HomeMy WebLinkAbout06/07/2016THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Play.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
MollenhofConference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations maybe allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WA1LRLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to ata rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create qualityjobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations maybe allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
S. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tem) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population.
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations maybe allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but maybe placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
2. $8,605,000 General Obligation Bonds, Series 2016A
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $8,6050,000 General Obligation Bonds, Series 2016A
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
3. $1,810,000 General Obligation Bonds, Series 2016B
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,810,000 General Obligation Bonds, Series 2016B to
at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
4. $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to at a rate of
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
$8,605,000 *
City of Waterloo, Black Hawk County, Iowa
General Obligation Bonds,
Series 2016A
Best AON Bidder:
Best AON TIC:
Robert Baird
1.699458 %
Serial/
Principal Sinker/
Due Amount * Term Coupon
Jun 1, 2017 $705,000 Serial 2.000%
Jun 1, 2018 $705,000 Serial 2.000%
Jun 1, 2019 $710,000 Serial 2.000%
Jun 1, 2020 $725,000 Serial 2.000%
Jun 1, 2021 $735,000 Serial 2.000%
Jun 1, 2022 $745,000 Serial 2.000%
Jun 1, 2023 $760,000 Serial 2.000%
Jun 1, 2024 $405,000 Serial 2.000%
Jun 1, 2025 $415,000 Serial 2.000%
Jun 1, 2026 $425,000 Serial 2.000%
Jun 1, 2027 $430,000 Serial 2.000%
Jun 1, 2028 $445,000 Serial 2.000%
Jun 1, 2029 $455,000 Serial 2.000%
Jun 1, 2030 $465,000 Serial 2.000%
Jun 1, 2031 $480,000 Serial 2.250%
Purchase Price: $8,788,938.50
Spread: None Entered
Time Submitted: June 7, 2016 at
11:22:32 AM EDT
SpeerAuction Interest Cost Calculations
(for informational purposes only)
Issue Size
$8,605,000
Gross Interest
$1,235,121.11
Plus Discount/(Less Premium)
(183,938.50)
Total Interest Cost
$1,051,182.61
True Interest Rate
1.699458%
Total Bond Years
60,860.72
Average Life
7.073 Years
Firm: Robert Baird
*Preliminary, subject to change
The foregoing bid as submitted or as revised post sale, if appropriate, was accepted and the
Securities sold by action of this Board, and receipt is hereby acknowledged of the good faith
Deposit, if any, which is being held in accordance with the terms of the annexed Official Notice
of Sale.
Signature:
Title:
$1,810,000 *
City of Waterloo, Black Hawk County, Iowa
Taxable General Obligation Bonds,
Series 2016B
Best AON Bidder:
Best AON TIC:
Piper Jaffray
2.596158 %
Serial/
Principal Sinker/
Due Amount * Term Coupon
Jun 1, 2017 $105,000 Serial 0.800%
Jun 1, 2018 $100,000 Serial 0.950%
Jun 1, 2019 $105,000 Serial 1.200%
Jun 1, 2020 $105,000 Serial 1.450%
Jun 1, 2021 $110,000 Serial 1.650%
Jun 1, 2022 $110,000 Serial 1.850%
Jun 1, 2023 $115,000 Serial 2.000%
Jun 1, 2024 $115,000 Serial 2.150%
Jun 1, 2025 $120,000 Serial 2.300%
Jun 1, 2026 $125,000 Serial 2.450%
Jun 1, 2027 $130,000 Serial 2.600%
Jun 1, 2028 $135,000 Serial 2.750%
Jun 1, 2029 $140,000 Serial 2.900%
Jun 1, 2030 $145,000 Serial 3.000%
Jun 1, 2031 $150,000 Serial 3.100%
Purchase Price: $1,797,963.50
Spread: None Entered
Time Submitted: June 7, 2016 at
11:47:51 AM EDT
SpeerAuction Interest Cost Calculations
(for informational purposes only)
Issue Size
$1,810,000
Gross Interest
$387,353.44
Plus Discount/(Less Premium)
12,036.50
Total Interest Cost
$399,389.94
True Interest Rate
2.596158%
Total Bond Years
15,314.22
Average Life
8.461 Years
Firm: Piper Jaffray
*Preliminary, subject to change
The foregoing bid as submitted or as revised post sale, if appropriate, was accepted and the
Securities sold by action of this Board, and receipt is hereby acknowledged of the good faith
Deposit, if any, which is being held in accordance with the terms of the annexed Official Notice
of Sale.
Signature:
Title: tvl Gty�(
$9,250,000
City of Waterloo, Black Hawk County, Iowa
Taxable General Obligation Urban Renewal Bonds,
Series 2016C
Best AON Bidder:
Best AON TIC:
FTN Financial
2.855691 %
Due
Jun 1, 2017 $365,000 Serial 0.900%
Jun 1, 2018 $340,000 Serial 1.100%
Jun 1, 2019 $350,000 Serial 1.200%
Jun 1, 2020 $360,000 Serial 1.500%
Jun 1, 2021 $370,000 Serial 1.650%
Jun 1, 2022 $380,000 Serial 1.900%
Jun 1, 2023 $395,000 Serial 2.050%
Jun 1, 2024 $405,000 Serial 2.200%
Jun 1, 2025 $420,000 Serial 2.300%
Jun 1, 2026 $435,000 Serial 2.400%
Jun 1, 2027 $450,000 Serial 2.500%
Jun 1, 2028 $470,000 Serial 2.600%
Jun 1, 2029 $485,000 Serial 2.700%
Jun 1, 2030 $505,000 Serial 2.800%
Jun 1, 2031 $525,000 Serial 2.900%
Jun 1, 2032 $550,000 Serial 3.000%
Jun 1, 2033 $570,000 Serial 3.100%
Jun 1, 2034 $595,000 Serial 3.200%
Jun 1, 2035 $625,000 Serial 3.300%
Jun 1, 2036 $655,000 Serial 3.400%
Purchase Price: $9,200,581.90
Spread: None Entered
Time Submitted: June 7, 2016 at
12:15:02 PM EDT
Serial/
Principal Sinker/
Amount * Term Coupon
SpeerAuction Interest Cost Calculations
(for informational purposes only)
Issue Size
$9,250,000
Gross Interest
$3,031,639.19
Plus Discount/(Less Premium)
49,418.10
Total Interest Cost
$3,081,057.29
True Interest Rate
2.855691%
Total Bond Years
107,095.56
Average Life
11.578 Years
The foregoing bid as submitted or as revised post sale, if appropriate, was accepted and the
Securities sold by action of this Board, and receipt is hereby acknowledged of the good faith
Deposit, if any, which is being held in accordance with the terms of the annexed Official Notice
of Sale.
Signature:
Title:
NE Gt Telt
74,
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Councilperson of Waterloo, Iowa.
Bruce Jacobs
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson
Bruce Jacobs distributing same to him personally.
Suzy Schar:., CMC
City Clerk
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Councilperson of Waterloo, Iowa.
ome Amos, r.
Ast
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson
Jerome Amos, Jr. distributing same to him personally.
Suzy Schare
City Clerk
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Councilperson of Waterloo, Iowa.
Tom Lind
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson Tom
Lind distributing same to him personally.
Suzy Schares
City Clerk
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Councilperson of Waterloo, Iowa.
Ron Welper
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson Ron
Welper distributing same to him personally.
Suzy Schares,
City Clerk
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Coun,.erson of Waterloo, Iowa.
Pal'ck orriss:
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson
Patrick Morrissey distributing same to him personally.
Suzy Schares,
City Clerk
MC
A bsem
NOTICE OF SPECIAL MEETING
OF
CITY COUNCIL, CITY OF WATERLOO, IOWA
TO CITY COUNCIL MEMBERS OF THE CITY OF WATERLOO, IOWA:
You are hereby notified that a Special Session of the City Council will be held at 4:30
p.m. on Tuesday, June 7, 2016, in the Mollenhoff Conference Room, City Hall, 715 Mulberry
Street, on the sale of $8,605,000 General Obligation Bonds, Series 2016A, $1,810,000 General
Obligation Bonds, Series 2016B, and $9,250,000 General Obligation Bonds, Series 2016C. No
other official business will be conducted at said meeting.
Quentin Hart, Mayor
Due, timely and legal service of the above notice is hereby accepted the 7th day of June,
2016 by me a dully elected, qualified and acting Councilperson of Waterloo, Iowa.
Steve Schmitt
I, Suzy Schares, hereby certify that I have served the above notice of Councilperson
Steve Schmitt distributing same to him personally.
Suzy Schares, CMC
City Clerk
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY BARBARA MARK
McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER CHEVALIER JERETINA
Chairman President Executive VP Senior VP Senior VP Senior VP Vice President Vice President Vice President
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $9,250,000 Taxable General Obligation Urban Renewal
Bonds, Series 2016C. There were five bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of FTN Financial Capital Markets, Memphis,
Tennessee, is the best bid received, and it is further our opinion that the bid is favorable to the
City and should be accepted. We therefore recommend that the Series 2016C Bonds be awarded
to that bidder at a price of $9,200,581.90, being at a true interest rate of 2.8556%.
True
Account Managers Interest Rate
FTN Financial Capital Markets, Memphis, Tennessee 2.8556%
Robert W. Baird & Co., Milwaukee, Wisconsin 2.8837%
BOSC, Inc., Menomonee Falls, Wisconsin 2.9209%
Piper Jaffray, Minneapolis, Minnesota 2.9694%
Raymond James & Associates, Inc., Grosse Pointe Farms, Michigan 2.9977%
Respectfully submitted,
SPEER FINANCIAL, INC.
urger, Vice ;resident
LPB/cn
Enclosures
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608. 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
Sri
Speer Financial, Inc.
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C
Date of Sale: June, 7, 2016
Average Life: 11.578 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
FTN Financial Capital Markets, 99.465% 2017 0.900% 2.8556%
Memphis, Tennessee $9,200,581.90 2018 1.100% $3,081,057
2019 1.200%
2020 1.500%
2021 1.650%
2022 1.900%
2023 2.050%
2024 2.200%
2025 2.300%
2026 2.400%
2027 2.500%
2028 2.600%
2029 2.700%
2030 2.800%
2031 2.900%
2032 3.000%
2033 3.100%
2034 3.200%
2035 3.300%
2036 3.400%
ffINDEPENDENT MUNICIPAL ADVISORS
Speer Financial, Inc.
