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Home My WebLink About2015-446-6/9/2015 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO,IOWA $12,455,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2015A • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. June 9, 2015 The City Clerk of the City of Waterloo, State of Iowa, met at City Hall, 715 Mulberry Street, Waterloo, Iowa, at 10:30 A.M., on the above date, to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 4:30 P.M. on the above date. The following persons were present: Michelle Weidner and Larry Burger - 1 - r This being the time and place for the opening of bids forthesale of$12,455,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2015A, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name &Address of Bidders: (Attach List of Bidders) 2. The Cit Clerk erk then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name &Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: Name &Address of Bidder: Piper Jaffray & Co. of Minneapolis, Minnesota True Interest Rate (as-bid): 2.897611% Net Interest Cost (as-bid): $3,030,448.15 In consultation with Speer Financial,the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $12,455,000 Purchase Price as adjusted: $12,669,009.55 All bids were then referred to the Council for action. - 2 - June 9 2015 The City Council of the City of Waterloo, State of Iowa, met in special session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 4:30 P.M., on the above date. There were present Mayor Ernest G. Clark, in the chair, and the following named Council Members: Jones, Lind, Morrissey, Welper, and Hart Absent: Cole and Schmitt - 3 - Council Member Hart introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $12,455,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2015A," and moved its adoption. Council Member Welper seconded the motion to adopt. The roll was called and the vote was, AYES: Jones, Lind, Morrissey, Welper, and Hart NAYS: Whereupon,the Mayor declared the following Resolution duly adopted: RESOLUTION NO: 2015-446 RESOLUTION DIRECTING SALE OF $12,455,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2015A WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $12,455,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2015A Bidder: Piper Jaffray & Co. of Minneapolis, Minnesota The terms of award: Final Par Amount as adjusted: $12,455,000 Purchase Price as adjusted: $12,669,009.55 True Interest Rate: 2.897611% Net Interest Cost: $3,030,448.15 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. - 4 - Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 9th day of June, 2015. Ernest G. Clark, Mayor ATTEST: Suzy Sc ares, City Clerk - 5 - CERTIFICATE STATE OF IOWA I) ) SS COUNTY OF BLACK HAWK ) 1,the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of public hearing and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of the agenda being attached hereto)pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein,that no vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. it WITNESS my hand and the seal of the Council hereto affixed this _day of 2015. Suzy chares, Cit�Clerk�, City�ofWa�terloo, State of Iowa (SEAL) 01114515-1\11310-109 I City of Watcritx>,Bbc:k hawk County,low•n C:irnrral Ohlig.aCatm li+,nds;. leneti 201.5 A Best AON Bidden Rc_et AON TIC: ( PiperJnQ'rat' 2.J39?6Il % — - — ScriaV Principal Sinker/ Due Amount' Term Coupon Jun 1,2016 $760,000 5ctial 3;00046 Jun 1,2017 3745.(1X7 Serial 3.0004b Jun 1,2018 5755,(00 aerial 3,0W% Jun 1,2019 $765,00!1 Serial 3.00U% Jun 1,20071) 3770,(}00 Segal 3.000' Jun 1,2021 37$5,000 Serial Uw% Jun 1,207' S795,(w Serial 3:000%, Jun 1,2023 3810.(170 Scrral 3.000% Jun 1,2024 S830.OW Serial 3.OW% Jun 1,-20125 5350.000 Sc6al 3.OW% Jun I,2026 S870.0W Schal 3.000% Jun I,2027 589!3.(',!10 ScnDl 3.Orf)'% Jun 1,2028 5')15.090 Serial 3.250% Jun 1,2029 5945.WO Serial 3.375% Jun 1,b030 5970.000 Scrial 3-%W% Purchme Price:$12A69,009.55 Spread:None Emcmd Tune Submitted:Jur,;9.2015 at 11:28:14 AM EST Spc-K:rAuctlun Inlerc*1 Cost Cakulatiow _., �_,. „mor iniatm<�ticnal�ur nk cnl e Size 31�a5s,(100 rass interest 53,244,45770 Itts Disc-auntl L Premium 21 009. 5` Total interest Cast S3 03OA4$.1S True interna!Rolle 2.897611% Total Bond Years 103,106.2.9 ver ,Life 5.278 Yeats Firm:I'iper Jull'r:n I:`irl:i:rea:y.�;tiyC•(;iCtiagie TCc fotcgoin 2-1)id a:subin iucd or as reti,i.�:ed pr.Yt,ale,if apl-vupiiiae.%v z.,aoce pied and tba Sco.uitics sold by action of this Boat d.and roceapt i>hereby acs:naw]edged of Lite gout(firth Dcftatir,if cuty.which is Ixittg Jteltl in xr-conlnnce whit tl•r IctnSs tt tlwe annexed 0f Ji6 1 Ntn::cC of:Sale. Signature: Company Name: Piper Jaff __-.""" Accepted By: Name: Michael Frederickson