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Home My WebLink AboutSupplemental Attachments - 4.23.2025 LirSpeer 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 Senior Vice President April 23, 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 $685,000 Taxable General Obligation Bonds, Series 2025D. There were five bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Colliers Securities, LLC, Minneapolis, Minnesota 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$682,773.05, being at a true interest rate of 4.5979%. True Account Managers Interest Rate Colliers Securities,LLC,Minneapolis,Minnesota 4.5979% Bankers' Bank, Madison, Wisconsin 4.7052% UMB Bank, n.a., Kansas City, Missouri 4.8145% Northland Securities, Inc., Minneapolis, Minnesota 4.8683% United Bankers' Bank, Bloomington, Minnesota 4.9302% Respectfully submitted, SPEER FINANCIAL, INC. `Pi'lCiCr�-f-A-�� 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. 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 $685,000 CITY OF WATERLOO, IOWA Taxable General Obligation Bonds, Series 2025D Date of Sale: April 23, 2025 Average Life: 3.687 Years (Based on TIC) True Bidders Price Maturities Rate Interest* Colliers Securities, LLC 99.674% 2026 - 2031 4.500% 4.5979% Minneapolis, Minnesota $682,773.05 $115,894 Bankers' Bank 100.968% 2026 -2031 5.000% 4.7052% Madison, Wisconsin $691,636.00 $119,661 UMB Bank, n.a. 99.293% 2026 - 2031 4.600% 4.8145% Kansas City, Missouri $680,161.95 $121,031 Northland Securities, Inc. 99.200% 2026 - 2031 4.625% 4.8683% Minneapolis, Minnesota $679,520.00 $122,304 United Bankers' Bank 100.226% 2026 -2031 5.000% 4.9302% Bloomington, Minnesota $686,551.40 $124,745 *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. s Speer Financial, Inc. CITY OF WATERLOO,IOWA $685,000 Taxable General Obligation Bonds, Series 2025D *** FINAL *** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 05/20/2025 - - - - - 12/01/2025 - - 16,354.38 16,354.38 - 06/01/2026 100,000.00 4.500% 15,412.50 115,412.50 131,766.88 12/01/2026 - - 13,162.50 13,162.50 - 06/01/2027 105,000.00 4.500% 13,162.50 118,162.50 131,325.00 12/01/2027 - - 10,800.00 10,800.00 - 06/01/2028 110,000.00 4.500% 10,800.00 120,800.00 131,600.00 12/01/2028 - - 8,325.00 8,325.00 - 06/01/2029 115,000.00 4.500% 8,325.00 123,325.00 131,650.00 12/01/2029 - - 5,737.50 5,737.50 - Call 06/01/2030 125,000.00 4.500% 5,737.50 130,737.50 136,475.00 12/01/2030 - - 2,925.00 2,925.00 - 06/01/2031 130,000.00 4.500% 2,925.00 132,925.00 135,850.00 Total $685,000.00 - $113,666.88 $798,666.88 - Yield Statistics Bond Year Dollars $2,525.93 Average Life 3.687 Years Average Coupon 4.5000002% Net Interest Cost(NIC) 4.5881637% True Interest Cost(TIC) _ 4.5979936% Bond Yield for Arbitrage Purposes 4.3040093% All Inclusive Cost(AIC) 5.2789776% IRS Form 8038 Net Interest Cost 4.2954667% Weighted Average Maturity 3.688 Years 25D Waterloo 685kTax GO F I SINGLE PURPOSE I 4/23/2025 I 12:07 PM Speer Financial, Inc. Registered Municipal Advisor Li§r1Speer 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 Senior Vice President I I April 23, 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 $5,315,000 General Obligation Bonds,Series 2025C. There were six bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Raymond James&Associates,Inc.,St.Petersburg, Florida, 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 $5,363,013.20,being at a true interest rate of 3.8493%. True Account Managers Interest Rate Raymond James & Associates,Inc., St. Petersburg,Florida 3.8493% Brownstone Investment Group, LLC,New York, New York 3.8948% Hilltop Securities Inc., Dallas, Texas 3.9372% Robert W. Baird& Co., Inc., Milwaukee, Wisconsin 3.9633% StoneX Financial Inc., Chicago, Illinois 4.0411% BOK Financial Securities, Inc., Milwaukee, Wisconsin 4.1729% 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 MOOD ■ 'S U.S.Public Finance RATINGS CREDIT OPINION City of Waterloo, IA 16 April 2025 Update to credit analysis V Send Your Feedback Summary The City of Waterloo,IA(Aa2)benefits from its role as an economic hub in northeastern Iowa(Aaa stable),bolstered by a growing economic base and solid resident income and full value per capita,though below