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CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned, being the duly qualified and acting recording officer of the City of Missoula, Montana (the “City”), hereby certify that the attached resolution is a true copy of a Resolution entitled: “RESOLUTION RELATING TO PROPOSED SPECIAL IMPROVEMENT DISTRICT NO. 548; DELCARING IT TO BE THE INTENTION OF THE CITY COUNCIL TO CREATE THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT DISTRICT BONDS SECURED BY THE CITY’S SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND” (the “Resolution”), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Council of the City at a regular meeting on October 19, 2009, and that the meeting was duly held by the City Council and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that, upon vote being taken on the Resolution at said meeting, the following City Council members voted in favor thereof: Childers, Haines, Hellegaard, Hendrickson, Jaffe, Marler, Mitchell, Rye, Strohmaier, Walzer, Wiener and Wilkins; voted against the same: None; abstained from voting thereon: None; or were absent: None; WITNESS my hand officially this 19th day of October, 2009. Martha L. Rehbein Martha L. Rehbein City Clerk ---PAGE BREAK--- RESOLUTION NUMBER 7484 RESOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 548; DECLARING IT TO BE THE INTENTION OF THE CITY COUNCIL TO CREATE THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT DISTRICT BONDS SECURED BY THE CITY’S SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND BE IT RESOLVED by the City Council (the “City Council”) of the City of Missoula, Montana (the “City”), as follows: 1. General Character of the Improvements; Intention to Create District. The City proposes to undertake certain local improvements (the “Improvements”) to benefit certain property located in the City. The Improvements consist of the reconstruction of traffic intersections, including curb, gutter, sidewalk and stormwater improvements, street lights, the installation of signage and landscaping, and the installation of traffic signals in and around South Fifth Street East, South Sixth Street East, Arthur Avenue, and Maurice Avenue in the City, adjacent to the campus of the University of Montana (the “University”). It is the intention of the City Council to create and establish in the City pursuant to Montana Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as amended (collectively, the “Act”), a Special Improvement District (the “District”) for the purpose of financing a portion of the costs of the Improvements and paying costs incidental thereto, including costs associated with the sale and the security of Special Improvement District Bonds (the “Bonds”) issued to finance a portion of the costs of the Improvements, the creation and administration of the District, and the funding of a deposit to the City’s Special Improvement District Revolving Fund (the “Revolving Fund”). The total estimated costs of the Improvements, including such incidental costs, to be financed by the Bonds are $1,250,000. The Bonds are to be payable from special assessments to be levied against property located in the District (the “Assessments”), which property will be specially benefited by the Improvements in an estimated amount of not less than $1,250,000. In the event the Assessments are not sufficient to pay debt service on the Bonds, debt service will be payable from amounts on deposit in the Revolving Fund. 2. Number of District. The District, if the same shall be created and established, shall be known and designated as Special Improvement District No. 548 of the City. 3. Boundaries of District. The limits and boundaries of the District are depicted on a map attached as Exhibit A hereto and more particularly described on Exhibit B hereto, which boundaries are designated and confirmed as the boundaries of the District, if created. 