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2503-RSID SOUTH HILLS BOND BIDS N [FJ .... W nN - :> ., ~ ~ O~ ~ ::::l ;; Cd 03:: " =i p 0 0 ",0 " ., ...., tnZ c:>- ~ tn "'...., " ::::l ~ '" pP p c: '" < .... .... 0 ....,Z III (;) -p - ., " ..... 0 tii3:: - 0 ...., [FJ 0 " 0 ;;Z c:>- .... < C Z III P Z -. ., >< - P<o ::-3 r n .... r ::a n ;"'" :... tn ., -< p 0 .... r ill o:J .... ...., p - Z N :T '" " '" 0 on " .... 2: P- er- ~ ::: " r" :: ..., "I " '" 0 !.. 0 -< -< -< ~ 0 '" "0 o I.:.. ,., VJ C! tn tn tn '" III _. ~_o 't:I rP CIl CIl CIl ~ ,< P- Ol III "" ..... -'- ... ~ - a- :r -. " !....... 0- ;::-> == " =; ..... -"" ::t " "" p- 1:::1 :3 ~ p 5- "" "" "" c: " '" " .... .... .... ~ VJ 't:I "I '" - w w c: '" "I '" " c: 00 \0 w ., ...., e 0 0 on '0- a N :n \": Q < ::l on P- ,.... 'J'; := s: .....~~ "" n~ " 00 ..... 00 ., v5 w 0- \0 ~- := ::l i:::: U, N., ... o 00 ((9 00 00 "" - 00 00 0::1 > :: V.l rP ....- ::l ::l ~ P- ~ .......0 :=. -< O~ 0 ....'" 0 ..... "" --- VJ ~~ ..... "" "" 0-"" - - - ..... :I: :!. Q 0 'J< N -. '" u, 0 ~ "" ..... '" '" . t:'i ... ::l "~o.- .... ... P 0- 0 N o _ 0.- t:'i z~ 3 0 w =..::~ i:::: :.., " c: . ~ o ::l 0 V> ~ '" :::, . ~ 0 :::, " N - Ul ~ "" 0 1i ~~ V.l '''/l -. ., P- "" "" "" ~rtl::- = " c.. :::I rtl 0 ':'- 0 0 0 :: :::. r:J'J - '" := ~ . 3 Q. c: '" .... w - "" ,'-' "" "" "" - 0 .... .... .... az 0 w w .... '" '" -..J .... \0 0- ., ~ w '0 a '" - '" ..... .... - ~ Q w '" w nO' i:::: 00 W ~ ., - 00 w ~ n .... Q .... .... 00 '" - 0- V> 0 -a-3 0 . '" ., \0 00 0\ -=3~ c: 0\ .... N '" ill ;$l .... - '" c <l- ill ill . , The Montana Municipal Cooperative c/o Stephen R. Hample, CFP 300 North Willson, Suite 202B Bozeman, MT 59715 (406) 587-4300 Jefferson County Commissioners July 30, 2007 Dear Commissioners, Enclosed, pursuant to your July 10,2007 'Terms and Conditions" for your sale of bonds for RSID 2503, is a bid for $783,000 for those bonds. The Montana Municipal Cooperative is a Montana partnership buying for its own investment and not for resale. Please note that we did not include any bond discount. We prefer to keep the accounting simple for everyone and just bid interest rates. We request that you provide bond certificates with CUSIP numbers as allowed in the notice of sale. We would be comfortable with the County acting as its own registrar and paying agent rather than both of us dealing with a middleman bank corporate trust department in a distant state. Because we do not intend to resell the bonds, the record keeping would probably involve mostly your writing just one check to us each six months. Please also accept this note as our official report of the "reoffering" sale: there will be no sale to report. Finally if any bonds are to be called early for redemption, we would appreciate 30 days advance notice as provided in your notice to facilitate our processing. Please feel free to contact our investment advisor Steve Hample if you have any questions. (405-587-4300 or E-mail: sh @ avicom.net ) Sincerely, Ene. Bid form and cashier's eheck - c..>~b - (,'8<:""3 OFFICIAL BID FORM $783,000 JEFFERSON COUNTY, MONTANA RURAL SPECIAL IMPROVEMENT DISTRICT NO. 2503 BONDS County Commission Jefferson County, Montana 201 Centennial P.O. Box H Boulder, Montana 59632 Pursuant to the provisions contained in the Notice of Bond Sale dated July 10,2007, (the "Notice of Sale") for the purchase of $783,000 principal amount of your Jefferson County, Montana, Rural Special Improvement District No. 2503 Bonds (the "Bonds"), we hereby offer to purchase all of the Bonds from you at the price of$ '1 'J ooll , which amount is not less than $767,340 (98.0%)(for a discount of $15,660), plus accrue interest, if any, plus a premium of $ - . - , the Bonds to bear interest at the rates set forth opposite the years and amounts as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2008 $28,000 3.00 % 2018 $40,000 :so ,D % 2009 25,000 3.00 % 2019 40,000 ~. 7S- % 2010 25,000 3.00 % 2020 45,000 4.00 % 2011 25,000 ~. 0<> % 2021 45,000 4. z.r % 2012 30,000 >.00 % 2022 45,000 11-.5'0 % 2013 30,000 ~OCI % 2023 50,000 'I. 7r % 2014 30,000 ~.oo % 2024 50,000 ~.oo % 2015 35,000 ?.oo % 2025 55,000 17.5'0 % 2016 35,000 '!,.CD % 2026 55,000 '.00 % 2017 35,000 ~.oo % 2027 60,000 ~ . [;0 % Designation of Term Maturities: (Years included in Term Maturities, ifany)' The following is submitted not as part of this bid, but for informational purposes, and is subject to verification prior to award: Total interest from August 1,2007 to maturity ................... $ 4:u.. OS' lor 1f3~ OJ/P,&-~ Plus discount, if any............................................................ $ -0- Less premium, if any........................................................... $ _cl- Total Dollar Interest Cost .................................................... $ l.j x ~ . 0,7. I J /f3ttO//P. '6' g . True Interest Cost ("TIC") ................................................... '1. 5~if1P9D5 % . Bidders have the option of eombining the Bonds maturing on and after 2008 through and including 20 14 and on and after 20 15 through and including 2027 into one or more term bonds as described in the Notice of Sale. . . . . Enclosed herewith is a good faith deposit in the form oflawful money of the United States, cashier's check, certified check, bank money order or a bank draft drawn and issued by a federally chartered or state chartered bank insured by the Federal Deposit Insurance Corporation or a financial surety bond in the amount of$15,660 payable to the order of "Jefferson County, Montana" to be held and disposed of by you as provided in the Notice of Sale. This bid must be accepted in its entirety within the time provided in the Notice of Sale and if not so accepted by you within such time shall be deemed to have been rejected. This bid shall remain irrevocable until the expiration of such time unless sooner rejected by you. Each of the Bidders listed below: (i) acknowledges receipt of the Preliminary Official Statement dated July 19,2007 and the Notice of Sale dated July 10, 2007 (ii) represents and warrants that it has full power and authority to make this bid and to purchase the Bonds if this bid is accepted; (iii) agrees that the validity and interpretation of this bid shall be governed by the laws of the State of Montana; and (iv) acknowledges that bids may be transmitted electronically through Parity ™ in accordance with the terms and conditions of the Notice of Sale and that to the extent any instruction or directions set forth in ParityTM conflict with the Terms and Conditions of Sale, the terms of the Terms and Conditions of Sale shall control. In the event the Bidders are acting through a Representative(s), each of the undersigned Representative(s) warrants that it has the necessary power and authority to act on behalf of each of the Bidders. Respectfully submitted this 31st day of July, 2007, BIDDER: "f/X.~ Y>1.,,~"_'.~~~~ BY: 62 '/ ~Y-t/.-N~7 As Representative(s) of the persons, firms and/or corporations named below: SELLING GROUP/ SYNDICATE: I. 3. 2. 4. Accepted for and on behalf of the Jefferson County, Montana as of July 31, 2007: BY: ~~~ ATTEST: --~jl'u'~ Ken Weber, Chair Bonnie Ramey, Cler and R' rder - . . . . Montana Municipal Cooperative (a Montana partnership) .clo advisor Steve Hample Ph. 406-587-4300 Fax 587.1562 Serial Bond Worksheet - using weighted avgerage method to compute net interest eost Any interim interest to settlement date to be calculated separately. Name of Bond Jefferson County RSID 2503 Bond Amount: $783,000 Interest Rate Yearly Inerement: (varies) NOTE: Interest will accrue from the date of the bonds, antieipated to be: 8/1/2007 with first interest payment on 1/112008 and first prineipal payment on 7/1/2008 -- Eaeh entry below eorresponds to the bonds for the partieular year ----.- lt1aturity Annual 1st yr- Full year Total Portions Total interest Bond Year BondAmt Rate Interest Months Months Months of a year for this bond Years 2008 28,000 3.00% 840.00 5.00 0 5 0.4167 350.00 11667 2009 25.000 3.00% 750.00 5.00 12 17 1.4167 1062.50 35417 2010 25,000 3.00% 750.00 5.00 24 29 2.4167 1812.50 60417 2011 25,000 3.00% 750.00 5.00 36 41 3.4167 2562.50 85417 2012 30,000 3.00% 900.00 5.00 48 53 4.4167 3975.00 132500 2013 30,000 3.00% 900.00 5.00 60 65 5.4167 4875.00 162500 2014 30,000 3.00% 900.00 5.00 72 77 6.4167 5775.00 192500 2015 35,000 3.00% 1050.00 5.00 84 89 7.4167 7787.50 259583 2016 35,000 3.00% 1050.00 5.00 96 101 8.4167 8837.50 294583 2017 35,000 3.00% 1050.00 5.00 108 113 9.4167 9887.50 329583 2018 40,000 3.50% 1400.00 5.00 120 125 10.4167 14583.33 416667 2019 40,000 3.75% 1500.00 5.00 132 137 11.4167 17125.00 456667 2020 45,000 4.00% 1800.00 5.00 144 149 12.4167 22350.00 558750 2021 45,000 4.25% 1912.50 5.00 156 