HomeMy WebLinkAboutCouncil Packet - 5/22/2018 4:30 p.m. THE CITYCOUNCIL OF THE CITYOF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Harold E. Getty Council Chambers
Tuesday, May 22, 2018
4:30 PM
CITY OF WATERLOO
GOALS
1. Support the creation of new, livable wage jobs through a balanced economic
development approach of assisting existing businesses,fostering start-ups, attracting
new employers and cultivating an adequate workforce.
2. Implement a Community Policing strategy that creates a safe environment in
Waterloo.
3. Reduce the City's property tax levies through a responsible balance of cost reduction
in City operations and increases in taxable property valuations to ensure that
Waterloo is a competitive, affordable, and livable city.
4. Enhance the image of Waterloo and the City to residents and businesses inside and
outside of the 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.
Page 1 of 16
Roll Call.
Agenda, as proposed or amended.
Presentation by Speer Financial.
RESOLUTIONS
1. Resolution authorizing the redemption of outstanding General Obligation Bonds, Series
2010A (Taxable Build America Bonds), dated June 29, 2010 and directing Notice of
Redemption be given.
Submitted By: Michelle Weidner, Chief Financial Officer
OTHER COUNCIL BUSINESS
2. Motion to receive and file copies of Calls.
Submitted By: Michelle Weidner, Chief Financial Officer
3. $10,505,000 General Obligation Bonds, Series 2018A.
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $10,505,000 General Obligation Bonds, Series 2018A to
at a rate of %.
Submitted By: Michelle Weidner, Chief Financial Officer
4. $1,070,000 Taxable General Obligation Bonds, Series 2018B.
Motion to receive and file proof of publication of Notice of Sale.
Resolution directing sale of $1,070,000 Taxable General Obligation Bonds, Taxable
Series 2018B to at a rate of %.
Submitted By: Michelle Weidner, Chief Financial Officer
ADJOURNMENT
Motion to adjourn.
Kelley Felchle
City Clerk
Page 2 of 16
CITY OF WATERLOO
Council Communication
Presentation by Speer Financial.
City Council Meeting: 5/22/2018
Prepared: 5/17/2018
REVIEWERS:
Department Reviewer Action Date
1,n'Yiar)ee Wekfiier, Michelle Approved 5X7/2018 10-03 PM
llerk Office Even m, L-eAxa) Approved 5/18/2018 11 17 AM
ATTACHMENTS:
Description Type
D Moody's Rating Courrrcil Coii/ni/n Covet melalo
D Moody's Credit OpIlriiori May 2018 Covet Menlo
D Waterloo GO Bond Raflng 1.1.1story (."oNleir Memo
D
Moody's "lluirt Covc.r Me.rn-io
SUBJECT: Presentation by Speer Financial.
Submitted by: Submitted By: Michelle Weidner, Chief Financial Officer
Page 3 of 16
CITY OF WATERLOO , IOWA
City rk and Finance Department
715 Mulberry St. 9 Waterloo, IA 50703 ® (319)291-4323 Fax(319)291-4571
KELLEY FELCHLE v City Clerk. MICHELLE WEIDNER,CPA + Chief Financial C)fficer
Mavor TO: Mayor Hart
QUENTIN City Council Members
HART
DATE: May 17, 2018
COUNCIL FROM: Michelle Weidner, Chief Financial Officer
MEMBERS
......°°°°°°°°°°°° RE: Moody's Bond Rating
MARGARET We received notification that Moody's has maintained the City's bond rating at Aa2 for the
KI-EIN general obligation bond issues that are being sold this fiscal year, as well as for all other
Ward l outstanding general obligation bonds. This designation maintains the City's bonds in the
BRUCE medium range of the high quality category.
