HomeMy WebLinkAbout2026-01-19 I01I Bond_GO Series 2026A_Advertise SaleAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: January 19, 2026
AGENDA ITEM:Consideration of approval of a resolution directing the advertisement for
sale and approving electronic bidding procedures and Official Statement
[$10,460,000 General Obligation Bonds, Series 2026A]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed resolution sets February 2, 2026, as the
date for receipt of bids and consideration of sale.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$10,460,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Preliminary Official Statement, Series 2026A
PREPARED BY:City Clerk Becky Schuett
REVIEWED BY:
I1I
- 1 -
RESOLUTION 2026-
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $10,460,000 GENERAL OBLIGATION BONDS,
SERIES 2026A, 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, essential corporate purpose(s), and it is deemed necessary
and advisable that General Obligation Bonds, to the amount of not to exceed $2,500,000 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 Plans, as amended, for the Waukee Consolidated Urban Renewal
Area, as amended, including 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; including for the
University Avenue Area improvements, including the 10th Street Extension project, and
Downtown Street Improvements projects, essential corporate urban renewal purpose project(s),
and it is deemed necessary and advisable that the City issue General Obligation Urban Renewal
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
- 2 -
WHEREAS, the City is in need of funds to pay costs of construction, reconstruction,
enlargement, improvement and equipping of city facilities and buildings, including renovations
and improvements at the old Public Safety facility, general corporate purpose(s), and it is
deemed necessary and advisable that General Obligation Bonds, to the amount of not to exceed
$934,570 be authorized for said purpose(s); and
WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000,
and the Bonds for these purposes do not exceed $934,570; and
WHEREAS, pursuant to notice published as required by Section 384.26 of the Code of
Iowa, the Council of the City has held public meeting and hearing upon the proposal to institute
proceedings for the issuance of Bonds for general corporate purpose(s) in the amounts as above
set forth, and, no petition for referendum having been received, the Council is therefore now
authorized to proceed with the issuance of said Bonds for such purpose(s); and
WHEREAS, the City is in need of funds to pay costs of construction, reconstruction,
enlargement, improvement and equipping of city facilities and buildings, including the
downtown redevelopment project, general corporate purpose(s), and it is deemed necessary and
advisable that General Obligation Bonds, to the amount of not to exceed $934,570 be authorized
for said purpose(s); and
WHEREAS, the Issuer has a population of more than 5,000 but not more than 75,000,
and the Bonds for these purposes do not exceed $934,570; and
WHEREAS, pursuant to notice published as required by Section 384.26 of the Code of
Iowa, the Council of the City has held public meeting and hearing upon the proposal to institute
proceedings for the issuance of Bonds for general corporate purpose(s) in the amounts as above
set forth, and, no petition for referendum having been received, the Council is therefore now
authorized to proceed with the issuance of said Bonds for such purpose(s); 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 $10,460,000 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
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.
- 3 -
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 by and 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 2026A, of City of Waukee, State of
Iowa, in the amount of $10,460,000, to be issued as referred to in the preamble of this
Resolution, to be dated March 4, 2026, 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 2nd day of February, 2026, 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 10:00 A.M. on said date. The notice shall be
in substantially the following form:
(To be published on or before January 27, 2026)
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 10:00 A.M., on the 2nd day of February, 2026. 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 OBLIGATION BONDS, SERIES 2026A, in the
amount of $10,460,000*, to be dated March 4, 2026 (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 of Waukee, 230 West Hickman
Road, Waukee, Iowa 50263; Telephone: 515-987-7919.
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.
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 19th day of January, 2026.
__________________________________
Mayor
ATTEST:
__________________________________
City Clerk
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PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 19, 2026
New Issue Rating: Moody’s Ratings ‘___’
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 may be taken into
account for the purpose of computing the alternative minimum tax imposed on certain corporations. 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
$10,460,000* General Obligation Bonds, Series 2026A
BIDS RECEIVED: Monday, February 2, 2026, 10:00 A.M., Central Time
AWARD: Monday, February 2, 2026, 5:30 P.M., Central Time
Dated: Date of Delivery (March 4, 2026) Principal Due: June 1, as shown inside front cover
The $10,460,000* General Obligation Bonds, Series 2026A (the “Bonds”) are being issued pursuant to Subchapter III of
Chapter 384, and Chapter 403 of the Code of Iowa and the authorizing resolution (the “Resolution”) to be adopted by the
City Council of the City of Waukee, Iowa (the “City”). Proceeds of the Bonds are being issued to pay costs of carrying
out essential corporate purposes, general corporate purposes and urban renewal projects. See “AUTHORITY AND
PURPOSE OF THE BONDS” section herein for more detailed project descriptions. The 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 Bonds.
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, 2027, and interest on the Bonds, payable initially on December
1, 2026 and thereafter on each June 1 and December 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
MINIMUM BID: $10,348,200
GOOD FAITH DEPOSIT: $104,600 Required of Purchaser Only
TAX MATTERS: 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 March 4, 2026 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
$10,460,000* General Obligation Bonds, Series 2026A
MATURITY: The Bonds will mature June 1 in the years and amounts as follows:
Yea Amoun * Yea Amoun *
2027 $230,000 2037 $565,000
2028 355,000 2038 600,000
2029 385,000 2039 620,000
2030 395,000 2040 660,000
2031 415,000 2041 685,000
2032 445,000 2042 720,000
2033 460,000 2043 750,000
2034 490,000 2044 795,000
2035 515,000 2045 835,000
2036 540,000
* PRINCIPAL
ADJUSTMENT: Preliminary; subject to change. The City reserves the right to increase or decrease the aggregate
principal amount of the 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 $13,365,000. 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 Bonds is adjusted as described above. Any change in the
principal amount of any maturity of the 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 Bonds will be payable on December 1, 2026 and semiannually thereafter.
OPTIONAL
REDEMPTION: The Bonds due after June 1, 2034 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 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 issue.
CITY OF WAUKEE, IOWA
City Council
Courtney Clarke Mayor
Kala Anderson Council Member
Anna Pierce Council Member
Chris Crone Council Member
Rob Grove Council Member
Lori Lyon Council Member
Administration
Brad Deets, City Administrator
Rebecca Schuett, City Clerk
Linda Burkhart, Finance Director (retiring 2/6/2026)
Rachel Downing, 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
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 ...................................................................................................................................... 1
Interest on the Bonds ......................................................................................................................................... 2
Optional Redemption of the Bonds ................................................................................................................... 2
Payment Of and Security For the Bonds ........................................................................................................... 2
Book-Entry-Only Issuance ................................................................................................................................ 2
Future Financing ............................................................................................................................................... 4
Litigation ........................................................................................................................................................... 4
Debt Payment History ....................................................................................................................................... 5
Legality ............................................................................................................................................................. 5
Tax Matters ....................................................................................................................................................... 5
Bondholder's Risks ............................................................................................................................................ 8
Rating .............................................................................................................................................................. 12
Municipal Advisor .......................................................................................................................................... 12
Continuing Disclosure ..................................................................................................................................... 12
Miscellaneous ................................................................................................................................................. 13
Financial Statements ....................................................................................................................................... 13
Certification .................................................................................................................................................... 13
APPENDIX A - FINANCIAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
APPENDIX B - GENERAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
APPENDIX C - FORM OF LEGAL OPINION
APPENDIX D - JUNE 30, 2025 INDEPENDENT AUDITOR’S REPORTS
APPENDIX E - FORM OF CONTINUING DISCLOSURE CERTIFICATE
OFFICIAL BID FORM
i
TERMS OF OFFERING
CITY OF WAUKEE, IOWA
Bids for the purchase of the City of Waukee, Iowa’s (the “City”) $10,460,000* General Obligation Bonds, Series 2026A
(the “Bonds”), must be received on Monday, February 2, 2026, before 10:00 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 515-724-5737.