Page 2
Bidders* Price Maturities Rates Interest**
Robert W. Baird & Co., 99.787% 2017 - 2023 2.000% 2.8837%
Milwaukee, Wisconsin $9,230,346 2024 2.050% $3,113,804
2025 2.200%
2026 2.350%
2027 2.500%
2028 2.650%
2029 2.800%
2030 2.900%
2031 3.000%
2032 3.100%
2033 3.200%
2034 3.250%
2035 3.300%
2036 3.350%
BOSC, Inc.,
Menomonee Falls, Wisconsin
Stifel Nicolaus & Co.
Suntrust
Piper Jaffray,
Minneapolis Minnesota
99.352% 2017 0.750% 2.9209%
$9,190,094.40 2018 1.000% $3,147,926
2019 -2023 2.000%
2024 2.050%
2025 2.150%
2026 2.300%
2027 2.500%
2028 2.700%
2029 2.800%
2030 2.900%
2031 2.950%
2032 3.050%
2033 3.150%
2034 3.250%
2035 3.350%
2036 3.450%
99.440% 2017 0.800% 2.9694%
$9,198,200.00 2018 0.950% $3,206,215
2019 1.200%
2020 1.450%
2021 1.650%
2022 1.850%
2023 2.000%
2024 2.150%
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
2032 3.200%
2033 3.300%
2034 3.350%
2035 3.400%
2036 3.450%
/'Speer Financial, Inc.
w INDEPENDENT MUNICIPAL ADVISORS
Page 3
Bidders* Price Maturities Rates Interest**
Raymond James & Associates, Inc., 99.311% 2017 1.000% 2.9977%
Grosse Pointe Farms, Michigan $9,186,332.10 2018 - 2022 2.000% $3,223,518
2023 2.100%
2024 2.250%
2025 2.410%
2026 2.500%
2027 2.600%
2028 2.850%
2029 3.000%
2030 3.050%
2031 3.150%
2032 3.200%
2033 - 2036 3.250%
*Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P14 Fiscal Total
06/29/2016 - -
12/01/2016 - 96,727.94 96,727.94
06/01/2017 365,000.00 0.900% 114,546.25 479,546.25 576,274.19
12/01/2017 - 112,903.75 112,903.75 -
06/01/2018 340,000.00 1.100% 112,903.75 452,903.75 565,807.50
12/01/2018 - 111,033.75 111,033.75 -
06/01/2019 350,000.00 1.200% 111,033.75 461,033.75 572,067.50
12/01/2019 - - 108,933.75 108,933.75
06/01/2020 360,000.00 1.500% 108,933.75 468,933.75 577,867.50
12/01/2020 - - 106,233.75 106,233.75
06/01/2021 370,000.00
12/01/2021
06/01/2022 380,000.00
12/01/2022 -
06/01/2023 395,000.00
12/01/2023
06/01/2024 405.000.00
12/01/2024 -
Call 06/01/2025 420,000.00
12/01/2025
1.650% 106,233.75
103,181.25
1.900% 103,181.25
99,571.25
2.050% 99,571.25
476,233.75 582,467.50
103,181.25
483,181.25 586,362.50
99,571.25
494,571.25 594,142.50
2.200%
2.300%
95,522.50
95,522.50
91,067.50
91,067.50
86,237.50
95,522.50
500,522.50
91,067.50
511,067.50
86,237.50
596,045.00
602,135.00
06/01/2026 435,000.00 2.400% 86,237.50 521,237.50 607,475.00
12/01/2026 - - 81,017.50 81,017.50 -
06/01/2027 450,000.00 2.500% 81,017.50 531,017.50 612,035.00
12/01/2027 - - 75,392.50 75,392.50 -
06/01/2028 470,000.00 2.600% 75,392.50 545,392.50 620,785.00
12/01/2028 - - 69,282.50 69,282.50 -
06/01/2029 485,000.00 2.700% 69,282.50 554,282.50 623,565.00
12/01/2029 - - 62,735.00 62,735.00
06/01/2030 505,000.00 2.800% 62,735.00 567,735.00 630,470.00
12/01/2030 - - 55,665.00 55,665.00 -
06/01/2031 525,000.00 2.900% 55,665.00 580,665.00 636,330.00
12/01/2031 - 48,052.50 48,052.50
06/01/2032 550,000.00 3.000% 48,052.50 598,052.50 646,105.00
12/01/2032 - - 39,802.50 39,802.50 -
06/01/2033 570,000.00 3.100% 39,802.50 609,802.50 649,605.00
12/01/2033
06/01/2034
12/01/2034
06/01/2035
12/01/2035
595,000.00
625,000.00
3.200%
3.300%
06/01/2036
Total
655,000.00
$9,250,000.00
3.400%
30,967.50
30,967.50
21,447.50
21,447.50
11,135.00
11,135.00
53,031,639.19
30,967.50 -
625,967.50 656,935.00
21,447.50 -
646,447.50 667,895.00
11,135.00 -
666,135.00 677,270.00
$12,281,639.19
Yield Statistics
Bond Year Dollars
Average Life
Average Coffin
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
$107,095.56
11.578 Years
2.8307796%
2.8769236%
2.8556908%
2.7997923%
2.9196811%
Net Interest Cost
Weighted Average Mattirk
16C Wloo 9 250m GO UR Tax I SINGLE PURPOSE 1 6/ 7/2016 1 2:48 PM
Speer Financial, Inc.
Registered Municipal Advisor
2.8307796%
11.578 Years
Page 1
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY BARBARA MARK
McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER CHEVALIER JERETINA
Chairman President Executive VP Senior VP Senior VP Senior IF Vice President Vice President Vice President
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $8,605,000 General Obligation Bonds, Series 2016A. There
were four bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of Robert W. Baird & Co., Milwaukee,
Wisconsin, is the best bid received, and it is further our opinion that the bid is favorable to the
City and should be accepted. We therefore recommend that the Series 2016A Bonds be awarded
to that bidder at a price of $8,788,938.50, being at a true interest rate of 1.6994%.
A portion of the Series 2016A Bonds will be used to currently refund $2,385,000 of the Series
2008A Bonds. By the City choosing to currently refund the Series 2008A Bonds, the City will
realize a gross savings of $223,863.06, with a net present value saving of $210,950.55 or 8.845%
of the principal amount of the Refunded Bonds.
True
Account Managers Interest Rate
Robert W. Baird & Co., Milwaukee, Wisconsin 1.6994%
Raymond James & Associates, Inc., Grosse Pointe Farms, Michigan 1.7100%
BOSC, Inc., Menomonee Falls, Wisconsin 1.7172%
Citigroup, Dallas, Texas 1.7865%
Respectfully submitted,
SPEER FINANCIAL,
LPB/mr
Enclosures
rry P4:. urger, Vic resident
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
m
U.S. PUBLIC FINANCE
MOODY'S
INVESTORS SERVICE
CREDIT OPINION
26 May 2016
New Issue
Rate this Research
Contacts
Coley J Anderson 312-706-9961
Analyst
coley.anderson@moodys.com
Matthew Butler 312-706-9970
Vice President
matthew.butter@moodys.com
City of Waterloo, IA
New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds
Series 2016A -C
Summary Rating Rationale
Moody's Investors Service has assigned a Aa2 rating to the City of Waterloo, IA's $8.6
million General Obligation Bonds, Series 2016A, $1.8 million Taxable General Obligation
Bonds, Series 2016B, and $9.3 million Taxable General Obligation Urban Renewal Bonds,
Series 2016C. Moody's maintains a Aa2 rating on the city's outstanding general obligation
unlimited tax (GOULT) debt. With the current offerings, the city will have $98.2 million in
GOULT debt.
The Aa2 rating is indicative of the city's large tax base that serves as a regional economic
center in eastern Iowa (Aaa stable), sound financial profile characterized by prudent
management and healthy reserves, and above average debt and pension burdens.
Credit Strengths
• Large and diverse tax base that serves as a regional economic center in eastern Iowa
» Sound financial management that has resulted in consecutive operating surpluses and
maintenance of healthy reserves
Credit Challenges
» Elevated debt and pension liabilities
» Below average socioeconomic profile
Rating Outlook
Outlooks are generally not assigned to local government credits with this amount of debt.
Factors that Could Lead to an Upgrade
Expansion of the city's tax base and improvement in socioeconomic indices
» Growth in available operating reserves and liquidity
Moderation of the city's debt burden
Factors that Could Lead to a Downgrade
» Deterioration of the tax base to a level inconsistent with similarly rated entities
» Material declines in the city's financial reserves
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
» Growth in the city's debt or pension burden
Key Indicators
Exhibit 1
Waterloo (City of) IA
2011 2012 2013 2014 2015
Economy/Tax Base
Total Full Value ($000)
$ 3,762,278 $ 3,800,462 $ 3,661,431 $ 3,700,187 $ 3,800,627
Full Value Per Capita
$ 54,999 $ 55,557 $ 53,525 $ 54,092 $ 55,560
Median Family Income (% of US Median) 76.1% 77.6% 80.0% 80.4% 80.4%
Finances
Operating Revenue ($000) $ 57,743 $ 58,441 $ 60,536 $ 61,967 $ 62,739
Fund Balance as a % of Revenues 29.8%
30.2% 29.3% 29.4% 29.0%
Cash Balance as a % of Revenues 35.4%
32.5% 33.3%
36.6% 32.7%
Debt/Pensions
Net Direct Debt ($000) $ 66,249 $ 69,746 $ 72,673 $ 80,296 5 100,008
Net Direct Debt / Operating Revenues (x) 1.1x 1.2x 1.2x 1.3x 1.6x
Net Direct Debt / Full Value (%) 1.8% 1.8% 2.0% 2.2% 2.6%
Moody's - adjusted Net Pension Liability (3 -yr average) to Revenues (x)
N/A 1.8x 2.0x 2.1x 2.0x
Moody's - adjusted Net Pension Liability (3 -yr average) to Full Value (%)
N/A 2.8% 3.3% 3.6% 3.3%
Following the current sale, the city's direct debt will total $100 million or 2.6% of full valuation and 1.6 times operating revenues.
Source: Audited Financial Statements
Recent Developments
Since the city's last rating report on June 3, 2015, the city released its fiscal 2015 audited financial statements that show little change
in available operating fund balance from the prior year. A modest draw on reserves has been budgeted for fiscal 2016, which closes on
June 30, 2016. Additionally, tax base growth of 2.7% in assessment year 2015 increased the city's full valuation to $3.8 billion.
