HomeMy WebLinkAbout22- Professional Services Agreement - DA Davidson & Co - Underwriting of the Issuance of General Obligation Bonds Series 2022
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
Page 1 of 12
PROFESSIONAL SERVICES AGREEMENT
THIS AGREEMENT is made and entered into this _____ day of ____________, 202__
(“Effective Date”), by and between the CITY OF BOZEMAN, MONTANA, a self-governing
municipal corporation organized and existing under its Charter and the laws of the State of Montana,
121 North Rouse Street, Bozeman, Montana, with a mailing address of PO Box 1230, Bozeman, MT
59771, hereinafter referred to as “City,” and, D.A. Davidson, & Co., 1101 East Main Street, Suite
301, Bozeman, MT 59715, hereinafter referred to as “Contractor.” The City and Contractor may be
referred to individually as “Party” and collectively as “Parties.”
In consideration of the mutual covenants and agreements herein contained, the receipt and
sufficiency whereof being hereby acknowledged, the parties hereto agree as follows:
1. Purpose: City agrees to enter this Agreement with Contractor to perform for City
services described in the Scope of Services attached hereto as Exhibit A Response to City Request
for Proposals Underwriting the Issuance of $9,010,000 General Obligation Bonds, Series 2022, and
by this reference made a part hereof.
2. Term/Effective Date: This Agreement is effective upon the Effective Date and will
terminate after bond issuance and in accordance with this Agreement.
4. Payment: City agrees to pay Contractor the amount specified in the Scope of
Services. Any alteration or deviation from the described services that involves additional costs above
the Agreement amount will be performed by Contractor after written request by the City, and will
become an additional charge over and above the amount listed in Scope of Services. The City must
agree in writing upon any additional charges.
5. Contractor’s Representations: To induce City to enter into this Agreement,
Contractor makes the following representations:
a. Contractor has familiarized itself with the nature and extent of this Agreement, the
Scope of Services, and with all local conditions and federal, state and local laws, ordinances, rules,
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
10 2May
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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and regulations that in any manner may affect cost, progress or performance of the Scope of Services.
b. Contractor represents and warrants to City that it has the experience and ability to
perform the services required by this Agreement; that it will perform the services in a professional,
competent and timely manner and with diligence and skill; that it has the power to enter into and
perform this Agreement and grant the rights granted in it; and that its performance of this Agreement
shall not infringe upon or violate the rights of any third party, whether rights of copyright, trademark,
privacy, publicity, libel, slander or any other rights of any nature whatsoever, or violate any federal,
state and municipal laws. The City will not determine or exercise control as to general procedures or
formats necessary to have these services meet this warranty.
6. Independent Contractor Status/Labor Relations: The parties agree that Contractor
is an independent contractor for purposes of this Agreement and is not to be considered an employee
of the City for any purpose. Contractor is not subject to the terms and provisions of the City’s
personnel policies handbook and may not be considered a City employee for workers’ compensation
or any other purpose. Contractor is not authorized to represent the City or otherwise bind the City in
any dealings between Contractor and any third parties.
Contractor shall comply with the applicable requirements of the Workers’ Compensation Act,
Title 39, Chapter 71, Montana Code Annotated (MCA), and the Occupational Disease Act of
Montana, Title 39, Chapter 71, MCA. Contractor shall maintain workers’ compensation coverage for
all members and employees of Contractor’s business, except for those members who are exempted
by law.
Contractor shall furnish the City with copies showing one of the following: (1) a binder for
workers’ compensation coverage by an insurer licensed and authorized to provide workers’
compensation insurance in the State of Montana; or (2) proof of exemption from workers’
compensation granted by law for independent contractors.
In the event that, during the term of this Agreement, any labor problems or disputes of any
type arise or materialize which in turn cause any services to cease for any period of time, Contractor
specifically agrees to take immediate steps, at its own expense and without expectation of
reimbursement from City, to alleviate or resolve all such labor problems or disputes. The specific
steps Contractor shall take shall be left to the discretion of Contractor; provided, however, that
Contractor shall bear all costs of any related legal action. Contractor shall provide immediate relief
to the City so as to permit the services to continue at no additional cost to City.
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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Contractor shall indemnify, defend, and hold the City harmless from any and all claims,
demands, costs, expenses, damages, and liabilities arising out of, resulting from, or occurring in
connection with any labor problems or disputes or any delays or stoppages of work associated with
such problems or disputes.
7. Indemnity/Waiver of Claims/Insurance: For other than professional services
rendered, to the fullest extent permitted by law, Contractor agrees to release, defend, indemnify, and
hold harmless the City, its agents, representatives, employees, and officers (collectively referred to
for purposes of this Section as the City) from and against any and all claims, demands, actions, fees
and costs (including attorney’s fees and the costs and fees of expert witness and consultants), losses,
expenses, liabilities (including liability where activity is inherently or intrinsically dangerous) not to
include punitive damages finally and judicially determined to have been caused by : (i) the reckless,
or intentional misconduct of the Contractor; or (ii) any reckless, or intentional misconduct of any of
the Contractor’s agents in the performance of their duties under this Agreement.
Such obligations shall not be construed to negate, abridge, or reduce other rights or obligations
of indemnity that would otherwise exist. The indemnification obligations of this Section must not be
construed to negate, abridge, or reduce any common-law or statutory rights of the City as
indemnitee(s) which would otherwise exist as to such indemnitee(s).
Contractor’s indemnity under this Section shall be without regard to and without any right to
contribution from any insurance maintained by City.
Should the City be required to bring an action against the Contractor to assert its right to
defense or indemnification under this Agreement or under the Contractor’s applicable insurance
policies required below, the City shall be entitled to recover reasonable costs and attorney fees
incurred in asserting its right to indemnification or defense but only if a court of competent
jurisdiction determines the Contractor was obligated to defend the claim(s) or was obligated to
indemnify the City for a claim(s) or any portion(s) thereof.
In the event of an action filed against the City resulting from the City’s performance under
this Agreement, the City may elect to represent itself and incur all costs and expenses of suit.
Contractor also waives any and all claims and recourse against the City, including the right of
contribution for loss or damage to person or property arising from, growing out of, or in any way
connected with or incident to the performance of this Agreement except “responsibility for [City’s]
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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own fraud, for willful injury to the person or property of another, or for violation of law, whether
willful or negligent” as per 28-2-702, MCA.
These obligations shall survive termination of this Agreement and the services performed
hereunder.
In addition to and independent from the above, Contractor shall at Contractor’s expense secure
insurance coverage through an insurance company or companies duly licensed and authorized to
conduct insurance business in Montana which insures the liabilities and obligations specifically
assumed by the Contractor in this Section. The insurance coverage shall not contain any exclusion
for liabilities specifically assumed by the Contractor in this Section.
The insurance shall cover and apply to all claims, demands, suits, damages, losses, and
expenses that may be asserted or claimed against, recovered from, or suffered by the City without
limit and without regard to the cause therefore and which is acceptable to the City. Contractor shall
furnish to the City an accompanying certificate of insurance and accompanying endorsements in
amounts not less than as follows:
Workers’ Compensation – statutory;
Employers’ Liability - $1,000,000 per occurrence; $2,000,000 annual aggregate;
Commercial General Liability - $1,000,000 per occurrence; $2,000,000 annual
aggregate;
Automobile Liability - $1,000,000 property damage/bodily injury per accident; and
Professional Liability - $1,000,000 per claim; $2,000,000 annual aggregate.
The above amounts shall be exclusive of defense costs. The City shall be endorsed as an
additional or named insured on a primary non-contributory basis on the Commercial General,
Employer’s Liability, and Automobile Liability policies. The insurance and required endorsements
must be in a form suitable to City and shall include no less than a thirty (30) day notice of cancellation
or non-renewal. Contractor shall notify City within two (2) business days of Contractor’s receipt of
notice that any required insurance coverage will be terminated or Contractor’s decision to terminate
any required insurance coverage for any reason.
The City must approve all insurance coverage and endorsements prior to the Contractor
commencing work.
8. Termination for Contractor’s Fault:
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Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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a. If Contractor refuses or fails to timely do the work, or any part thereof, or fails
to perform any of its obligations under this Agreement, or otherwise breaches any terms or
conditions of this Agreement, the City may, by written notice, terminate this Agreement and
the Contractor’s right to proceed with all or any part of the work (“Termination Notice Due
to Contractor’s Fault”). The City may then take over the work and complete it, either with its
own resources or by re-letting the contract to any other third party.
b. In the event of a termination pursuant to this Section 8, Contractor shall be
entitled to payment only for those services Contractor actually rendered.
c. Any termination provided for by this Section 8 shall be in addition to any other
remedies to which the City may be entitled under the law or at equity.
d. In the event of termination under this Section 8, Contractor shall, under no
circumstances, be entitled to claim or recover consequential, special, punitive, lost business
opportunity, lost productivity, field office overhead, general conditions costs, or lost profits
damages of any nature arising, or claimed to have arisen, as a result of the termination.
9. Termination for City’s Convenience:
a. Should conditions arise which, in the sole opinion and discretion of the City,
make it advisable to the City to cease performance under this Agreement, the City may
terminate this Agreement by written notice to Contractor (“Notice of Termination for City’s
Convenience”). The termination shall be effective in the manner specified in the Notice of
Termination for City’s Convenience and shall be without prejudice to any claims that the City
may otherwise have against Contractor.
b. Upon receipt of the Notice of Termination for City’s Convenience, unless
otherwise directed in the Notice, the Contractor shall immediately cease performance under
this Agreement and make every reasonable effort to refrain from continuing work, incurring
additional expenses or costs under this Agreement and shall immediately cancel all existing
orders or contracts upon terms satisfactory to the City. Contractor shall do only such work as
may be necessary to preserve, protect, and maintain work already completed or immediately
in progress.
c. In the event of a termination pursuant to this Section 9, Contractor is entitled
to payment only for those services Contractor actually rendered on or before the receipt of the
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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Notice of Termination for City’s Convenience.
d. The compensation described in Section 9(c) is the sole compensation due to
Contractor for its performance of this Agreement. Contractor shall, under no circumstances,
be entitled to claim or recover consequential, special, punitive, lost business opportunity, lost
productivity, field office overhead, general conditions costs, or lost profits damages of any
nature arising, or claimed to have arisen, as a result of the termination.
10. Limitation on Contractor’s Damages; Time for Asserting Claim:
a. In the event of a claim for damages by Contractor under this Agreement,
Contractor’s damages shall be limited to contract damages and Contractor hereby expressly
waives any right to claim or recover consequential, special, punitive, lost business
opportunity, lost productivity, field office overhead, general conditions costs, or lost profits
damages of any nature or kind.
b. In the event Contractor wants to assert a claim for damages of any kind or
nature, Contractor shall provide City with written notice of its claim, the facts and
circumstances surrounding and giving rise to the claim, and the total amount of damages
sought by the claim, within thirty (30) days of the facts and circumstances giving rise to the
claim. In the event Contractor fails to provide such notice, Contractor shall waive all rights
to assert such claim.
11. Representatives and Notices:
a. City’s Representative: The City’s Representative for the purpose of this
Agreement shall be the Finance Director, or Interim Finance Director, or such other individual
as City shall designate in writing. Whenever approval or authorization from or
communication or submission to City is required by this Agreement, such communication or
submission shall be directed to the City’s Representative and approvals or authorizations shall
be issued only by such Representative; provided, however, that in exigent circumstances when
City’s Representative is not available, Contractor may direct its communication or submission
to other designated City personnel or agents as designated by the City in writing and may
receive approvals or authorization from such persons.
b. Contractor’s Representative: The Contractor’s Representative for the
purpose of this Agreement shall be Bridget Ekstrom, Senior Vice President, or such other
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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individual as Contractor shall designate in writing. Whenever direction to or communication
with Contractor is required by this Agreement, such direction or communication shall be
directed to Contractor’s Representative; provided, however, that in exigent circumstances
when Contractor’s Representative is not available, City may direct its direction or
communication to other designated Contractor personnel or agents.
c. Notices: All notices required by this Agreement shall be in writing and
shall be provided to the Representatives named in this Section. Notices shall be deemed given
when delivered, if delivered by courier to Party’s address shown above during normal business
hours of the recipient; or when sent, if sent by email or fax (with a successful transmission
report) to the email address or fax number provided by the Party’s Representative; or on the
fifth business day following mailing, if mailed by ordinary mail to the address shown above,
postage prepaid.
12. Permits: Contractor shall provide all notices, comply with all applicable laws,
ordinances, rules, and regulations, obtain all necessary permits, licenses, including a City of Bozeman
business license, and inspections from applicable governmental authorities, and pay all fees and
charges in connection therewith.
13 Laws and Regulations: Contractor shall comply fully with all applicable state and
federal laws, regulations, and municipal ordinances including, but not limited to, all workers’
compensation laws, all environmental laws including, but not limited to, the generation and disposal
of hazardous waste, the Occupational Safety and Health Act (OSHA), the safety rules, codes, and
provisions of the Montana Safety Act in Title 50, Chapter 71, MCA, all applicable City, County, and
State building and electrical codes, the Americans with Disabilities Act, and all non-discrimination,
affirmative action, and utilization of minority and small business statutes and regulations.
14. Nondiscrimination and Equal Pay: The Contractor agrees that all hiring by
Contractor of persons performing this Agreement shall be on the basis of merit and qualifications.
The Contractor will have a policy to provide equal employment opportunity in accordance with all
applicable state and federal anti-discrimination laws, regulations, and contracts. The Contractor will
not refuse employment to a person, bar a person from employment, or discriminate against a person
in compensation or in a term, condition, or privilege of employment because of race, color, religion,
creed, political ideas, sex, age, marital status, national origin, actual or perceived sexual orientation,
gender identity, physical or mental disability, except when the reasonable demands of the position
require an age, physical or mental disability, marital status or sex distinction. The Contractor shall
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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be subject to and comply with Title VI of the Civil Rights Act of 1964; Section 140, Title 2, United
States Code, and all regulations promulgated thereunder.
Contractor represents it is, and for the term of this Agreement will be, in compliance with the
requirements of the Equal Pay Act of 1963 and Section 39-3-104, MCA (the Montana Equal Pay Act).
Contractor must report to the City any violations of the Montana Equal Pay Act that Contractor has
been found guilty of within 60 days of such finding for violations occurring during the term of this
Agreement.
Contractor shall require these nondiscrimination terms of its subcontractors providing services
under this Agreement.
15. Intoxicants; DOT Drug and Alcohol Regulations/Safety and Training: Contractor
shall not permit or suffer the introduction or use of any intoxicants, including alcohol or illegal drugs,
by any employee or agent engaged in services to the City under this Agreement while on City property
or in the performance of any activities under this Agreement. Contractor acknowledges it is aware of
and shall comply with its responsibilities and obligations under the U.S. Department of Transportation
(DOT) regulations governing anti-drug and alcohol misuse prevention plans and related testing. City
shall have the right to request proof of such compliance and Contractor shall be obligated to furnish
such proof.
The Contractor shall be responsible for instructing and training the Contractor's employees
and agents in proper and specified work methods and procedures. The Contractor shall provide
continuous inspection and supervision of the work performed. The Contractor is responsible for
instructing its employees and agents in safe work practices.
16. Modification and Assignability: This Agreement may not be enlarged, modified or
altered except by written agreement signed by both parties hereto. The Contractor may not
subcontract or assign Contractor’s rights, including the right to compensation or duties arising
hereunder, without the prior written consent of the City. Any subcontractor or assignee will be bound
by all of the terms and conditions of this Agreement.
