any
other govemmental authority having ur' sdiction, or v a general bang moratorium shall have
been declared by either Federal, Mate of Montana or New York authorities having Jurisdiction and
be in force, or i there shall he established any new restriction on transactions in securities
August 23, 2005
City of Kalispell
Page 5 of
materially affecting 'ecting the free .market for securities (including the imposition of any limitation on
interest rates) or extension of credit by, or charge to the net capital requirements of, Underwriter's
established by the New York Stock Exchange, the Securities and Exchange Commission, , any
other federal or state agency or the Congress of the United States, or by Executive Order.
8) All fees, expenses and costs incident to the execration and performance of this Agreement and t
the authorization issuance and sale of the Series 2005 Bonds to the Underwriter, including, but
not fisted to, the fees and expenses of Band Counsel and the Paying Agent and Registrar and the
costs of printing and distributing the Preliminary and final Official Statement shall be paid by the
City, All expenses to be paid by the City pursuant to this Agreement may be paid from Bond
proceeds to the extent permitted by the Resolution or Bond Resolution. The obligation of the City
under this Section 8 shall survive the payment of the Series 2005 Bonds.
9) Any notice or other communication to be given to the City under this .Agreement may be given by
delivering the same in writing at the address set forth above and any such notice or other
c rmumcations t e given t the nder Triter may e ; ven y delivering the same in writing t
D.A. Davidson & Co., Fixed Income Capital Markets, 8 Third Street North, Great Falls, M
1. The approval of the Underwriter when required hereunder or the determination of its
satisfaction as to any document referred to herein shall be in meting signed by the Underwriter
and delivered to you.
1 This Agreement is made solely for the benefit of the City and the Underwriter (including
successors or assigns of the Underwriter,
t excluding any rchaser, as such purchaser, of
Series 2005 Bonds from the Underwriter and, to the extent expressed herein, controlling persons
thereof, and no other persons, partnership, association or corporation shall acquire to have any
right hereunder or by virtue hereof'. All representations and agreements of the parties to this
Agreement shall remain operative and in fall force and effect regardless of any investigation made
by or on behalf of the Underwriter and shall survive the delivery of and payment for the Series
2005 Bonds, Tie shall be of the essence of this Agreement. This Agreement shall be gover. ed
y, construed and enforced in accordance with the lags of the State of Montana. This Agreement
may he executed in any number of counterparts each of which shall be an original but all of which
together will constitute one and the same instrument.
Very truly yours,
D.A. DAVIDSON & CO,
Bridget R. Ekstrom
Vice President, Public Finance
D.A. Davidson & Co.
August 23, 2005
City of Kalispell
.gage 6 of
.ACCEPTED AS OF THE DATE HEREOF Y:
City of Kalispell, Montana
y.
James H. Pack,
City Manager
Amy Robertson,
City Finance Director
August 23, 2005
City of Kalispell
Page 7 of 7
EXHIBIT A — TERMS of THE SERIES 2005 BONDS
SERIES 2005 BONDS DATED: September 15, 2005 DUE: July 1, as shown below
Description of Series 2005A Bonds. The Series 2005A Bonds shall be called Tax Increment Urban Renewal
Revenue o ds, Series ,boo . . (Non-AMT)o the City; shall be the aggregate pr .cipal. amount o
$1 ,000; shall be dated September 15, Zoo ; shall be M the denomination of $ ,000 or any integral multiple
thereof within a single maturity; shall be numbered separately in the manner and with any additional
designation as the Bond Registrar as defined herein) deems necessary for poses of identification; shall
bear interest (computed on the basis of a 0-day year of twelve 0-day months) payable semiannually on
each January and July 1, commencing January 1, Zoo , to the maturity or earlier redemption of the Series
005A Bonds; and shall mature on July l in years and amounts and bear interest at the rates per annum as
follows:
Principal
Interest
Pnincipal
Interest
Year
Amount
Rate
Yield
trice
Year
Amount
Rate
Yield
Price
201
120 000
l a
A li
1 0, °f ii
2016
$145,000
► Y $/o
V.Alo
100.00%
2012
125,000
3-.20
�_. ��
oo.00
01
150,000
.��
100.0
2013
130y000J4►5-0
a •10
Rrt
lw hl
160000F��
h#rtk1 0
2014
l
135,000
100.00
2019
165,000
........ ............
