HomeMy WebLinkAboutMinutes-06/02/2009June 2, 2009
The City Clerk of the City
715 Mulberry Street, Water
bids and refer the sale of
best and most favorable bi
p.m. on the above date.
Weidner, Chief Financial 0
enc.
This being the time and
General Obligation Bonds,
}bids were received:
Name of Bidder
1 BMO Capital Markets,
2. Morgan Keegan & Co.,
3j. UMB Bank, n.a., Kansa
4'. Bernardi Securities,
The best bid was determined
of Waterloo, Iowa, met in the City Clerk's Office, City Hall,
oo, Iowa, at 10:30 a.m. on Tuesday, June 2, 2009, to receive
$7,435,000.00 General Obligation Bonds, Series 2009A, to the
der for cash, subject to approval of the City Council at 4:30
he following persons were present at said meeting: Michelle
fficer; and Larry Burger, Vice President of Speer Financial,
lace for the opening of bids for the sale of $7,435,000.00
eries 2009A, the City Clerk announced the following electronic
hicago, Illinois
nc., Memphis, Tennessee
City, Missouri
nc., Chicago, Illinois
True Interest Rate
4.8458%
4.8683%
3.5431%
5.4163%
to be as follows: BMO Capital Markets of Chicago, Illinois
Whereupon all bids were r-ferred to Speer Financial, Inc. and the meeting adjourned to
4:30 p.m. in the First Floo i Conference Room on June 2, 2009.
June 2, 2009
The City Clerk of the City
715 Mulberry Street, Water
bids and refer the sale
2009B, to the best and mo
Council at 4:30 p.m. on
meeting: Michelle Weidner
Speer Financial, Inc.
This being the time and
General Obligation Refundi
electronic bids were receiv
Name of Bidder
1. UMB Bank, n.a., Kansa
2. Robert W. Baird & Co.
3. Hutchinson, Shockey,
The best bid was determined
Whereupon all bids were r
4:30 p.m. in the First Floo
June 2, 2009
The City Clerk of the City
715 Mulberry Street, Water
bids and refer the sale of
to the best and most favor
at 4:30 p.m. on the above
Michelle Weidner, Chief F
Financial, Inc.
of Waterloo, Iowa, met in the City Clerk's Office, City Hall,
oo, Iowa, at 11:00 a.m. on Tuesday, June 2, 2009, to receive
of $6,190,000.00 General Obligation Refunding Bonds, Series
t favorable bidder for cash, subject to approval of the City
he above date. The following persons were present at said
Chief Financial Officer; and Larry Burger, Vice President of
lace for the opening of bids for the sale of $6,190,000.00
g Bonds, Series 2009B, the City Clerk announced the following
d:
City, Missouri
, Milwaukee, Wisconsin
rley & Co., Chicago, Illinois
True Interest Rate
2.5476%
2.8022%
3.5855%
to be as follows: UMB Bank, n.a. of Kansas City, Missouri
ferred to Speer Financial, Inc. and the meeting adjourned to
Conference Room on June 2, 2009.
of Waterloo, Iowa, met in the City Clerk's Office, City Hall,
oo, Iowa, at 11:30 a.m. on Tuesday, June 2, 2009, to receive
$1,565,000.00 General Obligation Bonds, Taxable Series 2009C,
ble bidder for cash, subject to approval of the City Council
date. The following persons were present at said meeting:
nancial Officer; and Larry Burger, Vice President of Speer
June 2, 2009 Page 2
This being the time and place for the opening of bids for the sale of $1,565,000.00
General Obligation Bonds, Taxable Series 2009C, the City Clerk announced the following
electronic bids were received:
Name of Bidder True Interest Rate
1. Morgan & Keegan & Co., Inc., Memphis, Tennessee 4.3149%
2. Bankers' Bank, Madison, Wisconsin 4.3301%
3. UMB Bank, n.a., Kansas City, Missouri 4.4045%
4. Vining Sparks, Chicago, Illinois 4.4181%
5. Bernardi Securities, Inc., Chicago, Illinois 4.6207%
6. Robert W. Baird & Co., Milwaukee, Wisconsin 4.7581%
The best bid was determined to be as follows: Morgan & Keegan & Co., Inc. of Memphis,
Tennessee
Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to
4:30 p.m. in the First Floor Conference Room on June 2, 2009.
June 2, 2009
The Council of the City of Waterloo, Iowa, met in Special Session at City Hall First
Floor Conference Room, Waterloo, Iowa, at 4:30 p.m. on Tuesday, June 2, 2009. Mayor
Timothy J. Hurley in the Chair. Roll Call: Cole, Getty, Hart, Greenwood, Steve Schmitt,
Welper, Reggie Schmitt.
129175 - Reggie Schmitt/Steve Schmitt
that the Agenda, as proposed, for the Special Session on Tuesday, June 2, 2009,
at 4:30 p.m., be accepted and approved. Ayes: Seven. Motion carried.
129176 - Reggie Schmitt/Cole
that copies of the Call for the Special Session on Tuesday, June 2, 2009, be
received and place • on file. Ayes: Seven. Motion carried.