JAC OBS
Ward Z The City's bond rating can be described as the City's credit score. It is used by potential
investors to determine the risk they take if they choose to invest in City bonds. The City can
PATRICK expect lower interest rates for bonds sold because we are in the high quality category. At
MORRISSEY Speer's recommendation, we again chose not to purchase bond insurance for this issue,
Ward 3
which makes the underlying rating on the bonds more important. Bidders will be able to
.1ER0ME purchase insurance directly if they choose and then incorporate that cost into their bid.
AMOS,JR.
Ward 4 Attached is a copy of the rating letter from Moody's. Moody's report states that "the Aa2
rating reflects the city's role as an employment hub in eastern Iowa, moderately sized and
CHRIS
stable tax base, sound financial profile, and above average debt and pension burden."
Ward s Moody's also states that"the city's financial position is strong with stable operations and
healthy reserves".
SHARON
JUON
At-Large Moody's focuses particularly on the unassigned general fund balance, identifying it again as
a healthy reserve. As you know, we have worked hard to grow and maintain the City's
STEVE unassigned general fund balance from 5% in 2000 to 19.77% of revenues as of June 30,
SCHMITT 2017. All the City departments have worked hard to manage their budgets responsibly.
ft t-f aYgC'
Moody's has informed us in prior years that the national median for cities in our population
range and for other Iowa cities in the next higher ranking is 25% of general fund revenues.
It will be important to continue to monitor and protect the unassigned fund balance during
the coming years in order to protect our current Aa2 rating and to facilitate the possibility
of a further rating increase.
I have included documents that describe the ratings classifications for your reference, as
well as a schedule of the city's bond ratings history. If you have any questions about the
information presented, please contact me.
WE'RE WORKING FOR YOU!
An Equal Opportunity/Affirmative Action Employer Page 4 of 16
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C IR IE ID II F 0IPIIIN110IN Waterloo (City of) 1A
9 May 2018
Update to credit analysis
I
I� I Summary
Irk
The City of Waterloo (Aa2), Iowa is part of the Cedar Falls-Waterloo metropolitan area and is
an employment hub for the region.The city's tax base is moderately sized and exhibits steady
growth,though full value per capita and resident incomes are slightly below the national
��ne� medians.The city's financial position is strong with stable operations and healthy reserves.
"'an'nds A°`°aii"i"nn " °212 11553 3826 The city's debt and pension burden is above average,as are associated fixed costs.
Brunn:.iriurr.rn;a)numrm.r.M,,^.�r,:n„nnir�� Credit tireing- hs
l mu°oiidI Sill uup,r„:nun 0 312/06.9965
I » Diverse tax base that is a regional economic center in eastern Iowa
1111 „°n&dl�l alb"�
p�,�,p�.".llu�llII I 1 �4!�uVn*� » Sound financial management has resulted in stable operating history and maintenance of
'"III °
roq v,� �r_���r�W healthy reserves
uu"u"on p.uw^+No��+;r,uiio+�vlpWg„ 'onvri
Credit challenges
4:JEWSERVIICES
» Above average debt and pension burden
un°ueuuaas 112'112 5!5:3 '116:53
ski IRRdp°ic 852 35, 131 ,p1377 » Full value per capita and resident incomes are below average compared to like rated peers
y,roplanr S1 1..,5,108.4100
IRatfing outlook
I1ll:::A 4,4 20..7772 15 p''r°"p We typically do not assign outlooks to local governments with this amount of debt.
IF ctoirs t1hat could lead-to an upgrade
» Moderation of the city's debt and pension burden
» Expansion of the tax base and improvement in resident wealth and incomes
» Significant and sustained improvement in reserves
IF ctoirs t1hat could lead-to a do lru lr d
» Growth in the city's debt and pension burden
» Material declines in financial reserves
» Deterioration of the tax base or weakening of resident wealth and incomes
....... ...... .. _ ..., ..o ... ... . . ... . ..o ...... .. ... . . ..