.
{�
100.00
20
1 0,00
1 . / .
o 0
1 , �+
100.00
Series 2005,E Bonds - Optional Redemption. The Ser'es 200 A Bonds with stated maturities on or after July
l 2013 will be subject to redemption on January 1, 2013 and any datc thereafter, at the option of the City
in whole or in part, at a redemption price equal to the prl .clpa.l amount thereof to be redeemed plus
interest accrued to the redemption date, without premium.
Description of Series 2005B Bonds. The Series 2005B Bonds shall be called Tax Increment Urban Renewal
Revenue Bonds, Series Zoo (AM , of the City; shall be in the aggregate principal amount o $ 5, 00;
shall be dated September 15, 2005 shall be M the denomination o 5,000 or any integral multiple thereof
within a single maturity; shall be numbered separately in the manner and with any additional designation as
the Bond Registrar as defined herein) deems necessary for purposes of identification; shall bear interest
(computed on the basis of a 0-day year of twelve 0-day months) payable semiannually on each January
and July lcommencing January 1, 2006, to the malty of the Series 2005E Bonds; and shall mature on July
in years and amounts and bear interest at the rates per annum as Follows:
Principal
Interest
Year
Amount
Rate
Yield
r* e
oo
10. ,0 0
o
2?/o
100-00%
2007
1051,000
3. 0
3.&5
100.00
2008
11 o,000
. z5,
3.7,5
t 00.00
009
115,000
5
3. -5
100-00
010
120,000
F2-
100#00
Seties 2005E Bonds — No Prior Redemption. The Series 2005B Bonds are not subject to redemption prior to
their stated maturities.
$ -00
City of Kalispell, Montana
Tax Inurement Urban Renewal Revenue Bonds, Se e
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total +1 Fiscal Total
fi.J 1 /2006
-
i.40,493.75 ,8T6.3
23,846.32
—
w1 yy�y
f 1011 006
�{�,�yW+�y ��{} �/�]i{��
105,000.00
1J A. , .1J LJ
/#� Jj
i.i. 50%
45t . 7
169,340.07
y
j'�E`j ��
X h.t
f/• V f+I
110,000.00
. f %
36,713.75
146,71175
183,427.50
+1
■a+a■�ea4'
r3�
i R W
0110112009 fi
—{(
34# 1 * 25
�ip��4} yY�n
34,651.25
4 # +,/ 1 . Y
—
j �Vy
09
+y—�� ��+yE�y}j ��yF
ij�i }}
3.
y#�
34,651
149,651.25
](�
,302.50
01 L+ /20 1
—
... .. . .. .... _.. . _. .. ...... ......
....... ....... . .... ....... ......... .........
32,437.50
.... ......... .... .......... . . .... ................ . ..
32,437,50
.............. .. ....... .......... ..... .... .... .... ...... ..............
—
.... . .. .. ............ .... .. ..
.... ... ............ ....... ..... .......... ..........
0+/� 1 fr 0
120,000.00
3.950%
32,437.50
152,437.50
00
1 1f+j 1 /20 1
—
w
30,06T50
30,067.50
-
fY�
1++fV�y�11 1
120,000.00
"{� f
. /V
,06.
� ��
*%5 t06 .
150,067.50
ff�}�
,1 - 5J
fM}
f�
%V�
7101/ ■
125,000.00
Y. Y0%
27,787.50 .5
152,787.50
180# aYY
01 1 1 / 2 3
*
, 350- 0
25,350.00
E.Yy.
F7 V1/+ 13
{ ;�y1 eye.' j
! , 0.0
130,000.00
] }� f
. 00 V
(}
f 50.VFR
155,350.00
%�— f�
1 V,700-
fF
11201
0110112014
—
, 750-0j}�
yy
00
0+00
�Vy +1jt fj
1/2014
yy ;�j] s�jJ
{j
}!}�+#�,+J�4.