17. Reports/Accountability/Public Information: Contractor agrees to develop and/or
provide documentation as requested by the City demonstrating Contractor’s compliance with the
requirements of this Agreement. Contractor shall allow the City, its auditors, and other persons
authorized by the City to inspect and copy its books and records for the purpose of verifying that the
reimbursement of monies distributed to Contractor pursuant to this Agreement was used in
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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compliance with this Agreement and all applicable provisions of federal, state, and local law. The
Contractor shall not issue any statements, releases or information for public dissemination without
prior approval of the City.
18. Non-Waiver: A waiver by either party of any default or breach by the other party of
any terms or conditions of this Agreement does not limit the other party’s right to enforce such term
or conditions or to pursue any available legal or equitable rights in the event of any subsequent default
or breach.
19. Attorney’s Fees and Costs: In the event it becomes necessary for either Party to
retain an attorney to enforce any of the terms or conditions of this Agreement or to give any notice
required herein, then the prevailing Party or the Party giving notice shall be entitled to reasonable
attorney's fees and costs, including fees, salary, and costs of in-house counsel including the City
Attorney’s Office staff.
20. Taxes: Contractor is obligated to pay all taxes of any kind or nature and make all
appropriate employee withholdings.
21. Dispute Resolution:
a. Any claim, controversy, or dispute between the parties, their agents,
employees, or representatives shall be resolved first by negotiation between senior-level
personnel from each party duly authorized to execute settlement agreements. Upon mutual
agreement of the parties, the parties may invite an independent, disinterested mediator to assist
in the negotiated settlement discussions.
b. If the parties are unable to resolve the dispute within thirty (30) days from the
date the dispute was first raised, then such dispute may only be resolved in a court of
competent jurisdiction in compliance with the Applicable Law provisions of this Agreement.
22. Survival: Contractor’s indemnification shall survive the termination or expiration of
this Agreement for the maximum period allowed under applicable law.
23. Headings: The headings used in this Agreement are for convenience only and are not
be construed as a part of the Agreement or as a limitation on the scope of the particular paragraphs to
which they refer.
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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24. Severability: If any portion of this Agreement is held to be void or unenforceable, the
balance thereof shall continue in effect.
25. Applicable Law: The parties agree that this Agreement is governed in all respects by
the laws of the State of Montana.
26. Binding Effect: This Agreement is binding upon and inures to the benefit of the heirs,
legal representatives, successors, and assigns of the parties.
27. No Third-Party Beneficiary: This Agreement is for the exclusive benefit of the
parties, does not constitute a third-party beneficiary agreement, and may not be relied upon or
enforced by a third party.
28. Counterparts: This Agreement may be executed in counterparts, which together
constitute one instrument.
29. Integration: This Agreement and all Exhibits attached hereto constitute the entire
agreement of the parties. Covenants or representations not contained herein or made a part thereof
by reference, are not binding upon the parties. There are no understandings between the parties other
than as set forth in this Agreement. All communications, either verbal or written, made prior to the
date of this Agreement are hereby abrogated and withdrawn unless specifically made a part of this
Agreement by reference.
30. Consent to Electronic Signatures: The Parties have consented to execute this
Agreement electronically in conformance with the Montana Uniform Electronic Transactions Act,
Title 30, Chapter 18, Part 1, MCA.
31. Extensions: This Agreement may, upon mutual agreement, be extended for a period
of one year by written agreement of the Parties. In no case, however, may this Agreement run longer
than six months.
32. Bond Purchase Agreement. The Parties acknowledge that they anticipate entering into
a bond purchase agreement (BPA) for the purchase of securities. This Parties agree that this
Agreement shall be superseded respecting any conflicting provisions by an executed BPA.
**** END OF AGREEMENT EXCEPT FOR SIGNATURES ****
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Professional Services Agreement for
Underwriting G.O. Bonds to Relocate Fire Station Number 2 and
Complete Improvements at Bogert Pool, the Swim Center, and Lindley Recreation Center
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first above written or as recorded in an electronic signature.
CITY OF BOZEMAN, MONTANA ____________________________________
CONTRACTOR (Type Name Above)
By________________________________ By__________________________________
Jeff Mihelich, City Manager
Print Name: ___________________________
Print Title: ____________________________
APPROVED AS TO FORM:
By_______________________________
Greg Sullivan, Bozeman City Attorney
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Bridget Ekstrom
Senior Vice President
D.A. Davidson & Co.
EXHIBIT A
Scope of Services
Response to City Request for Proposals Underwriting the Issuance
of $9,010,000 General Obligation Bonds, Series 2022
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Response to City Request for Proposals
Underwriting the Issuance of
$9,010,000 General Obligation Bonds, Series 2022
April 15, 2022
Fire Station #2 Relocation
Recreation Facilities Improvements
Provided by:
Bridget R. Ekstrom, Senior Vice President
D.A. Davidson & Co.
1101 East Main Street, Suite 301
Bozeman, MT 59715
(406) 556-6965 and (406) 581-9820 (cell)
bekstrom@dadco.com
Lindley Center
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Fixed Income Capital Markets
1101 East Main Street, Suite 301 • Bozeman, MT 59715 • (406) 556‐6965 • bekstrom@dadco.com
April 17, 2022
City of Bozeman Officials
Attn: Mike Maas, City Clerk
Attn: Rachel Harlow‐Schalk, Interim Finance Director
121 North Rouse Avenue, Suite 200
Bozeman, MT 59715
Dear City Officials:
Thank you for the opportunity to present our qualifications to serve as Bond Underwriter in the issuance of
General Obligation Bonds, Series 2022 (the “Series 2022 GO Bonds”) for the fire station project and recreational facilities
improvement projects. As a Bozeman resident and the lead banker with 30 years Montana experience, I greatly value
our long term relationship and would like to continue providing high level service to the City with best execution in the
issuance of your Series 2022 GO Bonds.
Top Montana Underwriter with a Bozeman Public Finance Office and Montana Headquarters – Our extensive
City, Gallatin County and Montana bond knowledge and expertise will help us to deliver an optimal debt issuance. Since
I am based in Bozeman as the primary contact (together with other experienced professionals in Montana highlighted
below), D.A. Davidson will continue to provide service and dedication to the City to the highest standards through and
beyond closing.
Summary of Team Depth and Expertise – Our team of five professionals will bring 110 years of combined experience
to evaluate and execute bond structures and underwriting options.
Lead banker Bridget Ekstrom has been in the Montana public finance business for 30 years and is based in
Bozeman. She has assisted the City on its prior GO Bonds (2012, 2013 and 2014 issues) together with many SIDs
and Tax Increment Bonds (such as the issue that financed the Parking Garage) and other City bonds that are no
longer outstanding. She has worked with 24 other issuers in the County alone as described herein.
Secondary banker Aaron Rudio has served municipal clients in Montana for 32 years.
Our disclosure and bond analyst Crystal Vogl has been involved in analysis for 22 years.
Lead underwriter Mark Froio has serviced Montana clients for 22 years.
Our quantitative analyst Elizabeth (Lizz) Ashton has served in this capacity for 9 years.
Unmatched Bozeman and Montana Distribution Capabilities – For a “bank qualified” issue such as this issue (issues
by the City totaling under $10 million in size in a calendar year), the City will want to maximize placement of the Series
2022 GO Bonds with local banks and individual purchasers to achieve the lowest possible borrowing cost. We are
unmatched in our local presence with approximately 40 financial professionals in Bozeman alone ensuring the best
opportunity for individual and institutional clients to purchase bonds. D.A. Davidson will provide the City with
experience, resources, commitment, and a perspective not found at other firms. As the only full service financial services
firm based in Montana, we have extensive, firsthand knowledge of the municipal bond market and patterns of investor
demand for Montana bonds. We are therefore best equipped to offer and price your bonds with the goal of favorable
execution in meeting the City’s goals.
We would be honored to again use our experience and resources to serve the City.
Best Regards,
Bridget R. Ekstrom
Senior Vice President
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
TABLE OF CONTENTS
1. Experience ............................................................................................................... 1
Deal Rankings and Underwriting Experience:
A. #1 Montana Underwriting Ranking and Montana Underwriting Experience (2019 to Present) 1
B. Rocky Mountain Region Underwriting Experience (2019 to Present) (see Exhibit A) .............. 3
C. Strong National Ranking for Bond Issuance ............................................................................ 4
Company Overview:
D. Key Assigned Personnel, Location, and Biographical Information ........................................... 5
E. D.A. Davidson & Co. Highlights ............................................................................................... 7
F. Summary of D.A. Davidson & Co. Underwriting Strengths ...................................................... 9
2. Experience with Major Rating Agencies ................................................................. 11
3. Sources and Uses of Funds Schedule ...................................................................... 12
4. Summary of Financing Schedules (see Exhibit B) .................................................... 12
5. Official Statement Preparation .............................................................................. 14
6. Proposed Sample Financing Time Schedule ............................................................ 15
7. Additional Relevant Terms and Conditions ............................................................ 17
A. Procedure Overview............................................................................................................. 17
B. Conclusion ........................................................................................................................... 17
8. Nondiscrimination and Equal Pay Affirmation ....................................................... 18
Exhibit A: List of Rocky Mountain Region Underwriting Experience (2019 to Present) ......... 19
Exhibit B: Certain Sample Financing Schedules for the City’s Series 2022 GO Bonds ............. 25
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1A. EXPERIENCE.
#1 MONTANA UNDERWRITING RANKING AND
MONTANA UNDERWRITING EXPERIENCE (2019 TO PRESENT)
Market Leadership in Gallatin County and Montana. D.A. Davidson consistently ranks #1 for
Montana issuance of bonds as detailed below. In addition, with 143 professionals, across 19 States in 33
locations, Davidson’s Fixed Income Capital Markets Division offers nationwide municipal bond underwriting, sales
and trading with a powerful retail distribution network.
Based on our #1 ranking for Montana issuance for the last nine years as shown (Source: Refinitiv), D.A. Davidson
can give the City access to all sectors of investors, including retail and institutional investors in Gallatin County and
Montana. The list of our Montana Bond underwritings shown on the following pages includes 64 Montana Bonds
with a par value of $870.725 billion.
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Gallatin County issues are highlighted in blue and you will note many comparable General
Obligation (GO) offerings.
Par Amount Issuer County Issue Description Closing Rating
Of note and not listed below, D.A. Davidson is engaged on 9 other MT Bond issues that will be presented to voters in May 2022.
$29,000,000 Gallatin County Gallatin General Obligation Bonds TBD ‐‐‐
$13,200,000 Bozeman Elementary #7 Gallatin General Obligation Ref Bonds TBD Aa2
$20,000,000 Belgrade Elementary #44 Gallatin General Obligation Bonds TBD A+
$32,000,000 Montana Board of Housing State Single Family Mort Bonds 02/17/22 Aa1/AA+
$1,800,000 LaMotte SD #43 Gallatin GO School Building Bonds 02/10/22 A
$20,400,000 Lewistown SD #1 Fergus GO School Building Bonds 02/03/22 AA/A
$12,500,000 Jefferson Co SD #1 Jefferson GO School Building Bonds 02/01/22 A+
$5,000,000 Lolo SD #7 Missoula GO School Building Bonds 11/23/21 A
$5,072,000 Flathead (Columbia Falls) SD #6 Flathead GO School Building Bonds 09/30/21 A+
$10,000,000 Great Falls City‐Montana Cascade Special Park District Bonds 09/29/21 A1
$3,000,000 Cascade Co (Centerville) ESD #5 Cascade GO School Building Bonds 09/09/21 A‐
$3,000,000 Cascade Co (Centerville) SD #C Cascade GO School Building Bonds 09/09/21 A‐
$32,000,000 Montana Board of Housing State Single Family Mort Bonds 08/31/21 Aa1/AA+
$81,305,000 Yellowstone Co (Billings) SD #2 Yellowstone GO Ref Bonds 04/29/21 AA‐
$5,995,000 Great Falls City‐Montana Cascade Tax Inc Urban Rnwl Rev Bonds 04/15/21 ‐‐‐
$4,425,000 Montana Board of Housing State Single Family Mort Bonds 03/31/21 Aa1/AA+
$38,985,000 Montana Board of Housing State Single Family Mort Bonds 03/31/21 Aa1/AA+
$7,330,000 Gallatin Co‐Montana Gallatin Industrial Dev Rev Bonds 02/24/21 ‐‐‐
$2,060,000 Yellowstone Co SD #52 Yellowstone GO Ref Bonds 02/18/21 ‐‐‐
$1,000,000 DeSmet SD #20 Missoula GO School Building Bonds 01/28/21 A+
$17,100,000 Lolo SD #7 Missoula GO School Building Bonds 12/22/20 A
$5,950,000 Carbon Co (Red Lodge) HSD #1 Carbon GO School Building Bonds 12/03/20 A
$5,715,000 Gallatin Co (Big Sky) SD #72 Gallatin GO Ref Bonds 10/29/20 A
$8,900,000 Carbon Co (Bridger) K 12 SD#2 Carbon GO School Building Bonds 10/28/20 A
$24,865,000 Montana State General Obligation Bonds 10/20/20 Aa1/AA
$30,000,000 Montana Board of Housing State Single Family Mort Bonds 10/15/20 Aa1/AA+
$4,200,000 Wibaux Co K‐12 SD #6 Wibaux GO School Building Bonds 08/25/20 A‐
$18,838,000 Townsend K‐12 SD #1 Broadwater GO School Building Bonds 08/20/20 A+
$9,105,000 Three Forks SD #J‐24 Gallatin/Brdwter/Jeff GO School Building Bonds 08/04/20 A
$15,000,000 Three Forks HSD #J‐24 Gallatin/Brdwter GO School Building Bonds 08/04/20 A
$23,500,000 Gallatin Co (Big Sky) SD #72 Gallatin GO School Building Bonds 07/30/20 A
$2,165,000 Billings City‐Montana Yellowstone Tax Inc Urban Rnwl Rev Bonds 07/08/20 ‐‐‐
$1,620,000 Lewis & Clark Co‐Montana Lewis/Clark Open Space GO Ref Bonds 07/08/20 AA
$37,200,000 Montana Board of Housing State Single Family Mort Bonds 05/21/20 Aa1/AA+
$3,200,000 Great Falls City‐Montana Cascade Tax Inc Urban Rnwl & Ref Bonds 04/28/20 ‐‐‐
$3,650,000 Ravalli Co‐Montana Ravalli Open Space GO & Ref Bonds 03/31/20 AA
$5,000,000 DeSmet SD #20 Missoula GO School Building Bonds 03/10/20 A+
$2,680,000 Fort Benton City‐Montana Chouteau General Obligation Bonds 02/27/20 ‐‐‐
$8,400,000 Yellowstone Co (Billings) SD #2 Yellowstone GO School Building Bonds 02/04/20 AA‐
$39,130,000 Montana Board of Housing State Single Family Mort Rev Bonds 01/16/20 Aa1/AA+
$32,000,000 Flathead (Columbia Falls) SD #6 Flathead GO School Building Bonds 12/30/19 A+
$4,000,000 Somers Rural Fire Dt Flathead General Obligation Bonds 12/20/19 ‐‐‐
$3,950,000 Yellowstone (Shepherd) HSD #37 Yellowstone GO School Building Bonds 12/19/19 A+
$7,950,000 Yellowstone (Shepherd) HSD #37 Yellowstone GO School Building Bonds 12/19/19 A+
$6,900,000 Gallatin Co (Anderson) SD #41 Gallatin GO School Building Bonds 12/19/19 A
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Par Amount Issuer County Issue Description Closing Rating
$2,310,000 Yellowstone Co (Laurel) HSD #7 Yellowstone GO Ref Bonds 12/04/19 A
$4,695,000 Red Lodge‐Montana Carbon Water System Rev Ref Bonds 10/15/19 AA/A‐
$2,605,000 Evergreen Fire Dt Flathead GO Ref Bonds 09/19/19 ‐‐‐
$25,000,000 Gallatin Co (Bozeman) HSD #7 Gallatin GO School Building Bonds 09/04/19 Aa2
$14,169,000 Ravalli Co (Stevensville) HSD #2 Ravalli GO School Building Bonds 08/28/19 A+
$6,369,000 Ravalli Co (Stevensville) SD #2 Ravalli GO School Building Bonds 08/28/19 A+
$30,000,000 Montana Board of Housing State Single Family Mort Bonds 07/30/19 Aa1/AA+
$8,000,000 Lewis Co (Helena) SD #1 Lewis/Clark GO School Building Bonds 06/05/19 A1
$28,000,000 Gallatin Co (Belgrade) SD #44 Gallatin GO School Building Bonds 05/23/19 A+
$4,010,000 Flathead Co‐Montana Flathead GO Ref Bonds 05/07/19 AA
$15,110,000 Carter Co‐Montana Carter General Obligation Bonds 04/30/19 AA‐
$5,685,000 Lake Co (St. Ignatius) SD #28 Lake GO School Building Bonds 03/28/19 A+
$15,975,000 Florence‐Carlton SD #15‐6 Florence GO School Building Bonds 03/12/19 A
$35,000,000 Butte SD #1 Silver Bow GO School Building Bonds 03/05/19 A
$4,135,000 Stillwater Co (Columbus) ESD #6 Stillwater GO School Building Bonds 02/26/19 A+
$11,265,000 Stillwater Co (Columbus) ESD #6 Stillwater GO School Building Bonds 02/26/19 A+
$4,000,000 Missoula Co (Clinton) SD #32 Missoula GO School Building Bonds 02/26/19 A
$3,295,000 Montana Board of Housing State Single Family Mort Rev Bonds 01/16/19 Aa1/AA+
$2,015,000 Livingston City‐Montana Park Tax Inc Urban Rnwl Bonds 01/11/19 ‐‐‐
$870,728,000 TOTAL 64 Issues
1B. EXPERIENCE.