Information may also be obtained from Linda Burkhart or Rachel Downing, 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 BONDS
GENERAL OBLIGATION BONDS, SERIES 2026A in the principal amount of $10,460,000*, will be dated the date of
delivery date (anticipated to be March 4, 2026) in the denomination of $5,000 or multiples thereof, and will mature June 1
as follows:
Yea Amoun * Yea Amoun *
2027 $230,000 2037 $565,000
2028 355,000 2038 600,000
2029 385,000 2039 620,000
2030 395,000 2040 660,000
2031 415,000 2041 685,000
2032 445,000 2042 720,000
2033 460,000 2043 750,000
2034 490,000 2044 795,000
2035 515,000 2045 835,000
2036 540,000
* Preliminary; subject to change.
ADJUSTMENT TO THE BONDS
The City reserves the right to increase or decrease the aggregate principal amount of the 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 $13,365,000. 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 Bonds is adjusted as described above. Any change in the principal amount of any maturity of the 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.
ii
INTEREST ON THE BONDS
Interest on the Bonds will be payable on December 1, 2026 and semiannually on the 1st day of June and December
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, 2034, 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.
GOOD FAITH DEPOSIT
A good faith deposit in the amount of $104,600 (the “Deposit”) is required from the lowest bidder only for each respective
series of the Bonds. The lowest bidder is required to submit such Deposit 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 12:00 P.M., Central Time, on the day of the sale of the Bonds. If not so received, the bid
of the lowest bidder may be rejected, and the City may direct the second lowest bidder to submit a deposit and thereafter
may award the sale of each respective series of the Bonds to the same. No interest on the Deposit will accrue to the
successful bidder (the “Purchaser”). The Deposit will be applied to the purchase prices of each respective series of Bonds.
In the event a Purchaser 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 $10,348,200 for the 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 FORM
provided by the City. The Bonds will be awarded to the bidder 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 DEPOSIT” 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.
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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 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 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. 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 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. 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 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, 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, 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. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall
iv
be paid by the Purchaser, 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. Failure
of the municipal bond insurer to issue the policy after the Bonds have been awarded to the Purchaser shall not constitute
cause for failure or refusal by the Purchaser 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.
DELIVERY
The Bonds will be delivered to the Purchaser 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, the Purchaser 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
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 failed to comply with the offer of purchase.
ELECTRONIC TRANSCRIPTS
The Purchasers 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 shall assist the City in establishing the issue prices of the 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 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,
the City and Bond Counsel, will need to be signed by the Purchaser. All actions to be taken by the City under the TERMS
OF OFFERING to establish the issue price of the 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 Bonds) will apply to the initial sale of the 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 Bonds who have established industry reputations for
underwriting new issuances of municipal Bonds; and (iv) the City anticipates awarding the sale of the Bonds to the bidder
who submits a firm offer to purchase the 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 Bonds,
as specified in the bid.
In the event the competitive sale requirements are not satisfied, the City shall so advise the Purchaser. The City may
determine to treat (i) the first price at which 10% of a maturity of the 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 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 shall advise the City if any maturity of the Bonds satisfies the 10% test as of the date and time of
the award of the Bonds. The City shall promptly advise the Purchaser, at or before the time of award of the Bonds, which
maturities of the 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 Bonds. Prospective bidders should prepare their bids on the assumption that some or all of the maturities of
the Bonds will be subject to the hold-the-offering-price rule in order to establish the issue price of the Bonds.
v
By submitting a bid, the Purchaser shall (i) confirm the underwriters have offered or will offer the 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 and (ii) agree, on behalf of the underwriters participating in the
purchase of the Bonds, that the underwriters will neither offer nor sell unsold 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 Bonds to the
public at a price that is no higher than the initial offering price to the public.
The Purchaser shall promptly advise the City when the underwriters have sold 10% of that maturity of the 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 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 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 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 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 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 Bonds of each maturity allotted to it until it is notified by
the Purchaser that either the 10% test has been satisfied as to the Bonds of that maturity or all 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 and as set forth in the related pricing wires, and (ii) any agreement among underwriters
relating to the initial sale of the 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 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 Bonds of each maturity allotted to it until it is notified by
the Purchaser or such underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all 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 or such underwriter and as set forth in the related pricing wires.
Sales of any 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 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 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), (iii) a Purchaser of
any of the Bonds is a “related party” to an underwriter if the underwriter and the Purchaser 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
vi
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 Bonds are awarded by the City to the Purchaser.
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, 2026, 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 SEC Rule 15c2-
12(b)(5) (the “Rule”).
The City is not aware of any 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.
vii
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/Rachel Downing, Finance Director
viii
SCHEDULE OF BOND YEARS
$10,460,000*
CITY OF WAUKEE, IOWA
General Obligation Bonds, Series 2026A
Bonds Dated:
Interest Due: December 1, 2026 and each June 1 and December 1 to maturity
Principal Due: June 1, 2027-2045
Cumulative
Year Principal * Bond Years Bond Years
2027 $230,000 285.58 285.58
2028 355,000 795.79 1,081.38
2029 385,000 1,248.04 2,329.42
2030 395,000 1,675.46 4,004.88
2031 415,000 2,175.29 6,180.17
2032 445,000 2,777.54 8,957.71
2033 460,000 3,331.17 12,288.88
2034 490,000 4,038.42 16,327.29
2035 515,000 4,759.46 21,086.75
2036 540,000 5,530.50 26,617.25
2037 565,000 6,351.54 32,968.79
2038 600,000 7,345.00 40,313.79
2039 620,000 8,209.83 48,523.63
2040 660,000 9,399.50 57,923.13
2041 685,000 10,440.54 68,363.67
2042 720,000 11,694.00 80,057.67
2043 750,000 12,931.25 92,988.92
2044 795,000 14,502.13 107,491.04
2045 835,000 16,066.79 123,557.83
Average Maturity (dated date): 11.812 Years
* Preliminary; subject to change.
March 4, 2026
EXHIBIT 1
FORMS OF ISSUE PRICE CERTIFICATES
EXHIBIT 1-A to TERMS OF OFFERING
COMPETITIVE SALES WITH AT LEAST THREE BIDS FROM ESTABLISHED UNDERWRITERS
ISSUE PRICE CERTIFICATE
$_______ General Obligation Bonds, Series 2026A
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 February 2, 2026.
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 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: March 4, 2026
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE A
EXPECTED OFFERING PRICES
$_______ General Obligation Bonds, Series 2026A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE B
COPY OF UNDERWRITER’S BID
$_______ General Obligation Bonds, Series 2026A
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 2026A
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 February 2, 2026.
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 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: March 4, 2026
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 2026A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-B to TERMS OF OFFERING
SCHEDULE B
PRICING WIRE OR EQUIVALENT COMMUNICATION
$_______ General Obligation Bonds, Series 2026A
City of Waukee, Iowa
(Attached)
1
PRELIMINARY OFFICIAL STATEMENT
CITY OF WAUKEE, IOWA
$10,460,000* General Obligation Bonds, Series 2026A
INTRODUCTION
This Preliminary Official Statement contains information relating to the City of Waukee, Iowa (the “City”) and its issuance
of $10,460,000* General Obligation Bonds, Series 2026A (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 515-724-5737.
Information may also be obtained from Ms. Linda Burkhart or Rachel Downing, Finance Director, City of Waukee, 230
West Hickman Road, Waukee, Iowa 50263, telephone 515-978-7919.
AUTHORITY AND PURPOSE
The 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 Bonds (the “Resolution”). The Bonds are being issued to
provide funds to pay the costs of construction, reconstruction, enlargement, improvement and equipping of city facilities
and buildings, including the downtown redevelopment project; construction, reconstruction, enlargement, improvement
and equipping of city facilities and buildings, including renovations and improvements at the old Public Safety facility;
aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter
403 and the Urban Renewal Plans, as amended, for the Waukee Consolidated Urban Renewal Area, as amended, including
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; including for the University Avenue Area improvements, including the 10th Street Extension project,
and Downtown Street Improvements projects; and 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.
The estimated sources and uses of the Bonds are as follows:
Sources of Funds*
Par Amount $10,460,000.00
Uses of Funds*
Deposit to Project Fund $10,210,000.00
Underwriter’s Discoun 111,800.00
Cost of Issuance and Contingency 138,200.00
Total Uses $10,460,000.00
* Preliminary; subject to change.
