HomeMy WebLinkAbout2021-02-16-I02C Bond - GO Series 2021A - Advertise SaleAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 16, 2021
AGENDA ITEM:Consideration of approval of a resolution directing the advertisement for
sale and approving electronic bidding procedures and Official Statement
[$17,725,000 General Obligation Bonds, Series 2021A]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed resolution sets March 1, 2021, as the
date for receipt of bids and consideration of sale.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$17,725,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Preliminary Official Statement, Series 2021A
PREPARED BY:Becky Schuett
REVIEWED BY:
I2C
- 1 -
RESOLUTION 2021-
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $17,725,000 GENERAL OBLIGATION BONDS,
SERIES 2021A, 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; settlement, adjustment, renewing, or extension of any part or
all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or
the funding or refunding of the same, including the General Obligation Bonds, Series 2013B and
General Obligation Urban Renewal Bonds, Series 2013D, essential corporate purpose(s), and it
is deemed necessary and advisable that General Obligation Urban Renewal Bonds, to the amount
of not to exceed $9,500,000 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, in conjunction with its Financial 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 Financial Advisor evaluating
and recommending the procedure hereinafter described for electronic, facsimile and internet
bidding to maintain the integrity and security of the competitive bidding process and to facilitate
the delivery of bids by interested parties; and
WHEREAS, the Council deems it in the best interests of the City and the residents
thereof to receive bids to purchase such Bonds by means of both sealed and electronic internet
communication.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1.That the receipt of electronic bids by facsimile machine 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.
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Section 2.That General Obligation Bonds, Series 2021A, of City of Waukee, State of
Iowa, in the amount of $17,725,000, to be issued as referred to in the preamble of this
Resolution, to be dated April 6, 2021, 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
Financial 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 1st day of March, 2021, 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 February 23, 2021)
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 1st day of March, 2021. 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 2021A, in the
amount of $17,725,000*, to be dated April 6, 2021 (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.
The bids must be submitted through the PARITY® competitive bidding system.
Electronic Facsimile Bidding: Electronic facsimile bids will be received at the
office of the City Clerk at City Hall, 230 West Hickman Road, Waukee, Iowa
50263 (facsimile number: 515-987-1845) or the City's Municipal Advisor, PFM
Financial Advisors LLC, Des Moines, Iowa (facsimile number: 515-243-6994).
Electronic facsimile bids will be treated as sealed bids.
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. Due to public health concerns related to COVID-19, as authorized by
emergency proclamation of the Governor of the State of Iowa, this meeting will be held
electronically. Citizens may access the meeting by internet via the following link:
https://zoom.us/j/352651371 (Meeting ID: 352-651-371), or telephonically via the following
numbers: +1 646-558-8656 or +1 312-626-6799 or +1 301-715-8592. Please check the posted
agenda in advance of the March 1, 2021 meeting for any updates to the manner in which the
public may access the meeting.
Official Statement: The Issuer has issued an Official Statement of information pertaining
to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid
Form, which is incorporated by reference as a part of this notice. The Official Statement may be
obtained by request addressed to the Finance Director, City Hall, 230 West Hickman Road,
Waukee, Iowa 50263; Telephone: 515-987-7919 or the Issuer's Municipal Advisor, PFM
Financial Advisors LLC, 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50309, Telephone:
515-243-2600.
Terms of Offering: All bids shall be in conformity with and the sale shall be in
accordance with the Terms of Offering as set forth in the Official Statement.
Legal Opinion: The Bonds will be sold subject to the opinion of Ahlers & Cooney, P.C.,
Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together
with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except
to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not
examine or review or express any opinion with respect to the accuracy or completeness of
documents, materials or statements made or furnished in connection with the sale, issuance or
marketing of the Bonds.
Rights Reserved: The right is reserved to reject any or all bids, and to waive any
irregularities as deemed to be in the best interests of the public.
By order of the City Council of the City of Waukee, State of Iowa.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 16th day of February, 2021.
__________________________________
Mayor
ATTEST:
__________________________________
City Clerk
This Preliminary Official Statement and the information contained herein are subject to completion, amendment or other change without notice. The Bonds may not be sold nor may offers to buy be accepted prior to the time the Preliminary Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of any such jurisdiction. PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 15, 2021
New and Refunding Issue Rating: Application Made to Moody’s Investors Service
Assuming compliance with certain covenants, in the opinion of Ahlers & Cooney, P.C., Bond Counsel, under present law and assuming continued
compliance with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excludable from gross
income for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax.
The Bonds will NOT be designated as “qualified tax-exempt obligations”. See “TAX MATTERS” section herein for a more detailed discussion.
CITY OF WAUKEE, IOWA
$17,725,000* General Obligation Bonds, Series 2021A
BIDS RECEIVED: Monday, March 1, 2021, 10:00 A.M., Central Time
AWARD: Monday, March 1, 2021, 5:30 P.M., Central Time
Dated: Date of Delivery (April 6, 2021) Principal Due: June 1, as shown inside front cover
The $17,725,000* General Obligation Bonds, Series 2021A (the “Bonds”) are being issued pursuant to Division III of
Chapter 384 of the Code of Iowa and a resolution (the “Resolution”) to be adopted by the City Council of the City of
Waukee, Iowa (the “City”). The Bonds are being issued to pay the costs of opening, widening, extending, grading and
draining of the rights-of-way of streets, highways, avenues, alleys, 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, traffic control devices and
signage. In addition, the Bonds are being issued to currently refund, on June 1, 2021, $735,000 of the outstanding General
Obligation Bonds, Series 2013B, dated May 28, 2013, maturing June 1, 2022 through 2028 (the “Series 2013B Bonds”)
and $1,700,000 General Obligation Urban Renewal Bonds, Series 2013D, dated December 12, 2013, maturing June 1,
2022 through 2033 (the “Series 2013D Bonds”). 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, 2022, and interest on the Bonds, payable
initially on December 1, 2021 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: $17,547,750
GOOD FAITH DEPOSIT: 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
unqualified approving 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 April 6, 2021 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
$17,725,000* General Obligation Bonds, Series 2021A
MATURITY: The Bonds will mature June 1 in the years and amounts as follows:
Year Amount* Year Amount*
2022 $7,110,000 2032 $960,000
2023 590,000 2033 755,000
2024 790,000 2034 170,000
2025 825,000 2035 180,000
2026 860,000 2036 185,000
2027 890,000 2037 195,000
2028 925,000 2038 205,000
2029 850,000 2039 215,000
2030 880,000 2040 220,000
2031 920,000
* 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
$19,000,000. Interest rates specified by the successful bidder for each maturity will not
change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if
the aggregate principal amount of the 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, 2021 and semiannually thereafter.
REDEMPTION: Bonds due after June 1, 2029 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 bonds (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 syndicate manager (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 be 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
Anna Bergman Council Member
Charlie Bottenberg Council Member
Chris Crone Council Member
Larry Lyon Council Member
Ben Sinclair Council Member
Administration
Tim Moerman, City Administrator
Rebecca Schuett, City Clerk
Linda Burkhart, Finance Director
City Attorney
Brick, Gentry P.C.
Steven P. Brick
Des Moines, Iowa
Bond Counsel and Disclosure Counsel
Ahlers & Cooney, P.C.
Des Moines, Iowa
Municipal Advisor
PFM Financial Advisors LLC
Des Moines, Iowa
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 ................................................................................................................................ 3
Future Financing ............................................................................................................................................... 5
Litigation ........................................................................................................................................................... 5
Debt Payment History ....................................................................................................................................... 5
Legality ............................................................................................................................................................. 5
Tax Matters ....................................................................................................................................................... 6
Bondholder's Risks ........................................................................................................................................... 8
Rating .............................................................................................................................................................. 12
Municipal Advisor .......................................................................................................................................... 12
Continuing Disclosure .................................................................................................................................... 12
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, 2020 INDEPENDENT AUDITOR’S REPORTS
APPENDIX E- FORM OF CONTINUING DISCLOSURE CERTIFICATE
OFFICIAL BID FORM
(This page has been intentionally left blank.)
i
TERMS OF OFFERING
CITY OF WAUKEE, IOWA
Bids for the purchase of the City of Waukee, Iowa’s (the “City”) $17,725,000* General Obligation Bonds, Series
2021A (the “Bonds”) will be received on Monday, March 1, 2021, 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 515-724-5724.
Information may also be obtained from Ms. Linda Burkhart, Finance Director, City of Waukee, 230 West Hickman
Road, Waukee, Iowa 50263, telephone 515-978-7919.
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 2021A in the principal amount of $17,725,000*, will be dated the date of
delivery date (anticipated to be April 6, 2021) in the denomination of $5,000 or multiples thereof, and will mature
June 1 as follows:
Year Amount* Year Amount*
2022 $7,110,000 2032 $960,000
2023 590,000 2033 755,000
2024 790,000 2034 170,000
2025 825,000 2035 180,000
2026 860,000 2036 185,000
2027 890,000 2037 195,000
2028 925,000 2038 205,000
2029 850,000 2039 215,000
2030 880,000 2040 220,000
2031 920,000
* Preliminary; subject to change.
ADJUSTMENT TO BOND MATURITY AMOUNTS
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
decrease each maturity in increments of $5,000 but the total amount to be issued will not exceed $19,000,000. Interest
rates specified by the successful bidder for each maturity will not change. Final adjustments shall be in the sole
discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal
amount of the 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 ON THE BONDS
Interest on the Bonds will be payable on December 1, 2021 and semiannually on the 1st day of June and December
thereafter. Interest and principal shall be paid to the registered holder of an Obligation 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.
ii
OPTIONAL REDEMPTION OF THE BONDS
Bonds due after June 1, 2029 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 FORM 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 $177,250 for the Bonds (the “Deposit”) is required from the lowest bidder 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 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 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 price of the Bonds. In the event a Purchaser fails to
honor its accepted bid proposal, the Deposit will be retained by the City.
FORM OF BIDS AND AWARD
All bids shall be unconditional for the Bonds for a price not less than $17,547,750 plus accrued interest and shall specify
the rate or rates of interest in conformity to the limitations set forth under the “BIDDING PARAMETERS” section
herein. 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 herein. 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 the Bonds, the amount payable
on each interest payment date and on each stated maturity date or earlier mandatory redemption, so that the aggregate of
such amounts will equal the aggregate purchase price offered therefore. The TIC shall be stated in terms of an annual
percentage rate and shall be that rate of interest, which is twice the semiannual rate so ascertained (also known as the
Canadian Method). The TIC shall be as determined by the Municipal Advisor based on the TERMS OF OFFERING
and all amendments, and on the bids as submitted. The Municipal Advisor’s computation of the TIC of each bid shall
be controlling. In the event of tie bids for the lowest TIC, the Bonds will be awarded by lot.
The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt
of bids and award of the Bonds, (ii) reject all bids without cause, and (iii) reject any bid which the City determines to
have failed to comply with the terms herein.
BIDDING PARAMETERS
The bidder’s proposal must conform to the following limitations:
1. Each annual maturity shall 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.
iii
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’s Municipal Advisor,
PFM Financial Advisors LLC, Des Moines, Iowa 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50309. 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 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.
Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the City Clerk at City Hall,
facsimile number 515-987-1845, or at the office of PFM Financial Advisors LLC, facsimile number 515-243-6994.
Electronic facsimile bids will be sealed and treated as sealed bids.
Electronic facsimile bids received after the deadline will be rejected. Bidders electing to submit bids via electronic
facsimile transmission bear full responsibility for the transmission of such bid. 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 facsimile facilities
or any other means used to deliver or complete a bid. The use of such facilities or means is at the sole risk of the
prospective bidder who shall be bound by the terms of the bid as received. Neither the City nor its agents will assume
liability for the inability of the bidder to reach the above-named facsimile numbers prior to the time of sale specified
above. Time of receipt shall be the time recorded by the facsimile operator receiving the bids.
BOOK-ENTRY-ONLY ISSUANCE
The Bonds will be issued by means of a book-entry-only system with no physical distribution of obligation 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 obligation certificates with DTC.
iv
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 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 Purchaser consents 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 price 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.
v
In the event the competitive sale requirements are not satisfied for the Bonds, 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 each respective series of the Bonds will be subject to the hold-the-offering-
price rule in order to establish the issue price of the Bonds.