0,500.00
1/01 1
.
—
., i s
20,016.25
..
—
.
0ii��yt
7/01 /
140,000.00
}}
. 1 %
}��{�}
20,016.25
20, 16.
3}�,
1 ,016,
_�yy
0, 03 .
� fit
1 /4 1 /201
..
14,066.25may
14,066.25
.�`178,132.50
07/0112017
�.y�
.. ...... .. ...... ......................._....._.....
........ ..................
......._._....._............_. .............__............... ....
164,066-25
... ._......._..................... ........................ ..................
� �} �y
.... .... ..............__ .........
........_..._........}....................+.�......_ _................._._.._
i i 1 / 1
....
.............._..... ... ........
—
10,878.75
10,878.75
.'7y/w.
07/0112018
i/—�' rn`■J�lyiJ�` ;JYy
�J�■+Ay fr
y/Y
78.75
■Jy'�
� iA'
181,757.50
F 1 /1 9
1 V f X X Y. V R/
'Z . 50 �
T} } .
172,438.75
179,877.50
x
�
Fy.`ry�
... .... ...... .w{y... ... _..+r. ... ,...... ..._ _.........
V f / 1 f 0 0
_ ....
175,000M
..
4 A 00 }
qy�}
* 50.00
+{y }gyp
! 1 .00
182,700.00
fi�l TIF 2005 Offed I tss a Summary 1 812212005 1 P
$2,000,9000,00
City of Kalispell, Montana
Tax Increment Urban Renewal Revenue Bonds, Series 2005
Pricing Summary
Maturity
Maturity
Type of Bond
Coupon
Yield
Value
Pace
Dollar Price
07/01/2006
Serial Coupon
3.55 %
3.55 %
1 5, 9-
1 . 0%
105,000.00
0
serial Coupon
3. %
150%
105,000,00
100.000%
105, .00
07/01/2008
Serial Coupon
3. "5 %
3.750%
110,000-00
1.000%
110,000.00
07101/2009
Serial Coupon
3. 50%
3. 5 %
115,000-00
100. %
1 15, 0 . 9
07101/2010
Serial Coupon
3.95 %
3.950%
1 9*0
'I W000%
120,000M
011 91
Serial Coupon
3.800%
3. 0
. .... . . ... . .
120,000.00
'10 . 00%
120,000M
0710112012
serial Coupon
.900%
��1r� }
3. J�
,000
100. 00%
125,000.00
0 /01/ 013
Serial Coupon
4. 00%
4. 00%
130,000.00
'�0. 00%
130,000.00
0' / /201
Serial Coupon
4. 50%
4. 5 %
35,I 9.
'� 4{ 0. 0%
135, 00.
1 1/2 15
Serial Coupon
4.15 %
4. 5 %
14 , 0.0
100.000%
140,000.00
07/01/2016
Serial Coupon
4. %
4. %
145,000.00
10 . 0%
145: M
07/01/2017
Serial Coupon
4.250%
4. 5 %
150,000.00
100.000%
150,000.00
07/01/2018
Serial Coupon
4.3 0%
4.3 %
1 0, .
1000%
1, 9 .
07/01/2019
Serial Coupon
4.350%
4.35 %
165,000-00
1 0,000%
1 5,000.0
07/01/2020
Serial Coupon
4.4 0%
4.4 %
175,000M
100.000%
175,000.00
Total
w
w
, 01000.00
$2,000,000.00
Bid Information
................
Par Amount of Bonds $2M0,000.00
Gross Production S-2,000,000.00
Net Interest Cost (NIQ 4.3 9" 302%
True Interest Cost 'I 4.3942 %
Kalispell TIF 2005 Oftri I Issue Summary 1 2/21 2-53 P
00
$�,1.
City of Kalispell, Montana
Tax Increment Urban Renewal Revenue Bonds', Series 2005
Revenue vs D/S Fart 1 of
Total Scheduled
Date Revenue Revenues P+1 DIS Fund
01 /0
-
-
-
_
01/01 / 00
137, 00.00
137, 00.00
23,846.32
113,653.68
07/01/ 006
137, 00.0
137,500-00
145,493.75
+ ! )
01/012007
137, 00.00
137, 00.00
38,630.00
98,870,00
07/01/ 007
137, 00,00
137,500M
. ................