Aa national medians.Adjusted available fund balance and cash ratios are strong and are expected to remain so despite some planned draws for capital Contacts in fiscal 2026.The city's long-term liabilities ratio and fixed costs are moderate and will Jennifer Card +1.312.706.9983 remain manageable despite future borrowing plans. Bernhardt AVP-Anal st Credit strengths jennifer.card@moodys.com Gera M.McGuire +1.214.979.6850 » Serves as an economic hub for northeastern Iowa Associate Managing Director gera.mcguire@moodys.com » Strong liquidity and adjusted available fund balance when incorporating restricted funds available for core operations CLIENT SERVICES Americas 1-212-553-1653 Credit challenges Asia Pacific 852-3551-3077 » Resident income and full value per capita are below peer medians Japan 81-3-5408-4100 » Available fund balance on a reported basis is below peer median E M EA 44-20-7772-5454 Rating outlook We do not assign outlooks to local governments with this amount of debt outstanding. Factors that could lead to an upgrade » Decrease in long-term liabilities ratio closer to 150%of revenue » Improvement in resident income nearing 120%and full value per capita closer to $100,000 Factors that could lead to a downgrade » Reduction in fund balance or cash balance closer to 25%of revenue a Increase in long-term liabilities ratio nearing 300%of revenue Moody's Ratings U.S.Public Finance Key indicators Exhibit 1 Waterloo(City of)IA 2021 2022 2023 2024 Aa Medians Economy Resident income ratio(%) 80.4% 81.9% 81.5% N/A 114.1% Full Value($000) S4,333,259 $4,435,219 $5,380,086 $5,460,940 $2,888,367 Population 67,695 67,256 66,947 N/A 22,430 Full value per capita($) S64,012 $65,945 $80,363 N/A $125,640 Annual Growth in Real GDP 6.9% -0.8% -0.9% N/A 2.0% Financial Performance Revenue($000) $141,716 $151,721 S171,930 $187,394 S52,335 Available fund balance($000) $36,973 S43,933 $53,772 $56,600 $29,526 Net unrestricted cash($000) $93,049 $100,952 $152,886 $164,276 $41,432 Available fund balance ratio(%) 26.1% 29.0% 31.3% 30.2% 57.1% Liquidity ratio(%) 65.7% 66.5% 88.9% 87.7% 79.6% Leverage Debt($000) $132,105 $159,940 S158,150 $184,475 $37,305 Adjusted net pension liabilities($000) $262,742 $213,685 $139,904 $145,853 $45,496 Adjusted net OPEB liabilities($000) $19,999 $16,385 $15,569 S12,973 $4,376 Other long-term liabilities($000) $7,232 $7,228 $5,327 $5,732 $1,726 Long-term liabilities ratio(%) 297.8% 261.8% 185.5% 186.3% 210.2% Fixed costs Implied debt service($000) $7,857 $9,266 $11,170 $10,986 $2,477 Pension tread water contribution($000) $6,658 $3,218 $5,269 N/A $1,199 OPEB contributions($000) $2,165 $1,626 $1,734 $1,465 $179 Implied cost of other long-term liabilities($000) $417 $507 $505 $370 $115 Fixed-costs ratio(%) 12.1% 9.6% 10.9% 9.7% 9.6% For definitions of the metrics in the table above please refer to the US Cities and Counties Methodology or see the Glossary in the Appendix below.Metrics represented as N/A indicate the data were not available at the time of publication.The medians come from our most recently published US Cities and Counties Median Report. The real GDP annual growth metric cited above is for the Waterloo-Cedar Falls,IA Metropolitan Statistical Area Metropolitan Statistical Area. Sources:US Census Bureau,Waterloo(City of)IA's financial statements and Moody's Ratings,US Bureau of Economic Analysis 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 over 67,000 residents. Detailed credit considerations The city's financial position will likely remain strong despite some planned draws for capital in fiscal 2026,supported by solid revenue growth and conservative budgeting practices. For fiscal 2024(June 30 year-end)the city closed with a 30%available fund balance ratio across all funds(see exhibit 2),and a very strong cash ratio of 88%of revenue.When incorporating restricted funds available for core governmental operations,available fund balance is stronger at over 60%of revenue.The city's revenue sources are diverse,including various franchise fees with room to increase rates and a local option sales tax.The city will continue to benefit from significant ongoing economic development,including residential units,multiple business