IK y findlicatoirs
Exhibit 1
Watedoo(Cityof)IA 2013 2014 2015 2016 2017
Economy/Tax Base
Total Full Value($000) $3,668,184 $3,706,644 $3,806.814 $3,834,111 $3,891,239
Population 68,327 68,392 68,432 68,357 68,406
Full Value Per Capita $53,686 $54,197 $55,629 $56,090 $56,884
Median Family Income(%of US Median) 80.0% 80.4% 79.3% 81.4% 81.4%
F nances
Operating Fbvenue($000) $60,536 $61,967 $62,739 $64,467 $65,853
Fund Bal woe($000) $17,753 $18,224 $18,193 $17,679 $18,009
Cash Balance($000) $20,141 $22,710 $20,512 $24,084 $23,894
Fund Balance as a%of FL-venues 29.3% 29.4% 29.0% 27.4% 27.3%
Cash Bal ance as a%of l 33.3% 36.6% 32.7'/0 37.4% 36.3%
Debt/Pensions
Net Direct Debt($000) $67,963 $70,787 $69,128 $77,051 $84,322
3-Year Average of Moody's ANPL($000) $120,435 $132,351 $126,045 $131,232 $141,835
Net Direct Debt/Operating Revenues(x) 1.1x 1.1x 1.1x 1.2x 1.3x
Net Direct Debt/Hall Value(%) 1.9% 1.9% 1.8% 2.0% 2.2%
Moody's-adjusted Net Pension Liability(3-yr average)to Fevenues(x) 2.Ox 2.1x 2.Ox 2.Ox 2.2x
Moody's-adjusted Net Pension Liability(3-yr average)to Full Value(%) 3.3% 3.6% 3.3% 3.4% 3.6%
The table above reflects fiscal year end data through fiscal 2017
Source:Waterloo,IA's audited financial statements;Moody's Investors Service;U.S.Census Bureau
IP Il
The City of Waterloo is located in northeastern Iowa,approximately 50 miles northwest of Cedar Rapids.The city provides municipal
services to a population of approximately 68,000 residents.
(Detailed cil considerations
iilicoinoluary ai�uad tax base;eiiinlliel.oyinneulct.IIIslrwlll>fin euaste1inilr Illowa
Waterloo's tax base and economy will likely remain stable due to its 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 (Aa1 stable).The
city's tax base grew 1.5% in the most recent assessment year to $3.9 billion.Over the last five years,annual tax base growth averaged
a modest 0.5%.While tax base growth is relatively modest,there is a considerable amount commercial and industrial development
taking place within the city that should facilitate faster near-term growth.
The city's economy is dominated by manufacturing,with additional employment opportunities in the government, health care,and
higher education sectors.The city's largest employer is Deer:e._anrJ.._Company(A2 stable),which employs approximately 5,600 people
representing 17%of the city's workforce.While Deere has layed off employees over the last five years,operations have stabilized and
the company has continued to invest in its local operations.The city's labor market continues to lag the nation as a whole with total
employment remaining around 7% below its prerecession peak.The unemployment rate as of December 2017 was 4.3%,above the
state rate of 2.8%and national rate of 3.9%.
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The city's financial position is currently healthy and operations remain stable. In fiscal 2017 the city drew down reserves for the first
time in seven years.Available general fund balance ended the year at$15.0 million representing 29.9%of annual revenues.Across the
city's major operating funds (which include the general,debt service,and trust and agency funds),available fund balance ended fiscal
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2017 at$18.0 million,or 27.3%of operating revenues. For fiscal 2018,the city budgeted for a modest draw on operating reserves of
$500,000.The city regularly outperforms budgeted expectations due to conservative revenue and expenditure assumptions.The city's
financial position is a credit strength and will likely remain so.
The city is exposed to 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 in 2014.The annual budget for the SportsPlex is approximately$1.1 million or less than 2%of total operating revenues and
has generated operating surpluses each year. Sportsplex memberships increased 72% in 2015 and 11% in 2016.
LIQUIDITY
Liquidity across the city's operating funds is sound.At the close of fiscal 2017,available cash totaled $23.9 million,equal to a healthy
36.3%of operating revenue.
