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Home My WebLink AboutCouncil Packet - 5/22/2019 11:00amTHE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA, SPECIAL MEETING TO BE HELD AT Harold E. Getty Council Chambers Wednesday, May 22, 2019 11:00 AM 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 workforces 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 3 Roll Call. Agenda, as proposed or amended. OTHER COUNCIL BUSINESS 1. $3,210,000 Taxable General Obligation Bonds, Series 2019B Receive and file sealed bids, BUT NOT OPENED. City Clerk declares time for filing sealed bids be closed and sealed bids be opened. City Clerk announces electronic bids received. Refer to Speer Financial, Inc. Submitted By: Michelle Weidner, Chief Financial Officer ADJOURNMENT Motion to adjourn. Kelley Felchle City Clerk Page 2of3 CITY OF WATERLOO Council Communication $3,210,000 Taxable General Obligation Bonds, Series 2019B City Council Meeting: 5/22/2019 Prepared: 5/19/2019 REVIEWERS: Department Reviewer Action Date 1.4 finance Weidner, M JelcIle .Approve, 5/19/2001 „ 6: 8 P Clerkm Ilighy, N a .y Approved 2 SUBJECT: Receive and file sealed bids, BUT NOT OPENED. City Clerk declares time for filing sealed bids be closed and sealed bids be opened. City Clerk announces electronic bids received. Refer to Speer Financial, Inc. Submitted by: Submitted By: Michelle Weidner, Chief Financial Officer Page 3of3 urSpeer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 KEVIN DANIEL DAVID RAPHALIATA MAGGIE ANTHONY LARRY MARK McCANNA FORBES PHILLIPS McKENZIE BURGER MICELI BURGER JERETINA Chairman President Executive VP Senior VP Senior 4P Senior VP Vice President Lice President May 22, 2019 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 $3,210,000 Taxable General Obligation Bonds, Series 2019B. There were eight bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of UMB Bank, n.a., Kansas City, Missouri, 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 Taxable Bonds be awarded to that bidder at a price of $3,204,106.70, being at a true interest rate of 2.7620%. True Account Managers Interest Rate UMB Bank, n.a., Kansas City, Missouri 2.7620% Robert W. Baird & Co., Inc., Milwaukee, Wisconsin 2.7805% Piper Jaffray & Co., Minneapolis, Minnesota 2.7975% SunTrust Robinson Humphrey, Nashville, Tennessee 2.8321% Fidelity Capital Markets, Boston, Massachusetts 2.8497% Northland Securities, Inc., Minneapolis, Minnesota 2.8672% Raymond James & Associates, Inc., Memphis, Tennessee 2.8807% Bernardi Securities, Inc., Chicago, Illinois 2.8827% Respectfully submitted, SPEER FINANCIAL, INC. Maggie Burger, Sr. Vice President MB/mr 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 Ligri 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 $3,210,000 Taxable General Obligation Bonds, Series 2019B Date of Sale: May 22, 2019 Average Life: 5.702 Years (Based on TIC) True Bidders* Price Maturities Rates Interest** UMB Bank, n.a. 99.816% 2020 - 2026 2.600% 2.7620% Kansas City, Missouri $3,204,106.70 2027 2.700% $505,612 2028 2.800% 2029 3.000% Robert W. Baird & Co., Inc. Milwaukee, Wisconsin Piper Jaffray & Co. Minneapolis, Minnesota 99.419% 2020 - 2023 2.450% 2.7805% $3,191,377.60 2024 2.500% $507,789 2025 2.550% 2026 2.600% 2027 2.700% 2028 2.800% 2029 2.900% 99.423% 2020 - 2021 2.400% 2.7975% $3,191,486.75 2022 2.430% $510,955 2023 2.450% 2024 2.500% 2025 2.550% 2026 2.600% 2027 - 2029 2.850% *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. INDEPENDENT MUNICIPAL ADVISORS Page 2 True Bidders* Price Maturities Rates Interest* * SunTrust Robinson Humphrey 99.567% 2020 - 2024 2.500% 2.8321% Nashville, Tennessee $3,196,105.10 2025 - 2026 2.625% $517,936 2027 2.750% BOK Financial Securities, Inc. 2028 - 2029 3.000% Stifel, Nicolaus & Company, Incorporated Fidelity Capital Markets Boston, Massachusetts Northland Securities, Inc. Minneapolis, Minnesota Raymond James & Associates, Inc. Memphis, Tennessee Bernardi Securities, Inc. Chicago, Illinois 99.366% 2020 - 2026 2.600% 2.8497% $3,189,659.10 2027 2.700% $520,060 2028 2.800% 2029 3.000% 99.864% 2020 - 2027 2.750% 2.8672% $3,205,659.70 2028 - 2029 3.000% $524,836 99.558% 2020 2.480% 2.8807% $3,195,843.75 2021 2.560% $526,374 2022 2.600% 2023 2.640% 2024 2.690% 2025 2.730% 2026 2.780% 2027 2.840% 2028 2.890% 2029 2.940% 100.601% 2020 - 2029 3.000% 2.8827% $3,229,309.90 $529,793 *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. LFSpeer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS City of Waterloo, Iowa $3,210,000 Taxable General Obligation Bonds, Series 2019B *** FINAL *** Debt Service Schedule Date Principal Coupon Interest Total P+l Fiscal Total 06/18/2019 - - 12/01/2019 - 38,936.63 38,936.63 06/01/2020 285,000.00 2.600% 42,997.50 327,997.50 366,934.13 12/01/2020 - 39,292.50 39,292.50 - 06/01/2021285,000.00 2.600% 39,292.50 324,292.50 363,585.00 12/01/2021.. _— -- — 35,587.50 35,587.50 06/01/2022 295,000.00 2.600% 35,587.50 330,587.50 366,175.00 12/01/2022 - 31,752.50 31,752.50 06/01/2023 305,000.00 2.600% 31,752.50 336,752.50 368,505.00 12/01/2023 - 27,787.50 27,787.50 06/01/2024 315,000.00 2.600% 27,787.50 342,787.50 370,575.00 12/01/2024 23,692.50 23,692.50 Call 06/01/2025 320,000.00 2.600% 23,692.50 343,692.50 367,385.00 12/01/2025 19,532.50 19,532.50 - 06/01/2026 335,000.00 2.600% 19,532.50 354,532.50 374,065.00 12/01/2026 - 15,177.50 15,177.50 06/01/2027 345,000.00 2.700% 15,177.50 360,177.50 375,355.00 12/01/2027 - 10,520.00 10,520.00 06/01/2028 355,000.00 2.800% 10,520.00 365,520.00 376,040.00 12/01/2028 - - 5,550.00 5,550.00 - 06/01/2029 370,000.00 3.000% 5,550.00 375,550.00 381,100.00 Total $3,210,000.00 8499,719.13 $3,709,719.13 - 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 $18,303.42 5.702 Years 2.7301959% 2.7623937% 2.7620437% 2.6702378% 2.9501007% Net Interest Cost Weighted Average Maturity 196 Waterloo 3.210m Tax G 1 SINGLE PURPOSE 1 5/22/2019 1 12:16 PM Speer Financial, Inc. Registered Municipal Advisor 2.6719159% 5.701 Years Page 1