ROCKY MOUNTAIN REGION UNDERWRITING EXPERIENCE (2019 TO PRESENT)
(SEE EXHIBIT A)
In Exhibit A we have included the underwritings completed by D.A. Davidson in the Rocky Mountain region
(Colorado, Idaho, Nevada, Utah, Washington and Wyoming) since 2019 to show the varied experience of Davidson’s
underwriting professionals. During this time period the number of issues is 457 and total par value of
$9,316,556,000.
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1C. EXPERIENCE.
STRONG NATIONAL RANKING FOR BOND ISSUANCE
Strong National Ranking for Bond Issuance. In addition to our Montana focus, Davidson brings diversity
of experience across many States and as shown below ranks among the nation’s top investment banks in municipal
underwriting activity with rankings ranging between 4th through 6th during the past nine years (Source: Refinitiv). In
2021 alone, Davidson underwrote 446 public finance transactions with volume in excess of $4.891 billion.
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1D. EXPERIENCE.
KEY ASSIGNED PERSONNEL, LOCATION, AND BIOGRAPHICAL INFORMATION
DAVIDSON PRIMARY CONTACT: Bridget Ekstrom will be the lead banker for the City’s Series 2022 GO
Bonds, managing the Davidson staff and coordinating with City officials, Bond Counsel, and other financing team
partners. Bridget will devote her full attention and expertise through the successful completion of the City’s Series
2022 GO Bonds. With a Main Street office just a few blocks from the City offices, she is readily available to attend
meetings and make presentations. Bridget is proud to have worked on the majority of D.A. Davidson’s Montana
experience list shown as enclosed in Section 1A. She has assisted the City on prior GO Bonds (2012, 2013 and 2014
issues) together with many SIDs and Tax Increment Bonds (such as the one that financed the Parking Garage) and other
City bonds that are no longer outstanding.
Ms. Bridget Ekstrom Senior Vice President
Phone: (406) 556‐6965 Primary Banking Contact
E‐mail: bekstrom@dadco.com Bozeman, MT
Bridget Ekstrom has 30 years Montana Public Finance experience and is located in our Bozeman
Public Finance office. Ms. Ekstrom is primarily responsible for providing underwriting and
financial advisory services to counties, school districts, cities, fire districts and other issuers across
the State. Since joining the firm in 1992, she has helped hundreds of issuers in Montana and the
Pacific Northwest region, with 24 issuers in Gallatin County alone, from the early planning stages through bond
structuring, disclosure, rating and analytics to successful pricing and closing. Ms. Ekstrom is a native of Fort Benton,
Montana and graduated in with highest honors from Montana State University, Bozeman with a Bachelor of Science
degree in Business and holds FINRA Series 7, 50, 53 and 63 Securities Licenses.
DAVIDSON FINANCING TEAM: The list of our Montana Bond issues that we have completed since 2019 as
enclosed in Section 1A has been managed by the team represented below and includes 64 Montana Bonds with a
par value of $870.728 billion.
Mr. Aaron Rudio Senior Vice President
Phone: (406) 791‐7210 Secondary Banking Contact
E‐mail: arudio@dadco.com Kalispell, MT
Aaron Rudio has been in the Public Finance department of D.A Davidson & Co. since 1990. Mr.
Rudio’s key areas of expertise include: school districts and higher education, state agency finance,
public utility system borrowings, and special purpose financings to include refundings for a broad
range of issuers. Mr. Rudio’s strengths include: coordination of financing professionals, structuring
analysis, rating agency and bond insurer presentations and coordination and disclosure preparation. The breadth
of his experience on hundreds of transactions has provided Mr. Rudio with an understanding of a wide range of
issuers and their specific financing needs. He is a graduate of the University of Montana, Missoula with a Bachelor
of Arts degree in Business Administration and Finance and holds FINRA Series 7, 50 and 63 Securities Licenses.
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Ms. Crystal Vogl Senior Vice President, Senior Public Finance Analyst
Phone (406) 791‐7214 Disclosure and Analytics Specialist
E‐Mail: cvogl@dadco.com Great Falls, MT
Crystal Vogl joined D.A. Davidson’s public finance investment banking practice in 2000, and her
focus is on municipal transactions for clients primarily located in Montana, Washington, Oregon,
and Idaho. Ms. Vogl provides analytical services, disclosure and other document preparation and
review in addition to continuing disclosure assistance, rating and municipal bond insurance
presentations and other underwriting and financial advisory services for our clients. Ms. Vogl provides analytical
support for all types of issuers, including school districts, cities, counties, fire districts and other special purpose
districts throughout the Pacific Northwest. She has prepared hundreds of disclosure documents used by
underwriters, bondholders and other market participants in evaluating credits. Ms. Vogl holds a Bachelor of Science
degree in Business Finance from Montana State University, Bozeman and holds FINRA Series 7, 50 and 63 securities
licenses.
Mr. Mark Froio, CFA® Senior Vice President
Phone: (206) 903‐8664 Marketing and Sales, and Pricing
E‐mail: mfroio@dadco.com Reno, NV
Mr. Froio joined D.A. Davidson in 2000, and is responsible for northwestern regional municipal
trading and underwriting. He manages the competitive and negotiated underwriting accounts for
Montana, Washington, Oregon, and Idaho. His experience in trading and underwriting municipal
issues covers a 35‐year span. Prior to joining D.A. Davidson, Mr. Froio held positions with Merrill
Lynch, Prudential Securities and U.S. Bancorp Piper Jaffray. He holds a Bachelor of Arts degree from Hamilton
College in Clinton, New York. Mr. Froio has FINRA Series 7, 24, 53 and 63 securities licenses and has earned the
prestigious Chartered Financial Analyst designation in investment management and investment research
analysis.
Ms. Elizabeth (Lizz) Ashton Senior Vice President
Phone: (303) 764‐6026 Quantitative Analysis
E‐mail: eashton@dadco.com Denver, CO
Elizabeth Ashton is a quantitative analyst for D.A. Davidson’s Fixed Income Capital Markets Public
Finance group. Elizabeth joined Davidson in 2013 from the Denver CPA and consulting firm, Causey,
Demgen & Moore P.C., where she worked for three years as a verification analyst preparing
verification reports for current and advance refundings, commercial defeasances, arbitrage rebate
calculations, etc. During her time at Davidson, Elizabeth has structured over 800 unique financings. She regularly
prepares detailed bond structures for prospective and present clients. Working with Davidson’s bankers and
traders, she assist clients in evaluating alternative plans regarding timing, sizing and specific structures that enable
clients to meet their financing needs. Ms. Ashton also assists bankers with various aspects of bond issue closings
including reviewing documents to ensure coordination with financial structure, assisting clients and attorneys with
preparation and completion of documents and schedules required for closings. Ms. Ashton holds a Bachelor of Arts
degree in Pure and Applied Mathematics from Boston University and holds FINRA Series 7 and 63 licenses.
SECURITIES LICENSES: Each biographical summary for the team of five assigned to the City describes the
FINRA licenses obtained by the individual. Confirmation of the licenses and other completed examinations and
information can be found by entering the individual name at the website: https://brokercheck.finra.org.
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1E. EXPERIENCE.
D.A. DAVIDSON & CO. HIGHLIGHTS
D.A. Davidson offers straightforward advice, personalized solutions, and industry expertise – an approach rooted in
the values of a company that is as independent as you are. We are proud to be employee owned and to have been
serving clients since 1935. Headquartered in Great Falls, Montana with four major hubs located in Seattle,
Portland, Denver and Los Angeles, our firm has approximately 1,475 employees working from 101 office
locations in 28 states. Four financial services firms comprise D.A. Davidson Companies: D.A. Davidson & Co.,
Davidson Investment Advisors, D.A Davidson Trust Company, and Davidson Fixed Income Management.
D.A. Davidson Companies Overview
80+ year‐old Montana‐based firm,
established in 1935
Private, employee‐owned firm
$68.82 billion assets under
management as of 12/31/2021
Approximately 1,475 employees in
101 locations in 28 states
Public company governance practices
Headquartered in Great Falls, Montana
Largest, full‐service independent broker‐dealer headquartered in the Western U.S.
D.A. Davidson Fixed Income Capital Markets
Comprised of Public Finance, Institutional Sales and Trading
190 associates in 32 locations in 19 states
Broad Public Finance
experience: Diverse Bond issues
ranging from under $1 million
to several hundred million
According to Refinitiv, D.A.
Davidson has underwritten
8,092 muni bonds totaling over
$121.958 billion from 2005
through March 31, 2022
D.A. Davidson Market Coverage
Extensive national coverage
73 retail offices nationwide
11 Montana offices, including
Bozeman
Distinctive regional and local
account coverage
Strong institutional focus from
over 60 institutional sales and trading personnel
Over 1,200 Tier I, II, III and other institutional clients
5 regional underwriting desks in Seattle, Denver, Portland, Los Angeles, and Omaha
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Copy of D.A. Davidson & Co. License/Articles of Incorporation
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1F. EXPERIENCE.
SUMMARY OF D.A. DAVIDSON & CO. UNDERWRITING STRENGTHS
In the RFQ for underwriting services, the City specifies that the bond financing will be to issue up to $9,010,000 in
General Obligation Bonds ($6,730,000 for the relocation of Fire Station #2 and $2,280,000 for Recreation Facilities
Improvements) (together, the “Series 2022 GO Bonds”). D.A. Davidson is proud to highlight that have we been able
to provide underwriting services on the City’s prior GO Bonds issued in 2012, 2013 and 2014 together with other
SID Bonds and Tax Increment Bonds (such as the Bonds that financed the Parking Garage) with the same Davidson
team. We view our relationships as long‐term as we have been providing public finance work since our founding in
Montana in 1935. We live in the communities where our clients live and we are proud of our long‐term approach
to our work.
We provide the following information to highlight our high level of integrity, expertise and service.
Gallatin County Expertise. Issuers of Bonds in Gallatin County are a high priority for Davidson. Bridget
has worked with the City since she started at Davidson 30 years ago and has served 24 other issuers in the
County as listed below. Our team is able to apply this in‐depth knowledge base to credit rating presentations,
which highlight the economic development occurring in the area. We consider ourselves the “Bozeman,
Gallatin County, and Montana Experts”.
D.A. DAVIDSON – GALLATIN COUNTY ISSUER EXPERIENCE
Airport: Hospital:
Bozeman Yellowstone International Airport Bozeman Health Deaconess Hospital
University: Water and Sewer District:
Montana State University Big Sky County Water & Sewer District
Local Government (County/Cities/Towns):
Gallatin County
City of Belgrade City of Bozeman
City of Three Forks Town of West Yellowstone
Fire Districts:
Hyalite (Sourdough) Fire District Three Fork Fire District
Schools:
Amsterdam Elementary Anderson Elementary
Bozeman Elementary Bozeman High School
Belgrade Elementary Belgrade High School
Big Sky K‐12 (Ophir Elementary) Gallatin Gateway Elementary
Manhattan Elementary Manhattan High School
Monforton Elementary Three Forks Elementary
Three Forks Elementary West Yellowstone K‐12
D.A. Davidson’s distribution capabilities and financial strength as a firm enable us to
provide the capital and expertise to underwrite bonds in any market situation. According
to Municipal Market Analytics in their report generated on April 12, 2022, municipal bids wanted surged to nearly
$1.85 billion. The elevated recent totals are indicative of secondary sell pressure and distribution challenges. With
choppy market conditions, the City will want a firm with a proven Montana track record of successfully placing Bonds.
Sales Force That Specializes in Selling Municipal Bonds. Given the importance of municipal bonds
at Davidson, we attract financial consultants in our local branch offices, such as our Bozeman office,
who have a strong base of municipal buyers for our bond issues. No other firm has a comparable
number of financial consultants in Bozeman or throughout Montana.
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Municipal Underwriting/Trading Desks. Davidson’s underwriting and trading desks have extensive
knowledge of the Montana municipal marketplace that contributes to the aggressive pricing we deliver
to clients. We are the major market‐maker in Montana municipal bonds. We maintain five regional
trading desks staffed with 15 trading and syndicate underwriting professionals. Our secondary market
activity ensures that our traders and underwriters are knowledgeable about current market rates and
changing investor preferences.
Institutional Sales. Davidson’s institutional sales force is composed of 60 experienced specialists
located nationwide with over 1,200 national, regional and local accounts and strong institutional
relationships. These sales professionals provide us with extensive access to both regional and major
national institutional portfolio and fund managers who are active buyers of municipal bonds.
Reaching Local Investors. Reaching
out to local investors allows people who
live in our community to participate in the
City’s Bond offering in $5,000 increments.
Not only it is deemed important in our
community to have local companies and
workers to be provided an opportunity to
work on the completion of the construction
project but it is also important to provide
local investors the opportunity to
participate in the Bond offering.
We focus on maturity structures that
provide both retail and institutional
investors the opportunity to buy Bonds at
the price and yield relationship they desire
so that demand for your Bonds is
maximized. Davidson is the only firm to
market Montana and specifically Gallatin
County bonds on a regular basis through a
retail network.
As an example, the Three Forks Elementary
and High School Tombstone Bond
Advertisement for their Series 2020 Bond
issuances that are of similar size and
geographic location to the City’s Bonds is
shown. The Tombstone was published in
the local papers together with postings on
other websites and outlets. This is a sample of the local outreach we successfully complete on every offering.
