HomeMy WebLinkAbout2020-11-02-J02A GO LOSST Bonds Series 2020B_Appoint AgentAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 2, 2020
AGENDA ITEM:Consideration of approval of a resolution appointing Paying Agent, Bond
Registrar, and Transfer Agent, Approving the Paying Agent and Bond
Registrar and Transfer Agent Agreement and Authorizing the Execution
of the Agreement [$9,155,000 General Obligation Local Option Sales
Tax Bonds, Series 2020B]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 10/19/2020, the City Council approved
directing sale of $9,155,000 General Obligation Local Option Sales Tax
Bonds, Series 2020B:
Resolution: Consideration of approval of a resolution directing sale of $9,155,000
(subject to adjustment per terms of offering) General Obligation Bonds, Series 2020B –
Council Member Lyon moved to approve the resolution; seconded by Council Member
Crone. Matthew Stoffel with Public Financial Management (PFM) (participating
electronically) reviewed the bid tabulation, recommending awarding sale to Robert W.
Baird & Co., Inc., of Red Bank, NJ, at a true interest rate of 1.7648%. Finance Director
Burkhart added that the bond premium was included in the sale to help with the funding
of additional park projects. Council Member Bottenberg stated that he would recuse
himself from voting due to a professional conflict of interest. Council Member Lyon
amended the motion to approve award of sale as recommended; Council Member Crone
amended the second. Results of vote: Ayes: Bergman, Crone, Lyon, Sinclair. Nays:
None. Abstentions: Bottenberg. Motion carried 4 – 0 – 1. (Resolution #2020-401)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$9,155,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City Bond Counsel has provided the proceedings.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
J2A
RESOLUTION 2020-
RESOLUTION APPOINTING UMB BANK, N.A. OF WEST
DES MOINES, IOWA, TO SERVE AS PAYING AGENT, BOND
REGISTRAR, AND TRANSFER AGENT, APPROVING THE
PAYING AGENT AND BOND REGISTRAR AND TRANSFER
AGENT AGREEMENT AND AUTHORIZING THE
EXECUTION OF THE AGREEMENT
WHEREAS, $9,155,000 General Obligation Local Option Sales Tax Bonds, Series
2020B, dated November 19, 2020, have been sold and action should now be taken to provide for
the maintenance of records, registration of certificates and payment of principal and interest in
connection with the issuance of the Bonds; and
WHEREAS, this Council has deemed that the services offered by UMB Bank, N.A. of
West Des Moines, Iowa, are necessary for compliance with rules, regulations, and requirements
governing the registration, transfer and payment of registered bonds; and
WHEREAS, a Paying Agent, Bond Registrar and Transfer Agent Agreement (hereafter
"Agreement") has been prepared to be entered into between the City and UMB Bank, N.A.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
1.That UMB Bank, N.A. of West Des Moines, Iowa, is hereby appointed to serve as
Paying Agent, Bond Registrar and Transfer Agent in connection with the issuance of $9,155,000
General Obligation Local Option Sales Tax Bonds, Series 2020B, dated November 19, 2020.
2.That the Agreement with UMB Bank, N.A. of West Des Moines, Iowa, is hereby
approved and that the Mayor and Clerk are authorized to sign the Agreement on behalf of the
City.
PASSED AND APPROVED this 2nd day of November, 2020.
Mayor
ATTEST:
City Clerk