II".16li)t airedIl peunvli(xuinisli:alll)ova aveirage debt aindIlpa^incl iiolin III°.mIIIIIi"dein
The city's above average debt burden will likely moderate given future plans to finance capital projects on a pay-as-you-go basis.
Following the upcoming debt issuance,the city's debt burden will total$94.9 million which is 2.4%of full value and 1.4x operating
revenues.The city's three-year average Moody's adjusted net pension liability(ANPL) is also above average at 3.6%of full value and
2.2x operating revenues. Fixed costs,consisting of debt service and pension funding,consume a sizeable 29%of annual operating
revenues.The city's above average fixed costs are driven by rapid amortization of debt and are somewhat mitigated by unlimited
property tax levies that can be utilized for debt service and pension contributions.
DEBT STRUCTURE
All of the city's debt is fixed rate and long-term.Amortization is rapid with 88%of principal scheduled to mature within ten years.
DEBT-RELATED DERIVATIVES
The city is not a party to any derivative agreements.
PENSIONS AND OPEB
Waterloo participates in two defined benefit multiple-employer cost-sharing plans,the Iowa Public Employees' Retirement System
(IPERS) and Municipal Fire and Police Retirement System of Iowa (MFPRSI). On an annual basis,each plan establishes local government
retirement contributions as a share of annual payroll based on actuarial requirements.The city has routinely made its full statutory
contributions; however, unfunded liabilities are will likely grow over the near term primarily because investment returns have fallen
short of plan assumptions.
In aggregate,all participating governments contributed well above the"tread water" indicator in fiscal 2015.The tread water indicator
is the annual employer contribution required to prevent unfunded liabilities from growing if plan assumptions hold. Despite making
contributions above tread water, plan level ANPLs for IPERS and MFPRSI grew 36%from fiscal 2015 to 2016. Due to a 12 month
balance sheet reporting lag,significant growth in plan unfunded liabilities in 2016 will not be reflected in local government balance
sheets until fiscal 2017 for most Iowa municipalities. IPERS and MFPRSI contributions were 96%and 153%of tread water in fiscal 2016.
In March 2017, IPERS reduced its assumed investment return to 7.0%from 7.5%.The change will increase reported unfunded pension
liabilities and necessitate higher government contributions to keep pace with reported plan funding needs.The next opportunity for the
plans to enact an increase in contribution rates would impact government budgets beginning July 1,2018.
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 OPEB benefit 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 2016,the city contributed $1.4 million or 2%of operating revenues to the plan.As of July 1,2015,the
most recent actuarial valuation date,the unfunded actuarial accrued liability(UAAL)was $20.6 million.
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At approximately 60%of annual operating revenue, property taxes account for a majority of the city's income.The city taxes at
its general fund levy limit of$8.10 per$1,000 of taxable valuation but maintains approximately$1.3 million in additional revenue
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raising flexibility within 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.The city's management team has a history of positive budget to actual variances for both operating revenues and
expenditures.
The city has a formal policy to maintain 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 27%of revenue it closed with in
fiscal 2017.
Iowa cities have an Institutional Framework score of Aaa,which is high. Institutional Framework scores measure a sector's legal ability
to increase revenues and decrease expenditures. 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. Unpredictable revenue
fluctuations tend to be minor.Across the sector,fixed and mandated costs are generally moderate. However, Iowa has public sector
unions,which can limit the ability to cut expenditures. Expenditures mostly consist of personnel costs,which are highly predictable.
