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HomeMy WebLinkAboutSupplemental Attachments - 1/6/2025 City of Waterloo Finance Committee Preliminary Draft Invoice Report orDec- er 30 2 pproval Finance Committee Accounts Payable Open Invoice Report Total As of Thursday, December 19, 2024 2,846,723.57 Gatso 18,954.00 Iowa Medicaid 61 ,203.21 Thursday Total 2,926,880.78 Karl Chevrolet 113,797.60 Add:Health Equity 6,018.72 Add: Wellmark 311 ,332.18 Add: Work Comp 111 ,143.89 3,469,173.17 Housing Authority Assistance EFT's 11 ,184.79 Housing Authority Assistance EFT's 454,533.50 Payroll 2,158,401 .51 Bill Payment Total - Monday, December 30, 2024 6,093,292.97 City of Waterloo Finance Committee Preliminary Draft Invoice Report For January 5 Approvw Finance Committee Accounts Payable Open Invoice Report Total As of Thursday, January 02, 2025 1 ,395,085.49 Thursday Total 1,395,085.49 Health Equity 3,560.43 Add: Amazon 109.18 Add: Wellmark 204,449.21 Add: Work Comp 16,775.40 1,619,979.71 Housing Authority Assistance EFT's 5,508.76 Housing Authority Assistance EFT's Payroll Bill Payment Total - Monday, January o6, 2025 1,625,488.47 / SOCIAL ACTION INC PRESENTS , 46TH ANNUAL MARTIN LUTHER KING )R. BANQUET M L K 2025 Adipp., ZI K I EH SoP EAR SOCIAL ACTICor-4 INC . YOUNG 313 3q341 SUNDAY, JANUARY 19, 2025 WATERLOO CONVENTION CENTER • AT SULLIVAN BROTHERS PLAZA 280 W. 4TH ST. WATERLOO, IA 50701 ) C CD y e o E a , N O N N N o 172 0 U 0) cn -0 C 0 CD N o c d - . E 3 w p C� o E r Q C L >` a) Q en m O p m N O m am) 8 N m T= C ll (n C O U O .a) �?' O c) en m W a) m p L Ni L 11 s m '� c 6 Cn O C 2 N O , 'O 'm" -o cn c a) o � U v c � c c .c 3 = c t c c ._ —) -m =E•• = a) N E o'in m 0 (n o 6 .5 <J'C m t4 m o p N= O O Q4 D 2 C "p m T V .= o m 0 2 'a •p = • C 5 N_ a O m E 8 26.. p m a)(n C� o o o m E O c L'c c a�ci a m r o K aa> a> o m aE o a s_� z m .3 m E E c p `n >. 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JOHN LUTHERAN CHURCH - 715 College St, Cedar Falls, IA 50613 • BETHLEHEM LUTHERAN CHURCH - 4000 Hudson Rd, Cedar Falls, IA 50613 • CEDAR FALLS CHRISTIAN CHURCH - 2727W Fourth St, Cedar Falls, IA 50613 • CEDAR HEIGHTS COMMUNITY PRESBYTERIAN CHURCH - 2015 Rainbow Dr, Cedar Falls, IA 50613 • TRINITY BIBLE CHURCH - 125 Orchard Dr, Cedar Falls, IA 50613 WATERLOO LOCATIONS: • IOWA STATE UNIVERSITY EXTENSION (CONFERENCE ROOM A) - 3420 University Ave, Waterloo, IA 50701 • CROSSROADS COMMUNITY CHURCH (HOPE CENTER) - 3622 Hammond Ave, Waterloo, IA 50702 • CENTRAL CHRISTIAN CHURCH - 3475 Kimball Ave, Waterloo, IA 50702 • ST. PAUL UNITED METHODIST CHURCH - 207 W Louise St, Waterloo, IA 50703 • OUR SAVIORS LUTHERAN CHURCH - 420 Harwood, Waterloo, IA 50701 • PAYNE MEMORIAL AME CHURCH - 1044 Mobile St, Waterloo, IA 50703 • ZION LUTHERAN CHURCH - 810 Kimball Ave, Waterloo, IA 50702 • CEDAR VALLEY CHURCH - 3520 Ansborough Ave, Waterloo, IA 50701 OTHER LOCATIONS: • HUDSON COMMUNITY CENTER - 525 Jefferson St, Hudson, IA 50643 • EVANSDALE COMMUNITY RESPONSE CENTER - 911 Evans Rd, Evansdale, IA 50707 • RAYMOND CITY HALL- ()I1st St, Raymond, IA 50667 • DUNKERTON COMMUNITY HALL- 115W Main St, Dunkerton, IA 50626 • UNION HIGH SCHOOL- 200 Adams St, La Porte City, IA 50651 • AMERICAN LEGION - 1110 6th St, Gilbertville, IA 50634 Fairl Fi hlord 513 CeD3 DI S on DUNKERTON COMMUNITY HALL NORTH CEDAR •Fa,....s WILD Nc,. Dewar RIDGE y, PARK ARMOUR BETHLEHEM LUTHERAN CHU... waterloo