161 13.4167 25859.38 603750 2022 45,000 4.50% 2025.00 5.00 188 173 14.4167 29193.75 648750 2023 SO,OOO 4.75% 2375.00 5.00 180 185 15.4167 36614.58 770833 2024 50,000 5.00% 2500.00 5.00 192 197 16.4167 41041.67 820833 2025 55.000 5.SO% 3025.00 5.00 204 209 17.4167 52685.42 957917 2026 55,000 6.00% 3300.00 5.00 216 221 18.4167 60775.00 1012917 2027 60,000 6.50% 3900.00 5.00 228 233 19.4167 75725.00 1165000 Total $783,000 Sub total 422,678.13 B int. or discount: 0.00 Totals $422,678 8976250 Average Int Rate 4.71% . time from issue date of bonds to July 1 NOTE: The weighted average net interest rate caleulation may differ slightly from methods whieh eount days differently or whieh more speelfieally eon sider the time value of interest payments. This method was adapted from a version used by the City of Bozeman. . ~ , , , , . , , MT Muni Coop BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Debt Service Schedule Part 1 of 2 Date Prineipal Cou pon Interest Total P+I Fiseal Total 08/1412007 0110112008 13.61563 13.615.63 0710 112008 28.000.00 3.000% 16.338.75 44.318.75 57.954.38 0110112009 ]5.918.75 15,918.75 0710112009 25.000.00 3.000% 15.918.75 40,918.75 j(},837.5lJ - -- 0110112010 15.543,75 15.543.75 0710112010 25.000.00 3000% 15.543.75 40,5..n.75 5(1.mn.50 0110112011 15.168.75 15,]68.75 0710112011 25.000.00 3.000% 15.168.75 40.168.75 55.337.50 0110112012 --~-- -+--.----"..'-- 14.793.75 14,??3.75 0710112012 30.000.00 3.000% 14.793.75 44,793.75 59,587.50 0110112013 ]4,343.75 14,343.75 0710112013 10.000.00 3.000% 14.343.75 44.343.75 58.687.50 0110112014 13,893.75 13,893.75 0710112014 ~ ._-" )0,00000 1.000% - lJ.8cB.75 43,893.75 57.787.50 0110112015 13.443.75 13.441.75 0710112015 35.000.00 3.000% 13.443.75 48,443.75 (J1.887.50 01/0112016 12.918.75 12.918.75 0710112016 35.000.00 3.000% 12,918.75 47.918.75 6O.lG7.5o 0110112017 ,-,.+. 12.393.75 12.393.75 0710112017 35.000.00 3.000% 12,393.75 47,393.75 59,7R7.50 01/01/2018 ] 1.868.75 11.868.75 0710112018 40.00000 3.500% 11.868.75 51.868.75 63,737.50 01/01/2019 11.168.75 II.HJ8.75 07/01/2019 ""-.- -~_. 40,000.00 3.750% 11.168.75 51_,](18.75 62.337.50 0110112020 10.418.75 10,..1.18.75 07/01/2020 45.000.00 4.000% IOAI8.?5 55,418.75 65.837.50 0110112021 9.518.75 9,5]8.75 07fOlJ2021 45.000.00 4.250% 9.518.75 54,5] 8.75 M,037.50 01101/2022 ......._""._-~.- 8.562.50 8,562.50 0710112022 45.000.00 4.500% 8.562.50 53.562.50 62,125,{){J 0110112023 7.55000 7.55000 ()710112023 50.000.00 4.750% 7.55000 57.55000 (15,100.00 0110112024 6,362.50 6.362.50 0710112024 50.000.00 5.000% 6.362.50 56.362.50 (,2.725.00 0110112025 5.112.50 5.11250 0710112025 55.00000 5.500% 5.112.50 60,112.50 65.225.00 0110112026 3.600.00 3.600.00 07101/2026 55.000.00 6.000% 3.60000 5S,WO.OO 62,200.00 01101/2027 ..-.. -"'.----------~ 1,950.00 1.950.00 - -~"" .~~.-_.~ .. ---. "'~. 0710 112027 60.00000 6.500% 1,950.00 61.950.00 63,900,00 Total $783,000.00 $.B9,OI6.88 $I,222,016.H8 JEFFERSONCOUNTY-MTMuni t $INGLEPURPOSE I 7f3112007111:24AM . ~ MT Muni Coop BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Debt Service Schedule Part 2 of 2 Yield Statislies _~_~~:~_!nterest fr~g_~~~.~9g?_~Q~!l~~~L_______,___~~_________ _ ____..'''__._.____.__________._".,.___+_ ._.____...,._.___ .. __________!!~".~Q~02 .~!J~~_X~~_.~e.1!~~_._____._.._______________.______"'_____.....________________m___. -___________________..,__,__u____J~,1~?:,?.~,. -~-~~~?g~--~~~---------._----,. _______________ ________,_,_____..____.__.__________._~.,..,__,.____"_!.1y.~~.,years _~:!_~g~+9.E~p~__ _______~___.____+___________._________________,_,...____~_____.,~~_8~702.~ _~.~~}~_~~re~!f~_tJ,~~9_________________ ______ _ _._._,__.___._____,_____~__ ________.~.:..~.~.~2Q~_~ _~~~}~.te!~_s.(_.c;ostJ!1C) .______~__._.__~__....._ __"..__~___m____.____.___.___.~_ ~..._.__. 4:?_~'!~_~Q.5.,?O _~~..!!~X!~ldf~rA.!.bi~g~.~_~rposes ____~_._.______ ._. _..___"__.~.__~___.__ __ ~m ._~_. ._-'!:.~.~?)731% _~~~~I_u..!~~~~UAI9.____.____.____~___"_________~__.__._.._ ., _"__~. .._ ._ __~__"""___.._... _.._,,___,,~___ _. ...." _ ___,,~_....~:5861_~~)_~_. IRS Form 8038 ~~!}':l~~_~~~.<;:.~(_____._.____________._._" __.___uuH_____ .___..,_ ._ _ ..._ . ..".4...??~~.?~.~~ Weighted Average Maturity 11.964 Years JEFFERSON COUNTY-MT Muni I SINGLE PURPOSE 17131120071 ":24AM .