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INTEREST ON THE BONDS
Interest on the Bonds will be payable on December 1, 2026 and semiannually on the 1st day of June and December
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, 2034, 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 BONDS
The 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 Bonds, the City will levy taxes for the years and in amounts sufficient to provide
100% of annual principal and interest due on the Bonds. If, however, the amount credited to the debt service fund for
payment of the Bonds is insufficient to pay principal and interest, whether from transfers or from original levies, the City
must use funds in its treasury and 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 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 Bonds. If, and to the extent such other legally available moneys are used to pay the principal
of or interest on the 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 Bonds.
The Resolution doesn’t 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 Bonds. For a further description of the City’s outstanding general obligation debt upon issuance of the Bonds and
the annual debt service on the Bonds, see “DIRECT DEBT” under “CITY INDEBTEDNESS” included in APPENDIX A
herein. 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 Official Statement.
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.
3
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.
4
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
The City is currently and routinely engaged in litigation in the ordinary course of business. However, 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 Resolution, 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.
5
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”, “OPTIONAL REDEMPTION OF THE BONDS”,
“PAYMENT OF AND SECURITY FOR THE BONDS”, and “TAX MATTERS”, herein. Additionally, Bond Counsel
has provided its Form of Legal Opinion and Form of Continuing Disclosure Certificate, included in APPENDIX C and
APPENDIX E, respectively, within this Preliminary Official Statement. The “FORM OF LEGAL OPINION” as set out
in APPENDIX C to this Preliminary Official Statement, will be delivered at closing.
The legal opinion 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 Resolution. 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 Resolution)
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 opinion. The opinion 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.
6
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 may be
taken into account for the purpose of computing the alternative minimum tax imposed on certain corporations.
The prospective purchaser 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”
within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) relating to the
ability of financial institutions to deduct from income for federal income tax purposes a portion of the interest expense
that is allocable to tax-exempt obligations.
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. Owners 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 the 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.
7
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.
From time to time, 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. There is no trustee or similar
person to monitor or enforce the terms of the Resolution. 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) 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 opinion is 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
8
section. No ruling has been sought from the Service with respect to the matters addressed in the opinion of Bond Counsel
and Bond Counsel’s opinions are not binding on the Service. Bond Counsel assumes no obligation to update its opinion
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
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
that 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 Ratings (“Moody’s”) has assigned a rating of ‘___’ to the 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
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.
9
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 “plan,” “projected,” “estimate,” “budget,” “pro-forma,” “forecast,” “intend,”
“expect” and similar expressions identify forward-looking statements. Any forward-looking statement is subject to
uncertainty. The achievement of certain results or other expectations contained in such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements
expressed or implied by such forward-looking statements to differ. The City does not expect or intend to update or revise
any forward-looking statements contained herein if or when its expectations, or events, conditions or circumstances on
which such statements are based occur. Included in such risks and uncertainties are (i) those relating to the possible
invalidity of the underlying assumptions and estimates; (ii) possible changes or developments in social, economic, business,
industry, market, legal and regulatory circumstances; and (iii) conditions and actions taken or omitted to be taken by third
parties, including legislative, judicial and other governmental authorities and officials. Assumptions related to the foregoing
involve judgments with respect to, among other things, future economic, competitive, and market conditions, all of which
are difficult or impossible to predict accurately. For these reasons, there can be no assurance that the forward-looking
statements included in this Preliminary Official Statement will prove to be accurate.
Undue reliance should not be placed on forward-looking statements. All forward-looking statements included in this
Preliminary Official Statement are based on information available to the City on the date hereof, and the City assumes no
obligation to update any such forward-looking statements if or when its expectations or events, conditions or circumstances
on which such statements are based occur or fail to occur, other than as indicated in the “CONTINUING DISCLOSURE”
section herein.
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 Bonds are secured by an unlimited ad valorem property tax as described more fully in the “PAYMENT OF
AND SECURITY FOR THE 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, derechos, 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. The Bonds are secured by an unlimited ad valorem property tax as described more fully in the
“PAYMENT OF AND SECURITY FOR THE BONDS” herein.
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.
10
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.
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.
Legislation: From time to time, there are Presidential proposals, proposals of various federal committees, and legislative
proposals pending in Congress or state legislature 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: 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” under “CITY PROPERTY VALUATIONS” included in APPENDIX A for additional discussion on
recent legislation 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. The Bonds are secured by an unlimited
ad valorem property tax as described more fully in the “PAYMENT OF AND SECURITY FOR THE 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.
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 any insurance
policies that may be maintained would be sufficient in the event of a cyber breach. The Bonds are secured by an unlimited
ad valorem property tax as described more fully in the “PAYMENT OF AND SECURITY FOR THE BONDS” herein.
Pensions: Pursuant to Governmental Accounting Standards Board (“GASB”) Statement No. 68, the City reported a
liability of $1,994,858 within its Independent Auditor’s Reports as of June 30, 2025 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, 2024, 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
11
participating employers. At June 30, 2024, the City’s collective proportion was 0.054781% which was a change of
(0.016334%) from its proportion measured as of June 30, 2023.
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, 2025 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 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 Bond Counsel to be delivered with respect to the Bonds and the Resolution, including the opinions
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 Resolution. In the
event the City fails to comply with its covenants under the Resolution 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)(c), 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.
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. 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 Resolution) may have to be
enforced from year to year. See “PAYMENT OF AND SECURITY FOR THE BONDS” herein.
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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 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.
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,
2026, 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 - FORM OF
CONTINUING DISCLOSURE CERTIFICATE. 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 - FORM OF CONTINUING DISCLOSURE CERTIFICATE. These covenants have been made in order to assist the
underwriter in complying with SEC Rule 15c2-12(b)(5) (the “Rule”).
City is not aware of any 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
13
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.
MISCELLANEOUS
Brief descriptions or summaries of the City, the Bonds, the Resolution and other documents, agreements and statutes are
included in this Preliminary Official Statement. The summaries or references herein to the Bonds, the Resolution and
other documents, agreements and statutes referred to herein, and the description of the Bonds included herein, do not
purport to be comprehensive or definitive, and such summaries, references and descriptions are qualified in their entireties
by reference to such documents, and the description herein of the Bonds is qualified in its entirety by reference to the
form thereof and the information with respect thereto included in the aforesaid documents. Copies of such documents
may be obtained from the City.
Any statements in this Preliminary Official Statement involving matters of opinion or estimates, whether or not expressly
so stated, are intended as such and not as representations of fact, and no representation is made that any of the estimates
will be realized. This Preliminary Official Statement is not to be construed as a contract or agreement between the City
and the purchasers or Owners of any of the Bonds.
The attached APPENDICES A, B, C D and E are integral parts of this Preliminary Official Statement and must be read
together with all of the foregoing statements.
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such
numbers on any Bonds nor any error in the printing of such numbers shall constitute cause for a failure or refusal by the
purchaser thereof to accept delivery of and pay for any Bonds.
FINANCIAL STATEMENTS
The City’s Independent Auditor’s Reports for the Fiscal Year ended June 30, 2025 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 $10,460,000* General Obligation Bonds, Series 2026A.
CITY OF WAUKEE, IOWA
/s/ Linda Burkhart/Rachel Downing, Finance Director
* Preliminary; subject to change.
APPENDIX A
FINANCIAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $10,460,000* General Obligation Bonds, Series 2026A (the “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 Bonds.
* Preliminary; subject to change.
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 2024 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 2024 (applicable to fiscal year 2025-26), the
taxable value rollback rate is 47.4316% of actual value for residential property; 73.8575% of actual value for agricultural
property and 100.0000% of actual value for utility property. The residential taxable value rollback rate of 47.4316%
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.