The Three Forks Elementary and HS Bonds were 97% sold at the end of the one‐hour order period; therefore,
based on the successful marketing, we were able to reduce rates by 3 basis points in most maturities from the
rates presented to the bond market during the beginning of the order period. Due to successful demand and
marketing efforts by D.A Davidson, District officials were pleased interest costs $3.67 million less than the original
estimates, saving the taxpayers money.
Smooth Process. Davidson’s team has worked with City officials on many bond issues and our great
working relationships with the parties involved will ensure a smooth bond issuance for the City. We strive to
produce a trouble‐free financing with in‐person meetings and presentations that fully meets the City’s needs
and closes on time.
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2. EXPERIENCE WITH MAJOR RATING AGENCIES.
A strong underlying bond rating is key to obtaining low borrowing costs. The City’s current general obligation rating
of “Aa1” by Moody’s will provide a broad base of investors wanting to purchase Series 2022 GO Bonds at favorable
terms due to strong credit quality.
Our enclosed experience lists (Section 1A and Exhibit A) specifically include a column showing the rating(s)
obtained on each bond issue. Davidson’s team is expert in the ratio analysis used by the Moody’s and S&P credit
rating agencies to measure the relative credit quality of municipal bond issuers. Davidson’s own proprietary models
together with Moody’s and S&P models and information assist us in preparing rating presentations, anticipating
rating outcomes, and structuring financing solutions for our clients, such as the City. D.A. Davidson has a former
Moody’s analyst in our Seattle office (Maura Lentini, Senior Vice President, Analyst) who is able to provide our
clients with expert guidance and insight during the rating process.
Shown below are excerpts from the City’s 2019 and 2021 rating reports by Moody’s Investors Service. We have
highlighted in yellow the least favorable benchmarks as areas we can review closer and work with the City to
improve.
Over the years, the City and the Davidson team have been able to successfully make the argument for rating
upgrades as described below. Local examples of rating improvements that we have been involved with include
Gallatin County’s climb to “AA+” with S&P and Bozeman Schools climb to “Aa2” with Moody’s. Recently in 2021,
Bozeman Schools and several other Montana Schools were flagged for credit review by Moody’s due to Moody’s
revised formulas for school districts and we were the first call for help with the new analysis and we are happy to
report through that work all Districts retained their favorable ratings.
It is interesting to note that D.A. Davidson underwrote the City’s $5,000,000 Series 1995 GO Bonds for road and
transportation improvement projects that was rated “A2” and at the time the City population was 23,826 and the
taxable value was $31,670,324. For comparison, the City has a population of 53,293, which is a growth of 124%
since 1995, and the City’s 2021 taxable value was $155,352,503 (excluding tax increments), which is an enormous
growth of 391% over the 1995 figures.
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3. SOURCES AND USES OF FUNDS SCHEDULE.
Our proposed underwriter’s discount of $3.75 per bond is a ‘not to exceed fee’ and is based on other recent larger
offerings by local issuers. Keep in mind, the primary cost of a financing is the interest costs discussed in Section 4
and so key to the lowest cost financing is the ability to offer bonds to the broadest group of purchasers. For
example, a hypothetical change of the coupons by just 50 basis points increases the interest costs by approximately
$575,000 over the 20‐year term of the Series 2022 GO Bonds. With interest rates increasing due to inflationary
concerns and changes by the Fed (See Section 6 for a graph showing recent rate increases), having an Underwriter
that can get into the marketplace as quickly as possible can save hundreds of thousands of dollars as described with
our proposed financing time schedule herein in Section 6.
The underwriter’s discount covers working on the financing to include analysis, rating, disclosure and marketing
efforts, and reoffering the Series 2022 GO Bonds in $5,000 increments maximizing the investors reached to obtain
a favorable pricing. Having an experienced underwriter will help achieve the lowest possible borrowing cost, which
is the primary cost of a financing and key to success.
In addition, the estimated other costs of issuance for the Series 2022 GO Bonds include:
Outline of Estimated Costs of Issuance
for the Proposed Series 2022 GO Bonds
Dorsey & Whitney Bond Counsel Fees $25,000
Moody’s Rating Fees 18,000
Dorsey & Whitney Continuing Disclosure Report Fee 1,000
Depository Trust Company (DTC) Fees 800
U.S. Bank Paying Agent/Registrar Initial Fees 750
CUSIP Global Service Fees 740
Davidson POS/OS Costs 350
Combined Costs of Issuance For the City’s Proposed Series 2022 GO Bonds $46,640
4. SUMMARY OF FINANCING SCHEDULES.
(SEE EXHIBIT B)
Please see Exhibit B herein for sample financing schedules for the par amount of the City’s Series 2022 GO
Bonds issued at $9,010,000 and assuming a Bank Qualified (BQ) Bond. (See “Sample Scale and Spread
Overview as of April 13” below.)
The true interest cost (TIC) calculation is estimated at 2.948% according to current BQ market conditions,
which are subject to change between now and the date we can lock rates.
The premium calculation is estimated at $294,234.50 based on certain assumptions. (See “Premium
Considerations” on the following page.)
Because we are not showing a refunding scenario with this new issue of Series 2022 GO Bonds, we have
not included a Net Present Value Savings calculation.
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Sample Scale and Spread Overview as of April 13. Rates, yields, and prices are set during a negotiated
process with the City based on market conditions at the time of the Bond offering, which we show as occurring on
or about June 14 according to the schedule shown in Section 6. If the Series 2022 GO Bonds are not issued with
D.A. Davidson for any reason, the City would owe Davidson $0.
The sample rates are based on spreads to the Municipal Market Data (MMD) Benchmark “AAA.” Rates are provided
to see the relationship between the April 13 “AAA scale” and our sample “Aa1 scale” for a Bank Qualified (BQ) issue.
Bonds are denoted as BQ when the issuer has less than $10,000,000 in bonds issued during a calendar year and so
for the enclosed financing schedules, we have utilized BQ rates based on feedback from Dorsey & Whitney as Bond
Counsel in consultation with the City Attorney; however, a thorough review of other debt anticipated to be issued
by the City in 2022 will be performed before Bonds are issued as BQ. Not BQ issues would generally have higher
coupon rates in some maturities and also higher premium paid to the City at closing.
Premium Considerations. A key factor we will consider in our sizing discussions with the City is the amount
of original issue bond premium expected to be generated at the pricing. Based on trends in the marketplace, Bonds
typically are priced with a premium in order to obtain the lowest overall borrowing cost since larger institutions are
giving lower yields with this structure. Based on further analysis, the City will determine whether it will (1) issue
the full amount of the Series 2022 GO Bonds approved by voters of $9,010,000 or (2) reduce the principal amount
by some factor to account for the additional proceeds due to premium received at closing. This sizing analysis will
include feedback from Project professionals regarding Project cost considerations as well as recognition that the
City will also earn investment earnings on the proceeds of the Series 2022 GO Bonds.
If the City determines it will issue the full principal amount, the City could expect to receive approximately
$294,234.50 in premium by the enclosed sample financing schedules using BQ pricing assumptions, which after
costs of issuance estimates means a $9,223,157.00 deposit to the Project Fund. If we determine it is best for the
City to use 4% coupons on all maturities (versus the coupons shown above using a mix of 4.00%, 3.00% and 3.125%)
for the BQ example, then we generate a premium of $779,161.90 based on financing assumptions herein with a
Project Fund deposit of $9,708,084.40. The best offering for the City will be determined based on market conditions
at the time of issuance as well as input by the City and comparisons of the taxpayer impact described to voters as
discussed in the section that follows called “Taxpayer Impact Estimates”. Also as described above, if we issue the
Bonds as Not BQ, then pricing figures and premium may be higher.
Premium if deposited to the Project Fund is available to (1) serve as a contingency for the Project and (2) allow
additional alternate options to be included in the Project. To the extent the premium is not needed for the
contingency or alternative options, then it is by law transferred from the Project Fund to the Debt Service Fund to
offset levies and taxpayer impacts.
Sample Scale and Spread Overview
(as of April 13, 2022)
Assumptions
Bank Qualified – Aa1 Moody’s Rating – 20 Year Term
Maturity
(July 1)
“AAA”
MMD
(04/13/2022) Coupon Yield
Basis Point
Spread to
the MMD
Maturity
(July 1)
“AAA”
MMD
(04/13/2022)
Coupon Yield
Basis Point
Spread to
the MMD
2023 1.800% 4.000% 1.860% +6 2033 2.470% 3.000% 2.810% +34
2024 2.010 4.000 2.090 +8 2034 2.500 3.000 2.880 +38
2025 2.120 4.000 2.220 +10 2035 2.530 3.000 2.930 +40
2026 2.180 4.000 2.300 +12 2036 2.540 3.000 2.960 +42
2027 2.210 4.000 2.350 +14 2037 2.560 3.000 3.000 +44
2028 2.230 4.000 2.390 +16 2038 2.580 3.000 3.040 +46
2029 2.300 4.000 2.480 +18 2039 2.600 3.000 3.080 +48
2030 2.350 4.000 2.550 +20 2040 2.610 3.000 3.110 +50
2031 2.390 4.000 2.610 +22 2041 2.620 3.125 3.140 +52
2032 2.430 4.000 2.670 +24 2042 2.640 3.125 3.180 +54
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Taxpayer Impact Estimates. One key factor in determining the best overall pricing structure we will analyze
further with the City is making sure we have taxpayer impact costs that come in at or below the amount projected
to voters as follows. With the current bond market trends, Davidson’s projections of the taxpayer impact costs are
lower than the City’s estimates provided to voters last fall, which is favorable given bond market interest rates have
steadily increased since last fall.
Estimated Taxpayer Impact on a $364,000 Sample Residential Property
(the value used in the Election Materials)
CITY OF BOZEMAN
NOVEMBER 2021
ELECTION ESTIMATES
APRIL 2022
ESTIMATES BASED ON
ENCLOSED ESTIMATED
FINANCING SCHEDULES
Series 2022 GO Bonds
Estimated
Mills
Estimated
Annual Tax Impact
Estimated
Mills*
Estimated
Annual Tax
Impact*
Fire Station 3.92 $18.83
2.92 $14.35
Recreation Facilities Improvements 1.33 6.38
0.99 4.87
Combined Total 5.25 $25.21 3.91 $19.22
* The growth in taxable value for the 2022/23 tax impacts (when the Bonds are expected to first appear on
the tax rolls) is a conservative 2% given the City’s taxable value growth has increased over 3% the past three
non‐reappraisal years (3.28%, 3.09% and 3.33%). Even with higher coupons discussed in the “Premium
Considerations” section on prior page, which would generate higher premiums, the taxpayer impacts will
be lower than projected to voters at a combined total of approximately $4.17 mills and estimated taxpayer
impact of a $364,000 residential property of $20.51.
5. OFFICIAL STATEMENT PREPARATION.
As we have on prior City bond issuances and the majority of the Bonds we issue in Montana, we will prepare the
Official Statement as part of our underwriting services to take advantage of the expertise we have developed due
to our long history in Montana. Our team of Bridget Ekstrom, Aaron Rudio, and Crystal Vogl have over 84 years
in combined experience in drafting Montana disclosure documents and, specifically, Crystal Vogl with 22 years
of experience works in this capacity full‐time. No other firm is able to provide this level of expertise, as we work,
live, and interact in various capacities in the communities throughout Montana. In fact other firms utilize our
documents when selling bonds and hire additional outside legal assistance at a significant cost. Our streamlined
work in this important part of the financing process reduces City administrative burden and allows us to move
ahead and lock interest rates as quickly as possible, which will be important given the current increasing rate
environment.
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6. PROPOSED SAMPLE FINANCING TIME SCHEDULE.
We will present a full overview of the financing time and responsibility schedule, but for purposes of this RFP, the
proposed major events for the Series 2022 GO Bonds are summarized below and assume that the Commission
would not be able to place on its agenda the Authorizing Resolution before the May 10 regular meeting. If this
action occurs earlier than the schedule can move up accordingly. Our plan is the close the Series 2022 GO Bonds
before the 4th of July week to provide for optimal attention in the market. The following proposed sample financing
schedule has the City locking rates on June 14 allowing the Commission to adopt the final Bond Resolution at its
regular meeting on June 28. With interest rates increasing due to inflationary concerns and changes by the Fed,
having D.A. Davidson & Co. as your Underwriter will be important in being able to get into the marketplace as
quickly as possible, which can save hundreds of thousands of dollars in an increasing rate environment.
Proposed Sample Financing Time Schedule
April 27: City informs D.A. Davidson we were chosen to work on the Series 2022 GO Bonds
April 28: DAD provides information to Dorsey & Whitney to draft the Authorizing Bond Resolution and requests
disclosure information from the City
May 4: City provides requested disclosure information
May 10*: Commission adopts Resolution Authorizing the Issuance of Bonds and names Bond Committee to work
on the bond financing process to include four City officials
May 11: DAD provides a draft POS to the City and Dorsey for review and comment
May 16: DAD holds Due Diligence Meeting to review the POS/Rating Presentation and distributes Rating
information to Moody’s
May 25: Moody’s Rating conference call meeting
June 1: City receives Rating and DAD sends tombstone to paper for Bond purchase opportunity
June 2: DAD prints and distributes POS and marketing materials to prospective investors
June 10: DAD holds Pricing Meeting with City officials on the Bond Committee
June 14: DAD Offers Series 2022 GO Bonds and City locks final terms of the Series 2022 GO Bonds by signing BPA
June 20: Dorsey distributes closing documents
June 28*: Commission adopts final Bond Resolution
June 29: Closing documents are signed after distribution by Dorsey
June 30: Closing/delivery of Bond proceeds
* Grey denotes Commission Action
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RECENT INCREASE IN BOND MARKET RATES. The recent changes in the Bond Market as shown in the
enclosed “AAA” MMD Chart (which are the benchmark rates used in the charts shown in Section 4) highlight the
importance of locking rates as soon as possible. Increases in rates can cost hundreds of thousands of dollars in
interest costs. For example, a hypothetical change of the coupon rates shown in Exhibit B by just 50 basis points
increases the interest costs by approximately $575,000 over the 20‐year term of the Series 2022 GO Bonds and so
locking rates at the earliest possible date is highly recommended and something D.A. Davidson is able to achieve
based on our in house expertise in document preparation (see Section 5) and generally our unmatched Montana
and Gallatin County expertise (see Section 1).
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7. ADDITIONAL RELEVANT TERMS AND CONDITIONS.
7A. PROCEDURE OVERVIEW. To begin the process of underwriting the Series 2022 GO Bonds, the
Commission will adopt an Authorizing Bond Resolution naming a Bond Committee to work on the issuance process
that in the past typically included three to four City officials such as the City Manager, Assistant City Manager,
Interim Finance Director, and Mayor (or other designated Commission member).
After a successful marketing and offering period for the Series 2022 GO Bonds, we will present a Bond Purchase
Agreement (BPA) with the proposed terms of the Bond. The BPA presents the interest rates, purchase price,
redemption features, and the public offering prices of the Series 2022 GO Bonds based on the current market
conditions at the time of the offering. The City officials consider the BPA, but are not obligated to accept the same
and may reject the same. If the Series 2022 GO Bonds are not issued with D.A. Davidson for any reason, the City
would owe Davidson $0.
7B. CONCLUSION.
UNMATCHED EXPERTISE. Bridget Ekstrom and our D.A. Davidson team are highly experienced public
finance bankers in Montana, and we believe that no other firm can meet the City’s needs with the same dedicated
performance Davidson is able to deliver. Simply entering the market as quickly as possible with our in house team
of experts can save hundreds of thousands of dollars as described in Sections 4 and 5. We are the perfect
combination of strength through both local presence and national rankings and resources. No firm has a
comparable number of financial professionals (approximately 40) in Bozeman or throughout Montana; therefore,
we can offer broad reach of local banks and individual investors. Our connection to local banks will be important
in obtaining the lowest possible borrowing cost with a Bank Qualified (BQ) issue.