Detailed Rating Considerations
Economy and Tax Base: Large Tax Base In Eastern Iowa Serves As Regional Economic Center
We expect the city's tax base and economic profile to continue to benefit from the city's role as a regional commercial and industrial
hub. Waterloo is located in eastern Iowa's Black Hawk County (Aa2), approximately 50 mites northwest of the City of Cedar
Rapids (Aal stable). The city's tax base grew 2.7% to $3.8 billion in assessment year 2015. Over the last five years, annual tax base
growth averaged a modest 1.0%. While tax base growth has been relatively modest, management notes commercial and industrial
development continues to accelerate. The city has also had success in recent years driving residential growth through the application
of its property tax abatement program. The city offers a three year property tax abatement to new single family homes. Officials
note that residential building permits issued in March 2016 represent an all time high for the city. Total building permit activity has
increased each year dating back to 2012, including increases of 8%, 15% and 4% in 2013, 2014 and 2015 respectively. Median family
income in the city is estimated at 80.4% of the national figure.
Despite layoffs in recent years, Deere and Company (A2 stable) remains the city's largest taxpayer (2.0%) and employer with
employment of about 5,600 in three separate facilities within the city. Deere and Company has invested $915 million in the Waterloo
area since 2010, increasing manufacturing capacity by 25%. Additionally, construction is underway on Tech Works Green Hotel, a
$30 million 170 room Courtyard by Marriot hotel and corporate training center. The corporate training center will be leased by a
private developer to Deere and Company. The city is also home to a stable health care and education presence that includes Wheaton
Franciscan Healthcare and Allen Memorial Hospital, as well as the main campus of Hawkeye Community College (Aal). The city's
economy is also tied closely to that of its adjacent neighbor, the city of Cedar Falls (Aal), which is home to the University of Northern
Iowa (Al stable).
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on
www.moodys.com for the most updated credit rating action Information and rating history.
2 26 May 2016 City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
Financial Operations and Reserves: Sound Financial Profile Driven By Prudent Management and Ample Reserves
The city's financial position is currently healthy and operations have remained positive for a number of consecutive years. The city
recorded a sixth consecutive surplus across major operating funds (general, trust and agency, debt service) in fiscal 2015 and closed
the year an available fund balance of $18.2 million, or 29% of revenue. The available balance is net of $9.1 million in reserves restricted
for self-funded health insurance, tourism promotion and other city functions. For fiscal 2016, the city budgeted a modest draw on
operating fund reserves of $500,000 due to a property tax settlement with IOC Black Hawk County, Inc. (Isle Casino Hotel). The city
does not anticipate additional property appeals at this time.
The city maintains some enterprise risk due to its operation of the Cedar Valley SportsPlex. The 125,000 square foot facility was
financed through a combination of private donations and grants from the Black Hawk County Gaming Association. The city acquired
the property and signed a lease purchase agreement to operate the facility for $100 per year from the Waterloo Development
Corporation. The city's Leisure Services department operates the facility. The annual budget for the SportsPlex is approximately $1.1
million or less than 2% of total operating revenues. In fiscal 2015, the SportsPlex ran an operating surplus of $27,000. For fiscal 2016,
the city expects the facility to end the year with another operating surplus of approximately $75,000.
LIQUIDITY
The city closed fiscal 2015 with net cash and investments in its operating funds of $20.5 million and 32.7% of operating fund revenues.
Similar levels of liquidity are expected to be maintained going forward.
Debt and Pensions: Above Average Debt and Pension Burdens
The city carries above average debt and pension burdens. Inclusive of the current offering, Waterloo's direct debt burden is $100
million, equivalent to 2.6% of full valuation and 1.6 times operating fund revenues. Net of debt expected to be paid from revenues of
the city's sewer utility, the city's direct debt burden is reduced to 1.9% of full valuation and 1.2 times operating revenues. The city's
adjusted net pension liability (ANPL), calculated under our methodology for adjusting reported pension information, is $128 million, or
3.4% of full valuation and 2.1 times operating revenue. Debt service expenditures of $11.4 million in 2015 were 18% of operating fund
revenue. Total fixed costs, inclusive of debt service, pension and OPEB expenditures) were a high 30% of operating fund revenue.
By 2021, the city's outstanding general obligation debt is expected to decrease from its current position of $98.2 million to $89.3
million. Going forward, the city plans to issue sewer revenue debt and access state revolving fund loans instead of issuing general
obligation bonds for sewer projects.
DEBT STRUCTURE
All of the city's debt is fixed rate and set to be retired by 2036. Amortization of existing debt is rapid, as 88% of outstanding principal is
scheduled to be retired over the next ten years.
DEBT -RELATED DERIVATIVES
The city has no derivative exposure.
PENSIONS AND OPEB
City employees are members of either the Iowa Public Employees Retirement System (IPERS) or Municipal Fire and Police Retirement
System of Iowa (MFPRSI), both multi-employer cost-sharing pension plans. The city's total contribution to the plans in fiscal 2015 was
$6.5 million. Net of contributions by self-supporting business enterprises, the city paid $5.8 million, or 9.2% of operating fund revenue.
Our ANPL for the city, noted above, reflects certain adjustments we make to improve comparability of reported pension liabilities. The
adjustments are not intended to replace the city's reported liability information, but to improve comparability with other rated entities.
Through fiscal 2014, the ANPL is based upon our allocation of the reported unfunded liabilities of the plans based on the city's share of
contributions. The plans allocated 2015 shares based on GASB 68 accounting standards.
The city sponsors a single -employer health care plan that provides self-insured medical, prescription drug, dental and vision benefits to
all active and retired employees and their eligible dependents. Management develops the health insurance plan contributions based on
expected claims. The plan is funded on a pay-as-you-go basis. Retirees are responsible for the portion of premium rates not covered by
the city. For fiscal 2015, the city contributed $1.5 million or 2% of operating revenues to the plan. As of July 1, 2013, the most recent
actuarial valuation date, the unfunded actuarial accrued liability (UAAL) was $22.7 million.
26 May 2016 City of Waterloo, IA, New Issue - Moody's Assigns AaZ to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Management and Governance: Very Strong Institutional Framework, Moderate Revenue Raising Flexibility and Prudent
Management
Iowa cities have an institutional framework score of "Aaa," or very strong. Property taxes, which are the primary revenue stream, are
highly predictable despite recent property tax reform. Even with property tax caps on general and emergency levies, cities have strong
revenue -raising flexibility due to various additional levies, including an unlimited levy for employee benefits. Expenditures mostly
consist of personnel costs, which are highly predictable. Cities have a moderate ability to reduce expenditures due to the presence of
employee unions. Many cities have elevated debt and pension burdens, but these liabilities are generally funded with unlimited tax
levies.
At 60% in fiscal 2015, property taxes account for a majority of operating revenues. The city taxes at its general fund levy limit of $8.10
per $1,000 of taxable valuation and continues to fully utilize the $0.27 emergency levy. The city maintains flexibility to increase its
employee benefits levy as it is not currently levying the full amount. As of fiscal 2016, the city maintained $2.0 million of room under
the employee benefits levy. The city implemented a 2% franchise fee on electric and gas utilities on July 1, 2013 and increased the fee
to 3% on July 1, 2014. The increased fee generates $2.5 million annually. The city could raise the fee up to 5% if necessary. Voters also
recently renewed the city's 1% local option sales tax (LOST) that generates approximately $10 million annually and is designated for
street construction and improvements, which reduces the city's need to borrow for capital improvements going forward.
Waterloo's management team has a history of positive budget to actual variances for both operating revenues and expenditures.
The city has a formal policy of maintaining general fund cash reserves equivalent to at least 5% of revenues. Officials also report an
informal target of achieving an unassigned general fund balance of 25% of revenues, compared to the 22% of revenue it closed with in
fiscal 2015.
Legal Security
The city's GOULT debt, including the current issuance, is ultimately secured by a dedicated property tax levy, unlimited as to rate and
amount.
Use of Proceeds
Proceeds from the Series 2016A, 20168 and 2016C bonds will be used to finance various capital and urban renewal projects and vehicle
acquisitions. The remaining $2.4 million will be used to refund the city's Series 2008A bonds for an expected net present value savings.
Obligor Profile
The City of Waterloo is located in northeastern Iowa, approximately 50 miles northwest of Cedar Rapids. The city provides a variety of
municipal services to a population of approximately 68,000 residents.
Methodology
The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. Please see
the Ratings Methodologies page on www.moodys.com for a copy of this methodology.
4 26 May 2016 City of Waterloo, IA. New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
Ratings
Exhibit 2
Waterloo (City of) IA
Issue
Rating
General Obligation Bonds, Series 2016A Aa2
Rating Type Underlying LT
Sale Amount $8,605,000
Expected Sale Date 06/07/2016
Rating Description General Obligation
Taxable General Obligation Bonds, Series 2016B Aa2
Rating Type Underlying LT
Sale Amount $1,810,000
Expected Sale Date 06/07/2016
Rating Description General Obligation
Taxable General Obligation Urban Renewal Aa2
Bonds, Series 2016C
Rating Type Underlying LT
Sale Amount $9,250,000
Expected Sale Date
Rating Description
Source: Moody's Investors Service
06/07/2016
General Obligation
26 May 20,6 City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
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REPORT NUMBER 1028276
6 26 May 2016 City of Waterloo, IA. New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 201 hA-C
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
Contacts
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Analyst
coley.andersor@moodys.com
MOODY'S
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CLIENT SERVICES
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City of Waterloo, IA: New Issue Moody's Assigns AaZ to Waterloo, IA's GO Bonds Series Z016A-C
L.," INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
Speer Financial, Inc.
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$8,605,000*General Obligation Bonds, Series 2016A
Date of Sale: June 7, 2016
Average Life: 7.073 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
Robert W. Baird & Co., 102.137% 2017 - 2030 2.000% 1.6994%
Milwaukee, Wisconsin $8,788,938.50 2031 2.250% $1,051,183
Robert W. Baird & Co., Inc.
C.L. King & Associates WMBE
Cronin & Co., Inc.
Vining -Sparks IBG, Limited Partnership
Edward Jones
UMB Bank,N.A.
Northland Securities, Inc.
Crews & Associates, Inc.
Ross, Sinclaire & Associates, LLC
SAMCO Capital Markets
Coastal Securities, Inc.
WNJ Capital
Davenport & Co. L.L.C.
Duncan -Williams, Inc.
Country Club Bank
Oppenheimer & Co.