PROPERTY VALUATIONS (1/1/2024 Valuations for Taxes payable July 1, 2025 to June 30, 2026)
100% Actual Value
Taxable Value
(With Rollback)
Residential $3,808,089,638 $1,803,088,981
Commercial 243,370,801 203,646,171
Industrial 20,609,766 9,977,035
Railroads 1,335,368 1,186,226
Utilities w/o Gas & Electric 13,593 13,593
Gross valuation $4,073,419,166 $2,017,912,006
Less exemption (8,019,025) (8,019,025)
Net valuation $4,065,400,141 $2,009,892,981
TIF Increment (used to compute debt service
levies and constitutional debt limit)
$668,915,223 1)
$531,353,741 2)
Taxed separately:
Ag. Land
$9,156,567
$6,762,788
Ag. Buildings $253,373 $187,135
Gas & Electric Utilities $15,358,257 $4,481,058
1) Includes Dallas County Assessor reduction of the 100% Actual Value related to the Apple, Inc by $146,274,710 during Fiscal
Year 2025-2026. See PROPERTY TAX VALUATION CORRECTION for additional information.
2) Includes Dallas County Assessor reduction of the Taxable Value (with Rollback) related to the Apple, Inc by $131,644,741
during Fiscal Year 2025-2026. See PROPERTY TAX VALUATION CORRECTION for additional information.
Source: Iowa Department of Management.
2024 GROSS TAXABLE VALUATION BY CLASS OF PROPERTY 1)
Taxable Valuation Percent Total
Residential $1,803,088,981 89.16%
Commercial, Industrial, Railroad and Utilities w/o Gas & Electric 214,823,025 10.62%
Gas & Electric Utilities 4,481,058 0.22%
Total Gross Taxable Valuation $2,022,393,064 100.00%
1) Excludes Ag. Land, Ag. Buildings and Taxable TIF Increment.
A-2
TREND OF VALUATIONS
Assessment
Yea
Payable
Fiscal Yea
100%
Actual Valuation
Taxable Valuation
(With Rollback)
Taxable TIF
Increment
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
2024 2025-26 4,759,083,561 1) 2,014,374,039 531,353,741 2)
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.
1) Includes Dallas County Assessor reduction of the 100% Actual Value related to the Apple, Inc by $146,274,710 during Fiscal
Year 2025-2026. See PROPERTY TAX VALUATION CORRECTION for additional information.
2) Includes Dallas County Assessor reduction of the Taxable TIF Increment related to the Apple, Inc by $131,644,741 during Fiscal
Year 2025-2026. See PROPERTY TAX VALUATION CORRECTION for additional information.
Source: Iowa Department of Management.
UTILITY PROPERTY TAX REPLACEMENT
Property owned by entities involved primarily in the production, delivery, service, sale of electricity, natural gas and rate-
regulated water utilities (“Utilities”) pay a replacement tax based upon the delivery of electricity, natural gas or water by
Utilities in lieu of property taxes. All replacement taxes are allocated among local taxing bodies by the State Department
of Revenue and the Department of Management. This allocation is made in accordance with a general allocation formula
developed by the Department of Management on the basis of general property tax equivalents. Utility properties paying
the replacement tax are exempt from the levy of property tax by political subdivisions. In addition to the replacement tax,
Utility property will continue to be valued by a special method as provided in the statute and taxed at the rate of three
cents per one thousand dollars for the general fund of the State.
By statute, the replacement tax collected by the State and allocated among local taxing bodies (including the City) shall
be treated as property tax when received and shall be disposed of by the county treasurer as taxes on real estate. It is
possible that the general obligation debt capacity of the City could be adjudicated to be proportionately reduced in future
years if Utility property were determined to be other than “taxable property” for purposes of computing the City’s debt limit
under Article XI of the Constitution of the State of Iowa. There can be no assurance that future legislation will not (i)
operate to reduce the amount of debt the City can issue; or (ii) adversely affect the City’s ability to levy taxes in the future
for the payment of the principal of and interest on its outstanding debt obligations, including the Bonds. Approximately
0.18% of the City’s Fiscal Year 2025-26 taxable valuation currently is utility property.
A-3
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
1/1/2024
Taxable Valuation 2)
Apple, Inc. 3) Commercial $64,566,091
KTL Venue, LLC Commercial 41,198,590
KB Waukee, DST Commercial 35,472,720
Autumn Ridge Apartments LLC Residential 33,700,214
Bricktowne Prairie Crossing, LC Residential 24,361,220
Waukee Active Living, LLC Residential 22,592,022
Welltower Iowa HoldCo LLC Residential 22,157,002
Alice Acquisitions, LLC Residential 18,940,854
KC Kettlestone, LC Commercial 18,227,478
Hy-Vee, Inc. Commercial 17,666,147
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.
3) Includes Dallas County Assessor reduction the Taxable Valuation related to the Apple, Inc by $131,644,741 during Fiscal Year
2025-2026.
Source: Dallas County Auditor’s Office.
PROPERTY TAX VALUATION CORRECTION
In October 2025, the Dallas County Assessor corrected the taxable valuation of the Apple data center campus located
within the City after determining that the initial assessment did not properly reflect a previously approved property tax
abatement and incentive agreement between the City and Apple Inc. The facility had originally been placed on the tax
rolls at a taxable valuation of approximately $192.4 million. Following the correction, the taxable valuation was reduced
to approximately $60.8 million, representing a decrease of approximately $131.6 million, or about 68%. The correction
applies solely to the current fiscal year and reflects the terms of a 20-year property tax abatement agreement approved in
2017 as part of a broader local and state incentive package to attract the data center project.
The revised valuation results in an estimated reduction of approximately $3.4 million in annual property tax revenues to
the City for the affected fiscal year. The reduction also decreases the City’s total assessed valuation for purposes of
calculating its constitutional debt limit by approximately $7.3 million (approximately 3%) and reduces the City’s debt-
service fund levy capacity by approximately 4.9%, based on current levy rates. The revised valuation has no impact on
the City’s FY 2025-26 budget, the Bonds, or the City’s ability to repay the Bonds or other outstanding general
obligation indebtedness. Any future impacts resulting from the revised valuation will be addressed through the City’s
normal budgetary and financial planning processes.
A-4
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. In Fiscal Year 2024-25, the residential rollback decreased from 54.6501% to 46.3428%. Residential rollback
in Fiscal Year 2025-26 increased to 47.4316%.
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 consolidated several existing city property tax levies and
creates a new adjusted city general fund levy (“ACGFL”). Property tax provisions were further amended by Senate File
2442, adopted during the 2024 Legislative Session and signed into law on May 1, 2024. To control the growth of property
taxes, the new ACGFL is subject to potential limitation or reduction by constraining growth up to 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 began in Fiscal Year 2024-
25. The ACGFL rates for Fiscal Years 2024-25 through 2027-28 are based on growth in city taxed 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 mitigated by the calculations imposed by SF 2442. The City’s Budget for Fiscal
Year 2024-25 accommodated this reduced tax revenue relative to its non-TIF tax valuation growth. For Fiscal Year 2025-
26, the City’s non TIF tax valuation growth was 11.29% causing the City’s property tax revenue growth to be mitigated
by the calculations imposed by SF 2442. The City’s Budget for Fiscal Year 2026-27 will accommodate this reduction
of tax revenues relative to its non TIF valuation growth.
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 Bonds are secured by an unlimited ad valorem property tax. See “PAYMENT OF AND SECURITY FOR
THE BONDS” herein.
A-5
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 2024 actual
valuation currently applicable to the Fiscal Year 2025-26, is as follows:
2024 Actual Valuation of Property $4,759,083,561 1)
Legal Debt Limit of 5% 0.05
Legal Debt Limit $237,954,178
Less: G.O. Debt Subject to Limit (166,080,000) *
Less: Other Agreements (Payable in FY2025-26) (3,465,152) 2)
Net Debt Limit $68,409,026 *
1) As reported on the Iowa Department of Management for Fiscal Year 2025-26 and adjusted by the Dallas County Assessor reducing
the 100% Actual Value related to the Apple, Inc by $146,274,710. See PROPERTY TAX VALUATION CORRECTION for
additional information.