FAVORABLE HISTORY WORKING TOGETHER FOR A SEAMLESS FINANCING. With recent personnel
changes at the City, a local based team of professionals dedicated to working swiftly on the issuance of the City’s
Series 2022 GO Bonds is critical to the best outcomes for the Bond financing. It would be a great privilege to
continue to work with the City of Bozeman and to serve as Underwriter for your new fire station and improvements
to recreation facilities to include Bogert Pool, Lindley Center, and the Bozeman Swim Center.
BRIDGING THE CITY’S PAST SUCCESS TO FUTURE SUCCESS. In summary, D.A. Davidson would be
honored to carry on our partnership with the City and its officials as we are fully vested to assist with the City’s
ongoing success as members of the community with a long‐term vision.
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8. NONDISCRIMINATION AND EQUAL PAY AFFIRMATION
CITY STATEMENT OF NONDISCRIMINATION
D.A. Davidson & Co. (name of entity submitting) hereby affirms it will not discriminate on the basis of race, color,
religion, creed, sex, age, marital status, national origin, or because of actual or perceived sexual orientation, gender
identity or disability and acknowledges and understands the eventual contract will contain a provision prohibiting
discrimination as described above and this prohibition on discrimination shall apply to the hiring and treatments or
proposer’s employees and to all subcontracts.
In addition, D.A. Davidson & Co. (name of entity submitting) hereby affirms it will abide by the Equal Pay Act of
1963 and Section 39‐3‐104, MCA (the Montana Equal Pay Act), and has visited the State of Montana Equal Pay for
Equal Work “best practices” website or equivalent “best practices” publication and has read the material.
Bridget R. Ekstrom .
Senior Vice President, Public Finance Banker .
Name and title of person authorized to sign on behalf of submitter
______________________________________
Senior Vice President, Public Finance Banker
The information presented herein is based on public information we believe to be reliable, prevailing market
conditions, as well as our views at this point in time. We make no representation or warranty with respect to
the accuracy or completeness of this material. Past performance is not necessarily indicative of future results.
Davidson Companies does not assume any liability for any loss which may result from the reliance by any person
upon such material. We make no representations regarding the legal, tax, regulatory, or accounting
implications of entering into a Transaction
Davidson is very interested in serving as underwriter for the proposed issuance. Pursuant to MSRB Rule
G‐23: As underwriter, Davidson’s primary role will be to purchase as principal, or arrange for the placement of
the securities in a commercial arm’s length transaction with the issuer, and may have financial and other
interests that differ from those of the issuer. In its capacity as underwriter and not as financial advisor, Davidson
may provide incidental financial advisory services at the issuer’s request, including advice regarding the
structure, timing, terms and other similar matters concerning the issuance. However, Davidson does not
assume any financial advisory or fiduciary responsibilities with respect to the issuer.
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EXHIBIT A.
LIST OF ROCKY MOUNTAIN REGION UNDERWRITING EXPERIENCE (2019 TO PRESENT)
Par Amount Issuer County State Issue Description Closing Rating
$184,590,000 Idaho Housing & Fin Assoc State ID Sales Tax Rev Bonds 04/12/2022 Aa1
$9,510,000 Okanogan Co‐Washington Okanogan WA Limited Tax GO Bonds 04/07/2022 AA‐
$200,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 03/31/2022 ‐‐‐
$7,790,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 03/31/2022 ‐‐‐
$5,540,000 Thurston Co Fire Protection Dt #12 Thurston WA General Obligation Bonds 03/30/2022 AA‐
$50,135,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev & Ref Bonds 03/29/2022 ‐‐‐
$4,900,000 Copperleaf Metro Dt #6 Denver CO Sub Limited Tax GO Bonds 03/24/2022 ‐‐‐
$26,671,000 Waterview II Metro Dt Arapahoe CO Sub & Limited Tax GO Bonds 03/24/2022 ‐‐‐
$23,070,000 Emery Co SD Emery UT General Obligation Bonds 03/23/2022 Aaa
$15,390,000 Yakima SD #7 Yakima WA GO Ref Bonds 03/23/2022 Aaa
$1,100,000 Anthology West Metro Dt #4 Arapahoe CO Sub Limited Tax GO Bonds 03/22/2022 ‐‐‐
$69,937,000 Riverwalk Metropolitan Dt #2 Denver CO Sub & Special Rev Bonds 03/22/2022 ‐‐‐
$140,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 03/17/2022 AA
$7,625,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 03/17/2022 BBB‐
$2,339,000 Dakota Ridge Metropolitan Dt Jefferson CO General Obligation Ltd Tax Bonds 03/15/2022 ‐‐‐
$235,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 03/10/2022 ‐‐‐
$19,405,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 03/10/2022 ‐‐‐
$25,840,000 Sierra Ridge Metro Dt #2 Douglas CO Limited Tax GO Ref Bonds 03/10/2022 Baa1
$10,355,000 Westgate Metro Dt #2 Jefferson CO GO Limited Tax Bonds 03/02/2022 ‐‐‐
$565,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Bonds 02/10/2022 A+
$32,225,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Bonds 02/10/2022 A+
$7,782,000 Colliers Hills Metro Dt #2 Arapahoe CO Subordinate Ltd Tax GO Bonds 02/08/2022 ‐‐‐
$12,705,000 Colliers Hills Metro Dt #2 Arapahoe CO Ltd Tax GO Ref Bonds 02/08/2022 ‐‐‐
$15,995,000 Colliers Hills Metro Dt #2 Arapahoe CO Subordinate Ltd Tax GO Ref Bonds 02/08/2022 ‐‐‐
$1,970,000 Vincent Village Metro Dt Weld CO GO Limited Tax Bonds 02/07/2022 ‐‐‐
$2,860,000 Franklin Co‐Idaho Franklin ID General Obligation Bonds 02/03/2022 Aa3
$140,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 01/20/2022 Baa2
$8,890,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 01/20/2022 Baa2/AA
$7,190,000 Flatiron Meadows Metropolitan Dt Boulder CO GO Limited Tax Ref Bonds 01/20/2022 A3/AA
$1,060,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 12/29/2021 ‐‐‐
$20,260,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 12/29/2021 ‐‐‐
$3,163,000 Carousel Farms Metro Dt Douglas CO GO Limited Tax Bonds 12/23/2021 ‐‐‐
$4,735,000 Heritage Ridge Metropolitan Dt Larimer CO Sub Ltd Tax GO Ref Bonds 12/23/2021 ‐‐‐
$870,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/22/2021 ‐‐‐
$5,645,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/22/2021 ‐‐‐
$297,464,000 The Aurora Highlands Comm Auth Bd Arapahoe/Adams CO Special Tax Rev Ref & Imp Bonds 12/22/2021 ‐‐‐
$135,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 12/22/2021 ‐‐‐
$13,880,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 12/22/2021 ‐‐‐
$23,095,000 Hogback Metropolitan Dt Jefferson CO Limited Tax GO Bonds 12/20/2021 ‐‐‐
$5,520,000 Parkside Metropolitan District Larimer CO Limited Tax GO Bonds 12/15/2021 ‐‐‐
$12,258,000 Monument Junction Metro Dt #1 El Paso CO GO Limited Tax Bonds 12/14/2021 ‐‐‐
$4,833,000 Aberdeen Metro Dt #2 null CO General Obligation Ltd Tax Bonds 12/09/2021 ‐‐‐
$12,358,000 Vlgs at Murphy Creek Metro Dt #1 Arapahoe CO Limited Tax GO Bonds 12/09/2021 ‐‐‐
$1,809,000 Lost Creek Farms Metro Dt Denver CO Ref & Improvement Loan 12/08/2021 ‐‐‐
$1,580,000 Idaho Housing & Fin Assoc State ID Nonprofit Facilities Rev Bonds 12/08/2021 ‐‐‐
$13,685,000 Idaho Housing & Fin Assoc State ID Nonprofit Facilities Rev Bonds 12/08/2021 ‐‐‐
$8,690,000 Goldsmith Metropolitan Dt Arapahoe/Denver CO General Obligation Bonds 12/07/2021 A1
$3,250,000 Inspiration Metropolitan Dt Douglas CO Sub Limited Tax GO Bonds 12/07/2021 ‐‐‐
$13,815,000 Pine View Pub Infrastructure Dt #1 Washington UT Limited Tax GO Bonds 12/07/2021 ‐‐‐
$7,205,000 Clark Co Fire Protection Dt #6 Clark WA Ltd Tax General Obligation Bonds 12/07/2021 AA‐
$39,730,000 King Co (Kent) SD #415 King WA General Obligation Bonds 12/07/2021 Aaa
$17,890,000 Reagan Ranch Metropolitan Dt #1 El Paso CO Limited Tax GO Bonds 12/01/2021 ‐‐‐
$8,405,000 Independence Metropolitan Dt #3 Elbert CO Subordinate Ltd Tax GO Bonds 11/23/2021 ‐‐‐
$5,520,000 Remuda Ranch Metro Dt Douglas CO Limited Tax GO Bonds 11/23/2021 ‐‐‐
$2,680,000 Edmonds City‐Washington Snohomish WA Limited Tax GO Ref Bonds 11/23/2021 AAA
$8,605,000 Utah State Board of Regents Salt Lake UT Research Rev Bonds 11/17/2021 AA/AA
$147,925,000 Pierce Co (Bethel) SD #403 Pierce WA GO Improvement & Ref Bonds 11/17/2021 Aaa
$13,620,000 Grand Junction Improvement Dt Grand CO Special Rev Bonds 11/16/2021 ‐‐‐
$4,560,000 Settlers Crossing Metro Dt #1 Adams CO Jr Lien Ltd Tax GO Bonds 11/12/2021 ‐‐‐
$1,950,000 Iliff Commons Metro Dt #3 Arapahoe CO Tax‐Exempt Ref Loan 11/10/2021 ‐‐‐
$10,431,000 Muegge Farms Metro Dt #3 Adams CO Limited Tax GO Bonds 11/10/2021 AA
$45,155,000 Senac S Metropolitan Dt #1 Arapahoe CO GO Limited Tax Bonds 11/10/2021 ‐‐‐
$40,000,000 Gateway at Sand Hollow Pub Infras Dt #1 Washington UT Limited Tax GO Bonds 11/10/2021 ‐‐‐
$20,000,000 Black Hawk City‐Colorado Gilpin CO Tax‐Free Loan 11/05/2021 ‐‐‐
$97,361,000 Seattle City‐Washington King WA Local Improvement District Bonds 11/01/2021 Aa1
$120,990,000 Spring Valley Comm Infras Dt Ada ID Special Assessment Bonds 10/27/2021 ‐‐‐
$14,955,000 Pierce Co (Clover Park) SD #400 Pierce WA GO Ref Bonds 10/27/2021 Aaa
$18,887,000 Castleview Metro Dt #1 Arapahoe CO Limited Tax GO Bonds 10/12/2021 ‐‐‐
$9,750,000 Conestoga Metro Dt #2 Weld CO Ltd Tax GO Ref & Improvement Bond 10/07/2021 ‐‐‐
$5,515,000 Stanwood‐Washington Snohomish WA Water & Sewer Rev & Ref Bonds 10/06/2021 AA‐
$210,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 10/05/2021 Aa3
$7,405,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 10/05/2021 Aa3
$4,100,000 Erie Urban Rnwl Authority Weld CO Tax Inc Rev Bonds 10/05/2021 ‐‐‐
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Par Amount Issuer County State Issue Description Closing Rating
$10,150,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Bonds 10/05/2021 ‐‐‐
$19,165,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Bonds 10/05/2021 Aa3
$106,000,000 Black Desert Pub Infrastructure Dt Washington UT Sub & Limited Tax GO Bonds 09/30/2021 ‐‐‐
$8,100,000 Greater Wenatchee Reg Pub Fac Dt Chelan WA Limited Sales Tx Imp & Ref Bonds 09/29/2021 A3
$13,775,000 Greater Wenatchee Reg Pub Fac Dt Chelan WA Limited Sales Tx Imp & Ref Bonds 09/29/2021 A3
$17,415,000 Greater Wenatchee Reg Pub Fac Dt Chelan WA Limited Sales Tx Imp & Ref Bonds 09/29/2021 A3
$71,630,000 Lakehaven Wtr & Swr Dt King WA Water and Sewer Rev Bonds 09/29/2021 AAA
$27,745,000 Whatcom Co (Ferndale) SD #502 Whatcom WA General Obligation Bonds 09/28/2021 Aaa
$4,485,000 King Co Water Dt #90 King WA Water Rev Bonds 09/28/2021 AA‐
$195,000 Kenmore City‐Washington King WA General Obligation Bonds 09/22/2021 AAA
$8,725,000 Kenmore City‐Washington King WA Unlimited Tax GO Bonds 09/22/2021 AAA
$8,325,000 Burien City‐Washington King WA Limited GO Ref Bonds 09/15/2021 Aa1
$108,950,000 King Co (Federal Way) SD #210 King WA GO Unlimited Tax Bonds 09/15/2021 Aaa
$5,624,000 Roam Pub Infrastructure Dt 1 Utah UT Sub & Limited Tax GO Bonds 09/08/2021 ‐‐‐
