HomeMy WebLinkAboutResolution 4496 relating to $9,900,000 GO Bond CERTIFICATE/4SIORESOLUTION AND ADOPTING VOTE
], the uodcrsigned- being the duly qualified and acting recording officer o[the City of
Bozernan, Montana (the -City"), hereby certify that the attached resolution is a true copy of
Resolution No. A9b, entitled: '^RES()l.DTI8N RELATING T0 $9,900,000 GENERAL
OBLIGATION BONDS, SERIES 20I3; DETERMINING THE FORM AND DETAILS,
&UTUUKlZlN{} THE EXECUTION AND DELIVERY AND LEVYING TAXES FOR THE
PAYMENT THEREOF" (the '*Resolution"), on file im the original records of the City in my
Ucgu| custody; that the Resolution was duly adopted by the City Cnrnooiauivn mf1hc City at
meeting on December lh, 20l9` and that the meeting was duly lic|dhy the City Commission and
was attended throughout by a quorurn, pursuant to call and notice of such meeting given as
required hy law; and that the Resolution has not aoofthe date hereof been amended orrepealed.
} further certify that, upon vote being taken onthe Resolution u1said meeting, the
following Commissioners voted in favor ther of:
O,Ks. aTd A2 voted against
the same: � abstained from voting
Lhen:mu: oLY nz were absent: .
WITNESS my hand officially this 10--day of December, 2013.
0.
RESOLUTION NO,
RESOLUTION RELATING T8 $0,9O0`000GENERAL
OBLIGATION BONDS, SERIES 2Ol3; DETERMINING THE
FORM AND DETAILS, AUTHORIZING THE EXECUTION
AND DELIVERY AND LEVYING TAXES FOR THE
PAYMENT THEREOF
BE IT RESOLVED by the City Commission (the "Commission") ofthe City of'
Bozcnzum` Montana(Uhe ^^Ci1y"), axfollows:
Section 1. Authorization and Sale, Recitals.
1.01. Authorization. At ail election duly called and held November 6, 2012, the electors
ofthcCity authorized this Commission to issue and sell general obligation bonds of the City in
one*r more series io the maximum principal aonoocto[$l5,A00,AV0 (tbc ^Bomd /\uUhorlrmtinn`,)
for the purpose of paying the costs m{designing, constructing or equipping 000pco-epmce ]uudu
trails, parks and natural areas ormult[-uscrecreational fields and facilities, or employing such
(omdo in the preservation or enhancement o[water quality, and acquiring rights to or interests in
or improving open-space lands in or near the City (such as lands for trails in and around the
BridgcrKdounToim foothills), to include necessary or related iufimy1coo{urc for the use, enjoyment,
or functioning ofsuch lands or facilities and the operation, maintenance, repair, management, or
planning o[such lands or facilities (tile "Project"); and costs eavouie1cd with the sale and
|oswmmce of the bonds. This Commission has determined that it is in the hcmt interests of the City,
upon the terms hereinafter set forth, 10 sell to D.A. Davidson & Cu., of Great I"a|ls, Montana(the
"Original PurchaseF'), by private negotiated sale, its general obligation bonds,pursuant to
Montana Code Annotated, Sections 7-7-4254 and U7-5-}07. io order tm pay apn,tiouof the costs
of the Project and costs associated with the uulc and issuance of such general obligation. The
Bonds (as hereinafter defioed) are being issued oo open space general obligation bonds under
Montana Code Annotated, Title 76. Chapter 6, Part 1, as amended and Title 7, Chapter 7, Part
42, amamended.
1.02. Purchase and Sale. The Original Purchaser and the City have codc,eU into m Bond
Purchase Agreement, dated usof December 5` 20K3° regarding tile purchase and sale m[general
obligation bonds of tile City, to be denominated -General Obligation Bonds, Series 2013" (the
^^Bnuds"), io the aggregate principal amount of$9,9U0,0UOx& a purchase price nf$|O,01Z,h47.3O
(representing the par amount of the Bonds plus original issue premium,nf$l9|,Q47.]Aand less
underwriter's discount mf$79,2OO.00). The Bonds bear interest ot the rates and nno1uno oil the
dates and in the amounts and contain the further terms and conditions set forth in this Resolution.
The true interest cost mf the Bonds im3.435970%. The sale of the Bonds 10 tile Original
Purchaser ia hereby ratified and coofiomod. The indebtedness 1obcevidenced by the Bonds and
all other indebtedness nf tile City does not exceed the |imitation set forth io Section 7-7-42Oi,
Montana Code Annotated. The City expects tn issue the remaining$5,lA0,008ofBond
Authorization iuu second and fiva] series of bonds ioorabout 20l5 (the"Second Series of
Bonds"), Costs 0f the Project in excess of the proceeds of the Bonds will bepaid from proceeds
o{the Second Series ofBonds.
1.09. Recitals. All acts, conditions and things required br the Constitution and laws nf
the State of Montana, including Montana Code Annotated, Tide 7° Chapter 7, Pail 42, as
amended, and Title 76, Chapter 6, Part 1, as amended, in order to make the Bonds valid and
binding genera[ obligations in accordance with their terms and in otoomlnoco with the terms of
thisQe:o|utinmhuvcbccndouc, dooxisLbuvebappcuedoudbuvcbeeuperformnediorcgu1oruod
due form, d/nu and manner amsorequired, The City has full power and authority 10 issue the
Bonds.
Tbe indebtedness to be evidenced by the Bonds,together with all other indebtedness of
the City. will not exceed 2.50% of the total assessed valuation of taxable property of the City.
determined umprovided in Section }5-8-1| 1, KY'C.A., ascertained bythe last assessment for state
and County taxes.
Section 2. Bond Terms. Execution and Delivery,
2.01. Term of Bonds, The Bonds shall bc designated "General Obligation Bonds, Series
20]3." The Bonds shall be in the denornination of$5,000 each or any integral multiple thereof
mf single maturities. The Bonds shall mature oil July l io the years and amounts listed below,
and Bonds maturing in such years and amounts shall bear interest frorn date of original issue
until paid or duly called for redemption (including mandatory sinking fund ocdcnopdon as to the
term bonds maturing io2032 and 2V]4)" aU the rate per annum. shown opposite such years and
amounts, msfollows:
Year Amount Rate Year Amount Rate
2015 $225.000 2.088Y6 2024 $ 475,000 2.80096
2016 395,800 2.080 2025 490,080 3.250
2017 405,000 2.000 2026 505,080 3.500
2018 410,000 2'800 2027 520,000 3.750
2019 420,000 2.088 2028 540,000 4.000
2020 430~000 2.250 2029 565,008 4.000
2021 435,000 2.500 2030 585,000 4.000
2032 450,000 2.750 2032* 1,245,008 4.000
2023 460,000 3.000 2034* 1,345,008 4.000
*Terrn bond subJect to mandatory sinking fund redemption as set forth in Section 2.07 below.
