HomeMy WebLinkAbout2024-07-15 I01H_01 Bond_GO Series 2024A_Advertise SaleAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: July 15, 2024
AGENDA ITEM:Consideration of approval of a resolution directing the advertisement for
sale and approving electronic bidding procedures and Official Statement
[$12,165,000 General Obligation Bonds, Series 2024A]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed resolution sets August 5, 2024, as the
date for receipt of bids and consideration of sale.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$12,165,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Preliminary Official Statement, Series 2024A and 2024B
PREPARED BY:Becky Schuett
REVIEWED BY:
I1H1
- 1 -
RESOLUTION 2024-
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $12,165,000 GENERAL OBLIGATION BONDS,
SERIES 2024A, AND APPROVING ELECTRONIC BIDDING
PROCEDURES AND OFFICIAL STATEMENT
WHEREAS, the Issuer is in need of funds to pay costs of opening, widening, extending,
grading, and draining of the right-of-way of streets, highways, avenues, alleys and public
grounds, and market places, and the removal and replacement of dead or diseased trees thereon;
the construction, reconstruction, and repairing of any street improvements, bridges, grade
crossing separations and approaches; the acquisition, installation, and repair of sidewalks,
culverts, retaining walls, storm sewers, sanitary sewers, water service lines, street lighting, and
traffic control devices and signage; and the acquisition of any real estate needed for any of the
foregoing purposes, essential corporate purpose(s), and it is deemed necessary and advisable that
General Obligation Bonds, to the amount of not to exceed $4,000,000 be authorized for said
purpose(s); and
WHEREAS, pursuant to notice published as required by Section 384.25 of the Code of
Iowa, this Council has held a public meeting and hearing upon the proposal to institute
proceedings for the issuance of the Bonds, and the Council is therefore now authorized to
proceed with the issuance of said Bonds for such purpose(s); and
WHEREAS, the Issuer is in need of funds to pay costs of aiding in the planning,
undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter
403 and the Urban Renewal Plan, as amended, for the Waukee Consolidated Urban Renewal
Area, including the University Avenue Extension Projects, essential corporate urban renewal
purpose project(s), and it is deemed necessary and advisable that the City issue General
Obligation Bonds, for such purpose(s) to the amount of not to exceed $9,000,000 as authorized
by Sections 384.25 and 403.12 of the Code of Iowa; and
WHEREAS, pursuant to notice published as required by Sections 384.25 and 403.12 this
Council has held a public meeting and hearing upon the proposal to institute proceedings for the
issuance of said Bonds, and all objections, if any, to such Council action made by any resident or
property owner of the City were received and considered by the Council; and no petition having
been filed, it is the decision of the Council that additional action be taken for the issuance of said
Bonds for such purpose(s), and that such action is considered to be in the best interests of the
City and the residents thereof; and
WHEREAS, pursuant to Section 384.28 of the Code of Iowa, it is hereby found and
determined that the various general obligation bonds authorized as hereinabove described shall
be combined for the purpose of issuance in a single issue of $12,165,000 General Obligation
Bonds as hereinafter set forth; and
WHEREAS, in conjunction with its Municipal Advisor, PFM Financial Advisors LLC,
the City has caused an Official Statement to be prepared outlining the details of the proposed sale
of the Bonds; and
- 2 -
WHEREAS, the Council has received information from its Municipal Advisor evaluating
and recommending the procedure hereinafter described for electronic and internet bidding to
maintain the integrity and security of the competitive bidding process and to facilitate the
delivery of bids by interested parties; and
WHEREAS, the Council deems it in the best interests of the City and the residents
thereof to receive bids to purchase such Bonds by means of both sealed and electronic internet
communication.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1.That the receipt of electronic bids through the Parity Competitive Bidding
System described in the Notice of Sale and Official Statement are hereby found and determined
to provide reasonable security and to maintain the integrity of the competitive bidding process,
and to facilitate the delivery of bids by interested parties in connection with the offering at public
sale.
Section 2.That General Obligation Bonds, Series 2024A, of City of Waukee, State of
Iowa, in the amount of $12,165,000, to be issued as referred to in the preamble of this
Resolution, to be dated September 5, 2024, be offered for sale pursuant to the published
advertisement.
Section 3.That the preliminary Official Statement in the form presented to this meeting
be and the same hereby is approved as to form and deemed final for purposes of Rule 15c2-12 of
the Securities and Exchange Commission, subject to such revisions, corrections or modifications
as the Mayor and City Clerk, upon the advice of bond counsel, disclosure counsel, and the City's
Municipal Advisor, shall determine to be appropriate, and is authorized to be distributed in
connection with the offering of the Bonds for sale.
Section 4.That the Clerk is hereby directed to publish notice of sale of the Bonds at least
once, the last one of which shall be not less than four clear days nor more than twenty days
before the date of the sale. Publication shall be made in the "The Dallas County News", a legal
newspaper, printed wholly in the English language, published within the county in which the
Bonds are to be offered for sale or an adjacent county. The notice is given pursuant to Chapter
75 of the Code of Iowa, and shall state that this Council, on the 5th day of August, 2024, at 5:30
P.M., will hold a meeting to receive and act upon bids for said Bonds, which bids were
previously received and opened by City Officials at 11:00 A.M. on said date. The notice shall be
in substantially the following form:
(To be published on or before July 30, 2024)
NOTICE OF BOND SALE
Time and Place of Sealed Bids: Bids for the sale of Bonds of the City of Waukee, State
of Iowa, hereafter described, must be received at the office of the City Clerk, Council Chambers,
City Hall, 230 West Hickman Road, Waukee, Iowa 50263; Telephone: 515-987-4522 (the
"Issuer") before 11:00 A.M., on the 5th day of August, 2024. The bids will then be publicly
opened and referred for action to the meeting of the City Council in conformity with the TERMS
OF OFFERING.
The Bonds: The Bonds to be offered are the following:
GENERAL OBLIGATOIN BONDS, SERIES 2024A, in the
amount of $12,165,000*, to be dated September 5, 2024
GENERAL OBLIGATION LOCAL OPTION SALES TAX
BONDS, SERIES 2024B, in the amount of $11,590,000*, to be
dated September 5, 2024
(collectively, the "Bonds")
*Subject to principal adjustment pursuant to official Terms of Offering.
Manner of Bidding: Open bids will not be received. Bids will be received in any of the
following methods:
Sealed Bidding: Sealed bids may be submitted and will be received at the office
of the City Clerk at City Hall, 230 West Hickman Road, Waukee, Iowa 50263.
Electronic Internet Bidding: Electronic internet bids will be received at the office
of the City Clerk at City Hall, 230 West Hickman Road, Waukee, Iowa 50263
and/or the City’s Municipal Advisor, PFM Financial Advisors LLC, 801 Grand
Avenue, Suite 3300, Des Moines, Iowa. The bids must be submitted through the
PARITY® competitive bidding system.
Consideration of Bids: After the time for receipt of bids has passed, the close of sealed
bids will be announced. Sealed bids will then be publicly opened and announced. Finally,
electronic internet bids will be accessed and announced.
Sale and Award: The sale and award of the Bonds will be held at the Council Chambers,
City Hall, 230 West Hickman Road, Waukee, Iowa at a meeting of the City Council on the above
date at 5:30 P.M.
Official Statement: The Issuer has issued an Official Statement of information pertaining
to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid
Form, which is incorporated by reference as a part of this notice. The Official Statement may be
obtained by request addressed to the Finance Director, City Hall, 230 West Hickman Road,
Waukee, Iowa 50263; Telephone: 515-987-7919 or the Issuer's Municipal Advisor, PFM
Financial Advisors LLC, 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50263, Telephone:
515-724-5724.
Terms of Offering: All bids shall be in conformity with and the sale shall be in
accordance with the Terms of Offering as set forth in the Official Statement.
Legal Opinion: The Bonds will be sold subject to the opinion of Ahlers & Cooney, P.C.,
Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together
with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except
to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not
examine or review or express any opinion with respect to the accuracy or completeness of
documents, materials or statements made or furnished in connection with the sale, issuance or
marketing of the Bonds.
Rights Reserved: The right is reserved to reject any or all bids, and to waive any
irregularities as deemed to be in the best interests of the public.
By order of the City Council of the City of Waukee, State of Iowa.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 15th day of July, 2024.
__________________________________
Mayor
ATTEST:
__________________________________
City Clerk
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PRELIMINARY OFFICIAL STATEMENT DATED JULY 15, 2024
New Issues Rating: Moody’s Investors Service ‘___’
Assuming compliance with certain covenants, in the opinion of Ahlers & Cooney, P.C., Bond Counsel, under present law and assuming continued compliance with the
requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excludable from gross income for federal income tax purposes.
Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax on individuals; however, such interest is taken into account in
determining the annual adjusted financial statement income of applicable corporations (as defined in Section 59(k) of the Code) for the purpose of computing the
alternative minimum tax imposed on corporations for tax years beginning after December 31, 2022. Interest on the Bonds is not exempt from present Iowa income
taxes. The Bonds will NOT be designated as “qualified tax-exempt obligations. See “TAX MATTERS” section for a more detailed discussion.
CITY OF WAUKEE, IOWA
$12,165,000* General Obligation Bonds, Series 2024A
$11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B
BIDS RECEIVED: Monday, August 5, 2024, 11:00 A.M., Central Time
AWARD: Monday, August 5, 2024, 5:30 P.M., Central Time
Dated: Date of Delivery (September 5, 2024) Principal Due: June 1, as shown inside front cover
The $12,165,000* General Obligation Bonds, Series 2024A (the “Series 2024A Bonds”) are being issued pursuant to Subchapter III
of Chapter 384 and Chapter 403 of the Code of Iowa and the authorizing resolution (the “Series 2024A Resolution”) to be adopted by
the City Council of the City of Waukee, Iowa (the “City”). Proceeds of the Series 2024A Bonds are being issued to pay costs of
carrying out essential corporate purpose and urban renewal projects. See “AUTHORITY AND PURPOSE – SERIES 2024A BONDS”
section herein for more detail regarding the Series 2024A Bonds project descriptions. The Series 2024A Bonds are general obligations
of the City for which the City will pledge its power of levy direct ad valorem taxes against all taxable property within the City without
limitation as to rate or amount to the repayment of the Series 2024A Bonds.
The $11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B (the “Series 2024B Bonds”) are being issued
pursuant to Chapter 423B of the Code of Iowa and the authorizing resolution (the “Series 2024B Resolution”) to be adopted by the
City Council of the City. See “AUTHORITY AND PURPOSE – SERIES 2024B BONDS” section herein for more detail regarding
the Series 2024B Bonds project descriptions. The Series 2024B Bonds are general obligations of the City, payable in the first instance
from a designated portion of the proceeds of a local option sales and services tax (the “Local Option Tax”) authorized and enacted
pursuant to Chapter 423B of the Code of Iowa, as amended, and if not so paid, from taxes required to be levied against all of the taxable
property within the City, without limitation as to rate or amount.
The Series 2024A Bonds and Series 2024B Bonds (collectively, the “Bonds”) will be issued as fully registered Bonds without coupons
and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”). DTC will
act as securities depository for the Bonds. Individual purchases may be made in book-entry-only form, in the principal amount of
$5,000 and integral multiples thereof. The purchaser will not receive certificates representing their interest in the Bonds purchased.
Principal of the Bonds, payable annually on each June 1, beginning June 1, 2025, and interest on the Bonds, payable initially on
June 1, 2025 and thereafter on each December 1 and June 1, will be paid to DTC by the City’s Registrar/Paying Agent, UMB Bank
N.A., West Des Moines, Iowa (the “Registrar”). DTC will in turn remit such principal and interest to its participants for subsequent
disbursements to the beneficial owners of the Bonds as described herein. Interest and principal shall be paid to the registered holder
of a bond as shown on the records of ownership maintained by the Registrar as of the 15th day of the month preceding the interest
payment date (the “Record Date”).
THE BONDS WILL MATURE AS LISTED ON THE INSIDE FRONT COVER
SERIES 2024A BONDS SERIES 2024B BONDS
MINIMUM BID: $12,019,020 $11,450,920
GOOD FAITH DEPOSIT: $121,650 Required of Purchaser Only $115,900 Required of Purchaser Only
TAX MATTERS: Federal: Tax-Exempt
State: Taxable
See “TAX MATTERS” for more details
Federal: Tax-Exempt
State: Taxable
See “TAX MATTERS” for more details
The Bonds are offered, subject to prior sale, withdrawal or modification, when, as, and if issued subject to the legal opinion of Ahlers
& Cooney, P.C., Bond Counsel, Des Moines Iowa, to be furnished upon delivery of the Bonds. Ahlers & Cooney, P.C. is also serving
as Disclosure Counsel for the City in connection with the issuance of the Bonds. It is expected the Bonds in the definitive form will
be available on or about September 5, 2024 via Fast Automated Securities Transfer delivery with the Registrar holding the Bonds on
behalf of DTC. The Preliminary Official Statement in the form presented is deemed final for purposes of Rule 15c2-12 of the
Securities and Exchange Commission, subject to revisions, corrections or modifications as determined to be appropriate, and is
authorized to be distributed in connection with the offering of the Bonds for sale.
* Preliminary; subject to change.
CITY OF WAUKEE, IOWA
$12,165,000* General Obligation Bonds, Series 2024A
MATURITY: The Series 2024A Bonds will mature June 1 in the years and amounts as follows:
Year Amount* Year Amount*
2025 $415,000 2035 $425,000
2026 585,000 2036 445,000
2027 615,000 2037 470,000
2028 640,000 2038 490,000
2029 670,000 2039 515,000
2030 705,000 2040 540,000
2031 745,000 2041 570,000
2032 775,000 2042 595,000
2033 820,000 2043 625,000
2034 860,000 2044 660,000
* PRINCIPAL
ADJUSTMENT: Preliminary; subject to change. The City reserves the right to increase or decrease the aggregate
principal amount of the Series 2024A Bonds and to increase or reduce each scheduled maturity
thereof after the determination of the successful bidder. The City may increase or decrease
each maturity in increments of $5,000 but the total amount to be issued will not exceed
$13,000,000. Interest rates specified by the successful bidder for each maturity will not change.
Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if
the aggregate principal amount of the Series 2024A Bonds is adjusted as described above. Any
change in the principal amount of any maturity of the Series 2024A Bonds will be made while
maintaining, as closely as possible, the successful bidder's net compensation, calculated as a
percentage of bond principal. The successful bidder may not withdraw or modify its bid as a
result of any post-bid adjustment. Any adjustment shall be conclusive and shall be binding
upon the successful bidder.
INTEREST: Interest on the Series 2024A Bonds will be payable on June 1, 2025 and semiannually
thereafter.
OPTIONAL
REDEMPTION: The Series 2024A Bonds due after June 1, 2032 will be subject to call for prior redemption on
said date or on any date thereafter upon terms of par plus accrued interest to date of call.
Written notice of such call shall be given at least thirty (30) days prior to the date fixed for
redemption to the registered owners of the Series 2024A Bonds to be redeemed at the address
shown on the registration books.
$11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B
MATURITY: The Series 2024B Bonds will mature June 1 in the years and amounts as follows:
Year Amount* Year Amount*
2025 $490,000 2035 $565,000
2026 365,000 2036 590,000
2027 380,000 2037 620,000
2028 400,000 2038 655,000
2029 420,000 2039 685,000
2030 440,000 2040 720,000
2031 465,000 2041 755,000
2032 490,000 2042 795,000
2033 510,000 2043 835,000
2034 535,000 2044 875,000
* PRINCIPAL
ADJUSTMENT: Preliminary; subject to change. The City reserves the right to increase or decrease the aggregate
principal amount of the Series 2024B Bonds and to increase or reduce each scheduled maturity
thereof after the determination of the successful bidder. The City may increase or decrease
each maturity in increments of $5,000 but the total amount to be issued will not exceed
$12,500,000. Interest rates specified by the successful bidder for each maturity will not change.
Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if
the aggregate principal amount of the Series 2024B Bonds is adjusted as described above. Any
change in the principal amount of any maturity of the Series 2024B Bonds will be made while
maintaining, as closely as possible, the successful bidder's net compensation, calculated as a
percentage of bond principal. The successful bidder may not withdraw or modify its bid as a
result of any post-bid adjustment. Any adjustment shall be conclusive and shall be binding
upon the successful bidder.
INTEREST: Interest on the Series 2024B Bonds will be payable on June 1, 2025 and semiannually
thereafter.
OPTIONAL
REDEMPTION: The Series 2024B Bonds due after June 1, 2032 will be subject to call for prior redemption on
said date or on any date thereafter upon terms of par plus accrued interest to date of call.
Written notice of such call shall be given at least thirty (30) days prior to the date fixed for
redemption to the registered owners of the Series 2024B Bonds to be redeemed at the address
shown on the registration books.
COMPLIANCE WITH S.E.C. RULE 15c2-12
Municipal obligations (issued in an aggregate amount over $1,000,000) are subject to General Rules and Regulations,
Securities Exchange Act of 1934, Rule 15c2-12 Municipal Securities Disclosure.
Preliminary Official Statement: This Preliminary Official Statement was prepared for the City for dissemination to
prospective bidders. Its primary purpose is to disclose information regarding the Bonds to prospective bidders in the
interest of receiving competitive bids in accordance with the TERMS OF OFFERING contained herein. Unless an
addendum is received prior to the sale, this document shall be deemed the near final “Official Statement”.
Review Period: This Preliminary Official Statement has been distributed to City staff as well as to prospective bidders
for an objective review of its disclosure. Comments, omissions or inaccuracies must be submitted to PFM Financial
Advisors LLC (the “Municipal Advisor”) at least two business days prior to the sale. Requests for additional
information or corrections in the Preliminary Official Statement received on or before this date will not be considered
a qualification of a bid received. If there are any changes, corrections or additions to the Preliminary Official Statement,
prospective bidders will be informed by an addendum at least one business day prior to the sale.
Final Official Statement: Upon award of sale of the Bonds, the legislative body will authorize the preparation of a
final Official Statement that includes the offering prices, interest rates, selling compensation, aggregate principal
amount, principal amount per maturity, anticipated delivery date and other information required by law and the identity
of the underwriter (the “Syndicate Manager”) and syndicate members. Copies of the final Official Statement will be
delivered to the Syndicate Manager within seven business days following the bid acceptance.
REPRESENTATIONS
No dealer, broker, salesman or other person has been authorized by the City, the Municipal Advisor or the underwriter
to give any information or to make any representations other than those contained in this Preliminary Official Statement
or the final Official Statement and, if given or made, such information and representations must not be relied upon as
having been authorized by the City, the Municipal Advisor or the underwriter. This Preliminary Official Statement or
the final Official Statement does not constitute an offer to sell or solicitation of an offer to buy, nor shall there by any
sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation
or sale. The information set forth herein has been obtained from the City and other sources which are believed to be
reliable, but it is not to be construed as a representation by the Municipal Advisor or underwriter. The information and
expressions of opinion herein are subject to change without notice, and neither the delivery of this Preliminary Official
Statement or the final Official Statement, nor any sale made thereafter shall, under any circumstances, create any
implication there has been no change in the affairs of the City or in any other information contained herein, since the
date hereof. This Preliminary Official Statement is submitted in connection with the sale of the securities referred to
herein and may not be reproduced or used, in whole or in part, for any other purpose.
This Preliminary Official Statement and any addenda thereto were prepared relying on information from the City and
other sources, which are believed to be reliable.
Bond Counsel has not participated in the preparation of this Preliminary Official Statement and is not expressing any
opinion as to the completeness or accuracy of the information contained therein.
Ahlers & Cooney, P.C. is also serving as Disclosure Counsel to the City in connection with the issuance of the Bonds.
Compensation of the Municipal Advisor, payable entirely by the City, is contingent upon the sale of the issues.
CITY OF WAUKEE, IOWA
City Council
Courtney Clarke Mayor
Anna Bergman Pierce Council Member
Charlie Bottenberg Council Member
Chris Crone Council Member
Rob Grove Council Member
Ben Sinclair Council Member
Administration
Brad Deets, City Administrator
Rebecca Schuett, City Clerk
Linda Burkhart, Finance Director
City Attorney
Brick, Gentry P.C.
Steven P. Brick
Des Moines, Iowa
Bond Counsel and Disclosure Counsel
Ahlers & Cooney, P.C.