Bernardi Securities, Inc.
Sierra Pacific Securities
Alamo Capital WMBE
SumRidge Partners
Loop Capital Markets
IFS Securities
Wayne Hummer & Co.
R. Seelaus & Company., Inc.
Rafferty Capital Markets
First Empire Securities
W.H. Mell Associates
Central States Capital Markets
D.A. Davidson & Co.
Dougherty & Company, LLC
Wedbush Securities Inc.
jr' Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS
Page 2
True
Bidders* Price Maturities Rates Interest**
Raymond James & Associates, Inc., 102.137% 2017 - 2029 2.000% 1.7100%
Grosse Pointe Farms, Michigan $8,785,534.70 2030 2.100% $1,057,479
2031 2.200%
BOSC, Inc., 101.910% 2017 - 2030 2.000% 1.7172%
Menomonee Falls, Wisconsin $8,769,366.90 2031 2.100% $1,060,010
Citigroup 101.730% 2017 - 2029 2.000% 1.7865%
Dallas, TX $8,753,907.45 2030 - 2031 2.250% $1,102,398
*Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$8,605,000 General Obligation Bonds, Series 2016A
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/29/2016 - -
12/01/2016 - 73,171.11 73,171.11
06/01/2017 705,000.00 2.000% 86,650.00 791,650.00 864,821.11
12/01/2017 - 79,600.00 79,600.00
06/01/2018 705,000.00 2.000% 79,600.00 784,600.00 864,200.00
12/01/2018 - - 72,550.00 72,550.00
06/01/2019 710,000.00 2.000% 72,550.00 782,550.00 855,100.00
12/01/2019 - - 65,450.00 65,450.00
06/01/2020 725,000.00 2.000% 65,450.00 790,450.00 855,900.00
12/01/2020 - 58,200.00 58,200.00 -
06/01/2021 735,000.00 2.000% 58,200.00 793,200.00 851,400.00
12/01/2021 50,850.00 50,850.00
06/01/2022 745,000.00 2.000% 50,850.00 795,850.00 846,700.00
12/01/2022 - 43,400.00 43,400.00
06/01/2023 760,000.00 2.000% 43,400.00 803,400.00 846,800.00
12/01/2023 35,800.00 35,800.00
Call 06/01/2024 405,000.00 2.000% 35,800.00 440,800.00 476,600.00
12/01/2024 - 31,750.00 31,750.00
06/01/2025 415,000.00 2.000% 31,750.00 446,750.00 478,500.00
12/01/2025 - 27,600.00 27,600.00 -
06/01/2026 425,000.00 2.000% 27,600.00 452,600.00 480,200.00
12/01/2026 - - 23,350.00 23,350.00
06/01/2027 430,000.00 2.000% 23,350.00 453,350.00 476,700.00
12/01/2027 - 19,050.00 19,050.00 -
06/01/2028 445,000.00 2.000% 19,050.00 464,050.00 483,100.00
12/01/2028 14,600.00 14,600.00 -
06/01/2029 455,000.00 2.000% 14,600.00 469,600.00 484,200.00
12/01/2029 - 10,050.00 10,050.00
06/01/2030 465,000.00 2.000% 10,050.00 475,050.00 485,100.00
12/01/2030 5,400.00 5,400.00
06/01/2031
Total
480,000.00
$8,605,000.00
2.250%
5,400.00 485,400.00
$1,235,121.11 $9,840,121.11
490,800.00
Yield Statistics
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
Net Interest Cost
Weighted Average Maturity
16A Wloo 8.605 GO TE NM +1 Issue Summary 1 6/ 7/2016 1 2:08 PM
Speer Financial, Inc.
Registered Municipal Advisor
$60,860.72
7.073 Years
2.0294224%
1.7271938%
1.6994578%
1.5740955%
L8008776%
1.5851319%
7.048 Years
Page 1
Speer Financial, Inc. ESTABLISHED 1954
INDEPENDENT MUNICIPAL ADVISORS
ANTHONY LARRY BARBARA MARK
DANIEL RAPHALIATA MAGGIE i CHEVALIER IERETINA
KEVIN DAVID MICELI BURGER
PHILLIPStive SeniorMeP BURGER Vice President Vice President Vice President
McCANNA FORBESSenior VP Senior VP
Chairman
President Executive VP VP
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $1,810,000 Taxable General Obligation Bonds, Series 2016B.
There were three bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of Piper Jaffray, Minneapolis, Minnesota, is
the best bid received, and it is further our opinion that the bid is favorable to the City and should
be accepted. We therefore recommend that the Series 2016B Bonds be awarded to that bidder at
a price of $1,797,963.50, being at a true interest rate of 2.5961%.
True
Account Managers Interest Rate
Piper Jaffray, Minneapolis, Minnesota 2.5961%
2.6165%
BOSC, Inc., Menomonee Falls, Wisconsin 2.6176%
Robert W. Baird & Co., Milwaukee, Wisconsin
Respectfully submitted,
SPEER FINANCIAL, IN
Vice
LPB/mr
Enclosures
urger
esident
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608. 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
fir'
Speer Financial, Inc.
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$1,810,000 Taxable General Obligation Bonds, Series 2016B
Date of Sale: June 7, 2016
Average Life: 8.461 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
Piper Jaffray 99.335% 2017 0.800% 2.5961%
Minneapolis, Minnesota $1,797,963.50 2018 0.950% $399,390
2019 1.200%
2020 1.450%
2021 1.650%
2022 1.850%
2023 2.000%
2024 2.150%
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
Robert W. Baird & Co.
Milwaukee, Wisconsin
99.751% 2017 - 2023 2.000% 2.6165%
$1,805,498.50 2024 2.150% $402,627
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
j' Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS
Page 2
Bidders* Price Maturities Rates Interest**
BOSC, Inc. 99.413% 2017 - 2023 2.000% 2.6176%
Menomonee Falls, Wisconsin $1,799,386.10 2024 2.100% $401,731
2025 2.200%
Suntrust 2026 2.400%
2027 2.550%
2028 2.750%
2029 2.850%
2030 2.950%
2031 3.000%
*Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$1,810,000 Taxable General Obligation Bonds, Series 2016B
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/29/2016 _
12/01/2016- - 16,538.44 16,538.44
06/01/2017 105,000.00 0.800% 19,585.00 124,585.00 141,123.44
12/01/2017- - 19,165.00 19,165.00
06/01/2018 100,000.00 0.950% 19,165.00 119,165.00 138,330.00
12/01/2018 18,690.00 18,690.00
06/01/2019 105,000.00 1.200% 18,690.00 123,690.00 142,380.00
12/01/2019 - - 18,060.00 18,060.00
06/01/2020 105,000.00 1.450% 18,060.00 123,060.00 141,120.00
12/01/2020 - - 17,298.75 17,298.75 -
06/01/2021 110,000.00 1.650% 17,298.75 127,298.75 144,597.50
12/01/2021 - 16,391.25 16,391.25
06/01/2022 110,000.00 1.850% 16,391.25 126,391.25 142,782.50
12/01/2022 15,373.75 15,373.75
06/01/2023 115,000.00 2.000% 15,373.75 130,373.75 145,747.50
12/01/2023 14,223.75 14,223.75
Call 06/01/2024 115,000.00 2.150% 14,223.75 129,223.75 143,447.50
12/01/2024 12,987.50 12,987.50
06/01/2025 120,000.00 2.300% 12,987.50 132,987.50 145,975.00
12/01/2025 - 11,607.50 11,607.50
06/01/2026 125,000.00 2.450% 11,607.50 136,607.50 148,215.00
12/01/2026 - 10,076.25 10,076.25
06/01/2027 130,000.00 2.600% 10,076.25 140,076.25 150,152.50
12/01/2027 - ' 8,386.25 8,386.25
06/01/2028 135,000.00 2.750% 8,386.25 143,386.25 151,772.50
12/01/2028 - 6,530.00 6,530.00
06/01/2029 140,000.00 2.900% 6,530.00 146,530.00 153,060.00
12/01/2029 - 4,500.00 4,500.00
06/01/2030 145,000.00 3.000% 4,500.00 149,500.00 154,000.00
12/01/2030 - - 2,325.00 2,325.00
06/01/2031 150,000.00 3.100% 2,325.00 152,325.00 154,650.00
Total $1,810,000.00 $387,353.44 $2,197,353.44
Yield Statistics
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
Net Interest Cost
Weighted Average Maturity
168 Wloo 1.810m GO Tax NM I SINGLE PURPOSE 1 6/ 7/2016 I 3:03 PM
Speer Financial, Inc.
Registered Municipal Advisor
$15,314.22
8.461 Years
2.5293706%
2.6079675%
2.5961575%
2.5065558%
2.7338613%
2.5293706%
8.461 Years
Page 1
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$10,000,000 General Obligation Bonds, Series 2008A
* * * FINAL for Current Refunding 2016 * * *
Total Refunded Debt Service
Date Principal
06/01/2017 300,000.00
06/01/2018 315,000.00
06/01/2019 325,000.00
06/01/2020 340,000.00
06/01/2021 355,000.00
06/01/2022 365,000.00
06/01/2023 385,000.00
Total $2,385,000.00
Coupon
3.550%
3.600%
3.650%
3.700%
3.800%
3.850%
3.900%
Interest Total P+I
88,990.00
78,340.00
67,000.00
55,137.50
42,557.50
29,067.50
15,015.00
$376,107.50
388,990.00
393,340.00
392,000.00
395,137.50
397,557.50
394,067.50
400,015.00
$2,761,107.50
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 6/29/2016
Average Life
Average Coupon
Weighted Average Maturity (Par Basis)
Refunding Bond Information
4.084 Years
3.8616715%
4.084 Years
Refunding Dated Date
Refunding Delivery Date
6/29/2016
6/29/2016
08A Wloo GO for Ref 16 6. I SINGLE PURPOSE I 6/ 7/2016 I 2:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Page 7
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$2,350,000 General Obligation Bonds, Series 2016A
* * * FINAL - Current Refunding 2008A * * *
Debt Service Schedule
Date Principal
06/01/2017 325,000.00
06/01/2018 325,000.00
06/01/2019 325,000.00
06/01/2020 335,000.00
06/01/2021 340,000.00
06/01/2022
345,000.00
06/01/2023 355,000.00
Total $2,350,000.00
Coupon
2.000%
2.000%
2.000%
2.000°%o
2.000%
2.000%
2.000%
Interest
Total P+l
43,344.44
40,500.00
34,000.00
27,500.00
20,800.00
14,000.00
7,100.00
$187,244.44
Yield Statistics
368,344.44
365,500.00
359,000.00
362,500.00
360,800.00
359,000.00
362,100.00
$2,537,244.44
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
$9,362.22
3.984 Years
2.0000000%
1.3147016%
1.2903428%
1.5740955%
IRS Form 8038
1.4953106%
Net Interest Cost
1.0890547%
Weighted Average Maturity 4.006 Years
16A Wloo 8.605 GO TE NM + Current Refunding 08A 16/ 72016 2:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Page 3
4
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$2,350,000 General Obligation Bonds, Series 2016A
*** FINAL - Current Refunding 2008A ***
Debt Service Comparison
Date Total P+I Net New D/S Old Net D/S Savings
06/01/2017 368,344.44 368,344.44 388,990.00 20,645.56
06/01/2018 365,500.00 365,500.00 393,340.00 27,840.00
06/01/2019 359,000.00 359,000.00 392,000.00 33,000.00
06/01/2020 362,500.00 362,500.00 395,137.50 32,637.50
06/01/2021 360,800.00 360,800.00 397,557.50 36,757.50
06/01/2022 359,000.00 359,000.00 394,067.50 35,067.50
06/01/2023 362,100.00 362,100.00 400,015.00 37,915.00
Total $2,537,244.44 $2,537,244.44 $2,761,107.50 5223,863.06
PV Analysis Summary (Net to Net)
Net PV Cashflow Savings @ 1.495%(AIC)
Net Present Value Benefit
Net PV Benefit / $2,385,000 Refunded Principal
Net PV Benefit / $2,350,000 Refunding Principal
210,950.55
5210,950.55
8.845%
8.977%
Refunding Bond Information
Refunding Dated Date
Refunding Delivery Date
6/29/2016
6/29/2016
16A WIoo 8.605 GO YE NM + Current Refunding 08A 6/ 7/2016 12:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Roll Call.