$3,981,000 Golden Eagle Acres Metro Dt 2 Weld CO Limited Tax GO Bonds 09/03/2021 ‐‐‐
$35,000,000 Bradley Heights Metro Dt #2 El Paso CO GO Limited Tax Bonds 08/26/2021 ‐‐‐
$25,482,000 Lanterns Metropolitan Dt #2 Douglas CO Limited Tax GO Bonds 08/19/2021 ‐‐‐
$24,565,000 Siena Lake Metro Dt Eagle CO GO Limited Tax Bonds 08/18/2021 ‐‐‐
$7,845,000 Washington Hghr Ed Facs Auth State WA Educ Fac Lease Rev Bonds 08/18/2021 A‐
$20,449,000 Pronghorn Valley Metro Dt Arapahoe CO Limited Tx & Sub GO Bonds 08/12/2021 ‐‐‐
$17,386,000 Greenways Metropolitan Dt #1 El Paso CO GO Limited Tax Bonds 08/12/2021 ‐‐‐
$25,247,000 Horizon Metropolitan Dt #2 Arapahoe CO Limited Tax GO & Spec Rev Bonds 08/11/2021 ‐‐‐
$8,000,000 Hidden Creek Metro Dt Weld CO Limited Tax GO Bonds 07/22/2021 ‐‐‐
$7,599,000 Alpine Mountain Ranch Metro Dt Routt CO Special Assessment Rev Ref Bonds 07/22/2021 ‐‐‐
$3,885,000 Benton Co‐Washington Benton WA Limited Tax GO Ref Bonds 07/22/2021 AA+
$1,858,000 Copperleaf Metropolitan Dt #3 Arapahoe CO Sub Limited Tax GO Bonds 07/20/2021 ‐‐‐
$11,300,000 Chambers Highpoint Metro Dt #2 Denver CO Ltd Tx GO & Special Rev Bonds 07/15/2021 ‐‐‐
$9,069,000 Winsome Metropolitan Dt #3 El Paso CO GO Limited Tax Cash Flow Bonds 07/14/2021 ‐‐‐
$4,921,000 Meadowbrook Heights Metro Dt Jefferson CO Limited Tax GO Bonds 07/13/2021 ‐‐‐
$24,000,000 Red Bridge Pub Infrastructure Dt 1 Utah UT Sub & Limited Tax GO Bonds 07/08/2021 ‐‐‐
$160,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 07/01/2021 Aa3
$8,235,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref Rev Bonds 07/01/2021 Aa3
$5,305,000 RiverView Metropolitan Dt Routt CO GO Ltd Tx Ref Bonds 06/24/2021 ‐‐‐
$1,350,000 Chaparral Metro Dt Arapahoe CO GO Ltd Tax Cash Flow Bonds 06/24/2021 ‐‐‐
$15,186,000 Colorado Springs Comm Auth El Paso CO Sub & Special Rev Bonds 06/23/2021 ‐‐‐
$4,420,000 Confluence Metropolitan Dt Eagle CO Sub Ltd Tx Supp Rev Ref Bonds 06/10/2021 ‐‐‐
$20,325,000 Boulder Co‐Colorado Boulder CO Ref Certificates of Participation 06/08/2021 AA+
$22,145,000 University of Wyoming Trustees College/University WY Facilities Rev & Ref Bonds 06/01/2021 Aa2/AA‐
$7,660,000 Wenatchee City‐Washington Chelan WA Water and Sewer Rev Ref Bonds 05/28/2021 AA‐
$46,650,000 Cache Co SD BOE Cache UT GO Ref Bonds 05/27/2021 A1
$3,432,000 Rock Creek Metropolitan Dt El Paso CO Special Rev Bonds 05/20/2021 ‐‐‐
$6,110,000 Rock Creek Metropolitan Dt El Paso CO GO Ltd Tx & Special Rev Bonds 05/20/2021 ‐‐‐
$21,170,000 Seattle City‐Washington King WA Limited Tax GO Improvement Bonds 05/20/2021 Aaa/AAA
$8,870,000 Lake Stevens City‐Washington Snohomish WA Limited Tax GO Bonds 05/18/2021 Aa2
$2,200,000 Sundance Hills Metro Dt Arapahoe CO General Obligation Bonds 05/18/2021 AA
$7,120,000 E‐86 Metropolitan Dt Elbert CO GO Ltd Tx Cash Flow Bonds 05/14/2021 ‐‐‐
$11,853,000 Aspen Street Metro Dt Broomfield CO Limited Tax GO Bonds 05/12/2021 ‐‐‐
$3,066,000 Silver Leaf Metropolitan Dt Jefferson CO GO Limited Tax Bonds 05/12/2021 ‐‐‐
$2,213,000 Colliers Hill Metro Dt #3 Weld CO Sub Limited Tax GO Bonds 05/06/2021 ‐‐‐
$172,860,000 Idaho Housing & Fin Assoc State ID Grant & RANs 05/06/2021 A2
$17,942,000 Cielo Metropolitan Dt Arapahoe CO Limited Tax GO Bonds 04/28/2021 ‐‐‐
$6,145,000 Peninsula Metropolitan Park Dt Pierce WA Limited Tax GO Bonds 04/22/2021 AA
$9,000,000 Peninsula Metropolitan Park Dt Pierce WA Limited Tax GO Bonds 04/22/2021 AA
$1,825,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref & Imp Rev Bond 04/14/2021 A+
$7,010,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Ref & Imp Rev Bond 04/14/2021 A+
$8,165,000 Nexus N at DIA Metro Dt Adams CO Limited Tax GO Bonds 04/01/2021 ‐‐‐
$43,450,000 Peak Metropolitan Dt #1 El Paso CO Sub & Limited Tax GO Bonds 03/23/2021 ‐‐‐
$10,025,000 Highlands Metropolitan Dt #1 Broomfield CO Limited Tax GO Bonds 03/19/2021 ‐‐‐
$5,835,000 Cuchares Ranch Metro Dt El Paso CO Ref Loan Bonds 03/11/2021 ‐‐‐
$6,875,000 Benton Irrigation Dt Benton WA Water Rev Ref Bonds 03/11/2021 A
$905,000 Thurston Co Public Utility Dt #1 Thurston WA Water Rev Bonds 03/03/2021 A+
$17,765,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 02/26/2021 A+
$3,855,000 Asotin Co‐Washington Asotin WA Limited Tax GO Bonds 02/25/2021 AA‐
$8,785,000 Asotin Co‐Washington Asotin WA Limited Tax GO Bonds 02/25/2021 AA‐
$2,430,000 Cashmere City‐Washington Chelan WA Wtr & Swr Rev Ref Bonds 02/24/2021 A+
$8,885,000 Cashmere City‐Washington Chelan WA Wtr & Swr Rev Ref Bonds 02/24/2021 AA/A+
$130,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 02/24/2021 ‐‐‐
$13,725,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 02/24/2021 ‐‐‐
$80,095,000 Clark Co (Vancouver) SD #37 Clark WA General Obligation Bonds 02/23/2021 Aaa
$1,777,000 Hayden‐Colorado Routt CO Sales Tax Rev Loans 02/10/2021 ‐‐‐
$6,735,000 Thurston Co Public Utility Dt #1 Thurston WA Water System Rev & Ref Bonds 02/10/2021 A+
$8,325,000 Yakima SD #7 Yakima WA GO Ref Bonds 02/10/2021 Aaa
$11,477,000 Transport Metro Dt #3 Adams CO GO Limited Tax Bonds 02/09/2021 ‐‐‐
$82,745,000 Transport Metro Dt #3 Adams CO GO Limited Tax Bonds 02/09/2021 ‐‐‐
$13,327,000 Bennett Ranch Metro Dt #1 Adams CO Sub & Limited Tx GO Bonds 01/28/2021 ‐‐‐
$6,255,000 Saddle Rock Metro Dt Arapahoe CO GO Ref Bonds 01/21/2021 AA/A
$7,032,000 Potomac Farms Metro Dt Adams CO Ref & Improvement Loans 01/13/2021 ‐‐‐
$11,025,000 Grand Junction City‐Colorado Mesa CO Certificates of Participation 01/05/2021 AA‐
$15,590,000 Franklin Co‐Washington Franklin WA Limited Tax GO Ref Bonds 01/05/2021 AA‐
$5,130,000 Cowlitz 911 Public Auth Cowlitz WA Sales Tax Limited Obligation Bond 12/30/2020 AA
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Page | 21
Par Amount Issuer County State Issue Description Closing Rating
$9,115,000 Cowlitz 911 Public Auth Cowlitz WA Sales Tax Limited Obligation Bond 12/30/2020 AA
$2,037,000 Aspen Hills Metro Dt Adams CO Tax‐Free Loan Ref Issue 12/23/2020 ‐‐‐
$35,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/23/2020 ‐‐‐
$24,500,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/23/2020 ‐‐‐
$43,570,000 Brighton Crossing Metro Dt #6 Adams CO Limited Tax GO Bonds 12/23/2020 ‐‐‐
$30,005,000 Cascade Water Alliance King WA Water System Ref Bonds 12/23/2020 AAA
$21,150,000 Kane Co SD BOE KANAB UT General Obligation Bonds 12/23/2020 Aaa
$195,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/22/2020 ‐‐‐
$6,560,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 12/22/2020 ‐‐‐
$5,653,000 Villages At Johnstown Metro Dt 3 Weld CO Sub & Limited Tax GO Bonds 12/22/2020 ‐‐‐
$5,985,000 Si View Metropolitan Park Dt King WA GO & Ref Bonds 12/22/2020 AA
$9,042,000 Remuda Ranch Metro Dt Douglas CO Sub & Limited Tax GO Bonds 12/16/2020 ‐‐‐
$8,470,000 Banning Lewis Ranch Metro Dt #3 El Paso CO GO Limited Tax Ref Bonds 12/10/2020 A3
$227,000 Hance Ranch Metro Dt Jefferson CO Sub Limited Tax GO Bonds 12/10/2020 ‐‐‐
$2,375,000 Hance Ranch Metro Dt Jefferson CO Limited Tax GO Bonds 12/10/2020 ‐‐‐
$8,820,000 Kittitas Co (Ellensburg) SD #401 Kittitas WA General Obligation Bonds 12/09/2020 Aaa
$12,415,000 Harmony Technology Park District Arapahoe CO GO Limited Tax Ref Loan 12/08/2020 ‐‐‐
$116,650,000 King Co (Auburn) SD #408 King/Pierce WA GO & Ref Bonds 12/03/2020 Aaa
$5,405,000 Kelso City‐Washington Cowlitz WA Water & Sewer Imp & Ref Rev Bonds 12/02/2020 A+
$3,315,000 Mountains Edge Metropolitan Dt Arapahoe CO Loan Agreement Note 12/02/2020 ‐‐‐
$22,560,000 Sterling Ranch Metro Dt #1 El Paso CO Limited Tax GO Bonds 12/01/2020 ‐‐‐
$8,960,000 Evans Place Metropolitan Dt Weld CO Limited Tax GO Bonds 11/25/2020 ‐‐‐
$24,592,000 Pioneer Community Auth Bd Weld CO Subordinate Special Rev Bonds 11/25/2020 ‐‐‐
$52,575,000 Colorado Springs Urban Rnwl Auth El Paso CO Ref & Improvement Loan 11/24/2020 ‐‐‐
$8,984,000 Heritage Todd Creek Metropolitan Dt Adams CO Limited Tax GO Ref Bonds 11/20/2020 ‐‐‐
$23,675,000 Tallyns Reach Metropolitan Dt #3 Arapahoe CO Loan Agreement Note 11/20/2020 ‐‐‐
$6,700,000 Westown Metro Dt Jefferson CO Ref Loan Bonds 11/19/2020 ‐‐‐
$8,930,000 Erie Highlands Metropolitan Dt #1 Weld CO GO Limited Tax Ref Bonds 11/17/2020 AA
$23,140,000 Alderwood Water & Wastewater Dt Snohomish WA Water & Sewer Rev Ref Bonds 11/12/2020 Aa2/AA+
$6,714,000 Woodmen Heights Metro Dt #2 El Paso CO Sub GO Limited Tax Ref Bonds 11/10/2020 ‐‐‐
$7,310,000 Woodmen Heights Metro Dt #2 El Paso CO Sub GO Limited Tax Ref Bonds 11/10/2020 ‐‐‐
$4,451,000 North Range Metro Dt #3 Adams CO Sub Ltd Tax GO Bonds 11/06/2020 ‐‐‐
$51,115,000 North Range Metro Dt #3 Adams CO Limited Tax GO Bonds 11/06/2020 ‐‐‐
$26,550,000 Colliers Hill Metro Dt #3 Weld CO Limited Tax GO Bonds 11/05/2020 ‐‐‐
$10,685,000 Spanish Fork City‐Utah Utah UT Water Rev Bonds 11/05/2020 AA‐
$2,175,000 Sunlight Metropolitan Dt Eagle CO Limited Tax GO Bonds 11/04/2020 ‐‐‐
$3,835,000 Thompson Crossing Metro Dt #6 Larimer CO GO Ref & Improvement Bonds 11/03/2020 Ba2
$39,155,000 Belford North Metro Dt Douglas CO GO Limited Tax Bonds 11/02/2020 ‐‐‐
$21,570,000 Velocity Metro Dt #5 Adams CO Limited Tax GO Bonds 10/30/2020 ‐‐‐
$26,200,000 Velocity Metro Dt #5 Adams CO Limited Tax GO Bonds 10/30/2020 ‐‐‐
$17,775,000 Nine Mile Metropolitan Dt Boulder CO Special Rev Bonds 10/30/2020 ‐‐‐
$27,910,000 Utah Charter School Fin Auth Salt Lake UT Charter Sch Rev Ref Bonds 10/30/2020 Aa2
$24,000,000 64th Ave ARI Authority Denver CO Special Rev Bonds 10/29/2020 ‐‐‐
$1,740,000 Glen Metropolitan Dt #1 El Paso CO GO Limited Tax Ref Bonds 10/29/2020 AA/BBB+
$16,043,000 Dacono Urban Rnwl Auth Weld CO Tax Inc Rev Bonds 10/28/2020 ‐‐‐
$1,040,000 Promontory Metro Dt #3 Adams CO Limited Tax GO Bonds 10/22/2020 ‐‐‐
$11,380,000 Pierce Co‐Washington Pierce WA Limited Tax GO Ref Bonds 10/22/2020 Aa1/AA+
$31,440,000 Pierce Co‐Washington Pierce WA Sewer Rev Ref Bonds 10/22/2020 Aa2/AA
$157,960,000 Pierce Co‐Washington Pierce WA Sewer Rev Ref Bonds 10/22/2020 Aa2/AA
$105,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 10/20/2020 ‐‐‐
$36,525,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 10/20/2020 ‐‐‐
$32,280,000 Thurston Co (Olympia) SD #111 Thurston WA Unlimited Tax GO Bonds 10/15/2020 Aaa
$74,915,000 Thurston Co (Olympia) SD #111 Thurston WA Unlimited Tax GO Ref Bonds 10/15/2020 Aaa
$30,000,000 Weber Co (Ogden City) SD BOE Weber UT GO School Building Bonds 10/15/2020 Aaa
$35,530,000 Jones Dt Community Auth Bd Arapahoe CO Special Rev Bonds 10/14/2020 ‐‐‐
$29,400,000 Copperleaf Metropolitan Dt #2 Arapahoe CO Limited Tax GO Ref Bonds 10/13/2020 A2/AA
$247,000 Cherry Hills City Metro Dt Arapahoe CO Subordinate GO Limited Tax Bonds 10/07/2020 ‐‐‐
$2,755,000 Cherry Hills City Metro Dt Arapahoe CO General Obligation Bonds 10/07/2020 ‐‐‐
$17,615,000 CitySet Metro Dt #2 Jefferson CO LTGO & Spec Rev Ref & Imp Bonds 10/01/2020 ‐‐‐
$7,691,000 Johnstown Vlg Metro Dt #2 Weld CO Sub & GO Limited Tax Bonds 09/30/2020 ‐‐‐
$5,280,000 Blaine‐Washington Whatcom WA Water & Sewer Rev Ref Bonds 09/30/2020 AA‐
$7,560,000 Pinon Pines Metro Dt #2 El Paso CO GO Limited Tax Bonds 09/29/2020 ‐‐‐