Des Moines, Iowa
Municipal Advisor
PFM Financial Advisors LLC
Des Moines, Iowa
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TABLE OF CONTENTS
TERMS OF OFFERING ..................................................................................................................................... i
SCHEDULE OF BOND YEARS ................................................................................................................... viii
EXHIBIT 1 - FORMS OF ISSUE PRICE CERTIFICATES
PRELIMINARY OFFICIAL STATEMENT
Introduction ....................................................................................................................................................... 1
Authority and Purpose - Series 2024A Bonds .................................................................................................. 1
Authority and Purpose - Series 2024B Bonds ................................................................................................... 1
Interest on the Bonds ......................................................................................................................................... 2
Optional Redemption of the Bonds ................................................................................................................... 2
Payment Of and Security For The Series 2024A Bonds ................................................................................... 2
Payment Of and Security For The Series 2024B Bonds ................................................................................... 3
Local Option Tax - Series 2024B Bonds .......................................................................................................... 3
History of Taxable Retail Sales......................................................................................................................... 4
Local Option Tax Revenues - Series 2024B Bonds .......................................................................................... 4
Book-Entry-Only Issuance ................................................................................................................................ 4
Future Financing ............................................................................................................................................... 6
Litigation ........................................................................................................................................................... 6
Debt Payment History ....................................................................................................................................... 7
Legality ............................................................................................................................................................. 7
Tax Matters ....................................................................................................................................................... 7
Bondholder's Risks .......................................................................................................................................... 10
Rating .............................................................................................................................................................. 14
Municipal Advisor .......................................................................................................................................... 14
Continuing Disclosure ..................................................................................................................................... 15
Financial Statements ....................................................................................................................................... 15
Certification .................................................................................................................................................... 15
APPENDIX A - FINANCIAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
APPENDIX B - GENERAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
APPENDIX C - FORMS OF LEGAL OPINIONS
APPENDIX D - JUNE 30, 2023 INDEPENDENT AUDITOR’S REPORTS
APPENDIX E - FORMS OF CONTINUING DISCLOSURE CERTIFICATES
OFFICIAL BID FORM – SERIES 2024A BONDS
OFFICIAL BID FORM – SERIES 2024B BONDS
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TERMS OF OFFERING
CITY OF WAUKEE, IOWA
Bids for the purchase of the City of Waukee, Iowa’s (the “City”) $12,165,000* General Obligation Bonds, Series 2024A
(the “Series 2024A Bonds”) and $11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B (the
“Series 2024B Bonds”) (collectively, the “Bonds”), will be received on Monday, August 5, 2024, before 11:00 A.M.,
Central Time, after which time they will be tabulated. The City Council will consider award of the Bonds at 5:30 P.M.,
Central Time, on the same day. Questions regarding the sale of the Bonds should be directed to the City’s Municipal
Advisor, PFM Financial Advisors LLC (the “Municipal Advisor”), 801 Grand Avenue, Suite 3300, Des Moines, Iowa
50309, telephone 515-724-5724. Information may also be obtained from Linda Burkhart, Finance Director, City of
Waukee, 230 West Hickman Road, Waukee, Iowa 50263, telephone 515-978-7919.
This section sets forth the description of certain terms of the Bonds as well as the TERMS OF OFFERING with which all
bidders and bid proposals are required to comply, as follows:
DETAILS OF THE SERIES 2024A BONDS
GENERAL OBLIGATION BONDS, SERIES 2024A in the principal amount of $12,165,000*, will be dated the date of
delivery date (anticipated to be September 5, 2024) in the denomination of $5,000 or multiples thereof, and will mature
June 1 as follows:
Year Amount* Year Amount*
2025 $415,000 2035 $425,000
2026 585,000 2036 445,000
2027 615,000 2037 470,000
2028 640,000 2038 490,000
2029 670,000 2039 515,000
2030 705,000 2040 540,000
2031 745,000 2041 570,000
2032 775,000 2042 595,000
2033 820,000 2043 625,000
2034 860,000 2044 660,000
* Preliminary; subject to change.
ADJUSTMENT TO THE SERIES 2024A BONDS
The City reserves the right to increase or decrease the aggregate principal amount of the Series 2024A Bonds and to
increase or decrease each scheduled maturity thereof after the determination of the successful bidder. The City may
increase or reduce each maturity in increments of $5,000 but the total amount to be issued will not exceed
$13,000,000. Interest rates specified by the successful bidder for each maturity will not change. Interest rates specified
by the successful bidder for each maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal
amount of the Series 2024A Bonds is adjusted as described above. Any change in the principal amount of any maturity
of the Series 2024A Bonds will be made while maintaining, as closely as possible, the successful bidder's net
compensation, calculated as a percentage of bond principal. The successful bidder may not withdraw or modify its bid as
a result of any post-bid adjustment. Any adjustment shall be conclusive and shall be binding upon the successful bidder.
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DETAILS OF THE SERIES 2024B BONDS
GENERAL OBLIGATION LOCAL OPTION SALES TAX BONDS, SERIES 2024B in the principal amount of
$11,590,000*, will be dated the date of delivery date (anticipated to be September 5, 2024) in the denomination of $5,000
or multiples thereof, and will mature June 1 as follows:
Year Amount* Year Amount*
2025 $490,000 2035 $565,000
2026 365,000 2036 590,000
2027 380,000 2037 620,000
2028 400,000 2038 655,000
2029 420,000 2039 685,000
2030 440,000 2040 720,000
2031 465,000 2041 755,000
2032 490,000 2042 795,000
2033 510,000 2043 835,000
2034 535,000 2044 875,000
* Preliminary; subject to change.
ADJUSTMENT TO THE SERIES 2024B BONDS
The City reserves the right to increase or decrease the aggregate principal amount of the Series 2024B Bonds and to
increase or decrease each scheduled maturity thereof after the determination of the successful bidder. The City may
increase or reduce each maturity in increments of $5,000 but the total amount to be issued will not exceed
$12,500,000. Interest rates specified by the successful bidder for each maturity will not change. Interest rates specified
by the successful bidder for each maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal
amount of the Series 2024B Bonds is adjusted as described above. Any change in the principal amount of any maturity
of the Series 2024B Bonds will be made while maintaining, as closely as possible, the successful bidder's net
compensation, calculated as a percentage of bond principal. The successful bidder may not withdraw or modify its bid as
a result of any post-bid adjustment. Any adjustment shall be conclusive and shall be binding upon the successful bidder.
INTEREST ON THE BONDS
Interest on the Bonds will be payable on June 1, 2025 and semiannually on the 1st day of December and June thereafter.
Interest and principal shall be paid to the registered holder of Bond as shown on the records of ownership maintained by
the Registrar as of the 15th day of the month preceding such interest payment date (the “Record Date”). Interest will be
computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal
Securities Rulemaking Board.
OPTIONAL REDEMPTION OF THE BONDS
The Bonds, due after June 1, 2032, will be subject to call prior to maturity in whole, or from time to time in part, in any
order of maturity and within a maturity by lot on said date or on any date thereafter at the option of the City, upon terms
of par plus accrued interest to date of call. Written notice of such call shall be given at least thirty (30) days prior to the
date fixed for redemption to the registered owners of the Bonds to be redeemed at the address shown on the registration
books.
TERM BOND OPTION
Bidders shall have the option of designating the Bonds as serial bonds or term bonds, or both. The bid must designate
whether each of the principal amounts shown above represent a serial maturity or a mandatory redemption requirement
for a term bond maturity. (See the OFFICIAL BID FORMS for more information.) In any event, the above principal
amounts scheduled shall be represented by either serial bond maturities or mandatory redemption requirements, or a
combination of both.
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GOOD FAITH DEPOSITS
A good faith deposit in the amount of $121,650 for the Series 2024A Bonds and $115,900 for the Series 2024B Bonds
(collectively, the “Deposits”) is required from the lowest bidder(s) only for each respective series of the Bonds. The
lowest bidder(s) are required to submit such Deposits payable to the order of the City in the form of either (i) a cashier’s
check provided to the City or its Municipal Advisor or (ii) a wire transfer as instructed by the City’s Municipal Advisor
no later than 1:00 P.M., Central Time, on the day of the sale of the Bonds. If not so received, the bid of the lowest
bidder(s) may be rejected, and the City may direct the second lowest bidder(s) to submit a deposit and thereafter may
award the sale of each respective series of the Bonds to the same. No interest on the Deposits will accrue to the successful
bidder(s) (the “Purchaser(s)”). The Deposits will be applied to the purchase prices of each respective series of Bonds. In
the event a Purchaser(s) fails to honor its accepted bid proposal, the applicable deposit will be retained by the City.
FORM OF BIDS AND AWARD
All bids shall be unconditional for each series of the Bonds for a price not less than $12,019,020 for the Series 2024A
Bonds and $11,450,920 for the Series 2024B Bonds, plus accrued interest, and shall specify the rate or rates of interest in
conformity to the limitations set forth under the “BIDDING PARAMETERS” section. Bids must be submitted on or in
substantial compliance with the OFFICIAL BID FORMS provided by the City. The Bonds will be awarded to the
bidder(s) offering the lowest interest rate to be determined on a true interest cost (the “TIC”) basis assuming compliance
with the “ESTABLISHMENT OF ISSUE PRICE” and “GOOD FAITH DEPOSITS” sections. The TIC shall be
determined by the present value method, i.e., by ascertaining the semiannual rate, compounded semiannually, necessary
to discount to present value as of the dated date of each respective series of Bonds, the amount payable on each interest
payment date and on each stated maturity date or earlier mandatory redemption, so the aggregate of such amounts will
equal the aggregate purchase price offered therefore. The TIC shall be stated in terms of an annual percentage rate and
shall be that rate of interest, which is twice the semiannual rate so ascertained (also known as the Canadian Method). The
TIC shall be as determined by the Municipal Advisor based on the TERMS OF OFFERING and all amendments, and on
the bids as submitted. The Municipal Advisor’s computation of the TIC of each bid shall be controlling. In the event of
tie bids for the lowest TIC, the Bonds will be awarded by lot.
The City will reserve the right to (i) waive non-substantive informalities of any bid or of matters relating to the receipt of
bids and award of the Bonds, (ii) reject all bids without cause, and (iii) reject any bid which the City determines to have
failed to comply with the terms herein.
BIDDING PARAMETERS
For each respective series, the bidder’s proposal must conform to the following limitations:
1. Each annual maturity must bear a single rate of interest from the dated date of the Bonds to the date of maturity.
2. Rates of interest bid must be in multiples of one-eighth or one-twentieth of one percent.
3. The initial price to the public for each maturity must be 98% or greater.
RECEIPT OF BIDS
Forms of Bids: Bids must be submitted on or in substantial compliance with the TERMS OF OFFERING and OFFICIAL
BID FORM – SERIES 2024A BONDS and OFFICAL BID FORM – SERIES 2024B BONDS provided by the City or
through PARITY® competitive bidding system (the “Internet Bid System”). Neither the City nor its agents shall be
responsible for malfunction or mistake made by any person, or as a result of the use of the electronic bid or any other
means used to deliver or complete a bid. The use of such means is at the sole risk of the prospective bidder(s) who shall
be bound by the terms of the bid as received.
No bid will be accepted after the time specified in the TERMS OF OFFERING and OFFICIAL BID FORM – SERIES
2024A BONDS and OFFICAL BID FORM – SERIES 2024B BONDS. The time, as maintained by the Internet Bid
System, shall constitute the official time with respect to all bids submitted. A bid may be withdrawn before the bid
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deadline using the same method used to submit the bid. If more than one bid is received from a bidder, the last bid
received shall be considered.
Sealed Bidding: Sealed bids may be submitted and will be received at the office of the City Clerk at City Hall, 230 West
Hickman Road, Waukee, Iowa 50263.
Electronic Internet Bidding: Electronic internet bids will be received at the office of the City Clerk at City Hall, 230 West
Hickman Road, Waukee, Iowa 50263 and/or the City’s Municipal Advisor, PFM Financial Advisors LLC, 801 Grand
Avenue, Suite 3300 Des Moines, Iowa. Electronic internet bids must be submitted through the Internet Bid System.
Information about the Internet Bid System may be obtained by calling 212-849-5021.
Each prospective bidder shall be solely responsible for making necessary arrangements to access the Internet Bid System
for purposes of submitting its electronic internet bid in a timely manner and in compliance with the requirements of the
TERMS OF OFFERING and OFFICIAL BID FORM – SERIES 2024A BONDS and OFFICAL BID FORM – SERIES
2024B BONDS. The City is permitting prospective bidders to use the services of the Internet Bid System solely as a
communication mechanism to conduct the electronic internet bidding and the Internet Bid System is not an agent of the
City. Provisions of the TERMS OF OFFERING and OFFICIAL BID FORM – SERIES 2024A BONDS and OFFICAL
BID FORM – SERIES 2024B BONDS shall control in the event of conflict with information provided by the Internet Bid
System.
BOOK-ENTRY-ONLY ISSUANCE
The Bonds will be issued by means of a book-entry-only system with no physical distribution of bond certificates made
to the public. The Bonds will be issued in fully registered form and one bond certificate, representing the aggregate
principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The
Depository Trust Company (“DTC”), New York, New York, which will act as securities depository of the Bonds.
Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
maturity through book entries made on the books and records of DTC and its participants. Principal and interest are
payable by the Registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest
payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial
owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The
Purchaser(s), as a condition of delivery of the Bonds, will be required to deposit the bond certificates with the Registrar on
behalf of DTC.
MUNICIPAL BOND INSURANCE AT PURCHASER’S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefore at the option of the
bidder(s), the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option
and expense of the Purchaser(s). Any increased costs of issuance of the Bonds resulting from such purchase of insurance
shall be paid by the Purchaser(s), except that, if the City has requested and received a rating on the Bonds from a rating
agency, the City will pay that initial rating fee. Any other rating agency fees shall be the responsibility of the Purchaser(s).
Failure of the municipal bond insurer to issue the policy after the Bonds have been awarded to the Purchaser(s) shall not
constitute cause for failure or refusal by the Purchaser(s) to accept delivery on the Bonds. The City reserves the
right in its sole discretion to accept or deny changes to the financing documents requested by the insurer selected by the
Purchaser(s).
DELIVERY
The Bonds will be delivered to the Purchaser(s) via Fast Automated Securities Transfer delivery with the Registrar holding
the Bonds on behalf of DTC, against full payment in immediately available cash or federal funds. The Bonds are expected
to be delivered within forty-five days after the sale. Should delivery be delayed beyond sixty days from the date of sale
for any reason except failure of performance by the Purchaser(s), the Purchaser(s) may withdraw their bid and thereafter
their interest in and liability for the Bonds will cease. When the Bonds are ready for delivery, the City will give the
Purchaser(s) five working days’ notice of the delivery date and the City will expect payment in full on that date; otherwise,
reserving the right at its option to determine that the Purchaser(s) failed to comply with the offer of purchase.
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ELECTRONIC TRANSCRIPTS
The Purchasers(s) consent to the receipt of electronic transcripts and acknowledges the City’s intended use of
electronically executed documents. Iowa Code chapter 554D establishes electronic signatures have the full weight and
legal authority as manual signatures.
ESTABLISHMENT OF ISSUE PRICE
The Purchaser(s) shall assist the City in establishing the issue prices of the Series 2024A Bonds and Series 2024B Bonds
and shall execute and deliver to the City at closing an “issue price” or similar certificate setting forth the reasonably
expected initial offering price to the public or the sales price or prices of the Series 2024A Bonds and Series 2024B Bonds,
together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto in
EXHIBIT 1 - FORMS OF ISSUE PRICE CERTIFICATES to the TERMS OF OFFERING, with such modifications as
may be appropriate or necessary in the reasonable judgment of the Purchaser(s), the City and Bond Counsel, will need to
be signed by the Purchaser(s). All actions to be taken by the City under the TERMS OF OFFERING to establish the issue
price of the Series 2024A Bonds and Series 2024B Bonds may be taken on behalf of the City by the Municipal Advisor
identified herein and any notice or report to be provided to the City may be provided to the Municipal Advisor.
The City intends the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for purposes
of establishing the issue price of the Series 2024A Bonds and Series 2024B Bonds) will apply to the initial sale of the
Series 2024A Bonds and Series 2024B Bonds (the “competitive sale requirements”) because: (i) the City shall disseminate
this TERMS OF OFFERING to potential underwriters in a manner that is reasonably designed to reach potential
underwriters; (ii) all bidders shall have an equal opportunity to bid; (iii) the City may receive bids from at least three
underwriters of municipal Series 2024A Bonds and Series 2024B Bonds who have established industry reputations for
underwriting new issuances of municipal Series 2024A Bonds and Series 2024B Bonds; and (iv) the City anticipates
awarding the sale of the Series 2024A Bonds and Series 2024B Bonds to the bidder who submits a firm offer to purchase
the Series 2024A Bonds and Series 2024B Bonds at the highest price (or lowest interest cost), as set forth in the TERMS
OF OFFERING.
Any bid submitted pursuant to the TERMS OF OFFERING shall be considered a firm offer for the purchase of the Series
2024A Bonds and Series 2024B Bonds, as specified in the bid.
In the event the competitive sale requirements are not satisfied, the City shall so advise the Purchaser(s). The City may
determine to treat (i) the first price at which 10% of a maturity of the Series 2024A Bonds and Series 2024B Bonds (the
“10% test” is sold to the public as the issue price of that maturity and/or (ii) the initial offering price to the public as of
the sale date of any maturity of the Series 2024A Bonds and Series 2024B Bonds as the issue price of that maturity (the
“hold-the-offering-price rule”), in each case applied on a maturity-by-maturity basis. The Purchaser(s) shall advise the
City if any maturity of the Series 2024A Bonds and Series 2024B Bonds satisfies the 10% test as of the date and time of
the award of the Series 2024A Bonds and Series 2024B Bonds. The City shall promptly advise the Purchaser(s), at or
before the time of award of the Series 2024A Bonds and Series 2024B Bonds, which maturities of the Series 2024A Bonds
and Series 2024B Bonds shall be subject to the 10% test or shall be subject to the hold-the-offering-price rule. Bids will
not be subject to cancellation in the event the City determines to apply the hold-the-offering-price rule to any maturity of
the Series 2024A Bonds and Series 2024B Bonds. Prospective bidders should prepare their bids on the assumption
that some or all of the maturities of the Series 2024A Bonds and Series 2024B Bonds will be subject to the hold-
the-offering-price rule in order to establish the issue price of the Series 2024A Bonds and Series 2024B Bonds.
By submitting a bid, the Purchaser(s) shall (i) confirm the underwriters have offered or will offer the Series 2024A Bonds
and Series 2024B Bonds to the public on or before the date of award at the offering price or prices (the “initial offering
price”), or at the corresponding yield or yields, set forth in the bid submitted by the Purchaser(s) and (ii) agree, on behalf
of the underwriters participating in the purchase of the Series 2024A Bonds and Series 2024B Bonds, that the underwriters
will neither offer nor sell unsold Series 2024A Bonds and Series 2024B Bonds of any maturity to which the hold-the-
offering-price rule shall apply to any person at a price that is higher than the initial offering price to the public during the
period starting on the sale date and ending on the earlier of the following: (i) the close of the fifth (5th) business day after
the sale date; or (ii) the date on which the underwriters have sold at least 10% of that maturity of the Series 2024A Bonds
and Series 2024B Bonds to the public at a price that is no higher than the initial offering price to the public.
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The Purchaser(s) shall promptly advise the City when the underwriters have sold 10% of that maturity of the Series 2024A
Bonds and Series 2024B Bonds to the public at a price that is no higher than the initial offering price to the public, if that
occurs prior to the close of the fifth (5th) business day after the sale date.
The City acknowledges that, in making the representation set forth above, the Purchaser(s) will rely on (i) the agreement
of each underwriter to comply with the hold-the-offering-price rule, as set forth in an agreement among underwriters and
the related pricing wires, (ii) in the event a selling group has been created in connection with the initial sale of the Series
2024A Bonds and Series 2024B Bonds to the public, the agreement of each dealer who is a member of the selling group
to comply with the hold-the-offering-price rule, as set forth in a selling group agreement and the related pricing wires,
and (iii) in the event, an underwriter is a party to a retail distribution agreement that was employed in connection with the
initial sale of the Series 2024A Bonds and Series 2024B Bonds to the public, the agreement of each broker-dealer that is
a party to such agreement to comply with the hold-the-offering-price rule, as set forth in the retail distribution agreement
and the related pricing wires. The City further acknowledges that each underwriter shall be solely liable for its failure to
comply with its agreement regarding the hold-the-offering-price rule and that no underwriter shall be liable for the failure
of any other underwriter, or of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a
retail distribution agreement to comply with its corresponding agreement regarding the hold-the-offering-price rule as
applicable to the Series 2024A Bonds and Series 2024B Bonds.
By submitting a bid, each bidder confirms that: (i) any agreement among underwriters, any selling group agreement and
each retail distribution agreement (to which the bidder is a party) relating to the initial sale of the Series 2024A Bonds
and Series 2024B Bonds to the public, together with the related pricing wires, contains or will contain language obligating
each underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail
distribution agreement, as applicable, to (A) report the prices at which it sells to the public the unsold Series 2024A Bonds
and Series 2024B Bonds of each maturity allotted to it until it is notified by the Purchaser(s) that either the 10% test has
been satisfied as to the Series 2024A Bonds and Series 2024B Bonds of that maturity or all Series 2024A Bonds and
Series 2024B Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if
applicable, in each case if and for so long as directed by the Purchaser(s) and as set forth in the related pricing wires, and
(ii) any agreement among underwriters relating to the initial sale of the Series 2024A Bonds and Series 2024B Bonds to
the public, together with the related pricing wires, contains or will contain language obligating each underwriter that is a
party to a retail distribution agreement to be employed in connection with the initial sale of the Series 2024A Bonds and
Series 2024B Bonds to the public to require each broker-dealer that is a party to such retail distribution agreement to (A)
report the prices at which it sells to the public the unsold Series 2024A Bonds and Series 2024B Bonds of each maturity
allotted to it until it is notified by the Purchaser(s) or such underwriter that either the 10% test has been satisfied as to the
Series 2024A Bonds and Series 2024B Bonds of that maturity or all Series 2024A Bonds and Series 2024B Bonds of that
maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if
and for so long as directed by the Purchaser(s) or such underwriter and as set forth in the related pricing wires.
