HomeMy WebLinkAbout2020-03-27-Resolution 2020-111_Bonds, GO Urban Renewal Series 2020A, Direct SaleRESOLUTION 2020-111
RESOLUTION APPROVING PROPOSAL AND DIRECTING
SALE OF $12,100,000 GENERAL OBLIGATION URBAN
RENEWAL BONDS, SERIES 2020A
WHEREAS, in accordance with Iowa Code chapter 75, on March 23, 2020, bids were
received at public sale for the sale of $12,100,000 General Obligation Urban Renewal Bonds,
Series 2020A, with the terms of the lowest competitive bid received as follows:
Bidder: FUN FINANCIAL CAPITAL MARKETS of New York, New York
Final Par Amount: $12,100,000
Purchase Price: $12,195,821.00
True Interest Rate: 3.5814%
Net Interest Cost: $4,608,432.80; and
WHEREAS, bids were also received from Northland Securities, Inc., Stifel, Nicolaus &
Co., the Baker Group, JP Morgan Securities, LLC, Piper Sandler & Co., Janney Montgomery
Scott, LLC, and a syndicated bid from Robert W. Baird & Co., Inc.; and
WHEREAS, all bids were rejected; and
WHEREAS, in accordance with Iowa Code chapter 75, the City Council engaged a
private placement agent to negotiate terms for a bank placement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1. That the term sheet attached hereto for the sale of the Bonds at a fixed rate of
2.15% is hereby determined to be in the best interest of the City. An analysis of the proposal by
the City's financial advisor, PFM Financial Advisors, LLC, indicates said terms are not less
favorable to the public than the most favorable bid made by a bona fide and responsible bidder at
the last advertised sale. Accordingly, the Bonds are hereby awarded to Key Government
Finance, Inc.
Section 2. That the Finance Director, Mayor and Clerk are directed to proceed with the
documentation of the sale of the Bonds, as required, and all acts of the City Clerk, City Staff, and
its advisors, done in furtherance of the sale of the Bonds are hereby ratified and approved.
PASSED AND APPROVED this 27"' day of March, 2020.
ATTEST:
City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman
X
R. Charles Bottenberg
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
Mayor
NAY ABSENT
hN
ABSTAIN