4. Benefited Property. The various lots, parcels and tracts located within the District will benefit and be benefited by the Improvements and will be assessed for the costs of the Improvements as further described in this Resolution. 5. Estimated Cost. The City Engineer, the City Public Works Department, and City staff shall perform the design and construction administration for the Improvements. It is presently estimated by the City that the costs of the Improvements, including all incidental costs, are $1,568,398, with a portion of such costs to be financed by the sale and issuance of the Bonds. 6. Assessment Method. All properties located within the District are to be assessed for their proportionate share of the costs of the Improvements, as specified herein. The costs of the Improvements shall be assessed against the property in the District benefiting from the Improvements based on the “area option” described in Section 7-12-4162(1) of the Act. The total area of the District to be assessed by way of the area option is estimated to be 941,261 square feet. The costs of the ---PAGE BREAK--- Improvements per square foot of area are estimated to be $1.32. A list of each of the properties located in the District and their corresponding Assessments is attached as Exhibit B hereto. 7. Assessment Methodology Equitable and Consistent with Benefit. The City Council hereby determines that the methods of assessment and the Assessments against the properties benefited thereby as prescribed in this Resolution are equitable in proportion to and not exceeding the special benefits derived from the respective Improvements by the lots, tracts, and parcels to be assessed therefor within the District. 8. Payment of Assessments. The Assessments shall be payable over a term not exceeding 20 years, each in semiannual installments of principal and interest as the City Council shall prescribe in the resolution authorizing the issuance of the Bonds. Property owners in the District have the right to prepay assessments as provided by law. 9. Method of Financing; Pledge of Revolving Fund; Findings and Determinations. The City will issue the Bonds in an aggregate principal amount not to exceed $1,250,000 in order to finance a portion of the costs of the Improvements, including all incidental costs as described in this Resolution. Principal of and interest on the Bonds will be paid from the Assessments. The City Council further finds it is in the public interest and in the best interest of the City and the District to secure payment of the principal of and interest on the Bonds by the Revolving Fund and hereby authorizes the City to enter into the undertakings and agreements authorized in Section 7-12-4225 of the Act with respect to the Bonds. In determining whether to authorize such undertakings and agreements, the City Council has taken into consideration the following factors: Estimated Market Value of Parcels. The City has considered the estimated market value of the lots, parcels or tracts in the District as of the date of adoption of this Resolution, as well as the estimated market value of the lots, parcels or tracts in the District after the Improvements have been completed. The majority of the lots, parcels or tracts in the District are owned by the University and are exempt