Interest shall be calculated on the basis of a 360-day year composed of twelve 30-day months.
2.02. Registered Form, Interest Payment Dates. The Bonds shall be ismuub1eom|y in
fo||yrcgisten:dfomm, nudthcopvoccohipoftbeBoadsmbuK| heirunmfenrdon|yopomrhcbuod
register of the City hereinafter described. The interest on the Bonds shall bo payable oil January
} and July | in each year, commencing January l, 2OlJ. Interest oil the Bonds shall bepayable
to the owners of record thereof as such appear on the bond register as of the close of business on
the 15th day of the month immediately preceding each interest payment date, whether or not
such day ixo business day. Interest oil, and upon presentation and surrender thereof, the
principal of each Bond shm|| hc payable hy check or draft issued by the Registrar described
herein.
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2.08. Dated Date. EncbB*md shall bmoriginally dated uso[December 23^ 20l3, and
upon authentication ofany Bond the Registrar (as hereinafter defined) shall indicate thereon the
date mf such authentication.
2.04. Registration. The City shall appoint, and shall zoolotaim, uboud registrar, transfer
agent and paying agent (tile ^^Rogistror`), The effect of registration and the rights and duties of
the City and the Registrar with respect thereto shall be as follows:
(u) Registe . The Registrar shall keep ot its principal office m bond register iu
which the Registrar shall provide for the registration of ownership of Bonds and the
registration of transfers and exchanges of Bonds entitled 10 be registered,transferred or
cutbomgcd.
(6) Transfer of Bonds. Upon surrender io the Registrar for transfer m[any Bond
duly endorsed by the registered owner thereof or accompanied by a written instrument of
transfer, in form satisfactory totile Registrar, duly executed by the registered mvvnur
thereof orbymm attorney duly ouibmdzud by the registered on/mcr in writing, 1he Registrar
shall authenticate and deliver.
, in the name of the designated transferee or transferees, one
or more new Bonds of the same series of a like aggregate principal amount and maturity,
aa the case may be, ao requested by the transferor. The Registrar may, however, close the
books for registration of any transfer of any Bond or portion thereof selected oc called for
redemption.
(u) Exchange of Bonds. Whenever any Bond imsurrendered b7 the registered
owoezfoccxchonge, thcflegim(rarmhuUuuthenticuTeooddciivcroumormooremep/ Bnnds
of the uanne series o[u like aggregate principal amount, interest rate and maturity, as
requested hy the registered owner or the owner's attorney inwriting.
(d) Cancellation. All Bonds surrendered upon any transfer orexchange mbu() be
promptly cancelled by the Registrar and thereafter disposed of as dlrcu1cd by the City.
(e) Improper or Unauthorized Transfer. When any Bond is presented totile
Registrar for transfer, the Registrar may refuse to transfer the muooe until it is satisfied that
the endorsement on such Bond o, separate instrument o[transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar shall incur no liability for
the refusal, in good faith, 10 make transfers pvhioh it, in its judgment, dcc/mo improper or
unauthorized.
(A Persons Deerned Owners. The City and tile Registrar may treat the peruou in
p/hn*c name any Bond is at any time registered in the bond register as the absolute owner
of such Bond, whether such Bond shall be overdue or not, for the purpose ofreceiving
payment of, or on account of, the principal of and interest Oil Such Bond and for all other
purposes, and all such payments uumade to any Such registered owner mruponthe
unmcr`m Order shall he valid and effectual to satisfy and discharge the liability o[tbm City
upon such Bond Tn the extent mfthe sur0or sums smpaid.
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(u) For every transfer or exchange of Bonds
for an exchange upon the partial redemption ofoBond), the Registrar may impose o
charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or
other governmental charge required to be paid with respect to such transfer or exchange.
(b) Mutilated. Lost. Stolen or Destroyed Bonds. ln case any Bond shall becuome
mutilated orbc lost, stolen nr destroyed,the Registrar shall deliver u new Bond o{the
same series of like ornouot number, nnu1oriTy dcdc and tenor in exchange and sobmtitutiom
{bruudupoocunueUationofenymochnmmtibumdBoudwriuDeuofandioxwhs1du(lom |or
any such Bond lost. stolen or destroyed, upon the payment of the reasonable expenses
and charges of the Registrar in ow000c1imn therewith; and, in the case ofoBond lost,
stolen or destroyed, upon filing with the Registrar of evidence satisfactory toiT that such
Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to
the Registrar ofmuappropriaUcboudnrinde/noityimfoon, aobxTmoc000daonouo1
satisfactory to it, in which both the City and the Registrar shall be oonmcd on obligees. All
Bonds mo surrendered to the Registrar shall be canceled bydand evidence o[Stich
cancellation shall bc given io the City. |f the mutilated, lost, stolen or destroyed Bond
has already matured or such Bond has been called for redemption in accordance with its
terms, itebu]I not bc necessary io issue u new Bond prior Topayment.
2.05. Appointment of Initial Regigrg. The City hereby appoints U.S. Bank National
Association, in Seattle, VVnsh/ngk)o, To act on registrar, transfer agent and paying agent (the
^^RoBiy1cmr`). The City reserves the right 1m appoint a successor bond registrar, transfer agent nr
paying agent, oe authorized hy the Model Public Obligations Registration Act of'Montana,
Montana Code Annotated, Title 17, Chapter 5~ Part | l, 00 amended (the "Registration A(t-), but
the City a-rees to pay the reasonable and customary charges of the Registrar for the services
performed.
2.06. Optional Redemption.
(x) Bonds with stated maturities in the years 2015 through 2023 are not Subject to
optional rcdcnnotinm prior to their stated maturities. Bonds with stated maturities on mr after July
1, 2OZ4 are subject\o redemption ou January <, 2A24 and any date thereafter, st the option nfthe
City, in whole or in part, and if in part frorn such stated maturities and in such principal aniounts
as the City may designate in writing to the Registrar/or` if no designation is made, in inverse
order of maturities and within umaturity in $5,000 principal uoznorAm selected by the Registrar
by lot o,other manner it deems fair), at orcdeomTMi0n price equal to the principal amount thereof
and ioico:yt accrued to tile rcdccnpdoo date, vv}dhoutyncomiuco.
