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HomeMy WebLinkAboutSupplemental Attachments - 12/1/2021 (2) $14,075,000 * City of Waterloo,Black Hawk County,Iowa Taxable General Obligation Urban Renewal Bonds Series 2022A Best AON Bidder: Best AON TIC: Best Revised AON TIC Robert Baird 2.271684 % 2.268088 % Resized Serial/ Principal Principal Sinker/ Due Amount * Amount Term Coupon Jun 1,2023 $720,000 $720,000 Serial 2.000% Jun 1,2024 $1,035,000 $1,035,000 Serial 2.000% Jun 1,2025 $1,045,000 $1,045,000 Serial 2.000% Jun 1,2026 $1,260,000 $1,260,000 Serial 2.000% Jun 1,2027 $175,000 $175,000 Serial 2.000% Jun 1,2028 $205,000 $205,000 Serial 2.000% Jun 1,2029 $300,000 $300,000 Serial 2.000% Jun 1,2030 $465,000 $465,000 Serial 2.000% Jun 1,2031 $620,000 $620,000 Serial 2.000% Jun 1,2032 $805,000 $805,000 Serial 2.000% Jun 1,2033 $815,000 $815,000 Serial 2.000% Jun 1,2034 $835,000 $835,000 Serial 2.100% Jun 1,2035 $850,000 $845,000 Serial 2.200% Jun 1,2036 $805,000 $785,000 Serial 2.300% Jun 1,2037 $820,000 $800,000 Serial 2.400% Jun 1,2038 $835,000 $815,000 Serial 2.450% Jun 1,2039 $855,000 $835,000 Serial 2.500% Jun 1,2040 $870,000 $850,000 Serial 2.550% Jun 1,2041 $885,000 $865,000 Serial 2.600% Original Purchase Price:$14,212,421.90 Resized Purchase Price:$14,088,722.40 Spread:None Entered Time Submitted:December 1,2021 at 11:24:11 AM EST *Numbers displayed in blue are post sale adjustments. SpeerAuction Interest Cost Calculations for informational urposes only) Original Resized Issue Size $14,200,000 $14,075,000 Gross Interest $3,491,574.31 $3,439,850.73 Plus Discount/(Less Premium) 12,421.90) 13,722.40 Total Interest Cost $3,479,152.41 $3,426,128.33 True Interest Rate 2.271684% 2.268088% Total Bond Years 152,293.33 150,197.29 Average Life 10.725 Years 10.671 Years Firm:Robert Baird The foregoing bid as submitted or as revised post sale,if appropriate,was accepted and the Securities sold by action of this Board,and receipt is hereby acknowledged of the good faith Deposit,if any,which is being held in accordance with the terns of the annexed Official Notice of Sale Signature: Tittle (,t/ 4 Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 DANIEL FORBES RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA President Senior Vice President Senior Vice President Senior Vice President Vice President December 1, 2021 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 $14,200,000 Taxable General Obligation Urban Renewal Bonds, Series 2022A. There were four bids received,which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Robert W. Baird & Co., Inc., Milwaukee, Wisconsin, 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 Bonds be awarded to that bidder at a price of $14,088,722.40, being at a true interest rate of 2.2680%. After the sale, the par amount of the Bonds was reduced to$14,075,000. True Account Managers Interest Rate Robert W. Baird & Co.,Inc.,Milwaukee,Wisconsin................................. 2.2716% (Original) 2.2680% (Revised) Raymond James& Associates, Inc., Memphis, Tennessee.............................. 2.3604% Stifel Financial Corp., Birmingham, Alabama................................................. 2.3981% JP Morgan Securities,New York,New York................................................... 2.4033% Respectfully submitted, SPEER FINANCIAL, INC. i t.