Sales of any Series 2024A Bonds and Series 2024B Bonds to any person that is a related party to an underwriter shall not
constitute sales to the public for purposes of this TERMS OF OFFERING. Further, for purposes of this TERMS OF
OFFERING: (i) “public” means any person other than an underwriter or a related party, (ii) “underwriter” means (A) any
person that agrees pursuant to a written contract with the City (or with the lead underwriter to form an underwriting
syndicate) to participate in the initial sale of the Series 2024A Bonds and Series 2024B Bonds to the public and (B) any
person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate
in the initial sale of the Series 2024A Bonds and Series 2024B Bonds to the public (including a member of a selling group
or a party to a retail distribution agreement participating in the initial sale of the Series 2024A Bonds and Series 2024B
Bonds to the public), (iii) a Purchaser(s) of any of the Series 2024A Bonds and Series 2024B Bonds is a “related party”
to an underwriter if the underwriter and the Purchaser(s) are subject, directly or indirectly, to (i) at least 50% common
ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership
by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both
entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common
ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the
partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership
of the applicable stock or interests by one entity of the other), and (iv) “sale date” means the date that the Series 2024A
Bonds and Series 2024B Bonds are awarded by the City to the Purchaser(s).
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OFFICIAL STATEMENT
The City has authorized the preparation of a Preliminary Official Statement containing pertinent information relative to
the Bonds. The Preliminary Official Statement will be further supplemented by offering prices, interest rates, selling
compensation, aggregate principal amount, principal amount per maturity, anticipated delivery date and the identity of
the underwriters, together with any other information required by law or deemed appropriate by the City, shall constitute
a final Official Statement of the City with respect to the Bonds, as that term is defined in Rule 15c2-12 promulgated by
the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, (the “Rule”). By
awarding the Bonds to any underwriter or underwriting syndicate submitting an OFFICIAL BID FORM, the City agrees
that, no more than seven (7) business days after the date of such award, it shall provide without cost to the senior managing
underwriter of the syndicate to which the Bonds are awarded up to 15 copies of the final Official Statement to permit each
“Participating Underwriter” (as that term is defined in the Rule) to comply with the provisions of such Rule. The City
shall treat the senior managing underwriter of the syndicate to which the Bonds are awarded as its designated agent for
purposes of distributing copies of the final Official Statement to the Participating Underwriter. Any underwriter executing
and delivering an OFFICIAL BID FORM with respect to the Bonds agrees thereby that if its bid is accepted by the City,
(i) it shall accept such designation, and (ii) it shall enter into a contractual relationship with all Participating Underwriters
of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the final Official Statement.
CONTINUING DISCLOSURE
The City will covenant in a Continuing Disclosure Certificate for the benefit of the owners and beneficial owners of the
Bonds to provide annually certain financial information and operating data relating to the City (the “Annual Report”), and
to provide notices of the occurrence of certain enumerated events. The Annual Report is to be filed by the City not later
than two hundred seventy (270) days after the close of each fiscal year, commencing with the Fiscal Year ending
June 30, 2024, with the Municipal Securities Rulemaking Board, at its internet repository named “Electronic Municipal
Market Access” (“EMMA”). The notices of events, if any, are also to be filed with EMMA. See FORMS OF
CONTINUING DISCLOSURE CERTIFICATES included in APPENDIX E to this Preliminary Official Statement. The
specific nature of the information to be contained in the Annual Report or the notices of events, and the manner in which
such materials are to be filed, are summarized in the FORMS OF CONTINUING DISCLOSURE
CERTIFICATES. These covenants have been made in order to assist the underwriter in complying with section (b)(5) of
the Rule.
Within the past five years, the City inadvertently failed to timely file a notice of financial obligation for the private
placement of their Series 2020A Bonds. The City initiated a public bid process for Series 2020A, but rejected all bids
received due to the market turmoil associated with the onset of the COVID-19 pandemic. The negotiated placement
closed on May 7, 2020. A filing along with a notice of their failure to timely file was posted to EMMA on
August 26, 2020. The City failed to timely file a notice of financial obligation related to the amendment of a development
agreement approved on August 3, 2020. A filing along with a notice of failure to timely file was posted to EMMA on
September 16, 2020. Aside from those noted here, the City is not aware of any other instance in the previous five years
in which it has failed to comply, in all material respects, with previous undertakings in a written contract or agreement
specified in paragraph (b)(5)(i) of the Rule.
Breach of the undertakings will not constitute a default or an “Event of Default” under the Bonds or the resolutions for
the Bonds. A broker or dealer is to consider a known breach of the undertakings, however, before recommending the
purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the undertakings
may adversely affect the transferability and liquidity of the Bonds and their market price.
CUSIP NUMBERS
It is anticipated the Committee on Uniform Security Identification Procedures (“CUSIP”) numbers will be printed on the
Bonds and the Purchaser must agree in the bid proposal to pay the cost thereof. In no event will the City, Bond Counsel
or Municipal Advisor be responsible for the review or express any opinion that the CUSIP numbers are correct. Incorrect
CUSIP numbers on said Bonds shall not be cause for the Purchaser to refuse to accept delivery of said Bonds.
BY ORDER OF THE CITY COUNCIL
City of Waukee, Iowa
/s/ Linda Burkhart, Finance Director
viii
SCHEDULE OF BOND YEARS
$12,165,000*
CITY OF WAUKEE, IOWA
General Obligation Bonds, Series 2024A
Bonds Dated:
Interest Due: June 1, 2025 and each December 1 and June 1 to maturity
Principal Due: June 1, 2025-2044
Cumulative
Year Principal *Bond YearsBond Years
2025 $415,000 306.64 306.64
2026 585,000 1,017.25 1,323.89
2027 615,000 1,684.42 3,008.31
2028 640,000 2,392.89 5,401.19
2029 670,000 3,175.06 8,576.25
2030 705,000 4,045.92 12,622.17
2031 745,000 5,020.47 17,642.64
2032 775,000 5,997.64 23,640.28
2033 820,000 7,165.89 30,806.17
2034 860,000 8,375.44 39,181.61
2035 425,000 4,564.03 43,745.64
2036 445,000 5,223.81 48,969.44
2037 470,000 5,987.28 54,956.72
2038 490,000 6,732.06 61,688.78
2039 515,000 7,590.53 69,279.31
2040 540,000 8,499.00 77,778.31
2041 570,000 9,541.17 87,319.47
2042 595,000 10,554.64 97,874.11
2043 625,000 11,711.81 109,585.92
2044 660,000 13,027.67 122,613.58
Average Maturity (dated date): 10.079 Years
* Preliminary; subject to change.
September 5, 2024
ix
SCHEDULE OF BOND YEARS
$11,590,000*
CITY OF WAUKEE, IOWA
General Obligation Local Option Sales Tax Bonds, Series 2024B
Bonds Dated:
Interest Due: June 1, 2025 and each December 1 and June 1 to maturity
Principal Due: June 1, 2025-2044
Cumulative
Year Principal * Bond Years Bond Years
2025 $490,000 362.06 362.06
2026 365,000 634.69 996.75
2027 380,000 1,040.78 2,037.53
2028 400,000 1,495.56 3,533.08
2029 420,000 1,990.33 5,523.42
2030 440,000 2,525.11 8,048.53
2031 465,000 3,133.58 11,182.11
2032 490,000 3,792.06 14,974.17
2033 510,000 4,456.83 19,431.00
2034 535,000 5,210.31 24,641.31
2035 565,000 6,067.47 30,708.78
2036 590,000 6,925.94 37,634.72
2037 620,000 7,898.11 45,532.83
2038 655,000 8,998.97 54,531.81
2039 685,000 10,096.14 64,627.94
2040 720,000 11,332.00 75,959.94
2041 755,000 12,637.86 88,597.81
2042 795,000 14,102.42 102,700.22
2043 835,000 15,646.97 118,347.19
2044 875,000 17,271.53 135,618.72
Average Maturity (dated date): 11.701 Years
* Preliminary; subject to change.
September 5, 2024
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EXHIBIT 1
FORMS OF ISSUE PRICE CERTIFICATES
(This page has been left blank intentionally.)
EXHIBIT 1-A to TERMS OF OFFERING
COMPETITIVE SALES WITH AT LEAST THREE BIDS FROM ESTABLISHED UNDERWRITERS
ISSUE PRICE CERTIFICATE
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
The undersigned, on behalf of [NAME OF UNDERWRITER] ("Purchaser"), hereby certifies as set forth below
with respect to the sale of the above-captioned obligations (the "Bonds").
1. Reasonably Expected Initial Offering Price.
a) As of the Sale Date, the reasonably expected initial offering prices of the Bonds to the Public by Purchaser
are the prices listed in Schedule A (the "Expected Offering Prices"). The Expected Offering Prices are the prices for the
Maturities of the Bonds used by Purchaser in formulating its bid to purchase the Bonds. Attached as Schedule B is a true
and correct copy of the bid provided by Purchaser to purchase the Bonds.
b) Purchaser was not given the opportunity to review other bids prior to submitting its bid.
c) The bid submitted by Purchaser constituted a firm offer to purchase the Bonds.
2. Defined Terms.
a) Issuer means City of Waukee, Iowa.
b) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or
Bonds with the same maturity date but different stated interest rates, are treated as separate Maturities.
c) Public means any person (including an individual, trust, estate, partnership, association, company, or
corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes of this
certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or
indirectly.
d) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of
the Bonds. The Sale Date of the Bonds is August 5, 2024.
e) Underwriter means (i) the Purchaser or any person that agrees pursuant to a written contract with the
Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the
Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause
(i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or
a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).
EXHIBIT 1-A to TERMS OF OFFERING
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate
represents Purchaser’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing
information will be relied upon by the Issuer and its advisors with respect to certain of the representations set forth in the
Tax Exemption Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by
Bond Counsel in connection with rendering its opinion that the interest on the Bonds is excluded from gross income for
federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax
advice that it may give to the Issuer from time to time relating to the Bonds.
[UNDERWRITER]
By:_______________________________________
Name:_____________________________________
Dated: September 5, 2024
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE A
EXPECTED OFFERING PRICES
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE B
COPY OF UNDERWRITER’S BID
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-B to TERMS OF OFFERING
COMPETITIVE SALES WITH FEWER THAN THREE BIDS
FROM ESTABLISHED UNDERWRITERS - HOLD OFFERING PRICE
ISSUE PRICE CERTIFICATE
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
The undersigned, on behalf of [NAME OF UNDERWRITER/REPRESENTATIVE] (["Purchaser")][the
"Representative")][, on behalf of itself and [NAMES OF OTHER UNDERWRITERS] (together, the "Underwriting
Group"),] hereby certifies as set forth below with respect to the sale and issuance of the above-captioned obligations (the
"Bonds").
1. Sale of the General Rule Maturities. As of the date of this certificate, for each Maturity of the General Rule
Maturities, the first price at which at least 10% of such Maturity was sold to the Public is the respective price listed in
Schedule A.
2. Initial Offering Price of the Hold-the-Offering-Price Maturities.
a) [Purchaser][The Underwriting Group] offered the Hold-the-Offering-Price Maturities to the Public for
purchase at the respective initial offering prices listed in Schedule A (the "Initial Offering Prices") on or before the Sale
Date. A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.
b) As set forth in the Official Terms of Offering and bid award, [Purchaser][the members of the
Underwriting Group] [has][have] agreed in writing that, (i) for each Maturity of the Hold-the-Offering-Price Maturities,
[it][they] would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the
Initial Offering Price for such Maturity during the Holding Period for such Maturity (the "hold-the-offering-price rule"),
and (ii) any selling group agreement shall contain the agreement of each dealer who is a member of the selling group, and
any retail distribution agreement shall contain the agreement of each broker-dealer who is a party to the retail distribution
agreement, to comply with the hold-the-offering-price rule. Pursuant to such agreement, no Underwriter (as defined
below) has offered or sold any Maturity of the Hold-the-Offering-Price Maturities at a price that is higher than the
respective Initial Offering Price for that Maturity of the Bonds during the Holding Period.
3. Defined Terms.
a) General Rule Maturities means those Maturities of the Bonds listed in Schedule A hereto as the "General
Rule Maturities."
b) Hold-the-Offering-Price Maturities means those Maturities of the Bonds listed in Schedule A hereto as
the "Hold-the-Offering-Price Maturities."
c) Holding Period means, with respect to a Hold-the-Offering-Price Maturity, the period starting on the Sale
Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date, or (ii) the date on which
[Purchaser][the Underwriters] [has][have] sold at least 10% of such Hold-the-Offering-Price Maturity to the Public at
prices that are no higher than the Initial Offering Price for such Hold-the-Offering-Price Maturity.
d) Issuer means City of Waukee, Iowa.
EXHIBIT 1-B to TERMS OF OFFERING
e) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or
Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.
f) Public means any person (including an individual, trust, estate, partnership, association, company, or
corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes of this
certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or
indirectly.
g) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of
the Bonds. The Sale Date of the Bonds is August 5, 2024.
h) Underwriter means (i) the Purchaser or any person that agrees pursuant to a written contract with the
Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the
Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause
(i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or
a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate
represents [the Purchaser][the Representative's] interpretation of any laws, including specifically Sections 103 and 148 of
the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands
that the foregoing information will be relied upon by the Issuer and its advisors with respect to certain of the
representations set forth in the Tax Exemption Certificate and with respect to compliance with the federal income tax
rules affecting the Bonds, and by Bond Counsel in connection with rendering its opinion that the interest on the Bonds is
excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-
G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Bonds.
[UNDERWRITER][REPRESENTATIVE]
By:____________________________________
Name:__________________________________
Dated: September 5, 2024
EXHIBIT 1-B to TERMS OF OFFERING
SCHEDULE A
SALE PRICES OF THE GENERAL RULE MATURITIES AND
INITIAL OFFERING PRICES OF THE HOLD-THE-OFFERING-PRICE MATURITIES
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-B to TERMS OF OFFERING
SCHEDULE B
PRICING WIRE OR EQUIVALENT COMMUNICATION
$_______ General Obligation Bonds, Series 2024A
City of Waukee, Iowa
(Attached)
EXHIBIT 2-A to TERMS OF OFFERING
COMPETITIVE SALES WITH AT LEAST THREE BIDS FROM ESTABLISHED UNDERWRITERS
ISSUE PRICE CERTIFICATE
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
The undersigned, on behalf of [NAME OF UNDERWRITER] ("Purchaser"), hereby certifies as set forth below
with respect to the sale of the above-captioned obligations (the "Bonds").
2. Reasonably Expected Initial Offering Price.
a) As of the Sale Date, the reasonably expected initial offering prices of the Bonds to the Public by Purchaser
are the prices listed in Schedule A (the "Expected Offering Prices"). The Expected Offering Prices are the prices for the
Maturities of the Bonds used by Purchaser in formulating its bid to purchase the Bonds. Attached as Schedule B is a true
and correct copy of the bid provided by Purchaser to purchase the Bonds.
b) Purchaser was not given the opportunity to review other bids prior to submitting its bid.
c) The bid submitted by Purchaser constituted a firm offer to purchase the Bonds.
2. Defined Terms.
a) Issuer means City of Waukee, Iowa.
b) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or
Bonds with the same maturity date but different stated interest rates, are treated as separate Maturities.
c) Public means any person (including an individual, trust, estate, partnership, association, company, or
corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes of this
certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or
indirectly.
d) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of
the Bonds. The Sale Date of the Bonds is August 5, 2024.
e) Underwriter means (i) the Purchaser or any person that agrees pursuant to a written contract with the
Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the
Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause
(i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or
a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).
EXHIBIT 2-A to TERMS OF OFFERING
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate
represents Purchaser’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing
information will be relied upon by the Issuer and its advisors with respect to certain of the representations set forth in the
Tax Exemption Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by
Bond Counsel in connection with rendering its opinion that the interest on the Bonds is excluded from gross income for
federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax
advice that it may give to the Issuer from time to time relating to the Bonds.
[UNDERWRITER]
By:_______________________________________
Name:_____________________________________
Dated: September 5, 2024
EXHIBIT 2-A to TERMS OF OFFERING
SCHEDULE A
EXPECTED OFFERING PRICES
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
(Attached)
EXHIBIT 2-A to TERMS OF OFFERING
SCHEDULE B
COPY OF UNDERWRITER’S BID
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
(Attached)
EXHIBIT 2-B to TERMS OF OFFERING
COMPETITIVE SALES WITH FEWER THAN THREE BIDS
FROM ESTABLISHED UNDERWRITERS - HOLD OFFERING PRICE
ISSUE PRICE CERTIFICATE
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
The undersigned, on behalf of [NAME OF UNDERWRITER/REPRESENTATIVE] (["Purchaser")][the
"Representative")][, on behalf of itself and [NAMES OF OTHER UNDERWRITERS] (together, the "Underwriting
Group"),] hereby certifies as set forth below with respect to the sale and issuance of the above-captioned obligations (the
"Bonds").
1. Sale of the General Rule Maturities. As of the date of this certificate, for each Maturity of the General Rule
Maturities, the first price at which at least 10% of such Maturity was sold to the Public is the respective price listed in
Schedule A.
2. Initial Offering Price of the Hold-the-Offering-Price Maturities.
b) [Purchaser][The Underwriting Group] offered the Hold-the-Offering-Price Maturities to the Public for
purchase at the respective initial offering prices listed in Schedule A (the "Initial Offering Prices") on or before the Sale
Date. A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.
b) As set forth in the Official Terms of Offering and bid award, [Purchaser][the members of the
Underwriting Group] [has][have] agreed in writing that, (i) for each Maturity of the Hold-the-Offering-Price Maturities,
[it][they] would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the
Initial Offering Price for such Maturity during the Holding Period for such Maturity (the "hold-the-offering-price rule"),
and (ii) any selling group agreement shall contain the agreement of each dealer who is a member of the selling group, and
any retail distribution agreement shall contain the agreement of each broker-dealer who is a party to the retail distribution
agreement, to comply with the hold-the-offering-price rule. Pursuant to such agreement, no Underwriter (as defined
below) has offered or sold any Maturity of the Hold-the-Offering-Price Maturities at a price that is higher than the
respective Initial Offering Price for that Maturity of the Bonds during the Holding Period.
3. Defined Terms.
a) General Rule Maturities means those Maturities of the Bonds listed in Schedule A hereto as the "General
Rule Maturities."
b) Hold-the-Offering-Price Maturities means those Maturities of the Bonds listed in Schedule A hereto as
the "Hold-the-Offering-Price Maturities."
c) Holding Period means, with respect to a Hold-the-Offering-Price Maturity, the period starting on the Sale
Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date, or (ii) the date on which
[Purchaser][the Underwriters] [has][have] sold at least 10% of such Hold-the-Offering-Price Maturity to the Public at
prices that are no higher than the Initial Offering Price for such Hold-the-Offering-Price Maturity.
d) Issuer means City of Waukee, Iowa.
EXHIBIT 2-B to TERMS OF OFFERING
e) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or
Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.
f) Public means any person (including an individual, trust, estate, partnership, association, company, or
corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes of this
certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or
indirectly.
g) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of
the Bonds. The Sale Date of the Bonds is August 5, 2024.
h) Underwriter means (i) the Purchaser or any person that agrees pursuant to a written contract with the
Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the
Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause
(i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or
a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate
represents [the Purchaser][the Representative's] interpretation of any laws, including specifically Sections 103 and 148 of
the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands
that the foregoing information will be relied upon by the Issuer and its advisors with respect to certain of the
representations set forth in the Tax Exemption Certificate and with respect to compliance with the federal income tax
rules affecting the Bonds, and by Bond Counsel in connection with rendering its opinion that the interest on the Bonds is
excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-
G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Bonds.
[UNDERWRITER][REPRESENTATIVE]
By:____________________________________
Name:__________________________________
Dated: September 5, 2024
EXHIBIT 2-B to TERMS OF OFFERING
SCHEDULE A
SALE PRICES OF THE GENERAL RULE MATURITIES AND
INITIAL OFFERING PRICES OF THE HOLD-THE-OFFERING-PRICE MATURITIES
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
(Attached)
EXHIBIT 2-B to TERMS OF OFFERING
SCHEDULE B
PRICING WIRE OR EQUIVALENT COMMUNICATION
$_______ General Obligation Local Option Sales Tax Bonds, Series 2024B
City of Waukee, Iowa
(Attached)
1
PRELIMINARY OFFICIAL STATEMENT
CITY OF WAUKEE, IOWA
$12,165,000* General Obligation Bonds, Series 2024A
$11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B
INTRODUCTION
This Preliminary Official Statement contains information relating to the City of Waukee, Iowa (the “City”) and its issuance
of $12,165,000* General Obligation Bonds, Series 2024A (the “Series 2024A Bonds”) and $11,590,000* General
Obligation Local Option Sales Tax Bonds, Series 2024B (the “Series 2024B Bonds”), (collectively, the “Bonds”). This
Preliminary Official Statement has been executed on behalf of the City by its Finance Director and may be distributed in
connection with the sale of the Bonds authorized therein. Inquiries regarding the Bonds may be made to the City’s
Municipal Advisor, PFM Financial Advisors LLC (the “Municipal Advisor”), 801 Grand Avenue, Suite 3300, Des
Moines, Iowa 50309, telephone 515-724-5724. Information may also be obtained from Ms. Linda Burkhart, Finance
Director, City of Waukee, 230 West Hickman Road, Waukee, Iowa 50263, telephone 515-978-7919.