(h) The date nf redemption and the principal amzountnf the Bonds tobcredeemed
mbol\ be fixed by the City Administrative Services Director who shall give notice thereof to the
Registrar at least 45 days prior to the date of redemption or such lesser period as the Registrar
accepts. The Registrar, at least 30 days prior to the designated redemption date, shall cause
notice of redemption to be mailed, by first class mail, or by other means required by the
securities depository, to the registered owners of each Bond to be redeerned at their addresses as
they appear oothe bond register described in 5co1ino 2.04, but no defect in or failure no give such
mailed notice shall affect the validity of proceedings for the redemption m[any Bond not affected
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6* such defect or failure. The notice of redemption shall specify the redemption date`
redemption price, the numbers, interest ro1emamdC0Slyomoohersof1bcQnndstobcred*cnnnd
and the place m1 which the Bonds are tnbc surrendered for payment, which is tile principal office
of the Registrar. Official notice of redemption having been given as aforesaid,the Bonds or
portions thereof»o1obo redeemed shall. on the redemption date, hcconoe due and payable u1the
redemption price Uhcreio specified and frnoz and after such do1c (uo)tay the C it), oha|] default in
the payment of the redemption price) such Bonds or portions thereof shall cease tn bear interest,
(c) In addition to the notice prescribed by the preceding paragraph, the Registrar
mhu|} also 'give, mr cause tobe given, notice of the redemption mf any Bond or Bonds V[portions
thereof a1 least 35 days before the redemption date 6y certified mail orte|ecopy1n the Purchaser
and all registered securities depositories then in the business of holding substantial arnOUnts of
obligations of tile character ofthe Bonds (such depository now being The Depository Trust
Con-ipany, of New York,New York) and one or more national information services that
disseminate information regarding municipal bond redemptions; provided that any defect io or
any failure to give any notice of redemption prescribed by this paragraph yba|| not affect tile
validity of the proceedings for the redemption of any Bond or portion thereof
2.07. Mandatory Sinking Fund Redemption. The Bonds having stated no01u,i1ics in 2032
and 2034 (the^^Tcron Bonds"') are subject to mandatory sinking fund redemption mo July l in thc
respective years and the respective principal orouuoia met forth be|nu/ in $5,000 principal
amounts selected by the Rcglotcmr. by lot ox other manner it deernn fair, at a redemption price
oqom] to the principal amount thereof to he redeemed plus interest accrued to tile redemption
date:
Principal
Sinking Fund Annouotoo
Payment Date Sinking Fund
(July 1) Payment Date
2031 $610,000
2033 $660'000
If the Term Bonds with stated maturities in 2032 and 2034 are not previously purchased
by the City in the open market or prepaid, in respect of tile Term Bond maturing in 2032,
$635,000 in principal amount of such Term Bond would remain to mature in 2032 and in respect
of the Term Bond maturing in 2034, $685,000 in principal amount of such Term Bond would
remain tm /ou1uoeio2O34. The principal amount of the Term Bonds required 1obc redeemed om
tile above Sinking Fund Payment Dates shall be reduced by the principal amount Of Such Term
Bonds theretofore redeerned at the option of the Commission and as to which the City has not
previously applied amounts to reduce the principal annount of such Term Bonds oil a Sinking
Fund Payment Date.
2.08. . Tile Bonds s(,n\{ be forthwith prepared for execution
under the direction of the City Clerk and shall be executed ou behalf uf the City by the signatures
of the Mayor,the City Administrative Services Director and the City Clerk, provided that said
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signatures may be printed, engraved orlithographed facsimiles thereof. The seal of the City
need not bc imprinted nnor affixed to any Bond. In case any officer whose signature mo
facsimile of whose uigoo]unc mbol\ appear on the Bonds shall ocuye to be such officer before the
delivery thereof, such signature or facsimile shall nevertheless be valid and sufficient for all
purposes, the same usif such officer had remained io office until delivery. When the Bonds have
been so executed by said City officers,they shall be registered by the City Administrative
Services Director in accordance with Montana Code Annotated, Section 7-7-4257, asamended.
'Notwithstanding Such execution. no Bond shall be valid or obligatory for any purpose or be
entitled to any security or benefit under this Resolution unless and until a certificate of
authentication om such Bond has been duty executed by the manual signature o{uoauthorized
representative of the Registrar, Certificates of authentication no different Bonds need not be
signed by the xmrocrepresentative. The executed certificate of authentication $n each Bond shall
be conclusive evidence that it has been authenticated and delivered under this Resolution. When
the Bonds have been fully executed and authenticated,they shall be delivered by the Registrar to
the Original Purchaser upon puYmocrA of the purchase price in accordance with the contract of
amlc hcrotnfhnc uomdc and cmccmTnd, and the Original Purchaser shall not be obligated to see to the
application of the purchase price.
2.09. Securities Depository for the Bonds,
(a) For purposes ofthis Section 2.0Y°the following terms shall have the following
nncoo/mgs:
`~8cucficia{ 0p/mer' mha]} roeoo, vvbuoeveruacdvvi(hnzspeottooUood.tbe
person in whose name such Bond im recorded un the beocficiuiowner ofsuch
Bond bya Participant oo the records of such Participant, or such person's
eubrooec.
^^Ccde &c [m.,` shall mean Cede G1Cn., the nominee wfDTC, and any
successor nominee mfD7F[ with respect to the Bonds,
'^DTC`, shall umemo The Depository Trust Company o[New York,
New York.
'^Portioipaot' shall rmc0m any hxokoc-dcn(cr, bank or other financial
institution for which DTC holds Bonds aa securities depository.
"Representation iettcC^ shall cmcmm the Blanket Issuer Letter o[
Ilcpornumtm1imos pursuant towhich the City agrees to cmnp|yvvi1b Dl[C`v
Operational /\n.ungc/nem1x.