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wd I In rcnma4 1011,every if M001)Y'S or,any or IU,dired oi ,orrim.,v,(,in pLoyees,ulig,enls,ropresel I L,A IV(,,,,[I Cein%01,�,or sulplAlers I1,adv I sDd I I u adva I u:v of rho boisibilhuy or sucl I lossoti or
Sol nages,Including bu I riot liml Led kx(a)any fuss,or Pru,,enit or pi osped rve proli I s of (b)any loss or dainage a i g w I lere t1w i iL 11i ei is ia I Ii lot winviA I,lo I U ie sub]ecL old
Prariuml"ar crodu raLing assioned by M(A)DY'S,
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the LxLent perinit,Led by law,IMC:ODY'f and IL=(Li-ccuois,orriceis,cinisioyLLs,,agents,i resen La Lives,Ilceneacrs and su1s1rihor,cl LabrIty role ainydiiecLoi compensacry
Or dainages caused(o Only Pc,Irson oruIntry,L`K1Ul&l1t,1 but i Jil lo by slly 110�,HgOII(V(Icer(PXCIU(flng il v\,Lllul.rill"condi-K I 01 oluy0l11('l fyjjrV 01 hol-olity(hFo,'01-(110
avoudaince o1 doulro,by Law CHnnot,be eXCItUded)on fluc I ol,car any conibilgency vNILI'llin Or beyond dle coilvol,ol,1\1001))"O oi any air IIs dii-ex tors,orl-hers,eiiiioyces,agents,
I opire"onfalive",h(Clit-'(sim,01supphers,arl"ing ii or ii)mimcclion widi Im n[ol-irnafloin(orflainp(l 101-(110 U',0 O01' 1110 UlO elly',Udh 11101-17MHOII.
NO WAIRRAILM,I XII 1PASS OR 11111-111111 IC AS 10 1111 ACCURACY, I I'VII 11 111\41',;S,COMPI I I IIINI SS,1\11 RCI IAIN IAI 111 III Y OR 11111 1\41 Sy I OR All PAIRIHICUI AS PURI O"ll 01 ANY SUCII I
RAIIINC 011',011111 R OPINION CCR III ORIMAI 01N IS Gh/I N OR MAUI FIY MOODY'S IIIV AINY I CIRIA 01L MAININI 111 VVI IA31 SOI V11 R.
I invosloir;Sclrvicc9, ric",a wholly owiled ri'MIL lg(T)l A SUbSidialy 01 Moody";CorporaHon hereby disrl.oxshaf clCof iSSUN-S(11 del-11 SO(LillfW,(LICILidling
C01-1-Loraisaild i bonds,debei'LLUITS,IUCSflld COMITIsId,11 I and pircieried star(k raled by Moody'slinvemors Service, i1c.I prIor Lo assIpilimenLcfl dnyial.ing,
a,grc,od In pay Co 1Moody' Ilnvei),,Service,illic `o1-1,ip1-,l,,iI and rifing services xlrid(lred by II lec<a ranging irroll,$1,11mo io uipillcv(Iilofcly sl,vrosmo-i ond 1'4111,alko I rainialin
Scolia es and Liocedure,liooddress Hie indellendonco ol I ml,Jing.aind rating piocessee.hiloi milion,regarding certain fflilla[Joinc,flofl,inay(xist behoepil dlireatore of III and
lok'd olclltles,mild I PluilLu's who hard 1,11hrt fl o1M MIS MIN-AVP,also IauGblldy relportod to Ill Sl( aill'sAmpil',hill LINN C`J 11 MCO 01 1110`1'thell ,%,'i",110'AM oll1li-Illy fl
MAA/�cam ulne,ter the heading"Invoswil'RCIaLICII', Cnirl'iniraIC G0Ve1'1la1lCC 1711reCt,01-aild Shareholder Arrllh,Aijll POIlCy!'