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 (a) the close of the fifth (5th) business day after
the sale date, or (b) 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.
vi
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 (a) 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), (b) 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 (c) more than 50% common ownership of the value of the outstanding
stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a
corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one
entity of the other); and (iv) “sale date” means the date that the 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, 2021, 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 FORM OF
CONTINUING DISCLOSURE CERTIFICATE 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 FORM OF CONTINUING DISCLOSURE CERTIFICATE.
These covenants have been made in order to assist the Purchaser in complying with section (b)(5) of the Rule.
Within the past five years, the City inadvertently failed to timely file a notice of financial obligation for the private
placement of their Series 2020A Bonds. The City initiated a public bid process for Series 2020A, but rejected all bids
received due to the market turmoil associated with the onset of the COVID-19 pandemic. The negotiated placement
closed on May 7, 2020. A filing along with a notice of their failure to timely file was posted to EMMA on
August 26, 2020. The City failed to timely file a notice of financial obligation related to the amendment of a
development agreement approved on August 3, 2020. A filing along with a notice of failure to timely file was posted to
EMMA on September 16, 2020. Aside from those noted here, the City is not aware of any other instance in the
previous five years in which it has failed to comply, in all material respects, with previous undertakings in a written
contract or agreement specified in paragraph (b)(5)(i) of the Rule.
vii
Breach of the undertakings will not constitute a default or an “Event of Default” under the Bonds or the Resolution for
the Bonds. A broker or dealer is to consider a known breach of the undertakings, however, before recommending the
purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the
undertakings may adversely affect the transferability and liquidity of the Bonds and their market price.
CUSIP NUMBERS
It is anticipated the Committee on Uniform Security Identification Procedures (“CUSIP”) numbers will be printed on
the Bonds and the Purchaser must agree in the bid proposal to pay the cost thereof. In no event will the City, Bond
Counsel or Municipal Advisor be responsible for the review or express any opinion that the CUSIP numbers are correct.
Incorrect CUSIP numbers on said Bonds shall not be cause for the Purchaser to refuse to accept delivery of said Bonds.
BY ORDER OF THE CITY COUNCIL
City of Waukee, Iowa
/s/ Linda Burkhart, Finance Director
viii
$17,725,000*
CITY OF WAUKEE, IOWA
General Obligation Bonds, Series 2021A
Bonds Dated:
Interest Due: December 1, 2021 and each June 1 and December 1 to maturity
Principal Due: June 1, 2022-2040
Cumulative
Year Bond Years Bond Years
2022 $7,110,000 8,196.25 8,196.25
2023 590,000 1,270.14 9,466.39
2024 790,000 2,490.69 11,957.08
2025 825,000 3,426.04 15,383.13
2026 860,000 4,431.39 19,814.51
2027 890,000 5,475.97 25,290.49
2028 925,000 6,616.32 31,906.81
2029 850,000 6,929.86 38,836.67
2030 880,000 8,054.44 46,891.11
2031 920,000 9,340.56 56,231.67
2032 960,000 10,706.67 66,938.33
2033 755,000 9,175.35 76,113.68
2034 170,000 2,235.97 78,349.65
2035 180,000 2,547.50 80,897.15
2036 185,000 2,803.26 83,700.42
2037 195,000 3,149.79 86,850.21
2038 205,000 3,516.32 90,366.53
2039 215,000 3,902.85 94,269.38
2040 220,000 4,213.61 98,482.99
Average Maturity (dated date): 5.556 Years
* Preliminary; subject to change
SCHEDULE OF BOND YEARS
April 6, 2021
Principal*
EXHIBIT 1
FORMS OF ISSUE PRICE CERTIFICATES
(This page has been intentionally left blank.)
EXHIBIT 1-A to TERMS OF OFFERING
COMPETITIVE SALES WITH AT LEAST THREE BIDS FROM ESTABLISHED UNDERWRITERS
ISSUE PRICE CERTIFICATE
$_______ General Obligation Bonds, Series 2021A
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 March 1, 2021.
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
f) The representations set forth in this certificate are limited to factual matters only. Nothing in this
certificate represents Purchaser’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the
foregoing information will be relied upon by the Issuer and its advisors with respect to certain of the representations set
forth in the Tax Exemption Certificate and with respect to compliance with the federal income tax rules affecting the
Bonds, and by Bond Counsel in connection with rendering its opinion that the interest on the Bonds is excluded from
gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other
federal income tax advice that it may give to the Issuer from time to time relating to the Bonds.
[UNDERWRITER]
By:_______________________________________
Name:_____________________________________
Dated: April 6, 2021
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE A
EXPECTED OFFERING PRICES
$_______ General Obligation Bonds, Series 2021A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-A to TERMS OF OFFERING
SCHEDULE B
COPY OF UNDERWRITER’S BID
$_______ General Obligation Bonds, Series 2021A
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 2021A
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.
EXHIBIT 1-B to TERMS OF OFFERING
d) Issuer means City of Waukee, Iowa.
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 March 1, 2021.
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).
i) The representations set forth in this certificate are limited to factual matters only. Nothing in this
certificate represents [the Purchaser][the Representative's] interpretation of any laws, including specifically Sections
103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The
undersigned understands that the foregoing information will be relied upon by the Issuer and its advisors with respect to
certain of the representations set forth in the Tax Exemption Certificate and with respect to compliance with the federal
income tax rules affecting the Bonds, and by Bond Counsel in connection with rendering its opinion that the interest on
the Bonds is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue
Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to
the Bonds.
[UNDERWRITER][REPRESENTATIVE]
By:____________________________________
Name:__________________________________
Dated: April 6, 2021
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 2021A
City of Waukee, Iowa
(Attached)
EXHIBIT 1-B to TERMS OF OFFERING
SCHEDULE B
PRICING WIRE OR EQUIVALENT COMMUNICATION
$_______ General Obligation Bonds, Series 2021A
City of Waukee, Iowa
(Attached)
1
PRELIMINARY OFFICIAL STATEMENT
CITY OF WAUKEE, IOWA
$17,725,000* General Obligation Bonds, Series 2021A
INTRODUCTION
This Preliminary Official Statement contains information relating to the City of Waukee, Iowa (the “City”) and its
issuance of $17,725,000* General Obligation Bonds, Series 2021A (the “Bonds”) This Preliminary Official Statement
has been executed on behalf of the City by its Finance Director and may be distributed in connection with the sale of the
Bonds authorized therein. Inquiries regarding the Bonds may be made to the City’s Municipal Advisor, PFM Financial
Advisors LLC (the “Municipal Advisor”), 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50309, telephone 515-
724-5724. Information may also be obtained from Ms. Linda Burkhart, Finance Director, City of Waukee, 230 West
Hickman Road, Waukee, Iowa, 50263, telephone 515-978-7919.
AUTHORITY AND PURPOSE
The Bonds are being issued pursuant to Division III of Chapter 384 of the Code of Iowa and a resolution (the
“Resolution”) to be adopted by the City Council of the City. The Bonds are being issued to pay the costs of opening,
widening, extending, grading and draining of the rights-of-way of streets, highways, avenues, alleys, 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,
traffic control devices and signage. In addition, the Bonds are being issued to currently refund, on June 1, 2021, $735,000
of the outstanding General Obligation Bonds, Series 2013B, dated May 28, 2013, maturing June 1, 2022 through 2028
(the “Series 2013B Bonds”) and $1,700,000 General Obligation Urban Renewal Bonds, Series 2013D, dated
December 12, 2013, maturing June 1, 2022 through 2033 (the “Series 2013D Bonds”).
Issue Refunded by
the Bonds
Call Date
Call Price
Maturities to
be Refunded
Principal
Amount
Coupon
Series 2013B Bonds 6/1/2021 100% 6/1/2022 $100,000 2.000%
6/1/2023 100,000 2.000%
6/1/2024 100,000 2.250%
6/1/2025 105,000 2.500%
6/1/2026 105,000 3.000%
6/1/2027 110,000 3.000%
6/1/2028 115,000 3.000%
Total: $735,000
Series 2013D Bonds 6/1/2021 100% 6/1/2022 $110,000 4.000%
6/1/2023 115,000 4.000%
6/1/2024 120,000 3.000%
6/1/2025 125,000 3.125%
6/1/2026 130,000 3.250%
6/1/2027 135,000 3.500%
6/1/2028 140,000 3.625%
6/1/2029 150,000 3.750%
6/1/2031 1) 320,000 4.000%
6/1/2032 175,000 4.000%
6/1/2033 180,000 4.125%
Total: $1,700,000
1) Term bond maturing on June 1, 2031.
2
The estimated sources and uses of the Bonds are as follows:
Sources of Funds*
Par Amount of Bonds $17,725,000.00
Uses of Funds*
Deposit to Project Fund $15,000,000.00
Redemption of the Series 2013B and 2013D
Bonds
2,435,000.00
Underwriter’s Discount 177,250.00
Cost of Issuance and Contingency 112,750.00
Total Uses $17,725,000.00
* Preliminary; subject to change.
INTEREST ON THE BONDS
Interest on the Bonds will be payable on December 1, 2021 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, 2029 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 for the Bonds prohibits or limits the ability of the City to use legally available moneys other
than the proceeds of the general ad valorem property taxes levied, as described in the preceding paragraph, to pay all or
any portion of the principal of or interest on the 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.
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The Resolution authorizing the Bonds 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 to this Preliminary Official Statement. For a description of certain
constitutional and statutory limits on the issuance of general obligation debt, see “DEBT LIMIT” under “CITY
INDEBTEDNESS” included in APPENDIX A to this Preliminary Official Statement.
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.
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
4
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.
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.
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FUTURE FINANCING
The City is anticipating issuing approximately $22,645,000 General Obligation Urban Renewal Bonds, Series 2021B,
on August 16, 2021.
LITIGATION
The City is not aware of any threatened or pending litigation that may have a material adverse effect on the validity of
the Bonds or the City’s ability to meet its financial obligations.
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. Disclosure Counsel has participated in the preparation of this Preliminary Official Statement. 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 status of interest on the Bonds, which can be found generally under the sections “AUTHORITY AND
PURPOSE”, “OPTIONAL REDEMPTION OF THE BONDS”, “PAYMENT AND SECURITY FOR THE BONDS”
and “TAX MATTERS”, herein. Additionally, Bond Counsel has provided its legal opinion and Continuing Disclosure
Certificate, included in APPENDIX C and APPENDIX E, respectively, within this Preliminary Official Statement.
Bond Counsel is not expressing any opinion as to the completeness or accuracy of the information contained in the
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 opinion 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 for the Bonds. The
owners of the Bonds should, therefore, be prepared to enforce such provisions themselves if the need to do so arises. In
the event of a default in the payment of principal of or interest on the Bonds, there is no provision for acceleration of
maturity of the principal of the Bonds. Consequently, the remedies of the owners of the Bonds (consisting primarily of
an action in the nature of mandamus requiring the City and certain other public officials to perform the terms of the
Resolution for the Bonds) may have to be enforced from year to year. The obligation to pay general ad valorem
property taxes is secured by a statutory lien upon the taxed property but is not an obligation for which a property owner
may be held personally liable in the event of a deficiency. 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. See “LEVIES AND TAX
COLLECTIONS” under “OTHER FINANCIAL INFORMATION” included in APPENDIX A to this Preliminary
Official Statement, 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.
6
TAX MATTERS
Tax Exemptions 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.
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.
Prospective purchasers of the Bonds should be aware that ownership of the Bonds may result in collateral federal
income tax consequences to certain taxpayers, including, without limitation, corporations subject to the branch profits
tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or
Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to
purchase or carry tax-exempt obligations. Bond Counsel will not express any opinion as to such collateral tax
consequences. Prospective purchasers of the Bonds should consult their tax advisors as to collateral federal income tax
consequences.
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. The prospective
purchaser of the Bonds should consult their tax advisors regarding the applicability of any such state and local taxes.