ZION1_UTHERAN CHURCH I fate Rz d Jesup CROSSROADS COMMUNITY C... EID WashburnGII f le AMERICAN LEGION Zare?a HUDSON COMMUNITY CENTER S dyG Voorhies B essng L� ?City _ • _ .1(amie-d-A- krikft,), 4/1(2-- Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 DANIEL FORBES RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA AARON GOLD President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President January 6, 2025 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$3,560,000 General Obligation Urban Renewal Bonds,Series 2025A. There were five bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Fidelity Capital Markets, Boston, Massachusetts, 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 Series 2025A Bonds be awarded to that bidder at a price of $3,608,102.40, being at a true interest rate of 3.8498%. True Account Managers Interest Rate Fidelity Capital Markets, Boston, Massachusetts 3.8498% TD Securities (USA), LLC, New York, New York 3.8530% Robert W. Baird & Co., Inc., Milwaukee, Wisconsin 3.9156% BOK Financial Securities, Inc., Milwaukee, Wisconsin 3.9255% Bernardi Securities, Inc., Northfield, Illinois 4.0087% Respectfully submitted, SPEER FINANCIAL, INC. `11)(V.,111Aler Maggie Burger, Sr. Vice President MB/eg 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 i MOODY'S RATINGS Rating Action: Moody's Ratings assigns Aa2 to Waterloo, IA's GO bonds 23 Dec 2024 New York, December 23, 2024 -- Moody's Ratings (Moody's) has assigned a Aa2 rating to the City of Waterloo, IA's General Obligation Urban Renewal Bonds, Series 2025A, with a proposed par amount of$3.6 million, and Taxable General Obligation Urban Renewal Bonds, Series 2025B, with an estimated par amount of$28.6 million. We maintain the city's Aa2 issuer rating and the Aa2 rating on its outstanding general obligation unlimited tax (GOULT) debt. Post-sale, the city will have about $212 million in total debt outstanding. RATINGS RATIONALE The Aa2 issuer rating reflects the city's role as a regional economic hub, and solid though weaker than Aa medians full value per capita and resident income, at around $80,000 and 82% respectively. When incorporating restricted funds available for core operations, fiscal 2023 (year end June 30) available fund balance is strong at around 60% of revenues, relative to a reported ratio of 30%. For fiscal 2024 the city budgeted for a $2 million draw in the general fund, but draft financial statements indicate a small surplus, due in part to the transfer of local option sales tax (LOST) revenues. Other governmental and business type funds are mostly balanced. We expect fiscal 2025 reserve levels to remain healthy inclusive of some potential draws for capital. Despite the state imposing new property tax restrictions, the city maintains budgetary flexibility with significant margin to increase its employee benefits levy and the ability to shift LOST revenue to the general fund. The long-term liabilities ratio will likely remain under 220°/0 of revenues inclusive of the current issuance and fixed costs around 10%. The Aa2 rating on the GOULT bonds is the same level as the city's Aa2 issuer rating because the city has pledged its full faith, credit and taxing power for repayment of the bonds. RATING OUTLOOK We do not assign outlooks to local governments with this amount of debt outstanding FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Decrease