�i(s� Maggie Burger, Sr. Vice President MB/mr Enclosures SUITE 2630.230 WEST MONROE STREET•CHICAGO,ILLINOIS 60606•(312)346-3700•FAX(312)346-8833 SUITE 608•531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-8628 MOODY'S INVESTORS SERVICE Rating Action: Moody's assigns Aa2 to Waterloo, IA Series 2022 GOs 29 Nov 2021 New York, November 29, 2021 --Moody's Investors Service has assigned a Aa2 rating to the City of Waterloo, IA's$14.2 million Taxable General Obligation Urban Renewal Bonds, Series 2022A. Moody's maintains the Aa2 rating on the city's outstanding general obligation unlimited tax(GOULT)debt. Following the sale,the city will have$118 million in GOULT debt. RATINGS RATIONALE The Aa2 rating reflects the city's large tax base with below average wealth and income compared to similarly rated peers, a strong and stable financial position, above average debt and pension burdens and elevated fixed costs. RATING OUTLOOK Moody's does not typically assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -Reduction in city's debt and pension burdens -Significant and sustained improvement in reserves -Expansion of city's tax base and strengthening in resident income profile FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -Growth in the city's debt and pension burden -Declines in financial reserves -Contraction of the city's tax base or weakening of resident income profile LEGAL SECURITY The city's outstanding GOULT debt, including the Series 2022A bonds, is payable from a dedicated property tax levy that is unlimited as to rate or amount to pay debt service. The city intends to abate the debt service levy for the Series 2022A bonds and pay debt service with a combination of funds on hand and incremental property tax revenue from tax increment finance districts, local option sales tax revenue and hotel/motel tax revenue. USE OF PROCEEDS The Series 2022A bonds will finance an economic development grant for a theme park in the city. PROFILE The City of Waterloo is the county seat of Black Hawk County(Aa2), located in northeastern Iowa(Aaa stable) approximately 89 miles northeast of Des Moines(Aa2 stable)and 50 miles northwest of Cedar Rapids(Aa1 stable).The largest industry sectors that drive the local economy are manufacturing, health services and retail trade. METHODOLOGY The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx? docid=PBM_1260094.Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis,see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx? docid=PBC 79004. 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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. T E Speer 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 $149075,000 CITY OF WATERLOO Black Hawk County, Iowa Taxable General Obligation Urban Renewal Bonds, Series 2022A Date of Sale: December 1, 2021 Average Life: 10.671 Years (Based on TIC) Revised True Bidders* Price Maturities Bid Par Par Rates Interest" Robert W. Baird&Co., Inc. 100.087% 2023 $ 720,000 $ 720,000 2.000% 2.2716% Milwaukee, Wisconsin $14,212,421.90 2024 1,035,000 1,035,000 2.000% $3,479,152 (Original) 2025 1,045,000 1,045,000 2.000% (Original) 2026 1,260,000 1,260,000 2.000% 2027 175,000 175,000 2.000% 100.097% 2028 205,000 205,000 2.000% 2.2680% $149088,722.40 2029 300,000 300,000 2.000% $3,4269128 (Revised) 2030 465,000 465,000 2.000% (Revised) 2031 620,000 620,000 2.000% 2032 805,000 805,000 2.000% 2033 815,000 815,000 2.000% 2034 835,000 835,000 2.100% 2035 850,000 8459000 2.200% 2036 805,000 785,000 2.300% 2037 820,000 800,000 2.400% 2038 835,000 815,000 2.450% 2039 855,000 835,000 2.500% 2040 870,000 850,000 2.550% 2041 885,000 865,000 2.600% $14,200,000 $14,075,000 *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. **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. Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS Page 2 Robert W. Baird&Co., Inc. Milwaukee, Wisconsin In association with: C.L. King&Associates Duncan-Williams, Inc. InspereX Colliers Securities LLC FMS Bonds Inc. Celadon Financial Group,LLC Valdes and Moreno Commerce Bank,N.A. Multi Bank Securities,Inc. UMB Bank,n.a. First Kentucky Securities Corp. Wintrust Investments,LLC Crews&Associates,Inc. Isaak Bond Investments, Inc. StoneX Financial, Inc. Edward Jones Midland Securities Fist Southern LLC Country Club Bank Oppenheimer&Co. Dinosaur Securities Sierra Pacific Securities First Bankers' Banc Securities,Inc. SumRidge Partners Mountainside Securities LLC Vining-Sparks IBG,Limited Partnership Loop Capital Markets Davenport&Co.LLC FHN Financial Capital Markets Northland Securities, Inc. Bernardi Securities, Inc. D.A. Davidson&Co. United Bankers Bank True Bidders* Price Maturities Rates Interest** Raymond James & Associates, Inc. 99.223% 2023 0.550% 2.3604% Memphis, Tennessee $14,089,680.00 2024 0.900% $3,616,159 2025 1.100% 2026 1.250% 2027 1.400% 2028 1.550% 2029 1.650% 2030 1.750% 2031 1.850% 2032 1.950% 2033 2.050% 2034 2.150% 2035 2.250% 2036 -2038 2.550% 2039 -2041 2.750% Stifel Financial Corp. 99.894% 2023 -2032 2.000% 2.3981% Birmingham,Alabama $14,185,070.86 2033 2.100% $3,671,266 2034-2035 2.350% BOK Financial Securities, Inc. 2036-2037 2.500% 2038 -2039 2.600% 2040 -2041 2.700% *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. **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. Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS Page 3 True Bidders* Price Maturities Rates Interest** JP Morgan Securities 99.228% 2023 0.750% 2.4033% New York, New York $14,090,501.55 2024 1.000% $3,673,256 2025 1.270% Estrada Hinojosa& Company 2026 1.490% Academy Securities 2027 1.670% 2028 1.810% 2029 1.910% 2030 1.960% 2031 2.020% 2032 2.100% 2033 2.250% 2034 2.350% 2035 2.400% 2036 2.450% 2037 2.500% 2038 2.550% 2039 2.600% 2040 2.650% 2041 2.700% *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. "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. Speer Financial, Inc. CITY OF WATERLOO,IOWA $14,075,000 Taxable General Obligation Urban Renewal Bonds, Series 2022A ***FINAL *** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 01/04/2022 - - 12/01/2022 - - 279,119.48 279,119.48 - 06/01/2023 720,000.00 2.000% 153,643.75 873,643.75 1,152,763.23 12/01/2023 - - 146,443.75 146,443.75 - 06/01/2024 1,035,000.00 2.0000% 146,443 75 1,181,443.75 1,327,887.50 12/01/2024 - - 136,093.75 136,093.75 - 06/01/2025 1,045,000.00 2.000% 136,093.75 1,181,093 75 1,317,187.50 12/01/2025 - - 125,643.75 125,643.75 - 06/01/2026 1,260,000.00 2.000% 125,643.75 1,385,643.75 1,511,287.50 12/01/2026 - - 113,043.75 113,043.75 - 06/01/2027 175,000.00 2.0000/6 113,043.75 288,043.75 401,087.50 12/01/2027 - - 111293.75 111,293.75 - 06/01/2028 205,000.00 2000% 111293.75 316,293.75 427,587.50 12/01/2028 - - 109,243.75 109,243.75 - 06/01/2029 300,000.00 2.000% 109,24375 409,243.75 518,487.50 12/01/2029 - - 106,243.75 106,243.75 - Call 06/01/2030 465,000.00 2.0000/6 106,243.75 571,243.75 677,487.50 12/01/2030 - - 101,593.75 101,593.75 - 06/01/2031 620,000.00 2.000% 101,593.75 721,593.75 823,187.50 12/01/2031 - - 95,393.75 95,393.75 - 06/01/2032 805,000.00 2.000% 95,393.75 900,393.75 995,787.50 12/01/2032 - - 87,343.75 87,343.75 - 06/01/2033 815,000.00 2.000% 87,343.75 902,343.75 989,687.50 12/01/2033 - - 79,193.75 79,193.75 - 06/01/2034 835,000 00 2.100% 79,193.75 914,193.75 993,387.50 12/01/2034 - - 70,426.25 70,426.25 - 06/01/2035 845,000.00 