NOT-Qualified Tax-Exempt Obligations: The City will NOT designate Bonds as “qualified tax-exempt obligations”
under the exception provided in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).
Discount and Premium on certain Bonds: The initial public offering price of certain Bonds (the “Discount Bonds”) may
be less than the amount payable on such Bonds at maturity. An amount equal to the difference between the initial
public offering price of Discount Bonds (assuming that a substantial amount of the Discount Bonds of that maturity are
sold to the public at such price) and the amount payable at maturity constitutes original issue discount to the initial
purchaser of such Discount Bonds. Purchasers of Discount Bonds should consult with their own tax advisors with
respect to the determination of accrued original issue discount on Discount Bonds for federal income tax purposes and
with respect to the state and local tax consequences of owning and disposing of Discount Bonds. It is possible that,
under applicable provisions governing determination of state and local income taxes, accrued interest on Discount
Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment.
The initial public offering price of certain Bonds (the “Premium Bonds”) may be greater than the amount payable on
such Premium Bonds at maturity. An amount equal to the difference between the initial public offering price of
Premium Bonds (assuming that a substantial amount of the Premium Bonds of that maturity are sold to the public at
such price) and the amount payable at maturity constitutes a premium to the initial purchaser of such Premium Bonds.
Purchasers of the Premium Bonds should consult with their own tax advisors with respect to the determination of
amortizable bond premium on Premium Bonds for federal income tax purposes and with respect to the state and local
tax consequences of owning and disposing of Premium Bonds.
Other Tax Advice: In addition to the income tax consequences described above, potential investors should consider
the additional tax consequences of the acquisition, ownership, and disposition of the Bonds. For instance, state
income tax law may differ substantially from state to state, and the foregoing is not intended to describe any
aspect of the income tax laws of any state. Therefore, potential investors should consult their own tax advisors with
respect to federal tax issues and with respect to the various state tax consequences of an investment in Bonds.
Audits: The Internal Revenue Service (the “Service”) has an ongoing program of auditing tax-exempt obligations to
determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income
7
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.
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 Bonds
or the market value or marketability of the Bonds. These adverse effects could result, for example, from changes to
federal or state income tax rates, changes in the structure of federal or state income taxes (including replacement with
another type of tax), or repeal (or reduction in the benefit) of the exclusion of interest on the Bonds from gross income
for federal or state income tax purposes for all or certain taxpayers.
Current and future legislative proposals, including some that carry retroactive effective dates, if enacted into law, or
clarification of the Code may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation,
or otherwise prevent owners of the Bonds from realizing the full current benefit of the tax status of such interest.
Recent proposals have been 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 authorizing
issuance of the Bonds. There is no bond trustee or similar person to monitor or enforce the terms of the Resolution for
issuance of the Bonds. In the event of a default in the payment of principal of or interest on the Bonds, there is no
provision for acceleration of maturity of the principal of the Bonds. Consequently, the remedies of the owners of the
Bonds (consisting primarily of an action in the nature of mandamus requiring the City and certain other public officials
to perform the terms of the Resolution for the Bonds) may have to be enforced from year to year. The enforceability of
the rights and remedies of owners of the Bonds may be subject to limitation as set forth in Bond Counsel’s opinion.
The obligation to pay general ad valorem property taxes is secured by a statutory lien upon the taxed property, but is not
an obligation for which a property owner may be held personally liable in the event of a deficiency. The owners of the
Bonds cannot foreclose on property within the boundaries of the City or sell such property in order to pay the debt
service on the Bonds. In addition, the enforceability of the rights and remedies of owners of the Bonds may be subject
to limitation as set forth in Bond Counsel's opinion. The opinion to be delivered concurrently with the delivery of the
Bonds will be qualified as to the enforceability of the various legal instruments by limitations imposed by general
principles of equity and public policy and by bankruptcy, reorganization, insolvency or other similar laws affecting
the rights of creditors generally, and to the exercise of judicial discretion in appropriate cases.
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 Resolution for the Bonds, including principal of and
interest on the Bonds.
8
The Opinion: The opinion 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 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 is not binding on the Service. Bond Counsel assumes no obligation to update its
opinions after the issue date to reflect any further action, fact or circumstance, or change in law or interpretation, or
otherwise.
ALL POTENTIAL PURCHASERS OF THE BONDS SHOULD CONSULT WITH THEIR TAX ADVISORS WITH
RESPECT TO FEDERAL, STATE AND LOCAL TAX CONSEQUENCES OF OWNERSHIP OF THE BONDS
(INCLUDING BUT NOT LIMITED TO THOSE LISTED ABOVE).
BONDHOLDER’S RISKS
An investment in the Bonds is subject to certain risks. No person should purchase the Bonds unless such person
understands the risks described below and is willing to bear those risks. There may be other risks not listed below
which may adversely affect the value of the Bonds. In order to identify risk factors and make an informed investment
decision, potential investors should be thoroughly familiar with this entire Preliminary Official Statement (including the
Appendices hereto) in order to make a judgment as to whether the Bonds are an appropriate investment.
Secondary Market Not Established: There is no established secondary market for the Bonds, and there is no assurance
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 Investors Service, Inc. (“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
9
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 Resolution for
the Bonds.
The practical realization of any rights upon any default will depend upon the exercise of various remedies specified in
the Resolution for the Bonds. 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 principals of equity and
public policy and by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors
generally.
No representation is made and no assurance is given that the enforcement of any remedies with respect to such assets will
result in sufficient funds to pay all amounts due under the Resolution for the Bonds, including principal of and interest on
the Bonds.
Forward-Looking Statements: This Preliminary Official Statement contains statements relating to future results that are
“forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When used in this
Preliminary Official Statement, the words “estimate,” “forecast,” “intend,” “expect” and similar expressions identify
forward-looking statements. Any forward-looking statement is subject to uncertainty. Accordingly, such statements are
subject to risks that could cause actual results to differ, possibly materially, from those contemplated in such forward-
looking statements. Inevitably, some assumptions used to develop forward-looking statements will not be realized or
unanticipated events and circumstances may occur. Therefore, investors should be aware there are likely to be
differences between forward-looking statements and the actual results. These differences could be material and could
impact the availability of funds of the City to pay debt service when due on the Bonds.
Financial Condition of the City from time to time: No representation is made as to the future financial condition of the
City. Certain risks discussed herein could adversely affect the financial condition and or operations of the City in future.
However, 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.
Global Health Emergency Risk: The World Health Organization has declared a pandemic following the outbreak of
COVID-19, a respiratory disease caused by a new strain of coronavirus and on March 13, 2020, the President of the
United States declared a national emergency. The current spread of COVID-19 is altering the behavior of businesses
and people in a manner that may have negative effects on economic activity, and therefore adversely affect the financial
condition of the City, either directly or indirectly. Federal, State, and local officials are taking steps to curb the spread
of the virus, including providing both discretionary and mandatory guidelines and orders regarding public gatherings,
and imposing mandatory closings of some businesses. The spread of the virus could reduce general fund revenues,
hotel/motel tax receipts, sales tax receipts, delay the receipt of property tax payments and negatively impact other
collections dependent on local business activity. At this time, it is not possible to predict the full impact on the City and
its finances. The Bonds are secured by an unlimited ad valorem property tax as described more fully in the
“PAYMENT OF AND SECURITY OF THE BONDS” herein.
Redemption Prior to Maturity: In considering whether to make an investment in the Bonds, it should be noted the
Bonds are subject to optional redemption, as outlined herein, without Bondholder discretion or consent. See
“OPTIONAL REDEMPTION OF 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 Resolution for the
Bonds. Should such an event of taxability occur, the Bonds would not be subject to a special prepayment and would
remain outstanding until maturity or until prepaid under the prepayment provisions contained in the Bonds, and there is
no provision for an adjustment of the interest rates on the Bonds.
It is possible legislation will be proposed or introduced that could result in changes in the way tax exemption is
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.
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It is also possible actions of the City, after the closing 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 don’t increase or otherwise reset. A determination of taxability on the
Bonds after closing could materially adversely affect the value and marketability of the Bonds.
Pending Federal Tax Legislation: From time to time, there are Presidential proposals, proposals of various federal
committees, and legislative proposals pending in Congress that could, if enacted, alter or amend one or more of the
federal (or state) tax matters described herein in certain respects or would adversely affect the market value of the Bonds
or otherwise prevent holders of the Bonds from realizing the full benefit of the tax exemption of interest on the Bonds.
Further, such proposals may impact the marketability or market value of the Bonds simply by being proposed. It cannot
be predicted whether, or in what forms, any of such proposals, either pending or that may be introduced, may be enacted
and there can be no assurance that such proposals will not apply to the Bonds. In addition, regulatory actions are from
time to time announced or proposed and litigation threatened or commenced, which if implemented or concluded in a
particular manner, could adversely affect the market value, marketability or tax status of the Bonds. It cannot be
predicted whether any such regulatory action will be implemented, how any particular litigation or judicial action will be
resolved, or whether the Bonds would be impacted thereby.
Changes in Property Taxation: The Bonds are general obligations of the City secured by an unlimited ad valorem
property tax as described more fully in the “PAYMENT OF AND SECURITY FOR THE BONDS” herein. In the past,
the State Public Health Emergency Declarations had temporarily suspended the provisions that required the imposition
of penalty and interest for delay in property tax payments and directed that no such penalty or interest could be imposed
for the duration of the declaration or any future extension of the suspension. It is impossible to predict whether the
declaration or a future extension thereof could have a material effect on the City’s ability to collect property taxes
necessary for the payment of principal and interest on the Bonds.
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. 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. In December 2019, the City of West Des Moines was the subject of a malicious attempt to disrupt
operations. The network was immediately shut down and an investigation into the cyber-attack is on-going. Public
safety services (Police, Fire, Emergency Medical Services and Westcom 911 dispatch) were operational after the attack.
No City files or data was compromised as a result of the cyber-attack on Westcom.
The City maintains insurance policies in the amount of $1 million (covering first party expenses for response to cyber
breach) and $8 million (third party coverage for City liability for failure to protect computer systems) to cover aspects
of a cyber-attack. The City cannot predict whether these policies 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.
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Pensions: Pursuant to GASB 68, the City reported a liability of $3,737,999 within its Independent Auditor’s Reports as
of June 30, 2020 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, 2019, 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, 2019,
the City’s collective proportion was 0.064552% which was a decrease of 0.003647% from its proportion measured as of
June 30, 2018. 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, 2020 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. 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.
Continuing Disclosure: A failure by the City to comply with continuing disclosure obligations (see “CONTINUING
DISCLOSURE” herein) will not constitute an event of default on the Bonds. Any such failure must be disclosed in
accordance with Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended (the “Rule”), and may adversely affect the transferability and liquidity of the Bonds and their
market price.
Bankruptcy: The rights and remedies available to holders of the Bonds may be limited by and are subject to the
provisions of federal bankruptcy laws, to other laws or equitable principles that may affect the enforcement of creditor’s
rights, to the exercise of judicial discretion in appropriate cases and to limitations in legal remedies against exercise of
judicial discretion in appropriate cases and to limitations on legal remedies against municipal corporations in the State
of Iowa. The various opinions of counsel to be delivered with respect to the Bonds and the Resolution for the Bonds,
including the opinion of Bond Counsel, will be similarly qualified. If the City were to file a petition under Chapter 9 of
the Bankruptcy Code, the owners of the Bonds could be prohibited from taking any steps to enforce their rights under
the Resolution for the Bonds. In the event the City fails to comply with its covenants under the Resolution for the
Bonds or fails to make payments on the Bonds, there can be no assurance of the availability of remedies adequate to
protect the interests of the holders of the Bonds.
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: The Bonds are general obligations of the City, payable from and secured by a continuing ad
valorem tax levied against all of the property valuation 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 for the Bonds) may
have to be enforced from year to year.