(h) The Bonds nfeach series shall bc initially issued as separately authenticated
fully registered Bonds, and one Bond shall he issued in the principal amount ofeach
stated maturity of each series of the Bonds. Upon initial issuance,the ownership ofsuch
Bonds shall bc registered ln the Bond register in the name o[Cede & C0° us nominee of
DIC. The Registrar and the City may treat IJI`C (or its nominee) as the sole and
exclusive owner of the Bonds registered in its name for the purposes of payment of the
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principal ofor interest oil the Bonds, selecting the Bonds or portions thereof to be
redeemed, if any, giving uoy notice permitted nr required to be given to registered owners
of Bonds Linder this Resolution, registering the transfer of Bonds, and for all other
purposes whatsoever; and neither the Registrar nor the City shall be affected by any
notice to the contrary. Neither the Registrar nor the City shall have any responsibility or
obligation to any PmdicipanL any Person claiming bcmc1ltial ownership imtc/rs% in the
Bonds under or through DT� or any Participant, or any other Person which is not shown
on the Bond register as being a registered owner of any Bonds, with respect to the
accuracy of any records maintained by DTC or any Participant,with respect to the
payment by DTC or any Participant of any amount with respect to the principal of or
interest oo the Bonds, with respect To any notice which is permitted oz required Lobe
Gipon to owners of Bonds under this Resolution, with respect to the selection by Dl[c or
any Participant m[any person io receive payment iothe event ufe partial redemption oF
the Bonds, or with respect to any consent given ur other action taken by DTC as
registered owner of the Bonds. Su long an any Bond iaregistered im the flame nf Cede &c
Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such
Bond, and s}`ol| give all notices with respect to such Bond, only to Cede /b Co. in
accordance with the Representation Letter, and all such payments shall be valid and
effective to fully satisfy and discharge the City's obligations with respect to the principal
of and interest omthe Bonds tm the extent of the sum oruoromsopaid. Nm Person other
than DTCmhul} receive an authenticated Bond for each separate stated maturity
evidencing the obligation of the City to make payments of principal and imtcn:st. Upon
delivery hyDTC to the Registrar nfwritten notice to the effect that DTC has determined
tn substitute a new nominee in place ofCede & Co., the Bonds,will be transferable to
such new uornioeeio accordance with paragraph (c) hereof,
(c) In the event the City determines to discontinue the book-entry-only oywtcco for
one or both series of Bonds, tile City may notify |}TC and tile Registrar, whereupon I)TC
shall notify the Participants of the availability through DTC of Bonds of such series in the
form mfcertificates. ln such event, the Bonds mf such series will be transferable in
accordance with paragraph (e) hereof. UTC may determine to discontinue providing its
services with respect to the Bondsof one or both series at any tirne by giving notice to the
City and the Registrar and discharging its responsibilities with respect thereto under
applicable law. )n such event the Bonds of such series will be transferable ioaccordance
with paragraph /e> hereof.
(d) The Rcpncaeotaiimo Letter sets forth certain matters with respect to, among
other things, notices, consents and approvals by registered owners of the Bonds and
Beneficial Owners and payments on the Qnoda. The Registrar shall have tile some riob10
with respect to its actions thereunder as it has with respect to its actions Linder this
Resolution.
(e) In the event that any transfer or exchange of Bonds nfn series [upermitted
under paragraph (b) oc(c) hereof, such transfer or exchange shall be accomplished upon
receipt bv the Registrar of the Bonds iohc transferred or exchanged and appropriate
|uatcucoentm uf transfer 10 the permitted tcnmsfencc in accordance with d`e provisions. of
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this Resolution. in the event Bonds io the form o[ocdifiuuiomare issued to owners other
than Cede 8c Co., its successor as nominee for DTC om owner nfall the Bonds, or another
securities depository as owner of all the Bonds, the provisions of this Resolution shall
also apply to all rouuoru relating thereto, including. without limitation, tile pnopozm1iou of
such Bonds in 1he form of Bond certificates and the method nf payment o[principal of
and interest oil such Bonds iu the form nf Bond certificates.
2.10 Form of Bond. The Bonds shall beprepared in substantially the form set forth in
Exhibit A hereto, and by this reference made o part hereof.
Section �. Security Provisions.
3.01. Prnlrarn Fund, Use of Proceeds. 7[hcrm is hereby created u nyec\o] account to be
designated as the ^^Pork, Trail, and Open Space Program Fomd`^ (the"Program Fuud",)" hohe held
and administered by the City Administrative Set-vices Director separate and apart from all o1bcz
[uodsnf the City. The City appropriates tu the Program Fund the proceeds of the sale o[tile
Bonds in the amount of(a) $9`900`000 plus original issue premium on the Bonds, excluding
original issue premium used tmpay uudcovd1cc^m discount, and (b) all income derived from 1bo
investment o[u|nnmnts on band in the Program Fund. The Program Fund shall be used solely to
defray expenses of the Project tnbc paid with proceeds m[the Bonds, including costs ofissuance
w[the Bonds. Upon completion and payment nf all costs and expenses wf the Project 1nbcyaid
with proceeds ofthe Bonds and investment earnings thereon, any amounts remaining imthe
Program Fund shall be credited and paid tnthe Debt Service Account.
3.02. Debt Service Account. There is hereby created n special account to be designated
as the "Park, Trail, and Open Space Debt Service Account" (the"Debt Service Account"), to be
bo|d and administered by the City Administrative Services Director separate and apart from all
other funds mf the City, k/ he used solely 1opay principal of and intereston tile Bonds. The City
irrevocably appropriates tothe Debt Service Account: (n) all funds, if any,to be transferred
thereto fi-onnthe Program Fund in accordance with the provisions of Section 3,01, (b) any taxes
levied in accordance with this De$o|miino, (c) all income derived from the iovcairnemr of amounts
oil bmmd in the Debt ServiosAcoouoT, and (d) such other money aa shall be received and
appropriated 10 the Debt Service Account Dnrmtime to time,
3.03. Tax Levies. The fa|| faith, credit and taxing powers of the City shall be and are
ho,uhy irrevocably pledged to the payment of the Bonds and interest due thereon, and the City
ml`a|| cause tuxes 1n be levied um`ou{1y on all taxable property in the City other than certain
excluded property sufficient to pay the interest on the Bonds when it falls due and to pay and
discharge the principal a1 maturity of each and all of the Bonds usthey respectively become dun;
however, certain agricultural and forest land and improvements located in the City will not be
Subject to the tax levy to pay debt service on the Bonds. Taxable property in the City excluded
from property tax levies to pay the Bonds are:
o. agricultural land eligible for valuation, uaocm8noecds. and Tnzm1iou as
agricultural land under Montana Code Annotated [5-7-2V2;
b. forest land um defined in Montana Code Annotated l5-44-)02^
C. all agricultural irnprovernents on agricultural land referred to In (a),
d. all noncommercial improvements on forest land referred to in (b); and
e. agricultural implements and equipment described in Montana Code
Annotated 15-6-138(l)(a).
Section 4. Tax Covenants and Certifications,
4.01. Use of the Project. The Project will be owned or controlled and operated by the
City and available for use by members of the general public on a substantially equal basis. The
City shall not enter into any lease, use or other agreement with any non-governmental person
relating to the use of the Project or security for the payment of the Bonds which might cause the
Bonds to be considered "private activity bonds" or"private loan bonds'* within the meaning of
Section 141 of the Internal Revenue Code of 1986, as amended (the -Code-).