BOND SALE
129177 - Welper/Reggie Schmitt
that proof of pu.lication of notice of public hearing on Notice of Sale on
consideration of the proposition of issuance of not to exceed $7,435,000.00
General Obligatio Bonds, Series 2009A, as published in the Waterloo Courier on
May 26, 2009, be r-ceived and placed on file. Ayes: Seven. Motion carried.
129178 - Welper/Reggie Schm'tt
that "Resolution
Series 2009A, to
rate of 4.8458 per
directing sale of $7,435,000.00 General Obligation Bonds,
MO Capital Markets of Chicago, Illinois for a true interest
ent", be adopted.
Prior to a vote on the above motion, the following comments were heard.
Larry Burger, Vic
Waterloo is the f
this issuance, we
Build America Bo
federal government
bonds and taxable
Mr. Burger stated
Markets, Chicago,
America Bond.
Taxable Series 201
at a true interes
percent. Mr. Bur
Al rating. It i
city's General Ob
percent of refund
stated that Wat
experienced a soli
President of Speer Financial, Inc., reported that the City of
rst city with Speer Financial to use Build America Bonds. For
took bids on tax exempt and Build America Bonds. With the
ds, the city has to apply for 35 percent rebates from the
. We are not allowed to use Build America Bonds for refunding
.onds, so those issuance were sold as taxable.
it is Speer Financial's opinion that the bid of BMO Capital
Illinois, is the best bid received based on a Qualified Build
r. Burger stated that Speer Financial recommends that the
9A Bonds be awarded to BMO Capital Markets, Chicago, Illinois
rate of 4.845886 percent, with a tax exempt rate of 3.1705
er noted that Moody's Investors Service reaffirmed the city's
Moody's opinion that the Series 2009B bonds will refund the
Ligation Bonds, Series 2001 for an estimated savings of 3.3
d par, but we had higher savings than that today. Moody's
rloo's tax base, currently valued at $3.5 billion, has
8.0 percent average annual growth over the past five years.
• •
10
• •
June 2, 2009 Page 3
Bond Sale continued
Mr. Burger noted that Moody's is always concerned about cash balances and are
always looking for healthy reserves. In Moody's statement they say that
Waterloo has a formal reserve policy of 5 percent of General Fund expenditures,
though it is targeting to reach undesignated reserves of 25 percent of General
Fund revenues, and that the fiscal year 2008 undesignated General Fund balance
was $7.4 million, or 18.4 percent of revenues. Moody's recognizes that the
city's principal amortization is rapid, with 90.5 percent repaid in ten years.
Mr. Burger noted that the city will receive rebates for 15 years with the Build
America Bonds. Mr. Burger reviewed the summary of bids received and the debt
service schedule for this issuance.
Following comments a vote was taken on the above motion with the following
result. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 2009-512.
129179 - Reggie Schmitt/Cole
that proof of publication of notice of public hearing on Notice of Sale on
consideration of the proposition of issuance of not to exceed $6,190,000.00
General Obligation Refunding Bonds, Series 2009B, as published in the Waterloo
Courier on May 26, 2009, be received and placed on file. Ayes: Seven. Motion
carried.
129180 - Getty/Cole
that "Resolution directing sale of $6,190,000.00 General Obligation Refunding
Bonds, Series 2009B, to UMB Bank, n.a. of Kansas City, Missouri for a true
interest rate of 2.5476 percent", be adopted.
Prior to a vote on the above motion, the following comments were heard.
Larry Burger, Vice President of Speer Financial, Inc., stated that Speer
Financial recommends that the Series 2009B Bonds be awarded to UMB Bank, n.a.,
Kansas City, Missouri, with a true interest rate of 2.5476 percent. The gross
savings was $412,946.35 and the net present value was $412,231.75 or 6.808
percent of the principal amount of the refund bonds. Mr. Burger reviewed the
summary of bids received and the debt service schedule for this issuance.
Following comments a vote was taken on the above motion with the following
result. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 2009-513.
129181 - Reggie Schmitt/Cole
that proof of publication of notice of public hearing on Notice of Sale on
consideration of the proposition of issuance of not to exceed $1,565,000.00
General Obligation Bonds, Taxable Series 2009C, as published in the Waterloo
Courier on May 26, 2009, be received and placed on file. Ayes: Seven. Motion
carried.
129182 - Getty/Cole
that "Resolution directing sale of $1,565,000.00 General Obligation Bonds,
Taxable Series 2009C, to Morgan Keegan & Co., Inc. of Memphis, Tennessee for a
true interest rate of 4.3149 percent", be adopted.
Prior to a vote on the above motion, the following comments were heard.
Larry Burger, Vice
Financial recommends
Co., Inc., Memphis,
Burger reviewed the
this issuance.
President of Speer Financial, Inc. stated that Speer
that the Series 2009C Bonds be awarded to Morgan Keegan &
Tennessee, at a true interest rate of 4.3149 percent. Mr.
summary of bids received and the debt service schedule for
Following comments a vote
result. Ayes: Seven.
was taken on the above motion with the following
Resolution adopted and upon approval by Mayor assigned No. 2009-514.
June 2, 2009
ADJOURNMENT
129183 - Cole/Getty
that the Council _djourn at 4:58 p.m. Ayes: Seven. Motion carried.
Page 4
Nancy , CMC
City Clerk