HomeMy WebLinkAbout06.02.20.bond sale minutes templateJune 2, 2020
The City Clerk of the City of Waterloo, Iowa, met in the first floor conference room at City Hall, 715 Mulberry
Street, Waterloo, Iowa, at 11:00 a.m. on June 2, 2020, to receive bids and refer the sale of $7,025,000 General
Obligation Bonds, Series 2020A, to the best and most favorable bidder for cash, subject to approval of the City
Council at 3:30 p.m. on the above date. The following persons were present at said meeting: Michelle Weidner,
Chief Financial Officer, Maggie Burger, Sr. Vice President Speer Financial and John Murphey, Speer Financial,
Inc., Margaret Klein, Council member, Jonathan Grieder, Council member, Dave Boesen, Council member, Chris
Youngblut, Management Information Services Director, and Kelley Felchle, City Clerk.
This being the time and place for the opening of bids for the sale of $7,025,000 General Obligation Bonds, Series
2020A, the City Clerk announced the following bids were received:
Name of Bidder
UMB Bank, N.A., Kansas City, MO
Piper Sandler & Co., Minneapolis, MN
D.A. Davidson & Co., Denver, CO
Robert W. Baird & Co., Inc., Milwaukee, WI
BOK Financial Securities, Inc., Milwaukee, WI
Northland Securities, Inc., Minneapolis, MN
True Interest Rate
1.3458%
1.3787%
1.3872%
1.4070%
1.4284%
1.4876%
The best bid was determined to be as follows UMB Bank, N.A., Kansas City, MO, at a True Interest Rate of
1.3458%.
Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to 3:30 p.m. in the City Hall
Council Chambers on June 2, 2020.
June 2, 2020
The City Clerk of the City of Waterloo, Iowa, met in the first floor conference room at City Hall, 715 Mulberry
Street, Waterloo, Iowa, at 11:05 a.m. on June 2, 2020, to receive bids and refer the sale of $8, 235,000 General
Obligation Bonds, Series 2020B, to the best and most favorable bidder for cash, subject to approval of the City
Council at 3:30 p.m. on the above date. The following persons were present at said meeting: Michelle Weidner,
Chief Financial Officer, Maggie Burger, Sr. Vice President Speer Financial and John Murphey, Speer Financial,
Inc., Margaret Klein, Council member, Jonathan Grieder, Council member, Dave Boesen, Council member, Chris
Youngblut, Management Information Services Director, and Kelley Felchle, City Clerk.
This being the time and place for the opening of bids for the sale of $8,235,000 General Obligation Bonds, Series
2020B, the City Clerk announced the following bids were received:
Name of Bidder
UMB Bank, N.A. Kansas City, MO
Piper Sandler & Co., Minneapolis, MN
BOK Financial Securities, Inc., Milwaukee, WI
Northland Securities, Inc., Minneapolis, MN
Bankers' Bank, Madison, WI
Robert W. Baird & Co., Inc. Milwaukee, WI
Commerce Bank, Kansas City, MO
FHN Financial, Memphis, TN
Fifth Third Securities, Cincinnati, OH
True Interest Rate
1.4712%
1.4775%
1.4843%
1.5224%
1.5325%
1.5480%
1.6334%
1.7239%
1.7326%
The best bid was determined to be as follows UMB Bank, N.A. Kansas City, MO, at a True Interest Rate of
1.4712%.
Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to 3:30 p.m. in the City Hall
Council Chambers on June 2, 2020.
June 2, 2020
The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Council Chambers, Waterloo,
Iowa, at 3:30 p.m., on Tuesday, June 2, 2020. Mayor Quentin Hart in the Chair. Roll Call: Boesen, Amos,
Morrissey, Feuss, Grieder. Mrs. Klein joined at 3:45 p.m. Absent: Juon.
157890 - Amos/Boesen
June 2, 2020 Page 2
that the Agenda, as proposed, for the Special Session on June 2, 2020, at 3:30 p.m., be accepted and
approved. Voice vote -Ayes: Seven. Motion carried.
BOND SALE
157891 - Feuss/Amos
that proof of publication of Notice of Sale on consideration of the proposition of issuance of General
Obligation Bonds, Series 2020A, as published in the Waterloo Courier on May 22, 2020, be received
and placed on file. Voice vote -Ayes: Seven. Motion carried.
Presentation by Speer Financial on the bids received for General Obligation Bonds Series 2020A and
Series 2020B and the City of Waterloo's bond rating. Council discussed the General Obligation Bonds
Series 2020A and Series 2020B and the City of Waterloo's bond rating.
157892 - Feuss/Amos
that "Resolution directing sale of $7,0235,000 General Obligation Bonds, Series 2020A to UMB Bank,
N.A., Kansas City, MO at a rate of 1.3458%", be adopted. Roll call vote -Ayes: Five. Motion carried.
Resolution adopted and upon approval by Mayor assigned No. 2020-398.
157893 - Morrissey/Amos
that proof of publication of Notice of Sale on consideration of the proposition of issuance of General
Obligation Bonds, Series 2020B, as published in the Waterloo Courier on May 22, 2020, be received
and placed on file. Voice vote -Ayes: Five. Motion carried.
Mrs. Klein joined at 3:45 p.m.
157894 - Morrissey/Feuss
that "Resolution directing sale of $8,235,000 General Obligation Bonds, Series 2020B to UMB Bank,
N.A. Kansas City, MO at a rate of 1.4712%", be adopted. Roll call vote -Ayes: Six. Motion carried.
Resolution adopted and upon approval by Mayor assigned No. 2020-399.
ADJOURNMENT
157895 - Morrissey/Feuss
that the Council adjourn at 3:47 p.m. Voice vote -Ayes: Six. Motion carried.
Ke//e re/ck/e
Kelley Felchle
City Clerk