HomeMy WebLinkAbout2023-08-21 I01H_02_a Stormwater Revenue Bonds Series 2023C_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 [$3,350,000 Stormwater Management Utility Revenue
Bonds, Series 2023C]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 08/07/2023, the City Council approved
directing sale of $3,350,000 Stormwater Management Utility Revenue
Bonds, Series 2023C:
Resolution: Consideration of approval of a resolution directing sale of $3,350,000
(subject to adjustment per terms of offering) Stormwater Revenue Bonds, Series 2023C
– Council Member Sinclair moved to approve the resolution; seconded by Council
Member Lyon. Matt Stoffel with PFM Financial Advisors, LLC, reviewed the results of
sale, recommending sale to TD Securities, LLC, of New York, NY. Council Member
Sinclair amended the motion to approve the resolution, directing sale to TD Securities,
LLC; Council Member Lyon amended the second. Results of vote: Ayes: Bottenberg,
Crone, Lyon, Pierce, Sinclair. Nays: None. Motion carried 5 – 0. (Resolution #2023-
340)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$3,350,000
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:
I1H2a
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, pursuant to the provisions of Chapter 75 of the Code of Iowa, $3,350,000
Stormwater Revenue Bonds, Series 2023C, 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 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 $3,350,000
Stormwater Revenue Bonds, Series 2023C, 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