in long-term liabilities ratio closer to 150% of revenues - Improvement in resident income nearing 120% and full value per capita closer to $100,000 FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Reduction in fund balance or cash balance closer to 25% of revenue - Increase in long-term liabilities ratio nearing 300% of revenue - Further constraints placed on revenue raising flexibility LEGAL SECURITY The Series 2025A and Series 2025B bonds are backed by the city's general obligation unlimited tax (GOULT) pledge, which benefits from a dedicated levy that is unlimited as to rate or amount. USE OF PROCEEDS Proceeds of the bonds will finance various urban renewal projects throughout the city. PROFILE The City of Waterloo is the county seat of Black Hawk County, located in northeastern Iowa roughly 89 miles northeast of Des Moines and 50 miles northwest of Cedar Rapids. The city provides standard municipal service to a population of about 67,000 residents. METHODOLOGY The principal methodology used in these ratings was US Cities and Counties published in July 2024 and available at https://ratings.moodys.com/rmc- documents/425429. Alternatively, please see the Rating Methodologies page on https://ratings.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 on https://ratings.moodys.com/rating-definitions . 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Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non- NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Speer Financial, Inc. UrINDEPENDENT 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 $3,560,000 CITY OF WATERLOO,IOWA General Obligation Urban Renewal Bonds, Series 2025A Date of Sale: January 6, 2025 Average Life: 11.864 Years (Based on TIC) True Bidders* Price Maturities Rate Interest** Fidelity Capital Markets 101.351% 2027 - 2044 4.000% 3.8498% Boston, Massachusetts $3,608,102.40 $1,641,382 Morgan Stanley Raymond James&Associates, Inc. Fl-IN Financial Capital Markets Advisors Asset Management Ramirez& Co., Inc. American Veterans Group, PBC SDVOB SumRidge Partners SAMCO Capital Markets TD Securities (USA), LLC 101.322% 2027 - 2044 4.000% 3.8530% New York, New York $3,607,061.15 $1,642,423 Robert W. Baird & Co., Inc. 100.747% 2027 -2044 4.000% 3.9156% Milwaukee, Wisconsin $3,586,576.05 $1,662,908 BOK Financial Securities, Inc. 100.656% 2027 -2044 4.000% 3.9255% Milwaukee, Wisconsin $3,583,369.70 $1,666,115 Stifel Bernardi Securities, Inc. 99.900% 2027 -2044 4.000% 4.0087% Northfield, Illinois $3,556,454.55 $1,693,030 *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. CITY OF WATERLOO,IOWA $3,560,000 General Obligation Urban Renewal Bonds, Series 2025A ***FINAL*** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 02/05/2025 - - - - - 12/01/2025 - - 117,084.44 117,084.44 - 06/01/2026 - - 71,200.00 71,200.00 188,284.44 12/01/2026 - - 71,200.00 71,200.00 - 06/01/2027 140,000.00 4.000% 71,200.00 211,200.00 282,400.00 12/01/2027 - - 68,400.00 68,400.00 - 06/01/2028 145,000.00 4.000% 68,400.00 213,400.00 281,800.00 12/01/2028 - - 65,500.00 65,500.00 - 06/01/2029 150,000.00 4.000% 65,500.00 215,500.00 281,000.00 12/01/2029 - - 62,500.00 62,500.00 - 06/01/2030 155,000.00 4.000% 62,500.00 217,500.00 280,000.00 12/01/2030 - - 59,400.00 59,400.00 - 06/01/2031 160,000.00 4.000% 59,400.00 219,400.00 278,800.00 12/01/2031 - - 56,200.00 56,200.00 - Call 06/01/2032 