Agenda, as proposed or amended.
OTHER COUNCIL BUSINESS
1. Motion to receive and file copies of Calls.
,2-.----$8,6 5,000 General Obligation Bonds, Series 2016A
- ogon to receive and file proof of publication of Notice of Sale.
-Resolution directing,sale of $8,6050,000 General Obligation Bonds, Series 2016A
to 2 , - Y 3, X38 , ata rate of ) . (0774 .
/Submitted By: Michelle Weidner, Chief Financial Officer
'3: $1,810,000 General Obligation Bonds, Series 2016B
,-kr-on to receive and file proof of publication of Notice of Sale.
esolution directingsale of $1,810,000 General Obligation Bonds,Series 2016B to
g
I atarate of a,5gi./
Submitted By: Michelle Weidner, Chief Financial Officer
_4l $9,250,000 General Obligation Bonds, Series 2016C
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $9,250,000 General Obligation Bonds, Series 2016C
to , i , S 0( 06 ata rate of .BS6L •
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Suzy Schares, CMC
City Clerk/Human Resource Director
THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Mollenhoff Conference Room
Tuesday, June 7, 2016
4:30 PM
CITY OF WATERLOO
GOALS
1. Support economic development efforts that attract, retain and create quality jobs resulting in a
diverse economic base and increased population
2. Continue to support implementation of the Downtown Master Plan.
3. Facilitate and promote the development of housing options to meet the needs of current and
future Waterloo citizens.
4. Develop a customer -centered service delivery approach.
5. Seek additional opportunities to share services and resources with other government entities.
6. Collaborate with statewide elected officials to reduce the burden on local property taxes.
7. Address the changing public workforce needs in Waterloo.
8. Enhance and protect a diverse, family-oriented community where neighborhoods are safe and
well maintained.
9. Enhance the quality of place opportunities for the citizens of our community
General Rules for Public Participation
1. At the chair/presider's discretion, you may address an item on the current agenda by
stepping to the podium, and after recognition by the chair/presider, state your name, address
and group affiliation (if appropriate) and speak clearly into the microphone.
2. You may speak one (1) time per item for a maximum of five (5) minutes as long as you have
registered with the City Clerk's office no later than 4:00 p.m. on the day of the Council
Meeting. If not registered with the City Clerk's office you may speak one (1) time per item
for a maximum of three (3) minutes.
3. If there is a hearing scheduled as part of an agenda item, the chair/presider will allow
everyone who wishes to address the council, using the same participation guidelines found
in these "general rules".
4. Although not required by city code of ordinances, oral presentations may be allowed at the
chair/presider's (usually the Mayor or Mayor Pro Tern) discretion. The "oral presentations"
section of the agenda is your opportunity to address items not on the agenda. You may speak
one (1) time per item for a maximum of five (5) minutes as long as you have registered with
the City Clerk's office no later than 4:00 p.m. on the day of the Council Meeting. If not
registered with the City Clerk's office a speaker may speak to one (1) issue per meeting for a
maximum of three (3) minutes. Official action cannot be taken by the Council at that time,
but may be placed on a future agenda or referred to the appropriate department.
5. Keep comments germane and refrain from personal, impertinent or slanderous remarks.
6. Questions concerning these rules or any agenda item may be directed to the Clerk's Office
at 291-4323.
7. Citizens are encouraged to register with the Clerk's Office by 4:00 p.m. on Monday of the
day of the City Council meeting to appear before the City Council (may also register by
phone). Registered speakers will be given first priority.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$10,000,000 General Obligation Bonds, Series 2008A
* * * FINAL for Current Refunding 2016 * * *
Total Refunded Debt Service
Date Principal
06/01/2017 300,000.00
06/01/2018 315,000.00
06/01/2019 325,000.00
06/01/2020 340,000.00
06/01/2021 355,000.00
06/01/2022 365,000.00
06/01/2023 385,000.00
Total $2,385,000.00
Coupon
3.550%
3.600%
3.650%
3.700%
3.800%
3.850%
3.900%
Interest Total P+I
88,990.00
78,340.00
67,000.00
55,137.50
42,557.50
29,067.50
15,015.00
$376,107.50
388,990.00
393,340.00
392,000.00
395,137.50
397,557.50
394,067.50
400,015.00
$2,761,107.50
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 6/29/2016
Average Life
Average Coupon
Weighted Average Maturity (Par Basis)
Refunding Bond Information
4.084 Years
3.8616715%
4.084 Years
Refunding Dated Date 6/29/2016
Refunding Delivery Date 6/29/2016
08A Wloo GO for Ref 16 6. I SINGLE PURPOSE 16/ 7/2016 I 2:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Page 7
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$2,350,000 General Obligation Bonds, Series 2016A
*** FINAL - Current Refunding 2008A ***
Debt Service Schedule
Date Principal
06/01/2017 325,000.00
06/01/2018 325,000.00
06/01/2019 325,000.00
06/01/2020 335,000.00
06/01/2021 340,000.00
06/01/2022 345,000.00
06/01/2023 355,000.00
Total $2,350,000.00
Coupon
2.000%
2.000%
2.000%
2.000%
2.000%
2.000%
2.000%
Interest Total P+l
43,344.44
40,500.00
34,000.00
27,500.00
20,800.00
368,344.44
365,500.00
359,000.00
362,500.00
360,800.00
14,000.00
7,100.00
$187,244.44
359,000.00
362,100.00
$2,537,244.44
Yield Statistics
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
$9,362.22
3.984 Years
2.0000000%
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
1.3147016%
1.2903428%
All Inclusive Cost (AIC)
1.5740955%
1.4953106%
IRS Form 8038
Net Interest Cost
Weighted Average Maturity
1.0890547%
4.006 Years
16A Wloo 8.605 GO TE NM + I Current Refunding 08A f 6i 7/2016 2:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Page 3
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$2,350,000 General Obligation Bonds, Series 2016A
* * * FINAL - Current Refunding 2008A * *
Debt Service Comparison
Date Total P+l Net New DIS Old Net D/S Savings
06/01/2017 368,344.44 368,344.44 388,990.00 20,645.56
06/01/2018 365,500.00 365,500.00 393,340.00 27,840.00
06/01/2019 359,000.00 359,000.00 392,000.00 33,000.00
06/01/2020 362,500.00 362,500.00 395,137.50 32,637.50
06/01/2021 360,800.00 360,800.00 397,557.50 36,757.50
06/01/2022 359,000.00 359,000.00 394,067.50 35,067.50
06/01/2023 362,100.00 362,100.00 400,015.00 37,915.00
Total $2,537,244.44 $2,537,244.44 $2,761,107.50 $223,863.06
PV Analysis Summary (Net to Net)
Net PV Cashflow Savings @ 1.495%(AIC)
Net Present Value Benefit
Net PV Benefit / $2,385,000 Refunded Principal
Net PV Benefit / $2,350,000 Refunding Principal
210,950.55
$210.950.55
8.845%
8.977%
Refunding Bond Information
Refunding Dated Date
6/29/2016
Refunding Delivery Date 6/29/2016
16A Woo 8.605 GO TE NM + I Current Refunding 08A 16/ 7/2016 I 2:09 PM
Speer Financial, Inc.
Registered Municipal Advisor
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY BARBARA MARK
McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER CHEVALIER JERETINA
Chairmen: President Executive VP Senior VP Senior VP Senior VP Vice President Vice President rice President
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $8,605,000 General Obligation Bonds, Series 2016A. There
were four bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of Robert W. Baird & Co., Milwaukee,
Wisconsin, is the best bid received, and it is further our opinion that the bid is favorable to the
City and should be accepted. We therefore recommend that the Series 2016A Bonds be awarded
to that bidder at a price of $8,788,938.50, being at a true interest rate of 1.6994%.
A portion of the Series 2016A Bonds will be used to currently refund $2,385,000 of the Series
2008A Bonds. By the City choosing to currently refund the Series 2008A Bonds, the City will
realize a gross savings of $223,863.06, with a net present value saving of $210,950.55 or 8.845%
of the principal amount of the Refunded Bonds.