Federal Funds Orders and State Funds Legislation: Various federal executive orders, and Iowa Code Chapter 27A
(collectively “ICE Enforcement Initiatives”), impose requirements intended to ensure compliance with the federal
immigration detainment processes. The ICE Enforcement Initiatives impose various penalties for non-compliance,
including the loss of state and/or federal funding under certain circumstances. The loss of state and/or federal funds in
any significant amount would negatively impact the City’s overall financial position and could affect its rating. The
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Bonds are secured by a debt service levy upon real property in the jurisdictional limits of the City and are not secured by
state or federal funds. See “PAYMENT OF AND SECURITY FOR THE BONDS” herein.
DTC-Beneficial Owners: Beneficial Owners of the Bonds may experience some delay in the receipt of distributions of
principal of and interest on the Bonds since such distributions will be forwarded by the Registrar to DTC and DTC will
credit such distributions to the accounts of the Participants which will, thereafter, credit them to the accounts of the
Beneficial Owner either directly or indirectly through Indirect Participants. Neither the City nor the Registrar will have
any responsibility or obligation to assure any such notice or payment is forwarded by DTC to any Participants or by any
Participant to any Beneficial Owner.
In addition, since transactions in the Bonds can be effected 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” herein.
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.
RATING
The Bonds have been rated ‘___’ by Moody’s. Currently, Moody’s maintains a rating of ‘Aa2’ on the City’s long-term
general obligation debt. The existing rating on long-term debt reflects only the view of the rating agency and any
explanation of the significance of such rating may only be obtained from Moody’s. There is no assurance such rating
will continue for any period of time or that they will not be revised or withdrawn. Any revision or withdrawal of the
rating may have an effect on 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, 2021, 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 FORM OF
CONTINUING DISCLOSURE CERTIFICATE 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 FORM OF CONTINUING DISCLOSURE CERTIFICATE.
These covenants have been made in order to assist the underwriter in complying with section (b)(5) of the Rule.
Within the past five years, the City inadvertently failed to timely file a notice of financial obligation for the private
placement of their Series 2020A Bonds. The City initiated a public bid process for Series 2020A, but rejected all bids
received due to the market turmoil associated with the onset of the COVID-19 pandemic. The negotiated placement
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closed on May 7, 2020. A filing along with a notice of their failure to timely file was posted to EMMA on
August 26, 2020. The City failed to timely file a notice of financial obligation related to the amendment of a
development agreement approved on August 3, 2020. A filing along with a notice of failure to timely file was posted to
EMMA on September 16, 2020. Aside from those noted here, the City is not aware of any other instance in the
previous five years in which it has failed to comply, in all material respects, with previous undertakings in a written
contract or agreement specified in paragraph (b)(5)(i) of the Rule.
Breach of the undertakings will not constitute a default or an “Event of Default” under the Bonds or the Resolution for
the Bonds. A broker or dealer is to consider a known breach of the undertakings, however, before recommending the
purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the
undertakings may adversely affect the transferability and liquidity of the Bonds and their market price.
FINANCIAL STATEMENTS
The City’s Independent Auditor’s Reports for the Fiscal Year ended June 30, 2020 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 $17,725,000* General Obligation
Bonds, Series 2021A.
CITY OF WAUKEE, IOWA
/s/ Linda Burkhart, Finance Director
* Preliminary; subject to change.
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APPENDIX A
FINANCIAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $17,725,000* General Obligation Bonds, Series 2021A (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.
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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 2019
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 2019, the taxable value rollback
rate was 55.0743% of actual value for residential property; 81.4832% of actual value for agricultural property;
71.2500% of the actual value for multiresidential property; and 90.000% of actual value for commercial, industrial and
railroad property. 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 (1/1/2019 Valuations for Taxes payable July 1, 2020 to June 30, 2021)
100% Actual Value
Taxable Value
(With Rollback)
Residential $1,940,303,467 $1,051,094,291
Commercial 101,473,786 71,914,522
Industrial 2,288,020 1,304,366
Multiresidential 51,859,381 31,230,137
Railroads 1,058,044 952,240
Utilities w/o Gas & Electric 3,132,317 3,132,317
Gross valuation $2,100,115,015 $1,159,627,873
Less military exemption (912,110) (912,110)
Net valuation $2,099,202,905 $1,158,715,763
TIF Increment (used to compute debt service
levies and constitutional debt limit)
$260,547,316
$260,547,316
Taxed separately:
Ag. Land
$7,713,040
$6,284,828
Ag. Buildings $117,090 $95,408
Gas & Electric Utilities $9,116,206 $4,464,408
2019 GROSS TAXABLE VALUATION BY CLASS OF PROPERTY 1)
Taxable Valuation Percent Total
Residential $1,051,094,291 90.29%
Multiresidential 31,230,137 2.68%
Commercial, Industrial, Railroad and Utilities w/o Gas & Electric 77,303,445 6.64%
Gas & Electric Utilities 4,464,408 0.39%
Total Gross Taxable Valuation $1,164,092,281 100.00%
1) Excludes Ag. Land, Ag. Buildings and Taxable TIF Increment.
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TREND OF VALUATIONS
Assessment
Year
Payable
Fiscal Year
100%
Actual Valuation
Taxable Valuation
(With Rollback)
Taxable TIF
Increment
2016 2017-18 $1,610,592,237 $848,093,768 $136,044,958
2017 2018-19 1,844,334,937 948,120,018 158,103,252
2018 2019-20 2,097,330,572 1,081,758,751 201,643,382
2019 2020-21 2,376,696,557 1,163,180,171 260,547,316
2020 1) 2021-22 2,547,599,476 1,236,285,611 323,410,401
1) The City’s January 1, 2020 valuations are now available from the State of Iowa and become effective July 1, 2021.
The 100% Actual Valuation, before rollback and after reduction of military exemption, includes Ag. Land, Ag.
Buildings, TIF Increment and Gas & Electric Utilities. The Taxable Valuation, with the rollback and after the reduction
of military exemption, 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 Valuations including the Taxable TIF Increment.
PROPERTY TAX LEGISLATION
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 opinions expressed by
Bond Counsel are 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.
During the 2019 legislative session, the Iowa General Assembly enacted Senate File 634 (the “2019 Act”). This bill
modifies the process for hearing and approval of the total maximum property tax dollars under certain levies in the
City's budget. The bill also includes a provision that will require the affirmative vote of 2/3 of the City Council when
the maximum property tax dollars under these levies exceed an amount determined under a prescribed formula. The
2019 Act does not change the process for hearing and approval of the Debt Service Levy pledged for repayment of the
Bonds. It is too early to evaluate the affect the 2019 Act will have on the overall financial position of the City or its
ability to fund essential services.
During the 2013 legislative session, the Iowa General Assembly enacted Senate File 295 (the “2013 Act”). Among
other things, the Act (i) reduced the maximum annual taxable value growth percent, due to revaluation of existing
residential and agricultural property to 3%, (ii) assigned a “rollback” (the percentage of a property’s value that is subject
to tax) to commercial, industrial and railroad property of 90%, (iii) created a new property tax classification for multi-
residential properties (apartments, nursing homes, assisted living facilities and certain other rental property) and
assigned a declining rollback percentage to such properties for each year until the residential rollback percentage is
reached in the 2022 assessment year, after which the rollback percentage for such properties will be equal to the
residential rollback percentage each assessment year, and (iv) exempted a specified portion of the assessed value of
telecommunication properties.
The 2013 Act includes a standing appropriation to replace some of the tax revenues lost by local governments, including
tax increment districts, resulting from the new rollback for commercial and industrial property. The appropriation does
not replace losses to local governments resulting from the 2013 Act’s provisions that reduce the annual revaluation
growth limit for residential and agricultural properties to 3%, the gradual transition for multi-residential properties from
the residential rollback percentage, or the reduction in the percentage of telecommunications property that is subject to
taxation.
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Notwithstanding any decrease in property tax revenues that may result from the 2013 Act or the 2019 Act, Iowa Code
section 76.2 provides that when an Iowa political subdivision issues 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."
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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 2019 actual
valuation currently applicable to the Fiscal Year 2020-21, is as follows:
2019 Actual Valuation of Property $2,376,696,557
Legal Debt Limit of 5% 0.05
Legal Debt Limit $118,834,827
Less: G.O. Debt Subject to Limit (100,308,500) *
Less: Urban Renewal Revenue Debt Subject to Limit (175,000)
Less: Other Agreements (2,341,151) 1)
Net Debt Limit $16,010,176 *
1) As reported by the City pursuant to development agreements for urban renewal projects under the authority of Iowa Code
Chapter 403 or other intergovernmental agreements (under chapter 28E, etc.). The Iowa Supreme Court has not formally ruled
on the question of whether contracts to rebate the tax increment generated by a particular development constitutes indebtedness
of a City for constitutional debt limit purposes. The amount above includes rebate agreements that may not be debt. Some
development agreements are subject to the right of annual appropriation by the City, thereby limiting the extent of possible debt
to only amounts currently due and appropriated in the current fiscal year. Amounts payable under a particular development
agreement may not constitute legal indebtedness but are memorialized in the table below to conservatively state the City’s
possible financial exposure. Payment of future installments may be dependent upon undertakings by the developers, which may
have not yet occurred. The City actively pursues opportunities consistent with the development goals of its various urban
renewal plans, which may be amended from time to time, and the City may enter into additional development agreements
committing to additional rebate incentives in calendar year 2021 or thereafter. See “OTHER DEBT INFORMATION - Other
Agreements” table in Appendix B herein for more information.
DIRECT DEBT
General Obligation Debt Paid by Taxes, Tax Increment and LOST Revenues (Includes a portion of the Bonds)
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
6/10A $1,435,000 Corporate Purpose 6/22 $275,000
6/12B 4,220,000 Refunding 6/21 340,000
12/12D 3,745,000 Urban Renewal 6/21 445,000
5/13B 3,280,000 Corporate Purpose 6/21 350,000 1)
12/13D 6,190,000 Urban Renewal 6/21 825,000 2)
12/14 21,560,000 Urban Renewal 6/34 16,905,000
11/15C 7,340,000 Corporate Purpose & Refunding 6/30 4,245,000
9/16B 1,720,000 Refunding 6/22 515,000
5/17A 13,940,000 Corporate Purpose & Urban Renewal 6/36 12,745,000
6/18A 19,775,000 Corporate Purpose & Urban Renewal 6/38 18,320,000
8/19A 4,655,000 Corporate Purpose & Urban Renewal 6/31 4,110,000
5/20A 12,800,000 Urban Renewal (Private Placement) 6/35 12,800,000
11/20B 9,155,000 Corporate Purpose 6/36 9,155,000
4/21A 15,995,000* Corporate Purpose & Refunding 6/40 15,995,000*
Subtotal $97,025,000*
1) The 2022 through 2028 maturities will be current refunded by the Bonds on June 1, 2021.
2) The 2022 through 2033 maturities will be current refunded by the Bonds on June 1, 2021.
* Preliminary; subject to change.
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General Obligation Bonds Paid by Sewer, Water, and Storm Water Revenues (Includes a portion of the Bonds)
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
6/10B $1,745,000 Water & Sewer Projects 6/21 $185,000
12/13D 2,550,000 Stormwater Projects 6/21 105,000 1)
12/14 1,735,000 Water Projects 6/30 1,160,000
4/21A 1,730,000* Refunding Stormwater Projects 6/33 1,730,000*
Subtotal $3,180,000*
1) The 2022 through 2033 maturities will be current refunded by the Bonds on June 1, 2021.
* Preliminary; subject to change.