4.02. General Covenant. The City covenants and agrees with the owners from time to
time of the Bonds that it will not take or permit to be taken by any of its officers, employees or
agents any action which would cause the interest on the Bonds to become includable in gross
incorne for federal incorne tax purposes under the Code and applicable Treasury Regulations (tile
"Regulations"), and covenants to take any and all actions within its powers to ensure that the
interest on the Bonds will not become includable in gross income for federal incorne tax
purposes Linder the Code and the Regulations.
4.03. Arbitrage Certification. The Mayor, the City Administrative Services Director and
the City Clerk, being the officers of the City charged with the responsibility for issuing the
Bonds pursuant to this Resolution, are authorized and directed to execute and deliver to the
Original Purchaser a certificate in accordance with the provisions of Section 148 of the Code,
and Section 1.148-2(b) of the Regulations, stating that on the basis of facts. estimates and
circumstances in existence on the date of issue and delivery of the Bonds, it is reasonably
expected that the proceeds of the Bonds will be used in a manner that would not cause the Bonds
to be -arbitrage bonds""within the meaning of Section 148 of tile Code and the Regulations.
4.04. Arbitrage Rebate. The City acknowledges that the Bonds are subject to the rebate
requirements of Section 148(f) of the Code. The City covenants and agrees to retain such
records, make Such determinations, file such reports and documents and pay such amounts at
such times as are required under said Section 148(f) and applicable Treasury Regulations to
preserve the exclusion of interest on the Bonds from gross income for federal incorne tax
purposes. unless the Bonds qualify for the exception fron-i the rebate requirement Linder Section
148(f)(4)(B) of the Code and no "gross proceeds" of the Bonds (other than amounts Constituting
a "bona fide debt service fund-) arise during or.after the expenditure of the original proceeds
thereof, In furtherance of the foregoing, the Mayor, the City Administrative Services Director
and the City Clerk are hereby authorized and directed to execute a Rebate Certificate,
substantially in the form to be prepared by Bond Counsel, and the City.hereby covenants and
agrees to observe and perform the covenants and agreements contained therein, unless amended
or terminated in accordance with the provisions thereof.
9
4,05' Pursuant tnSection
ZO5(b)(l)(DXihofthe Code, the City hereby designates the Bonds a$ "qualified tax-exempt
obligations" for the put-poses nf Section 285(b)(3) m[the Code. 'file City has not designated ally
bondxioZ0|3undorSection365(6)(]) o1bertbanthcllouds, oconguiziogUiouehoodwncferemocd
in the immediately following paragraph were not taken into account in determining the City's
status uao qualified small issuer under Section 265(b)(3) of the Code. The City hereby
represents that it does not anticipate that the City and n]I ^^ouhorUiuode todidcm- of the City`vi\]
issue in 20.13 obligations bearing interest exempt from federal income taxation under Section
|O3o{the Code (including-qualified 503(c)(3) bonds" but excluding other"private activity
bnuds," as defined in Sections 14I(o) and 145(m) of the Code) in all amount greater than
$10,000"000.
,file City`aoutstanding $22,|72,O8l First Amended and Restated Sewer System Revenue
Bonds (DNRC Water Pollution Control State Revolving Loan Program), Consisting of$885.091
First Amended and Restated Series 201 OC Bond, $8,308,000 First Amended and Restated Series
2O\0I} Bond, $729,O00 First Amended and Restated Series 2AlVy Bond, $3,558,O0OFirst
Amended and Restated Series 20|0G Bond, and $8,b92,O00 First Amended and Restated Series
20{0I] Bond and its outstanding $l8,091,O08 First Amended and Restated Water Sya(cnm
Revenue Bonds (DNRC Drinking Water State Revolving Loan Program), Consisting of
$9,49l.000 First Arncndcd and Restated Series 2Ol1/\ Bond and $9°40O,OAA First Amended and
Restated Series 2011 B Bond were not taken into account in determining the City's status as a
qualified small issuer under Section 2h5(h)(])(C)(ii)(1ll) o{the Code.
4.06. Information Reporting. The City shall fi]ewith the Secretary nf the Treasury, not
later than February U5° 20l4, a statement concerning the Bonds containing the information
required by Section l49(c) Vf the Code.
Section 5. Defeasance or Discharge.
5.01. General. When the liability uf the City oo all Bonds issued under and secured hy
this Resolution and all interest thereon has been discharged um provided inthis section, all
pledges, covenants and other rights granted by this Resolution to the Holders of such Bonds shall
crmne^
5.02. Maturity. The City may discharge its liability with reference to all |}mmdy and
interest thereon which are due onany date by depositing with the Registrar for such Bonds oil or
before the date u sum sufficient for the payment thereof in full; orif any Bond or interest thereon
wbu|| not be paid when doe_ the City may nevertheless discharge its liability with reference
thereto by depositing with the Registrar asum sufficient for the payment thereof im full with
interest accrued(m the date nf such deposit.
5.03. Redemption, The City may also discharge its liability with reference to ally
prepayable Bonds which are called for redemption on any date in accordance with their terms, by
depositing with the Registrar on or before that date all amount equal to the principal, interest and
redennptiompreoniu/n° if any, which are then due thereon, provided that notice ofsuch
redemption has been duly given as provided in this Resolution.
5.04. Escrow. T he City may also at any drnedischa� � /�i}i� io � ��r�w�
reference 10 any Bonds subject\nthe provisions nf law now or hereafter authorizing and
rcgu)mTin� such edimo, 6mdqPomi�og i�evocmb\y [moscnov*, vwit6m bank quali�cd bp |u`� asao
escrow agent for this purpose, ceob or securities which are general obligations ofthe United
States or securities of United States agencies which are authorized by law to be so deposited,
hearing interest payable at such times and at such rates and maturing oil such dates as shall be
required, without reinvestment, {o provide funds sufficient to pay all principal, imTc,eot and
redemption premiums, if any, tobecome due mnsuch Bonds ut their Stated Maturities or, if Such
Bonds are prepayable and notice of redemption thereof has been given mr irrevocably provided
for, To such earlier redemption date.
Section 6. Continuing Disclosure.