1 , - 0
.............................._...................... ....
(6, �.i . }
.. ..... ...... _................. ... ...........
01 /01 /2008
137, 0.00
137, 0.00
36, 713.78
100,786-25
07/01/20 8
137, 00.00
137,500.00+
146,713.75
(9,213.75)y�
01/01/ 00
137, 00.0
'1 7,��0.00
34,651.25
1 ,848,i
07/01/2009
137,500.00
"137, 00.00
149,651.25
"1 ,1 1.
01101/ 010
137, 00.00
137, 0.00
32,437.50
105,062.50
07101 / 0'10
137, 00.00
137, 00.00
152,437.50
14, 37. 0
01/ 1/ 011
137,500.00 ,
137, 0+ 0
30,067-50
107,432.50
07/01 / 011
137, 00.0
137, 00.00
150,067.50
(12,567.50
01101 / 1
137,500.00
137,500.00{�
7, `8T
109,712.50
07 011 012
137, 00.00
137, 00.00
1 ,787. 0
(15,287.50
01/011 013
137, 00.00
137, 0.00
,3 0.0
11 ,10.00
07/01/ 013
137,500-00
137, 00M
155,350.00
17,8 0.0
01/0112014
137,500.00
137,500.00
22,750.00
114,750,00
07/011 01
137, 00.00
137, 0 .00
157,750.00
0, 0.00
01/0 "1 015
137, 00,00
137,500.00
20,016.25
117, 83.7
07/01/2015
137,500.00
137,500,00
1, 1 .(22,516.25)
01/0112016
137, 00M
137,500M
17,111.25
120,38875
07/01/2016
137, 0.00
137, 00.00
162,111.25
,611,
01 /011 017
137,500.00
137, 00.00
14,0M25
123,433.75
07/01/ 0'17
137, .00
137, 0.00
16 ,088.25
(26,566.
l01/2018..............
137, 00.00
137, 00.00
10,878.75
126,621.25
07/0 1 / 018
137, 500.00
'137, 0.00
170,878.7
33,378.7
01/0112019
'137, 00.00
137# 00.00
7,438.75
130,061.25
07/01/2019
'137, 0.00
137, 0 - 0
172, 3 +7
(34,938.75)
0 /0"1 0 0
"137, 00.00
................................. ...... .. ... .. .............. .... .. .......
137, 00.00
.. .. .. ...................... .. .... .... ..........................
3,8 0M
.... ......... ... ........ .. ...........................................
133, . 0
.....__................ ... ... .... .. .... .... .......... ........
. .. ... .... ... .. .....
07101/ 0 0
...... .....
137, 00.00
... ........ ... ...... .....
137, 00.00
178,8 0.00
(1,458,512A3
Kalispell TIF 2005 Offe€i I Issue Summary 1 81221 045 1 2:53 PM
$27000,000,00
City of Kalispell, Montana
Tax Increment Urban Renewal Revenue Bonds, Series 2005
Proof of Reserve Fund Requirement
Date
POncipal
Interest
TOTAL +1
07/01/2006
105,000.00
4,3 0- 7
169,340.07
1 1 007
105,000.00
77,260-00
182,260.00
07/01 /2008
110,000.00
73,427.50
183,427.50
07/0112009
, 0,0
1J F0-
184,302.50
71011 0 E 0
+11
t 0,000.00
4� 7 .00
184,875M
07/ 1 /2011
120,000.00
,1 ,.i+
180,135M
07/01/2012
125,000.00
5, 575.0
180,575.00
07/ 1/2013
13 t0 0. 0
50,700.00
180,700.00
71 11 014
135,000M
45,500.00
180,500M
071 1 /201
14 f 0- 00
40,032.50
1 0 .
07/0112016
145,000.00
34,222.50
........ ....t
17 , .