parks,and expansion of Hawkeye Community College,among other projects.As of fiscal 2024 the long-term liabilities ratio was moderate(see exhibit 3),at around 186%revenue. For fiscal 2025 the city budgeted for a$600,000 draw in the general fund and year-to-date results indicate a$200,000 draw,due in part to favorable investment income revenue trends.Other governmental and business type funds are mostly balanced.We expect fiscal 2026 reserve levels to remain healthy inclusive of some potential draws for capital.The city is currently preparing to issue a total of about$6 million in General Obligation Unlimited tax(GOULT)debt to finance the various capital improvements,which will bring the long term liabilities ratio to just over 200%of 2024 revenue.The city is planning on issuing an estimated $12 million in GO debt This publication does not announce a credit rating action,For any credit ratings referenced in this publication,please see the issuer/deal page on https://ratings.rnoodys.corn for the roost updated credit rating action information and mating history. 2 lb April 2025 City of Waterloo,IA.Update to credit analysis Moody's Ratings U.S.Public Finance over the next two years as part of the capital improvement plan,and around $30 million in sewer revenue debt over the next three years. Exhibit 2 Available Fund Balance will remain stable,despite planned draws for capital General fund($000) '5 Other governmental funds($000) Internal service funds($000) II Business-type activities($000) Available fund balance ratio (%) Aa median available fund balance ratio (%) 560,000 60% 640,000 ,.rc... . 520,000 40% $0 2021 2022 2023 2024` Source:Waterloo,lA's audited financial statements and Moody's Ratings Exhibit 3 Long Term Liabilities expected to remain moderate despite near term borrowing needs Governmental Debt($000) Business-Type Activity Debt($000) Adjusted net pension liabilities($000) II Adjusted net other post-employment liabilities($000) Other long-term liabilities($000) Long-term liabilities ratio (%) Aa median long-term liabilities ratio (%) 300% i400,000 Ttlef 4 %% i200,000 _ ""KKx : . tf, $0 20 .. .... .,.... , �. . ... 2021 2022 2023 2024 Source:Waterloo,IA's audited financial statements and Moody's Ratings 3 15 April 2025 City of Waterloo,IA Update to credit analysis Moody's Ratings U.S.Public Finance ESG considerations Waterloo(City of) IA's ESG credit impact score is CIS-2 Exhibit 4 ESG credit impact score C I SNegative— IPositive impact impact Score ESG considerations do not have a material impact on the current rating. Source:Moody's Ratings Waterloo's ESG Credit Impact Score is CI5-2,reflecting moderately negative exposure to environmental risks,and neutral to low exposure to social and governance risks. Exhibit 5 ESG issuer profile scores E-3 S-2 G-2 Environmental Social Governance Score V � Source:Moody's Ratings Environmental The city's overall environmental issuer profile score is E-3.While carbon transition,natural capital,and pollution risks are low,the city has some exposure to flooding given its location on the Cedar River.The river crested at historic levels in 2008 from intense rainfall which led to notable flooding and property damage.Some flooding occurred again in 2016. Investments in flood protection have totaled over$20 million since 2008,with funding from state,federal and local sources. Social Exposure to social risk is 5-2.Overall demographic trends,educational attainment and health and safety are in line with peers. Governance Waterloo's governance profile score is G-2.The city has a strong institutional structure and a history of prudent budget management with maintenance of strong reserves,with very little risk related to policy credibility or transparency and disclosure. ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com.In order to view the latest scores,please click here to go to the landing page for the entity/transaction on MDC and view the ESG Scores section. 