HomeMy WebLinkAbout25 Waterloo MCU $2m Tax BAN Award Letter Placement
Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS
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
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
December 16, 2025
Mr. Andy Van Fleet, Board Chairperson
Waterloo Municipal Communications Utility
402 E. 4th Street
Waterloo, IA 50703
Dear Board Chairperson and Members of the Board:
Cedar Rapids Bank & Trust, Cedar Rapids, Iowa, in association with Piper Sandler, Des
Moines, Iowa, acting as placement agent, has submitted a proposal for the purchase of the $6,000,000
Taxable Communication Utility Bond Anticipation Project Notes, Series 2025 being sold by the
Waterloo Communications Utility, Iowa. This new agreement amends the prior agreement for
$4,000,000 in 2024.
Upon examination, it is our opinion that the proposal is favorable to the Utility and should be
accepted. We therefore recommend that the Notes be awarded to the proposer at a price of
$6,000,000, being at a true interest cost of 6.1526%.
The amounts and rates for each year are as follows:
Year Principal Rate
2028 ...................................... $6,000,000 ............................ 6.15%
Respectfully submitted,
SPEER FINANCIAL, INC.
Maggie Burger, Sr. Vice President
MB
Enclosures
Waterloo Communications Utility, Iowa
$6,000,000 Taxable Communications Utlity Revenue Note Anticipation Notes, Series 2025
**FINAL**
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/30/2025 -----
06/01/2026 --124,640.01 124,640.01 -
12/01/2026 --173,122.51 173,122.51 297,762.52
06/01/2027 --184,500.00 184,500.00 -
12/01/2027 --184,500.00 184,500.00 369,000.00
06/01/2028 --184,500.00 184,500.00 -
12/01/2028 6,000,000.00 6.150%184,500.00 6,184,500.00 6,369,000.00
Total $6,000,000.00 -$1,035,762.52 $7,035,762.52 -
Yield Statistics
Bond Year Dollars $16,841.67
Average Life 2.807 Years
Average Coupon 6.1500001%
Net Interest Cost (NIC)6.1500001%
True Interest Cost (TIC)6.1526609%
Bond Yield for Arbitrage Purposes 6.1526609%
All Inclusive Cost (AIC)6.4541197%
IRS Form 8038
Net Interest Cost 6.1500001%
Weighted Average Maturity 2.807 Years
25 Wloo MCU $6m WC Multi | Issue Summary | 12/ 4/2025 | 3:17 PM
Speer Financial, Inc.
Registered Municipal Advisors
SPEER FINANCIAL, INC.