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 amounts payable under rebate agreements that have been
appropriated by the City Council for the Fiscal Year 2025-26, but which 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 2026 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
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03 04/26
12/14 $21,560,000 Urban Renewal 6/34 $9,600,000
11/15C 7,340,000 Corporate Purpose & Refunding 6/30 2,280,000
5/17A 13,940,000 Corporate Purpose & Urban Renewal 6/36 11,630,000
6/18A 19,775,000 Corporate Purpose & Urban Renewal 6/38 13,885,000
8/19A 4,655,000 Corporate Purpose & Urban Renewal 6/31 2,435,000
5/20A 12,800,000 Urban Renewal (Private Placement) 6/35 10,585,000
11/20B 9,155,000 Corporate Purpose & Urban Renewal 6/36 7,745,000
4/21A 15,800,000 Corporate Purpose & Refunding 6/40 7,095,000
11/21B 19,760,000 Corporate Purpose & Urban Renewal 6/41 18,415,000
7/22A 11,755,000 Corporate Purpose 6/42 10,835,000
9/23B 35,765,000 Corporate Purpose & Urban Renewal 6/43 34,080,000
9/24A 12,165,000 Corporate Purpose & Urban Renewal 6/44 11,750,000
9/24B 11,590,000 Corporate Purpose (LOSST) 6/44 11,100,000
3/26A 10,460,000* Corporate Purpose & Urban Renewal 6/45 10,460,000 *
Subtotal $161,895,000 *
* Preliminary; subject to change.
A-6
General Obligation Bonds Paid by Water and Stormwater Revenues
Date
of Issue
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
12/14 $1,735,000 Water Projects 6/30 $615,000
4/21A 1,505,000 Stormwater Refunding 6/33 1,115,000
9/23B 2,540,000 Stormwater Projects 6/43 2,455,000
Subtotal $4,185,000
Total G.O. Debt Subject to Limit $166,080,000*
* 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 Bonds Total Outstanding
Fiscal
Yea
Principal
Principal &
Interest
Principal*
Principal &
Interes *
Principal*
Principal &
Interes *
2025-26 $8,745,000 $11,342,068 1) $0 $0 $8,745,000 $11,342,068 1)
2026-27 9,405,000 14,627,888 230,000 879,392 9,635,000 15,507,280
2027-28 10,020,000 14,842,738 355,000 866,500 10,375,000 15,709,238
2028-29 10,555,000 14,977,250 385,000 878,750 10,940,000 15,856,000
2029-30 11,500,000 15,496,543 395,000 869,500 11,895,000 16,366,043
2030-31 11,185,000 14,743,944 415,000 869,750 11,600,000 15,613,694
2031-32 11,165,000 14,318,034 445,000 879,000 11,610,000 15,197,034
2032-33 11,360,000 14,132,211 460,000 871,750 11,820,000 15,003,961
2033-34 10,895,000 13,284,695 490,000 878,750 11,385,000 14,163,445
2034-35 9,760,000 11,773,310 515,000 879,250 10,275,000 12,652,560
2035-36 8,355,000 10,053,581 540,000 878,500 8,895,000 10,932,081
2036-37 5,835,000 7,251,850 565,000 876,500 6,400,000 8,128,350
2037-38 6,100,000 7,308,531 600,000 883,250 6,700,000 8,191,781
2038-39 5,380,000 6,368,281 620,000 873,250 6,000,000 7,241,531
2039-40 5,630,000 6,427,919 660,000 882,250 6,290,000 7,310,169
2040-41 5,665,000 6,265,569 685,000 874,250 6,350,000 7,139,819
2041-42 4,480,000 4,878,456 720,000 875,000 5,200,000 5,753,456
2042-43 3,865,000 4,083,269 750,000 869,000 4,615,000 4,952,269
2043-44 1,535,000 1,594,481 795,000 876,500 2,330,000 2,470,981
2044-45 835,000 876,750 835,000 876,750
Total $151,435,000 $10,460,000* $161,895,000
*
1) Excludes the December 1, 2025 interest payment in the amount of $3,001,337.
* Preliminary; subject to change.
A-7
Annual Fiscal Year G.O. Debt Service Payments Paid by Water and Stormwater Revenues
Total Outstanding
Fiscal
Yea
Principal
Principal &
Interest
2025-26 $320,000 $402,703 1)
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 $4,185,000
1) Excludes the December 1, 2025 interest payment in the amount of $82,703.
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A-8
OTHER FINANCIAL INFORMATION
LEVIES AND TAX COLLECTIONS
Fiscal Yea
Levy 1)
Collected During
Collection Yea 1)
Percent
Collected
2021-22 $25,773,767 $26,544,252 103.0%
2022-23 26,767,798 26,900,556 100.5%
2023-24 31,067,940 31,710,791 102.1%
2024-25 36,173,846 36,709,766 101.5%
2025-26 41,246,847 ----------- 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 1.5% 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 2021-22
$/$1,000
FY 2022-23
$/$1,000
FY 2023-24
$/$1,000
FY 2024-25
$/$1,000
FY 2025-26
$/$1,000
Dallas County 3.46118 3.05184 2.96949 3.58451 3.50685
City of Waukee 13.30000 13.10000 13.05000 12.95000 12.80000
Waukee Comm. School District 17.80270 17.80254 17.80342 17.80429 17.75876
State of Iowa 0.00260 0.00240 0.00180 0.00180 0.00000
County Assesso 0.22521 0.21526 0.31908 0.33067 0.31587
County Ag. Extension 0.05732 0.08590 0.07868 0.07629 0.07241
Dallas County Hospital 0.52950 0.54482 0.58393 0.58393 0.58393
Des Moines Area Community College 0.67789 0.69448 0.74410 0.75916 0.78046
Walnut Cemetery 0.01400 0.01600 0.00926 0.00800 0.00800
Total Tax Rate City Residen 36.07040 35.51324 35.55976 36.09865 35.82628
APPENDIX B
GENERAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $10,460,000* General Obligation Bonds, Series 2026A (the “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 Bonds.
* Preliminary; subject to change.
B-1
THE CITY
CITY GOVERNMENT
The City of Waukee, Iowa (the “City”) was incorporated in 1878 and comprises approximately 14,020 land acres, or
21.91 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, 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 2025-2026 is
$7.88952. 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 have the option to increase 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 2025-26, the City’s non TIF tax valuation growth was 11.29% causing the City’s property tax revenue growth to
be mitigated by the calculations imposed by SF 2442. The City’s Budget for Fiscal Year 2026-27 will accommodate
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 in Fiscal Year 2025-26. See also “PAYMENT OF AND SECURITY FOR THE BONDS” in this Preliminary
Official Statement.
EMPLOYEES AND PENSIONS
The City currently has 183 full-time employees and 250 part-time employees (including seasonal employees). In addition,
the City has approximately 20 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 2022-23 FY 2023-24 FY 2024-25
IPERS Contributions $1,192,606 $1,393,875 $1,526,127
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 $1,994,858 within its Independent Auditor’s Reports
as of June 30, 2025 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, 2024, 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, 2024, the City’s collective proportion was 0.054781% which was a change of (0.016334%) from its proportion
measured as of June 30, 2023.
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 6
Pension Plan, beginning on page 42 of the City’s June 30, 2025 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, 2025, there
were 147 active employees and 2 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, 2025 was $1,137,245. This
balance was determined by an actuarial valuation as of July 1, 2023.
Total OPEB liability, July 1, 2024 $1,026,924
Changes for the year:
Service cost 97,641
Interest cost 40,536
Benefit payments (27,856)
Net changes 110,321
Total OPEB liability, June 30, 2025 $1,137,245
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
7 Other Post Employment Benefits (OPEB) beginning on page 46 of the City’s June 30, 2025 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 32 active covered positions in this
contract.