True
Account Managers Interest Rate
Robert W. Baird & Co., Milwaukee, Wisconsin 1.6994%
Raymond James & Associates, Inc., Grosse Pointe Farms, Michigan 1.7100%
BOSC, Inc., Menomonee Falls, Wisconsin 1.7172%
Citigroup, Dallas, Texas 1.7865%
LPB/mr
Respectfully submitted,
SPEER FINANCIAL,
rry P`:, urger, Vic esident
Enclosures
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608. 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
U.S. PUBLIC FINANCE
MOODY'S
INVESTORS SERVICE
CREDIT OPINION
26 May 2016
New Issue
Rate this Research
m
Contacts
Coley J Anderson 312-706-9961
Analyst
coley.anderson@moodys.com
Matthew Butler 312-706-9970
Vice President
matthew.butler@moodys.com
City of Waterloo, IA
New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds
Series 2016A -C
Summary Rating Rationale
Moody's Investors Service has assigned a Aa2 rating to the City of Waterloo, IA's $8.6
million General Obligation Bonds, Series 2016A, $1.8 million Taxable General Obligation
Bonds, Series 2016B, and $9.3 million Taxable General Obligation Urban Renewal Bonds,
Series 2016C. Moody's maintains a Aa2 rating on the city's outstanding general obligation
unlimited tax (GOULT) debt. With the current offerings, the city will have $98.2 million in
GOULT debt.
The Aa2 rating is indicative of the city's large tax base that serves as a regional economic
center in eastern Iowa (Aaa stable), sound financial profile characterized by prudent
management and healthy reserves, and above average debt and pension burdens.
Credit Strengths
» Large and diverse tax base that serves as a regional economic center in eastern Iowa
» Sound financial management that has resulted in consecutive operating surpluses and
maintenance of healthy reserves
Credit Challenges
» Elevated debt and pension liabilities
Below average socioeconomic profile
Rating Outlook
Outlooks are generally not assigned to local government credits with this amount of debt.
Factors that Could Lead to an Upgrade
» Expansion of the city's tax base and improvement in socioeconomic indices
» Growth in available operating reserves and liquidity
Moderation of the city's debt burden
Factors that Could Lead to a Downgrade
» Deterioration of the tax base to a level inconsistent with similarly rated entities
» Material declines in the city's financial reserves
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
» Growth in the city's debt or pension burden
Key Indicators
Exhibit 1
Waterloo (City of) IA
2011 2012 2013 2014 2015
Economy/Tax Base
Total Full Value ($000)
$ 3,762,278 $ 3,800,462 $ 3,661,431 $ 3,700,187 $ 3,800,627
Full Value Per Capita
$ 54,999 $ 55,557 $ 53,525 $ 54,092 $ 55,560
Median Family Income (% of US Median)
76.1% 77.6% 80.0% 80.4% 80.4%
Finances
Operating Revenue ($000) $ 57,743 $ 58,441 $ 60,536 $ 61,967 $ 62,739
Fund Balance as a % of Revenues 29.8% 30.2% 29.3% 29.4% 29.0%
Cash Balance as a % of Revenues 35.4%
32.5% 33.3%
36.6% 32.7%
Debt/Pensions
Net Direct Debt ($000) $ 66,249 $ 69,746 $ 72,673 $ 80,296 $ 100,008
Net Direct Debt / Operating Revenues (x) 1.1x 1.2x 1.2x 1.3x 1.6x
Net Direct Debt / Full Value (%) 1.8% 1.8% 2.0% 2.2% 2.6%
Moody's - adjusted Net Pension Liability (3 -yr average) to Revenues (x)
Moody's - adjusted Net Pension Liability (3 -yr average) to Full Value (%)
N/A 1.8x 2.0x 2.1x 2.0x
N/A 2.8% 3.3% 3.6% 3.3%
Following the current sale, the city's direct debt will total $100 million or 2.6% of full valuation and 1.6 times operating revenues.
Source: Audited Financial Statements
Recent Developments
Since the city's last rating report on June 3, 2015, the city released its fiscal 2015 audited financial statements that show little change
in available operating fund balance from the prior year. A modest draw on reserves has been budgeted for fiscal 2016, which closes on
June 30, 2016. Additionally, tax base growth of 2.7% in assessment year 2015 increased the city's full valuation to $3.8 billion.
Detailed Rating Considerations
Economy and Tax Base: Large Tax Base In Eastern Iowa Serves As Regional Economic Center
We expect the city's tax base and economic profile to continue to benefit from the city's role as a regional commercial and industrial
hub. Waterloo is located in eastern Iowa's Black Hawk County (Aa2), approximately 50 miles northwest of the City of Cedar
Rapids (Aal stable). The city's tax base grew 2.7% to $3.8 billion in assessment year 2015. Over the last five years, annual tax base
growth averaged a modest 1.0%. While tax base growth has been relatively modest, management notes commercial and industrial
development continues to accelerate. The city has also had success in recent years driving residential growth through the application
of its property tax abatement program. The city offers a three year property tax abatement to new single family homes. Officials
note that residential building permits issued in March 2016 represent an all time high for the city. Total building permit activity has
increased each year dating back to 2012, including increases of 8%, 15% and 4% in 2013, 2014 and 2015 respectively. Median family
income in the city is estimated at 80.4% of the national figure.
Despite layoffs in recent years, Deere and Company (A2 stable) remains the city's largest taxpayer (2.0%) and employer with
employment of about 5,600 in three separate facilities within the city. Deere and Company has invested $915 million in the Waterloo
area since 2010, increasing manufacturing capacity by 25%. Additionally, construction is underway on Tech Works Green Hotel, a
$30 million 170 room Courtyard by Marriot hotel and corporate training center. The corporate training center will be leased by a
private developer to Deere and Company. The city is also home to a stable health care and education presence that includes Wheaton
Franciscan Healthcare and Allen Memorial Hospital, as well as the main campus of Hawkeye Community College (Aal). The city's
economy is also tied closely to that of its adjacent neighbor, the city of Cedar Falls (Aal), which is home to the University of Northern
Iowa (Al stable).
This publication does not announce a credit rating action For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on
www.moodys.com for the most updated credit rating action information and rating history.
2 26 May 2016 City of Waterloo, IA. New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Financial Operations and Reserves: Sound Financial Profile Driven By Prudent Management and Ample Reserves
The city's financial position is currently healthy and operations have remained positive for a number of consecutive years. The city
recorded a sixth consecutive surplus across major operating funds (general, trust and agency, debt service) in fiscal 2015 and closed
the year an available fund balance of $18.2 million, or 29% of revenue. The available balance is net of $9.1 million in reserves restricted
for self-funded health insurance, tourism promotion and other city functions. For fiscal 2016, the city budgeted a modest draw on
operating fund reserves of $500,000 due to a property tax settlement with IOC Black Hawk County, Inc. (Isle Casino Hotel). The city
does not anticipate additional property appeals at this time.
The city maintains some enterprise risk due to its operation of the Cedar Valley SportsPlex. The 125,000 square foot facility was
financed through a combination of private donations and grants from the Black Hawk County Gaming Association. The city acquired
the property and signed a lease purchase agreement to operate the facility for $100 per year from the Waterloo Development
Corporation. The city's Leisure Services department operates the facility. The annual budget for the SportsPlex is approximately $1.1
million or less than 2% of total operating revenues. In fiscal 2015, the SportsPlex ran an operating surplus of $27,000. For fiscal 2016,
the city expects the facility to end the year with another operating surplus of approximately $75,000.
LIQUIDITY
The city closed fiscal 2015 with net cash and investments in its operating funds of $20.5 million and 32.7% of operating fund revenues.
Similar levels of liquidity are expected to be maintained going forward.
Debt and Pensions: Above Average Debt and Pension Burdens
The city carries above average debt and pension burdens. Inclusive of the current offering, Waterloo's direct debt burden is $100
million, equivalent to 2.6% of full valuation and 1.6 times operating fund revenues. Net of debt expected to be paid from revenues of
the city's sewer utility, the city's direct debt burden is reduced to 1.9% of full valuation and 1.2 times operating revenues. The city's
adjusted net pension liability (ANPL), calculated under our methodology for adjusting reported pension information, is $128 million, or
3.4% of full valuation and 2.1 times operating revenue. Debt service expenditures of $11.4 million in 2015 were 18% of operating fund
revenue. Total fixed costs, inclusive of debt service, pension and OPEB expenditures) were a high 30% of operating fund revenue.
By 2021, the city's outstanding general obligation debt is expected to decrease from its current position of $98.2 million to $89.3
million. Going forward, the city plans to issue sewer revenue debt and access state revolving fund loans instead of issuing general
obligation bonds for sewer projects.
DEBT STRUCTURE
All of the city's debt is fixed rate and set to be retired by 2036. Amortization of existing debt is rapid, as 88% of outstanding principal is
scheduled to be retired over the next ten years.
DEBT -RELATED DERIVATIVES
The city has no derivative exposure.
PENSIONS AND OPEB
City employees are members of either the Iowa Public Employees Retirement System (IPERS) or Municipal Fire and Police Retirement
System of Iowa (MFPRSI), both multi-employer cost-sharing pension plans. The city's total contribution to the plans in fiscal 2015 was
$6.5 million. Net of contributions by self-supporting business enterprises, the city paid $5.8 million, or 9.2% of operating fund revenue.
Our ANPL for the city, noted above, reflects certain adjustments we make to improve comparability of reported pension liabilities. The
adjustments are not intended to replace the city's reported liability information, but to improve comparability with other rated entities.
Through fiscal 2014, the ANPL is based upon our allocation of the reported unfunded liabilities of the plans based on the city's share of
contributions. The plans allocated 2015 shares based on GASB 68 accounting standards.
The city sponsors a single -employer health care plan that provides self-insured medical, prescription drug, dental and vision benefits to
all active and retired employees and their eligible dependents. Management develops the health insurance plan contributions based on
expected claims. The plan is funded on a pay-as-you-go basis. Retirees are responsible for the portion of premium rates not covered by
the city. For fiscal 2015, the city contributed $1.5 million or 2% of operating revenues to the plan. As of July 1, 2013, the most recent
actuarial valuation date, the unfunded actuarial accrued liability (UAAL) was $22.7 million.
26 May 2016 City of Waterloo, IA. New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2
A_C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Management and Governance: Very Strong Institutional Framework, Moderate Revenue Raising Flexibility and Prudent
Management
Iowa cities have an institutional framework score of "Aaa," or very strong. Property taxes, which are the primary revenue stream, are
highly predictable despite recent property tax reform. Even with property tax caps on general and emergency levies, cities have strong
revenue -raising flexibility due to various additional levies, including an unlimited levy for employee benefits. Expenditures mostly
consist of personnel costs, which are highly predictable. Cities have a moderate ability to reduce expenditures due to the presence of
employee unions. Many cities have elevated debt and pension burdens, but these liabilities are generally funded with unlimited tax
levies.