from property taxes. The City has determined that the value of the lots, parcels or tracts in the District will be significantly enhanced by the Improvements. The Assessments against each lot, parcel or tract in the District are, as of the date of this Resolution, not anticipated to exceed the increase in estimated market value of each lot, parcel or tract as a result of the construction of the Improvements. Diversity of Property Ownership. There are a total of 36 parcels within the District. Public water and sewer currently serve each existing parcel. Four parcels within the District are owned by private homeowners, while the remainder of the parcels are owned by the University. Comparison of Assessments and Property Taxes and Market Value. Based on an analysis of the aggregate amount of the proposed Assessments, any outstanding special assessments (whether or not delinquent), and any delinquent property taxes against each lot, parcel or tract in the District in comparison to the estimated market value of such lot, parcel or tract after the Improvements are completed, the City concludes that, overall, the estimated market value of the lots, tracts or parcels within the District exceeds the sum of proposed Assessments, any outstanding special assessments, and any delinquent property taxes for each such lot, parcel or tract within the District. Delinquencies. An analysis of the amount of delinquencies in the payment of outstanding special assessments or property taxes levied against the properties in the District shows that none of the properties located in the District are delinquent. Public Benefit of the Improvements. As determined by the City Engineer, the City Public Works Department, and City staff, the public benefit of the Improvements is an increased level of safety due to the reconstruction of intersections and road realignments, including curb, gutter, sidewalk and stormwater improvements, street lights, the installation of signage and landscaping, and the installation of traffic signals and related appurtenances at Arthur Avenue/South 6th Street, Arthur Avenue/South 5th Street, Maurice Avenue/South 6th Street, and Maurice Avenue/South 5th Street. Additionally, traffic flow ---PAGE BREAK--- will improve due to the rerouting of traffic into a two-way street immediately south of the Madison Street Bridge. 10. Notice of Passage of Resolution of Intention. The City Clerk is hereby authorized and directed to publish or cause to be published a copy of a notice of the passage of this Resolution (the “Notice”) in the Missoulian, a newspaper of general circulation located in Missoula County, on October 25, 2009 and November 1, 2009, in the form and manner prescribed by law. The form of the Notice currently on file with the City Clerk is hereby approved. The City Clerk is also authorized and directed, as required by Section 7-12-4106(2) of the Act, to mail or cause to be mailed a copy of the Notice to every person, firm, corporation, or the agent of such person, firm, or corporation having real property within the boundaries of the District listed in their name upon the last completed assessment roll for state, county and school district taxes, at their last-known address, on or before the same day the Notice is first published. 