INSURANCE
The City’s insurance coverage is as follows:
Type of Insurance Coverage
Municipal Property Coverage Replacement
Buildings $137,122,751
Miscellaneous Property $6,403,511
Vehicles $11,676,365
Municipal Automobile Physical Damage
Comprehensive Coverage Actual Cash Value
Collision Coverage Actual Cash Value
Cyber Risk Aggregate Limi $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 October 31, 2025)
General Checking $49,579,620.68
Park Land Fees 1,626,821.55
Sewer Fund 14,461,856.64
Sewer Sinking Funds 1,033,777.60
Water Fund 17,230,952.46
Water Sinking Funds 145,454.00
GO Debt Sinking Funds 3,240,722.63
Capital Projects 21,150,520.92
Water/Sewer/Storm Bond & Note Reserve 1,576,260.31
Gas Fund 5,628,608.24
Gas Fund Sinking Funds 0.00
Storm Water Fund 4,169,430.10
Storm Water Sinking Funds 71,112.96
Golf Course Fund 1,012,072.08
Golf Course Sinking Funds 0.00
Equipment Reserve Fund 0.00
Local Option Sales Tax 10,009,506.72
Public Improvement Fund 2,440,820.70
Hotel / Motel Tax Fund 283,100.42
Total Cash and Investments $133,660,638.01
B-4
BUILDING PERMITS
City officials report the following construction activity as of December 31, 2025. Building permits are reported on a
calendar year basis. The figures below include both new construction and remodeling.
2021 2022 2023 2024 2025
Single Family Homes:
No. of new homes: 825 526 818 681 480
Valuation: $255,886,242 $185,589,379 $266,093,391 $248,657,275 $188,935,390
No. of Multi-Family: 6 7 7 11 3
Valuation: $38,783,720 $118,158,451 $53,588,277 $82,240,230 $21,188,611
Commercial/Industrial/Other:
No. of new buildings: 19 28 28 19 33
Valuation: $25,238,401 $103,543,394 $76,027,844 $79,794,837 $96,468,032
Other: 911 991 949 1,187 1,301
Valuation: $10,714,248 $14,255,636 $20,330,225 $28,873,497 $36,282,057
Total Permits 1,761 1,552 1,802 1,898 1,817
Total Valuations $330,622,611 $421,546,860 $416,039,737 $439,565,839 $342,874,090
Source: The City
OTHER DEBT INFORMATION
INDIRECT GENERAL OBLIGATION DEBT
Taxing District
1/1/2024
Taxable Valuation 1)
Portion of
Taxable Valuation
within the City
Percent
In City G.O. Debt 2)
City’s
Proportionate
Share
Dallas County $10,675,472,904 3) $2,557,231,963 3) 23.95% $16,970,000 $4,064,315
Waukee CSD 8,054,674,604 3) 2,532,139,956 3) 31.44% 353,400,000 111,108,960
Van Meter CSD 399,392,415 24,901,226 6.23% 20,630,000 1,285,249
Ade-Desoto-Minburn CSD 835,920,543 190,781 0.02% 44,865,000 8,973
Des Moines Area
Community College 70,094,870,665 3) 2,557,231,963 3) 3.65% 111,280,000 4,061,720
City’s Share of Total Overlapping Debt $120,529,217
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 December 10, 2025.
3) Includes Dallas County Assessor reduction the Taxable Valuation related to the Apple, Inc by $131,644,741 during Fiscal Year
2025-2026. See PROPERTY TAX VALUATION CORRECTION for additional information.
B-5
DEBT RATIOS
G.O. Debt
Debt/Actual
Market Value
($4,759,083,561) 1)
Debt/31,823 2)
Population
Total General Obligation Deb $166,080,000* 3.49%* $5,218.87*
Less: General Obligation Debt paid by
Water and Stormwate (4,185,000)
Net General Obligation Deb $161,895,000* 3.40%* $5,087.36*
City’s Share of Total Overlapping Debt $120,529,217 2.53% $3,787.49
1) Based on 1/1/2024 Actual Value. Includes Ag. Land, Ag. Buildings, TIF Increment and all Utilities and adjusted by the Dallas
County Assessor reducing the Actual Market Value related to the Apple, Inc by $146,274,710. See PROPERTY TAX
VALUATION CORRECTION for additional information.
2) Population based on the 2024 U.S. Special Census.
* Preliminary; subject to change.
(The remainder of this page was left blank intentionally)
B-6
OTHER AGREEMENTS Estimated Total Estimated* Total Final Total Estimated* Obligation Estimated Payment Obligation Outstanding Payable in FY26
Agreements Obligation Date as of 3 04 26 as of 3 04/26
Axon Lease (Police Equipment) 1) $380,374 11/1/2026 $76,075 $76,075
Waukee Crossing LLC 1) $492,000 6/30/2027 $417,743 $191,500
Fridley Theatres LLC 1) $2,328,065 6/30/2028 $846,930 $169,386
Deery, Deery LLC 1) $950,000 6/30/2028 $116,539 $116,539
Access Systems Inc.1) $280,568 6/30/2028 $280,568 $97,321
Axon Loan (Police Equipment) 1) $156,622 11/1/2028 $93,974 $31,324
SPLaw Properties, LLC (City Hall) 1) $549,902 9/1/2029 $188,898 $13,111
Kettleview, LLC 1) $1,501,801 6/30/2029 $1,461,045 $642,537
Central Iowa Hospital Corporation
(Unity Point) 2)
$650,000
6/30/2029
$650,000
$0
Stivers Ford 2) $204,800 6/30/2029 $204,800 $0
117 Land Company & RJ Lawn 1) $1,150,000 6/30/2029 $749,185 $157,211
Holmes Murphy KC (Kettlestone) 1) $4,108,614 6/30/2030 $2,294,219 $468,058
TIC Properties, LLC 2) $1,494,952 6/30/2033 $1,494,952 $0
IDOT 3) $7,339,294 6/30/2034 $5,871,436 $733,929
Waukee Towne Center, LLC 1) $1,100,000 6/30/2036 $1,100,000 $0
AP North, L.C. 2) $2,000,000 6/30/2036 $2,000,000 $0
SJC $505,000 6/30/2037 $505,000 $0
Kettlestone Lakes LLC $10,000,000 6/30/2040 $10,000,000 $0
Caliber Land/Kettlestone Central 2) $9,720,000 6/30/2042 $9,720,000 $0
Waukee Towne Center, LLC 2)hT $20,916,695 6/30/2044 $20,916,695 $0
The Quarter at Waukee, LLC 1) $38,180,416 6/30/2046 $38,180,416 $768,160
Caliber Land/Kettlestone Central/Iowa
Youth Athletic Foundation 2)
$55,000,000
6/30/2054
$39,487,500
$0
Total $136,655,975 $3,465,152
* Rebate payments are estimated based on current valuations and FY 2025-26 tax rates; preliminary; subject to change.
1) These agreements are subject to annual appropriation. Payments have been appropriated for Fiscal Year 2025-26, excluding any
payments that have already been made as of the date of this Official Statement.
2) These agreements are subject to annual appropriation. Payments have not been appropriated for Fiscal Year 2025-26.
3) 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.
REVENUE DEBT
Stormwater Management Utility Revenue Debt
The City has revenue debt payable from the Stormwater Management Utility as follows:
Date
of Issue
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
6/16A $640,000 Stormwater Improvements 6/26 $70,000
9/23C 3,350,000 Stormwater Improvements 6/43 3,150,000
Total $3,220,000
B-7
Water Utility Revenue Debt
The City has revenue debt payable from the Water Utility as follows:
Date
of Issue
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
7/15B $1,450,000 Water Improvements 6/27 $275,000
6/18B 3,410,000 Water Improvements 6/38 2,710,000
8/19B 2,040,000 Water Improvements 6/34 1,370,000
12/25 7,000,000 CIWW Asset Buy-In 6/45 7,000,000
Total $11,355,000
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”). CIWW commenced operations as a
wholesale water supplier to member agencies on January 1, 2025. CIWW establishes 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 from CIWW’s initial capacity of 134.50 MGD. CIWW will construct new or expanded additional water
supply facilities consistent with its long-range plan. The City has certain membership costs as a member agency including,
without limitation, amounts equal to an allocated share of CIWW’s reserve funds, debt service payments, capital
contributions and operating expenses. The City pays its membership costs to CIWW each fiscal year from revenues of
its Water Utility. When CIWW issues additional debt in the future, the City’s operational costs in the Water Utility will
increase per the terms of the Agreement.