At 60% in fiscal 2015, property taxes account for a majority of operating revenues. The city taxes at its general fund levy limit of $8.10
per $1,000 of taxable valuation and continues to fully utilize the $0.27 emergency levy. The city maintains flexibility to increase its
employee benefits levy as it is not currently levying the full amount. As of fiscal 2016, the city maintained $2.0 million of room under
the employee benefits levy. The city implemented a 2% franchise fee on electric and gas utilities on July 1, 2013 and increased the fee
to 3% on July 1, 2014. The increased fee generates $2.5 million annually. The city could raise the fee up to 5% if necessary. Voters also
recently renewed the city's 1% local option sales tax (LOST) that generates approximately $10 million annually and is designated for
street construction and improvements, which reduces the city's need to borrow for capital improvements going forward.
Waterloo's management team has a history of positive budget to actual variances for both operating revenues and expenditures.
The city has a formal policy of maintaining general fund cash reserves equivalent to at least 5% of revenues. Officials also report an
informal target of achieving an unassigned general fund balance of 25% of revenues, compared to the 22% of revenue it closed with in
fiscal 2015.
Legal Security
The city's GOULT debt, including the current issuance, is ultimately secured by a dedicated property tax levy, unlimited as to rate and
amount.
Use of Proceeds
Proceeds from the Series 2016A, 2016B and 2016C bonds will be used to finance various capital and urban renewal projects and vehicle
acquisitions. The remaining $2.4 million will be used to refund the city's Series 2008A bonds for an expected net present value savings.
Obligor Profile
The City of Waterloo is located in northeastern Iowa, approximately 50 miles northwest of Cedar Rapids. The city provides a variety of
municipal services to a population of approximately 68,000 residents.
Methodology
The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. Please see
the Ratings Methodologies page on www.moodys.com for a copy of this methodology.
4 26 May 2016 City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
Ratings
Exhibit 2
Waterloo (City of) IA
Issue
Rating
General Obligation Bonds, Series 2016A Aa2
Rating Type Underlying LT
Sale Amount $8,605,000
Expected Sale Date 06/07/2016
Rating Description General Obligation
Taxable General Obligation Bonds, Series 2016B Aa2
Rating Type Underlying LT
Sale Amount $1,810,000
Expected Sale Date 06/07/2016
Rating Description General Obligation
Taxable General Obligation Urban Renewal Aa2
Bonds, Series 2016C
Rating Type Underlying LT
Sale Amount 59,250,000
Expected Sale Date 06/07/2016
Rating Description General Obligation
Source: Moody's Investors Service
26 May 2016 City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to Waterloo, IA's GO Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE U.S. PUBLIC FINANCE
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REPORT NUMBER 1028276
6 26 May 2016
City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to 'SVaterluo, IA's 00 Bonds Series 2016A -C
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
Contacts
Coley J Anderson,
Analyst
coley anderson@moodys.com
MOODY'S
INVESTORS SERVICE
312-706-9961
Matthew Butter
Vice President
matthewbutter@moodys.com
CLIENT SERVICES
312-706-9970 Americas
Asia Pacific
Japan
EM EA
1-212-553-1653
852-3551-3077
81-3-5408-4100
44-20-7772-5454
7 26 May 2016 City of Waterloo, IA: New Issue - Moody's Assigns Aa2 to Waterloo, As CC Bonds Series 2016A -C
Ur INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
Speer Financial, Inc.
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$8,605,000*General Obligation Bonds, Series 2016A
Date of Sale: June 7, 2016
Average Life: 7.073 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
Robert W. Baird & Co., 102.137% 2017 - 2030 2.000% 1.6994%
Milwaukee, Wisconsin $8,788,938.50 2031 2.250% $1,051,183
Robert W. Baird & Co., Inc.
C.L. King & Associates WMBE
Cronin & Co., Inc.
Vining -Sparks IBG, Limited Partnership
Edward Jones
UMB Bank,N.A.
Northland Securities, Inc.
Crews & Associates, Inc.
Ross, Sinclaire & Associates, LLC
SAMCO Capital Markets
Coastal Securities, Inc.
WNJ Capital
Davenport & Co. L.L.C.
Duncan -Williams, Inc.
Country Club Bank
Oppenheimer & Co.
Bernardi Securities, Inc.
Sierra Pacific Securities
Alamo Capital WMBE
SumRidge Partners
Loop Capital Markets
IFS Securities
Wayne Hummer & Co.
R. Seelaus & Company., Inc.
Rafferty Capital Markets
First Empire Securities
W.H. Mell Associates
Central States Capital Markets
D.A. Davidson & Co.
Dougherty & Company, LLC
Wedbush Securities Inc.
wr INDEPENDENT MUNICIPAL ADVISORS
Speer Financial, Inc.
Page 2
True
Bidders* Price Maturities Rates Interest**
Raymond James & Associates, Inc., 102.137% 2017 - 2029 2.000% 1.7100%
Grosse Pointe Farms, Michigan $8,785,534.70 2030 2.100% $1,057,479
2031 2.200%
BOSC, Inc., 101.910% 2017 - 2030 2.000% 1.7172%
Menomonee Falls, Wisconsin $8,769,366.90 2031 2.100% $1,060,010
Citigroup 101.730% 2017 - 2029 2.000% 1.7865%
Dallas, TX $8,753,907.45 2030 - 2031 2.250% $1,102,398
*Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$8,605,000 General Obligation Bonds, Series 2016A
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P+l Fiscal Total
06/29/2016 - - -
12/01/2016 - 73,171.11 73,171.11 -
06/01/2017 705,000.00 2.000% 86,650.00 791,650.00 864,821.11
12/01/2017 - 79,600.00 79,600.00 -
06/01/2018 705,000.00 2.000% 79,600.00 784,600.00 864,200.00
12/01/2018 - - 72,550.00 72,550.00
06/01/2019 710,000.00 2.000% 72,550.00 782,550.00 855,100.00
12/01/2019 65,450.00 65,450.00
06/01/2020 725,000.00 2.000% 65,450.00 790,450.00 855,900.00
12/01/2020 - - 58,200.00 58,200.00 -
06/01/2021 735,000.00 2.000% 58,200.00 793,200.00 851,400.00
12/01/2021 - 50,850.00 50,850.00
06/01/2022 745,000.00 2.000% 50,850.00 795,850.00 846,700.00
12/01/2022 - 43,400.00 43,400.00
06/01/2023 760,000.00 2.000% 43,400.00 803,400.00 846,800.00
12/01/2023 - 35,800.00 35,800.00
Call 06/01/2024 405,000.00 2.000% 35,800.00 440,800.00 476,600.00
12/01/2024 - - 31,750.00 31,750.00 -
06/01/2025 415,000.00 2.000% 31,750.00 446,750.00 478,500.00
12/01/2025 - 27,600.00 27,600.00 -
06/01/2026 425,000.00 2.000% 27,600.00 452,600.00
12/01/2026 - 23,350.00 23,350.00
06/01/2027 430,000.00 2.000% 23,350.00 453,350.00
12/01/2027 - - 19,050.00 19,050.00
06/01/2028 445,000.00 2.000% 19,050.00 464,050.00
480,200.00
476,700.00
483,100.00
12/01/2028 - - 14,600.00 14,600.00
06/01/2029 455,000.00 2.000% 14,600.00 469,600.00
12/01/2029 - - 10,050.00 10,050.00
06/01/2030 465,000.00 2.000% 10,050.00 475,050.00
12/01/2030 - - 5,400.00 5,400.00
06/01/2031 480,000.00 2.250% 5,400.00 485,400.00
Total $8,605,000.00 $1,235,121.11 $9,840,121.11
484,200.00
485,100.00
490,800.00
Yield Statistics
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
$60,860.72
7.073 Years
2.0294224%
1.7271938%
1.6994578%
1.5740955%
1.8008776%
Net Interest Cost
Weighted Average Maturity
16A Wloo 8.605 GO TE NM + I Issue Summary I 6/ 7/2016 1 2:08 PM
Speer Financial, Inc.
Registered Municipal Advisor
1.5851319%
7.048 Years
Page 1
• Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY BARBARA MARK
McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER CHEVALIER JERETINA
Chairman President Lkrecun,e VP Sertnrr I7' Senior EP Senior VP I'Me Prestdetn rice President E"ice President
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $1,810,000 Taxable General Obligation Bonds, Series 2016B.
There were three bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of Piper Jaffray, Minneapolis, Minnesota, is
the best bid received, and it is further our opinion that the bid is favorable to the City and should
be accepted. We therefore recommend that the Series 2016B Bonds be awarded to that bidder at
a price of $1,797,963.50, being at a true interest rate of 2.5961%.
True
Account Managers Interest Rate
Piper Jaffray, Minneapolis, Minnesota 2.5961%
Robert W. Baird & Co., Milwaukee, Wisconsin 2.6165%
BOSC, Inc., Menomonee Falls, Wisconsin 2.6176%
Respectfully submitted,
SPEER FINANCIAL, INC.
LPB/mr
Enclosures
rry - . urger
Vice • esident
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608. 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
LgerSpeer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$1,810,000 Taxable General Obligation Bonds, Series 2016B
Date of Sale: June 7, 2016
Average Life: 8.461 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
Piper Jaffray 99.335% 2017 0.800% 2.5961%
Minneapolis, Minnesota $1,797,963.50 2018 0.950% $399,390
2019 1.200%
2020 1.450%
2021 1.650%
2022 1.850%
2023 2.000%
2024 2.150%
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
Robert W. Baird & Co.