2.200% 70,426.25 915,426.25 985,852.50 12/01/2035 - - 61,131.25 61,131.25 - 06/01/2036 785,000.00 2.300% 61,131.25 846,13125 907,262.50 12/01/2036 - 52,103.75 52,103.75 - 06/01/2037 800,000.00 2.400% 52,103.75 852,103.75 904,207.50 12/01/2037 - - 42,503.75 42,503.75 - 06/01/2038 815,000.00 2.450% 42,503.75 857,503.75 900,007.50 12/01/2038 - - 32,520.00 32,520.00 - 06/01/2039 835,000.00 2,500% 32,520.00 867,520.00 900,040.00 12/01/2039 - 22,082.50 22,082.50 - 06/01/2040 850,000.00 2.550% 22,082.50 872,082.50 894,165.00 12/01/2040 - - 11,245.00 11,245.00 - 06/01/2041 865,000.00 2.600% 11,245.00 876,245.00 887,490.00 Total 514,075,000.00 - $3,439,850.73 $17,514,850.73 - Yield Statistics Bond Year Dollars $150,197.29 Average Life 10.671 Years Average Coupon - _ 2.2902215% Net Interest Cost(NIC) 2.2810853% True Interest Cost(TIC) 2.2680883% Bond Yield for Arbitrage Purposes 2.1502119% All Inclusive Cost(AIC) 2.3367204% IRS Form 8038 Net Interest Cost 2.1677896% Weighted Average Maturity 10.600 Years 22A Waterloo 14.075.Tar I SINGLE PURPOSE 1 12/1/2021 1 12.12 PM Speer Financial, Inc. Registered Municipal Advisor Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 DANIEL FORBES RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA President .Senior Tice President Senior{ice Presiders! Senior{'ice Presidio/ Tice President December 1, 2021 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 $14,200,000 Taxable General Obligation Urban Renewal Bonds, Series 2022A. There were four bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Robert W. Baird & Co., Inc., Milwaukee, Wisconsin, 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 Bonds be awarded to that bidder at a price of $14,088,722.40, being at a true interest rate of 2.2680%. After the sale, the par amount of the Bonds was reduced to$14,075,000. True Account Managers Interest Rate Robert W. Baird & Co., Inc., Milwaukee,Wisconsin................................. 2.2716% (Original) 2.2680% (Revised) Raymond James & Associates, Inc., Memphis, Tennessee.............................. 2.3604% Stifel Financial Corp., Birmingham, Alabama................................................. 2.3981% JP Morgan Securities,New York, New York................................................... 2.4033% Respectfully submitted, SPEER FINANCIAL, INC. Maggie Burger, Sr. Vice President MB/mr Enclosures SUITE 2630.230 WEST MONROE STREET•CHICAGO,ILLINOIS 60606•(312)346-3700•FAX(312)346-8833 SUITE 608•531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-8628 MOODY'S INVESTORS SERVICE Rating Action: Moody's assigns Aa2 to Waterloo, IA Series 2022 GOs 29 Nov 2021 New York, November 29, 2021 --Moody's Investors Service has assigned a Aa2 rating to the City of Waterloo, IA's$14.2 million Taxable General Obligation Urban Renewal Bonds, Series 2022A. Moody's maintains the Aa2 rating on the city's outstanding general obligation unlimited tax(GOULT)debt. Following the sale, the city will have$118 million in GOULT debt. RATINGS RATIONALE The Aa2 rating reflects the city's large tax base with below average wealth and income compared to similarly rated peers, a strong and stable financial position, above average debt and pension burdens and elevated fixed costs. RATING OUTLOOK Moody's does not typically assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -Reduction in city's debt and pension burdens -Significant and sustained improvement in reserves -Expansion of city's tax base and strengthening in resident income profile FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -Growth in the