HomeMy WebLinkAbout2022-06-20 I01I GO Bonds Series 2022A_Appoint AgentAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 20, 2022
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 [$11,755,000 General Obligation Bonds, Series
2022A]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 06/06/2022, the City Council approved
directing sale of $11,755,000 General Obligation Bonds, Series 2022A:
Resolution: Consideration of approval of a resolution directing sale of $11,755,000
(subject to adjustment per terms of offering) General Obligation Bonds, Series 2022A –
Prior to a motion, Matt Stoffel with PFM Financial Advisors, LLC, presented the bid
tabulation, noting the low bid from Morgan Stanley & Co. of New York, NY. He
reviewed the proposed interest rate of 3.3084% and net interest cost of $4,711,873,
adding that the City will keep the premium. Council Member Lyon asked about the
interest rate the last time the City sold bonds; Mr. Stoffel replied that the 2021 bonds sold
in the 1.5% range, but added that 3.3% is historically the lower end of the range. Council
Member Sinclair moved to approve the resolution; seconded by Council Member Lyon.
Upon counsel from City Attorney Brick, Council Member Sinclair amended the motion
to approve the resolution, awarding sale to Morgan Stanley & Co. of New York, NY;
Council Member Lyon amended the second. Council Member Bottenberg stated that he
would abstain from voting due to a professional conflict of interest. Results of vote:
Ayes: Crone, Lyon, Pierce, Sinclair. Nays: None. Abstentions: Bottenberg (professional
conflict of interest). Motion carried 4 – 0 – 1. (Resolution #2022-237)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$11,755,000
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:
I1I
RESOLUTION 2022-
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, $11,755,000 General Obligation Bonds, Series 2022A, dated July 6, 2022,
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
$11,755,000 General Obligation Bonds, Series 2022A, dated July 6, 2022.
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 20th day of June, 2022.
Mayor
ATTEST:
City Clerk