AUTHORITY AND PURPOSE – SERIES 2024A BONDS
The Series 2024A Bonds are being issued pursuant to Subchapter III of Chapter 384 and Chapter 403 of the Code of Iowa
and a resolution of the City Council authorizing the issuance of the Series 2024A Bonds (the “Series 2024A Resolution”).
The Series 2024A Bonds are being issued to provide funds to pay the costs of opening, widening, extending, grading, and
draining of the right-of-way of streets, highways, avenues, alleys and public grounds, and market places, and the removal
and replacement of dead or diseased trees thereon; the construction, reconstruction, and repairing of any street
improvements, bridges, grade crossing separations and approaches; the acquisition, installation, and repair of sidewalks,
culverts, retaining walls, storm sewers, sanitary sewers, water service lines, street lighting, and traffic control devices and
signage; and the acquisition of any real estate needed for any of the foregoing purposes; and aiding in the planning,
undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter 403 and the Urban
Renewal Plan, as amended, for the Waukee Consolidated Urban Renewal Area, including the University Avenue Extension
Projects.
The estimated sources and uses of the Series 2024A Bonds are as follows:
Sources of Funds*
Par Amount of Series 2024A Bonds $12,165,000.00
Uses of Funds*
Deposit to Project Fund $11,899,714.72
Underwriter’s Discount 145,980.00
Cost of Issuance and Contingency 119,305.28
Total Uses $12,165,000.00
* Preliminary; subject to change.
AUTHORITY AND PURPOSE – SERIES 2024B BONDS
The Series 2024B Bonds are being issued pursuant to Chapter 423B of the Code of Iowa and a resolution of the City
Council authorizing the issuance of the Series 2024B Bonds (the “Series 2024B Resolution”). The Series 2024B Bonds
are being issued to pay the costs of construction, improvement, and equipping of a public safety facility, including fire
and police services, with all necessary utilities, public improvements, and related site improvements, and to acquire real
estate therefore, and for parks and trail improvements.
2
The estimated sources and uses of the Series 2024B Bonds are as follows:
Sources of Funds*
Par Amount of Series 2024B Bonds $11,590,000.00
Uses of Funds*
Deposit to Project Fund $11,365,000.00
Underwriter’s Discount 139,080.00
Cost of Issuance and Contingency 85,920.00
Total Uses $11,590,000.00
* Preliminary; subject to change.
INTEREST ON THE BONDS
Interest on the Bonds will be payable on June 1, 2025 and semiannually on the 1st day of December and June thereafter.
Interest and principal shall be paid to the registered holder of a bond as shown on the records of ownership maintained by
the Registrar as of the 15th day of the month preceding such interest payment date (the “Record Date”). Interest will be
computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal
Securities Rulemaking Board.
OPTIONAL REDEMPTION OF THE BONDS
The Bonds, due after June 1, 2032, will be subject to call prior to maturity in whole, or from time to time in part, in any
order of maturity and within a maturity by lot on said date or on any date thereafter at the option of the City, upon terms
of par plus accrued interest to date of call. Written notice of such call shall be given at least thirty (30) days prior to the
date fixed for redemption to the registered owners of the Bonds to be redeemed at the address shown on the registration
books.
PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS
The Series 2024A Bonds are general obligations of the City and the unlimited taxing powers of the City are irrevocably
pledged for their payment. Upon issuance of the Series 2024A Bonds, the City will levy taxes for the years and in amounts
sufficient to provide 100% of annual principal and interest due on the Series 2024A Bonds. If, however, the amount
credited to the debt service fund for payment of the Series 2024A Bonds is insufficient to pay principal and interest,
whether from transfers or from original levies, the City is required to levy ad valorem taxes upon all taxable property in
the City without limit as to rate or amount sufficient to pay the debt service deficiency.
Iowa Code Section 76.2 provides that when an Iowa political subdivision issues general obligation bonds, “the
governing authority of these political subdivisions before issuing bonds shall, by resolution, provide for the assessment
of an annual levy upon all the taxable property in the political subdivision sufficient to pay the interest and principal of
the bonds within a period named not exceeding twenty years. A certified copy of this resolution shall be filed with
the county auditor or the auditors of the counties in which the political subdivision is located; and the filing shall make
it a duty of the auditors to enter annually this levy for collection from the taxable property within the boundaries of the
political subdivision until funds are realized to pay the bonds in full.”
Nothing in the Series 2024A Resolution prohibits or limits the ability of the City to use legally available moneys other
than the proceeds of the general ad valorem property taxes levied, as described in the preceding paragraph, to pay all or
any portion of the principal of or interest on the Series 2024A Bonds. If and to the extent such other legally available
moneys are used to pay the principal of or interest on the Series 2024A Bonds, the City may, but shall not be required to,
(a) reduce the amount of taxes levied for such purpose, as described in the preceding paragraph; or (b) use proceeds of
taxes levied, as described in the preceding paragraph, to reimburse the fund or account from which such other legally
available moneys are withdrawn for the amount withdrawn from such fund or account to pay the principal of or interest
on the Series 2024A Bonds.
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The Series 2024A Resolution does not restrict the City’s ability to issue or incur additional general obligation debt,
although issuance of additional general obligation debt is subject to the same constitutional and statutory limitations that
apply to the issuance of the Series 2024A Bonds. For a further description of the City’s outstanding general obligation
debt upon issuance of the Series 2024A Bonds and the annual debt service on the Series 2024A Bonds, see “DIRECT
DEBT” under “CITY INDEBTEDNESS” included in APPENDIX A to this Preliminary Official Statement. For a
description of certain constitutional and statutory limits on the issuance of general obligation debt, see “DEBT LIMIT”
under “CITY INDEBTEDNESS” included in APPENDIX A to this Preliminary Official Statement.
PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS
The Series 2024B Bonds are general obligations of the City, payable in the first instance from a designated portion of the
proceeds of a local option sales and services tax (the “Local Option Tax”) authorized and enacted pursuant to Chapter
423B of the Code of Iowa, as amended, and if not so paid, from taxes required to be levied against all of the taxable
property within the City, without limitation as to rate or amount. Local Option Tax receipts will be applied each year to
abate the required debt service levy, which will be reduced accordingly, and it is anticipated that 100% of the annual
principal and interest due on the Series 2024B Bonds will be paid from annual Local Option Tax revenues.
Nothing in the Series 2024B Resolution for the Series 2024B Bonds prohibits or limits the ability of the City to use legally
available moneys other than the proceeds of the general ad valorem property taxes levied, as described in the preceding
paragraph, to pay all or any portion of the principal of or interest on the Series 2024B Bonds. If, and to the extent such
other legally available moneys are used to pay the principal of or interest on the Series 2024B Bonds, the City may, but
shall not be required to (a) reduce the amount of taxes levied for such purpose, as described in the preceding paragraph;
or (b) use proceeds of taxes levied, as described in the preceding paragraph, to reimburse the fund or account from which
such other legally available moneys are withdrawn for the amount withdrawn from such fund or account to pay the
principal of or interest on the Series 2024B Bonds.
The Series 2024B Resolution authorizing the Series 2024B Bonds does not restrict the City’s ability to issue or incur
additional general obligation debt, although issuance of additional general obligation debt is subject to the same
constitutional and statutory limitations that apply to the issuance of the Series 2024B Bonds. For a further description of
the City’s outstanding general obligation debt upon issuance of the Series 2024B Bonds and the annual debt service on
the Bonds, see “DIRECT DEBT” under “CITY INDEBTEDNESS” included in APPENDIX A to this Preliminary Official
Statement. For a description of certain constitutional and statutory limits on the issuance of general obligation debt, see
“DEBT LIMIT” under “CITY INDEBTEDNESS” included in APPENDIX A to this Preliminary Official Statement.
LOCAL OPTION TAX - SERIES 2024B BONDS
On November 7, 2017, a referendum was held for imposition of a one percent (1%) local option sales and services tax
(“Local Option Tax” or “LOSST”) to be collected within Dallas County. Imposition of the Local Option Tax was
approved by the voters of contiguous incorporated areas of the cities of Waukee, West Des Moines, Clive and Urbandale
by a vote of approximately 61.2% in favor. The Local Option Tax became effective on July 1, 2018. The City’s Local
Option Tax receipts are to be utilized for as follows: (i) 50% of such revenues to be allocated for property tax relief and
(ii) 50% of such revenues for City quality of life improvement purposes, including recreational/sports complexes,
community center, trails, parks, arts, cultural amenities, historic preservation, and for public uses the city deems
appropriate.
The State of Iowa Director of Revenue (the “Director”) administers collection and disbursement of all LOSST in
conjunction with administration of the State-wide sales, services and use tax presently assessed at 6%. Beginning with
the October 2022 LOSST payment, the administration of local government LOSST distribution payments changed per
legislation passed during the 2021-22 legislative section (SF 2367). The Iowa Department of Revenue moved away from
the old “annual estimated payments” process and began making distributions based on actual LOSST receipts from the
preceding month. Not all local option sales tax collected in a jurisdiction will be returned to the jurisdiction. The amount
distributed is calculated based on a formula that takes into account the percentage of population and the property tax
collected in the jurisdiction out of the total for the county. See LOCAL OPTION TAX REVNUES – SERIES 2024B
BONDS table herein for a summary of historical LOSST collections, and receipts thereof by the City.
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Local Option Taxes are based on the same sales currently taxed by the state-wide 6% sales and services tax, with the
present statutory exceptions of (i) certain sales of motor fuel or special fuel as defined in Chapter 452A, (ii) the sale of
natural gas or electric energy and related services in a city or county where the gross receipts are subject to a franchise
fee or user fee during the period the franchise or user fee is imposed, (iii) the sales price from a pay television service
consisting of a direct-to-home satellite service, or (iv) the sale of equipment by the State Department of Transportation.
Once approved, the LOSST can only be repealed through a public referendum at which a majority voting approves the
repeal or tax rate change (or upon motion of the governing body), provided no obligations secured by the LOSST are
outstanding. If the LOSST is not imposed county-wide, then the question of repeal is voted upon only by voters in such
areas of a county where the tax has been imposed. LOSST may not be repealed within one year of the effective date.
HISTORY OF TAXABLE RETAIL SALES
Year Ending
Number of
Businesses
City of Waukee
Taxable Retail Sales
Other Taxable Retail
Sales Within
Dallas County
Total Taxable Retail
Sales Within
Dallas County
2018-19 306 $260,737,567 $1,041,646,100 $1,302,383,667
2019-20 323 271,316,409 1,016,374,784 1,287,691,193
2020-21 362 373,317,598 1,110,754,296 1,484,071,894
2021-22 400 445,920,679 1,246,115,709 1,692,036,388
2022-23 443 452,798,014 1,479,508,422 1,932,306,436
Source: Iowa Department of Revenue, “Iowa Retail Sales & Use Tax Report”.
LOCAL OPTION TAX REVENUES – SERIES 2024B BONDS
The following table represents the Local Option Tax revenue collections as reported by the City, the amount of the Local
Option Tax revenues available for the payment of the $9,155,000 General Obligation Local Option Sales Tax Bonds,
Series 2020B (the “Series 2020B Bonds”) and Series 2024B Bonds pursuant to the referendum and the maximum annual
debt payments on the Series 2020B Bonds and Series 2024B Bonds.
Local Option Available for Maximum Annual
Fiscal Year Tax Revenues Bond Payments Debt Payment
2020-21 $3,588,423 1) $1,794,212 2) $898,700
2021-22 4,950,902 1) 2,475,451 2) 898,700
2022-23 5,654,498 1) 2,827,249 2) 898,700
2023-24 4,584,000 3) 2,292,000 2) 898,700
2024-25 5,820,000 4) 2,910,000 5) 1,815,200*
1) Per the City’s Independent Auditor’s Reports.
2) Represents the 50% of the total Local Option Tax revenues available for the repayment of the Series 2020B Bonds.
3) Represents the Local Option Tax revenues based on the City’s Fiscal Year 2023-24 Budget.
4) Represents the Local Option Tax revenues based on the City’s Fiscal Year 2024-25 Budget.
5) Represents the 50% of the total Local Option Tax revenues available for the repayment of the Series 2020B Bonds and Series
2024B Bonds.
* Preliminary; subject to change.
Source: The City
BOOK-ENTRY-ONLY ISSUANCE
The information contained in the following paragraphs of this subsection “Book-Entry-Only Issuance” has been extracted
from a schedule prepared by Depository Trust Company (“DTC”) entitled “SAMPLE OFFERING DOCUMENT
LANGUAGE DESCRIBING DTC AND BOOK-ENTRY-ONLY ISSUANCE.” The information in this section concerning
DTC and DTC’s book-entry-only system has been obtained from sources the City believes to be reliable, but the City takes
no responsibility for the accuracy thereof.
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The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the
“Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s
partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-
registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of
such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500
million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate
will be issued with respect to any remaining principal amount of such issue.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking
Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve
System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing
agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and
provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt
issues, and money market instruments from over 100 countries that DTC’s participants (the “Direct Participants”) deposit
with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities
transactions in deposited securities, through electronic computerized book-entry-only transfers and pledges between
Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct
Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations,
and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation
(“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing
Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant,
either directly or indirectly (the “Indirect Participants”). DTC has Standard & Poor’s rating: AA+. The DTC Rules
applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can
be found at www.dtcc.com.
Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit
for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (the “Beneficial
Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive
written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in
the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities,
except in the event that use of the book-entry system for the Securities is discontinued.
To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of
DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of
DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee
do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited,
which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping
account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect
Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements
among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners
of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with
respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents.
For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their
benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish
to provide their names and addresses to the Registrar and request that copies of notices be provided directly to them.
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Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s
practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co., nor any other DTC nominee, will consent or vote with respect to Securities unless
authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails
an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s
consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date
identified in a listing attached to the Omnibus Proxy.
Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other
nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’
accounts upon DTC’s receipt of funds and corresponding detail information from the City or Agent, on payable date in
accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will
be governed by standing instructions and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC,
Agent, or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of
redemption proceeds, distributions, and dividend payments to Cede & Co., or such other nominee as may be requested by
an authorized representative of DTC, is the responsibility of the City or Agent, disbursement of such payments to Direct
Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the
responsibility of Direct and Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to
Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the
Participant’s interest in the Securities, on DTC’s records, to Tender/Remarketing Agent. The requirement for physical
delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the
ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry
credit of tendered Securities to Tender/Remarketing Agent’s DTC account.
DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable
notice to the City or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security
certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities
depository). In that event, Security certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the
City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
FUTURE FINANCING
The City does not anticipate any additional borrowing needs within the next 90 days of issuing the Bonds.
LITIGATION
To the knowledge of the City, there is no legal action, suit, proceeding, inquiry or investigation at law or in equity before
or by any court, public board or body for which the City has been served with process or official notice or threatened against
or affecting the City or any reasonable basis therefore, wherein an unfavorable decision, ruling or finding would adversely
affect the transaction contemplated by this Preliminary Official Statement or the validity of the Bonds, the resolutions for
the Bonds, or any agreement or instrument to which the City is a party and which is used or contemplated for use in the
transactions contemplated by this Preliminary Official Statement, and no member, employee or agent of the City has been
served with any legal process regarding such litigation or other proceeding.
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To the knowledge of the City, no litigation is pending or threatened which, in the opinion of the City’s counsel, if decided
adversely to the City would be likely to result, either individually or in the aggregate, in final judgments against the City
which would materially adversely affect its ability to meet debt service payments on the Bonds when due, or its obligations
under the resolutions for the Bonds, or materially adversely affect its financial condition.
DEBT PAYMENT HISTORY
The City knows of no instance in which it has defaulted in the payment of principal or interest on its debt.
LEGALITY
The Bonds are subject to approval as to certain matters by Ahlers & Cooney, P.C. of Des Moines, Iowa as Bond Counsel.
Bond Counsel has not participated in the preparation of this Preliminary Official Statement and will not pass upon its
accuracy, completeness or sufficiency. Bond Counsel has reviewed or prepared information describing the terms of the
Bonds, Iowa and Federal law pertinent to the validity of and the tax-exempt status of interest on the Bonds, which can be
found generally under the sections “AUTHORITY AND PURPOSE – SERIES 2024A BONDS”, “AUTHORITY AND
PURPOSE – SERIES 2024B BONDS, “OPTIONAL REDEMPTION OF THE BONDS”, “PAYMENT OF AND
SECURITY FOR THE SERIES 2024A BONDS”, “PAYMENT OF AND SECURITY FOR THE SERIES 2024B
BONDS” and “TAX MATTERS”, herein. Additionally, Bond Counsel has provided its Forms of Legal Opinions and
Forms of Continuing Disclosure Certificates, included in APPENDIX C and APPENDIX E, respectively, within this
Preliminary Official Statement. The “FORMS OF LEGAL OPINIONS” as set out in APPENDIX C to this Preliminary
Official Statement, will be delivered at closing.
The legal opinions to be delivered concurrently with the delivery of the Bonds expresses the professional judgment of
the attorneys rendering the opinions as to legal issues expressly addressed therein. By rendering a legal opinion, the
opinion giver does not become an insurer or guarantor of the result indicated by that expression of professional judgment,
or of the transaction on which the opinion is rendered, or of the future performance of parties to the transaction. Nor
does the rendering of an opinion guarantee the outcome of any legal dispute that may arise out of the transaction.
There is no bond trustee or similar person to monitor or enforce the provisions of the resolutions for the Bonds. The
owners of the Bonds should, therefore, be prepared to enforce such provisions themselves if the need to do so arises. In
the event of a default in the payment of principal of or interest on the Bonds, there is no provision for acceleration of
maturity of the principal of the Bonds. Consequently, the remedies of the owners of the Bonds (consisting primarily
of an action in the nature of mandamus requiring the City and certain other public officials to perform the terms of the
resolutions for the Bonds) may have to be enforced from year to year. The obligation to pay general ad valorem
property taxes is secured by a statutory lien upon the taxed property but is not an obligation for which a property
owner may be held personally liable in the event of a deficiency. See “LEVIES AND TAX COLLECTIONS” included
under the “OTHER FINANCIAL INFORMATION” section within APPENDIX A, for a description of property tax
collection and enforcement.
In addition, the enforceability of the rights and remedies of owners of the Bonds may be subject to limitation as set forth
in Bond Counsel’s opinions. The opinions will state, in part, that the obligation of the City with respect to the Bonds,
may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights,
heretofore or hereafter, enacted to the extent constitutionally applicable, to the exercise of judicial discretion in
appropriate cases.
TAX MATTERS
Tax Exemption and Related Considerations: Federal tax law contains a number of requirements and restrictions that apply
to the Bonds. These include investment restrictions, periodic payments of arbitrage profits to the United States,
requirements regarding the proper use of bond proceeds and facilities financed with bond proceeds, and certain other
matters. The City has covenanted to comply with all requirements that must be satisfied in order for the interest on the
Bonds to be excludable from gross income for federal income tax purposes. Failure to comply with certain of such
covenants could cause interest on the Bonds to become includable in gross income for federal income tax purposes
retroactively to the date of issuance of the Bonds.
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Subject to the City’s compliance with the above referenced covenants, under present law, in the opinion of Bond Counsel,
interest on the Bonds is excludable from gross income for federal income tax purposes. Interest on the Bonds is not an
item of tax preference for purposes of the federal alternative minimum tax on individuals; however, such interest is taken
into account in determining the annual adjusted financial statement income of applicable corporations (as defined in
Section 59(k) of the Code) for the purpose of computing the alternative minimum tax imposed on corporations for tax
years beginning after December 31, 2022.
Prospective purchasers of the Bonds should be aware that ownership of the Bonds may result in collateral federal income
tax consequences to certain taxpayers, including, without limitation, corporations subject to the branch profits tax,
financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or
Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase
or carry tax-exempt obligations. Bond Counsel will not express any opinion as to such collateral tax consequences. The
prospective purchasers of the Bonds should consult their tax advisors as to collateral federal income tax consequences.
The interest on the Bonds is NOT exempt from present Iowa income taxes.
Ownership of the Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses
no opinion regarding any such collateral consequences arising with respect to the Bonds. Prospective purchasers of the
Bonds should consult their tax advisors regarding the applicability of any such state and local taxes.
NOT-Qualified Tax-Exempt Obligations: The City will NOT designate Bonds as “qualified tax-exempt obligations”
under the exception provided in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).
Discount and Premium on Certain Bonds: The initial public offering price of certain Bonds (“Discount Bonds”) may be
less than the amount payable on such Discount Bonds at maturity. An amount equal to the difference between the initial
public offering price of Discount Bonds (assuming that a substantial amount of the Discount Bonds of that maturity are
sold to the public at such price) and the amount payable at maturity constitutes original issue discount to the initial
purchaser of such Discount Bonds. Purchasers of Discount Bonds should consult with their own tax advisors with respect
to the determination of accrued original issue discount on Discount Bonds for federal income tax purposes and with
respect to the state and local tax consequences of owning and disposing of Discount Bonds. It is possible that, under
applicable provisions governing determination of state and local income taxes, accrued interest on Discount Bonds may
be deemed to be received in the year of accrual even though there will not be a corresponding cash payment.