Addil 1011,11 WILLIS oi-AL11,I-1-alla Only Any pulAwdlIon LAo AwMrfli,,,ol I his docullivill-is liursl-1,llil-Lo Lhe Auslirallian I linainrU Ql Nte',I C01w 01 1CMIDY'C,arriliaLe,Moody",11111W,1101N
Seli'VILe Ry I iniLed AIRIN 61003 399 61VAI Sl ,36969 and/or i Aiialylucs AusLralba My I tttt AIRIN 94101)136 912 AI'SL 38 9X69(is aloplk alble) I his document is inte^uided
10 bo pi-OVided Cilly-0"Wholesde aWHIS"W1111hill 11w inuaiiing of sucltioin/GIG 0I Lho Col'pol'aliloils Act 2001,Pry r0111III111illIg IG 2;Lrc',',this dDLU111VIII ill VVILITH Ausualia,you
i to M001DY'S than you ai a,of oie acce",,,iiig thedocumenL is a i opresei,Ld Live Cl,a"wholesale Cliello"and Imit neither you nor LhQ 0111IJI-y you i-Plu espilt wrl du eci.1y oil
lildired ly dlssolnllmlc flilu"docuirricill cul As wiqkents to idall Cluenils"wil 111111 the inudiiiing or sediclin 1610 or the Corporal ons Act 30D L MOODY'S Liredil.rahing IS all Upilmoll as
lo Lho ci odiliworlhinoss o1 a del)L olAigal ion or the isRiei,nor oil the equity eeCuilt-105 Of I he Is.,uer or ally lard In or SeCl,11-110A ill IIF Ovall,alblo to'et-all 111VOSLOIS Ill would I redd,ess
dild II l appll"o x11 lak'101 1 o4r nVeskors[a u,,e YOCIDYA circdIL rdthlg5 Or publucal Dims whein inakimg un linvosliment deck[on.1If in doubi you Should coo ltact youii fill midial or of hes
lu`OIDssflolual advisor.
AddIlLitomil,termsorjHpain ainl.y:Moody's Japan K K,(`1pfl1NC')N a wholly owned credit i-aLiilg agencysubsNiary or I loody",Group jarsdin Ull which Nwhory owned Iby
C)volsoas I loldling" im,a w1-m[S,nwinod-uIxidim-y or NICO Mwldy's si jilmil K K ("ILIMJ")i�l I WhOIS'MNII(oi credit I-Ri-IlIg dgmnr,bl-llkldl,ryol IAEICI< IM',LJ is,nor a(Nationally
Rocoginizod swtrmic,d Aa I ling Oil gall rza(1011("INIRSIRU''� 111hasickarp,oredb railings assigned Ib y I I are I NIRSIRO Credit Rdth-T,�, Non NIRSIR0 Credil,RaLlings ale assigned by all
onlHly III I,,ItM a AIRSIR0 and,con,,equenitly,Lis mLed olphenfloun wLL not qL1,11firy r0i reil(ypv�,of hrc,ahriqtsn(under U.S..1w, I and YSI L al (rodil raungaSpincIps
with the jall I inall6al Servkps,ageiny and Lhchr rcgkhral,lon numIlLcirs aro L SA Commissioner(RdUngs)No,2 and 3 respealvely,
101 MSI j(as apphcable)hereby&4c luu-haL imosl-itsuwl.,ordebL surunt ies(Including iorporaLe and rinuink(pal,bonds,debeiii-wres,notes and commercial,Paper)and prcAonrod
1106b rat,od by NILIKI(or Ii(,�s apjjplucabtp)I pi ioi its&„�oginrytoill of any"Aling,agreed Io pay Lo IMJKIKor(MSI I(&,appkaii)[c)for apprais,A and raLingsermen rendered by IL fe
raingling ri-oin JI'M0,000 Lo approxii,nakfly 111Y311,0,000,000
dJICI<;and NSI I alto rtworl0airl po[[6-,'111d prn(rduro,,to addiml,,jrJP,M0',V Tglu[a101`y
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Page 12 of 16
CITY OF WATERLOO
Council Communication
Resolution authorizing the redemption of outstanding General Obligation Bonds, Series 2010A(Taxable Build
America Bonds), dated June 29, 2010 and directing Notice of Redemption be given.