170,000.00 4.000% 56,200.00 226,200.00 282,400.00 12/01/2032 - - 52,800.00 52,800.00 - 06/01/2033 175,000.00 4.000% 52,800.00 227,800.00 280,600.00 12/01/2033 - - 49,300.00 49,300.00 - 06/01/2034 185,000.00 4.000% 49,300.00 234,300.00 283,600.00 12/01/2034 - - 45,600.00 45,600.00 - 06/01/2035 190,000.00 4.000% 45,600.00 235,600.00 281,200.00 12/01/2035 - - 41,800.00 41,800.00 - 06/01/2036 200,000.00 4.000% 41,800.00 241,800.00 283,600.00 12/01/2036 - - 37,800.00 37,800.00 - 06/01/2037 205,000.00 4.000% 37,800.00 242,800.00 280,600.00 12/01/2037 - - 33,700.00 33,700.00 - 06/01/2038 215,000.00 4.000% 33,700.00 248,700.00 282,400.00 12/01/2038 - - 29,400.00 29,400.00 - 06/01/2039 220,000.00 4.000% 29,400.00 249,400.00 278,800.00 12/01/2039 - - 25,000.00 25,000.00 - 06/01/2040 230,000.00 4.000% 25,000.00 255,000.00 280,000.00 12/01/2040 - - 20,400.00 20,400.00 - 06/01/2041 240,000.00 4.000% 20,400.00 260,400.00 280,800.00 12/01/2041 - - 15,600.00 15,600.00 - 06/01/2042 250,000.00 4.000% 15,600.00 265,600.00 281,200.00 12/01/2042 - - 10,600.00 10,600.00 - 06/01/2043 260,000.00 4.000% 10,600.00 270,600.00 281,200.00 12/01/2043 - - 5,400.00 5,400.00 - 06/01/2044 270,000.00 4.000% 5,400.00 275,400.00 280,800.00 Total S3,560,000.00 - S1,689,484.44 $5,249,484.44 - Yield Statistics Bond Year Dollars $42,237.11 Average Life 11.864 Years Average Coupon - o 4.0000000/o Net Interest Cost(NIC) 3.8861134% True Interest Cost(TIC) 3.8498495% Bond Yield for Arbitrage Purposes 3.7360587% All Inclusive Cost(AIC) 3.9473505% IRS Form 8038 Net Interest Cost _ 3.7614923% Weighted Average Maturity 11.777 Years 25A Waterloo 3.56 TE GO U I SINGLE PURPOSE I 1/6/2025 I 11:29 AM - Speer Financial, Inc. Registered Municipal Advisor ,y) -,f-/z . 4(tiodeal----,5 ii096(1) ' J Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 DANIEL FORBES RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA AARON GOLD President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President January 6,2025 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 $28,590,000 Taxable General Obligation Urban Renewal Bonds, Series 2025B. There were eleven 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 Series 2025B Bonds be awarded to that bidder at a price of$28,361,619.06, being at a true interest rate of 5.0249%. True Account Managers Interest Rate Robert W. Baird & Co.,Inc.,Milwaukee,Wisconsin 5.0249% Raymond James& Associates, Inc., Chicago,Illinois 5.0896% J.P. Morgan Securities LLC,New York,New York 5.0991% Piper Sandler& Co., Minneapolis, Minnesota 5.1185% Wells Fargo Securities, LLC, Charlotte,North Carolina 5.1485% Janney Montgomery Scott, Philadelphia, Pennsylvania 5.1784% Morgan Stanley& Co. LLC.,New York,New York 5.1869% SAMCO Capital Markets, Inc., Austin, Texas 5.1895% BOK Financial Securities, Inc., Milwaukee, Wisconsin 5.2064% UBS Financial,New York,New York 5.2178% KeyBanc Capital Markets, Inc., Denver, Colorado 5.4044% Respectfully submitted, SPEER FINANCIAL, INC. Maggie Burger, Sr. Vice President MB/eg 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 Speer Financial, Inc. urINDEPENDENT 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 $28,590,000 CITY OF WATERLOO, IOWA Taxable General Obligation Urban Renewal Bonds, Series 2025B Date of Sale: January 6, 2025 Average Life: 10.153 Years (Based on TIC) True Bidders* Price Maturities Rate Interest** Robert W. Baird& Co., Inc. 