4 16 April 2025 City of Waterloo,IA:Update to credit analysis Moody's Ratings U.S.Public Finance Rating methodology and scorecard factors The US Cities and Counties Methodology includes a scorecard,which summarizes the rating factors generally most important to city and county credit profiles.Because the scorecard is a summary,and may not include every consideration in the credit analysis for a specific issuer,a scorecard-indicated outcome may or may not map closely to the actual rating assigned. Exhibit 6 Waterloo(City of)IA Measure Weight Score Economy Resident income ratio 81.5% 10.0% A Full value per capita 81,571 10.0% A Economic growth metric -2.0% 10.0% A Financial Performance Available fund balance ratio 30.2% 20.0% Aa Liquidity ratio 87.7% 10.0% Aaa Institutional Framework Institutional Framework Aa 10.0% Aa Leverage Long-term liabilities ratio 186.3% 20.0% Aa Fixed-costs ratio 9.7% 10.0% Aaa Notching factors No notchings applied Scorecard-Indicated Outcome Aa3 Assigned Rating Aa2 The Economic Growth metric cited above compares the five-year CAGR of real GDP for Waterloo-Cedar Falls,IA Metropolitan Statistical Area Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources:US Census Bureau,Waterloo(City of)IA's financial statements and Moody's Ratings 5 16 April 2025 City of Waterloo,IA'Update to credit analysis Moody's Ratings U.S.Public Finance Appendix Exhibit 7 Key Indicators Glossary Definition Typical Source* Economy Resident income ratio Median Household Income(MHI)for the city or county,adjusted for MHI:US Census Bureau-American Regional Price Parity(RPP),as a%of the US MHI Community Survey 5-Year Estimates RPP:US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories;audited financial statements;continuing disclosures Population Population of the city or county US Census Bureau-American Community Survey 5-Year Estimates Full value per capita Full value/population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or Real GDP:US Bureau of Economic Analysis county minus the five-year CAGR of real GDP for the US Financial performance Revenue Sum of revenue from total governmental funds,operating and non- Audited financial statements operating revenue from total business-type activities,and non- operating revenue from internal services funds,excluding transfers and one-time revenue,e.g.,bond proceeds or capital contributions Available fund balance Sum of all fund balances that are classified as unassigned,assigned or Audited financial statements committed in the total governmental funds,plus unrestricted current assets minus current liabilities from the city's or county's business- type activities and internal services funds Net unrestricted cash Sum of unrestricted cash in governmental activities,business type Audited financial statements activities and internal services fund,net of short-term debt Available fund balance ratio Available fund balance(including net current assets from business- type activities and internal services funds)/Revenue Liquidity ratio Net unrestricted cash/Revenue Leverage Debt Outstanding long-term bonds and all other forms of long-term debt Audited financial statements;official across the governmental and business-type activities,including debt statements of another entity for which it has provided a guarantee disclosed in its financial statements Adjusted net pension liabilities(ANPL) Total primary government's pension liabilities adjusted by Moody's to Audited financial statements;Moody's standardize the discount rate used to compute the present value of Ratings accrued benefits Adjusted net OPEB liabilities(ANOL) Total primary government's net other post-employment benefit Audited financial statements;Moody's (OPEB)liabilities adjusted by Moody's to standardize the discount Ratings rate used to compute the present value of accrued benefits Other long-term liabilities(OLTL) Miscellaneous long-term liabilities reported under the governmental Audited financial statements and business-type activities entries Long-term liabilities ratio Debt+ANPL+ANOL+OLTL/Revenue Fixed costs Implied debt service Annual cost to amortize city or county's long-term debt over 20 Audited financial statements;official years with level payments statements;Moody's Ratings Pension tread water contribution Pension contribution necessary to prevent reported unfunded Audited financial statements;Moody's pension liabilities from growing,year over year,in nominal dollars,if Ratings