City Council Meeting: 5/22/2018
Prepared: 5/17/2018
REVIEWERS:
Department Reviewer Action Date
17nnar)e e Weld ierr, l nche ie Approved 5/17/2018 ... 10:03 P NI
t.'Ilerk 1.1p'pnce Evern, L-eA.mmrn Approved 5/18/2018 ... M16 AM
Resolution authorizing the redemption of outstanding General Obligation
SUBJECT: Bonds, Series 2010A(Taxable Build America Bonds), dated June 29, 2010
and directing Notice of Redemption be given.
Submitted by: Submitted By: Michelle Weidner. Chief Financial Officer
Summary Statement: Refunding the balance of this bond issue reduces expense expense to the
city's taxpayers by reducing future required interest payments.
Page 13 of 16
CITY OF WATERLOO
Council Communication
Motion to receive and file copies of Calls.
City Council Meeting: 5/22/2018
Prepared: 5/17/2018
REVIEWERS:
Department Reviewer Action Date
nnnar)ee Wekfiier, Mpchn:lle Approved 5/G'7/2018 ... 9:23 PM
t`11er; Office Even m, L-.Arminpip roved 5/18/2,018 1():1 a AM
Submitted by: Submitted By: Michelle Weidner, Chief Financial Officer
Page 14 of 16
CITY OF WATERLOO
Council Communication
$10,505,000 General Obligation Bonds, Series 2018A.
City Council Meeting: 5/22/2018
Prepared: 5/17/2018
REVIEWERS:
Department Reviewer Action Date
nnnar)ee Wekfiier, Mpchn:lle A.pproved 5/'7/2018 ... 10-03 P
t'11er; Office Evev m, 1:.n°/mnnni A.pproved 5/18/,018 10-16 AM
Motion to receive and file proof of publication of Notice of Sale.
SUBJECT: Resolution directing sale of$10.505.000 General Obligation Bonds, Series
2018A to at a rate of
Submitted by: Submitted By: Michelle Weidner. Chief Financial Officer
Page 15 of 16
CITY OF WATERLOO
Council Communication
$1,070,000 Taxable General Obligation Bonds, Series 2018B.
City Council Meeting: 5/22/2018
Prepared: 5/17/2018
REVIEWERS:
Department Reviewer Action Date
nnnar)ee Wekfiier, Mpchn:lle A.pproved 5/'7/2018 ... 10-03 P
t'11er; Office Evev m A.pproved 5/18/,01 ... 10-15 AM
Motion to receive and file proof of publication of Notice of Sale.
SUBJECT: Resolution directing sale of$1,070,000 Taxable General Obligation Bonds,
Taxable Series 2018B to at a rate of
Submitted by: Submitted By: Michelle Weidner. Chief Financial Officer
Page 16 of 16
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Bruce Jacobs
Ward 2 Council Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchle
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
201813, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Pat rrissey
Ward 3 Council Memer
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felc
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Sharon Juon
At-Large Council Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchle
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018 �de V
rome Amos, Jr.
Ward 4 Council Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchle
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Margaret lein
Ward 1 Council Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchl
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Steve
At-L ouncil Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchle
City Clerk
CERTIFICATION OF NOTICE OF SPECIAL MEETING
CITY COUNCIL
CITY OF WATERLOO, IOWA
I hereby certify that I received notice that a Special Session of the Waterloo City Council
will be held at 4:30 p.m. on Tuesday, May 22, 2018 on the receiving of bids for $10,505,000
General Obligation Bonds, Series 2018A, $1,070,000 Taxable General Obligation Bonds, Series
2018B, and redemption of outstanding General Obligation Bonds, Series 2010A. No other
official business will be conducted at said meeting.
Date: May 22, 2018
Chris Shimp
Ward 5 Council Member
I hereby certify that due and timely notice of the Special Session meeting of the City
Council of the City of Waterloo, held at 4:30 p.m. on Tuesday, May 22, 2018, was provided to
the public in accordance with Iowa Code Chapter 21.
Kelley Felchl
City Clerk