(u) Purpose and Beneficiaries. TV provide for the public availability o[certain
information n:[mTiogtn the Bonds and the security therefor and 1m permit part icipntlug,
underwriters in the primary offering of the Bonds to comply with paragraph (b)(5) ofRule 15o2-
l2 promulgated bvthe Securities and Exchange Commission tinder the Securities Exchange Act
of 1934, as amended (the "Rule"), the City hereby makes the following covenants and agrees.. for
the benefit of the Owners (as hereinafter defined) from time to tirne of the outstaildin.(=Y, Bonds,to
provide annual reports mfapecificd information and notice m/the occurrence nf certain events 10
the Municipal Securities BLu\ennoktogBoard (^'M3KB-)thmough its Electronic Municipal Market
Access system website ("EMMA"), as hereinafter described (the "Disclosure Covenants"). The
City is the only "obligated person" in respect or the Bonds within the meaning nfthe Tlm|c for
purposes of identifying the entities in respect of which continuing disc losure must be made,
lo2Al2. the City discovered that i1 was not in compliance with its prior undertakings
currently outstanding. Specifically, the City discovered that it had not provided annual audited
financial reports, other certain operating data, and notice of'certain rating changes as required by
its prior undertakings for fiooalyears ended June 30, 2008, 2O09, 20lOand 2011. 0m May |8^
2012 the City responded to this discovery bysubmitting an event notice of such failure 10
provide information, notice of certain rating changes and the required audited financial
statements and other operating data for fiscal years ended June 3Q, 2V08, 2009° 2O1Q and 20l ] to
the MSRU through the EM81/\. During the preparation of this {)fficiu) Statement the City
discovered it had submitted u majority of,but had not submitted all of the certain other operating
data axrequired by the prior undertakings. Oil November l3, 20X3 the City submitted the
missing other operating data to the MSKB through the EMM/\. The City was reminded ofits
obligations with respect 1ocontinuing disclosure undertakings, The City believes itisCurrently
io compliance with its prior undertakings.
If the City fails to cornply with tile Disclosure Covenants, any person aggrieved thereby,
including the Owners nf any Outstanding Bonds" may take whatever action at law o,io equity
may appear necessary or appropriate to enforce performance and observance of the Disclosure
Covenants, including an action for a writ of mandamus or specific performance. Direct, indirect,,
consequential and punitive damages shall not be recoverable for any default hereunder,
Not v/thstooding anything to the contrary contained in the Disclosure Covenants, in an event
shall a default under this Section 6 constitute a default under the Bonds or Linder any other
provision *f this Resolution.
As used in this Section 6, -OwneC'. means, in respect of a Bond, the registered owner or
owners thereof appearing in the bond register maintained by the Registrar or any Beneficial
Owner (as hereinafter defined)thereof, if such Beneficial Owner provides to the Registrar
evidence of such beneficial ownership in form and substance reasonably satisfactory to the
Registrar. As used in this Section 6, "Beneficial Owner" means, in respect of a Bond, any
person or entity that (i) has the power, directly or indirectly, to vote or consent with respect to, or
to dispose of ownership of, such Bond (including persons or entities holding Bonds through
nominees, depositories or other intermediaries), or(ii) is treated as the owner of the Bond for
federal income tax purposes.
(b) Information To Be Disclosed, The City will provide, in the manner set forth in
subsection (c) hereof. either directly or indirectly through an agent designated by the City,the
following information at the following times:
(1) on or before 270 days after the end of each fiscal year of the City,
commencing with the fiscal year ending June 30, 2013, the following financial
information and operating data in respect of the City (the "Disclosure Information"):
(A) the audited financial statements of the City for Such fiscal year, or, if
unavailable, updated operating results for the City for the then most recent
completed fiscal year(and submitting audited financials when available), similar
to the format shown in Appendix A to the Official Statement related to the Bonds
(the "Official Statement"); and
(B) updated figures for the City for the then current fiscal year to include:
(1) general obligation bonds outstanding;
(2) general obligation debt capacity;
(3) taxable market valuation, taxable valuation and open space
taxable valuation;
(4) estimated City population;
(5) a description of any additional borrowing or future financing
of the City: and
(6) tax collection figures for the then most recent completed
fiscal year in a format similar to the table in the Official Statement tinder
the heading"Tax Collections.-
Notwithstanding anything in this Section 6, if the audited financial statements are
not available by the date specified, the City shall provide on or before such date
unaudited financial statements in the format required for the audited financial statements
as part of the Disclosure Information and, within ten days after the receipt thereof, the
City shall provide the audited financial statements.
12
Any or all of the Disclosure Information may be incorporated. if it is updated as
required hereby, by reference from other documents, including official statements. which
Dave been submitted to the MSRB in the manner set forth in subsection (c) hereof The
City shall clearly identify in the Disclosure Information in each document so incorporated
by reference.
If any part of the Disclosure Information can no longer be generated because the
operations of the City have materially changed or been discontinued, such Disclosure
Information need no longer be provided if the City includes in the Disclosure Information
a statement to such effect; provided, however, if such operations have been replaced by
other City operations in respect of which data is not included in the Disclosure
Information and the City determines that certain specified data regarding Such
replacement operations would be material (as hereinafter defined), then',fi-orn and after
such determination,the Disclosure Information shall include such additional specified
data regarding the replacement operations.
If the Disclosure Information is changed or the Disclosure Covenants are
arnended,then the City shall include in the next Disclosure Information to be delivered
pursuant to this Section 6,to the extent necessary, an explanation of the reasons for the
amendment and the effect of any change in the type of financial information or operating
data provided.
(2) In a timely manner not in excess of ten business days, notice of the
Occurrence of any of the following events:
(A) principal and interest payment delinquencies;
(B) non-payment related defaults, if material;
(C) unscheduled draws on debt service reserves reflecting financial
difficulties;
(D) unscheduled draws on credit enhancements reflectim, financial
difficulties;
(E) substitution of credit or liquidity providers, or their failure to
perform;
(F) adverse tax opinions, the issuance by the Internal Revenue Service
of proposed or final determinations of taxability. Notices of
Proposed Issue (IRS Form 570 1-TEB), or other material notices or
determinations with respect to the tax status of the Bonds or other
material events affecting the tax status of the Bonds;
(G) modifications to rights of holders of the Bonds- if material;
(H) bond calls, if material, and tender offers-,
(1) defeasances;
(J) release, substitution or sale of property securing repayment of the
Bonds, if material;
(K) rating changes;
(L) bankruptcy, insolvency, receivership, or similar event of the
obligated person;
13
(M) the consurnmation ofu merger, consolidation, mr acquisition
involving the City nrthe sale o[all Vrsubstantially all of the assets
of the City, other than in the ordinary course of business, the entry
into u definitive agreement to mnd#1mkc such an action or the
1eooion1ioo of definitive agnmon000t relating to any such ootioom,
other than pursuant to its terms, if material; and
(N) appointment of successor or additional trustee or the change of
name o[mtrustee, if material.