all actuarial assumptions are met OPEB contribution City or county's actual contribution in a given period Audited financial statements Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities Audited financial statements;Moody's over 20 years with level payments Ratings Fixed-costs ratio Implied debt service+Pension tread water+OPEB contributions+ Implied cost of OLTL/Revenue *Note:If typical data source is not available then alternative sources or proxy data may be considered.For more detailed definitions of the metrics listed above please refer to the US Cities and Counties Methodology. Source:Moody's Ratings 6 16 April 2025 City of Waterloo,IA:Update to credit analysis Moody's Ratings U.S.Public Finance 2025 Moonyis f.orporation,Moody Investois Serioe,I, , Anaics,Inc aricitor their licensors arid affiliates(ofigiectively,"MOOilivisi) Ali iight, reserved CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS,OR DEBT OR DEBT-LIKE SECURITIES,AND MATERIALS,PRODUCTS,SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY'S(COLLECTIVELY,"MATERIALS")MAY INCLUDE SUCH CURRENT OPINIONS.MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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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 $5,315,000 CITY OF WATERLOO,IOWA General Obligation Bonds, Series 2025C Date of Sale: April 23, 2025 Average Life: 7.111 Years (Based on TIC) True Bidders* Price Maturities Rate Interest** Raymond James& Associates, Inc. 100.903% 2026 - 2037 4.000% 3.8493% St. Petersburg, Florida $5,363,013.20 $1,463,683 FHN Financial Capital Markets Fidelity Capital Markets Morgan Stanley Ramirez&Co., Inc. SumRidge Partners Advisors Asset Management SAMCO Capital Markets American Veterans Group,PBC SDVOB Brownstone Investment Group, LLC 100.751% 2026 - 2036 4.000% 3.8948% New York, New York $5,354,934.50 2037 4.125% $1,479,957 Hilltop Securities Inc. 100.374% 2026 - 2037 4.000% 3.9372% Dallas, Texas $5,334,888.65 $1,491,807 Robert W. Baird & Co., Inc. 100.217% 2026 -2037 4.000% 3.9633% Milwaukee, Wisconsin $5,326,580.25 $1,500,116 StoneX Financial Inc. 105.711% 2026 - 2037 5.000% 4.0411% Chicago, Illinois $5,618,548.85 $1,586,071 BOK Financial Securities, Inc. 104.899% 2026 - 2037 5.000% 4.1729% Milwaukee, Wisconsin $5,575,390.45 $1,629,230 *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. T Speer Financial, Inc. CITY OF WATERLOO,IOWA $5,315,000 General Obligation Bonds, Series 2025C *** FINAL *** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 05/20/2025 - - - - - 12/01/2025 - - 112,796.11 112,796.11 - 06/01/2026 245,000.00 4.000% 106,300.00 351,300.00 464,096.11 12/01/2026 - - 101,400.00 101,400.00 - 06/01/2027 380,000.00 4.000% 101,400.00 481,400.00 582,800.00 12/01/2027 - - 93,800.00 93,800.00 - 06/01/2028 390,000.00 4.000% 93,800.00 483,800.00 577,600.00 12/01/2028 - - 86,000.00 86,000.00 - 06/01/2029 410,000.00 4.000% 86,000.00 496,000.00 582,000.00 12/01/2029 - - 77,800.00 77,800.00 - 06/01/2030 425,000.00 4.000% 77,800.00 502,800.00 580,600.00 12/01/2030 - - 69,300.00 69,300.00 - 06/01/2031 440,000.00 4.000% 69,300.00 509,300.00 578,600.00 12/01/2031 - - 60,500.00 60,500.00 - Call 06/01/2032 460,000.00 4.000% 60,500.00 520,500.00 581,000.00 12/01/2032 - - 51,300.00 51,300.00 - 06/01/2033 475,000.00 4.000% 51,300.00 526,300.00 577,600.00 12/01/2033 - - 41,800.00 41,800.00 - 06/01/2034 495,000.00 4.000% 41,800.00 536,800.00 578,600.00 12/01/2034 - - 31,900.00 31,900.00 - 06/01/2035 515,000.00 4.000% 31,900.00 546,900.00 578,800.00 12/01/2035 - - 21,600.00 21,600.00 - 06/01/2036 535,000.00 4.000% 21,600.00 556,600.00 578,200.00 1 12/01/2036 - - 10,900.00 10,900.00 - 06/01/2037 545,000.00 4.000% 10,900.00 555,900.00 566,800.00 Total 55,315,000.00 - $1,511,696.11 $6,826,696.11 - Yield Statistics Bond Year Dollars $37,792.40 Average Life 7.111 Years Average Coupon 4.0000000% Net Interest Cost(NIC) 3.8729554% True Interest Cost(TIC) 3.8493856% Bond Yield for Arbitrage Purposes 3.7138287% All Inclusive Cost(AIC) 4.0510050% IRS Form 8038 Net Interest Cost _ 3.7103846% Weighted Average Maturity 7.097 Years t 25C Waterloo 5.315m TE GO I SINGLE PURPOSE 1 4/23/2025 1 11:45 AM Speer Financial, Inc. Registered Municipal Advisor