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Home My WebLink About2022-301 - Sale-Award Proceedings 2022C Taxable GO BONDS $4,315,000ITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA $4,315,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 2022C • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. May 18, 2022 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 11:00 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 5:00 P.M. on the above date. The following persons were present: Boesen, Nichols, Amos, Wilder and Grieder Absent: Chiles and Feuss This being the time and place for the opening of bids for the sale of $4,315,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 2022C, 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: No Sealed Bids Received 2. The City Clerk 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: (List of Bidders Attached) 4. The best bid was determined to be as follows: Name & Address of Bidder: Robert W. Baird & Co., Inc., Milwaukee, Wisconsin True Interest Rate (as -bid): 4.1040% Net Interest Cost (as -bid): $1,661,888.00 In consultation with Speer Financial, Inc. the City's Municipal Advisor, 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: $4,315,000.00 Purchase Price as adjusted: $4,280,681.77 All bids were then referred to the Council for action. 2 May 18, 2022 The City Council of the City of Waterloo, State of Iowa, met in regular session, in the Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:00 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Boesen, Nichols, Amos, Wilder and Grieder Absent: Chiles and Feuss Vacant: None -3 Council Member Amos introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $4,315,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2022C," and moved its adoption. Council Member Boesen seconded the motion to adopt. The roll was called and the vote was, AYES: Nichols, Amos, Grieder, Wilder, Boesen NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 2022-301 RESOLUTION DIRECTING SALE OF $4,315,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2022C 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: $4,315,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2022C Bidder: Baird and Company of Milwaukee, Wisconsin The terms of award: Final Par Amount as adjusted: $4,315,000.00 Purchase Price as adjusted: $4,280,681.77 True Interest Rate: 4.1040% Net Interest Cost: $1,661,888.00 -4 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. 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 18th day of May, 2022. ATTEST: LeAnn M. Even, CMC, IaCMC Deputy City Clerk Quentin Hart, Mayor -5 STATE OF IOWA COUNTY OF BLACK HAWK CERTIFICATE ) ) SS ) I, the undersigned Deputy 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. SEAL WITNESS my hand and the seal of the Council hereto affixed this 19th day of May, 022. .,e�l DIGITALLY ,�?i &/enz s SITU LeAnn M. Even, Deputy City Clerk, City of Waterloo, State of Iowa Speer Financial, Inc. LjrINDEPENDENT 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 (+ -Within" 1 Black Hawk County, Iowa �%noov° $4,315,000 Taxable General Obligation Bonds, Series 2022C Date of Sale: May 18, 2022 Average Life: 9.408 Years (Based on TIC) Revised True Bidders* Price Maturities Bid Par Par Rates Interest** Robert W. Baird& Co., Inc. 99.200% 2023 $ 240,000 $ 255,000 3.750% 4.1052% Milwaukee, Wisconsin $4,280,480.00 2024 100,000 100,000 3.750% $1,670,344 (Original) 2025 100,000 100,000 3.750% (Original) 2026 100,000 100,000 3.750% 2027 260,000 260,000 3.750% 99.204% 2028 265,000 265,000 3.750% 4.1040% $4,280,681.77 2029 275,000 275,000 3.750% $1,661,888 (Revised) 2030 285,000 285,000 3.750% (Revised) 2031 335,000 335,000 3.750% 2032 350,000 350,000 3.800% 2033 360,000 360,000 4.000% 2034 370,000 370,000 4.050% 2035 375,000 375,000 4.100% 2036 495,000 480,000 4.200% 2037 405,000 405,000 4.300% $4,315,000 $4,315,000 C.L.King&Associates Country Club Bank Dinosaur Securities FHN Financial Capital Markets SumRidge Partners Mountainside Securities LLC Sierra Pacific Securities D.A.Davidson&Co. StoneX Financial Inc. Crews&Associates,Inc. Isaak Bond Investments,Inc. United Bankers Bank Northland Securities,Inc. Celadon Financial Group,LLC Carty& Company,Inc. Commerce Bank,N.A. FMS Bonds Inc. Seaport Global Holdings LLC Loop Capital Markets Wintrust Investments,LLC UMB Bank,n.a. First Bankers' Banc Securities,Inc. First Southern LLC Duncan-Williams, Inc. Midland Securities Stifel Financial Corp. 99.220% 2023 - 2033 4.000% 4.2341% Nashville, Tennessee $4,281,373.10 2034 - 2037 4.250% $1,720,810 Bank of Oklahoma *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.