Sewer Utility Revenue Debt
The City has revenue debt payable from the Sewer Utility as follows:
Date
of Issue
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
9/17 $10,858,375 1) Sewer Imp. (SRF Loan) 6/38 $7,457,000
6/18C 3,565,000 Sewer Improvements 6/38 2,710,000
7/18 2,386,508 Sewer Imp. (SRF Loan) 6/38 1,710,000
4/23A 14,129,000 2) Sewer Imp (SRF Loan) 6/44 13,539,000
Total $25,416,000
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) The City amended the loan agreement to add a sponsored project of $929,000 for a total of $14,129,000. Based on preliminary
debt service schedule established prior to final project draws. The City has drawn $13,277,616.88 of the $14,129,000 as of
December 10, 2025.
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 2025-26 flows is as follows:
Date
of Issue
Allocated/
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
06/08A $477,428 Sewer Improvements (SRF Loan) 6/39 $416,911 1)
06/08B 312,970 Sewer Improvements (SRF Loan) 6/39 252,672 2)
06/08D 126,140 Sewer Improvements (SRF Loan) 6/38 96,368 3)
3/09B 388,920 Sewer Improvements (SRF Loan) 6/39 327,495 4)
7/09C 425,960 Sewer Improvements (SRF Loan) 6/39 358,573 5)
4/10A 233,750 Sewer Improvements (SRF Loan) 6/40 229,697 6)
4/10B 324,100 Sewer Improvements (SRF Loan) 6/40 287,994 7)
6/10C-1 37,200 Sewer Improvements (SRF Loan) 6/32 62,908 8)
6/10C-2 389,150 Sewer Improvements (SRF Loan) 6/32 279,083 9)
3/11B 739,461 Sewer Improvements (SRF Loan) 6/41 686,459 10)
5/11A 1,046,925 Sewer Improvements (SRF Loan) 6/42 1,318,069 11)
5/11C 259,564 Sewer Improvements (SRF Loan) 6/41 272,696 12)
12/11D 378,144 Sewer Improvements (SRF Loan) 6/43 467,749 13)
5/12B 130,229 Sewer Improvements (SRF Loan) 6/42 125,487 14)
5/12C 303,660 Sewer Improvements (SRF Loan) 6/43 411,422 15)
5/12D 118,090 Sewer Improvements (SRF Loan) 6/42 153,709 16)
11/12E 577,854 Sewer Improvements (SRF Loan) 6/43 575,466 17)
11/12F 67,087 Sewer Improvements (SRF Loan) 6/43 66,726 18)
11/12G 592,020 Sewer Improvements (SRF Loan) 6/44 753,355 19)
4/13A 141,680 Sewer Improvements (SRF Loan) 6/43 176,378 20)
1/14A 35,820 Sewer Improvements (SRF Loan) 6/34 28,494 21)
2/14C 268,488 Sewer Improvements (SRF Loan) 6/34 183,530 22)
2/14D 179,040 Sewer Improvements (SRF Loan) 6/34 133,669 23)
1/15A 307,768 Sewer Improvements (SRF Loan) 6/35 210,277 24)
1/15C 85,792 Sewer Improvements (SRF Loan) 6/35 60,393 25)
5/15E 1,178,866 Sewer Revenue Refunding Bonds 6/36 926,608 26)
2/16A 178,858 Sewer Improvements (SRF Loan) 6/35 137,246 27)
12/16E 34,886 Sewer Improvements (SRF Loan) 6/36 23,386 28)
12/16F 706,400 Sewer Improvements (SRF Loan) 6/48 833,995 29)
12/17A 855,380 Sewer Improvements (SRF Loan) 6/49 1,044,590 30)
5/18A 101,304 Sewer Improvements (SRF Loan) 6/40 104,510 31)
12/18D-1 241,200 Sewer Improvements (SRF Loan) 6/39 261,860 32)
12/18D-2 172,850 Sewer Improvements (SRF Loan) 6/30 65,030 33)
12/18E 272,556 Sewer Improvements (SRF Loan) 6/40 302,891 34)
12/18F 144,720 Sewer Improvements (SRF Loan) 6/39 80,226 35)
12/19A 290,585 Sewer Improvements (SRF Loan) 6/39 279,874 36)
12/20B 271,164 Sewer Improvements (SRF Loan) 6/42 349,115 37)
3/21A 1,499,571 Sewer Revenue Refunding Bonds 6/34 1,272,839 38)
6/22A 527,583 Sewer Improvements (SRF Loan) 6/43 596,094 39)
(Continued on next page)
B-9
Date
of Issue
Allocated/
Original
Amoun Purpose
Final
Maturity
Principal
Outstanding
As of 03/04/26
12/22B $217,944 Sewer Improvements (SRF Loan) 6/43 $152,256 40)
12/22C 312,070 Sewer Improvements (SRF Loan) 6/43 284,338 41)
12/22D 748,968 Sewer Improvements (SRF Loan) 6/54 810,401 42)
5/23A 879,470 Sewer Improvements (SRF Loan) 6/46 981,460 43)
6/24B 778,644 Sewer Improvements 6/39 753,033 44)
8/24C 235,296 Sewer Improvements (SRF Loan) 6/44 231,815 45)
8/24D 309,600 Sewer Improvements (SRF Loan) 6/55 316,600 46)
12/24E 316,600 Sewer Improvements (SRF Loan) 6/46 316,600 47)
2/25A 373,588 Sewer Improvements (SRF Loan) 6/34 373,588 48)
9/25B 696,520 Sewer Improvements (SRF Loan) 6/46 696,520 49)
9/25C 81,050 Sewer Improvements (SRF Loan) 6/45 81,050 50)
9/25D 60,154 Sewer Improvements (SRF Loan) 6/45 60,154 51)
Total $19,271,739
1) The City’s flow-based share of the WRA’s Series 2008A SRF loan outstanding in the amount of $9,725,000.
2) The City’s flow-based share of the WRA’s Series 2008B SRF loan outstanding in the amount of $3,870,000.
3) The City’s flow-based share of the WRA’s Series 2008D SRF loan outstanding in the amount of $1,476,000.
4) The City’s flow-based share of the WRA’s Series 2009B SRF loan outstanding in the amount of $5,016,000.
5) The City’s flow-based share of the WRA’s Series 2009C SRF loan outstanding in the amount of $5,492,000.
6) The City’s flow-based share of the WRA’s Series 2010A SRF loan outstanding in the amount of $5,358,000.
7) The City’s flow-based share of the WRA’s Series 2010B SRF loan outstanding in the amount of $4,411,000.
8) The City’s flow-based share of the WRA’s Series 2010C-1 SRF loan outstanding in the amount of $1,987,000.
9) The City’s flow-based share of the WRA’s Series 2010C-2 SRF loan outstanding in the amount of $8,815,000.
10) The City’s flow-based share of the WRA’s Series 2011B SRF loan outstanding in the amount of $10,514,000.
11) The City’s flow-based share of the WRA’s Series 2011A SRF loan outstanding in the amount of $41,632,000.
12) The City’s flow-based share of the WRA’s Series 2011C SRF loan outstanding in the amount of $6,361,000.
13) The City’s flow-based share of the WRA’s Series 2011D SRF loan outstanding in the amount of $10,910,861.
14) The City’s flow-based share of the WRA’s Series 2012B SRF loan outstanding in the amount of $1,922,000.
15) The City’s flow-based share of the WRA’s Series 2012C SRF loan outstanding in the amount of $12,995,000.
16) The City’s flow-based share of the WRA’s Series 2012D SRF loan outstanding in the amount of $4,855,000.
17) The City’s flow-based share of the WRA’s Series 2012E SRF loan outstanding in the amount of $8,814,000.
18) The City’s flow-based share of the WRA’s Series 2012F SRF loan outstanding in the amount of $1,022,000.