General Obligation Bonds Paid by Golf Course Revenues
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
11/19 125,000 Golf Course 6/25 $103,500
Total G.O. Debt Subject to Limit $100,308,500*
Urban Renewal Revenue Bonds
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
6/10C $1,590,000 Urban Renewal Project 6/21 $175,000
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A-6
Annual Fiscal Year G.O. Debt Service Payments Paid by Taxes, Tax Increment and LOST Revenues (Includes a
portion of the Bonds)
Current Outstanding 1) Bonds Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
Principal*
Principal &
Interest*
Principal*
Principal &
Interest*
2020-21 $6,480,000 $7,782,365 2) $6,480,000 $7,782,365 2)
2021-22 3,895,000 6,268,203 S7,010,000 $7,771,669 10,905,000 14,039,872
2022-23 3,950,000 6,193,715 475,000 855,325 4,425,000 7,049,040
2023-24 4,145,000 6,245,160 670,000 1,031,325 4,815,000 7,276,485
2024-25 4,400,000 6,350,870 700,000 1,034,525 5,100,000 7,385,395
2025-26 4,665,000 6,460,780 730,000 1,036,525 5,395,000 7,497,305
2026-27 5,115,000 6,739,263 750,000 1,027,325 5,865,000 7,766,588
2027-28 5,215,000 6,653,613 780,000 1,027,325 5,995,000 7,680,938
2028-29 5,385,000 6,663,375 695,000 911,125 6,080,000 7,574,500
2029-30 6,110,000 7,221,168 720,000 908,325 6,830,000 8,129,493
2030-31 5,540,000 6,461,469 750,000 905,925 6,290,000 7,367,394
2031-32 5,270,000 6,033,259 780,000 902,175 6,050,000 6,935,434
2032-33 5,450,000 6,065,461 565,000 652,075 6,015,000 6,717,536
2033-34 5,130,000 5,589,533 170,000 231,650 5,300,000 5,821,183
2034-35 4,720,000 5,032,098 180,000 234,000 4,900,000 5,266,098
2035-36 3,675,000 3,855,125 185,000 230,900 3,860,000 4,086,025
2036-37 925,000 990,975 195,000 232,575 1,120,000 1,223,550
2037-38 960,000 993,600 205,000 233,800 1,165,000 1,227,400
2038-39 215,000 234,575 215,000 234,575
2039-40 220,000 229,900 220,000 229,900
Total $81,030,000 $15,995,000* $97,025,000*
1) Assumes the 2022 through 2028 maturities of General Obligation Bonds, Series 2013B and the 2022 through 2033 maturities of
General Obligation Urban Renewal Bonds, Series 2013D will be current refunded by the Bonds on June 1, 2021.
2) Excludes the December 1, 2020 interest payment.
* Preliminary; subject to change.
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A-7
Annual Fiscal Year G.O. Debt Service Payments Paid by Sewer, Water and Storm Water Revenues (Includes a
portion of the Bonds)
Current Outstanding 1) Bonds Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
Principal*
Principal &
Interest*
Principal*
Principal &
Interest*
2020-21 $395,000 $448,165 2) $395,000 $448,165 2)
2021-22 105,000 133,938 $100,000 $183,807 205,000 317,745
2022-23 110,000 136,838 115,000 183,700 225,000 320,538
2023-24 110,000 134,363 120,000 184,100 230,000 318,463
2024-25 115,000 136,613 125,000 184,300 240,000 320,913
2025-26 115,000 133,738 130,000 184,300 245,000 318,038
2026-27 120,000 135,288 140,000 189,100 260,000 324,388
2027-28 125,000 136,688 145,000 188,500 270,000 325,188
2028-29 125,000 132,938 155,000 192,700 280,000 325,638
2029-30 130,000 134,063 160,000 191,500 290,000 325,563
2030-31 170,000 194,300 170,000 194,300
2031-32 180,000 196,650 180,000 196,650
2032-33 190,000 198,550 190,000 198,550
Total $1,450,000 $1,730,000* $3,180,000*
1) Assumes the 2022 through 2033 maturities of General Obligation Urban Renewal Bonds, Series 2013D will be current refunded
by the Bonds on June 1, 2021.
2) Excludes the December 1, 2020 interest payment.
Annual Fiscal Year G.O. Debt Service Payments Paid by Golf Course Revenues
Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
2020-21 $10,988 1) $12,131 2)
2021-22 22,348 $24,304
2022-23 22,860 $24,311
2023-24 23,383 $24,316
2024-25 23,921 $24,326
Total $103,500
1) Excludes the December 1, 2020 principal payment.
2) Excludes the December 1, 2020 principal and interest payment.
Annual Fiscal Year Urban Renewal Revenue Debt Service Payments Paid by TIF Revenues
Total Outstanding
Fiscal
Year
Principal
Principal &
Interest
2020-21 $175,000 $178,413 1)
Total $175,000
1) Excludes the December 1, 2020 interest payment.
A-8
OTHER FINANCIAL INFORMATION
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
1/1/2019
Taxable Valuation 2)
Apartments at Autumn Ridge LLC 3) Multiresidential $27,757,552
Prairiegrass Equity LLC Multiresidential 22,814,685
Apple, Inc. Commercial 22,136,117
Welltower Iowa HoldCo LLC Multiresidential 21,745,872
Hy-Vee, Inc. Commercial 14,242,257
KC Kettlestone LC Commercial 13,225,599
Winhall at Williams Pointe LLC Residential 11,551,477
Waukee Active Living LLC Multiresidential 11,270,445
Fridley Theatres LLC Commercial 10,736,685
Bricktowne SPE LLC Residential 10,522,011
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 both Apartments at Autumn Ridge LLC and Phase Two Apartments at Autumn Ridge LLC.
Source: Dallas County Auditor’s Office
LEVIES AND TAX COLLECTIONS
Fiscal Year
Levy 1)
Collected During
Collection Year 1)
Percent
Collected
2016-17 $13,326,239 $13,625,050 102.2%
2017-18 15,401,847 15,706,736 102.0%
2018-19 17,311,198 17,685,242 102.1%
2019-20 20,350,502 20,468,689 100.6%
2020-21 22,973,108 ----------- In process of collection -----------
1) Totals include TIF, utility replacement and mobile home taxes.
Collections include delinquent taxes from all prior years. Taxes in Iowa are delinquent each October 1 and April 1 and
a late payment penalty of 1% per month of delinquency is enforced as of those dates. If delinquent taxes are not paid,
the property may be offered at the regular tax sale on the third Monday of June following the delinquency date.
Purchasers at the tax sale must pay an amount equal to the taxes, special assessments, interest and penalties due on the
property and funds so received are applied to taxes. A property owner may redeem from the regular tax sale but, failing
redemption within three years, the tax sale purchaser is entitled to a deed, which in general conveys the title free and
clear of all liens except future tax installments.
Source: Dallas County Auditor’s Office and the Iowa Department of Management
A-9
TAX RATES
FY 2016-17
$/$1,000
FY 2017-18
$/$1,000
FY 2018-19
$/$1,000
FY 2019-20
$/$1,000
FY 2020-21
$/$1,000
Dallas County 3.98887 3.90713 4.22888 4.16317 3.70231
City of Waukee 13.50000 13.50000 13.40000 13.40000 13.30000
Waukee Comm. School District 17.64874 17.85545 17.85658 17.85609 17.80043
State of Iowa 0.00330 0.00310 0.00290 0.00280 0.00270
County Assessor 0.32072 0.27309 0.25251 0.27842 0.24430
County Ag. Extension 0.07569 0.06979 0.06898 0.06314 0.05999
Dallas County Hospital 0.54055 0.54001 0.54001 0.39971 0.44912
Des Moines Area Community College 0.72334 0.67458 0.69468 0.65249 0.63533
Walnut Cemetery 0.01000 0.00000 0.01000 0.00340 0.01000
Total Tax Rate City Resident 36.81121 36.82315 37.05454 36.81922 36.20418
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APPENDIX B
GENERAL INFORMATION ABOUT THE CITY OF WAUKEE, IOWA
The $17,725,000* General Obligation Bonds, Series 2021A (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.
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B-1
THE CITY
CITY GOVERNMENT
The City of Waukee, Iowa (the “City”) was incorporated in 1878 and comprises approximately 13,000 land acres, or 21
square miles. The City operates under a Mayor-Council-Clerk/Administrator form of government consisting of a five-
member City Council and a Mayor who is a non-voting member. The City owns its golf course, stormwater, gas, water
and sanitary utilities. The City Council directs operations of the utilities and establishes rates and charges for all
services. The full-time City Administrator is responsible for implementation of City Council policies and management
of City operations. The Finance Director is responsible for the City records and has financial and accounting
responsibilities.
LEVY LIMITS
A city’s general fund tax levy is limited to $8.10 per $1,000 of taxable value, with provision for an additional $0.27 per
$1,000 levy for an emergency fund which can be used for general fund purposes (Code of Iowa, Chapter 384,
Division I). Cities may exceed the $8.10 limitation upon authorization by a special levy election. Further, there are
limited special purpose levies, which may be certified outside of the above-described levy limits (Code of Iowa, Section
384.12). The amount of the City’s general fund levy subject to the $8.10 limitation is $7.90 for Fiscal Year 2020-21.
The City does levy a portion of costs for employee benefits in addition to the $8.10 general fund limit as authorized by
law. Currently, the City does not levy for an emergency fund. Debt service levies are not limited.
EMPLOYEES AND PENSIONS
The City currently has 124 full-time and 57 part-time employees (including seasonal employees). In addition, the City
has approximately 25 paid on call/volunteer fire/EMS employees. The City participates in a statewide employee
retirement system, the Iowa Public Employees Retirement System (“IPERS”). Membership is mandatory for employees
for the City, except for those covered by another retirement system.
Iowa Public Employees Retirement System: The City contributes to IPERS, which is a cost-sharing, multiple-employer,
contributory defined benefit, public employee retirement system administered by the State of Iowa. IPERS provides
retirement and death benefits, which are established by state statute, to plan members and beneficiaries. IPERS is
authorized to adjust the total contribution rate up or down each year, by no more than 1 percentage point, based upon
the actuarially required contribution rate. The City’s contributions to IPERS for the past three fiscal years, as shown
below, equal the required contributions for each year.
FY 2017-18 FY 2018-19 FY 2019-20
IPERS Contributions $723,166 $827,805 $874,936
The IPERS Comprehensive Annual Financial Report is available on the IPERS website,
https://www.ipers.org/financial-and-investment, 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.
Pursuant to Governmental Accounting Standards Board (“GASB”) Statement No. 68, the City reported a liability of
$3,737,999 within its Independent Auditor’s Reports as of June 30, 2020 for its proportionate share of the net pension
liability. 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, 2019, 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
B-2
of contributions to the pension plan relative to the contributions of all IPERS participating employers. At June 30,
2019, the City’s proportion was 0.064552% which was a decrease of 0.003647% from its proportion measured as of
June 30, 2018.
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 accrued actuarial liabilities of IPERS (“UAALs”). The UAAL is the
difference between total actuarially accrued liabilities and actuarially calculated assets available for the payment of such
benefits. The UAAL 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 UAAL 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 40 of the City’s June 30, 2020 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 4 years of service at retirement. As of June 30,
2020, there were 110 active employees and 0 retired members 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, 2020 was $448,624. This
balance was determined by an actuarial valuation as of July 1, 2019.
Total OPEB liability, July 1, 2019 $443,027
Changes for the year:
Service cost 42,183
Interest cost 15,270
Differences between expected and actual experience (48,220)
Changes in assumptions 2,242
Benefit payments (5,878)
Net changes 5,597
Total OPEB liability, June 30, 2020 $448,624
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” beginning on page 44 of the City’s June 30, 2020 Independent
Auditor’s Reports included as APPENDIX D of this Preliminary Official Statement.
UNION CONTRACTS
The City currently has one negotiated contract with the Communications Workers of America, which expires on
June 30, 2021. City employees did not recertify the union; therefore, as of July 1, 2021 the City will not have an
employee union for a minimum of 2 years.
B-3
INSURANCE
The City’s insurance coverage is as follows:
Type of Insurance Coverage
Municipal Property Coverage Replacement
Buildings $41,771,240
Contents $1,881,039
Book Collection $1,175,000
Miscellaneous Property $2,946,168
EDP Hardware $710,562
EDP Software $104,329
Vehicles $7,262,480
Municipal Automobile Physical Damage
Comprehensive Coverage Actual Cash Value
Collision Coverage Actual Cash Value
Cyber Breach/Extortion $1,000,000
Cyber Liability $10,000,000
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 December 31, 2020)
General Checking $16,601,068.44
Park Land Fees 602,376.55
Sewer Fund 10,805,829.22
Sewer Sinking Funds 664,806.73
Water Fund 9,630,251.32
Water Sinking Funds 217,716.50
GO Debt Sinking Funds 4,297,719.87
Capital Projects 23,696,725.60
Water/Sewer Bond & Note Reserve 1,187,858.44
Gas Fund 4,522,902.59
Storm Water Fund (295,108.60) 1)
Storm Water Sinking Funds 47,110.01
Golf Course Fund (399,019.18) 2)
Equipment Reserve Fund 227,105.81
Local Option Sales Tax 5,199,379.07
Project Improvement Fund 2,020,084.45
Total Cash and Investments $79,026,806.82
1) Deficit will be eliminated by State Revolving Fund project reimbursement.