The initial public offering price of certain Bonds (“Premium Bonds”) may be greater than the amount of such Premium
Bonds at maturity. An amount equal to the difference between the initial public offering price of Premium Bonds
(assuming that a substantial amount of the Premium Bonds of that maturity are sold to the public at such price) and the
amount payable at maturity constitutes a premium to the initial purchaser of such Premium Bonds. Purchasers of the
Premium Bonds should consult with their own tax advisors with respect to the determination of amortizable bond premium
on Premium Bonds for federal income tax purposes and with respect to the state and local tax consequences of owning
and disposing of Premium Bonds.
Other Tax Advice: In addition to the income tax consequences described above, potential investors should consider
the additional tax consequences of the acquisition, ownership, and disposition of the Bonds. For instance, state income
tax law may differ substantially from state to state, and the foregoing is not intended to describe any aspect of the
income tax laws of any state. Therefore, potential investors should consult their own tax advisors with respect to
federal tax issues and with respect to the various state tax consequences of an investment in Bonds.
Audits: The Internal Revenue Service (the “Service”) has an ongoing program of auditing tax-exempt obligations to
determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income
of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will commence
an audit of the Bonds. If an audit is commenced, under current procedures the Service may treat the City as a taxpayer
and the bondholders may have no right to participate in such procedure. The commencement of an audit could adversely
affect the market value and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome.
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Withholdings: Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations,
including the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may
apply to any such payments to any bond owner who fails to provide an accurate Form W-9 Request for Taxpayer
Identification Number and Certification, or a substantially identical form, or to any bond owner who is notified by the
Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The reporting
and backup withholding requirements do not affect the excludability of such interest from gross income for federal tax
purposes.
Legislation: Legislation affecting tax-exempt obligations is regularly considered by the United States Congress and may
be considered by the Iowa legislature. Judicial interpretation of state or federal laws, rules or regulations may also affect
the tax treatment. There can be no assurance that legislation enacted or proposed, or actions by a court, after the date of
issuance of the Bonds will not have an adverse effect on the tax status of interest or other income on the market value or
marketability of the Bonds. These adverse effects could result, for example, from changes to federal or state income tax
rates, changes in the structure of federal or state income taxes (including replacement with another type of tax), or repeal
(or reduction in the benefit) of the exclusion of interest on the Bonds from gross income for federal or state income tax
purposes for all or certain taxpayers.
Current and future legislative proposals, including some that carry retroactive effective dates, if enacted into law, or
clarification of the Code may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation,
or otherwise prevent owners of the Bonds from realizing the full current benefit of the tax status of such interest. From
time to time proposals are made that could significantly reduce the benefit of, or otherwise affect, the exclusion from
gross income of interest on obligations like the Bonds. The introduction or enactment of any such legislative proposals
or clarification of the Code may also affect, perhaps significantly, the market price for, or marketability of, the Bonds.
The prospective purchaser of the Bonds should consult their own tax advisors regarding any pending or proposed tax
legislation, as to which Bond Counsel expresses no opinion except as expressly set forth in APPENDIX C to this
Preliminary Official Statement.
Enforcement: Holders of the Bonds shall have and possess all the rights of action and remedies afforded by the common
law, the Constitution and statutes of the State of Iowa and of the United States of America for the enforcement of payment
of the Bonds, including, but not limited to, the right to a proceeding in law or in equity by suit, action or mandamus to
enforce and compel performance of the duties required by Iowa law and the resolution for the Bonds. There is no trustee
or similar person to monitor or enforce the terms of the resolution for the Bonds. In the event of a default in the payment
of principal of or interest on the Bonds, there is no provision for acceleration of maturity of the principal of the Bonds.
Consequently, the remedies of the owners of the Bonds (consisting primarily of an action in the nature of mandamus
requiring the City and certain other public officials to perform the terms of the resolution for the Bonds) may have to be
enforced from year to year. The enforceability of the rights and remedies of owners of the Bonds may be subject to
limitation as set forth in Bond Counsel’s opinion.
The obligation to pay general ad valorem property taxes is secured by a statutory lien upon the taxed property but is not
an obligation for which a property owner may be held personally liable in the event of a deficiency. The owners of the
Bonds cannot foreclose on property within the boundaries of the City or sell such property in order to pay the debt service
on the Bonds. In addition, the enforceability of the rights and remedies of owners of the Bonds may be subject to limitation
as set forth in Bond Counsel’s opinion. The opinion to be delivered concurrently with the delivery of the Bonds will
be qualified as to the enforceability of the various legal instruments by limitations imposed by general principles of
equity and public policy and by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of
creditors generally, and to the exercise of judicial discretion in appropriate cases.
Opinions: The opinions expressed by Bond Counsel are based upon existing legislation and regulations as interpreted by
relevant judicial and regulatory authorities as of the date of issuance and delivery of the Bonds, and Bond Counsel has
expressed no opinion as of any date subsequent thereto or with respect to any proposed or pending legislation, regulatory
initiatives or litigation.
Bond Counsel’s opinions are not a guarantee of a result, or of the transaction on which the opinion is rendered, or of the
future performance of parties to the transaction, but represents its legal judgment based upon its review of existing statutes,
regulations, published rulings and court decisions and the representations and covenants of the City described in this
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section. No ruling has been sought from the Service with respect to the matters addressed in the opinions of Bond Counsel
and Bond Counsel’s opinions are not binding on the Service. Bond Counsel assumes no obligation to update its opinions
after the issue date to reflect any further action, fact or circumstance, or change in law or interpretation, or otherwise.
ALL POTENTIAL PURCHASERS OF THE BONDS SHOULD CONSULT WITH THEIR TAX ADVISORS WITH
RESPECT TO FEDERAL, STATE AND LOCAL TAX CONSEQUENCES OF OWNERSHIP OF THE BONDS
(INCLUDING BUT NOT LIMITED TO THOSE LISTED ABOVE).
BONDHOLDER’S RISKS
An investment in the Bonds is subject to certain risks. No person should purchase the Bonds unless such person
understands the risks described below and is willing to bear those risks. There may be other risks not listed below which
may adversely affect the value of the Bonds. An investment in the Bonds involves an element of risk. In order to identify
risk factors and make an informed investment decision, potential investors should be thoroughly familiar with this entire
Preliminary Official Statement (including the Appendices hereto) in order to make a judgment as to whether the Bonds are
an appropriate investment.
Secondary Market Not Established: There is no established secondary market for the Bonds, and there is no assurance a
secondary market will develop for the purchase and sale of the Bonds. Prices of municipal Bonds traded in the secondary
market, if any, are subject to adjustment upward and downward in response to changes in the credit markets and changes
in the operating performance of the entities operating the facilities subject to bonded indebtedness. From time to time it
may be necessary to suspend indefinitely secondary market trading in selected issues of municipal Bonds as a result of
the financial condition or market position, prevailing market conditions, lack of adequate current financial information
about the entity, operating the subject facilities, or a material adverse change in the operations of that entity, whether or
not the subject bonds are in default as to principal and interest payments, and other factors which, may give rise to
uncertainty concerning prudent secondary market practices.
Municipal bonds are generally viewed as long-term investments, subject to material unforeseen changes in the investor’s
circumstances, and may require commitment of the investor’s funds for an indefinite period of time, perhaps until
maturity.
EACH PROSPECTIVE PURCHASER IS RESPONSIBLE FOR ASSESSING THE MERITS AND RISKS OF AN
INVESTMENT AND MUST BE ABLE TO BEAR THE ECONOMIC RISK OF SUCH INVESTMENT. THE SECONDARY
MARKET FOR THE BONDS, IF ANY, COULD BE LIMITED.
Ratings Loss: Moody’s Investors Service, Inc. (“Moody’s”) has assigned a rating of ‘___’ to the Series 2024A Bonds and
‘___’ to the Series 2024B Bonds. Generally, a rating agency bases its rating on the information and materials furnished to
it and on investigations, studies and assumptions of its own. There is no assurance the ratings will continue for any given
period of time, or that such ratings will not be revised, suspended or withdrawn, if, in the judgment of Moody’s,
circumstances so warrant. A revision, suspension or withdrawal of a rating may have an adverse effect on the market price
of the Bonds.
Rating agencies are currently not regulated by any regulatory body. Future regulation of rating agencies could materially
alter the methodology, rating levels, and types of ratings available, for example, and these changes, if ever, could materially
affect the market value of the Bonds.
Matters Relating to Enforceability: Holders of the Bonds shall have and possess all the rights of action and remedies
afforded by the common law, the Constitution and statutes of the State of Iowa and of the United States of America for the
enforcement of payment of the Bonds, including but not limited to, the right to a proceeding in the law or in equity by suit,
action or mandamus to enforce and compel performance of the duties required by Iowa law and the resolutions for the
Bonds.
The practical realization of any rights upon any default will depend upon the exercise of various remedies specified in the
resolutions for the Bonds. The opinion, to be delivered concurrently with the delivery of each Series of the Bonds, will be
11
qualified as to the enforceability of the various legal instruments by limitations imposed by general principals of equity and
public policy and by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally.
No representation is made and no assurance is given that the enforcement of any remedies with respect to such assets will
result in sufficient funds to pay all amounts due under the resolutions for the Bonds, including principal of and interest on
the Bonds.
Forward-Looking Statements: This Preliminary Official Statement contains statements relating to future results that are
“forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When used in this
Preliminary Official Statement, the words “estimate,” “forecast,” “intend,” “expect” and similar expressions identify
forward-looking statements. Any forward-looking statement is subject to uncertainty. Accordingly, such statements are
subject to risks that could cause actual results to differ, possibly materially, from those contemplated in such forward-
looking statements. Inevitably, some assumptions used to develop forward-looking statements will not be realized or
unanticipated events and circumstances may occur. Therefore, investors should be aware there are likely to be differences
between forward-looking statements and the actual results. These differences could be material and could impact the
availability of funds of the City to pay debt service when due on the Bonds.
Financial Condition of the City from Time to Time: No representation is made as to the future financial condition of the
City. Certain risks discussed herein could adversely affect the financial condition and or operations of the City in the
future. The Series 2024A Bonds are secured by an unlimited ad valorem property tax as described more fully in the
“PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS”. The Series 2024B Bonds are general obligations
of the City, payable in the first instance from a designated portion of the proceeds of the Local Option Tax, and if not so
paid, from taxes required to be levied against all of the taxable property within the City, without limitation as to rate or
amount as more fully described in the “PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS” herein.
Potential Impacts Resulting from Epidemics or Pandemics: The City’s finances may be materially adversely affected by
unforeseen impacts of future public health events, including epidemics and pandemics. The City cannot predict future
impacts of epidemics or pandemics, any similar outbreaks, or their impact on travel, on assemblies or gatherings, on the
State, national or global economy, or on securities markets, or whether any such disruptions may have a material adverse
impact on the financial condition or operations of the City, included but not limited to the payment of debt service on any
of its outstanding debt obligations.
Loss of Tax Base: Economic and other factors beyond the City’s control, such as economic recession, deflation of
property values, or financial difficulty or bankruptcy by one or more major property taxpayers, or the complete or partial
destruction of taxable property caused by, among other eventualities, earthquake, flood, fire or other natural disaster,
could cause a reduction in the assessed value within the corporate boundaries of the City. In addition, the State of Iowa
has been susceptible to tornados, flooding and other extreme weather wherein winds and flooding have from time to time
caused significant damage, which if such events were to occur, may have an adverse impact on the City’s financial
position.
Tax Matters and Loss of Tax Exemption: As discussed under the heading “TAX MATTERS” herein, the interest on the
Bonds could become includable in gross income for purposes of federal income taxation retroactive to the date of delivery
of the Bonds, as a result of acts or omissions of the City in violation of its covenants in the resolutions for the Bonds.
Should such an event of taxability occur, the Bonds would not be subject to a special prepayment and would remain
outstanding until maturity or until prepaid under the prepayment provisions contained in the Bonds, and there is no
provision for an adjustment of the interest rates on the Bonds.
It is possible legislation will be proposed or introduced that could result in changes in the way that tax exemptions are
calculated, or whether interest on certain securities are exempt from taxation at all. Prospective purchasers should consult
with their own tax advisors regarding any pending or proposed federal income tax legislation. The likelihood of legislation
being enacted cannot be reliably predicted.
12
It is also possible actions of the City, after the closings of the Bonds, will alter the tax status of the Bonds, and in the
extreme, remove the tax-exempt status from the Bonds. In that instance, the Bonds are not subject to mandatory prepayment
and the interest rates on the Bonds does not increase or otherwise reset. A determination of taxability on the Bonds, after
closing, could materially adversely affect the value and marketability of the Bonds.
Federal Tax Legislation: From time to time, there are Presidential proposals, proposals of various federal committees, and
legislative proposals pending in Congress that could, if enacted, alter or amend one or more of the federal (or state) tax
matters described herein in certain respects or would adversely affect the market value of the Bonds or otherwise prevent
holders of the Bonds from realizing the full benefit of the tax exemption of interest on the Bonds. Further, such proposals
may impact the marketability or market value of the Bonds simply by being proposed. It cannot be predicted whether or
in what forms any of such proposals, either pending or that may be introduced, may be enacted and there can be no assurance
that such proposals will not apply to the Bonds. In addition, regulatory actions are from time to time announced or proposed
and litigation threatened or commenced, which if implemented or concluded in a particular manner, could adversely affect
the market value, marketability or tax status of the Bonds. It cannot be predicted whether any such regulatory action will
be implemented, how any particular litigation or judicial action will be resolved, or whether the Bonds would be impacted
thereby.
Changes in Property Taxation: The Series 2024A Bonds are secured by an unlimited ad valorem property tax as described
more fully in the “PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS”. The Series 2024B Bonds are
general obligations of the City, payable in the first instance from a designated portion of the proceeds of the Local Option
Tax, and if not so paid, from taxes required to be levied against all of the taxable property within the City, without
limitation as to rate or amount as more fully described in the “PAYMENT OF AND SECURITY FOR THE SERIES
2024B BONDS” herein. Prior State Public Health Emergency Declarations, relative to the COVID-19 pandemic,
temporarily suspended the provisions that required the imposition of penalty and interest for delay in property tax payments
and directed that no such penalty or interest could be imposed for the duration of the declarations and any future extension
of the suspension. No current property tax payment suspensions are imposed. It is impossible to predict whether the
declarations or any amendments to or extensions thereof would have a material effect on the City’s ability to collect property
taxes necessary for the payment of principal and interest on the Bonds. See “LEVIES AND TAX COLLECTIONS”
included under the “OTHER FINANCIAL INFORMATION” section in APPENDIX A to this Preliminary Official
Statement for more information of the City’s tax collection history, despite prior suspensions.
From time to time the Iowa General Assembly has altered the method of property taxation and could do so again. Such
alterations could adversely affect the City’s financial condition. Historically, changes to property tax calculations and
impositions are imposed on a prospective basis. However, there is no assurance future changes to property taxation by the
Iowa General Assembly will not be applied retroactively. See “PROPERTY TAX LEGISLATION” in APPENDIX A to
this Preliminary Official Statement for additional discussion on recent legislative proposals impacting property taxes. It
is impossible to predict the outcome of future property taxation changes by the Iowa General Assembly or resulting impacts
on the City’s financial condition. See “PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS” and
“PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS” herein.
Cybersecurity: The City, like many other public and private entities, relies on a large and complex technology
environment to conduct its operations. As such, it may face multiple cybersecurity threats including but not limited to,
hacking, viruses, malware and other attacks on computer or other sensitive digital systems and networks. There can be
no assurances that any security and operational control measures implemented by the City will be completely successful
to guard against and prevent cyber threats and attacks. Failure to properly maintain functionality, control, security, and
integrity of the City’s information systems could impact business operations and/or digital networks and systems and the
costs of remedying any such damage could be significant. Along with significant liability claims or regulatory penalties,
any security breach could have a material adverse impact on the City’s operations and financial condition. The City is a
member of Westcom for police, fire and public safety communications along with the communities of Clive, Norwalk,
Urbandale and West Des Moines, Iowa. The public safety dispatch facility for Westcom is located in West Des Moines.
In December 2019, the City of West Des Moines was the subject of a malicious attempt to disrupt operations. The network
was immediately shut down and an investigation into the cyber-attack was conducted. Public safety services (Police, Fire,
Emergency Medical Services and Westcom 911 dispatch) were operational after the attack. No City files or data was
compromised as a result of the cyber-attack on Westcom.
13
The City maintains insurance policies to cover general liabilities including cyber liability. The City cannot predict
whether these policies would be sufficient in the event of a cyber breach. The City cannot predict whether these policies
would be sufficient in the event of a cyber breach. See “INSURANCE” included under the “THE CITY” in APPENDIX
B to this Preliminary Official Statement for additional information on insurance policies of the City. See “PAYMENT
OF AND SECURITY FOR THE SERIES 2024A BONDS” and “PAYMENT OF AND SECURITY FOR THE SERIES
2024B BONDS” herein.
Pensions: Pursuant to Governmental Accounting Standards Board (“GASB”) Statement No. 68, the City reported a
liability of $1,797,464 within its Independent Auditor’s Reports as of June 30, 2023 for its proportionate share of the net
pension liability related to IPERS, as defined herein. The net pension liability is the amount by which the total actuarial
liability exceeds the pension plan’s net assets or fiduciary net position (essentially the market value) available for paying
benefits. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of that date. The City’s proportion of the net pension
liability was based on the City’s share of contributions to the pension plan relative to the contributions of all IPERS
participating employers. At June 30, 2022, the City’s collective proportion was 0.047575% which was a change of
(0.877257%) from its proportion measured as of June 30, 2021.
See “EMPLOYEES AND PENSIONS” included under the “THE CITY” in APPENDIX B to this Preliminary Official
Statement for more summary information related to the City’s contributions, and the City’s June 30, 2023 Independent
Auditor’s Reports, included in APPENDIX D to this Preliminary Official Statement, for additional information related to
the City’s deferred outflows and inflows of resources related to pensions, actuarial assumptions, discount rate and discount
rate sensitivity. Changes to the City’s pension contributions, or available sources to fund said contributions, may
adversely affect the City’s financial condition. See “PAYMENT OF AND SECURITY FOR THE SERIES 2024A
BONDS” and “PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS” herein.
Continuing Disclosure: A failure by the City to comply with continuing disclosure obligations (see “CONTINUING
DISCLOSURE” herein) will not constitute an event of default on the Bonds. Any such failure must be disclosed in
accordance with Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended (the “Rule”), and may adversely affect the transferability and liquidity of the Bonds and their market
price.
Bankruptcy: The rights and remedies available to holders of the Bonds may be limited by and are subject to the provisions
of federal bankruptcy laws, to other laws or equitable principles that may affect the enforcement of creditor’s rights, to
the exercise of judicial discretion in appropriate cases and to limitations in legal remedies against exercise of judicial
discretion in appropriate cases and to limitations on legal remedies against municipal corporations in the State of Iowa.
The various opinions of counsel to be delivered with respect to the Bonds and the resolutions for the Bonds, including the
opinion of Bond Counsel, will be similarly qualified. If the City were to file a petition under Chapter 9 of the Bankruptcy
Code, the owners of the Bonds could be prohibited from taking any steps to enforce their rights under the resolutions for
the Bonds. In the event the City fails to comply with its covenants under the resolutions for the Bonds or fails to make
payments on the Bonds, there can be no assurance of the availability of remedies adequate to protect the interests of the
holders of the Bonds.
Under Iowa Code Chapter 76, specifically sections 76.16 and 76.16A, as amended, a city, county, or other political
subdivision may become a debtor under Chapter 9 of the Federal bankruptcy code, if it is rendered insolvent, as defined
in 11 U.S.C. §101(32)I, as a result of a debt involuntarily incurred. As used therein, “ debt” means an obligation to pay
money, other than pursuant to a valid and binding collective bargaining agreement or previously authorized bond issue,
as to which the governing body of the city, county, or other political subdivision has made a specific finding set forth in
a duly adopted resolution of each of the following: (1) all or a portion of such obligation will not be paid from available
insurance proceeds and must be paid from an increase in general tax levy; (2) such increase in the general tax levy will
result in a severe, adverse impact on the ability of the city, county, or political subdivision to exercise the powers granted
to it under applicable law, including without limitation providing necessary services and promoting economic
development; (3) as a result of such obligation, the city, county, or other political subdivision is unable to pay its debts as
they become due; and (4) the debt is not an obligation to pay money to a city, county, entity organized pursuant to chapter
28E of the Code of Iowa, or other political subdivision.
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Suitability of Investment: The interest rate borne by the Bonds is intended to compensate the investor for assuming the
risk of investing in the Bonds. Each prospective investor should carefully examine this Preliminary Official Statement
and its own financial condition to make a judgment as to its ability to bear the economic risk of such an investment, and
whether or not the Bonds are an appropriate investment for such investor.
Tax Levy Procedures: As part of the budgetary process each fiscal year, the City will have an obligation to request a debt
service levy to be applied against all of the taxable property within the City. A failure on the part of the City to make a
timely levy request or a levy request by the City that is inaccurate or is insufficient to make full payments of the debt service
of the Bonds for a particular fiscal year may cause bondholders to experience a delay in the receipt of distributions of
principal of and/or interest on the Bonds. In the event of a default in the payment of principal of or interest on the Bonds,
there is no provision for acceleration of maturity of the principal of the Bonds. Consequently, the remedies of the owners
of the Bonds (consisting primarily of an action in the nature of mandamus requiring the City and certain other public
officials to perform the terms of the resolutions for the Bonds) may have to be enforced from year to year. See “PAYMENT
OF AND SECURITY FOR THE SERIES 2024A BONDS” and “PAYMENT OF AND SECURITY FOR THE SERIES
2024B BONDS” herein.