99.201% 2027 -2034 4.750% 5.0249% Milwaukee, Wisconsin $28,361,619.06 2035 4.800% $14,566,323 2036 4.850% 2037 4.900% 2038 4.950% 2039 5.000% 2040 5.040% 2041 - 2043 5.150% 2044 5.500% Banc Securities,Inc. Blaylock Van,LLC Caldwell Sutter Capital,Inc. Crews&Associates,Inc. Country Club Bank Carty&Company,Inc. Celadon Financial Group,LLC CADZ Securities Inc Central States Capital Markets Commerce Bank,N.A. D.A.Davidson&Co. Davenport&Co.L.L.C. Edward Jones FHN Financial Capital Markets First Bankers' Middlegate Securities Multi Bank Securities Inc. Northland Securities,Inc. SouthState/Duncan-Williams Securities Corp UMB Bank,N.A.United Bankers Bank Valdes and Moreno Raymond James& Associates, Inc. 99.913% 2027 -2030 4.750% 5.0896% Chicago, Illinois $28,393,695.95 2031 4.800% $14,757,452 2032 4.850% 2033 4.900% 2034 4.950% 2035 - 2039 5.000% 2040 - 2044 5.250% *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. al INDEPENDENT MUNICIPAL ADVISORS True Bidders* Price Maturities Rate Interest** J.P. Morgan Securities LLC 99.418% 2027 4.450% 5.0991% New York,New York $28,423,487.41 2028 4.550% $14,805,006 2029 4.650% Academy Securities 2030 4.700% Estrada Hinojosa&Co. 2031 4.800% Rice Financial Products Comp 2032 4.850% Stern Brothers&Co. WMBE 2033 4.900% 2034 4.950% 2035 5.000% 2036 5.050% 2037 -2039 5.100% 2040- 2044 5.250% Piper Sandler& Co. 99.903% 2027 4.420% 5.1185% Minneapolis, Minnesota $28,562,280.74 2028 4.520% $14,934,419 2029 4.630% 2030 4.700% 2031 4.800% 2032 4.850% 2033 4.900% 2034 4.950% 2035 5.000% 2036 5.050% 2037 5.070% 2038 5.270% 2039 5.330% 2040 -2041 5.380% 2042 - 2043 5.480% 2044 5.540% Wells Fargo Securities, LLC 99.839% 2027 4.460% 5.1485% Charlotte,North Carolina $28,543,830.01 2028 4.560% $15,013,399 2029 4.620% 2030 4.670% 2031 4.770% 2032 4.820% 2033 4.970% 2034 5.020% 2035 5.070% 2036 5.120% 2037 5.170% 2038 5.220% 2039 5.330% 2040- 2041 5.380% 2042 - 2043 5.480% 2044 5.540% *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 An Speer Financial, Inc. al INDEPENDENT MUNICIPAL ADVISORS True Bidders* Price Maturities Rate Interest** Janney Montgomery Scott 99.636% 2027 - 2028 4.400% 5.1784% Philadelphia, Pennsylvania $28,486,003.31 2029 4.550% $15,087,138 2030 4.600% 2031 4.700% 2032 4.750% 2033 4.850% 2034 5.100% 2035 5.140% 2036 5.170% 2037 5.220% 2038 5.270% 2039 5.330% 2040-2041 5.380% 2042 -2043 5.480% 2044 5.540% Morgan Stanley & Co. LLC. 99.587% 2027 4.460% 5.1869% New York,New York $28,471,782.87 2028 4.540% $15,113,426 2029 4.670% 2030 4.700% 2031 4.800% 2032 4.850% 2033 4.900% 2034 4.950% 2035 5.000% 2036 5.050% 2037 5.100% 2038 5.200% 2039 5.320% 2040 5.400% 2041 5.500% 2042 5.600% 2043 5.700% 2044 5.750% *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 iSpeer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS True Bidders* Price Maturities Rate Interest** SAMCO Capital Markets, Inc. 99.762% 2027 4.450% 5.1895% Austin, Texas $28,522,050.95 2028 4.500% $15,123,011 2029 4.600% 2030 4.700% 2031 4.800% 2032 4.900% 2033 5.000% 2034 5.100% 2035 5.140% 2036 5.170% 2037 5.220% 2038 5.270% 2039 5.330% 2040- 2041 5.380% 2042 -2043 5.480% 2044 5.540% BOK Financial Securities, Inc. 99.840% 2027 - 2030 4.750% 5.2064% Milwaukee, Wisconsin $28,544,197.90 2031 4.900% $15,168,497 2032 5.000% Stifel 2033 5.050% 2034 5.100% 2035 5.140% 2036 5.170% 2037 5.220% 2038 5.270% 2039 5.330% 2037 5.220% 2038 5.270% 2039 5.330% 