HomeMy WebLinkAbout2023-08-21 I01H_01_a GO Bonds Series 2023B_Appoint AgentAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: August 21, 2023
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 [$38,305,000 General Obligation Bonds, Series
2023B]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 08/07/2023, the City Council approved
directing sale of $38,305,000 General Obligation Bonds, Series 2023B:
Resolution: Consideration of approval of a resolution directing sale of $38,305,000
(subject to adjustment per terms of offering) General Obligation Bonds, Series 2023B –
Council Member Lyon moved to approve the resolution; seconded by Council Member
Sinclair. Matt Stoffel with PFM Financial Advisors, LLC, presented the results of sale,
noting that Moody’s Investors Service recent bond rating upgrade for the City contributed
to favorable bids. He recommended sale to Huntington Securities, Inc., of Chicago, IL.
Council Member Lyon amended the motion to approve the resolution, directing sale to
Huntington Securities, Inc., of Chicago, IL; Council Member Sinclair amended the
second. Results of vote: Ayes: Bottenberg, Crone, Lyon, Pierce, Sinclair. Nays: None.
Motion carried 5 – 0. (Resolution #2023-339)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$38,305,000
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:
I1H1a
RESOLUTION 2023-
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, $38,305,000 General Obligation Bonds, Series 2023B, dated September 6,
2023, 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
$38,305,000 General Obligation Bonds, Series 2023B, dated September 6, 2023.
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 21st day of August, 2023.
Mayor
ATTEST:
City Clerk