DTC-Beneficial Owners: Beneficial Owners of the Bonds may experience some delay in the receipt of distributions of
principal of and interest on the Bonds since such distributions will be forwarded by the Registrar to DTC and DTC will
credit such distributions to the accounts of the Participants which will, thereafter, credit them to the accounts of the
Beneficial Owner either directly or indirectly through indirect Participants. Neither the City nor the Registrar will have
any responsibility or obligation to assure any such notice or payment is forwarded by DTC to any Participants or by any
Participant to any Beneficial Owner.
In addition, since transactions in the Bonds can be affected only through DTC Participants, indirect participants and certain
banks, the ability of a Beneficial Owner to pledge the Bonds to persons or entities that do not participate in the DTC system,
or otherwise to take actions in respect of such Bonds, may be limited due to lack of a physical certificate. Beneficial
Owners will be permitted to exercise the rights of registered Owners only indirectly through DTC and the Participants. See
“BOOK-ENTRY-ONLY ISSUANCE.”
Summary: The foregoing is intended only as a summary of certain risk factors attendant to an investment in the Bonds. In
order for potential investors to identify risk factors and make an informed investment decision, potential investors should
become thoroughly familiar with this entire Preliminary Official Statement and the Appendices hereto to make a judgment
as to whether the Bonds are an appropriate investment.
RATINGS
Moody’s has rated the Series 2024A Bonds as ‘___’ and the Series 2024B Bonds as ‘___’. In addition, Moody’s currently
maintains a rating of ‘Aa1’ on the City’s long-term general obligation debt. The existing ratings on long-term debt reflect
only the view of the rating agency and any explanation of the significance of such ratings may only be obtained from
Moody’s. There is no assurance such ratings will continue for any period of time or that they will not be revised or
withdrawn. Any revision or withdrawal of the ratings may influence the market price of the Bonds.
MUNICIPAL ADVISOR
The City has retained PFM Financial Advisors LLC, Des Moines, Iowa as Municipal Advisor in connection with the
preparation of the issuance of the Bonds. In preparing the Preliminary Official Statement, the Municipal Advisor has
relied on government officials, and other sources to provide accurate information for disclosure purposes. The Municipal
Advisor is not obligated to undertake, and has not undertaken, an independent verification of the accuracy, completeness,
or fairness of the information contained in the Preliminary Official Statement. PFM Financial Advisors LLC is an
independent advisory firm and is not engaged in the business of underwriting, trading or distributing municipal securities
or other public securities.
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CONTINUING DISCLOSURE
The City will covenant in a Continuing Disclosure Certificate for the benefit of the owners and beneficial owners of the
Bonds to provide annually certain financial information and operating data relating to the City (the “Annual Report”), and
to provide notices of the occurrence of certain enumerated events. The Annual Report is to be filed by the City not later
than two hundred seventy (270) days after the close of each fiscal year, commencing with the Fiscal Year ending June 30,
2024, with the Municipal Securities Rulemaking Board, at its internet repository named “Electronic Municipal Market
Access” (“EMMA”). The notices of events, if any, are also to be filed with EMMA. See APPENDIX E - FORMS OF
CONTINUING DISCLOSURE CERTIFICATES. The specific nature of the information to be contained in the Annual
Report or the notices of events, and the manner in which such materials are to be filed, are summarized in the APPENDIX
E - FORMS OF CONTINUING DISCLOSURE CERTIFICATES. These covenants have been made in order to assist
the underwriter in complying with section (b)(5) of the Rule.
Within the past five years, the City inadvertently failed to timely file a notice of financial obligation for the private
placement of their Series 2020A Bonds. The City initiated a public bid process for Series 2020A, but rejected all bids
received due to the market turmoil associated with the onset of the COVID-19 pandemic. The negotiated placement
closed on May 7, 2020. A filing along with a notice of their failure to timely file was posted to EMMA on
August 26, 2020. The City failed to timely file a notice of financial obligation related to the amendment of a development
agreement approved on August 3, 2020. A filing along with a notice of failure to timely file was posted to EMMA on
September 16, 2020. Aside from those noted here, the City is not aware of any other instance in the previous five years
in which it has failed to comply, in all material respects, with previous undertakings in a written contract or agreement
specified in paragraph (b)(5)(i) of the Rule.
Breach of the undertakings will not constitute a default or an “Event of Default” under the Bonds or the resolutions for
the Bonds. A broker or dealer is to consider a known breach of the undertakings, however, before recommending the
purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the undertakings
may adversely affect the transferability and liquidity of the Bonds and their market price.
FINANCIAL STATEMENTS
The City’s Independent Auditor’s Reports for the Fiscal Year ended June 30, 2023 are reproduced in APPENDIX D to
this Preliminary Official Statement. The City’s certified public accountant has not consented to distribution of the audited
financial statements and has not undertaken added review of their presentation. Further information regarding financial
performance and copies of the City’s prior Independent Auditor’s Reports may be obtained from the City’s Municipal
Advisor, PFM Financial Advisors LLC.
CERTIFICATION
The City has authorized the distribution of this Preliminary Official Statement for use in connection with the initial sale
of the Bonds. I have reviewed the information contained within the Preliminary Official Statement prepared on behalf of
the City, by PFM Financial Advisors LLC, Des Moines, Iowa, and to the best of my knowledge, information and belief,
said Preliminary Official Statement does not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading regarding the issuance of $12,165,000* General Obligation Bonds, Series 2024A
and $11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B.
CITY OF WAUKEE, IOWA
/s/ Linda Burkhart, Finance Director
* Preliminary; subject to change.
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APPENDIX A
FINANCIAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $12,165,000* General Obligation Bonds, Series 2024A (the “Series 2024A Bonds”) are general obligations of the
City of Waukee, Iowa (the “City”) for which the City will pledge its power to levy direct ad valorem taxes against all
taxable property within the City without limitation as to rate or amount to the repayment of the Series 2024A Bonds.
The $11,915,000* General Obligation Local Option Sales Tax Bonds, Series 2024B (the “Series 2024B Bonds”) are
general obligations of the City of Waukee, Iowa (the “City”), payable in the first instance from a designated portion of
the proceeds of a local option sales and services tax authorized and enacted pursuant to Chapter 423B of the Code of
Iowa, as amended, and if not so, paid from taxes required to be levied against all of the taxable property within the City
without limitation as to rate or amount to the repayment of the Series 2024B Bonds.
The Series 2024A Bonds and Series 2024B Bonds are collectively (the “Bonds”).
* Preliminary; subject to change.
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A-1
CITY PROPERTY VALUATIONS
IOWA PROPERTY VALUATIONS
In compliance with Section 441.21 of the Code of Iowa, the State Director of Revenue annually directs the county auditors
to apply prescribed statutory percentages to the assessments of certain categories of real property. The 2023 final Actual
Values were adjusted by the Dallas County Auditor. The reduced values, determined after the application of rollback
percentages, are the taxable values subject to tax levy. For assessment year 2023 (applicable for fiscal year 2024-25), the
taxable value rollback rate is 46.3428% of actual value for residential property; 71.8370% of actual value for agricultural
property and 100.0000% of the actual value of utility property. The residential taxable rollback rate of 46.3428% would
apply to the value of each property unit of commercial, industrial and railroad property that exceeds zero dollars ($0), but
does not exceed one hundred fifty thousand dollars ($150,000) with a taxable value rollback rate of 90.0000% to the value
that exceeds one hundred fifty thousand dollars ($150,000). No adjustment was ordered for utility property because its
assessed value did not increase enough to qualify for reduction. Utility property is limited to an 8% annual growth.
The Legislature’s intent has been to limit the growth of statewide taxable valuations for the specific classes of property to
3% annually. Political subdivisions whose taxable values are thus reduced or are unusually low in growth are allowed to
appeal the valuations to the State Appeal Board, in order to continue to fund present services. See “PROPERTY TAX
LEGISLATION” herein for a discussion on recent legislative revisions to the administration of certain property taxes in
Iowa beginning in Fiscal Year 2024-25.
PROPERTY VALUATIONS (1/1/2023 Valuations for Taxes payable July 1, 2024 to June 30, 2025)
100% Actual Value
Taxable Value
(With Rollback)
Residential $3,466,102,725 $1,603,212,957
Commercial 231,791,058 193,825,565
Industrial 19,652,478 11,954,029
Railroads 1,302,569 1,156,308
Utilities w/o Gas & Electric 18,181 18,181
Gross valuation $3,718,867,011 $1,810,167,040
Less exemption (4,640,172) (4,640,172)
Net valuation $3,714,226,839 $1,805,526,868
TIF Increment (used to compute debt service
levies and constitutional debt limit)
$572,655,643 1)
$441,947,825 1)
Taxed separately:
Ag. Land
$9,324,947
$6,698,760
Ag. Buildings $236,215 $169,688
Gas & Electric Utilities $14,411,361 $4,501,656
1) Net of $32,000 Military Tax Exemption and $19,500 Homestead Tax Exemption.
Source: Iowa Department of Management.
2023 GROSS TAXABLE VALUATION BY CLASS OF PROPERTY 1)
Taxable Valuation Percent Total
Residential $1,603,212,957 88.35%
Commercial, Industrial, Railroad and Utilities w/o Gas & Electric 206,954,083 11.40%
Gas & Electric Utilities 4,501,656 0.25%
Total Gross Taxable Valuation $1,814,668,696 100.00%
1) Excludes Ag. Land, Ag. Buildings and Taxable TIF Increment.
A-2
TREND OF VALUATIONS
Assessment
Year
Payable
Fiscal Year
100%
Actual Valuation
Taxable Valuation
(With Rollback)
Taxable TIF
Increment
2019 2020-21 $2,376,696,557 $1,163,180,171 $260,547,316
2020 2021-22 2,547,599,476 1,236,285,611 323,410,401
2021 2022-23 2,873,027,231 1,435,992,893 264,317,559
2022 2023-24 3,416,185,614 1,704,154,708 310,273,786
2023 2024-25 4,310,855,005 1,810,028,524 441,947,825
The 100% Actual Valuation, before rollback and after reduction of the exemptions, includes Ag. Land, Ag. Buildings,
TIF Increment and Gas & Electric Utilities. The Taxable Valuation, with the rollback and after the reduction of the
exemptions, includes Gas & Electric Utilities and excludes Ag. Land, Ag. Buildings and Taxable TIF Increment. Iowa
cities certify operating levies against Taxable Valuation excluding the Taxable TIF Increment and debt service levies are
certified against Taxable Valuation including the Taxable TIF Increment.
Source: Iowa Department of Management.
LARGER TAXPAYERS
Set forth in the following table are the persons or entities which represent larger taxpayers within the boundaries of the
City, as provided by the Dallas County auditor’s office. No independent investigation has been made of and no
representation is made herein as to the financial condition of any of the taxpayers listed below or that such taxpayers will
continue to maintain their status as major taxpayers in the City. With the exception of the electric and natural gas providers
(which is subject to an excise tax in accordance with Iowa Code chapter 437A), the City’s mill levy is applicable to all of
the properties included in the table, and thus taxes expected to be received by the City from such taxpayers will be in
proportion to the assessed valuations of the properties. The total tax bill for each of the properties is dependent upon the
mill levies of the other taxing entities which overlap the properties.
Taxpayer 1)
Type of
Property/Business
1/1/2023
Taxable Valuation 2)
Apple, Inc. Commercial $58,155,067
KB Waukee, DST Commercial 35,471,086
Autumn Ridge Apartments LLC Residential 32,926,787
Bricktowne Prairie Crossing, LC Residential 21,653,173
Welltower Iowa HoldCo LLC Residential 21,648,386
Alice Acquisitions, LLC Residential 18,506,099
KC Kettlestone, LC Commercial 18,225,844
Waukee Active Living, LLC Residential 18,036,956
Hy-Vee, Inc. Commercial 17,664,513
KTL Venue, LLC Commercial 17,044,718
1) This list represents some of the larger taxpayers in the City, not necessarily the ten largest taxpayers.
2) The Taxable Valuation listed represents only those valuations associated with the title holder and may not necessarily represent
the entire taxable valuation.
Source: Dallas County Auditor’s Office.
A-3
PROPERTY TAX LEGISLATION
Over time, the Iowa Legislature has modified the process and calculation of taxable valuations for various classifications
of property. For example, in 2013 maximum annual taxable value growth due to revaluation of residential and
agricultural property was reduced from 4% to 3%, rollback calculations were modified, a new multi-residential
classification was created, and an appropriation made to replace some lost tax revenue due to rollbacks. In 2019, the
process for hearings on total maximum property tax dollars under certain levies in the City’s budget was modified and a
super-majority vote required to raise taxes above a prescribed formula. In 2021, the multi-residential classification was
removed, and a phase out of the appropriation for rollback initiated. In 2023, SF 181 was signed into law by the Governor
on February 20, 2023, effective upon enactment. SF 181 reduced the residential rollback for the 2022 assessment year
(affecting Fiscal Year 2023-24) from 56.4919% to 54.6501%. This resulted in a reduction in taxable valuation in the
residential, commercial, industrial and railroad property classes upon which the City levies property taxes for Fiscal Year
2023-24.
On May 4, 2023, the Governor signed House File 718 (“HF 718”), a property tax reform law aimed at reducing property
tax growth in Iowa. Among other things, HF 718 permanently consolidates several existing city property tax levies and
creates a new adjusted city general fund levy (“ACGFL”). To control the growth of property taxes, the new ACGFL is
subject to potential limitation or reduction by constraining growth to 2% or 3% each year depending on if certain growth
triggers are met or exceeded during the prior year. The levy limitation is only applicable Fiscal Year 2024-25 through
Fiscal Year 2027-28 and will be specific to each city. For Fiscal Year 2023-24, the City calculated the new ACGFL as
the baseline rate and the first annual ACGFL adjustment will begin Fiscal Year 2024-25. The ACGFL rates for Fiscal
Years 2024-25 through 2027-28 are based on growth in city ta xed value and the previous year’s city tax rate. Beginning
in Fiscal Year 2028-29, all cities go to a $8.10 ACGFL maximum and the levy limitation calculation ceases. Certain
levies like debt service, pensions, employee benefits and capital improvement reserve fund are not included in the new
ACGFL limitation. The City’s recent property valuation growth has, often, exceeded the new legislative caps. Assuming
the City exceeds the legislative caps in the future, the City’s general fund levies will lag its relative valuation growth. For
Fiscal Year 2024-25, the City’s non TIF tax valuation growth was 6.21% causing the City’s property tax revenue growth
to be constrained to 3%. The City’s Budget for Fiscal Year 2024-25 accommodated this reduced tax revenue relative to
its non-TIF tax valuation growth.
On May 1, 2024, new legislation (SF 2442) was signed into law by the Governor, which amongst other things, adjusts
levy rates modified under HF 718 based on default rates and certain growth parameters for taxes and budgets beginning
on or after July 1, 2025.
From time to time, legislative proposals are pending in Congress and the Iowa General Assembly that would, if enacted,
alter or amend one or more of the property tax matters described herein. It cannot be predicted whether or in what forms
any of such proposals, either pending or that may be introduced, may be enacted, and there can be no assurance that such
proposals will not apply to valuation, assessment or levy procedures for taxes levied by the City or have an adverse impact
on standing appropriations or the future tax collections of the City. Purchasers of the Bonds should consult their tax
advisors regarding any pending or proposed federal or state tax legislation. The opinion expressed by Bond Counsel is
based upon existing legislation as of the date of issuance and delivery of the Bonds and Bond Counsel has expressed no
opinion as of any date subsequent thereto or with respect to any pending federal or state tax legislation.
Notwithstanding any modifications to property tax revenues that may result from prior, or any pending or future
legislation, the Series 2024A Bonds are secured by an unlimited ad valorem property tax as described more fully in the
“PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS”. The Series 2024B Bonds are general
obligations of the City, payable in the first instance from a designated portion of the proceeds of a Local Option Tax, and
if not so paid, from taxes required to be levied against all of the taxable property within the City, without limitation as to
rate or amount as more fully described in the “PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS”.
A-4
CITY INDEBTEDNESS
DEBT LIMIT
Article XI, Section 3 of the State of Iowa Constitution limits the amount of debt outstanding at any time of any county,
municipality or other political subdivision to no more than 5% of the actual value of all taxable property within the
corporate limits, as taken from the last state and county tax list. The debt limit for the City, based on its 2023 actual
valuation currently applicable to the Fiscal Year 2024-25, is as follows:
2023 Actual Valuation of Property $4,310,855,005
Legal Debt Limit of 5% 0.05
Legal Debt Limit $215,542,750 1)
Less: G.O. Debt Subject to Limit (164,173,921) *
Less: Other Agreements (Payable in FY2024-25) (2,594,876) 2)
Net Debt Limit $48,773,953 *
1) As reported on the Iowa Department of Management for Fiscal Year 2024-25.
2) As reported by the City pursuant to development agreements for urban renewal projects under the authority of Iowa Code Chapter
403 or other intergovernmental agreements (under chapter 28E, etc.). The Iowa Supreme Court has not formally ruled on the
question of whether contracts to rebate the tax increment generated by a particular development constitutes indebtedness of a City
for constitutional debt limit purposes. The amount above includes rebate agreements that may not be debt. Some development
agreements are subject to the right of annual appropriation by the City, thereby limiting the extent of possible debt to only amounts
currently due and appropriated in the current fiscal year. Amounts payable under a particular development agreement may not
constitute legal indebtedness but are memorialized in the table below to conservatively state the City’s possible financial exposure.
Payment of future installments may be dependent upon undertakings by the developers, which may have not yet occurred. The
City actively pursues opportunities consistent with the development goals of its various urban renewal plans, which may be
amended from time to time, and the City may enter into additional development agreements committing to additional rebate
incentives in calendar year 2024 or thereafter. See “OTHER AGREEMENTS” table in Appendix B herein for more information.
DIRECT DEBT
General Obligation Debt Paid by Taxes, Tax Increment and LOSST Revenues (Includes the Bonds)
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
12/14 $21,560,000 Urban Renewal 6/34 $10,940,000
11/15C 7,340,000 Corporate Purpose & Refunding 6/30 2,700,000
5/17A 13,940,000 Corporate Purpose & Urban Renewal 6/36 11,840,000
6/18A 19,775,000 Corporate Purpose & Urban Renewal 6/38 14,860,000
8/19A 4,655,000 Corporate Purpose & Urban Renewal 6/31 2,790,000
5/20A 12,800,000 Urban Renewal (Private Placement) 6/35 11,245,000
11/20B 9,155,000 Corporate Purpose & Urban Renewal 6/36 8,185,000
4/21A 15,800,000 Corporate Purpose & Refunding 6/40 7,775,000
11/21B 19,760,000 Corporate Purpose & Urban Renewal 6/41 19,010,000
7/22A 11,755,000 Corporate Purpose 6/42 11,180,000
9/23B 35,765,000 Corporate Purpose & Urban Renewal 6/43 35,375,000
9/24A 12,165,000* Corporate Purpose & Urban Renewal 6/44 12,165,000 *
9/24/B 11,590,000* Corporate Purpose (LOSST) 6/44 11,590,000 *
Subtotal $159,655,000 *
* Preliminary; subject to change.
A-5
General Obligation Bonds Paid by Water and Stormwater Revenues
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
12/14 $1,735,000 Water Projects 6/30 $730,000
4/21A 1,505,000 Stormwater Refunding 6/33 1,225,000
9/23B 2,540,000 Stormwater Projects 6/43 2,540,000
Subtotal $4,495,000
General Obligation Bonds Paid by Golf Course Revenues
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
11/19 $125,000 Golf Course 6/25 $23,921
Total G.O. Debt Subject to Limit $164,173,921*
* Preliminary; subject to change.
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A-6
Annual Fiscal Year G.O. Debt Service Payments Paid by Taxes, Tax Increment and LOSST Revenues (Includes the Bonds)
Current Outstanding Series 2024A Bonds Series 2024B Bonds Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
Principal*
Principal &
Interest*
Principal*
Principal &
Interest*
Principal*
Principal &
Interest*
2024-25 $7,315,000 $12,152,076 $415,000 $864,429 $490,000 $918,186 $8,220,000 $13,934,691
2025-26 7,795,000 12,331,236 585,000 1,172,500 365,000 920,000 8,745,000 14,423,736
2026-27 8,410,000 12,618,219 615,000 1,173,250 380,000 916,750 9,405,000 14,708,219
2027-28 8,980,000 12,837,819 640,000 1,167,500 400,000 917,750 10,020,000 14,923,069
2028-29 9,465,000 12,974,331 670,000 1,165,500 420,000 917,750 10,555,000 15,057,581
2029-30 10,355,000 13,493,124 705,000 1,167,000 440,000 916,750 11,500,000 15,576,874
2030-31 9,975,000 12,732,775 745,000 1,171,750 465,000 919,750 11,185,000 14,824,275
2031-32 9,900,000 12,312,365 775,000 1,164,500 490,000 921,500 11,165,000 14,398,365
2032-33 10,030,000 12,124,793 820,000 1,170,750 510,000 917,000 11,360,000 14,212,543
2033-34 9,500,000 11,278,776 860,000 1,169,750 535,000 916,500 10,895,000 13,365,026
2034-35 8,770,000 10,242,141 425,000 691,750 565,000 919,750 9,760,000 11,853,641
2035-36 7,320,000 8,526,913 445,000 690,500 590,000 916,500 8,355,000 10,133,913
2036-37 4,745,000 5,721,931 470,000 693,250 620,000 917,000 5,835,000 7,332,181
2037-38 4,955,000 5,778,113 490,000 689,750 655,000 921,000 6,100,000 7,388,863
2038-39 4,180,000 4,840,113 515,000 690,250 685,000 918,250 5,380,000 6,448,613
2039-40 4,370,000 4,894,600 540,000 689,500 720,000 919,000 5,630,000 6,503,100
2040-41 4,340,000 4,717,650 570,000 692,500 755,000 918,000 5,665,000 6,328,150
2041-42 3,090,000 3,318,538 595,000 689,000 795,000 920,250 4,480,000 4,927,788
2042-43 2,405,000 2,507,213 625,000 689,250 835,000 920,500 3,865,000 4,116,963
2043-44 660,000 693,000 875,000 918,750 1,535,000 1,611,750
Total $135,900,000 $12,165,000* $11,590,000* $159,655,000*
* Preliminary; subject to change.