2) Deficit will be eliminated by future revenues. Debt was paid off in 2020, so it is estimated the deficit will be eliminated in
approximately 5 years.
B-4
BUILDING PERMITS
City officials report the following construction activity as of December 31, 2020. Building permits are reported on a
calendar year basis. The figures below include both new construction and remodeling.
2016 2017 2018 2019 2020
Single Family Homes:
No. of new homes: 549 366 262 633 637
Valuation: $134,959,212 $95,872,698 $74,234,080 $135,943,214 $163,307,634
No. of Multi-Family: 14 21 11 1 4
Valuation: $41,470,718 $83,287,282 $19,804,893 $2,596,185 $41,194,335
Commercial/Industrial/Other:
No. of new buildings: 39 51 29 23 19
Valuation: $28,434,455 $21,502,390 $40,334,907 $64,891,028 $29,347,062
Other: 522 567 659 625 829
Valuation: $4,298,013 $2,775,034 $5,888,956 $6,405,468 $11,869,320
Total Permits 1,124 1,005 961 1,282 1,489
Total Valuations $209,162,398 $203,437,404 $140,262,836 $209,835,895 $245,718,351
Source: The City
B-5
OTHER DEBT INFORMATION
1) Taxable Valuation is less military exemption and includes Ag. Land & Ag. Buildings, Taxable TIF Increment and all
Utilities.
2) Includes general obligation bonds, PPEL notes, certificates of participation and new jobs training certificates.
3) Includes City-exempt Phase In and Phase In Ag valuations in the amount of $4,479,116.
4) Includes City-exempt Phase In and Phase In Ag valuations in the amount of $2,714,457.
5) Includes City-exempt Phase In and Phase In Ag valuations in the amount of $1,764,659.
DEBT RATIOS
G.O. Debt
Debt/Actual
Market Value
($2,376,696,557) 1)
Debt/17,945 2)
Population
Total General Obligation Debt $100,308,500* 4.22%* $5,589.77*
Less: General Obligation Debt paid by
Water, Sewer and Stormwater (3,180,000)*
Net General Obligation Debt $97,128,500* 4.09%* $5,412.57*
Total Urban Renewal Revenue Debt $175,000 0.01% $9.75
City’s Share of Total Overlapping Debt $80,140,383 3.37% $4,465.89
1) Based on 1/1/2019 Actual Value. Includes Ag. Land, Ag. Buildings, TIF Increment and all Utilities.
2) Population based on the U.S. Census Bureau’s 2015 Special Census.
* Preliminary; subject to change.
OVERLAPPING DEBT
1/1/2019 City’s
Taxing District
Taxable
Valuation 1)
Portion of Taxable
Valuation in City
Percent
In City
G.O. Debt 2)
Proportionate
Share
Dallas County $7,146,490,966 $1,434,586,839 3) 20.07% $25,455,000 $5,108,819
Waukee CSD 5,227,321,573 1,424,531,738 4) 27.25% 263,545,000 71,816,013
Van Meter CSD 266,888,391 9,883,734 5) 3.70% 7,010,000 259,370
Adel-DeSoto-Minburn CSD 553,072,275 171,367 0.03% 31,270,000 9,381
Des Moines Area
Community College
54,207,834,621
1,434,586,839 3)
2.65%
111,200,000
2,946,800
City’s Share of Total Overlapping Debt $80,140,383
B-6
Other Agreements
Estimated Total Estimated* Total Final Total Estimated* Obligation Estimated Payment Obligation Outstanding Subject to Debt Limit
Agreements Obligation Date as of 4/6/21 as of 4/6/21
Golf Course Equipment Lease (2018) $27,763 7/1/2022 $16,658 $5,553
Hurd Waukee, LLC 1) 370,000 6/30/2024 336,800 168,299
City of West Des Moines 28E 879,705 6/30/2025 703,764 703,764
Golf Course Equipment Lease (2021) 1) 47,750 11/20/2025 47,750 8,083
Fridley Theatres LLC 1) 1,966,985 6/30/2028 1,966,985 344,493
SPLaw Properties, LLC (City Hall) 1) 549,902 9/1/2028 486,834 61,563
Deery, Deery LLC 1) 950,000 6/30/2028 950,000 176,791
Holmes Murphy KC (Kettlestone) 1) 3,480,000 6/30/2029 2,175,262 678,228
Kettleview, LLC 1) 4,100,000 6/30/2029 4,100,000 84,398
117 Land Company & RJ Lawn 1) 1,150,000 6/30/2030 1,094,373 109,980
Waukee Crossing LLC 2) 400,000 6/30/2033 400,000 0
Waukee Towne Center, LLC 2) 1,100,000 6/30/2036 1,100,000 0
The Quarter at Waukee, LLC 2) 3) 32,371,483 6/30/2047 32,371,483 0
IDOT 4) 9,000,000 TBD 9,000,000 0
Total $54,749,939 $2,341,151
* Rebate payments are estimated based on current valuations and FY 2020-21 tax rates; preliminary; subject to change.
1) These agreements are subject to annual appropriation. Payments have been appropriated for Fiscal Year 2020-21 and will be
appropriated for Fiscal Year 2021-2022, excluding any payments that have already been made as of the date of this Preliminary
Official Statement.
2) These agreements are subject to annual appropriation. Payments have not been appropriated for Fiscal Year 2020-21 or Fiscal
Year 2021-2022.
3) The Quarter at Waukee, LLC is an amended and restated agreement previous assigned to Midtown. The amended and restated
agreement increased the not to exceed amount from $19,700,000 and extended the agreement from June 2037.
4) The City has a preliminary agreement with IDOT to repay the City’s portion of the Interstate 80 interchange onto Grand Prairie
Parkway estimated to be around $9,000,000. The project has been completed, but a final agreement (including repayment
schedule) has not yet been approved by the City.
REVENUE DEBT
The City has outstanding revenue debt payable from the gas utilities, special assessments and golf course revenues.
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
6/16A $640,000 Storm Water Improv. (Private Placement) 6/26 $400,000
2/16 572,339 Golf Course Purchase Refunding 12/20 0 1)
Total $400,000
1) On December 1, 2020, the City payed in full as scheduled and did not extend the term of this note prior to final maturity.
B-7
Water Utility Revenue Debt
City Issued Water Revenue Debt Paid by Water Utility.
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
7/15B $1,450,000 Water Improvements 6/27 $890,000
6/18B 3,410,000 Water Improvements 6/38 3,210,000
8/19B 2,040,000 Water Improvements 6/34 1,940,000
Total $6,040,000
Sewer Utility Revenue Debt
City Issued Revenue Debt Supported by Sewer Utility Revenues.
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
03/13A $1,185,000 Sewer Improvements 6/24 $465,000
12/16C 2,685,000 Sewer Improvements 6/36 2,475,000
9/17 10,858,375 1) Sewer Imp. (SRF Loan) 6/38 10,120,375
6/18C 3,565,000 Sewer Improvements 6/38 3,440,000
7/18 2,948,000 Sewer Imp. (SRF Loan) 6/38 2,887,000 2)
Total: $19,387,375
1) The City drew down $9,938,374.71 of the original $12,537,000 contemplated. Subsequently, the City added a sponsored project
of $920,000. The City has drawn down $4,600 of the sponsored project as of January 19, 2021.
2) The City has drawn $2,320,845 as of January 19, 2021. Principal outstanding assumes the City will draw the full amount.
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 is as follows:
Date
of Issue
Allocated/
Original
Amount Purpose
Final
Maturity
Principal
Outstanding
As of 4/6/21
06/08A $477,428 Sewer Improvements (SRF Loan) 6/39 $436,799 1)
06/08B 312,970 Sewer Improvements (SRF Loan) 6/39 283,714 2)
06/08D 126,140 Sewer Improvements (SRF Loan) 6/38 109,819 3)
3/09B 388,920 Sewer Improvements (SRF Loan) 6/39 365,948 4)
7/09C 425,960 Sewer Improvements (SRF Loan) 6/39 400,704 5)
4/10A 233,750 Sewer Improvements (SRF Loan) 6/40 235,330 6)
4/10B 324,100 Sewer Improvements (SRF Loan) 6/40 316,388 7)
6/10C-1 37,200 Sewer Improvements (SRF Loan) 6/32 48,246 8)
6/10C-2 389,150 Sewer Improvements (SRF Loan) 6/32 339,225 9)
3/11B 739,461 Sewer Improvements (SRF Loan) 6/41 742,537 10)
5/11A 1,046,925 Sewer Improvements (SRF Loan) 6/42 1,214,609 11)
5/11C 259,564 Sewer Improvements (SRF Loan) 6/41 275,143 12)
12/11D 378,144 Sewer Improvements (SRF Loan) 6/43 467,615 13)
5/12B 130,229 Sewer Improvements (SRF Loan) 6/42 133,934 14)
5/12C 303,660 Sewer Improvements (SRF Loan) 6/43 375,604 15)
5/12D 118,090 Sewer Improvements (SRF Loan) 6/42 141,663 16)
11/12E 577,854 Sewer Improvements (SRF Loan) 6/43 609,528 17)
11/12F 67,087 Sewer Improvements (SRF Loan) 6/43 70,668 18)
11/12G 592,020 Sewer Improvements (SRF Loan) 6/44 746,406 19)
4/13A 141,680 Sewer Improvements (SRF Loan) 6/43 161,305 20)
6/13B 1,717,863 Sewer Revenue Refunding Bonds 6/34 1,693,190 21)
1/14A 35,820 Sewer Improvements (SRF Loan) 6/34 32,285 22)
2/14C 268,488 Sewer Improvements (SRF Loan) 6/34 241,093 23)
2/14D 179,040 Sewer Improvements (SRF Loan) 6/34 164,065 24)
1/15A 307,768 Sewer Improvements (SRF Loan) 6/35 254,280 25)
1/15B 8,105 Sewer Improvements (SRF Loan) 6/34 6,636 26)
1/15C 85,792 Sewer Improvements (SRF Loan) 6/35 78,360 27)
5/15E 1,178,866 Sewer Revenue Refunding Bonds 6/36 1,075,411 28)
2/16A 178,858 Sewer Improvements (SRF Loan) 6/35 150,164 29)
12/16E 34,886 Sewer Improvements (SRF Loan) 6/36 30,419 30)
12/16F 706,400 Sewer Improvements (SRF Loan) 6/48 727,950 31)
12/17A 855,380 Sewer Improvements (SRF Loan) 6/49 905,828 32)
5/18A 101,304 Sewer Improvements (SRF Loan) 6/40 101,724 33)
12/18D-1 241,200 Sewer Improvements (SRF Loan) 6/39 265,209 34)
12/18D-2 192,960 Sewer Improvements (SRF Loan) 6/39 200,542 35)
12/18E 272,556 Sewer Improvements (SRF Loan) 6/40 273,686 36)
12/18F 144,720 Sewer Improvements (SRF Loan) 6/39 139,338 37)
12/19A 290,585 Sewer Improvements (SRF Loan) 6/39 277,343 38)
12/20B 271,164 Sewer Improvements (SRF Loan) 6/42 271,164 39)
Total $14,363,872
B-9
(Continued from previous page.)
1) The City’s flow-based share of the WRA’s Series 2008A SRF Loan outstanding in the amount of $12,332,000.
2) The City’s flow-based share of the WRA’s Series 2008B SRF Loan outstanding in the amount of $4,906,000.
3) The City’s flow-based share of the WRA’s Series 2008D SRF Loan outstanding in the amount of $1,899,000.
4) The City’s flow-based share of the WRA’s Series 2009B SRF loan outstanding in the amount of $6,328,000.