Milwaukee, Wisconsin
99.751% 2017 - 2023 2.000% 2.6165%
$1,805,498.50 2024 2.150% $402,627
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS
Page 2
Bidders* Price Maturities Rates Interest**
BOSC, Inc. 99.413% 2017 - 2023 2.000% 2.6176%
Menomonee Falls, Wisconsin $1,799,386.10 2024 2.100% $401,731
2025 2.200%
Suntrust 2026 2.400%
2027 2.550%
2028 2.750%
2029 2.850%
2030 2.950%
2031 3.000%
`Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$1,810,000 Taxable General Obligation Bonds, Series 2016B
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/29/2016 - - - -
12/01/2016 - 16,538.44 16,538.44 -
06/01/2017 105,000.00 0.800% 19,585.00 124,585.00 141,123.44
12/01/2017 - - 19,165.00 19,165.00 -
06/01 /2018 100,000.00 0.950% 19,165.00 119,165.00 138,330.00
12/01/2018 - - 18,690.00 18,690.00 -
06/01/2019 105,000.00 1.200% 18,690.00 123,690.00 142,380.00
12/01/2019 - - 18,060.00 18,060.00 -
06/01/2020 105,000.00 1.450% 18,060.00 123,060.00 141,120.00
12/01/2020 - - 17,298.75 17,298.75 -
06/01/2021 110,000.00 1.650% 17,298.75 127,298.75
12/01/2021 - 16,391.25 16,391.25
06/01/2022 110,000.00 1.850% 16,391.25 126,391.25
12/01/2022 - 15,373.75 15,373.75
06/01/2023 115,000.00 2.000% 15,373.75 130,373.75
12/01/2023 - 14,223.75 14,223.75
Call 06/01/2024 115,000.00 2.150% 14,223.75 129,223.75
12/01/2024 12,987.50 12,987.50
06/01/2025 120,000.00 2.300% 12,987.50 132,987.50
12/01/2025 - - 11,607.50 11,607.50
144,597.50
142,782.50
145,747.50
143,447.50
145,975.00
06/01/2026 125,000.00 2.450% 11,607.50 136,607.50 148,215.00
12/01/2026 - 10,076.25 10,076.25
06/01/2027 130,000.00 2.600% 10,076.25 140,076.25 150,152.50
12/01/2027 - ' 8,386.25 8,386.25
06/01/2028 135,000.00 2.750% 8,386.25 143,386.25 151,772.50
12/01/2028
06/01/2029
12/01/2029
06/01/2030
12/01/2030
- 6,530.00 6,530.00
140,000.00 2.900% 6,530.00 146,530.00
- 4,500.00 4,500.00
145,000.00 3.000% 4,500.00 149,500.00
- 2,325.00 2,325.00
153,060.00
154,000.00
06/01/2031
Total
150,000.00
$1,810,000.00
3.100% 2,325.00 152,325.00 154,650.00
5387,353.44 $2,197,353.44
Yield Statistics
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
$15,314.22
8.461 Years
2.5293706%
2.6079675%
2.5961575%
2.5065558%
2.7338613%
Net Interest Cost
Weighted Average Maturity
168 Wloo 1.810m GO Tax NM I SINGLE PURPOSE 1 6/ 7/2016 I 3:03 PM
Speer Financial, Inc.
Registered Municipal Advisor
2.5293706%
8.461 Years
Page 1
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY BARBARA MARK
McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER CHEVALIER JERETINA
Chairman President Executive VP Senior VP Senior VP Senior VP Vice President Vice President Vice President
June 7, 2016
The Honorable Quentin M. Hart, Mayor
And Members of the City Council
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Dear Mayor Hart and Council Members:
Bids were received today for the $9,250,000 Taxable General Obligation Urban Renewal
Bonds, Series 2016C. There were five bids received, which are listed at the bottom of this letter.
Upon examination, it is our opinion that the bid of FTN Financial Capital Markets, Memphis,
Tennessee, is the best bid received, and it is further our opinion that the bid is favorable to the
City and should be accepted. We therefore recommend that the Series 2016C Bonds be awarded
to that bidder at a price of $9,200,581.90, being at a true interest rate of 2.8556%.
True
Account Managers Interest Rate
FTN Financial Capital Markets, Memphis, Tennessee 2.8556%
Robert W. Baird & Co., Milwaukee, Wisconsin 2.8837%
BOSC, Inc., Menomonee Falls, Wisconsin 2.9209%
Piper Jaffray, Minneapolis, Minnesota 2.9694%
Raymond James & Associates, Inc., Grosse Pointe Farms, Michigan 2.9977%
Respectfully submitted,
SPEER FINANCIAL, INC.
L
;resident
L• y urger, Vice
LPB/cn
Enclosures
SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833
SUITE 608. 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954
Sr'
Speer Financial, Inc.
SUITE 608 • 531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-8628
Investment Rating:
Moody's Investors Service ... Aa2
CITY OF WATERLOO
Black Hawk County, Iowa
$9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C
Date of Sale: June, 7, 2016
Average Life: 11.578 Years
(Based on TIC)
True
Bidders* Price Maturities Rates Interest**
FTN Financial Capital Markets, 99.465% 2017 0.900% 2.8556%
Memphis, Tennessee $9,200,581.90 2018 1.100% $3,081,057
2019 1.200%
2020 1.500%
2021 1.650%
2022 1.900%
2023 2.050%
2024 2.200%
2025 2.300%
2026 2.400%
2027 2.500%
2028 2.600%
2029 2.700%
2030 2.800%
2031 2.900%
2032 3.000%
2033 3.100%
2034 3.200%
2035 3.300%
2036 3.400%
11 Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS
Page 2
Bidders* Price Maturities Rates Interest**
Robert W. Baird & Co., 99.787% 2017 - 2023 2.000% 2.8837%
Milwaukee, Wisconsin $9,230,346 2024 2.050% $3,113,804
2025 2.200%
2026 2.350%
2027 2.500%
2028 2.650%
2029 2.800%
2030 2.900%
2031 3.000%
2032 3.100%
2033 3.200%
2034 3.250%
2035 3.300%
2036 3.350%
BOSC, Inc.,
Menomonee Falls, Wisconsin
Stifel Nicolaus & Co.
Suntrust
Piper Jaffray,
Minneapolis Minnesota
99.352% 2017 0.750% 2.9209%
$9,190,094.40 2018 1.000% $3,147,926
2019 -2023 2.000%
2024 2.050%
2025 2.150%
2026 2.300%
2027 2.500%
2028 2.700%
2029 2.800%
2030 2.900%
2031 2.950%
2032 3.050%
2033 3.150%
2034 3.250%
2035 3.350%
2036 3.450%
99.440% 2017 0.800% 2.9694%
$9,198,200.00 2018 0.950% $3,206,215
2019 1.200%
2020 1.450%
2021 1.650%
2022 1.850%
2023 2.000%
2024 2.150%
2025 2.300%
2026 2.450%
2027 2.600%
2028 2.750%
2029 2.900%
2030 3.000%
2031 3.100%
2032 3.200%
2033 3.300%
2034 3.350%
2035 3.400%
2036 3.450%
if Speer Financial, Inc.
ij/ INDEPENDENT MUNICIPAL ADVISORS
Page 3
Bidders* Price Maturities Rates Interest**
Raymond James & Associates, Inc., 99.311% 2017 1.000% 2.9977%
Grosse Pointe Farms, Michigan $9,186,332.10 2018 - 2022 2.000%
$3,223,518
2023 2.100%
2024 2.250%
2025 2.410%
2026 2.500%
2027 2.600%
2028 2.850%
2029 3.000%
2030 3.050%
2031 3.150%
2032 3.200%
2033 - 2036 3.250%
*Syndicate information is provided by the underwriter. The information contained in this report is the most current available.
**The true interest rate reflects the time value of money where dollars spent in early years have a greater weight than dollars spent in later years.
•
SPEER FINANCIAL, INC.
City of Waterloo, Iowa
$9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2016C
*** FINAL ***
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/29/2016 -
12/01/2016 96,727.94 96,727.94
06/01/2017 365,000.00 0.900% 114,546.25 479,546.25 576,274.19
12/01/2017 - - 112,903.75 112,903.75 -
06/01/2018 340,000.00 1.100% 112,903.75 452,903.75 565,807.50
12/01/2018 111,033.75 111,033.75 -
06/01/2019 350,000.00 1.200% 111,033.75 461,033.75 572,067.50
12/01/2019 - - 108,933.75 108,933.75 -
06/01/2020 360,000.00 1.500% 108,933.75 468,933.75 577,867.50
12/01/2020 - 106,233.75 106,233.75 -
06/01/2021 370,000.00 1.650% 106,233.75 476,233.75 582,467.50
12/01/2021 - 103,181.25 103,181.25 -
06/01/2022 380,000.00 1.900% 103,181.25 483,181.25 586,362.50
12/01/2022 - 99,571.25 99,571.25 -
06/01/2023 395,000.00 2.050% 99,571.25 494,571.25 594,142.50
12/01/2023 - - 95,522.50 95,522.50 -
06/01/2024 405,000.00 2.200% 95,522.50 500,522.50 596,045.00
12/01/2024 - 91,067.50 91,067.50 -
Call 06/01/2025 420,000.00 2.300% 91,067.50 511,067.50 602,135.00
12/01/2025 - 86,237.50 86,237.50 -
06/01/2026 435,000.00 2.400% 86,237.50 521,237.50 607,475.00
12/01/2026 - - 81,017.50 81,017.50 -
06/01/2027 450,000.00 2.500% 81,017.50 531,017.50 612,035.00
12/01/2027 - 75,392.50 75,392.50 -
06/01/2028 470,000.00 2.600% 75,392.50 545,392.50 620,785.00
12/01/2028 - - 69,282.50 69,282.50
06/01/2029 485,000.00 2.700% 69,282.50 554,282.50 623,565.00
12/01/2029 - - 62,735.00 62,735.00 -
06/01/2030 505,000.00 2.800% 62,735.00 567,735.00 630,470.00
12/01/2030 - - 55,665.00 55,665.00 -
06/01/2031 525,000.00 2.900% 55,665.00 580,665.00 636,330.00
12/01/2031 - 48,052.50 48,052.50 -
06/01/2032 550,000.00 3.000% 48,052.50 598,052.50 646,105.00
12/01/2032 - - 39,802.50 39,802.50 -
06/01/2033 570,000.00 3.100% 39,802.50 609,802.50 649,605.00
12/01/2033 - - 30,967.50 30,967.50 -
06/01/2034 595,000.00 3.200% 30,967.50 625,967.50 656,935.00
12/01/2034 - - 21,447.50 21,447.50 -
06/01/2035 625,000.00 3.300% 21,447.50 646,447.50 667,895.00
12/01/2035 - - 11,135.00 11,135.00 -
06/01/2036
Total
655,000.00
$9,250,000.00
3.400%
11,135.00
53,031,639.19
666,135.00
$12,281,639.19
677,270.00
Yield Statistics
Bond Year Dollars
Average Life
Average Coulon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS Form 8038
$ 107,095.56
11.578 Years
2.8307796%
2.8769236%
2.8556908%
2.7997923%
2.9196811%
Net Interest Cost
Weighted Average Maturity
16C Wloo 9.250m GO UR Tax 1 SINGLE PURPOSE 16/ 7/2016 1 2:48 PM
Speer Financial, Inc.
Registered Municipal Advisor
2.8307796%
11.578 Years
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