city's debt and pension burden -Declines in financial reserves -Contraction of the city's tax base or weakening of resident income profile LEGAL SECURITY The city's outstanding GOULT debt, including the Series 2022A bonds, is payable from a dedicated property tax levy that is unlimited as to rate or amount to pay debt service.The city intends to abate the debt service levy for the Series 2022A bonds and pay debt service with a combination of funds on hand and incremental property tax revenue from tax increment finance districts, local option sales tax revenue and hotel/motel tax revenue. USE OF PROCEEDS The Series 2022A bonds will finance an economic development grant for a theme park in the city. PROFILE The City of Waterloo is the county seat of Black Hawk County(Aa2), located in northeastern Iowa(Aaa stable) approximately 89 miles northeast of Des Moines(Aa2 stable)and 50 miles northwest of Cedar Rapids(Aa1 stable).The largest industry sectors that drive the local economy are manufacturing, health services and retail trade. METHODOLOGY The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx? docid=PBM_1260094.Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Speer 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 AML $149075,000 CITY OF WATERLOO „ • Black Hawk County,Iowa Taxable General Obligation Urban Renewal Bonds, Series 2022A Date of Sale: December 1, 2021 Average Life: 10.671 Years (Based on TIC) Revised True Bidders* Price Maturities Bid Par Par Rates Interest" Robert W. Baird &Co., Inc. 100.087% 2023 $ 720,000 $ 720,000 2.000% 2.2716% Milwaukee, Wisconsin $14,212,421.90 2024 1,035,000 1,035,000 2.000% $3,479,152 (Original) 2025 1,045,000 1,045,000 2.000% (Original) 2026 1,260,000 1,260,000 2.000% 2027 175,000 175,000 2.000% 100.097% 2028 205,000 205,000 2.000% 2.2680% $1490889722.40 2029 300,000 300,000 2.000% $3,426,128 (Revised) 2030 465,000 465,000 2.000% (Revised) 2031 620,000 620,000 2.000% 2032 805,000 805,000 2.000% 2033 815,000 815,000 2.000% 2034 835,000 835,000 2.100% 2035 850,000 845,000 2.200% 2036 805,000 785,000 2.300% 2037 820,000 800,000 2.400% 2038 835,000 815,000 2.450% 2039 855,000 8359000 2.500% 2040 870,000 8509000 2.550% 2041 885,000 865,000 2.600% $14,200,000 $14,075,000 *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. **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. Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS Page 2 Robert W. Baird& Co., Inc. Milwaukee, Wisconsin In association with: C.L.King&Associates Duncan-Williams, Inc. InspereX Colliers Securities LLC FMS Bonds Inc. Celadon Financial Group,LLC Valdes and Moreno Commerce Bank,N.A. Multi Bank Securities,Inc. UMB Bank,n.a. First Kentucky Securities Corp. Wintrust Investments,LLC Crews&Associates, Inc. Isaak Bond Investments, Inc. StoneX Financial, Inc. Edward Jones Midland Securities Fist Southern LLC Country Club Bank Oppenheimer&Co. Dinosaur Securities Sierra Pacific Securities First Bankers' Banc Securities, Inc. SumRidge Partners Mountainside Securities LLC Vining-Sparks IBG,Limited Partnership Loop Capital Markets Davenport&Co. LLC FHN Financial Capital Markets Northland Securities, Inc. Bernardi Securities,Inc. D.A. Davidson&Co. United Bankers Bank True Bidders* Price Maturities Rates Interest** Raymond James&Associates, Inc. 99.223% 2023 0.550% 2.3604% Memphis, Tennessee $14,089,680.00 2024 0.900% $3,616,159 2025 1.100% 2026 1.250% 2027 1.400% 2028 1.550% 2029 1.650% 2030 1.750% 2031 1.850% 2032 1.950% 2033 2.050% 2034 2.150% 2035 2.250% 2036 - 2038 2.550% 2039 -2041 2.750% Stifel Financial Corp. 