HomeMy WebLinkAbout2026-291-05.18.2026_Advertisement_Proceedings_2026C_Taxable_GO_Bonds_(2).docxDocusign Envelope ID: 4E141 DC0-92E1-8004-81 E8-088ECDB35EBC
ITEMS TO INCLUDE ON AGENDA
FOR THE COUNCIL MEETING ON MAY 18, 2026
CITY OF WATERLOO, IOWA
$1,700,000* (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds,
Series 2026C
• Resolution directing the advertisement for sale and approving electronic bidding
procedures and Distribution of Preliminary Official Statement.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
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May 18, 2026
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 Dave Boesen, in the chair, and the following named Council
Members:
Schmitt, Morrow, Creighton -Smith, Berry, Salamanca, Martin and
Simon
Absent: None
Vacant: None
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Council Member Salamanca introduced the following Resolution entitled
"RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,700,000*
(SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) TAXABLE GENERAL
OBLIGATION BONDS, SERIES 2026C, AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT" and
moved its adoption. Council Member Martin seconded the Resolution to adopt. The roll was
called and the vote was,
AYES: Schmitt, Morrow, Creighton -Smith, Berry, Salamanca,
Martin and Simon
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 2026-291
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $1,700,000* (SUBJECT TO ADJUSTMENT PER
TERMS OF OFFERING) TAXABLE GENERAL OBLIGATION
BONDS, SERIES 2026C, AND APPROVING ELECTRONIC
BIDDING PROCEDURES AND DISTRIBUTION OF
PRELIMINARY OFFICIAL STATEMENT
WHEREAS, the Issuer is in need of funds to pay costs of the acquisition, restoration, or
demolition of abandoned, dilapidated, or dangerous buildings, structures or properties or the
abatement of a nuisance and for the establishment or funding of programs to provide for or assist
in providing for the acquisition, restoration, or demolition of housing, essential corporate
purpose(s), and it is deemed necessary and advisable that Taxable General Obligation Bonds, to
the amount of Not to Exceed $4,000,000 be authorized for said purpose(s); and
WHEREAS, pursuant to notice published as required by Section 384.25 of the Code of
Iowa, this Council has held a public meeting and hearing upon the proposal to institute
proceedings for the issuance of the Bonds, and the Council is therefore now authorized to
proceed with the issuance of said Bonds for such purpose(s); and
WHEREAS, the City is in need of funds to pay costs of the construction, reconstruction,
improvement, renovation, and equipping of downtown parking ramps and garages, general
corporate purpose(s), and it is deemed necessary and advisable that Taxable General Obligation
Bonds, to the amount of Not to Exceed $969,149 be authorized for said purpose(s); and
WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000,
and the Bonds for these purposes do not exceed $969,149; and
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WHEREAS, pursuant to notice published as required by Section 384.26 of the Code of
Iowa, the Council of the City has held public meeting and hearing upon the proposal to institute
proceedings for the issuance of Bonds for general corporate purpose(s) in the amounts as above
set forth, and, no petition for referendum having been received, the Council is therefore now
authorized to proceed with the issuance of said Bonds for such purpose(s); and
WHEREAS, the City is in need of funds to pay costs of the construction, reconstruction,
enlargement, improvement and equipping of recreational buildings, recreational grounds, golf
courses, parks and public buildings, including for Young Arena, general corporate purpose(s),
and it is deemed necessary and advisable that Taxable General Obligation Bonds, to the amount
of Not to Exceed $969,149 be authorized for said purpose(s); and
WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000,
and the Bonds for these purposes do not exceed $969,149; and
WHEREAS, pursuant to notice published as required by Section 384.26 of the Code of
Iowa, the Council of the City has held public meeting and hearing upon the proposal to institute
proceedings for the issuance of Bonds for general corporate purpose(s) in the amounts as above
set forth, and, no petition for referendum having been received, the Council is therefore now
authorized to proceed with the issuance of said Bonds for such purpose(s); and
WHEREAS, pursuant to Section 384.28 of the Code of Iowa, it is hereby found and
determined that the various general obligation bonds authorized as hereinabove described shall
be combined for the purpose of issuance in a single issue of $1,700,000* (Subject to Adjustment
per Terms of Offering) General Obligation Bonds as hereinafter set forth; and
WHEREAS, in conjunction with its Municipal Advisor, Speer Financial, Inc., the City
has caused an Official Statement to be prepared outlining the details of the proposed sale of the
Bonds; and
WHEREAS, the Council has received information from its Municipal Advisor evaluating
and recommending the procedure hereinafter described for electronic, facsimile and internet
bidding to maintain the integrity and security of the competitive bidding process and to facilitate
the delivery of bids by interested parties; and
WHEREAS, the Council deems it in the best interests of the City and the residents
thereof to receive bids to purchase such Bonds by means of both sealed and electronic internet
communication.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, STATE OF IOWA:
Section 1. That the receipt of electronic bids by facsimile machine and through the
SpeerAuction Competitive Bidding System described in the Notice of Sale and Official
Statement are hereby found and determined to provide reasonable security and to maintain the
integrity of the competitive bidding process, and to facilitate the delivery of bids by interested
parties in connection with the offering at public sale.
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Section 2. That Taxable General Obligation Bonds, Series 2026C, of City of Waterloo,
State of Iowa, in the amount of $1,700,000* (Subject to Adjustment per Terms of Offering), to
be issued as referred to in the preamble of this Resolution, to be dated June 29, 2026, be offered
for sale pursuant to the published advertisement.
