Resolution 3095 - Approve Interest RatesRESOLUTION NO. 3095
RESOLUTION OF THE CITY COU14CIL OF THE CITY
OF KALISPELL, MONTANA, RELATING TO $800,000
FIRST MORTGAGE NURSING H014E REVENUE BONDS
(IMMANUEL LUTHERAN HOME PROJECT), SERIES 1976
BE IT RESOLVED by the City Council of the City of Kalispell,
Montana, as follows:
1. On October 41: 1976, this Council adopted Resolution
No. 3086 entitled:
RESOLUTION AUTHORIZING A PROJECT UNDER TITLE
11, CHAPTER 41, REVISED CODES OF MONTANA 1947,
AS AMENDED, THE LEASING AND MORTGAGING THEREOF
AND THE ISSUANCE AND SALE OF $800,000 FIRST
MORTGAGE NURSING H014E BONDS (111MANUEL LUTHERAN
HOME PROJECT) SERIES 1976; APPROVING THE DOCU—
MENTATION IN CONNECTION THEREWITH; AND AUTHORIZING
THE EXECUTION AND DELIVERY OF THE BONDS AND
DOCUMENTATION
2. Pursuant to said Resolution No. 3086, interest rates
for the Series 1976 Bonds authorized thereby have been agreed upon
by the Undenvriter and the Tenant, as defined in the Resolution,
and are set forth in Exhibit A attached hereto and made a part
hereof. The First Trust Company of Montana has been designated
as Trustee and Paying Agent Linder the Indenture.
3. The interest rates for the $800,000 First Mortgage
Nursing Home Revenue Bonds (Immanuel Lutheran Home Project) Series
1976, as described in Exhibit A. are hereby approved. The First
Trust Company of Montana is approved as Trustee and Paying Agent
and the Mayor, City Clerk and City.Trea6urer - are directed to pro-
ceed to execute the Series 1976 Bonds, the Lease, the Indenture,
the Bond Purchase Agreement and the other documents necessary to
effect the transaction, all as authorized by the aforementioned
Resolution.
4. The City hereby consents to the use of the Official
Statement for the sale ofthe Series 1976 Bonds submitted to thi's
Council and on file with..the City Clerk.
5. This resolution shall become effective i ely
upon%i�s` passage and approval.
i Passed by the City Council t s 5th day of Novemb r, 1976.
A oved-
Attest:
,6-,,- �— -y- Cl k
I, the undersigned, Cit(—Clerk of the Aty of Kalislell ertify that the foregoing is
1-s
------ C ty 0 of Kalispell,
a true copy of the Resolution duly--pAsed bf
Montana at a regular meeting held / /C H12211
i j ;�) 0
EXHIBIT A
Year
Amount
Rate
Year
Amount
Rate
1978
$20,000
6.75%
1988
$40,000
7. o0z
1979
20,000
6.75
1989
40,000
7.25
1980
20,000
f?. 75
1990
45,000
7.25
1981
25,000
6.75
199t
45,000
7.25
1982
25,000
6.75
1992
50,000
7.375
1983
25,000,
6.75
1993
55,000
7.375
1984
30,000
6.75
1994
60,000
7.375
1985
30,000
6.75
1995
65,000
7.50
1986
35,000
7.00
1996
65,000
7.50
1987
35,000
7.00
1997
70,000
7.50