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Home My WebLink About2020-03-23-J06 Bonds Series 2020A - Direct SaleAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: March 23, 2020 AGENDA ITEM:Consideration of approval of a resolution directing sale of $12,100,000 (subject to adjustment per terms of offering) General Obligation Urban Renewal Bonds, Series 2020A FORMAT:Resolution SYNOPSIS INCLUDING PRO & CON: The bid opening is scheduled for 10:00 a.m. on Monday, March 23, 2020. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Representatives from PFM will present bid tabulations and final par amounts, and to make a recommendation on proposal acceptance. RECOMMENDATION: Approve the Resolution. ATTACHMENTS: I. Proposed Resolution PREPARED BY:Becky Schuett REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: J6 RESOLUTION 2020- RESOLUTION DIRECTING SALE OF $12,100,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2020A 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: $12,100,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2020A Bidder: _________________________ of _________________________ The terms of award: Final Par Amount as adjusted: $____________________ Purchase Price as adjusted: $ ____________________ True Interest Rate: ____________________% Net Interest Cost: $____________________ NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE, 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 March, 2020. Mayor ATTEST: City Clerk 801 Grand Avenue, Suite 3300 Des Moines, Iowa 50309 (515) 243-2600 TABULATION OF BIDS CITY OF WAUKEE, IOWA $12,100,000 General Obligation Urban Renewal Bonds, Series 2020A AWARD: FHN FINANCIAL CAPITAL MARKETS RATING: Moody’s Investors Service ‘Aa2’ SALE DATE: March 23, 2020 COUPON NET INTEREST COST PURCHASE NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE FHN FINANCIAL CAPITAL MARKETS 5.000% 2021-2028 $4,608,432.80 $12,195,821.00 New York, New York 3.125% 2029 3.250% 2030 3.5814% 3.375% 2031-2032 3.500% 2033-2035 NORTHLAND SECURITIES, INC. 5.000% 2021-2027 $4,701,230.13 $12,474,785.70 Minneapolis, Minnesota 3.000% 2029 1) 4.000% 2030-2035 3.5871% STIFEL, NICOLAUS & CO. 4.000% 2021-2035 $4,880,529.28 $12,367,104.05 Birmingham, Alabama 3.7416% THE BAKER GROUP 5.000% 2021-2027 $4,851,404.06 $12,235,477.55 Oklahoma City, Oklahoma 3.000% 2028 3.125% 2029-2030 3.7441% 4.000% 2031-2035 J.P. MORGAN SECURITIES LLC 5.000% 2021-2029 $5,090,246.69 $12,373,435.65 New York, New York 3.750% 2030 3.875% 2031-2033 3.9187% 4.000% 2034-2035 1)Represents a term bond with mandatory redemption sinking payments. City of Waukee, Iowa $12,100,000 General Obligation Urban Renewal Bonds, Series 2020A Monday, March 23, 2020 Page 2 COUPON NET INTEREST COST PURCHASE NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE PIPER SANDLER & CO. 4.000% 2021-2035 $5,261,772.93 $11,985,860.40 Minneapolis, Minnesota 4.1117% JANNEY MONTGOMERY SCOTT LLC 5.000% 2021-2029 $5,357,419.35 $12,192,598.15 Philadelphia, Pennsylvania 4.000% 2030-2031 4.000% 2033 1)4.1619% 4.000% 2035 1) ROBERT W. BAIRD & CO., INC. 5.000% 2021-2029 $5,533,431.94 $12,116,494.05 Milwaukee, Wisconsin 4.000% 2030-2032 C.L. KING & ASSOC.4.125% 2033-2034 4.3110%% New York, New York 4.250% 2035 EDWARD JONES St. Louis, Missouri DOUGHERTY & CO. LLC Minneapolis, Minnesota FIDELITY CAPITAL MARKETS Boston, Massachusetts LOOP CAPITAL MARKETS, LLC New York, New York CREWS & ASSOC., INC. Little Rock, Arkansas ROSS, SINCLAIRE & ASSOC. LLC Cincinnati, Ohio DAVENPORT & CO. LLC Richmond, Virginia VINING-SPARKS IBG, LTD PARTNERSHIP Chicago, Illinois DUNCAN-WILLIAMS, INC. Memphis, Tennessee BERNARDI SECURITIES, INC. Chicago, Illinois UMB BANK, N.A. Kansas City, Missouri SUMRIDGE PARTNERS Jersey City, New Jersey COUNTRY CLUB BANK Prairie Village, Kansas (Syndicate list continued on Page 3) 1)Represents a term bond with mandatory redemption sinking payments. City of Waukee, Iowa $12,100,000 General Obligation Urban Renewal Bonds, Series 2020A Monday, March 23, 2020 Page 3 COUPON NET INTEREST COST PURCHASE NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE PRICE WAYNE HUMMER INVESTMENTS Chicago, Illinois D.A. DAVIDSON & CO. Denver, Colorado SIERRA PACIFIC SECURITIES Los Angeles, California ALAMO CAPITAL INVESTMENTS Walnut Creek, California RBC CAPITAL MARKETS Minneapolis, Minnesota MIDLAND SECURITIES Montclair, New Jersey FMS BONDS, INC. Miami, Florida COMMERCE BANK Kansas City, Missouri FIRST KENTUCKY SECURITIES CORP. Lexington, Kentucky ISAAK BOND INVESTMENTS, INC. Denver, Colorado FIRST SOUTHERN SECURITIES Alphretta, Georgia MULTI-BANK SECURITIES, INC. Pleasant Ridge, Michigan DINOSAUR SECURITIES New York, New York FIRST BANKERS’ BANC SECURITIES, INC. St. Louis, Missouri MOUNTAINSIDE SECURITIES LLC Summit, New Jersey INTL FCSTONE SECURITIES, INC. Mobile, Alabama