$4,980,000 RM Mead Metro Dt Weld CO Sub & Go Limited Tax Bonds 09/29/2020 ‐‐‐
$17,745,000 Salt Lake City‐Utah Salt Lake UT General Obligation Bonds 09/29/2020 ‐‐‐
$297,000 Belleview Village Metro Dt Jefferson CO Sub GO Limited Tax Bonds 09/23/2020 ‐‐‐
$2,880,000 Belleview Village Metro Dt Jefferson CO General Obligation Bonds 09/23/2020 ‐‐‐
$3,435,000 Castleview Metro Dt #2 Arapahoe CO Limited Tax GO Bonds 09/23/2020 ‐‐‐
$79,625,000 Seattle City‐Washington King WA Limited Tax GO Imp & Ref Bonds 09/22/2020 Aaa/AAA
$47,144,000 Colorado Intl Ctr Metro Dt #8 Adams CO Limited Tax GO Bonds 09/16/2020 ‐‐‐
$45,000,000 Aurora Crossroads Metro Dt #2 Arapahoe CO Sub & Limited Tax GO Bonds 09/10/2020 ‐‐‐
$34,250,000 Castle Oaks Metropolitan Dt #3 Douglas CO GO Ltd Tax Ref & Imp Bonds 09/10/2020 A2/Baa2/AA
$7,965,000 Yelm City‐Washington Thurston WA Water Rev Ref Bonds 09/08/2020 A+
$20,935,000 Parker Authority for Reinvestment Douglas CO Tax Inc Rev Loan Bonds 09/04/2020 ‐‐‐
$11,495,000 Denver Intl Bus Ctr Metro Dt #1 Denver CO GO Ref Bonds 09/03/2020 ‐‐‐
$2,312,000 Berkley Shores Metro Dt Adams CO Limited Tax GO Bonds 09/03/2020 ‐‐‐
$3,795,000 Langley‐Washington Island WA General Obligation Bonds 09/02/2020 A+
$2,725,000 Breckenridge Mountain Metro Dt Summit CO GO Ref Bonds 09/02/2020 A‐
$1,495,000 Lanterns Rock Creek Metro Dt Arapahoe CO Limited Tax GO Bonds 08/27/2020 ‐‐‐
$3,900,000 Rose Farm Acres Metro Dt Larimer CO Sub & Limited Tax GO Bonds 08/27/2020 ‐‐‐
$17,713,000 Settlers Crossing Metro Dt #1 Adams CO Sub & Limited Tax GO Bonds 08/27/2020 ‐‐‐
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Page | 22
Par Amount Issuer County State Issue Description Closing Rating
$42,754,000 Medical School Campus Public Infras Dt Salt Lake UT Ltd & Subor Tax GO Bonds 08/25/2020 ‐‐‐
$26,385,000 Whatcom Co (Ferndale) SD #502 Whatcom WA General Obligation Bonds 08/25/2020 Aaa
$135,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 08/13/2020 ‐‐‐
$8,420,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 08/13/2020 ‐‐‐
$14,761,000 Spring Valley Metro Dt #4 Elbert CO Sub & Limited Tax GO Bonds 08/12/2020 ‐‐‐
$4,700,000 Highlands‐Mead Metro Dt Weld CO Sub & Limited Tax GO Bonds 08/11/2020 ‐‐‐
$7,365,000 Kitsap Co‐Washington Kitsap WA Ltd Tax GO & Ref Bonds 08/11/2020 ‐‐‐
$9,609,000 Meadowlark Metropolitan Dt Douglas CO GO & Sub Limited Tax Bonds 08/06/2020 ‐‐‐
$15,405,000 Flying Horse Metro Dt #2 El Paso CO Subordinate GO Limited Tax Bonds 08/06/2020 ‐‐‐
$36,595,000 Flying Horse Metro Dt #2 El Paso CO GO Limited Tax Ref & Imp Bonds 08/06/2020 A3
$25,558,000 Parkdale Community Auth Arapahoe CO Sub & Ltd Tax Supp Rev Bonds 08/05/2020 ‐‐‐
$97,245,000 Jefferson Ctr Metro Dt #1 Jefferson CO Sub & Special Rev Bonds 08/05/2020 Baa2
$73,345,000 Spanish Fork City‐Utah Utah UT Sewer Rev Bonds 08/05/2020 A+
$180,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 07/31/2020 A+
$7,075,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 07/31/2020 A+
$43,590,000 Green Valley Ranch East Metro Dt #6 Adams CO Limited Tax GO Bonds 07/29/2020 ‐‐‐
$15,920,000 Karls Farm Metropolitan Dt #2 Adams CO Limited Tax GO Bonds 07/28/2020 ‐‐‐
$4,911,000 Village East Metropolitan Dt #3 Arapahoe CO Limited Tax GO Bonds 07/17/2020 ‐‐‐
$4,066,000 Lochbuie Station Residential Metro Dt Adams CO Sub & GO Limited Tax Bonds 07/16/2020 ‐‐‐
$3,849,000 Meadowbrook Crossing Metro Dt El Paso CO GO & Subordinate Ref Bonds 07/02/2020 ‐‐‐
$105,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Ref Bonds 07/01/2020 AA
$920,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Ref Bonds 07/01/2020 AA
$6,160,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Ref Bonds 07/01/2020 AA
$6,750,000 Bent Grass Metro Dt El Paso CO GO Ltd Tx Ref & Imp Bonds 06/30/2020 ‐‐‐
$2,255,000 The Glen Metro Dt #2 El Paso CO Sub GO Limited Tax Bonds 06/23/2020 ‐‐‐
$482,000 Stetson Ridge Metro Dt #3 El Paso CO Sub GO Limited Tax Bonds 06/23/2020 ‐‐‐
$7,840,000 Stetson Ridge Metro Dt #3 El Paso CO GO Limited Tax Ref & Imp Bonds 06/23/2020 A2/Baa2/AA
$3,405,000 The Glen Metro Dt #2 El Paso CO GO Limited Tax Bonds 06/23/2020 Baa3/AA
$13,910,000 White Buffalo Metro Dt #3 Adams CO General Obligation Bonds 06/17/2020 ‐‐‐
$12,335,000 Constitution Heights Metro Dt El Paso CO GO Limited Tax Ref Bonds 06/09/2020 ‐‐‐
$7,864,000 Home Place Metropolitan Dt Adams CO GO & Sub Limited Tax Bonds 06/04/2020 ‐‐‐
$1,161,000 Wildgrass Metropolitan Dt Broomfield CO Sub & GO Limited Tax Bonds 06/04/2020 ‐‐‐
$31,500,000 Jefferson Ctr Metro Dt #1 Jefferson CO Special Rev Ref Loan 06/03/2020 ‐‐‐
$50,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 06/02/2020 Aa3
$14,920,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref & Imp Rev Bonds 06/02/2020 Aa3
$4,960,000 Whitman Co (Pullman) SD #267 Whitman WA General Obligation Bonds 06/02/2020 Aaa
$9,180,000 Whitman Co (Pullman) SD #267 Whitman WA General Obligation Bonds 06/02/2020 Aaa
$7,135,000 Pasco City‐Washington Franklin WA Water & Sewer Ref Bonds 06/01/2020 A‐
$16,415,000 Pasco City‐Washington Franklin WA Water & Sewer Imp Rev Bonds 06/01/2020 AA‐
$7,697,000 Timberleaf Metropolitan District Adams CO Sub & GO Limited Tax Bonds 05/29/2020 ‐‐‐
$69,645,000 King (Lake Washington) SD #414 King WA Limited GO Bonds 05/28/2020 Aaa/AA+
$118,850,000 King (Lake Washington) SD #414 King WA GO Ref Bonds 05/28/2020 Aaa/AA+
$22,705,000 Bella Mesa Metropolitan Dt Douglas CO Limited Tax GO Bonds 05/27/2020 ‐‐‐
$55,040,000 Colorado Ed and Culture Fac Auth Denver CO Charter Sch Ref Rev Bonds 05/27/2020 Aa3
$10,915,000 Fitzsimons Village Metro Dt #1 Jefferson CO Tax Inc Pub Imp Supp Bonds 05/26/2020 ‐‐‐
$315,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 05/21/2020 Ba2
$17,380,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 05/21/2020 Ba2
$12,320,000 Bennett Crossing Metro Dt #1 Adams CO GO Limited Tax Bonds 05/19/2020 ‐‐‐
$4,820,000 Midway City‐Utah Wasatch UT General Obligation Bonds 05/14/2020 A1
$25,285,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 05/07/2020 ‐‐‐
$25,285,000 Colorado Ed and Culture Fac Auth Denver CO Charter School Rev Bonds 05/07/2020 ‐‐‐
$15,680,000 Waterstone Metropolitan Dt #1 Arapahoe CO Limited Tax GO Bonds 05/07/2020 ‐‐‐
$15,980,000 Montrose City‐Colorado Montrose CO Certificates of Participation 05/07/2020 A+
$5,065,000 North Co Regional Fire Auth North WA Limited Tax GO Bonds 05/07/2020 AA‐
$1,533,000 Mayfield Metropolitan Dt Adams CO 2nd Sub GO Limited Tax Bonds 05/04/2020 ‐‐‐
$915,000 Colorado Ed and Culture Fac Auth Denver CO Ref & Improvement Bonds 04/23/2020 Aa3
$33,860,000 Colorado Ed and Culture Fac Auth Denver CO Ref & Improvement Bonds 04/23/2020 Aa3
$8,379,000 Mayfield Metropolitan Dt Adams CO Sub & GO Limited Tax Bonds 04/22/2020 ‐‐‐
$3,956,000 Indy Oak TOD Metropolitan Dt Jefferson CO Sub & GO Limited Tax Bonds 04/16/2020 ‐‐‐
$9,157,000 City Center West Commercial Metro Dt Weld CO Sub & Ltd Tx GO Ref & Imp Bonds 04/09/2020 ‐‐‐
$31,955,000 Southshore Metropolitan Dt #2 Arapahoe/Adams CO Sub & GO Ltd Tx Ref & Imp Bonds 04/08/2020 Baa2/AA
$115,000 North Mason Reg Fire Auth Mason WA General Obligation Bonds 03/31/2020 AA‐
$8,835,000 North Mason Reg Fire Auth Mason WA General Obligation Bonds 03/31/2020 AA‐
$30,000,000 Boulder Co‐Colorado Boulder CO Open Space Imp Trust Fund Bonds 03/25/2020 AAA
$7,409,000 Severance Shores Metro Dt #4 Weld CO Sub & Limited Tax GO Bonds 03/18/2020 ‐‐‐
$10,870,000 Ketchum City‐Idaho Blaine ID General Obligation Bonds 03/18/2020 Aa2
$8,920,000 Silverdale Water Dt #16 Kitsap WA Water Rev Bonds 03/17/2020 AA‐
$3,990,000 Rangeview Estates Metro Dt Arapahoe CO Sub & Limited Tax GO Bonds 03/16/2020 ‐‐‐
$41,367,000 Hess Ranch Metro Dt #6 Douglas CO Limited Tax & Sub GO Bonds 03/13/2020 ‐‐‐
$44,140,000 Hess Ranch Metro Dt #6 Douglas CO Limited Tax GO Bonds 03/13/2020 ‐‐‐
$7,487,000 Fitzsimons Village Metro Dt #1 Jefferson CO Ltd Tx&Sub GO&Spec Rev Ref Bonds 03/11/2020 ‐‐‐
$2,942,000 Homestead Hills Metro Dt Weld CO Ltd Tx & Subordinate GO Bonds 03/11/2020 ‐‐‐
$20,715,000 Berthoud Town‐Colorado Larimer/Weld CO Certificates of Participation 03/10/2020 A+
$3,955,000 Whatcom Co (Meridian) SD #505 Whatcom WA GO Ref Bonds 03/10/2020 Aaa
$14,740,000 Grand Junction City‐Colorado Mesa CO General Fund Rev Ref Bonds 03/10/2020 AA
$42,680,000 Grand Junction City‐Colorado Mesa CO General Fund Rev Imp Bonds 03/10/2020 AA
$9,211,000 Sabell Metropolitan Dt Jefferson CO Ltd Tax General Obligation Bonds 03/05/2020 ‐‐‐
$2,238,000 Wagons West Metropolitan Dt El Paso CO Subordinated & GO Ltd Tax Bonds 03/04/2020 ‐‐‐
$7,340,000 King Co Water Dt #20 King WA Water Rev Bonds 03/04/2020 AA
$385,000 Fremont Sanitation Dt Fremont CO Wastewater Rev Ref Bonds 03/03/2020 ‐‐‐
DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242
Page | 23
Par Amount Issuer County State Issue Description Closing Rating
$465,000 Fremont Sanitation Dt Fremont CO Wastewater Rev Ref Bonds 03/03/2020 ‐‐‐
$3,095,000 CCP Metropolitan Dt #3 Arapahoe CO Tax Exempt Loan 03/02/2020 ‐‐‐
$1,870,000 Kent Place Metro Dt #2 Arapahoe CO Limited Tax GO Ref Bonds 02/27/2020 ‐‐‐
$11,560,000 Cons Bell Mountain Ranch Metro Dt Douglas CO Promissory Note 02/27/2020 ‐‐‐
$1,123,000 Iliff Commons Metropolitan Dt #2 Logan CO Sub Limited Tax GO Bonds 02/18/2020 ‐‐‐
$4,862,000 Mountain Sky Metro Dt Arapahoe CO Sub & GO Limited Tax Bonds 02/13/2020 ‐‐‐
$7,345,000 Las Animas Co (Trinidad) RE #1 Las Animas CO General Obligation Bonds 02/13/2020 Aa2
$125,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 02/06/2020 ‐‐‐
$8,155,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 02/06/2020 ‐‐‐
$33,740,000 Carbon Co SD BOE Carbon UT GO School Building Bonds 02/05/2020 A1
$11,760,000 North Vista Highlands Metro Dt #3 Pueblo CO Limited Tax GO Bonds 01/31/2020 ‐‐‐
$36,660,000 Mirabelle Metropolitan Dt #2 Arapahoe CO Ltd tax & Subor GO Bonds 01/30/2020 ‐‐‐
$6,736,000 Spring Valley Metropolitan District No 3 Elbert CO Subor & Ltd Tax GO Bonds 01/29/2020 ‐‐‐
$2,799,000 Forest Trace Metropolitan Dt #3 Arapahoe CO Subordinate GO Limited Tax Bonds 01/23/2020 ‐‐‐
$24,410,000 Copperleaf Metropolitan Dt #4 Arapahoe CO Ltd Tax & Subor GO Bonds 01/21/2020 ‐‐‐
$2,035,000 Rock Canyon Metro Dt Douglas CO Sub & GO Limited Tax Bonds 01/07/2020 ‐‐‐
$5,739,000 Reata Ridge Vlg Metro Dt #2 Douglas CO Limited Tax & Sub GO Bonds 12/31/2019 ‐‐‐
$140,735,000 Painted Prairie Pub Imp Auth Denver CO Special Rev Bonds 12/27/2019 ‐‐‐
$8,845,000 Douglas Co Fire Protection Dt #2 Douglas WA Limited Tax GO Bonds 12/27/2019 AA
$5,962,000 BNC Metropolitan Dt #2 Colorado CO Sub GO Limited Tax Bonds 12/23/2019 ‐‐‐
$16,755,000 BNC Metropolitan Dt #2 Colorado CO GO Ref & Imp Bonds 12/23/2019 ‐‐‐
$18,090,000 Pasco City‐Washington Franklin WA Limited Tax GO Bonds 12/20/2019 AA‐
$7,000,000 City Center West Residential Metro Dt Weld CO Limited & Sub Tax GO Bonds 12/19/2019 ‐‐‐
$8,064,000 Wild Plum Metro Dt Arapahoe CO Limited & Sub Tax GO Bonds 12/19/2019 ‐‐‐
$110,560,000 STC Metropolitan Dt #2 Boulder CO Sub<GO&Spec Ref&Imp Bonds 12/19/2019 ‐‐‐