- t, , DA Davidson & Co,- 800-332-5915 Fixed Income Capital Markets < Page 2 , . \ MT Muni Coop BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Pricing Summary Type of Maturity Maturity Bond Coupon Yield Value Price Dollar Price 07/01/2008 Serial Coupon 3.000% 3.000% 28.000.00 100.000% 28,000.00 07/01/2009 Serial Coupon 3.000% 3.000% 25.000.00 100.000% 25,000.00 07/01/2010 Serial Coupon 3.000% 3.000% 25.000.00 100.000% 25.000.00 07/01/2011 Serial Coupon 3.000% 3.000% 25.000.00 100.000% 25.000.00 __07/1!!/2012__~rial Coup~_______3:0_0~______~.0909b___.__ _____3p"Ooo,OO,______..,,JOop9.9.%__.____ ___"..39,000:PO_ 07/01/2013 Serial Coupon 3 .000% 3,000% 30.000,00 100.000% 30,000.00 07/01/2014 Serial Coupon 3,000% 3.000% 30.000.00 100.000% 30.000.00 07/01/2015 Serial Coupon 3.000% 3,000% 35.000.00 100,000% 35.000.00 07/01/2016 Serial Coupon 3.000% 3.000% 35.000,00 1 00.000% 35.000.00 _,_9J'.Ql{2..ilI2.____~~.!i~!_.~~~ron ________.0.__ ~_.9,t?Q~_____.?_.9_Q(?~. 35,000.00 __n I09Q.0\IS>_ "'-"- 35.000-'00 07/01/2018 Serial Coupon 3.500% 3.500% 40.000.00 100.000% 40.000.00 07/01/2019 Serial Coupon 3.750% 3.750% 40.000.00 100,000% 40.000.00 07/01/2020 Serial Coupon 4.000% 4.000% 45.000.00 100.000% 45.000.00 07/01/2021 Serial Coupon 4.250% 4.250% 45,000.00 100.000% 45.000.00 __07/Q.I/202L__~.a!..c:~P2~______~~~__",i,500'~___._______45..0000g____ ,___lQ9:2()(J'I{,. _,___ _,___,-'_5._0\10,00 07/01/2023 Serial Coupon 4.750% 4.750% 50.000.00 100,000% 50.000.00 07/01/2024 Serial Coupon 5.000% 5.000% 50.000.00 100.000% 50.000.00 07/01/2025 Serial Coupon 5.500% 5.500% 55.000.00 100.000% 55.000,00 07/01/2026 Serial Coupon 6.000% 6.000% 55.000.00 100.000% 55.000,00 q?(9)_'-~9~?_____~~~<lI(~o_~P9'!._ ____,_.____ ~:?QO% 6.500% 60.000.00__.___ 100.000% 60.000.00 0' _ _ _~_ _ __._____ n..__ Total $783,000.00 $78.3,0011,00 Bid Information ~~~J~EI~9_~~!-..~L~_'?!l_~____. --____ .________..___ ._'__._+_____________________"+____"..__,______ __.___+.._E~}~Q9g.:90 ?~~~~!~~~tj~_'!____n____.~___.____.____.____.._______.____ .-...__.____._.__U_h .______ __ _________....___ ___m~7_8~:9_~9_..9.!L _B.id_(IOOOOO~)_________",___________________,____._ ____... --- --..--....-- ___ ___ _____________,_____ . 783J]()0.OO AE.~r~_~(!}.~!~!e~~ fro'!l__~?!Q.l.~Q07 to 9_81I_4.!?P97______...._______.__ __._._ _. _. __ __.__ __ I.]~O:~~_ Talal Purchase Price .------.---------- ------------------------ ___~.______H______.+..~___.____ ~~l~_~:..180:g~_ .----------------------------- _~~!l_~.l'~~.r_~~]~_I!.___.___~_._.__+~____~__ __ __ .___._____ _____________.___.______.._. .___ . _ _._~__,__~_~,~~?: 75 _~':~!!l:gc:_~f~___________._______.____.____._______..__++._ .______..._._______.__ ,_______._._ _l}..:?_~_~__y..ears ~."eFa,g~_~_~~e?_~._________._ .____n..___________+__.____ ____ 4,6864709% ~~_~ !.!l~~!"~:~L~~~}J~I.(;1___.______. __________ ___..._____ .,------__________,__,_______,,_.._ ___-'.686.4709_'I{,.. True Interest Cost (TIC) 4.5846905% JEFFERSON COUNTY .M1 Munl I SINGLE PURPOSE' 7/3112007 I 11:24 AM t....,:. -- c OFFICIAL BID FORM $783,000 JEFFERSON COUNTY, MONTANA RURAL SPECIAL IMPROVEMENT DISTRICT NO. 2503 BONDS County Commission Jefferson County, Montana 20 I Centennial P.O. Box H Boulder, Montana 59632 Pursuant to the provisions contained in the Notice of Bond Sale dated July 10,2007, (the "Notice of Sale") for the purchase of $783,000 principal amount of your Jefferson County, Montana, Rural Special Improvement District No. 2503 Bonds (the "Bonds"), we hereby offer to purchase all ofthe Bonds from you at the price 01'$ '7 Jt "1, , DaO _ c:!!- , which amount is not less than $767,340 (98.0%)(for a discount of $15,660), plus accrued {nterest, if any, plus a premium of $ D , the Bonds to bear interest at the rates set forth opposite the years and amounts as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2008 $28,000 -4;t% 20\8 $40,000 tr 2009 25,000 % 20\9 40,000 % 2010 25,000 *~ 2020 45,000 =ft~ 2011 25,000 202\ 45,000 2012 30,000 1t% 2022 45,000 2013 30,000 q.7., % 2023 50,000 if.? % 2014 30,000 =fl 2024 50,000 -jffi;% 2015 35,000 % 2025 55,000 % 2016 35,000 % 2026 55,000 -%f% 2017 35,000 % 2027 60,000 % Designation of Term Maturities: (Years included in Term Maturities, ifany)' The following is submitted not as part of this bid, but for informational purposes, and is subject to verification prior to award: Total interest from August I, 2007 to maturity ................... $ Ij II?) ~ J>? f}.l. Plus discount, if any............................................................ $ f?/ t. (, t> ,D{) Less premium, if any........................................................... $ 0 Total Dollar Interest Cost .................................................... $ '13[1 1tl'i OJ I) True Interest Cost ("TIC") ................................................... 1j.t~_% . Bidders have the option of combining the Bonds maturing on and after 2008 through and including 2014 and on and after 2015 through and including 2027 into one or more term bonds as described in the Notice of Sale. ..\.1. .' , Enclosed herewith is a good faith deposit in the form oflawful money of the United States, cashier's check, certified check, bank money order or a bank draft drawn and issued by a federally chartered or state chartered bank insured by the Federal Deposit Insurance Corporation or a financial surety bond in the amount of$15,660 payable to the order of ('Jefferson County, Montana" to be held and disposed of by you as provided in the Notice of Sale. This bid must be accepted in its entirety within the time provided in the. Notice of Sale and ifnot so accepted by you within such time shall be deemed to have been rejected. This bid shall remain irrevocable until the expiration of such time unless sooner rejected by you. Each of the Bidders listed below: (i) acknowledges receipt of the Preliminary Official Statement dated July 19,2007 and the Notice of Sale dated July 10,2007 (ii) represents and warrants that it has full power and authority to make this bid and to purchase the Bonds if this bid is accepted; (iii) agrees that the validity and interpretation of this bid shall be governed by the laws of the State of Montana; and (iv) acknowledges that bids may be transmitted electronically through Parity ™ in accordance with the terms and conditions of the Notice of Sale and that to the extent any instruction or directions set forth in Parit/M conflict with the Terms and Conditions of Sale, the terms ofthe Terms and Conditions of Sale shall control. In the event the - Bidders are acting through a Representative(s), each of the undersigned Representative(s) warrants that it has the necessary power and authority to act on behalf of each of the Bidders. Respectfully submitted this 31st day of July, 2007, BIDDER: ~~~./ BY: As Representative(s) of the persons. firms and/or corporations named below: SELLING GROUP/ SYNDICATE: 1. 3. 2. 4. - - Accepted for and on behalf of the Jefferson County, Montana as of July 31,2007: BY: A TIEST: Ken Weber, Chair Bonnie Ramey, Clerk and Recorder I I I ! " Bitterrot Valley Bank BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Debt Service Schedule Part 1 of 2 Date Prineipal Coupon Interest Total P+I Fiscal Total 08/14/2007 01/01/2008 14.440.00 14,440,00 07/01/2008 28.000.00 4.200% 17.328.00 45.328.00 StJ,76K,OO 01/01/2009 16.740,00 16,740,00 07/01/2009 25.000.00 4.200% 16.740.00 41.74000 58.48000 01/01/2010 16.21500 16.215.0<J 07/01/2010 25.00000 4.200% 16.215.00 41.21500 57,430,00 01/01/2011 15.69000 15.690.00 07/01/20 II 25.000.00 4.300% 15.690.00 40.690.00 56.380.00 01/01/2012 o_._._"__________ 15.152.50 15.152.50 07/01/2012 30.000.00 4.300% 15.15250 45.152.50 60.305.00 0]/01/2013 14.507.50 14.507.50 07/01/2013 30.000.00 4.300% 14.507.50 44.50750 59,O]5.QO 01101/20]4 13.862.50 13.862.50 07/01/2014 _~O.O.OO~() 4.400% 13.862.50 43.862.50 57,725.00 -~---"- 01101/2015 13.202.50 13.202.50 07101/2015 35.000.00 4.400% 13.202.50 48.202.50 ()IAOS.OO 01/01/2016 12.432.50 12.432.50 07/01/2016 35.000.00 4.400% 12.432.50 47.432.50 SI),865.00 01/01/2017 -- 11.662.50 11.662.50 . __ .u_______,_____~______ 07/01/2017 35.000.00 4.400% 11.662.50 46.66250 58.325.011 01/01/2018 10.892.50 10.892.50 07/01/2018 40.000.00 4.400% 10.892.50 50.892.50 61.785.00 01/01/2019 10.012.50 10.012.50 07/01/2019 40.000.00 4.500% 10.012.50 50,012.50 60.025.00 01/01/2020 9.112.50 9,112.50 07/01/2020 45.000.00 4.500% 9,112.50 54,112.50 63.225.00 01/01/2021 8.100.00 8,100,00 07/01/2021 45.000.00 4.500% IUOO.{)O 53,JOO.()O 61.200.00 0110 1/2022 -" ~-" 7.087.50 7,087.50 07/01/2022 45.000.00 4.500% 7.087.50 52.0S7.50 59.175.00 01/0 1/2023 6.075.00 6,075,00 07/01/2023 50.00000 4.500% 6.075.00 56.075.00 62.15000 01101/2024 4.950.00 4.950.00 07/01/2024 50.000.00 4.500% 4.950.00 54,950.00 59,900.00 01/01/2025 3J~25.oo 3.825.00 07/0112025 55.000.00 4.500% 3.825,00 58,825.00 ()2.650,(JO 01/01/2026 2.587.50 2.587.50 07/01/2026 55.00000 4.500% 2.5l'l7.50 57.587.50 (JO,175.00 0110 1/2027 -~-~_._~~.". - ~ 1.35000 1.350.00 07/01/2027 60,000.00 4.500% 1.35000 61,350.00 62.700.00 Total $783,000.00 $-tIH.6tt\.t111 $1,201,683.011 JEFFERSON COUNTY -Billerr I SINGLE PURPOSE I 7/3112007 t 11:24AM I DA Davidson & Co.