11. Protests. Section 7-12-4110 of the Act sets forth the requirements for a protest against the proposed Improvements or against the extent or creation of the District, or both. Any owner of real property located within the boundaries of the District subject to assessment and taxation for the costs and expenses of making the Improvements may, until 5:00 p.m. M.T. within fifteen (15) days after the date of the first publication of the Notice (the “Protest Period”) may make and file with the City Clerk a written protest against the proposed Improvements or against the creation of the District, or both. The Protest Period ends at 5:00 p.m. M.T. on November 9, 2009. Upon receipt of one or more written protests during the Protest Period, this City Council will, at its next regular meeting after the expiration of the Protest Period, proceed to hear all protests properly made and filed with the City Clerk. The first regular meeting for the City Council after the end of the Protest Period is scheduled to be held on November 9, 2009, at 7:00 p.m., in Council Chambers at City Hall, 140 West Pine Street, in the City. Passed by the City Council of the City of Missoula, Montana, this 19th day of October, 2009. John Engen John Engen Mayor Attest: Martha L. Rehbein Martha L. Rehbein City Clerk MS190-12 (AJP) 358426v.2 ---PAGE BREAK--- EXHIBIT A MAP OF PROPOSED SPECIAL IMPROVEMENT DISTRICT BOUNDARIES ---PAGE BREAK--- Clark Fork River EDDY AVE S 5TH ST E S 6TH ST E MAURICE AVE ARTHUR AVE S VAN BUREN ST MADISON ST BRG EXHIBIT A Arthur Avenue / S 5th Street / S 6th Street Street Improvement SID Located in Sections 22 and 27, T.13N, R.19 P.M.M. Prepared by the GIS/Mapping Section, Engineering Division, Public Works Department, City of Missoula Legend SID Boundary SID Parcels Ownership Private University of Montana ---PAGE BREAK--- EXHIBIT B LIST OF PROPERTIES, RESPECTIVE ASSESSMENT AMOUNTS, AND LEGAL DESCRIPTION OF PROPERTIES LOCATED WITHIN THE PROPOSED SPECIAL IMPROVEMENT DISTRICT ---PAGE BREAK--- SID 548 - List of Properties (Legal Descriptions and Assessments) Arthur Avenue / S. 5th Street E. / S. 6th Street E. Street Improvements Geocode SUID Owner Name 1 Owner Name 2 Property Address Legal Description * Parcel Area (Sq.Ft.) Parcel Assessment 220022306030000 21906 ALLEY SUSAN A ALLEY JACK R 665 6TH ST E LOTS 16 & 17 BLK 36 MONTANA ADDITION 7,800 10,358.44 $ 220022312120000 127803 BOARD OF REGENTS OF HIGHER EDU 657 6TH ST & 657 1/2 MONTANA-E1/2 OF LOT 14, ALL OF 15 BLK 25 5,850 7,768.83 $ 220022312130000 1571506 GIULIANI M DENISE & RICHARD J 651 5TH ST E MONTANA-LOT 13, W1/2 OF 14 BLK 25 5,850 7,768.83 $ 220022306060000 966309 HONEYCUTT CHARLES F III 637 6TH ST E PORTION OF LOTS 11 & 12 BLK 36 OF MONTANA ADDITION 7,150 9,495.24 $ 220022306070000 1269908 LIND DENNIS E LIND ANGELA COOPER 635 6TH ST E E2 OF LOT 9 & ALL OF 10 & W2 FT OF 11 BLK 36 IN MONTANA ADDITION 6,110 8,114.12 $ 220022306080000 952306 UNIVERSITY OF MONTANA STATE OF MONTANA 629 6TH ST E E2 OF LOT 7 & ALL OF LOT 8 & W2 OF 9 BLK 36 IN MONTANA ADDITION 7,800 10,358.44 $ 220022306090000 1059805 UNIVERSITY OF MONTANA 625 6TH ST E E1 OF LOT 5 & ALL OF 6 & W2 OF LOT 7 BLK 36 IN MONTANA ADDITION 7,800 10,358.44 $ 220022306100000 540601 UNIVERSITY OF MONTANA STATE OF MONTANA 615 6TH ST E LOT 4 & W2 OF 5 BLK 36 IN MONTANA ADDITION 5,850 7,768.83 $ 220022312080000 1125207 UNIVERSITY OF MONTANA STATE OF MONTANA 642 5TH ST E & 644 MONTANA-LOTS 21 & 22 BLK 25 7,800 10,358.44 $ 220022312110000 1212601 UNIVERSITY OF MONTANA STATE OF MONTANA 659 5TH ST E & 659 1/2 MONTANA-LOTS 16 & 17 BLK 25 7,800 10,358.44 $ 220022312160000 305203 UNIVERSITY OF MONTANA STATE OF MONTANA 633 5TH ST E MONTANA-LOT 8, LESS 23.5' X 4.3' OF 9 BLK 25 7,699 10,224.32 $ 220027244010000 1604004 UNIVERSITY OF MONTANA Change of Ownership -Deed of Trust B844 Micro P1290 820 ARTHUR AVE HAMMOND #2-W55' OF LOTS 1 TO 3 BLK 57 MONTANA- W55' OF LOT 20 BLK 36 7,150 9,495.24 $ 220022306050000 2205702 