A-7
Annual Fiscal Year G.O. Debt Service Payments Paid by Water and Stormwater Revenues
Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
2024-25 $310,000 $488,031
2025-26 320,000 485,406
2026-27 330,000 481,706
2027-28 350,000 487,606
2028-29 365,000 487,606
2029-30 380,000 486,731
2030-31 260,000 354,519
2031-32 270,000 356,019
2032-33 285,000 362,169
2033-34 130,000 197,719
2034-35 135,000 196,219
2035-36 145,000 200,819
2036-37 150,000 200,019
2037-38 155,000 199,019
2038-39 165,000 202,819
2039-40 175,000 206,219
2040-41 180,000 204,000
2041-42 190,000 206,575
2042-43 200,000 208,500
Total $4,495,000
Annual Fiscal Year G.O. Debt Service Payments Paid by Golf Course Revenues
Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
2024-25 $23,921 24,326
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A-8
OTHER FINANCIAL INFORMATION
LEVIES AND TAX COLLECTIONS
Fiscal Year
Levy 1)
Collected During
Collection Year 1)
Percent
Collected
2019-20 $20,350,502 $20,468,689 100.6%
2020-21 22,973,108 23,925,534 104.1%
2021-22 25,773,767 26,544,252 102.9%
2022-23 26,767,798 26,900,556 100.5%
2023-24 31,067,940 ----------- In process of collection -----------
1) Totals include TIF, utility replacement and mobile home taxes.
Collections include delinquent taxes from all prior years. Taxes in Iowa are delinquent each October 1 and April 1 and a
late payment penalty of 1% per month of delinquency is enforced as of those dates. If delinquent taxes are not paid, the
property may be offered at the regular tax sale on the third Monday of June following the delinquency date. Purchasers
at the tax sale must pay an amount equal to the taxes, special assessments, interest and penalties due on the property and
funds so received are applied to taxes. A property owner may redeem from the regular tax sale but, failing redemption
within three years, the tax sale purchaser is entitled to a deed, which in general conveys the title free and clear of all liens
except future tax installments.
Source: Dallas County Auditor’s Office and the Iowa Department of Management
TAX RATES
FY 2019-20
$/$1,000
FY 2020-21
$/$1,000
FY 2021-22
$/$1,000
FY 2022-23
$/$1,000
FY 2023-24
$/$1,000
Dallas County 4.16317 3.70231 3.46118 3.05184 2.96949
City of Waukee 13.40000 13.30000 13.30000 13.10000 13.05000
Waukee Comm. School District 17.85609 17.80043 17.80270 17.80254 17.80342
State of Iowa 0.00280 0.00270 0.00260 0.00240 0.00180
County Assessor 0.27842 0.24430 0.22521 0.21526 0.31908
County Ag. Extension 0.06314 0.05999 0.05732 0.08590 0.07868
Dallas County Hospital 0.39971 0.44912 0.52950 0.54482 0.58393
Des Moines Area Community College 0.65249 0.63533 0.67789 0.69448 0.74410
Walnut Cemetery 0.00340 0.01000 0.01400 0.01600 0.00926
Total Tax Rate City Resident 36.81922 36.20418 36.07040 35.51324 35.55976
APPENDIX B
GENERAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $12,165,000* General Obligation Bonds, Series 2024A (the “Series 2024A Bonds”) are general obligations of the
City of Waukee, Iowa (the “City”) for which the City will pledge its power to levy direct ad valorem taxes against all
taxable property within the City without limitation as to rate or amount to the repayment of the Series 2024A Bonds.
The $11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B (the “Series 2024B Bonds”) are
general obligations of the City of Waukee, Iowa (the “City”), payable in the first instance from a designated portion of
the proceeds of a local option sales and services tax authorized and enacted pursuant to Chapter 423B of the Code of
Iowa, as amended, and if not so, paid from taxes required to be levied against all of the taxable property within the City
without limitation as to rate or amount to the repayment of the Series 2024B Bonds.
The Series 2024A Bonds and Series 2024B Bonds are collectively (the “Bonds”).
* Preliminary; subject to change.
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B-1
THE CITY
CITY GOVERNMENT
The City of Waukee, Iowa (the “City”) was incorporated in 1878 and comprises approximately 13,440 land acres, or 21
square miles. The City operates under a Mayor-Council-Clerk/Administrator form of government consisting of a five-
member City Council and a Mayor who is a non-voting member. The City owns its golf course, stormwater, gas, water
and sanitary utilities. The City Council directs operations of the utilities and establishes rates and charges for all services.
The full-time City Administrator is responsible for implementation of City Council policies and management of City
operations. The Finance Director is responsible for the City records and has financial and accounting responsibilities.
LEVY LIMITS
Pursuant to HF 718 the City’s new adjusted city general fund levy (“ACGFL”) for Fiscal Year 2024-2025 is
$8.12621. To control the growth of property taxes, the ACGFL is subject to potential limitation or reduction by
constraining growth each year depending on if certain growth triggers are met or exceeded during the prior year. The
levy limitation is only applicable Fiscal Year 2024-2025 through Fiscal Year 2027-2028. Beginning in Fiscal Year 2028-
2029, the levy limitation ceases and the City will go to a $8.10 ACGFL maximum. Certain levies like debt service,
pensions, employee benefits and capital improvement reserve fund are not included in the new ACGFL limitation. The
City’s recent property valuation growth has often exceeded the new legislative caps. Assuming the City exceeds the
legislative caps in the future, the City’s general fund levies will lag its relative valuation growth. For Fiscal Year 2024-
25, the City’s non TIF tax valuation growth was 6.21% causing the City’s property tax revenue from the ACGFL to be
reduced by 3% of its revenues. The City’s Budget for Fiscal Year 2024-25 accommodated this reduction of tax revenues
relative to its non-TIF tax valuation growth. Debt service levies are not limited, rather the City is only subject to the
aggregate constitutional debt limits. See “DEBT LIMIT” under “CITY INDEBTEDNESS” included in APPENDIX A
to this Preliminary Official Statement. See “PROPERTY TAX LEGISLATION” included in APPENDIX A to this
Preliminary Official Statement for a discussion of revisions to the administration of the general fund levy beginning in
Fiscal Year 2024-25. See also “PAYMENT OF AND SECURITY FOR THE SERIES 2024A BONDS” and
“PAYMENT OF AND SECURITY FOR THE SERIES 2024B BONDS” in this Preliminary Official Statement.
EMPLOYEES AND PENSIONS
The City currently has 161 full-time employees and 190 part-time employees (including seasonal employees). In addition,
the City has approximately 25 paid on call/volunteer fire/EMS employees. The City participates in a statewide employee
retirement system, the Iowa Public Employees Retirement System (“IPERS”). Membership is mandatory for employees
for the City, except for those covered by another retirement system.
Iowa Public Employees Retirement System: The City contributes to IPERS, which is a cost-sharing, multiple-employer,
contributory defined benefit, public employee retirement system administered by the State of Iowa. IPERS provides
retirement and death benefits, which are established by state statute, to plan members and beneficiaries. IPERS is
authorized to adjust the total contribution rate up or down each year, by no more than 1 percentage point, based upon the
actuarially required contribution rate. The City’s contributions to IPERS for the past three fiscal years, as shown below,
equal the required contributions for each year.
FY 2020-21 FY 2021-22 FY 2022-23
IPERS Contributions $939,887 $1,050,356 $1,192,606
The IPERS Annual Comprehensive Financial Report is available on the IPERS website, or by contacting IPERS at 7401
Register Drive P.O. Box 9117, Des Moines, IA 50321. However, the information presented in such financial reports or
on such websites is not incorporated into this Preliminary Official Statement by any references.
Bond Counsel, Disclosure Counsel, the City and the Municipal Advisor undertake no responsibility for and make no
representations as to the accuracy or completeness of the information available from the IPERS discussed above or
included on the IPERS website, including, but not limited to, updates of such information on the State Auditor’s website
or links to other Internet sites accessed through the IPERS website.
B-2
Pursuant to GASB Statement No. 68, the City reported a liability of $1,797,464 within its Independent Auditor’s Reports
as of June 30, 2023 for its proportionate share of the net pension liability related to IPERS, as defined herein. The net
pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of that date. The City’s proportion of the net pension liability was based on
the City’s share of contributions to the pension plan relative to the contributions of all IPERS participating employers. At
June 30, 2022, the City’s collective proportion was 0.047575% which was a change of (0.877257%) from its proportion
measured as of June 30, 2021.
The City cannot predict the levels of funding that will be required in the future as any IPERS unfunded pension benefit
obligation could be reflected in future years in higher contribution rates. The investment of moneys, assumptions
underlying the same and the administration of IPERS is not subject to the direction of the City. Thus, it is not possible to
predict, control or prepare for future unfunded actuarial liabilities of IPERS (“UALs”). The UAL is the difference between
total actuarially accrued liabilities and actuarially calculated assets available for the payment of such benefits. The UAL
is based on assumptions as to retirement age, mortality, projected salary increases attributed to inflation, across-the-board
raises and merit raises, adjustments, cost-of-living adjustments, valuation of current assets, investment return and other
matters. Such UAL could be substantial in the future, requiring significantly increased contributions from the City which
could affect other budgetary matters.
For additional information on the City’s Pension Plan, including information related to deferred outflows and inflows of
resources related to pensions, expenses, actuarial assumption, discount rate and discount rate sensitivities, refer to Note 5
Pension Plan, beginning on page 42 of the City’s June 30, 2023 Independent Auditor’s Reports included as APPENDIX
D of this Preliminary Official Statement.
OTHER POST-EMPLOYMENT BENEFITS (“OPEB”)
Plan Description: The City operates a single-employer benefit plan which provides medical and prescription drug benefits
to retired employees and their dependents under certain conditions. Group insurance benefits are established under Iowa
Code Chapter 509A.13. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement
No. 75. Retired participants must be age 55 or older with 5 years of service at retirement. As of June 30, 2023, there
were 125 active employees and 1 inactive member in the plan.
Individuals who are employed by the City and are eligible to participate in the group health plan are eligible to continue
healthcare benefits upon retirement. Retirees under age 65 pay the same premium for the medical and prescription drug
benefits as active employees, which results in an implicit rate subsidy and an OPEB liability.
Total OPEB Liability: The City’s total OPEB liability as of the Fiscal Year ended June 30, 2023 was $741,535. This
balance was determined by an actuarial valuation as of July 1, 2021.
Total OPEB liability, July 1, 2022 $673,323
Changes for the year:
Service cost 67,271
Interest cost 15,690
Benefit payments (14,749)
Net changes 68,212
Total OPEB liability, June 30, 2023 $741,535
For additional information on the City’s OPEB, including information related to deferred outflows and inflows of
resources related to pensions, expenses, actuarial assumptions, discount rate and discount rate sensitivities, refer to Note
6 Other Post Employment Benefits (OPEB) beginning on page 46 of the City’s June 30, 2023 Independent Auditor’s
Reports included as APPENDIX D of this Preliminary Official Statement.
B-3
UNION CONTRACTS
The City has one negotiated contract representing the police department employees with the Teamsters Local 238. This
is for a period of 3 years from July 1, 2023 thru June 30, 2026. There are currently 27 active covered positions in this
contract.
INSURANCE
The City’s insurance coverage is as follows:
Type of Insurance Coverage
Municipal Property Coverage Replacement
Buildings $73,549,797
Miscellaneous Property $5,356,975
Vehicles $9,946,759
Municipal Automobile Physical Damage
Comprehensive Coverage Actual Cash Value
Collision Coverage Actual Cash Value
Cyber Breach $1,000,000
Cyber Liability $3,000,000
Municipal General Liability $10,000,000
Wrongful Acts Liability $10,000,000
Law Enforcement Liability $10,000,000
Municipal Automobile Liability $10,000,000
Boiler and Machinery $1,500,000
Public Employee Dishonesty $2,000,000
Standard Workers’ Compensation (Includes Volunteer Firemen) Statutory
FUNDS ON HAND (Cash and Investments as of May 31, 2024)
General Checking $29,322,942.79
Park Land Fees 1,351,546.55
Sewer Fund 9,135,525.24
Sewer Sinking Funds 334,426.76
Water Fund 12,596,218.86
Water Sinking Funds 48,535.25
GO Debt Sinking Funds 8,047,595.26
Capital Projects 37,100,407.34
Water/Sewer Bond & Note Reserve 1,302,413.34
Gas Fund 5,719,982.21
Storm Water Fund 3,872,284.10
Storm Water Sinking Funds 40,487.02
Storm Water Bond Reserve 255,231.25
Golf Course Fund 543,597.11
Golf Course Sinking Funds 15,289.47
Local Option Sales Tax 21,425,802.70
Project Improvement Fund 3,795,075.08
Hotel / Motel Tax Fund 303,275.71
Total Cash and Investments $135,210,636.04
B-4
BUILDING PERMITS
City officials report the following construction activity as of May 31, 2024. Building permits are reported on a calendar
year basis. The figures below include both new construction and remodeling.
2020 2021 2022 2023 2024
Single Family Homes:
No. of new homes: 637 825 526 818 328
Valuation: $163,307,634 $255,886,242 $185,589,379 $266,093,391 $116,488,230
No. of Multi-Family: 4 6 7 7 0
Valuation: $41,194,335 $38,783,720 $118,158,451 $53,588,277 $0
Commercial/Industrial/Other:
No. of new buildings: 19 19 28 28 9
Valuation: $29,347,062 $25,238,401 $103,543,394 $76,027,844 $52,558,922
Other: 829 911 991 949 465
Valuation: $11,869,320 $10,714,248 $14,255,636 $20,330,225 $18,841,221
Total Permits 1,489 1,761 1,552 1,802 802
Total Valuations $245,718,351 $330,622,611 $421,546,860 $416,039,737 $187,888,373
Source: The City
OTHER DEBT INFORMATION
INDIRECT GENERAL OBLIGATION DEBT
Taxing District
1/1/2023
Taxable Valuation 1)
Portion of
Taxable Valuation
within the City
Percent
In City G.O. Debt 2)
City’s
Proportionate
Share
Dallas County $10,055,960,846 $2,263,981,954 22.51% $18,760,000 $4,222,876
Waukee CSD 7,548,038,828 2,242,364,857 29.71% 351,675,000 3) 104,482,643
Van Meter CSD 366,254,131 21,431,534 5.85% 3,860,000 225,810
Ade-Desoto-Minburn CSD 760,288,636 185,563 0.02% 24,900,000 4,980
Des Moines Area
Community College 67,526,147,035 2,263,981,954 3.35% 77,450,000 2,594,575
City’s Share of Total Overlapping Debt $111,530,884
1) Taxable Valuation excludes exemptions and includes Ag. Land & Buildings, Taxable TIF Increment and all Utilities.
2) Includes general obligation Notes, PPEL Notes, certificates of participation and new jobs training certificates. Estimate based on
publicly available data as of June 7, 2024.
3) Includes the preliminary $45,175,000 Series 2024A expected to price on July 22, 2024 and close on August 29, 2024.
B-5
DEBT RATIOS
G.O. Debt
Debt/Actual
Market Value
($4,310,885,005) 1)
Debt/23,940 2)
Population
Total General Obligation Debt $164,173,921* 3.81%* $6,857.72*
Less: General Obligation Debt paid by
Water and Stormwater (4,495,000)
Net General Obligation Debt $159,678,921* 3.70%* $6,669.96*
City’s Share of Total Overlapping Debt $111,530,884 2.59% $4,658.77
1) Based on 1/1/2023 Actual Value. Includes Ag. Land, Ag. Buildings, TIF Increment and all Utilities.
2) Population based on the 2020 U.S. Census.
* Preliminary; subject to change.
OTHER AGREEMENTS
Estimated Total Estimated* Total Final Total Estimated* Obligation Estimated Payment Obligation Outstanding Payable in FY25
Agreements Obligation Date as of 9/5/24 as of 9/5/24
Golf Course Equipment Lease (2021) 1) 47,750 11/20/2025 14,771 0 2)
Axon Lease (Police Equipment) 1) 380,374 11/1/2026 187,093 76,075
Fridley Theatres LLC 1) 2,272,138 6/30/2028 1,321,151 330,269
Deery, Deery LLC 1) 950,000 6/30/2028 383,919 214,986
Access Systems Inc.3) 535,000 6/30/2028 284,622 0
Axon Loan (Police Equipment) 1) 156,622 11/1/2028 156,622 31,324
SPLaw Properties, LLC (City Hall) 1) 549,902 9/1/2029 215,469 43,973
Kettleview, LLC 1) 1,559,244 6/30/2029 1,518,488 369,000
Central Iowa Hospital Corporation
(Unity Point) 3) 650,000 6/30/2029 650,000 0
Stivers Ford 330,000 6/30/2029 330,000 0
Holmes Murphy KC (Kettlestone) 1) 4,096,923 6/30/2030 2,747,789 457,965
117 Land Company & RJ Lawn 1) 1,150,000 6/30/2030 813,723 135,620
Waukee Crossing LLC 1) 492,000 6/30/2033 492,000 147,123
TIC Properties, LLC 3) 1,668,467 6/30/2034 1,668,467 0
IDOT 4) 7,339,294 6/30/2034 7,339,294 733,929
Waukee Towne Center, LLC 1) 1,100,000 6/30/2036 1,100,000 54,611
AP North, L.C. 3) 2,000,000 6/30/2037 2,000,000 0
Caliber Land/Kettlestone Central 3) 9,720,000 6/30/2042 9,720,000 0
Waukee Towne Center, LLC 3) 21,900,000 6/30/2043 21,900,000 0
The Quarter at Waukee, LLC 3) 34,002,834 6/30/2046 34,002,834 0
Caliber Land/Kettlestone Central/Iowa
Youth Athletic Foundation 3) 39,487,500 6/30/2054 39,487,500 0
Total $126,584,120 $2,594,876
* Rebate payments are estimated based on current valuations and FY 2023-24 tax rates; preliminary; subject to change.
1) These agreements are subject to annual appropriation. Payments have been appropriated for Fiscal Year 2024-25, excluding any
payments that have already been made as of the date of this Official Statement.
2) The City makes payments on the Golf Course Equipment lease on August 1st and the payment for FY 2024-25 has been made.
3) These agreements are subject to annual appropriation. Payments have not been appropriated for Fiscal Year 2024-25.
4) Represents an agreement with Iowa Department of Transportation (“IDOT”) to repay the City’s portion of the Interstate 80
interchange onto Grand Prairie Parkway. The agreement will be repaid over ten years, with payments beginning in FY 2024-
25 through FY 2033-34.
B-6
REVENUE DEBT
Stormwater Management Utility Revenue Debt
The City has revenue debt payable from the Stormwater Management Utility as follows:
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
6/16A $640,000 Stormwater Improvements 6/26 $140,000
9/23C 3,350,000 Stormwater Improvements 6/43 3,250,000
Total $3,390,000
Water Utility Revenue Debt
The City has revenue debt payable from the Water Utility as follows:
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
7/15B $1,450,000 Water Improvements 6/27 $405,000
6/18B 3,410,000 Water Improvements 6/38 2,810,000
8/19B 2,040,000 Water Improvements 6/34 1,495,000
Total $4,710,000
Central Iowa Water Works
On January 2, 2024, the City entered into an intergovernmental agreement (the “Agreement”) establishing the City as a
member agency within the newly formed Central Iowa Water Works (“CIWW”). The CIWW shall commence operations
as a wholesale water supplier to member agencies on January 1, 2025. CIWW will establish a shared regional system of
drinking water production and supply facilities under regional governance to produce safe, sufficient, reliable, and
reasonably priced drinking water. Under terms of the agreement, CIWW will supply 7.21 MGD of initial allocated
capacity to the Water Utility within the limits of its initial capacity allocation of 134.50 MGD. CIWW will construct new
or expanded additional water supply facilities consistent with its long-range plan. The City will have certain membership
costs as a member agency including, without limitation, an allocated share of CIWW’s reserve funds, debt service
payments, capital contributions and operating expenses. The City will pay its membership costs to CIWW each fiscal
year from revenues of its Water Utility. Finally, the Agreement outlines the formula to calculate the consideration to be
paid to and from member agencies for assets transferred to CIWW. Upon commencement, it is estimated that the City
will have a net deficit position of $8.764 million which will be funded with cash or debt financing of the Water Utility
payable in a lump sum within 12 months.