- 800-332-5915 Page 11:11 Fixed Income Capital Markets . . Binerrot Valley Bank BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Debt Service Schedule Part 2 of 2 Yield Statistles . ~~~"~~__~!~:,:e~.!t~_Q.~.9H~QQ7 to O_~"~~!?~~_n___'.'___.._"~_____ ,. ________ _ . __ ,_~ ____ _._..__., ....__.__, ____~_,_~._...._" _ ,."... .'.".". _... . ......l !?? ] ~47 _B.E~?_.Y~~.I?~~!!~!~_.___ .._.__.....__._.."___'".., "~_________ _____ _ _ __.__._n".. _ ____...__. __._._ ..'..__ .____ .'_.m __._... u.... ____ _ ___ ,'_. __._.___ __ ,. ,.on _no. _ h".___ ~,?_~.3_~.?:_??_ /~.~.:.~g;~_~Ee__.____._._____________________,______,__.___'.n_ .___n.___.________._ _. ___~___~__,__, ___.__..__ ...,_..____..._ .. .__.. .._,.,,_J!~?64 X~a~~_ _A.:y~r.~g;.~.<;:~l.1p.~n____.______________,_____________.__"___._________..___.__ .__ ____._ .~__. ____.____._ ___________. .__._u ...____4:~~4083% Net }~ter~~!.f~..s_t.. ~~9 _______________ ____ _____ . ________ ___~._____. _. ____4.'~65776~. !.!!'=-}~_~~e~t_'2~~!J.!!~) 4.6961089% ---_._.~--_._--- -~_._----_.__.__.._-- ___.._ _u.____.___ ._____._."" _135'.!!.~!eld for Arbi~.$'e Pu~oses ----,,-.----.-.--.- .- -----+--.-- -----...-.------.- ----_..- 4.46469251)f, _~..1~ Inclusive C~t (Ale) -- -.------------------ -_. . -"'-'-' - -.-.-. .------ ...---.--. ..-....-.. 4.6966475% IRS Form 8038 Net Interest Cost 4.4560490% ----..-.-.--....".-----.--..- ..----...--. -_._- .--.-----------------------.----..---.... -_.---._-_....._-~---.-.--_._"..,,- -,.---.--.--.- Weighted Average Maturity 11.964 Years JEFFEASONCOUNTY.Billerr I SINGLE PURPOSE 1713112007 I 11:24 AM .' D.A. Davidson & Co.- 800-332-5915 Fixed Income Capital Markets - - PaQ92 . . Bitterrot Valley Bank BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Pricing Summary Type of Maturity Maturity Bond Cou pon Yield Value Price Dollar Price 07/01/2008 Serial Coupon 4.200% 4.200% 28,000.00 100.000% 28.000.00 07/01/2009 Serial Coupon 4.200% 4.200% 25.000.00 100.000% 25.000.00 07/01/2010 Serial Coupon 4.200% 4.200% 25.000.00 100.000% 25.000.00 07/01/2011 Serial Coupon 4.300% 4.300% 25.000.00 100.000% 25.000.00 _()?lOl..I2ll1l-_~~! Cou~__4}1l()'Jl,___ ~.31l()'Jl,________30,00000_ _~()OcOOO%_ ____ _______}Q'O,OO'Oll_ 07/01/2013 Serial Coupon 4.300% 4.300% 30.000.00 100.000% 30.000.00 07/01/2014 Serial Coupon 4.400% 4.400% 30.000.00 100.000% 30.000.00 07/01/2015 Serial Coupon 4.400% 4.400% 35.000.00 100.000% 35.000.00 07/01/2016 Serial Coupon 4.400% 4.400% 35,000.00 100.000% 35.000.00 ___Q7!Q,!~~___~~rial COUEOIl 4.400% __ ~.41l()'Jb....__ u_____3~:00(),OO ___m ..100.000%._______ ____35.coo.Cl,QO_ 07/0112018 Serial Coupon 4.400% 4.400% 40.000.00 100.000% 40.000.00 07/01/2019 Serial Coupon 4.500% 4.500% 40.000.00 100.000% 40.000.00 07/0112020 Serial Coupon 4.500% 4.500% 45.000.00 100.000% 45.000.00 07/0112021 Serial Coupon 4.500% 4.500% 45.000.00 100000% 45.000.00 __..~?IQ.!{2_0_?,~.,_.,____~l?~_'!,!_~_o..~P_~n_'_____. .___..~.:~~~__~_" ~.500% 45.00000 100.000% 45,000.00 -"."- 07/0112023 Serial Coupon 4.500% 4.500% 50.000.00 1 00.000% 50.000.00 07/01/2024 Serial Coupon 4.500% 4.500% 50.000.00 1 00.000% 50.000.00 07/0112025 Serial Coupon 4.500% 4.500% 55.000.00 1 00.000% 55.000.00 07/0112026 Serial Coupon 4.500% 4.500% 55.000.00 1 00.000% 55.000.00 07/~}!~~~2_.__. __$~!"i~l.~uP9E 4.500% 4.500% __ ___ u_ 60,000,00 100.000% 60,000:00. .--. Total $783,000.00 $783,000.00 Bid Information Par Amount of Bonds $783.000.00 .__....,_.'o_o_o_....'''n..n.___.__._._._._..._.__._._________________._..___~.___ ___.__.___. +______~__ . __"'_'_'_'+_ __.._. -.,....- Gross Production $783.000.00 - __._..,.__._______~_._____._________._________._____._...o__.______.+___+~+.~__ ..-..., -_._~- ..-.- 0..+..._----- ""!'..~~~_~~~!1_~rwriter:~Q_~~~~_I]l,Q.OOO~L_______.____________. ___ ___.m__n______ __________ n _S(l~,6~000) .Bi(IJ!J.8,.ooQ'~L_________._______________________________ ___ ___ __m___._ _________ ____ ___ ._ _ _767,34000 Accrued Interest from 08/01nO()7 to 08/1412007 _______________.__________n____________.1,2~1:~7_ Total Purchase Price $76~,~9]47. --.