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Home My WebLink About2025-014-01.06.2025 - Sale Award Proceedings 2025B Taxable GO UR BONDS Series 2025BITEMS TO INCLUDE ON AGENDA CITY OF WATERLOO, IOWA $28,590,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Urban Renewal Bonds, Series 2025B • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. January 6, 2025 The Finance Director 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 5:30 P.M. on the above date. The following persons were present: Maggie Burger, Speer Financial, Inc., Bridgett Wood, City of Waterloo and Kim Bahr, City of Waterloo ******** 1 This being the time and place for the opening of bids for the sale of $28,590,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Urban Renewal Bonds, Series 2025B, 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 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: (Attach List of Bidders) 4. The best bid was determined to be as follows: Name & Address of Bidder: Robert Baird, Milwaukee, WI True Interest Rate (as -bid): 5.0249% Net Interest Cost (as -bid): $14,566,322.67 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: $28,590,000 Purchase Price as adjusted: $28,361,619.06 All bids were then referred to the Council for action. 2 Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954 DANIEL FORBES President RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA AARON GOLD 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% MB/eg Enclosures Respectfully submitted, SPEER FINANCIAL, INC. Maggie Burger, Sr. Vice President 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 kir INDEPENDENT MUNICIPAL ADVISORS • ESTABLISHED 1954 Speer Financial, Inc. 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 Bidders* Robert W. Baird & Co., Inc. Milwaukee, Wisconsin Date of Sale: January 6, 2025 Average Life: 10.153 Years (Based on TIC) Price 99.201% $28,361,619.06 Banc Securities, Inc. Crews & Associates, Inc. Celadon Financial Group, LLC Commerce Bank, N.A. Edward Jones Middlegate Securities SouthState/Duncan-Williams Securities Corp Maturities 2027 - 2034 2035 2036 2037 2038 2039 2040 2041 - 2043 2044 Blaylock Van, LLC Country Club Bank CADZ Securities Inc D.A. Davidson & Co. FHN Financial Capital Markets Multi Bank Securities Inc. UMB Bank, N.A. United Bankers Bank Raymond James & Associates, Inc. 99.913% Chicago, Illinois $28,393,695.95 Rate 4.750% 4.800% 4.850% 4.900% 4.950% 5.000% 5.040% 5.150% 5.500% True Interest** 5.0249% $14,566,323 Caldwell Sutter Capital, Inc. Carty & Company, Inc. Central States Capital Markets Davenport & Co. L.L.C. First Bankers' Northland Securities, Inc. Valdes and Moreno 2027 - 2030 4.750% 2031 4.800% 2032 4.850% 2033 4.900% 2034 4.950% 2035 - 2039 5.000% 2040 - 2044 5.250% 5.0896% $14,757,452 *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. jr' Speer Financial, Inc. 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. Minneapolis, Minnesota Wells Fargo Securities, LLC Charlotte, North Carolina 99.903% 2027 4.420% 5.1185% $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% 99.839% 2027 4.460% 5.1485% $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 j''Speer Financial, Inc. 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. New York, New York 99.587% 2027 4.460% 5.1869% $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 Speer 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. Milwaukee, Wisconsin Stifel 99.840% 2027 - 2030 4.750% 5.2064% $28,544,197.90 2031 4.900% $15,168,497 2032 5.000% 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. fir' Speer Financial, Inc. 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. Denver, Colorado 99.678% 2027 - 2036 5.250% 5.4044% $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. 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 - - - - - 12/012025 - - 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 - 06/012031 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 - 06/012033 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 - 06/012034 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 - 06/012035 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 - 06/012036 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 - 06/012037 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 - 06/012038 2,385,000.00 4.950% 223,583.25 2,608,583.25 2,832,166.50 12/012038 - - 164,554.50 164,554.50 - 06/012039 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 - 06/012040 710,000.00 5.040% 102,054.50 812,054.50 914,109.00 12/01/2040 - - 84,162.50 84,162.50 - 06/012041 745,000.00 5.150% 84,162.50 829,162.50 913,325.00 12/01/2041 - - 64,978.75 64,978.75 - 06/012042 785,000.00 5.150% 64,978.75 849,978.75 914,957.50 12/01/2042 - - 44,765.00 44,765.00 - 06/012043 820,000.00 5.150% 44,765.00 864,765.00 909,530.00 12/01/2043 - - 23,650.00 23,650.00 - 06/012044 860,000.00 5.500% 23,650.00 883,650.00 907,300.00 Total $28,590,000.00 - $14,337,941.73 542,927,941.73 - 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 I SINGLE PURPOSE 11/6/2025 112:18 PM Speer Financial, Inc. Registered Municipal Advisor January 6, 2025 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 5:30 P.M., on the above date. There were present Mayor Quentin Hart, in the chair, and the following named Council Members: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder and Feuss Absent: None Vacant: None 3 Council Member Feuss introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $28,590,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2025B," and moved its adoption. Council Member Chiles seconded the motion to adopt. The roll was called and the vote was, AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon, Wilder and Feuss NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 2025-014 RESOLUTION DIRECTING SALE OF $28,590,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2025B 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: $28,590,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2025B Bidder: Robert Baird of Milwaukee, WI The terms of award: Final Par Amount as adjusted: $28,950,000 Purchase Price as adjusted: $ 28,361,619.06 True Interest Rate: 5.0249% Net Interest Cost: $14,566,322.67 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 6th day of January 2025. ATTEST: 7(elley Felchle Kelley Felchle, City Clerk DIGITALLY SIGNED 62uerzin 9-tar1 Quentin Hart, Mayor 5 STATE OF IOWA COUNTY OF BLACK HAWK CERTIFICATE ) ) SS ) 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 6th day of January 2025. Kelley Felchle, City Clerk, ty of Waterloo, State of Iowa (SEAL) OC WAA. T 1 41 u frifi 0 4899-8794-3689, v. 1