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Home My WebLink About2019-717-09/23/2019 ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA $3,645,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Refunding Bonds, Series 2019D • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. September 23, 2019 The Chief Financial Officer of the City of Waterloo, State of Iowa, or her designee,met in City Hall, 715 Mulberry Street, Waterloo, Iowa, at 10:30 A.M., on the above date,to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 5:30 P.M. on the above date. The following persons were present: Council Member Sharon Juon Michelle Weidner, CFO and Kelley Felchle, City Clerk Maggie Burger and John Murphey, Speer Financial, Inc. * * * * * * * * - 1 - This being the time and place for the opening of bids for the sale of$3,645,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Refunding Bonds, Series 2019D,the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name &Address of Bidders: (Attach List of Bidders) 2. The Chief Financial Officer then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name &Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: Name &Address of Bidder: Piper Jaffray & Co., Minneapolis, Minnesota True Interest Rate (as-bid): 2.0435% Net Interest Cost(as-bid): $272,782 In consultation with Speer Financial, Inc.,the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $3,625,000 Purchase Price as adjusted: $3,614,851.50 All bids were then referred to the Council for action. - 2 - September 23, 2019 The City Council of the City of Waterloo, State of Iowa, met in Special session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:20 P.M., on the above date. There were present Mayor Quentin M. Hart, in the chair, and the following named Council Members: Jacobs, Morrissey, Feuss, Klein, Amos, Schmitt, Juon Absent: None Vacant: None * * * * * * * - 3 - Council Member Morrissey introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $3,645,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2019D," and moved its adoption. Council Member Feuss seconded the motion to adopt. The roll was called and the vote was, AYES: Amos, Juon, Schmitt, Jacobs, Morrissey, Feuss, Klein NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 2019-717 RESOLUTION DIRECTING SALE OF $3,645,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2019D WHEREAS, bids have been received for the Bonds described as follows and the best bid received(with permitted adjustments, if any) is determined to be the following: $3,645,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2019D Bidder: Piper Jaffray& Co. of Minneapolis, Minnesota The terms of award: Final Par Amount as adjusted: $3,625,000 Purchase Price as adjusted: $ 3,614,851.50 True Interest Rate: 2.0435% Net Interest Cost: $272,782 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and,the Bonds are hereby awarded as described above. - 4 - Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 23rd day of September, 2019. Quentin M. Hart, Mayor ATTEST: 1 ' ln/w LeAnn . Evek,.Deputy City Clerk - 5 - CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF BLACK HAWK ) I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending,prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the Council hereto affixed this 24th day of September, 2019. LeAnn . EverkDeputy City Clerk, City of Waterloo, State of Iowa (SEAL) 01630945-1\11310-133 , , ifSpeer 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 72,\-- -HN Black Hawk County,Iowa dt-wx=`oi� $2,770,000 General Obligation Refunding Bonds, Series 2019C orlon Date of Sale: September 23, 2019 Average Life: 3.558 Years (Based on TIC) Revised True Bidders* Price Maturities Bid Par Par Rates Interest** UMB Bank, n.a. 100.949% 2020 $ 420,000 $ 420,000 2.000% 1.7242% Kansas City, Missouri $2,841,717.80 2021 395,000 395,000 2.000% $175,731 (Original) 2022 400,000 400,000 2.000% (Original) 2023 395,000 395,000 2.000% 100.942% 2024 400,000 395,000 2.000% 1.7232% $2,796,112.95 2025 400,000 380,000 2.000% $170,989 (Revised) 2026 405,000 385,000 2.000% (Revised) $2,815,000 $2,770,000 True Bidders* Price Maturities Rates Interest** First Bankers' Banc Securities 100.976% 2020 - 2024 2.000% 1.7760% St. Louis, Missouri $2,842,481.90 2025 -2026 2.125% $181,117 INTL-FC Stone 104.118% 2020 - 2026 3.000% 1.8006% Atlanta, Georgia $2,930,933.25 $187,741 Robert W. Baird& Co., Inc. 100.621% 2020 -2026 2.000% 1.8190% Milwaukee, Wisconsin $2,832,497.70 $184,951 D.A. Davidson Company 103.602% 2020 -2026 3.000% 1.9470% Denver, Colorado $2,916,413.75 $202,260 Bernardi Securities, Inc. 103.247% 2020 - 2026 3.000% 2.0485% Chicago, Illinois $2,906,408.30 $212,265 *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. **The winning bid was adjusted to reflect the new amount of$2,770,000. All other bids were based on the pre-sale amount of$2,815,000. **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.