$38,530,000 Northglenn City‐Colorado Adams CO Certificates of Participation 12/19/2019 AA
$4,011,000 Tacoma City‐Washington Pierce WA Rev Bonds 12/19/2019 Aa3
$2,735,000 Bainbridge Island City‐Washington Kitsap WA Limited Tax GO Ref Bonds 12/19/2019 Aaa
$2,525,000 West Richland City‐Washington Benton WA General Obligation Bonds 12/19/2019 AA+
$8,950,000 West Richland City‐Washington Benton WA General Obligation Bonds 12/19/2019 AA+
$11,000,000 Carson City SD Carson NV GO Ltd Tx Sch Improvement Bonds 12/18/2019 Aa2
$10,000,000 Willow Springs Ranch Metro Dt El Paso CO Limited Tax & Sub GO Bonds 12/16/2019 ‐‐‐
$1,405,000 Bramming Farm Metro Dt #1 Adams CO Sub GO Limited Tax Bonds 12/13/2019 ‐‐‐
$464,000 Richards Farm Metropolitan Dt Jefferson CO Sub Limited Tax GO Bonds 12/12/2019 ‐‐‐
$40,625,000 Dove Valley Metropolitan Dt Arapahoe CO GO Ref Bonds 12/12/2019 AA
$6,295,000 Fronterra Village Metro Dt #2 Adams CO Limited Tax GO Ref Bonds 12/12/2019 Baa1/AA
$265,000 Thurston Co Fire Protect Dt #3 Thurston WA General Obligation Bonds 12/12/2019 A+
$8,970,000 Thurston Co Fire Protect Dt #3 Thurston WA General Obligation Bonds 12/12/2019 A+
$44,720,000 King Co (Kent) SD #415 King WA General Obligation Bonds 12/10/2019 A1
$19,725,000 Lake Stevens Sewer Dt Snohomish WA Sewer Rev Ref Bonds 12/07/2019 A+
$3,225,000 University Place City‐Washington Pierce WA Limited Tax GO Bonds 12/05/2019 AA+
$15,950,000 University Place City‐Washington Pierce WA Ltd Tax GO Ref Bonds 12/05/2019 AA+
$1,240,000 Tuscan Foothills Vlg Metro Dt El Paso CO Limited Tax GO Bonds 12/05/2019 ‐‐‐
$6,453,000 Ward TOD Metro Dt #1 Jefferson CO Sr & Jr Limited Tax GO Bonds 12/05/2019 ‐‐‐
$3,200,000 Iliff Commons Metropolitan Dt #2 Logan CO Loan Bonds 12/04/2019 ‐‐‐
$41,402,000 Broadway Station Metro Dt #3 Denver CO Sub Limited Tax GO Bonds 12/04/2019 ‐‐‐
$46,800,000 Broadway Station Metro Dt #3 Denver CO General Obligation Bonds 12/04/2019 ‐‐‐
$208,595,000 King Co (Federal Way) SD #210 King WA Unltd Tx GO & Ref Bonds 12/03/2019 Aa3
$73,815,000 King Co (Auburn) SD #408 King/Pierce WA General Obligation Bonds 12/03/2019 Aa2
$42,315,000 Washington Co SD BOE Washington UT GO School Building & Ref Bonds 12/03/2019 Aa2
$12,100,000 Forest Trace Metropolitan Dt #3 Arapahoe CO Promissory Note 11/26/2019 ‐‐‐
$3,900,000 Richards Farm Metropolitan Dt Jefferson CO Loan Bonds 11/26/2019 ‐‐‐
$11,502,000 Creekside Vlg Metro Dt Arapahoe CO Limited Tax & Sub GO Bonds 11/26/2019 ‐‐‐
$4,100,000 York Street Metro Dt Denver CO Taxable Converting to TE Ref Loan 11/20/2019 ‐‐‐
$3,580,000 Copperleaf Metropolitan Dt #2 Arapahoe CO Subordinate Ltd Tax GO Bonds 11/15/2019 ‐‐‐
$1,500,000 Flatiron Meadows Metropolitan Dt Boulder CO Subordinate GO Limited Tax Bonds 11/15/2019 ‐‐‐
$13,910,000 Green Gables Metropolitan Dt #1 Jefferson CO Ltd Tax Ref & Imp Loan 11/14/2019 ‐‐‐
$8,750,000 Fircrest‐Washington Pierce WA General Obligation Bonds 11/13/2019 AA+
$12,935,000 Haskins Station Metro Dt Jefferson CO Ltd Tx & Sub GO & Spec Rev Bonds 11/07/2019 ‐‐‐
$2,154,000 Bijou Creek Metro Dt Arapahoe CO Sub & GO Limited Tax Bonds 10/31/2019 ‐‐‐
$115,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 10/31/2019 ‐‐‐
$13,010,000 Utah Charter School Fin Auth Salt Lake UT Charter School Rev Bonds 10/31/2019 ‐‐‐
$2,745,000 Gardens At East Iliff Metro Dt Arapahoe CO Sub & GO Limited Tax Bonds 10/30/2019 ‐‐‐
$5,328,000 Anthology West Metro Dt #5 Douglas CO Sub & GO Limited Tax Bonds 10/25/2019 ‐‐‐
$3,365,000 Concord Metropolitan Dt Douglas CO GO Ref Loan 10/24/2019 ‐‐‐
$1,925,000 Lake Stevens City‐Washington Snohomish WA Limited Tax GO Bonds 10/24/2019 Aa2
$6,320,000 Lake Stevens City‐Washington Snohomish WA Limited Tax GO Bonds 10/24/2019 Aa2
$20,411,000 Second Creek Farm Metro Dt #3 Adams CO Sub & GO Limited Tax Bonds 10/23/2019 ‐‐‐
$22,830,000 Tukwila City‐Washington King WA Limited Tax GO Bonds 10/23/2019 AA+
$4,310,000 Penrith Park Metropolitan Dt Adams CO GO & Sub Limited Tax Bonds 10/16/2019 ‐‐‐
$64,755,000 Pierce Co (Fife) SD #417 Pierce WA Unlimited Tax GO Bonds 10/15/2019 Aa2
$23,558,000 Palisade Metropolitan Dt #2 Jefferson CO Sub GO Limited Tax & Rev Bonds 10/10/2019 ‐‐‐
$12,100,000 Pierce Co‐Washington Pierce WA Ltd Tax GO Ref Bonds 09/25/2019 Aa1/AA+
$52,910,000 Pierce Co‐Washington Pierce WA Ltd Tax General Obligation Bonds 09/25/2019 Aa1/AA+
$38,100,000 Washington Thurston WA General Obligation Bonds 09/25/2019 Aaa/AA+
$15,330,000 Windsor Highlands Metro Dt #9 Larimer CO Limited Tax Supported Rev Bonds 09/24/2019 ‐‐‐
$20,580,000 DIATC Metropolitan Dt Adams CO GO Ltd Tax Ref & Imp Bonds 09/12/2019 ‐‐‐
$31,270,000 Thompson Crossing Metro Dt #4 Denver CO GO Ref & Improvement Bonds 09/05/2019 ‐‐‐
$12,180,000 Wenatchee City‐Washington Chelan WA GO Limited Tax Bonds 09/05/2019 AA‐
$22,370,000 King Co (Snoqualmie Vlly) SD #410 King WA Unltd Tax GO Bonds 09/04/2019 Aa1
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Par Amount Issuer County State Issue Description Closing Rating
$10,000,000 ACC Metropolitan Dt Adams CO Tax Free Loan Drawdown Issue 08/26/2019 ‐‐‐
$54,995,000 Utah State Board of Regents Salt Lake UT Student Fee & Hsg Sys Rev Bonds 08/22/2019 AA
$24,267,000 Hunters Overlook Metro Dt #5 Weld CO Sub & Limited Tax GO Bonds 08/21/2019 ‐‐‐
$4,563,000 Riverdale Ranch Metropolitan Dt Adams CO GO & Sub Limited Tax Bonds 08/20/2019 ‐‐‐
$11,505,000 First Creek Vill Metropolitan Dt Denver CO General Obligation Bonds 08/15/2019 Baa1
$152,850,000 Clark Co (Vancouver) SD #37 Clark WA General Obligation Bonds 08/13/2019 Aa2
$18,721,000 Willow Bend Metropolitan Dt Adams CO Sub & Limited Tax GO Bonds 08/08/2019 ‐‐‐
$1,280,000 Olathe‐Colorado Montrose CO Water & Sewer Rev Ref Bonds 08/05/2019 ‐‐‐
$8,270,000 Gig Harbor City‐Washington Pierce WA Water & Sewer Rev Ref Bonds 08/02/2019 AA+
$15,240,000 Flatiron Meadows Metropolitan Dt Boulder CO Subordinate GO Limited Tax Bonds 08/01/2019 ‐‐‐
$22,120,000 Lanterns Metro Dt #1 Douglas CO Sub & Jr Limited Tax GO Bonds 07/31/2019 ‐‐‐
$18,720,000 The Village at Dry Creek Metro Dt #2 Adams CO Ltd Tax GO & Special Rev Bonds 07/31/2019 ‐‐‐
$40,650,000 Utah Charter School Fin Auth Salt Lake UT Charter Sch Rev & Ref Bonds 07/31/2019 AA
$17,800,000 Flying Horse Metro Dt #3 El Paso CO GO Limited Tax Ref Bonds 07/30/2019 ‐‐‐
$35,105,000 Trails At Crowfoot Metro Dt #3 Douglas CO Ltd & Subor Tax GO Bonds 07/30/2019 ‐‐‐
$29,794,000 Aviation Station North Metro Dt #2 Jefferson CO Sub & Ltd Tax GO Ref & Imp Bonds 07/23/2019 ‐‐‐
$124,330,000 Pierce Co (Bethel) SD #403 Pierce WA General Obligation Bonds 07/10/2019 Aa2
$39,970,000 Whatcom Co (Ferndale) SD #502 Whatcom WA General Obligation Bonds 07/09/2019 Aa2
$28,835,000 Cowlitz Co (Kelso) SD #458 Cowlitz WA Unlimited Tax GO Bonds 07/09/2019 Aa3
$21,145,000 Fourth Street Crossing Business Imp Dt Summit CO Special Rev & Tax Supported Bonds 07/02/2019 ‐‐‐
$1,250,000 Pierce Co‐Washington Pierce WA Limited Tax County Road Bonds 07/02/2019 ‐‐‐
$6,641,000 Pomponio Terrace Metro Dt Arapahoe CO Sub & Ltd Tax GO Bonds 06/27/2019 ‐‐‐
$24,340,000 Grant Co (Ephrata) SD #165‐55J Grant/Douglas WA General Obligation Bonds 06/25/2019 A1
$3,720,000 Regency Metropolitan Dt Douglas CO GO Ltd Tax Ref Bonds 06/21/2019 ‐‐‐
$2,190,000 Ritoro Metropolitan Dt Douglas CO Sub Limited Tax GO Bonds 06/20/2019 ‐‐‐
$8,195,000 Ritoro Metropolitan Dt Douglas CO General Obligation Bonds 06/20/2019 ‐‐‐
$2,278,000 Westview Metropolitan Dt Weld CO GO Limited Tax Bonds 06/19/2019 ‐‐‐
$50,500,000 Yakima Co (West Vlly) SD #208 Yakima WA General Obligation Bonds 06/18/2019 Aa1
$7,255,000 Tallyns Reach Metropolitan Dt #3 Arapahoe CO GO Ref Bonds 06/12/2019 AA/BBB+
$8,427,000 Palisade Park West Metro Dt Palisade CO Sub&Ltd Convert to Unltd Tx Bonds 06/11/2019 ‐‐‐
$14,440,000 Grant Co (Royal) SD #160 Grant WA General Obligation Bonds 06/11/2019 A+
$62,935,000 Snohomish Co (Everett) SD #2 Snohomish WA GO & Ref Bonds 06/05/2019 Aa1/AA
$26,765,000 Whatcom (Nooksack Vlly) SD #506 Whatcom WA General Obligation Bonds 06/05/2019 A1
$10,305,000 King Co Fire Protection Dt #16 King WA GO Ref Bonds 06/04/2019 AAA
$88,400,000 Thurston Co (Yelm) CSD Thurston/Pierce WA Unlimited Tax GO Bonds 06/04/2019 Aa3
$15,780,000 River Mile Metro Dt #1 Denver CO Tax‐Exempt Loan 05/31/2019 ‐‐‐
$32,015,000 Denver Intl Bus Ctr Metro Dt #1 Denver CO Sub Limited Tax GO Bonds 05/23/2019 BBB‐
$4,620,000 Denver Intl Bus Ctr Metro Dt #1 Denver CO General Obligation Bonds 05/22/2019 BBB‐
$122,130,000 Idaho Housing & Fin Assoc State ID Grant & RANs 05/15/2019 A2
$1,050,000 Cripple Creek‐Colorado Teller CO Water Rev Ref Bonds 04/23/2019 ‐‐‐
$3,993,000 Colorado Intl Ctr Metro Dt #4 Adams CO Sub Ltd GO & Special Rev Bonds 04/18/2019 ‐‐‐
$91,990,000 Colorado Intl Ctr Metro Dt #4 Adams CO GO & Special Rev & Imp Bonds 04/18/2019 ‐‐‐
$4,594,000 East Creek Metro Dt #1 Arapahoe CO Subordinate & GO Ltd Tax Bonds 04/16/2019 ‐‐‐
$14,150,000 Broadway Station Metro Dt #2 Denver CO GO Sub Convertible CABs 04/16/2019 ‐‐‐
$45,800,000 Broadway Station Metro Dt #2 Denver CO GO Limited Tax Bonds 04/16/2019 ‐‐‐
$26,570,000 Berthoud‐Heritage Metropolitan Dt 1 Larimer CO Ltd Tax Supported Rev Bonds 04/11/2019 ‐‐‐
$9,145,000 Dupont City‐Washington Pierce WA Water & Stormwater Rev Bonds 04/10/2019 AA
$13,990,000 Parkside At City Centre Business Imp Dt Arapahoe CO Spec Rev & Tax Support Sr Bonds 04/09/2019 ‐‐‐
$7,800,000 Westcreek Metropolitan Dt #2 Douglas CO Limited Tax GO Bonds 04/03/2019 ‐‐‐
$12,715,000 Windsor Highlands Metro Dt #4 Larimer CO Limited Tax GO Note 03/27/2019 ‐‐‐
$10,344,000 South Timnath Metro Dt #1 Larimer CO Sub & Limited Tax GO Bonds 03/26/2019 ‐‐‐
$23,865,000 Fort Collins City‐Colorado Larimer CO Certificates of Participation 03/21/2019 Aa1
$4,126,000 Orchard Park Place No Metro Dt Adams CO Subordinate Ltd Tax GO Bonds 03/20/2019 ‐‐‐
$30,025,000 Independence Metropolitan Dt #3 Elbert CO Subordinate & Ltd Tax GO Bonds 03/14/2019 ‐‐‐
$22,270,000 Independence Water & Sanitation Dt Elbert CO Special Rev Bonds 03/14/2019 ‐‐‐
$43,610,000 Kittitas Co (Ellensburg) SD #401 Kittitas WA Unlimited Tax GO Bonds 02/26/2019 AA3
$76,110,000 Velocity Metro Dt Adams CO Limited Tax GO Bonds 02/14/2019 ‐‐‐
$10,925,000 Powhaton Road Metro Dt #2 Arapahoe CO Subordinate & Ltd Tax GO Bonds 02/14/2019 ‐‐‐
$1,797,000 Bristol Metro Dt Prowers CO Subordinate & Ltd Tax GO Bonds 02/07/2019 ‐‐‐
$2,803,000 Fallbrook Metro Dt Adams CO Subordinate & Ltd Tax GO Bonds 02/07/2019 ‐‐‐
$1,303,000 Hudson Hills Metro Dt Weld CO Subordinate & Ltd Tax GO Bonds 02/07/2019 ‐‐‐
$19,300,000 Park 70 Metropolitan Dt Adams CO General Obligation Bonds 01/30/2019 A2/Baa3/AA
$15,270,000 Larkridge Metro Dt #2 Adams CO GO Ref & Improvement Bonds 01/15/2019 ‐‐‐
$65,930,000 Provo City‐Utah Utah UT General Obligation Bonds 02/06/2018 Aa1/AA+
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EXHIBIT B
CERTAIN SAMPLE FINANCING SCHEDULES FOR THE CITY’S SERIES 2022 GO BONDS
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DocuSign Envelope ID: 23E9C713-AC53-42E3-82FB-666A7A1B5242