07/01/2017
150,000-00
+/+yam
/J�
.50
7/01 018
160,000.00
1,757.5
181,757.50
07/01/201
16 FOO€O-0
14,877.5
179,877.50
0710112020
11
175,000,00
7,700.00
182,700.00
Total
$2,000,000.00
$707x837.57
970 , 7- 7
PROOF OF RESERVE FUND
MAXIMUM PERIODIC DEBT
0121it Last Period?
e
1 0% of the Maximum Periodic 'debt Service
184ffl5,00
PERCENT OF PAR
15.J % o Par
f�
200,000.00
REQUIREMENT1
SFyERVEy�
t�a
YY t y Y 4+ Y V . ... .. . s ... .. . . . . . . ...... . . .
.. . . . .. _ .. _.. . . . . . . .. _ . .. _.. . .... ..
.. _ . .. _ . .... . . . . . . . ....... _ . _ .. _ . . . . ... .. ...... _ .. . . . . . ...
l} �}
_ _ . . ... ... _ . . . . . . ... ` �i T F
Y �+1 'Ke Liirement
184875.00
Kalispeh TIF 2005 Offer! I Issue Summary 1 005 1 2,53 P
$11445,000,00
City of Kalispell, Montana
Tax Increment Urban Renewal Revenue Bonds, Series 2005A (Non-AMT)
Debt Service Schedule Part 1 of 2
Date
Principal
Coupon
Interest
Total +1
Fiscal Total
7/01/200
-
30,067.50 •
30,067.50
47,773-92
1 /0112017
-
,067.
.0710112G07
-
/30,06+{�.50
y+�
30,067.V30,067,50VV,1
{}�a��y}�-
a00
1 /01 /2008
R
-
30,067.50
30,067.50
-
7/01 /2 08
-
-
30,067M
30,067.50
11011 }
-
30,067.50
30,067.50
7/ 1120
-
30,067M
30,067.50
60,135.00
110"1/.. .201
.. ....
-
-
....... 30,067.50
30,067.50
7101 /2010
30,067,
30,067,50
60,135.00
0110112011
-
-
3 ,067M
3 ,f 7.
-
71 112 11
120,000.00
3t 0%
30,067.50
150,067.50
1 ,13 -00
1/ 1/2012
-
-
27,787.50
27,787.50
-
0710112012
125,00D.00
3. 0%
27,787.50
152,787.50
�18 ,� 75.0
01/ 1/201
-
-
25,350.00
25.350M
07/ 1/2 13
130,000.00
4. 0%
25,350.00
155,350.00
180,700-00
01 / 1 /2014
-�
-
22,750.00
22,750.00
..
07/ 1 /201 4
135,000.00
4.050%
22,750-00
1 7, 7 0.0
18 , 0 .0
01/011 '1
-
-
20,016.25
20,016.25
07101/2015
140,000.00
4.150%
20,016.25
160,016.25
180,032.50
01 /01 /
-
-
17,111-25
17,111.25
07/01/2016
145.000M
4.200%
17,111.25
162,111.25
179,222.50
07/01/2017
. . . .. ... .. . . .... ...... .. ... .. . . . ...-..-.......
..
150,000.00
.. ......... . ... ... ... . .. ...... .. .......
a 50��
. ........ -- .. .
. .. . ..... .. ........ .........
14,066.25
..
........ ........... ... .... .........-... ........
1 4,06r
..... .......... ....-....
1 f 8,132-50
.... ....
01/ 1 /2018
10,87&
.. ..... .. ...... .......
�10,878.7
.. .. ..-.-.......... .. ..
07 1 /2#€p�18
160,000.00
4. %
10,878.7
17 ,878.7
'1'1,7 7. 0
01/01 /2 3'1
�y#
7,438,757,438.75
-
7/ 112 31
165,000.00
{■
4.350%
7,43 .75
172,43&7
17 ,87T
01/ 1/2020
W
-
-00
3,850.00
7/ 1/20 0
175,000,00
4. %
3,850-00
178,850.00
182,700.00
................... ................... ... ---- ........... ..... ...
Total t445#000.00 $64 1, 4 .4 , 1 �946.42
KafispeU 'I'll= 2006 Offeri I Not SubjW to AM ` 1 8I 1 00 1 2:53 PM