5) The City’s flow-based share of the WRA’s Series 2009C SRF loan outstanding in the amount of $6,929,000.
6) The City’s flow-based share of the WRA’s Series 2010A SRF loan outstanding in the amount of $6,644,000.
7) The City’s flow-based share of the WRA’s Series 2010B SRF loan outstanding in the amount of $5,471,000.
8) The City’s flow-based share of the WRA’s Series 2010C-1 SRF loan outstanding in the amount of $1,992,000.
9) The City’s flow-based share of the WRA’s Series 2010C-2 SRF loan outstanding in the amount of $14,006,000.
10) The City’s flow-based share of the WRA’s Series 2011B SRF loan outstanding in the amount of $12,840,000.
11) The City’s flow-based share of the WRA’s Series 2011A SRF loan outstanding in the amount of $50,149,000.
12) The City’s flow-based share of the WRA’s Series 2011C SRF loan outstanding in the amount of $7,768,000.
13) The City’s flow-based share of the WRA’s Series 2011D SRF loan outstanding in the amount of $13,202,000.
14) The City’s flow-based share of the WRA’s Series 2012B SRF loan outstanding in the amount of $2,316,000.
15) The City’s flow-based share of the WRA’s Series 2012C SRF loan outstanding in the amount of $15,508,000.
16) The City’s flow-based share of the WRA’s Series 2012D SRF loan outstanding in the amount of $5,849,000.
17) The City’s flow-based share of the WRA’s Series 2012E SRF loan outstanding in the amount of $10,540,000.
18) The City’s flow-based share of the WRA’s Series 2012F SRF loan outstanding in the amount of $1,222,000.
19) The City’s flow-based share of the WRA’s Series 2012G SRF loan outstanding in the amount of $21,073,000.
20) The City’s flow-based share of the WRA’s Series 2013A SRF loan outstanding in the amount of $6,660,000.
21) The City’s flow-based share of the WRA’s Series 2013B outstanding in the amount of $44,540,000.
22) The City’s flow-based share of the WRA’s Series 2014A SRF loan outstanding in the amount of $1,333,000.
23) The City’s flow-based share of the WRA’s Series 2014C SRF loan outstanding in the amount of $4,169,000.
24) The City’s flow-based share of the WRA’s Series 2014D SRF loan outstanding in the amount of $4,632,000.
25) The City’s flow-based share of the WRA’s Series 2015A SRF loan outstanding in the amount of $7,179,000.
26) The City’s flow-based share of the WRA’s Series 2015B SRF loan outstanding in the amount of $274,000.
27) The City’s flow-based share of the WRA’s Series 2015C SRF loan outstanding in the amount of $1,355,000.
28) The City’s flow-based share of the WRA’s Series 2015E outstanding in the amount of $27,235,000.
29) The City’s flow-based share of the WRA’s Series 2016A SRF loan outstanding in the amount of $6,200,000.
30) The City’s flow-based share of the WRA’s Series 2016E SRF loan outstanding in the amount of $526,000.
31) The City’s flow-based share of the WRA’s Series 2016F SRF loan outstanding in the amount of $38,293,000.
32) The City’s flow-based share of the WRA’s Series 2017A SRF loan outstanding in the amount of $37,400,000.
33) The City’s flow-based share of the WRA’s Series 2018A SRF loan outstanding in the amount of $4,200,000.
34) The City’s flow-based share of the WRA’s Series 2018D-1 SRF loan outstanding in the amount of $10,950,000.
35) The City’s flow-based share of the WRA’s Series 2018D-2 SRF loan outstanding in the amount of $8,280,000.
36) The City’s flow-based share of the WRA’s Series 2018E SRF loan outstanding in the amount of $11,300,000.
37) The City’s flow-based share of the WRA’s Series 2018F SRF loan outstanding in the amount of $5,753,000.
38) The City’s flow-based share of the WRA’s Series 2019A SRF loan outstanding in the amount of $11,451,000.
39) The City’s flow-based share of the WRA’s Series 2020B SRF loan outstanding in the amount of $11,200,000.
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.
Des Moines Metropolitan Wastewater Reclamation Authority (“WRA”) Proposed Payment Obligations:
WRA has authorized and is planning to issue the following State Revolving Fund Loan within the calendar year. The
amount below represents the City’s anticipated share of the debt service payments of the proposed issue. Other
participating communities of the WRA pay the remaining amount. 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.
Date
of Issue
Original
Amount
Purpose
Final
Maturity
Principal
Proposed
As of 4/6/21
TBD $493,361 Sewer Improvements (SRF) TBD $493,361 1)
1) The City’s flow-based share of the WRA’s proposed SRF Loan in the amount of $20,370,000.
B-10
GENERAL INFORMATION
LOCATION AND TRANSPORTATION
The City is located in central Iowa, approximately 16 miles northwest of Des Moines. The City is located near U.S.
Interstate Highways No. 35 and 80. U.S. Highway No. 6 passes directly through the community. Commercial airline
service is available at the Des Moines International Airport through Allegiant, American Airlines, Frontier, Southwest,
United and Delta. The rail line within the City is operated by the Union Pacific Railroad.
LARGER EMPLOYERS
A representative list of larger employers in the City is as follows:
Employer
Type of Business
Approximate
Number of Employees 1)
Waukee Community School District Education 1,959 2)
Hy-Vee Grocery Store 460
Holmes Murphy & Assoc. Insurance 370
Waukee Family YMCA Family Recreation & Health Center 350
Access Systems Office Technologies 225
Quad Graphics Waukee Printing 210
City of Waukee City Government 199 3)
Gilcrest/Jewett Lumber Company Lumber, Windows, Doors 170
Stivers Ford Automobile Sales and Service 100
1) Includes full time, part time, and seasonal employees.
2) Includes part-time employees, most of whom are teacher substitutes and associates.
3) Includes paid on-call/volunteer fire and EMS employees.
Source: The City, Waukee Community School District and company inquiries. The list is updated frequently as changes are
identified and is not to be construed as a complete profile.
Some additional major employers in the Des Moines metropolitan area include, but are not limited to the following:
Employer
Type of Business
Approximate
Number of Employees
Wells Fargo Financial Services 13,500 1)
UnityPoint Health Partners Healthcare 8,026
State of Iowa State Government 7,700 2)
Principal Financial Group Insurance 6,500
Hy-Vee, Inc. Grocery and Drugstore Chain 6,400
Des Moines Public Schools Education 5,287 3)
Nationwide/Allied Insurance Insurance 4,525
MercyOne Healthcare (Hospitals and Clinics) 4,276
John Deere Companies Agricultural Machinery & Consumer Financial Services 3,500 4)
Corteva Agriscience Seed Manufacturing 2,500
Kum & Go Convenience Store Chain 2,000
UPS Logistics, Distribution, Transportation & Freight 1,721
Wellmark Blue Cross Blue Shield Insurance Provider 1,600
1) Includes both Wells Fargo Banks and Wells Fargo Financial.
2) Total is for the Greater Des Moines metropolitan statistical area which includes Dallas, Guthrie, Madison, Polk and Warren
counties.
3) Total does not include substitute teachers.
4) Includes both John Deere Des Moines Works and John Deere Credit Company.
Source: The Greater Des Moines Partnership. The list is updated frequently as changes are identified and is not to be construed as
a complete profile.
B-11
U.S. CENSUS DATA
Population Trend: 1990 U.S. Census 2,512
2000 U.S. Census 5,126
2010 U.S. Census 13,790
2015 U.S. Special Census 17,945
Source: U.S. Census Bureau
UNEMPLOYMENT RATES
Dallas County State of Iowa
Annual Averages: 2016 2.6% 3.6%
2017 2.1% 3.1%
2018 1.8% 2.6%
2019 2.0% 2.7%
2020 (through November) 4.1% 5.7%
Source: Iowa Workforce Development
EDUCATION
The Waukee Community School District (the “District”) provides public education with an October 2019 certified
enrollment for the 2020-21 school year of 11,701.3. The District currently has 1,598 full-time employees and
approximately 361 additional part-time teacher substitutes and associates. The District owns and operates nine
elementary schools, two middle schools, two eighth-ninth grade schools, and one high school which includes the
Innovation and Learning Center.
FINANCIAL SERVICES
Financial services for residents of the City are provided by branch offices of Charter Bank, Community State Bank,
People’s Trust & Savings Bank, Wells Fargo Bank, N.A. and West Bank, as well as Greater Iowa Credit Union. The
branch offices of Charter Bank, Wells Fargo Bank, N.A. and West Bank report the following deposits as of June 30th for
each year:
Year
Charter Bank Wells Fargo Bank, N.A. West Bank
2016 $26,436,000 $44,730,000 $20,005,000
2017 27,380,000 51,488,000 27,645,000
2018 29,881,000 53,496,000 27,753,000
2019 30,171,000 62,535,000 34,950,000
2020 36,813,000 76,060,000 46,412,000
Source: FDIC
LOCAL OPTION SALES AND SERVICES TAX
On November 7, 2017, a referendum was held for imposition of a one percent (1%) local option sales and services tax
(“Local Option Tax”) to be collected within Dallas County. Imposition of the Local Option Tax was approved by the
voters of contiguous incorporated areas of the cities of Waukee, West Des Moines, Clive and Urbandale by a vote of
approximately 61.2% in favor. The Local Option Tax became effective on July 1, 2018. The City’s Local Option Tax
receipts are to be utilized for as follows: (i) 50% of such revenues to be allocated for property tax relief and (ii) 50% of
such revenues for City quality of life improvement purposes, including recreational/sports complexes, community
center, trails, parks, arts, cultural amenities, historic preservation, and for public uses the city deems appropriate. Thus,
50% of the Local Option Tax revenues are available to abate the annual principal and interest on the Series 2020B
Bonds.
B-12
The State of Iowa Department of Revenue (the “Department”) administers collection and disbursement of all local
option sales and services taxes (“LOSST”) in conjunction with administration of the State-wide sales, services and use
tax presently assessed at 6%. The Department is required by statute to remit at least 95% of the estimated tax receipts to
a county board of supervisors (for taxes imposed in unincorporated areas) and to each incorporated city. Such
remittances are on a monthly basis. Once a year the Department reconciles its monthly estimated payments and makes
an adjustment payment or debit at the November 10 payment date. Remittance of collections within a county are based
upon the following statutory formula for county-wide collections: (i) 75 percent: based on a pro rata share of population
(the most recent certified federal census) of those incorporated or unincorporated areas in a county which have approved
a LOSST; and (ii) 25 percent: based on a pro rata share during the three year period beginning July 1, 1982, through
June 30, 1985, for those incorporated or unincorporated areas of a county which have approved a LOSST.
Once approved, a LOSST can only be repealed through a public referendum at which a majority voting approves the
repeal or tax rate change (or upon motion of the governing body), provided no obligations secured by the LOSST are
outstanding. If a LOSST is not imposed county-wide, then the question of repeal is voted upon only by voters in such
areas of a county where the tax has been imposed. LOSST may not be repealed within one year of the effective date.
HISTORY OF TAXABLE RETAIL SALES
The following table represents the number of businesses and taxable sales in the City and Dallas County for the last five
fiscal years.
Fiscal Year
Number of
Businesses
City of Waukee
Taxable Retail Sales
Other Taxable Retail Sales
Within Dallas County
Total Taxable Sales
Within Dallas County
2014-15 260 $202,771,000 $959,645,600 $1,162,416,600
2015-16 272 227,405,109 996,380,001 1,223,785,110
2016-17 279 236,496,367 1,043,093,425 1,279,589,792
2017-18 293 251,659,506 991,431,785 1,243,091,291
2018-19 307 260,737,567 1,041,646,100 1,302,383,667
Source: Iowa Department of Revenue, “Iowa Retail Sales & Use Tax Report”
LOCAL OPTION TAX REVENUES
The following table represents the Local Option Tax revenue collections as reported by the City, the amount of the
Local Option Tax revenues available for the payment of the Series 2020B Bonds pursuant to the referendum and the
maximum annual debt payment on the Series 2020B Bonds.