An event is"material" if it is an event as to which a substantial likelihood exists
that m reasonably prudent investor would attach inopnc{ooce thereto in deciding to huY`
hold or sell u Bond or, if not disclosed, would significantly alter the total imfbonotiva
otherwise available toau investor from the Official Stetsomcmt, information disclosed in
this Bond Renm}u;imm or information gcocru|\y available to the public. 74,tvvithstnodiog
the foregoing sentence. an cvomi im also "nm4teria|`^ if itiyam event that would bcdeemed
material for purposes of the purchase, holding or sale of a Bond within the meaning of
applicable federal umourii]eu laws, as interpreted at the tioneof discovery ofthe
occurrence of the event.
(3) lon timely manner, notice of the occurrence n[any ofthe following events or
conditions:
(A) the failure of the City to provide the Disclosure Information
described above under ^^--,400uu] Information" at the time specified
thereunder:
(B) the amendment or supplementing of the Disclosure
Covenants. together with a copy o[such amendment orsupplement and
any explanation provided by the City:
(C) the termination o[the obligations of the City under the
Disclosure Covenants; and
(0) any change io the fiouu) year n[the City.
(u) Manner of DiSCIOSUre. The City agrees 10 make available the information described
in smbmeuTinm (6) hereof to the MS}<0 via EMM/\ or in nrnouucz as may be otherwise proscribed
by the MS}lB consistent with the Rule. All documents provided 1uthe MSRBsho|l be
ecownopeuied by identifying information unprescribed bv the D4SRB.
(d) .
(\) The Disclosure Covenants shall remain in effect *n long ns any Bonds are
outstanding.
(2) The Disclosure Covenants (and the form and requirernents of the Disclosure
Information) may be amended or supplemented by the City frorn time to tirne,without
14
,
notice to um provided in paragraph (c) 3) or the consent nf the Owners of
any Bonds, byn resolution mf this Commission fi}edim the office ofthe recording
mf the City accompanied bymn opinion of Bond Counsel. who may rely oncertificates of
the City and others and the opinion may bcsubJcct0o customary qualifications, 1uthe
effect that such amendment or supplement (A) ioinadoio connection with a change im
circumstances that arises from a change in law or regulation or a change in the identity,
nature or status mfthe City o,the type of operations conducted by the City, or(B) is
required by, or better complies vvdb, the provisions of paragraph /b>(5) of the F<u{u,
assuming that such provisions apply to the 8mmdm.
Uf1hcDiSc]o$urc Information ixso amended, the City agrees toprovide,
contemporaneously with the effectiveness o[such amendment, om explanation oftile
reasons for the amendment and the effect, if any, o[the change io the type offinancial
information or operating data being provided hereunder.
'
(3) The Disclosure Covenants are entered into 1000rop\y with the continuing
disclosure provisions of the Rule and should be construed so the undertaking would
sotisf«thc requirements of paragraph (b)(5)ufthe Rule.
Sco1lmu 7. Certification of Proceedings. The officers of the City are hereby authorized
and directed Tn prepare and fb,oiokto the Original Purchaser and 1nDorsey & u/bi1ueyLLP,
Bond Counsel, certified copies of all proceedings and records of the City, and such other
affidavits, certificates and information' as may be required to show the facts relating to the
legality and marketability of the Bonds as the sarne appear from the books and records under
their custody and control or as otherwise known to \hcnm, and all such certified copies,
certificates and affidavits, including any heretofore furnished, shall bc deemed representations of
the City as to the facts recited therein.
Section 8. Repeals and Effective Date.
8.01. Repeal. All provisions of other resolutions and other actions and proceedings of
the City and this Commission that are in any Nsmy inconsistent with the terms and provisions u[
this Resolution are ,npru[cd, amended and rescinded 10 the full extent necessary to give full Dr,cc
and effect to the provisions of this Resolution.
8.02. Effective Date. This }<esm|w(ioo abu|l take effect immediately upon its passage and
adoption by this Cmnnomimaium.
PASSED AND ADOPTED by the City Commission of the City of Bozeman. Montana,
this 16th day of December, 2013.
Mayor
I , C
Attest:
Carty CSI
(SEAL)
16
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MONTANA
COUNTY OF GALLATIN
CITY OF BOZEMAN
GENERAL OBLIGATION BOND
SERIES 2013
No. $ .00
Date of
Rate Maturity Original Issue CUSIP
% July 1, December 23, 2013 103637
REGISTERED OWNER: CEDE& CO.
PRINCIPAL AMOUNT: AND NO/100 DOLLARS
FOR VALUE RECEIVED, the City of Roze►nan, Gallatin County, State of
Montana (the "City"), acknowledges itself to be indebted and hereby promises to pay to the
registered owner named above, or registered assigns, the principal amount specified above on the
maturity date specified above or, if this Bond is prepayable as stated herein, on any date prior
thereto on which this Bond shall have been duly called for redemption, and to pay interest oil
said principal amount to the registered owner hereof from the Date of Original Issue set forth
above or from such later date to which interest has been paid or duly provided for until this Bond
is paid or, if this Bond is prepayable, until it has been duly called for redemption. at the rate
specified above. Principal of this Bond is payable upon presentation and surrender hereof to
U.S. Bank National Association, ol'Seattle, Washington, as Bond Registrar., Transfer Agent and
Paying Agent, or its successor designated under the Resolution described herein (the "Registrar")
at its operations center in St. Paul, Minnesota. The interest on this Bond shall be payable on
January I and July I in each year, commencing January 1, 2015. Interest on the Bonds shall be
payable to the owners of record thereof as such appear oil the bond register as of the close of
business oil the 15th day of the month immediately preceding each interest payment date,
whether or not such day is a Business Day. Interest on, and upon presentation and surrender
thereof, the principal of each Bond shall be payable by check or draft issued by the Registrar
described herein. "Business Day- ►l'ieans any day other than a Saturday, Sunday or legal holiday
of the State of Montana.
The principal of and interest on this Bond are payable in lawful money of the
United States of America. For the prompt and full payment of such principal and interest as the
same respectively become due, the full faith, credit and taxing powers of the City have been and
are hereby irrevocably pledged.
Notwithstanding any other provisions of this Bond, so long as this Bond is
registered in the name of Cede & Co., as nominee of The Depository Trust Company. or in the
name of any other nominee of The Depository Trust Company or other securities depository. the
Registrar shall pay all principal of and interest on this Bond, and shall give all notices with
respect to this Bond. only to Cede & Co. or other nominee in accordance with the operational
arrangements of The Depository `]"rust Company or other securities depository as agreed to by
the City.