B-7
Sewer Utility Revenue Debt
The City has revenue debt payable from the Sewer Utility as follows:
Date
of Issue
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
9/17 $10,858,375 1) Sewer Imp. (SRF Loan) 6/38 $8,001,000
6/18C 3,565,000 Sewer Improvements 6/38 2,870,000
7/18 2,386,508 Sewer Imp. (SRF Loan) 6/38 1,826,000
4/23A 13,200,000 2) Sewer Imp (SRF Loan) 6/44 13,200,000
Total $25,897,000
1) The City drew down $9,938,375 of the original $12,537,000 contemplated and amended the loan agreement to add a sponsored
project of $920,000 for a total of $10,858,375.
2) Based on preliminary debt service schedule established prior to final project draws. The City has drawn $11,327,601 of the
$13,200,000 as of June 18, 2024.
(The remainder of this page was left blank intentionally)
B-8
Other Sewer Utility Revenue Debt
Des Moines Metropolitan Wastewater Reclamation Authority (“WRA”) Existing Payment Obligations:
The City is a member of the Des Moines Metropolitan Wastewater Reclamation Authority (WRA) and has entered into a
financing agreement with the WRA to provide for the City’s share of capital contribution for the construction and ongoing
expansion of a metropolitan wastewater system. The City is responsible for a portion of the WRA sewer revenue debt
payable from the revenues of their Sewer Enterprise System; its responsibilities pursuant to the WRA Financing
Agreement stand as nearly as practicable on a parity and equality of rank with the City’s direct sewer revenue notes and
parity obligations, if any. The City’s share of the WRA debt, based on the Fiscal Year 2024-25 flows is as follows:
Date
of Issue
Allocated/
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
06/08A $477,428 Sewer Improvements (SRF Loan) 6/39 $430,545 1)
06/08B 312,970 Sewer Improvements (SRF Loan) 6/39 260,778 2)
06/08D 126,140 Sewer Improvements (SRF Loan) 6/38 99,848 3)
3/09B 388,920 Sewer Improvements (SRF Loan) 6/39 337,609 4)
7/09C 425,960 Sewer Improvements (SRF Loan) 6/39 369,680 5)
4/10A 233,750 Sewer Improvements (SRF Loan) 6/40 235,924 6)
4/10B 324,100 Sewer Improvements (SRF Loan) 6/40 295,655 7)
6/10C-1 37,200 Sewer Improvements (SRF Loan) 6/32 61,548 8)
6/10C-2 389,150 Sewer Improvements (SRF Loan) 6/32 307,154 9)
3/11B 739,461 Sewer Improvements (SRF Loan) 6/41 730,993 10)
5/11A 1,046,925 Sewer Improvements (SRF Loan) 6/42 1,345,088 11)
5/11C 259,564 Sewer Improvements (SRF Loan) 6/41 279,029 12)
12/11D 378,144 Sewer Improvements (SRF Loan) 6/43 479,096 13)
5/12B 130,229 Sewer Improvements (SRF Loan) 6/42 127,903 14)
5/12C 303,660 Sewer Improvements (SRF Loan) 6/43 419,013 15)
5/12D 118,090 Sewer Improvements (SRF Loan) 6/42 156,874 16)
11/12E 577,854 Sewer Improvements (SRF Loan) 6/43 585,317 17)
11/12F 67,087 Sewer Improvements (SRF Loan) 6/43 67,841 18)
11/12G 592,020 Sewer Improvements (SRF Loan) 6/44 766,796 19)
4/13A 141,680 Sewer Improvements (SRF Loan) 6/43 179,630 20)
1/14A 35,820 Sewer Improvements (SRF Loan) 6/34 30,650 21)
2/14C 268,488 Sewer Improvements (SRF Loan) 6/34 197,210 22)
2/14D 179,040 Sewer Improvements (SRF Loan) 6/34 143,934 23)
1/15A 307,768 Sewer Improvements (SRF Loan) 6/35 224,907 24)
1/15C 85,792 Sewer Improvements (SRF Loan) 6/35 64,589 25)
5/15E 1,178,866 Sewer Revenue Refunding Bonds 6/36 992,617 26)
2/16A 178,858 Sewer Improvements (SRF Loan) 6/35 146,224 27)
12/16E 34,886 Sewer Improvements (SRF Loan) 6/36 26,142 28)
12/16F 706,400 Sewer Improvements (SRF Loan) 6/48 839,957 29)
12/17A 855,380 Sewer Improvements (SRF Loan) 6/49 1,050,318 30)
5/18A 101,304 Sewer Improvements (SRF Loan) 6/40 107,988 31)
12/18D-1 241,200 Sewer Improvements (SRF Loan) 6/39 273,005 32)
12/18D-2 172,850 Sewer Improvements (SRF Loan) 6/32 103,159 33)
12/18E 272,556 Sewer Improvements (SRF Loan) 6/40 314,368 34)
12/18F 144,720 Sewer Improvements (SRF Loan) 6/39 83,375 35)
12/19A 290,585 Sewer Improvements (SRF Loan) 6/39 290,498 36)
12/20B 271,164 Sewer Improvements (SRF Loan) 6/42 328,919 37)
3/21A 1,499,571 Sewer Revenue Refunding Bonds 6/34 1,358,096 38)
6/22A 527,583 Sewer Improvements (SRF Loan) 6/43 609,602 39)
(Continued on next page)
B-9
Date
of Issue
Allocated/
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 09/05/24
12/22B $217,944 Sewer Improvements (SRF Loan) 6/43 $220,100 40)
12/22C 312,070 Sewer Improvements (SRF Loan) 6/43 325,390 41)
12/22D 748,968 Sewer Improvements (SRF Loan) 6/54 817,344 42)
5/23A 879,470 Sewer Improvements (SRF Loan) 6/46 959,760 43)
6/24B 778,644 Sewer Improvements (SRF Loan) 6/39 778,644 44)
Total $17,794,058
1) The City’s flow-based share of the WRA’s Series 2008A SRF Loan outstanding in the amount of $10,278,000.
2) The City’s flow-based share of the WRA’s Series 2008B SRF Loan outstanding in the amount of $4,090,000.
3) The City’s flow-based share of the WRA’s Series 2008D SRF Loan outstanding in the amount of $1,566,000.
4) The City’s flow-based share of the WRA’s Series 2009B SRF loan outstanding in the amount of $5,295,000.
5) The City’s flow-based share of the WRA’s Series 2009C SRF loan outstanding in the amount of $5,798,000.
6) The City’s flow-based share of the WRA’s Series 2010A SRF loan outstanding in the amount of $5,632,000.
7) The City’s flow-based share of the WRA’s Series 2010B SRF loan outstanding in the amount of $4,637,000.
8) The City’s flow-based share of the WRA’s Series 2010C-1 SRF loan outstanding in the amount of $1,988,000.
9) The City’s flow-based share of the WRA’s Series 2010C-2 SRF loan outstanding in the amount of $9,921,000.
10) The City’s flow-based share of the WRA’s Series 2011B SRF loan outstanding in the amount of $11,009,000.
11) The City’s flow-based share of the WRA’s Series 2011A SRF loan outstanding in the amount of $43,446,000.
12) The City’s flow-based share of the WRA’s Series 2011C SRF loan outstanding in the amount of $6,661,000.
13) The City’s flow-based share of the WRA’s Series 2011D SRF loan outstanding in the amount of $11,437,000.
14) The City’s flow-based share of the WRA’s Series 2012B SRF loan outstanding in the amount of $2,006,000.
15) The City’s flow-based share of the WRA’s Series 2012C SRF loan outstanding in the amount of $13,534,000.
16) The City’s flow-based share of the WRA’s Series 2012D SRF loan outstanding in the amount of $5,067,000.
17) The City’s flow-based share of the WRA’s Series 2012E SRF loan outstanding in the amount of $9,180,000.
18) The City’s flow-based share of the WRA’s Series 2012F SRF loan outstanding in the amount of $1,064,000.
19) The City’s flow-based share of the WRA’s Series 2012G SRF loan outstanding in the amount of $18,305,000.
20) The City’s flow-based share of the WRA’s Series 2013A SRF loan outstanding in the amount of $5,802,000.
21) The City’s flow-based share of the WRA’s Series 2014A SRF loan outstanding in the amount of $990,000.
22) The City’s flow-based share of the WRA’s Series 2014C SRF loan outstanding in the amount of $3,093,000.
23) The City’s flow-based share of the WRA’s Series 2014D SRF loan outstanding in the amount of $3,436,000.
24) The City’s flow-based share of the WRA’s Series 2015A SRF loan outstanding in the amount of $5,369,000.
25) The City’s flow-based share of the WRA’s Series 2015C SRF loan outstanding in the amount of $1,013,000.
26) The City’s flow-based share of the WRA’s Series 2015E outstanding in the amount of $21,645,000.
27) The City’s flow-based share of the WRA’s Series 2016A SRF loan outstanding in the amount of $4,723,000.
28) The City’s flow-based share of the WRA’s Series 2016E SRF loan outstanding in the amount of $410,000.
29) The City’s flow-based share of the WRA’s Series 2016F SRF loan outstanding in the amount of $34,561,000.
30) The City’s flow-based share of the WRA’s Series 2017A SRF loan outstanding in the amount of $33,925,000.
31) The City’s flow-based share of the WRA’s Series 2018A SRF loan outstanding in the amount of $3,488,000.
32) The City’s flow-based share of the WRA’s Series 2018D-1 SRF loan outstanding in the amount of $8,818,000.
33) The City’s flow-based share of the WRA’s Series 2018D-2 SRF loan outstanding in the amount of $3,332,000.
34) The City’s flow-based share of the WRA’s Series 2018E SRF loan outstanding in the amount of $10,154,000.
35) The City’s flow-based share of the WRA’s Series 2018F SRF loan outstanding in the amount of $2,693,000.
36) The City’s flow-based share of the WRA’s Series 2019A SRF loan outstanding in the amount of $9,383,000.
37) The City’s flow-based share of the WRA’s Series 2020B SRF loan outstanding in the amount of $10,624,000.
38) The City’s flow-based share of the WRA’s Series 2021A outstanding in the amount of $30,570,000.
39) The City’s flow-based share of the WRA’s Series 2022A SRF loan outstanding in the amount of $19,690,000.
40) The City’s flow-based share of the WRA’s Series 2022B SRF loan outstanding in the amount of $3,452,000.
41) The City’s flow-based share of the WRA’s Series 2022C SRF loan outstanding in the amount of $10,510,000.
42) The City’s flow-based share of the WRA’s Series 2022D SRF loan outstanding in the amount of $26,400,000.
43) The City’s flow-based share of the WRA’s Series 2023A SRF loan outstanding in the amount of $31,000,000.
44) The City’s flow-based share of the WRA’s Series 2024B SRF loan outstanding in the amount of $25,150,000.
The amounts above represent the City’s share of the par amount for various issues. Other participating communities
within the WRA pay the remaining amounts. Flow-based allocations are subject to change on an annual basis; as such the
amount outstanding may be greater than the amount issued due to fluctuations in flow.
B-10
GENERAL INFORMATION
LOCATION AND TRANSPORTATION
The City is located in central Iowa, approximately 16 miles northwest of Des Moines. The City is located near U.S.
Interstate Highways No. 35 and 80. U.S. Highway No. 6 passes directly through the community. Commercial airline
service is available at the Des Moines International Airport through Allegiant, American Airlines, Frontier, Southwest,
United and Delta. The rail line within the City is operated by the Union Pacific Railroad.
LARGER EMPLOYERS
A representative list of larger employers in the City is as follows:
Employer
Type of Business
Approximate
Number of Employees 1)
Waukee Community School District Education 2,444 2)
Hy-Vee Grocery Store 460
Holmes Murphy & Assoc. Insurance 444
City of Waukee City Government 376 3)
Waukee Family YMCA Family Recreation & Health Center 350
Access Systems Office Technologies 233
1st Interiors Commercial 175
Gilcrest/Jewett Lumber Company Lumber, Windows, Doors 135
Stivers Ford Automobile Sales and Service 125
Quad Graphics Waukee Printing 100
1) Includes full time, part time, and seasonal employees.
2) Includes part-time employees, most of whom are teacher substitutes and associates.
3) Includes paid on-call/volunteer fire and EMS employees.
Source: The City of Waukee Economic Development. The list is updated frequently as changes are identified and is not to be
construed as a complete profile.
Some additional major employers in the Des Moines metropolitan area include, but are not limited to the following:
Employer Type of Business
Approximate Number
of Employees 1)
Hy-Vee, Inc. Retail Grocery/Drugstore 11,782 2)
Wells Fargo & Co. Financial Services/Home Mortgage 11,000 3)
MercyOne Healthcare 5,641
Principal Financial Group Global Investment 5,595
UnityPoint Health Healthcare 5,147
Des Moines Public Schools Education 5,000 4)
Amazon Distribution 4,100
John Deere Ag. Machinery/Software/Financial Services 3,800
Nationwide Insurance 3,300
Corteva Agriscience 5) Crop Inputs for Worldwide Agribusiness 2,255
1) Includes full-time, part-time and seasonal employees.
2) Includes Corporate Office and all Des Moines metropolitan locations.
3) Includes Wells Fargo banking and mortgage divisions in multiple locations.
4) Does not include substitute teachers.
5) Formerly DuPont Pioneer.
Source: The Greater Des Moines Partnership website as of January 21, 2024. The list is updated frequently as changes are identified
and is not to be construed as a complete profile.
B-11
U.S. CENSUS DATA
Population Trend: 1990 U.S. Census 2,512
2000 U.S. Census 5,126
2010 U.S. Census 13,790
2015 U.S. Special Census 17,945
2020 U.S. Census 23,940
Source: U.S. Census Bureau
UNEMPLOYMENT RATES
Dallas County State of Iowa
Annual Averages: 2020 3.5% 5.2%
2021 2.6% 4.8%
2022 2.0% 2.7%
2023 2.1% 2.8%
2024 (through April) 2.1% 2.8%
Source: U.S. Bureau of Labor Statistics
EDUCATION
The Waukee Community School District (the “District”) provides public education with a certified enrollment for the
2024-25 school year of 13,674.0. The District currently has approximately 2,000 full-time and part-time employees and
approximately 444 additional part-time teacher substitutes and associates. The District owns and operates ten elementary
schools, three middle schools, two eighth-ninth grade schools, and two high schools grades which includes an innovation
and learning center.
FINANCIAL SERVICES
Financial services for residents of the City are provided by branch offices of Charter Bank, Community State Bank,
People’s Trust & Savings Bank, Wells Fargo Bank, N.A. and West Bank, as well as Greater Iowa Credit Union. The
branch offices of Charter Bank, Wells Fargo Bank, N.A. and West Bank report the following deposits as of June 30th for
each year:
Year
Charter Bank Wells Fargo Bank, N.A. West Bank
2019 $30,171,000 $62,535,000 $34,950,000
2020 36,813,000 76,060,000 46,412,000
2021 45,067,000 93,546,000 58,028,000
2022 49,997,000 103,952,000 64,507,000
2023 46,617,000 96,167,000 38,892,000
Source: FDIC
(This page has been left blank intentionally.)
APPENDIX C
FORMS OF LEGAL OPINIONS
APPENDIX D
JUNE 30, 2023 INDEPENDENT AUDITOR’S REPORTS
APPENDIX E
FORMS OF CONTINUING DISCLOSURE CERTIFICATES
OFFICIAL BID FORM – SERIES 2024A BONDS
To: City Council of Sale Date: August 5, 2024
City of Waukee, Iowa 11:00 A.M. Central Time
RE: $12,165,000* General Obligation Bonds, Series 2024A (the “Series 2024A Bonds”)
This bid is a firm offer for the purchase of the Series 2024A Bonds identified in the “TERMS OF OFFERING” and on the terms set forth in
this bid form, and is not subject to any conditions, except as permitted by the “TERMS OF OFFERING”.
For all or none of the Series 2024A Bonds, in accordance with the “TERMS OF OFFERING”, we will pay you $______________________
(not less than $12,019,020) plus accrued interest to date of delivery for fully registered Series 2024A Bonds bearing interest rates and maturing
in the stated years as follows:
Coupon Maturity Yield Coupon Maturity Yield
________ 2025 ________ ________ 2035 ________
________ 2026 ________ ________ 2036 ________
________ 2027 ________ ________ 2037 ________
________ 2028 ________ ________ 2038 ________
________ 2029 ________ ________ 2039 ________
________ 2030 ________ ________ 2040 ________
________ 2031 ________ ________ 2041 ________
________ 2032 ________ ________ 2042 ________
________ 2033 ________ ________ 2043 ________
________ 2034 ________ ________ 2044 ________
* Preliminary; subject to change. The aggregate principal amount of the Series 2024A Bonds, and each scheduled maturity thereof,
are subject to increase or reduction by the City or its designee after the determination of the successful bidder. The City may increase
or decrease each maturity in increments of $5,000 but the total amount to be issued will not exceed $13,000,000. Interest rates
specified by the successful bidder for each maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal amount of the
Series 2024A Bonds is adjusted as described above. Any change in the principal amount of any maturity of the Series 2024A Bonds
will be made while maintaining, as closely as possible, the successful bidder's net compensation, calculated as a percentage of bond
principal. The successful bidder may not withdraw or modify its bid as a result of any post-bid adjustment. Any adjustment shall
be conclusive and shall be binding upon the successful bidder.
We hereby designate that the following Series 2024A Bonds to be aggregated into term Series 2024A Bonds maturing on June 1 of the
following years and in the following amounts (leave blank if no term bond specified):
Years Aggregated Maturity Year Aggregate Amount
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
In making this offer we accept all of the terms and conditions of the “TERMS OF OFFERING” published in the Preliminary Official
Statement dated July 15, 2024 and represent we are a bidder with established industry reputation for underwriting new issuances of municipal
bonds. In the event of failure to deliver these Series 2024A Bonds in accordance with the “TERMS OF OFFERING”, as printed in the
Preliminary Official Statement and made a part hereof, we reserve the right to withdraw our offer. All blank spaces of this offer are
intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the
following computations:
NET INTEREST COST: $_________________________
TRUE INTEREST COST: _________________________% (Dated date September 5, 2024)
Account Manager: ___________________________________ By: ___________________________________
Account Members: ___________________________________________________________________________
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Waukee, Iowa this 5th day of August 2024.
Attest: _________________________________ By: ________________________________________
Title: __________________________________ Title: _______________________________________
OFFICIAL BID FORM – SERIES 2024B BONDS
To: City Council of Sale Date: August 5, 2024
City of Waukee, Iowa 11:00 A.M. Central Time
RE: $11,590,000* General Obligation Local Option Sales Tax Bonds, Series 2024B (the “Series 2024B Bonds”)
This bid is a firm offer for the purchase of the Series 2024B Bonds identified in the “TERMS OF OFFERING” and on the terms set forth in
this bid form, and is not subject to any conditions, except as permitted by the “TERMS OF OFFERING”.
For all or none of the Series 2024B Bonds, in accordance with the “TERMS OF OFFERING”, we will pay you $______________________
(not less than $11,450,920) plus accrued interest to date of delivery for fully registered Series 2024B Bonds bearing interest rates and maturing
in the stated years as follows:
Coupon Maturity Yield Coupon Maturity Yield
________ 2025 ________ ________ 2035 ________
________ 2026 ________ ________ 2036 ________
________ 2027 ________ ________ 2037 ________
________ 2028 ________ ________ 2038 ________
________ 2029 ________ ________ 2039 ________
________ 2030 ________ ________ 2040 ________
________ 2031 ________ ________ 2041 ________
________ 2032 ________ ________ 2042 ________
________ 2033 ________ ________ 2043 ________
________ 2034 ________ ________ 2044 ________
* Preliminary; subject to change. The aggregate principal amount of the Series 2024B Bonds, and each scheduled maturity thereof,
are subject to increase or reduction by the City or its designee after the determination of the successful bidder. The City may increase
or decrease each maturity in increments of $5,000 but the total amount to be issued will not exceed $12,500,000. Interest rates
specified by the successful bidder for each maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal amount of the
Series 2024B Bonds is adjusted as described above. Any change in the principal amount of any maturity of the Series 2024B Bonds
will be made while maintaining, as closely as possible, the successful bidder's net compensation, calculated as a percentage of bond
principal. The successful bidder may not withdraw or modify its bid as a result of any post-bid adjustment. Any adjustment shall
be conclusive and shall be binding upon the successful bidder.
We hereby designate that the following Series 2024B Bonds to be aggregated into term Series 2024B Bonds maturing on June 1 of the
following years and in the following amounts (leave blank if no term bond specified):
Years Aggregated Maturity Year Aggregate Amount
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
In making this offer we accept all of the terms and conditions of the “TERMS OF OFFERING” published in the Preliminary Official
Statement dated July 15, 2024 and represent we are a bidder with established industry reputation for underwriting new issuances of municipal
bonds. In the event of failure to deliver these Series 2024B Bonds in accordance with the “TERMS OF OFFERING”, as printed in the
Preliminary Official Statement and made a part hereof, we reserve the right to withdraw our offer. All blank spaces of this offer are
intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the
following computations:
NET INTEREST COST: $_________________________
TRUE INTEREST COST: _________________________% (Dated date September 5, 2024)
Account Manager: ___________________________________ By: ___________________________________
Account Members: ___________________________________________________________________________
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Waukee, Iowa this 5th day of August 2024.
Attest: _________________________________ By: ________________________________________
Title: __________________________________ Title: _______________________________________