2040 -2041 5.380% 2042 -2043 5.480% 2044 5.540% *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. ►- r INDEPENDENT MUNICIPAL ADVISORS True Bidders* Price Maturities Rate Interest** UBS Financial 99.848% 2027 4.700% 5.2178% New York,New York $28,546,474.01 2028 4.750% $15,197.089 2029 4.920% 2030 4.950% 2031 4.960% 2032 4.970% 2033 5.060% 2034 5.100% 2035 5.140% 2036 5.170% 2037 5.220% 2038 5.270% 2039 5.330% 2040-2041 5.380% 2042 -2043 5.480% 2044 5.540% KeyBanc Capital Markets,Inc. 99.678% 2027 - 2036 5.250% 5.4044% Denver, Colorado $28,497,894.85 2037 5.300% $15,705,480 2038 5.400% 2039 5.450% 2040 -2041 5.500% 2042 5.600% 2043 5.650% 2044 5.700% *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. r Speer Financial, Inc. CITY OF WATERLOO,IOWA $28,590,000 Taxable General Obligation Urban Renewal Bonds,Series 2025B ***FINAL*** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 02/05/2025 - - - - - 12/01/2025 - - 1,145,798.73 1,145,798.73 - 06/01/2026 - - 696,769.50 696,769.50 1,842,568.23 12/01/2026 - - 696,769.50 696,769.50 - 06/01/2027 1,395,000.00 4.750% 696,769.50 2,091,769.50 2,788,539.00 12/01/2027 - - 663,638.25 663,638.25 - 06/01/2028 1,465,000.00 4.750% 663,638.25 2,128,638.25 2,792,276.50 12/01/2028 - - 628,844.50 628,844.50 - 06/01/2029 1,535,000.00 4.750% 628,844.50 2,163,844.50 2,792,689.00 12/01/2029 - - 592,388.25 592,388.25 - 06/01/2030 1,610,000.00 4.750% 592,388.25 2,202,388.25 2,794,776.50 12/01/2030 - - 554,150.75 554,150.75 - 06/01/2031 1,695,000.00 4.750% 554,150.75 2,249,150.75 2,803,301.50 12/01/2031 - - 513,894.50 513,894.50 - Call 06/01/2032 1,780,000.00 4.750% 513,894.50 2,293,894.50 2,807,789.00 12/01/2032 - - 471,619.50 471,619.50 - 06/01/2033 1,865,000.00 4.750% 471,619.50 2,336,619.50 2,808,239.00 12/01/2033 - - 427,325.75 427,325.75 - 06/01/2034 1,960,000.00 4.750% 427,325.75 2,387,325.75 2,814,651.50 12/01/2034 - - 380,775.75 380,775.75 - 06/01/2035 2,055,000.00 4.800% 380,775.75 2,435,775.75 2,816,551.50 12/01/2035 - - 331,455.75 331,455.75 - 06/01/2036 2,160,000.00 4.850./ 331,455.75 2,491,455.75 2,822,911.50 12/01/2036 - - 279,075.75 279,075.75 - 06/01/2037 2,265,000.00 4.900% 279,075.75 2,544,075.75 2,823,151.50 12/01/2037 - - 223,583.25 223,583.25 - 06/01/2038 2,385,000.00 4.950% 223,583.25 2,608,583.25 2,832,166.50 12/01/2038 - - 164,554.50 164,554.50 - 06/01/2039 2,500,000.00 5.000% 164,554.50 2,664,554.50 2,829,109.00 12/01/2039 - - 102,054.50 102,054.50 - 06/01/2040 710,000.00 5.040% 102,054.50 812,054.50 914,109.00 12/01/2040 - - 84,162.50 84,162.50 - 06/01/2041 745,000.00 5.150% 84,162.50 829,162.50 913,325.00 12/01/2041 - - 64,978.75 64,978.75 - 06/01/2042 785,000.00 5.150% 64,978.75 849,978.75 914,957.50 12/01/2042 - - 44,765.00 44,765.00 - 06/01/2043 820,000.00 5.150% 44,765.00 864,765.00 909,530.00 12/01/2043 - - 23,650.00 23,650.00 - 06/01/2044 860,000.00 5.500% 23,650.00 883,650.00 907,300.00 Total $28,590,000.00 - S14,337,941.73 S42,927,941.73 - Yield Statistics Bond Year Dollars $290,287.33 Average Life 10.153 Years Average Coupon 4.9392240% Net Interest Cost(NIC) 5.0178981% True Interest Cost(TIC) 5.0249327% Bond Yield for Arbitrage Purposes 4.8524610% All Inclusive Cost(AIC) 5.0960660% IRS Form 8038 Net Interest Cost 4.8861740% Weighted Average Maturity 10.143 Years 25B Waterloo 28.590 Tax G I SINGLE PURPOSE I 1/6/2025 I 12:18 PM Speer Financial, Inc. Registered Municipal Advisor