---------. --------- -- ------ ------ ----------------- -- - - Bond Year Dollars $9.367.75 ,.\y.i~g~:_~i{~:_..=_..~_=__==.=.--------~=~=====-~==~~~..~~~===_-~-==-_=~_=~=~~~~_.:-_ ..~:=_-~!T?~~_y.~;~~- ~y_~l?g~_~<?~PC?~____._____ ._ __ ______u._______..__.___. -- --- ._-- -- +--+-+-_._~......_-~..... 4.4694083% --.-- _.....0.__.__---.--..-- .~~~_]_~~~~~~t_~l?~! _(~Jf1..._ _ _..____.__..._ -.. ._._----~---_.- - -- -+ .. .~-- - 4.6365776% . _.__..__..n_._+._... True Interest Cost (fIe) 4.696] 089l}f. JEFFERSoNCQUNTY-Bitll,llT I SINGLE PURPOSE I 7f31!2007 I 11:24M1 , ~ . \ ~~ DA Davidson & Co.- 800-332-5915 , Fixed Income Capital Markets Page 3 , n' - ~- -r'PARITY Bid Form Page 1 of 2 , r -Upcomi;g Caiendai" - I Overview I Result I Excel I D.A. Davidson & Co. - Denver, CO's Bid :-~~Mi\RIf'jrl~i:'- .~~ ~"-'- ...' .... Jefferson County $783,000 Rural Special Improvement District No. 2503 Bonds For the aggregate principal amount of 5783,000.00, we will pay you $770,276.25, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % 07/01/2008 28M 4.0000 07/01/2009 25M 4.0500 07/01/2010 25M 4.1000 07/01/2011 25M 4.1500 07/01/2012 30M 4.2000 07/01/2013 30M 4.2500 07/01/2014 30M 4.3000 07/01/2015 07/01/2016 07/01/2017 07/01/2018 07/01/2019 07/01/2020 07/01/2021 07/01/2022 320M 4.5500 07/01/2Q23 07/Q1/2024 07j01/2025 Q7/01/2026 07/01 /2027 270M 4.7500 Total Interest Cost: $433,289.58 Discount: $12,723.75 Net Interest Cost: $446,013.33 TIC: 4.800624 Time Last Bid Received On:07/31/2007 10:24:56 MDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: D.A. Davidson & Co., Denver, CO Contact: Amy Kohrs Title: Telephone:303-764-6013 Fax: 303-764-6003 htlps:/ /www.newissuehome.i-deal.com/Parity/asp/mai n .asp?frame=content&page=pari ty B i... 7/3 1/2007 .' . ..--' PARITY Bid Form Page 2 of 2 Issuer Name: Jefferson County Company Name: Accepted By: Accepted By: Date: Date: @1981.2002i.DeaILLC. All rights reserved. Trademarks h UpS :l/www. newi ssuehome. i-deal. com/Pari ty 1 asp/m ai n. as p? fra me=con ten t& page=pari t y B i . .. 7131/2007 '. DAD BID $783,000 Jefferson County, Montana Rural Special Improvement Oistirct No. 2503 Bonds Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+I Fiseal Total OR1I412007 01/0 112008 14.75208 14.752.08 07/01/2008 28.000.00 40<JO% ] 7 .702.50 45.702.50 6f),454.5R 01/01/2009 17.142.50 17.142.50 07/01/2009 25.0000Q 4.050% 17.142.50 42.142.50 51).285.00 -- 01101/2010 I (),636.25 16.636.25 07/01/2010 25.000.00 4.100% 16.636.25 41.636.25 58.272.50 01/01/2011 16.123.75 16,123.75 07101/2011 25,000.00 4.150% 16.123.75 41.123.75 57.247.50 01/01/2012 15.605.00 15.60500 h_._ --""~- .._--"--- ""_._--,-~- 07/01/2012 30,000.00 4.200% 15.605.00 45.60500 6],210.00 01/0112013 14.975.00 14.97500 07/01 /20 13 30.00000 4.250% 14.975.00 44.975.00 59,950,00 01/01/2014 14.337.50 14.337.50 07/0112014 30.00000, 4.300% 14.337.50 44.337.50 58.67500 - 01/0112015 13.692.50 13.692.50 07/01/2015 35.000.00 4.550% ]3.692.50 48.692.50 (J2.3l'i5.00 01/01/2016 ] 2.896.25 12.896.25 07/01/2016 35.000.00 4.550% 12.896.25 47.896.25 60.7IJ2.50 01/01/2017 12.100.00 12, I 0000 07/01/2017 35.000.00 4.550% 12.100.00 47,]00.00 59,2011.00 01/01/2018 11.303.75 11,303.75 07/01/2018 40.000.00 4.550% 11.303.75 51.30375 62.607 .50 01/01/2019 10.393.75 10,393.75 07/01/2019 40'000.00 4.550% 10.393.75 50,393.75 60.787.50 01/0112020 9A83.75 9,483.75 07/0112020 45.00000 4.550% 9.483.75 54,483.75 63.967.50 01/01/2021 8.46000 8Am.OO 07/0112021 45.000.00 4.550% 8.460(~) 53.460.00 61.920,{)O 01/01/2022 7.436.25 7,436.25 07101/2022 45.000.00 4.550% 7.43625 52,43(>.25 59,872.50 0]/0112023 6A12.50 6.412.50 07/01/2023 50.000.00 4.750% 6..l12.50 56.412.50 62.825.011 01/01/2024 5.22500 5,225.00 07/01/2024 50.0000Q.. 4.750% 5.225.00 55.225.00 60.450.00 01/01/2025 ~.OJ7.5u ~,037.50 07/01/2025 55,000.00 4.750% 4.037.50 59.037.50 63.075.00 01/01/2026 2.731.25 2.731.25 0710112026 55.00000 4.750% 2.731.25 57.731.25 60.462.50 01/0112027 1.425.00 1.42500 -++..+_..._.._._.~._... ~~----- 0710112027 60.000.00 4.750% 1.425.00 6],425.00 62,H50.00 Tot.111 $783.000.00 $~,'J.289.5H $I.:!16,289.5K JEFFERSON COUNTY-DAD Bid I SINGLE PURPOSE I 7/31f2007111:23AM D.A. Davidson & Co.- 800-332-5915 Fixed Income Capital Markets Pagel q ,~ , 'J . DAD BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Debt Service Schedule Part 2 of 2 Yield Slalislies Accrued Interest from 08/01/2007 to 08/14/2007 ___},27851 __._._.