This Bond is one of an issue in the total principal amount of $9.900,000 (the
-Series 2013 Bonds''), all of` like date of original issue and tenor except as to serial number,.
denomination, maturity date, interest rate and redemption privilege, all authorized by the
favorable vote of more than the requisite majority of the qualified electors of the City voting can
the question of the issuance thereof at a duly held election, all pursuant to resolutions duly
adopted by the City Commission, including a bond resolution adopted on December 1.6, 2013
(the "Resolution"), and in full conformity with the Constitution and laws of the State of Montana
thereunto enabling. The Bonds are issuable only as fully registered bonds of single maturities, in
denominations of$5,000 or any integral multiple thereof,
Bonds with stated maturities in the years 2015 through 2023 are not subject to
redemption prior to their stated maturities. Bonds with stated maturities on or after July 1, 2024
are subject to redemption on January 1. 2024 and any date thereafter, at the option of the City, in
whole or in part. and if in part from such stated maturities and in such principal amounts as the
City may designate in writing to the Registrar (or, if no designation is made, in inverse order of
maturities and within a maturity in $5,000 principal amounts selected by the Registrar by lot or
other manner it deems fair), at a redemption price equal to the principal amount thereof and
interest accrued to the redemption date, without premiurn.
At least forty-five days prior to the redemption date, the City will provide or
cause to be provided to the Registrar a request that the Registrar mail notice of redemption. At
least thirty days before the date specified for redemption, the Registrar shall cause notice of
redemption to be mailed, by first class mail, or by other means required by the securities
depository, to the registered owners of each Bond to be redeemed at their addresses as they
appear on the bond register. Upon partial redemption of any Bond, a new Bond or Bonds will be
delivered to the registered owner without charge, representing the remaining principal amount
outstanding.
The Bonds having stated maturities in 2032 and 2034. (the "Term Bonds") are
subject to mandatory sinking fund redemption on July 1 in the respective years and the
respective principal amounts set forth below in $5,000 principal amounts selected by the
Registrar, by lot or other manner it deems fair, at a redemption price equal to the principal
amount thereof to be redeemed plus interest accrued to the redemption date:
A-2
Principal
Sinking Fund Amount on
Payment Date Sinking Fund
(July 1) Payment Date
2031 $610,000
2033 $660,000
If the Term Bonds with stated maturities in 2032 and 2034 are not previously
purchased by the City in the open market or prepaid, in respect of the Term Bond maturing in
2032,
$635-000 in principal amount of such Term Bond would remain to mature in 2032 and in
respect of the Term Bond maturing in 2034, $685,000 in principal amount of such Term Bond
would remain to mature in 2034. The principal amount of the Term Bonds required to be
redeemed on the above Sinking Fund Payment Dates shall be reduced by the principal amount of
such Term Bonds theretofore redeemed at the option of the Commission and as to which the City
has not previously applied amounts to reduce the principal amount of such Term Bonds on a
Sinking Fund Payment Date.
The Bonds have been designated by the City as "qualified tax-exempt
obligations''pursuant to Section 265 of the Internal Revenue Code of 1986, as amended.
As provided in the Resolution and subject to certain limitations set forth therein,
this Bond is transferable upon the books of the City in the principal office of tile Registrar, by the
registered owner hereof in person or by his attorney duly authorized in Writing, upon surrender
hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed
by the registered owner or his attorney, and may also be surrendered in exchange for Bonds of
other authorized denominations. Upon any such transfer or exchange, the City will cause a new
Bond or Bonds to be issued in the name of the transferee or registered owner, of the same
aggregate principal amount, bearing interest at the same rate and maturing on the same date,
Subject to reimbursement for any tax, fee or governmental charge required to be paid with
respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this
Bond is registered as the absolute owner hereof, whether this Bond is overdue or not for the
purpose of receiving payment and for all other purposes, and neither the City nor the Registrar
shall be affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that
all acts, conditions and things required by the Constitution and laws of the State of Montana to
be done, to exist, to happen and to be performed precedent to and in the issuance ofthis Bond, in
order to make it a valid and binding general obligation of the City according to its terms, have
been done, do exist, have happened and have been performed in regular and due form, time and
manner as so required; that the City Commission will annually levy all ad valorem tax on all of
the taxable property in the City (excluding certain agricultural and forest land and
improvements) in an amount sufficient to pay the interest hereon when it falls due and also to
A-3
pay and discharge the principal of this Bond at maturity; that this Bond, together with all other
indebtedness of the City outstanding on the date of original issue hereof, does not exceed any
constitutional or statutory limitation of indebtedness.
This Bond shall not be valid or become obligatory for any purpose or be entitled
to any Security or benefit under the Resolution until the Certificate of Authentication hereon shall
have been executed by the Registrar by the manual signature of one of its authorized
representatives.
IN WITNESS WHEREOF, the City of Bozeman, Montana, by its City Commission, has
caused this Bond to be executed by the facsimile signatures of the Mayor, the City
Administrative Services Director and the City Clerk, and by a printed facsimile of the official
seat of the City.
CITY OF BOZEMAN, MONTANA
(Facsimile Signature)
MAYOR
(Facsimile Signature)
(Facsimile Seat) CITY ADMINISTRATIVE
SERVICES DIRECTOR
(Facsimile Signature)
CITY CLERK
Dated:
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned herein,
U.S. BANK NATIONAL ASSOCIATION,
as Registrar, Transfer Agent, and
Paying Agent
By
Authorized Signature
A-4
The following abbreviations, when used in the inscription on the face ofthis Bond, shall be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM as tenants UTMA............Custodian.....................
in common (Cust) (Minor)
TEN ENT -- as tenants
by the entireties
under Uniform Gilts to
JT TEN -- as joint tenants Minor Act............................................
with right of (State)
survivorship and
not as tenants in
common
Additional abbreviations may also be used.
ASSIGNMENT
FOUR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto the within Bond and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney to transfer-the within
Bond on the books kept for registration thereof, with fill[ power of substitution in the premises.
Dater.[:
PLEASE. INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER NOTICE: The signature to this assignment
OF ASSIGNEE: must correspond with the name as it appears
upon the face of the within Bond in every
particular, without alteration, enlargement
or any change whatsoever.
SIGNATURE GUARANTEED
Signature(s)must be guaranteed b-,, an
"eligible guarantor institution"meeting
the requirements of the Bond Registrar.
NAhich requirements include membership
or participation in STAMP or such other
"signature guaranty program"as may be
determined by the Bond Registrar in
addition to or in substitution for STAMP.
all in accordance with the'Securities
Erehange Act of 1934,as amended.
.A-5