99.894% 2023 -2032 2.000% 2.3981% Birmingham,Alabama $14,185,070.86 2033 2.100% $3,671,266 2034 -2035 2.350% BOK Financial Securities, Inc. 2036 -2037 2.500% 2038 -2039 2.600% 2040-2041 2.700% *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. **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. Speer Financial, Inc. ►�/ INDEPENDENT MUNICIPAL ADVISORS Page 3 True Bidders* Price Maturities Rates Interest** JP Morgan Securities 99.228% 2023 0.750% 2.4033% New York, New York $14,090,501.55 2024 1.000% $3,673,256 2025 1.270% Estrada Hinojosa&Company 2026 1.490% Academy Securities 2027 1.670% 2028 1.810% 2029 1.910% 2030 1.960% 2031 2.020% 2032 2.100% 2033 2.250% 2034 2.350% 2035 2.400% 2036 2.450% 2037 2.500% 2038 2.550% 2039 2.600% 2040 2.650% 2041 2.700% *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$14,075,000. All other bids were based on the pre-sale amount of$14,200,000. **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. Speer Financial, Inc. CITY OF WATERLOO,IOWA $14,075,000 Taxable General Obligation Urban Renewal Bonds, Series 2022A *** FINAL*** Debt Service Schedule Date Principal Coupon Interest Total P+1 Fiscal Total 01/04/2022 - - 12/01/2022 - - 279,119.48 279,119.48 - 06/01/2023 720,000.00 2.000% 153,643.75 873,643.75 1,152,763.23 12/01/2023 - - 146,443 75 146,443.75 - 06/01/2024 1,035,000.00 2.000% 146,443.75 1,181,443.75 1,327,887.50 12/01/2024 - 136,093.75 136,093 75 - 06/01/2025 1,045,000.00 2.000% 136,093.75 1,181,09375 1,317,187.50 12/01/2025 - - 125,643.75 125,643.75 - 06/01/2026 1,260,000.00 2.000% 125,643.75 1,385,643.75 1,511,287.50 12/01/2026 - - 113,04375 113,043.75 - 06/01/2027 175,000.00 2.000% 113,043 75 288,043.75 401,087.50 12/01/2027 - - 111,293.75 111,293.75 - 06/01/2028 205,000.00 2.000% 111,293.75 316,293 75 427,587.50 12/01/2028 - - 109,243.75 109,243.75 - 06/01/2029 300,000.00 2.000% 109,243.75 409,243.75 518,487.50 12/01/2029 - - 106,243.75 106,243.75 - Call 06/01/2030 465,000.00 2.000% 106,243.75 571,243.75 677,487.50 12/01/2030 - - 101,593.75 101,593.75 - 06/01/2031 620,000.00 2000% 101,593.75 721,593.75 823,187.50 12/01/2031 - - 95,393 75 95,393 75 06/01/2032 805,000.00 2.000% 95,393.75 900,393.75 995,787.50 12/01/2032 - - 87,343.75 87,343.75 - 06/01/2033 815,000.00 2.000% 87,343.75 902,343.75 989,687.50 12/01/2033 - - 79,193.75 79,193.75 - 06/01/2034 835,000.00 2.100% 79,193 75 914,193.75 993,387.50 12/01/2034 - - 70,426.25 70,426 25 - 06/012035 845,000.00 2.200% 70,426.25 915,426.25 985,852.50 12/01/2035 - - 61,131.25 61,131.25 - 06/01/2036 785,000.00 2.300% 61,131.25 846,131.25 907,262.50 12/01/2036 - - 52,103.75 52,103.75 - 06/012037 800,000.00 2.400% 52,103.75 852,103.75 904,207.50 12/01/2037 - - 42,503.75 42,503.75 - li 06/012038 815,000.00 2.450% 42,503.75 857,503.75 900,007.50 12/01/2038 - - 32,520.00 32,52000 - 06/01/2039 835,000.00 2.500% 32,520.00 867,520.00 900,040.00 12/01/2039 - - 22,082.50 22,082.50 - 06/01/2040 850,000.00 2.550% 22,082.50 872,082.50 894,165.00 12/01/2040 - - 11,245.00 11,245.00 - 06/01/2041 865,000.00 2.600% 11,24500 876,245.00 887,490.00 1 otal $14,075,000.00 - $3,439,850.73 $17,514,850.73 - Yield Statistics Bond Year Dollars $150,197.29 Average Life 10.671 Years Average Coupon 2.2902215% Net Interest Cost(NIC) 2.2810853% True Interest Cost(TIC) 2.2680883% Bond Yield for Arbitrage Purposes 2.1502119% All Inclusive Cost(AIC) 2.3367204% IRS Form 8038 Net Interest Cost 2.1677896% Weighted Average Maturity 10.600 Years 22A Wmedoe 14.075m Tm I SINGLE PURPOSE 1 12/1/2021 1 12:12 PM Speer Financial, Inc. Registered Municipal Advisor