Section 3. That the preliminary Official Statement in the form presented to this meeting
be and the same hereby is approved as to form and deemed final for purposes of Rule 15c2-12 of
the Securities and Exchange Commission, subject to such revisions, corrections or modifications
as the Mayor and City Clerk, upon the advice of bond counsel, disclosure counsel, and the City's
Municipal Advisor, shall determine to be appropriate, and is authorized to be distributed in
connection with the offering of the Bonds for sale.
Section 4. That the Clerk is hereby directed to publish notice of sale of the Bonds at least
once, the last one of which shall be not less than four clear days nor more than twenty days
before the date of the sale. Publication shall be made in the "Waterloo Courier", a legal
newspaper, printed wholly in the English language, published within the county in which the
Bonds are to be offered for sale or an adjacent county. The notice is given pursuant to Chapter
75 of the Code of Iowa, and shall state that this Council, on the 2nd day of June, 2026, at 5:00
P.M., will hold a meeting to receive and act upon bids for said Bonds, which bids were
previously received and opened by City Officials at 11:00 A.M. on said date. The notice shall be
in substantially the following form:
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(To be published between May 19, 2026 and May 28, 2026)
NOTICE OF BOND SALE
Time and Place of Sealed Bids: Bids for the sale of Bonds of the City of Waterloo, State
of Iowa, hereafter described, must be received at the office of the City Clerk, City Hall, 715
Mulberry Street, Waterloo, Iowa (the "Issuer") before the time set forth below, on the 2nd day of
June, 2026. The bids will then be publicly opened and referred for action to the meeting of the
City Council in conformity with the Terms of Offering.
The Bonds: The Bonds ("Bonds") to be offered are the following:
GENERAL OBLIGATION BONDS, SERIES 2026B, in the
amount of $10,300,000*, to be dated June 29, 2026 (the "Bonds").
Bids to be received before 10:30 A.M.
TAXABLE GENERAL OBLIGATION BONDS, SERIES 2026C,
in the amount of $1,700,000*, to be dated June 29, 2026. Bids to
be received before 11:00 A.M.
*Subject to principal adjustment pursuant to official Terms of Offering.
Manner of Bidding: Open bids will not be received. Bids will be received in any of the
following methods:
• Sealed Bidding: Sealed bids may be submitted and will be received at the office
of the City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa.
• Electronic Internet Bidding: Electronic internet bids will be received by the City
Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa. The bids must be
submitted through the SPEERAUCTION competitive bidding system.
• Electronic Facsimile Bidding: Electronic facsimile bids will be received by the
City Clerk at City Hall, 715 Mulberry Street, Waterloo, Iowa (facsimile number:
(319) 291-4571) or the City's Municipal Advisor, Speer Financial, Inc., Waterloo,
Iowa (facsimile number: (319) 291-8628). Electronic facsimile bids will be
treated as sealed bids.
Consideration of Bids: After the time for receipt of bids has passed, the close of sealed
bids will be announced. Sealed bids will then be publicly opened and announced. Finally,
electronic internet bids will be accessed and announced.
Sale and Award: The sale and award of the Bonds will be held at the Council Chambers,
City Hall, 715 Mulberry Street, Waterloo, Iowa at a meeting of the City Council on the above
date at 5:00 P.M.
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Official Statement: The Issuer has issued an Official Statement of information pertaining
to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid
Form, which is incorporated by reference as a part of this notice. The Official Statement may be
obtained by request addressed to the City Clerk, City Hall, 715 Mulberry Street, Waterloo, Iowa
or the Issuer's Municipal Advisor, Speer Financial, Inc., 531 Commercial Street, Waterloo, Iowa,
50703, Telephone: (319) 291-2077.
Terms of Offering: All bids shall be in conformity with and the sale shall be in
accordance with the Terms of Offering as set forth in the Official Statement.
Legal Opinion: The Bonds will be sold subject to the opinion of Ahlers & Cooney, P.C.,
Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together
with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except
to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not
examine or review or express any opinion with respect to the accuracy or completeness of
documents, materials or statements made or furnished in connection with the sale, issuance or
marketing of the Bonds.
Rights Reserved: The right is reserved to reject any or all bids, and to waive any
irregularities as deemed to be in the best interests of the public.
By order of the City Council of the City of Waterloo, State of Iowa.
Kelley Felchle, City Clerk, City of Waterloo,
State of Iowa
(End of Notice)
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PASSED AND APPROVED this 18th day of May, 2026.
ATTEST:
Signed by:
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Kelley Felchle, City Clerk
Signed by:
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Dave Boesen, Mayor
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STATE OF IOWA
COUNTY OF BLACK HAWK
CERTIFICATE
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)
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 18th day of May, 2026.
SEAL
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,—Signed by:
Kelley fe[eE[e
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Kelfey Velc�iC fe, City Clerk, City of Waterloo,
State of Iowa
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CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Waterloo, in the County of Black
Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I
have caused a
NOTICE OF BOND SALE
($1,700,000* (Subject to Adjustment per Terms of Offering) Taxable General
Obligation Bonds, Series 2026C)
of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures
a correct and complete copy, to be published as required by law in the "Waterloo Courier", a
legal newspaper published at least once weekly, printed wholly in the English language,
published regularly and mailed through the post office of current entry for more than two years
and which has had for more than two years a bona fide paid circulation recognized by the postal
laws of the United States, and has a general circulation in the City, and that the Notice was
published in all of the issues thereof published and circulated on the following date:
May 28, 2026.
WITNESS my official signature this 28th day of May, 2026.
Signed by:
SEAL
e Ferrnnit,8City Clerk, City of Waterloo,
State of Iowa
4928-8029-9944-1 \11310-183