UNIVERSITY OF MONTANA 645 6TH ST E E3 FT OF LOT 12 & ALL OF LOT 13 & W2 OF 14 BLK 36 IN MONTANA ADDITION 6,240 8,286.76 $ 220022306110000 439001 UNIVERSITY OF MONTANA 609 6TH ST E E22 FT OF LOT 2 & ALL OF 3 BLK 36 IN MONTANA ADDITION 6,760 8,977.32 $ 220022312020000 551406 UNIVERSITY OF MONTANA STATE OF MONTANA 610 6TH ST E MONTANA-LOT 32, E 22' OF 33 BLK 25 6,760 8,977.32 $ 220022312040000 1321509 UNIVERSITY OF MONTANA STATE OF MONTANA 620 6TH ST E MONTANA-LOT 29, E1/2 OF 30 BLK 25 5,850 7,768.83 $ 220022312100000 154600 UNIVERSITY OF MONTANA STATE OF MONTANA 666 6TH ST E MONTANA-LOT 18, E1/2 OF 19 BLK 25 5,850 7,768.83 $ 220022312150000 265800 UNIVERSITY OF MONTANA 639 5TH ST E MONTANA-23.5' X 4.3' OF LOT 9, ALL OF 10 & W1/2 OF LOT 11 BLK 25 5,956 7,909.60 $ 220022401050000 5907321 UNIVERSITY OF MONTANA 701 6TH ST E EXEMPT-MONTANA-ALL OF BLK 17, BLK 24, BLK 37, VACATED STREETS & ALLEYS ADJ. 676,056 897,806.24 $ 220027244020000 5907341 UNIVERSITY OF MONTANA EDDY AVE HAMMOND 2-E100' LTS 1-3 BLK 57 PT VAC ALLEY ADJ & MONTANA-E100' LT 20 BLK 36 14,300 18,990.48 $ 220027244040000 5906327 UNIVERSITY OF MONTANA EDDY AVE HAMMOND 2-W45' LTS 4-6 PT VAC ALLEY ADJ MONTANA ADDITION-W55' LT 19 BLK 36 7,150 9,495.24 $ 220027244050000 5907410 UNIVERSITY OF MONTANA 626 EDDY AVE HAMMOND 2-CENTER 65' LTS 4 THRU 6 BLK 57 MONTANA ADD-CENTER 65' LT 19 BLK 36 8,450 11,221.65 $ 220027244060000 5907336 UNIVERSITY OF MONTANA EDDY AVE HAMMOND 2-E45' LTS 4-6 & W40' VAC ST ADJ BLK 57 & MONTANA ADD-E 85' LT 19 BLK 36 11,050 14,674.46 $ 220027244070000 5907356 UNIVERSITY OF MONTANA EDDY AVE HAMMOND 2-LTS 1-3 & E 40' VAC ST ADJ BLK 58 & MONTANA ADDITION-LT 18 BLK 36 18,200 24,169.70 $ 220022306040000 999608 UNIVERSITY OF MONTANA BOARD OF REGENTS 659 6TH ST E E2 OF LOT 14 & ALL OF 15 BLK 36 IN MONTANA ADDITION 5,850 7,768.83 $ 220022306120000 533779 UNIVERSITY OF MONTANA BOARD OF REGENTS 601 6TH ST E LOT 1 & W8 FT OF 2 BLK 36 IN MONTANA ADDITION 4,940 6,560.35 $ 220022312060000 1835507 UNIVERSITY OF MONTANA BOARD OF 630 6TH ST E MONTANA-LOTS 25 & 26, E1/2 OF 27 BLK 25 9,750 12,948.06 $ 220022312070000 116306 UNIVERSITY OF MONTANA BOARD OF 636 6TH ST E MONTANA-LOTS 23 & 24 BLK 25 7,800 10,358.44 $ 220022312170000 768009 UNIVERSITY OF MONTANA BOARD OF 625 5TH ST E MONTANA-LOTS 6 & 7 BLK 25 7,800 10,358.44 $ 220022312180000 1601906 UNIVERSITY OF MONTANA BOARD OF 615 5TH ST E MONTANA-LOTS 4 & 5 BLK 25 7,800 10,358.44 $ 220022312190000 1199508 UNIVERSITY OF MONTANA BOARD OF 601 5TH ST E MONTANA-LOTS 1 THRU 3 BLK 25 11,700 15,537.67 $ 220022312010000 273205 UNIVERSITY OF MONTANA BOARD OF 602 6TH ST E MONTANA-W 8' OF LOT 33, ALL OF 34 BLK 25 4,940 6,560.35 $ 220022312030000 209502 UNIVERSITY OF MONTANA BOARD OF 616 6TH ST E MONTANA-W1/2 OF LOT 30, ALL OF 31 BLK 25 5,850 7,768.83 $ 220022312050000 329809 UNIVERSITY OF MONTANA BOARD OF 626 6TH ST E MONTANA-W1/2 OF LOT 27, ALL OF 28 BLK 25 5,850 7,768.83 $ 220022312140000 109350 UNIVERSITY OF MONTANA BOARD OF 645 5TH ST E MONTANA-E1/2 OF LOT 11, ALL OF 12 BLK 25 5,850 7,768.83 $ 220022312090000 227200 UNIVERSITY OF MONTANA FOUNDATI 664 6TH ST E MONTANA-W1/2 OF LOT 19, ALL OF 20 BLK 25 5,850 7,768.83 $ Total Area (Sq.Ft.) 941,261 1,250,000.00 $ Project Cost Assessment per Sq. Ft. 1.328006 $ All ownership data from Department of Revenue FTP site dated 09-04-2009 unless otherwise noted. *Parcel area from Department of Revenue FTP site CAMA data dated 08-31- 2009 - Bolded areas calculated from recorded subdivision plats. 1,250,000.00 $ P:\Arthur Ave-5th-6th MDT project\SID Creation\Exhibit B (List of Properties with Assessment).xlsx 10/7/2009 - 1 of 1 EXHIBIT