____.^.._.~______..____ ~__..h__,.,...,_, _____""__.__..,____.__ _.__.___,. .___"....____.." Bond Year Dollars __ __u_ ________ _______________ __m__$9,~6J.75 .--,----.---~-.----_.--.~---.--...-------------.---.--.- . ~~~:!1_g~_ ~f~._ ______ --"-~"'---""-'---'---"-~-'., no.___ ............__....._U.H._ 11,964 Years ~_v_el:ag_~ <;:~llP()I1 +___..._._ ____. _ ..____ .._.. ___.,,_ U'_'__'___'___ __u ---_.-,. .. -..-....- -.-. 4.6253324% Net Interest Cost (NIC) 4.7611575% _t~~~-fuU;'~~~'~'~i@f)~~==~_-=--===~~=_~==_-_~-=--=~~=-~~-~~~'~=~.-~-~~_--=-=~~=~~.~__-.=-._=,'''_'~~,.'''~~-,_-_~~~~.q9.~'?~2% .~~l!~_~~el~!~ ^!?jtrag.c:.f~!pP.S~__~___ ._ .____ _ ..._______~_____.__~_~_._~..__.,__ .__.....~:.~} .1.8.~35% ~l_.!~~}~_siYE"~.~J!,-]CL___.___.__.._._______________~.___.___._____ ._..._,,_____.._.____.__.__ 4.8012594% ....--......"..."...."......". IRS Form 8038 Net Interest Cost 4.6116844% ---_._---_._-... . --.- .____u .________._....___..__._~...__.._... ___._"_ ...-.-"..... ..". Weighted Average Maturity 11.964 Years JEFFERSONCOUNTY-OADBid I SINGLE PURPOSE I 713112007 J 11;23AM . - " D.A. Davidson & Co.- 800-332-5915 , Fixed Income Capital Markets Page 2 ,. DAD BID $783,000 Jefferson County, Montana Rural Special Improvement Distirct No. 2503 Bonds Pricing Summary Type of Maturity Maturity Bond Coupon Yield Value Priee Dollar Priee 07/0J/2008 Serial Coupon 4.000% 4.000% 28.000.00 100.000% 28,000.00 07/01/2009 Serial Coupon 4.050% 4.050% 25,000.00 100.000% 25,000.00 07/01120]0 Serial Coupon 4.100% 4.100% 25,000.00 100.000% 25.000.00 07/0I/2011 Serial Coupon 4,]50% 4.150% 25.000.00 100.000% 25,000.00 _...._.9.7/0.!.I2Q1..2 ____ ___~<:i~I_f"-ul"'n___... ___ _ ____:12.9~~____ _~.200%________. _ _ _30,.9()().;..02.- __ . _ _. .1 OO,Q{jO% _. _ _ _. ___ 30.00000 07/0112013 Serial Coupon 4.250% 4.250% 30.000.00 100.000% 10.000.00 07/01/2014 Serial Coupon 4.300% 4.300% 30.000.00 100.000% 30.000.00 07/01/2015 Serial Coupon 4.550% 4.550% 35.000.00 100.000% 35.000.00 07/01/2016 Serial Coupon 4.550% 4.550% 35.000.00 100.000% 35,000.00 __'p/0! /20 17 __S;ri"l.<::~upon ___ __ _____4,~50% _ __ _ ___~55.99!,________ _ _ __~,l)().Q00 __ ______100.0()()<)!, _. _ __ __ ___35,0()(),00. 07101/2018 Serial Coupon 4.550% 4.550% 40.000.00 100.000% 40.000.00 07/01/2019 Serial Coupon 4.550% 4.550% 40.000.00 100.000% 40.000.00 07/0112020 Serial Coupon 4.550% 4.550% 45,000.00 100.000% 45,000.00 07/01/2021 Serial Coupon 4.550% 4.550% 45.000.00 100.000% 45.000.00 .07/.0112_022______ Serial COupE-"---__.__ __~5_021>_____~550% ____________~5._011.0,0.9 ___ 100000%_.._ __. _____~5._000.9.9 07/0112023 Serial Coupon 4.750% 4.750% 50,000.00 100.000% 50,000.00 07/0112024 Serial Coupon 4.750% 4.750% 50,000.00 100.000% 50,000.00 07/01/2025 Serial Coupon 4.750% 4.750% 55.000.00 100.000% 55,000.00 07/01/2026 Serial Coupon 4_750% 4.750% 55.000.00 100.000% 55.000.00 .__07/Q!!~02~_ Se~al CouJl<ln _ _ _ __..4.75.0% _____ 4.750% ____ 60.000.00 100000% ______ _ 6.0.,000.00 Total 5783.000.00 $783.0110.00 Bid Information .fa..!..~_"2-~_u_nt of}!~_I}_~~__.__._ _________________~~_____________.__._..__.________. ^____._J?~_~_,Q~q:.qg~ .9!~~~P.r_~~:!!~~_____._._._ _ ___~___._+_____._________ .___.___.___......_____________ ._..___E~129QQ:0.J .T~~!J!E~_~~~rn~~!?..~Q~!lJ__(l~25%t____.______~~ _ _.._.___._h._..._ _______________..___...______ __._.. _.____~.(I}~.?2.~:?5) .Bl<!J9~}.75~L___________..____________ __ __ __ ___________ _ _ _. ____ _. .,,_ __.770.276.25 -'~.~~~~~_~_~~~E~_t_f.~~_':!!.Q~Ql~_Q97 to _Q.~!~Qqz....._~_____"___. ______..___.___...______________._.___........_.,. _ _.___n."__ !!?~?:~_1_ .TE!<l:J..~,':l!~~~!~~~_______.____._____,___________._ __ _. ._____~._ ___ ____~. ________ .___ $7?_h~~~:76 _~_~~9_y~~_~lIa~______"___.______ _______________"_.____ __._ ._._,.__ ._._ _ .__~?,?,~?}5 .:\Y,erage_Life ___.__.__._._.____________"_~__._., __"_______ ___. .._.___._._ _.__. ___._..._______. ...!~:?_~~..Y_.~~rs ~~vE'~g~__~~p_C?.!.1__________...__n____________.___.__._____o____ n _______..._._..____________... _ _._...___. _.___~~625_~3.2~~ ~~!.!l!!eres_t..9>~!J~!9_______________________ ____.__. n._._____._.___.___.._ .__..__.'.._0_0.__. _4..:J_~_1JJ..~~ True Interest Cost (TIC) 4.8006242% JEFFERSONCOUNTY.DADBid I SINGLE PURPOSE I 7/J1J2007111:23AM DA Davidson & Co.- 800-332-5915 Fixed Income Capital Markets ~ Page 3