HomeMy WebLinkAbout2025-252-04.23.2025_Sale_Award_Proceedings_2025D_Taxable_General_Obligation_BondsDocusign Envelope ID: 200462DC-50AD-4A17-AA3C-6D3F50E584FE
ITEMS TO INCLUDE ON AGENDA
FOR THE COUNCIL MEETING ON APRIL 23, 2025
CITY OF WATERLOO, IOWA
$685,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds,
Series 2025D
• Receipt of bids.
• Resolution directing sale.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
Docusign Envelope ID: 200462DC-50AD-4A17-AA3C-6D3F50E584FE
April 23, 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 5:00 P.M. on the above date.
The following persons were present:
Mayor Quentin Hart, Council members Boesen, Nichols,
Creighton -Smith, Simon and Feuss, City Clerk Kelley Felchle,
and Maggie Burger, Speer Financial
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This being the time and place for the opening of bids for the sale of $685,000* (Subject
to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 2025D, 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:
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%
4. The best bid was determined to be as follows:
Name & Address of Bidder: Colliers Securities, LLC, Minneapolis, Minnesota
True Interest Rate (as -bid): 4.5979%
Net Interest Cost (as -bid): $113,666.88
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: $685,000.00
Purchase Price as adjusted: $682,773.05
All bids were then referred to the Council for action.
Docusign Envelope ID: 200462DC-50AD-4A17-AA3C-6D3F50E584FE
April 23, 2025
The City Council of the City of Waterloo, State of Iowa, met in special 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, Creighton -Smith and Simon
Feuss and Nichols attended the meeting via Zoom
Absent:
Vacant: None
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Council Member Boesen introduced the following Resolution entitled "RESOLUTION
DIRECTING SALE OF $685,000* (SUBJECT TO ADJUSTMENT PER TERMS OF
OFFERING) TAXABLE GENERAL OBLIGATION BONDS, SERIES 2025D," and moved its
adoption. Council Member Creighton -Smith seconded the motion to adopt. The roll was called
and the vote was,
AYES: Boesen, Creighton -Smith, Simon, Feuss and Nichols
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 2025-252
RESOLUTION DIRECTING SALE OF $685,000* (SUBJECT
TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE
GENERAL OBLIGATION BONDS, SERIES 2025D
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:
$685,000* (SUBJECT TO ADJUSTMENT PER TERMS OF
OFFERING) TAXABLE GENERAL OBLIGATION BONDS,
SERIES 2025D
Bidder: Colliers Securities, LLC of Minneapolis, Minnesota
The terms of award:
Final Par Amount as adjusted: $685,000.00
Purchase Price as adjusted: $ 682,773.05
True Interest Rate: 4.5979%
Net Interest Cost: $113,666.88
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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 23rd day of April, 2025.
ATTEST:
—DocuSigned by:
Kee16y Ftedit
k r y' e tIliFo, City Clerk
FD0525D7OAAC8440
Quentin Hart, Mayor
DocuSigned by:
&LI/LIU& Nil-
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Docusign Envelope ID: 200462DC-50AD-4A17-AA3C-6D3F50E584FE
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
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 23rd day of April,
2025.
—/�D�occuuSiignedby: ae--aaee,,
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Kelley Felchle, City Clerk, City of Waterloo,
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