19) The City’s flow-based share of the WRA’s Series 2012G SRF loan outstanding in the amount of $17,573,000.
20) The City’s flow-based share of the WRA’s Series 2013A SRF loan outstanding in the amount of $5,571,000.
21) The City’s flow-based share of the WRA’s Series 2014A SRF loan outstanding in the amount of $900,000.
22) The City’s flow-based share of the WRA’s Series 2014C SRF loan outstanding in the amount of $2,811,000.
23) The City’s flow-based share of the WRA’s Series 2014D SRF loan outstanding in the amount of $3,118,000.
24) The City’s flow-based share of the WRA’s Series 2015A SRF loan outstanding in the amount of $4,905,000.
25) The City’s flow-based share of the WRA’s Series 2015C SRF loan outstanding in the amount of $925,000.
26) The City’s flow-based share of the WRA’s Series 2015E Refunding Bonds outstanding in the amount of $20,125,000.
27) The City’s flow-based share of the WRA’s Series 2016A SRF loan outstanding in the amount of $4,335,000.
28) The City’s flow-based share of the WRA’s Series 2016E SRF loan outstanding in the amount of $358,179.
29) The City’s flow-based share of the WRA’s Series 2016F SRF loan outstanding in the amount of $33,557,000.
30) The City’s flow-based share of the WRA’s Series 2017A SRF loan outstanding in the amount of $32,994,000.
31) The City’s flow-based share of the WRA’s Series 2018A SRF loan outstanding in the amount of $3,301,000.
32) The City’s flow-based share of the WRA’s Series 2018D-1 SRF loan outstanding in the amount of $8,271,000.
33) The City’s flow-based share of the WRA’s Series 2018D-2 SRF loan outstanding in the amount of $2,054,000. The WRA
prepaid maturities 2037-2039 on June 1, 2022, prepaid maturities 2034-2036 on June 1, 2023, prepaid the 2033 maturity on June
27, 2024 and prepaid maturities 2031 and 2032 on June 1, 2025.
34) The City’s flow-based share of the WRA’s Series 2018E SRF loan outstanding in the amount of $9,567,000.
35) The City’s flow-based share of the WRA’s Series 2018F SRF loan outstanding in the amount of $2,534,000.
36) The City’s flow-based share of the WRA’s Series 2019A SRF loan outstanding in the amount of $8,840,000.
(Continued on next page.)
B-10
37) The City’s flow-based share of the WRA’s Series 2020B SRF loan outstanding in the amount of $11,027,000.
38) The City’s flow-based share of the WRA’s Series 2021A Refunding Bonds outstanding in the amount of $27,995,000.
39) The City’s flow-based share of the WRA’s Series 2022A SRF Loan outstanding in the amount of $18,828,000.
40) The City’s flow-based share of the WRA’s Series 2022B SRF Loan outstanding in the amount of $2,332,000.
41) The City’s flow-based share of the WRA’s Series 2022C SRF Loan outstanding in the amount of $8,981,000.
42) The City’s flow-based share of the WRA’s Series 2022D SRF Loan outstanding in the amount of $25,597,000.
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 Sewer Revenue Bonds outstanding in the amount of $23,785,000.
45) The City’s flow-based share of the WRA’s Series 2024C SRF loan outstanding in the amount of $7,322,000.
46) The City’s flow-based share of the WRA’s Series 2024D SRF loan outstanding in the amount of $10,000,000.
47) The City’s flow-based share of the WRA’s Series 2024E SRF loan outstanding in the amount of $10,000,000.
48) The City’s flow-based share of the WRA’s Series 2025A SRF loan outstanding in the amount of $11,800,000.
49) The City’s flow-based share of the WRA’s Series 2025B SRF loan outstanding in the amount of $22,000,000.
50) The City’s flow-based share of the WRA’s Series 2025C SRF loan outstanding in the amount of $2,560,000.
51) The City’s flow-based share of the WRA’s Series 2025D SRF loan outstanding in the amount of $1,900,000.
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-11
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 Distric Education 2,600 2)
Hy-Vee Grocery Store 639
City of Waukee City Government 453 3)
Holmes Murphy & Assoc Insurance 450
Waukee Family YMCA Family Recreation & Health Cente 350
Targe Retail 280
Stivers Ford Automobile Sales and Service 173
Access Systems Office Technologies 151
1st Interiors Commercial 140
Gilcrest/Jewett Lumber Company Lumber, Windows, Doors 110
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:
Employe Type of Business
Approximate Number
of Employees 1)
H -Vee Inc. Retail Grocer /Dru store 11 868 2)
Case ’s General Stores Inc. Convenient Store Merchandise 11 000
Wells Far o & Co. Financial Services/Home Mort a e 11 000 3)
Merc One Healthcare 5 641
Princi al Financial Grou Global Investment 5 575
Unit Point Health Healthcare 5 512
Des Moines Public Schools Education 5 000 4)
Amazon Distribution 4 100
John Deere A . Machiner /Software/Financial Services 3 374
Care Initiatives Healthcare 3 300
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.
Source: The Greater Des Moines Partnership website as of May 2025. The list is updated frequently as changes are identified and
is not to be construed as a complete profile.
B-12
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
2024 U.S. Special Census 31,823
Source: U.S. Census Bureau
UNEMPLOYMENT RATES
Dallas County State of Iowa
Annual Averages: 2021 2.5% 3.9%
2022 2.0% 2.8%
2023 2.2% 2.9%
2024 2.6% 3.0%
2025 (through August) 3.4% 3.5%
Source: U.S. Bureau of Labor Statistics
EDUCATION
The Waukee Community School District (the “District”) provides public education with a certified enrollment for the
2025-26 school year of 14.016.7. The District currently has approximately 2,014 full-time and part-time employees and
approximately 548 additional part-time teacher substitutes and associates. The District owns and operates eleven
elementary schools, four middle schools, two eighth-ninth grade schools, two high schools grades which includes an
innovation and learning center and a Natatorium.
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:
Yea
Charter Bank Wells Fargo Bank, N.A. West Bank
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
2024 45,264,000 102,615,000 39,578,000
2025 45,443,000 155,424,000 44,887,000
Source: FDIC website.
APPENDIX C
FORM OF LEGAL OPINION
APPENDIX D
JUNE 30, 2025 INDEPENDENT AUDITOR’S REPORTS
APPENDIX E
FORM OF CONTINUING DISCLOSURE CERTIFICATE
OFFICIAL BID FORM – SERIES 2026A BONDS
To: City Council of Sale Date: February 2, 2026
City of Waukee, Iowa 10:00 A.M. Central Time
RE: $10,460,000* General Obligation Bonds, Series 2026A (the “Bonds”)
This bid is a firm offer for the purchase of the 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 Bonds, in accordance with the “TERMS OF OFFERING”, we will pay you $______________________ (not less than
$10,348,200) plus accrued interest to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as
follows:
Coupon Maturity Yield Coupon Maturity Yield
________ 2027 ________ ________ 2037 ________
________ 2028 ________ ________ 2038 ________
________ 2029 ________ ________ 2039 ________
________ 2030 ________ ________ 2040 ________
________ 2031 ________ ________ 2041 ________
________ 2032 ________ ________ 2042 ________
________ 2033 ________ ________ 2043 ________
________ 2034 ________ ________ 2044 ________
________ 2035 ________ ________ 2045 ________
________ 2036 ________ ________ ________
* Preliminary; subject to change. The aggregate principal amount of the 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 $13,365,000. 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
Bonds is adjusted as described above. Any change in the principal amount of any maturity of the 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 Bonds to be aggregated into term Bonds maturing on June 1 of the following years and in the
following amounts (leave blank if no term bond specified):
Years A re ated Maturit Yea A re ate Amoun
throu h
throu h
throu h
In making this offer we accept all of the terms and conditions of the “TERMS OF OFFERING” published in the Preliminary Official
Statement dated January 19, 2026 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 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 March 4, 2026)
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 2nd day of February 2026.
Attest: _________________________________ By: ________________________________________
Title: __________________________________ Title: _______________________________________