Local Option Available for Maximum Annual
Fiscal Year Tax Revenues Bond Payments Debt Payment
2018-19 $2,486,798 1) $1,243,399 2) N/A
2019-20 3,191,666 1) 1,595,833 2) N/A
2020-21 2,883,900 3) 1,441,950 2) $898,700
1) Per the City’s Independent Auditor’s Reports.
2) Represents the 50% of the total Local Option Tax revenues available for the repayment of the Bonds.
3) Represents the Local Option Tax revenues budgeted by the City for Fiscal Year 2020-21.
Source: The City
APPENDIX C
FORM OF LEGAL OPINION
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Ahlers & Cooney, P.C.
Attorneys at Law
100 Court Avenue, Suite 600
Des Moines, Iowa 50309-2231
Phone: 515-243-7611
Fax: 515-243-2149
www.ahlerslaw.com
Wishard & Baily – 1888, Guernsey & Baily – 1893, Baily & Stipp – 1901, Stipp, Perry, Bannister & Starzinger – 1914, Bannister, Carpenter,
Ahlers & Cooney – 1950, Ahlers, Cooney, Dorweiler, Allbee, Haynie & Smith – 1974, Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C. – 1990
DRAFT
We hereby certify that we have examined a certified transcript of the proceedings of the
City Council and acts of administrative officers of the City of Waukee, State of Iowa (the
"Issuer"), relating to the issuance of General Obligation Bonds, Series 2021A, by said City, dated
April 6, 2021, in the denomination of $5,000 or multiples thereof, in the aggregate amount of
$___________________ (the "Bonds").
We have examined the law and such certified proceedings and other papers as we deem
necessary to render this opinion as bond counsel.
As to questions of fact material to our opinion, we have relied upon representations of the
Issuer contained in the resolution authorizing issuance of the Bonds (the "Resolution") and in the
certified proceedings and other certifications of public officials furnished to us, without
undertaking to verify the same by independent investigation.
Based on our examination and in reliance upon the certified proceedings and other
certifications described above, we are of the opinion, under existing law, as follows:
1. The Issuer is duly created and validly existing as a body corporate and politic and
political subdivision of the State of Iowa with the corporate power to adopt and perform the
Resolution and issue the Bonds.
2. The Bonds are valid and binding general obligations of the Issuer.
3. All taxable property in the territory of the Issuer is subject to ad valorem taxation
without limitation as to rate or amount to pay the Bonds. Taxes have been levied by the
Resolution for the payment of the Bonds and the Issuer is required by law to include in its annual
tax levy the principal and interest coming due on the Bonds to the extent the necessary funds are
not provided from other sources.
4. Interest on the Bonds is excludable from gross income for federal income tax
purposes and is not an item of tax preference for purposes of the federal alternative minimum
tax. The opinion set forth in the preceding sentence is subject to the condition that the Issuer
comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be
satisfied subsequent to the issuance of the Bonds in order that the interest thereon be, and
continue to be, excludable from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Failure to comply with certain of such
requirements may cause interest on the Bonds to be included in gross income for federal income
tax purposes retroactively to the date of issuance of the Bonds.
We express no opinion regarding the accuracy, adequacy, or completeness of the Official
Statement or other offering material relating to the Bonds. Further, we express no opinion
DRAFT
City of Waukee, State of Iowa
$___________________ General Obligation Bonds, Series 2021A
Page 2
regarding tax consequences arising with respect to the Bonds other than as expressly set forth
herein.
The rights of the owners of the Bonds and the enforceability of the Bonds are limited by
bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors'
rights generally, and by equitable principles, whether considered at law or in equity.
This opinion is given as of the date hereof, and we assume no obligation to revise or
supplement this opinion to reflect any facts or circumstances that may hereafter come to our
attention, or any changes in law that may hereafter occur.
Respectfully submitted,
01821989-1\21938-249
APPENDIX D
JUNE 30, 2020 INDEPENDENT AUDITOR’S REPORTS
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APPENDIX E
FORM OF CONTINUING DISCLOSURE CERTIFICATE
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CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and
delivered by the City of Waukee, State of Iowa (the "Issuer"), in connection with the issuance of
$___________________ General Obligation Bonds, Series 2021A (the "Bonds") dated April 6,
2021. The Bonds are being issued pursuant to a Resolution of the Issuer approved on March 15,
2021 (the "Resolution"). The Issuer covenants and agrees as follows:
Section 1. Purpose of the Disclosure Certificate; Interpretation. This Disclosure
Certificate is being executed and delivered by the Issuer for the benefit of the Holders and
Beneficial Owners of the Bonds and in order to assist the Participating Underwriters in
complying with S.E.C. Rule 15c2-12(b)(5). This Disclosure Certificate shall be governed by,
construed and interpreted in accordance with the Rule, and, to the extent not in conflict with the
Rule, the laws of the State. Nothing herein shall be interpreted to require more than required by
the Rule.
Section 2. Definitions. In addition to the definitions set forth in the Resolution, which
apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this
Section, the following capitalized terms shall have the following meanings:
"Annual Financial Information" shall mean financial information or operating data of the
type included in the final Official Statement, provided at least annually by the Issuer pursuant to,
and as described in, Sections 3 and 4 of this Disclosure Certificate.
"Beneficial Owner" shall mean any person which (a) has the power, directly or indirectly,
to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons
holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the
owner of any Bonds for federal income tax purposes.
"Business Day" shall mean a day other than a Saturday or a Sunday or a day on which
banks in Iowa are authorized or required by law to close.
"Dissemination Agent" shall mean the Issuer or any Dissemination Agent designated in
writing by the Issuer and which has filed with the Issuer a written acceptance of such
designation.
"Financial Obligation" shall mean a (i) debt obligation; (ii) derivative instrument entered
into in connection with, or pledged as security or a source of payment for, an existing or planned
debt obligation; or (iii) guarantee of (i) or (ii). The term Financial Obligation shall not include
municipal securities as to which a final official statement has been provided to the MSRB
consistent with S.E.C. Rule 15c2-12.
"Holders" shall mean the registered holders of the Bonds, as recorded in the registration
books of the Registrar.
"Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
"Municipal Securities Rulemaking Board" or "MSRB" shall mean the Municipal
Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC 20005.
"National Repository" shall mean the MSRB's Electronic Municipal Market Access
website, a/k/a "EMMA" (emma.msrb.org).
"Official Statement" shall mean the Issuer's Official Statement for the Bonds, dated
_______________, 2021.
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
"Rule" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission
(S.E.C.) under the Securities Exchange Act of 1934, and any guidance and procedures
thereunder published by the S.E.C., as the same may be amended from time to time.
"State" shall mean the State of Iowa.
Section 3. Provision of Annual Financial Information.
a) The Issuer shall, or shall cause the Dissemination Agent to, not later than two
hundred seventy (270) days after the end of the Issuer's fiscal year (presently June 30th),
commencing with information for the 2020/2021 fiscal year, provide to the National
Repository an Annual Financial Information filing consistent with the requirements of
Section 4 of this Disclosure Certificate. The Annual Financial Information filing must be
submitted in such format as is required by the MSRB (currently in "searchable PDF"
format). The Annual Financial Information filing may be submitted as a single document
or as separate documents comprising a package. The Annual Financial Information filing
may cross-reference other information as provided in Section 4 of this Disclosure
Certificate; provided that the audited financial statements of the Issuer may be submitted
separately from the balance of the Annual Financial Information filing and later than the
date required above for the filing of the Annual Financial Information if they are not
available by that date. If the Issuer's fiscal year changes, it shall give notice of such
change in the same manner as for a Listed Event under Section 5(c).
b) If the Issuer is unable to provide to the National Repository the Annual
Financial Information by the date required in subsection (a), the Issuer shall send a notice
to the Municipal Securities Rulemaking Board, if any, in substantially the form attached
as Exhibit A.
c) The Dissemination Agent shall:
i. each year file Annual Financial Information with the National
Repository; and
ii. (if the Dissemination Agent is other than the Issuer), file a report with
the Issuer certifying that the Annual Financial Information has been filed pursuant
to this Disclosure Certificate, stating the date it was filed.
Section 4. Content of Annual Financial Information. The Issuer's Annual Financial
Information filing shall contain or incorporate by reference the following:
a) The last available audited financial statements of the Issuer for the prior fiscal
year, prepared in accordance with generally accepted accounting principles promulgated
by the Financial Accounting Standards Board as modified in accordance with the
governmental accounting standards promulgated by the Governmental Accounting
Standards Board or as otherwise provided under State law, as in effect from time to time,
or, if and to the extent such financial statements have not been prepared in accordance
with generally accepted accounting principles, noting the discrepancies therefrom and the
effect thereof. If the Issuer's audited financial statements for the preceding years are not
available by the time Annual Financial Information is required to be filed pursuant to
Section 3(a), the Annual Financial Information filing shall contain unaudited financial
statements of the type included in the final Official Statement, and the audited financial
statements shall be filed in the same manner as the Annual Financial Information when
they become available.
b) A table, schedule or other information of the type contained in the final Official
Statement under the captions: "Iowa Property Valuations", "Property Valuations", "Gross
Taxable Valuation by Class of Property", "Trend of Valuations," "Larger Taxpayers,"
"Direct Debt," "Levies and Tax Collections," and "Tax Rates".
Any or all of the items listed above may be included by specific reference to other documents,
including official statements of debt issues of the Issuer or related public entities, which have
been filed with the National Repository. The Issuer shall clearly identify each such other
document so included by reference.
Section 5. Reporting of Significant Events.
a) Pursuant to the provisions of this Section, the Issuer shall give, or cause to be
given, notice of the occurrence of any of the following events with respect to the Bonds
in a timely manner not later than 10 Business Days after the day of the occurrence of the
event:
i. Principal and interest payment delinquencies;
ii. Non-payment related defaults, if material;
iii. Unscheduled draws on debt service reserves reflecting financial
difficulties;
iv. Unscheduled draws on credit enhancements relating to the Bonds
reflecting financial difficulties;
v. Substitution of credit or liquidity providers, or their failure to perform;
vi. Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to the
tax-exempt status of the Series Bonds, or material events affecting the tax-exempt
status of the Bonds;
vii. Modifications to rights of Holders of the Bonds, if material;
viii. Bond calls (excluding sinking fund mandatory redemptions), if
material, and tender offers;
ix. Defeasances of the Bonds;
x. Release, substitution, or sale of property securing repayment of the
Bonds, if material;
xi. Rating changes on the Bonds;
xii. Bankruptcy, insolvency, receivership or similar event of the Issuer;
xiii. The consummation of a merger, consolidation, or acquisition
involving the Issuer or the sale of all or substantially all of the assets of the Issuer,
other than in the ordinary course of business, the entry into a definitive agreement
to undertake such an action or the termination of a definitive agreement relating to
any such actions, other than pursuant to its terms, if material;
xiv. Appointment of a successor or additional trustee or the change of
name of a trustee, if material;
xv. Incurrence of a Financial Obligation of the Issuer, if material, or
agreement to covenants, events of default, remedies, priority rights, or other
similar terms of a Financial Obligation of the Issuer, any of which affect security
holders, if material; and
xvi. Default, event of acceleration, termination event, modification of
terms or other similar events under the terms of a Financial Obligation of the
Issuer, any of which reflect financial difficulties.
b) Whenever the Issuer obtains the knowledge of the occurrence of a Listed
Event, the Issuer shall determine if the occurrence is subject to notice only if material,
and if so shall as soon as possible determine if such event would be material under
applicable federal securities laws.
c) If the Issuer determines that knowledge of the occurrence of a Listed Event is
not subject to materiality, or determines such occurrence is subject to materiality and
would be material under applicable federal securities laws, the Issuer shall promptly, but
not later than 10 Business Days after the occurrence of the event, file a notice of such
occurrence with the Municipal Securities Rulemaking Board through the filing with the
National Repository.
Section 6. Termination of Reporting Obligation. The Issuer's obligations under this
Disclosure Certificate with respect to each Series of Bonds shall terminate upon the legal
defeasance, prior redemption or payment in full of all of the Bonds of that Series or upon the
Issuer's receipt of an opinion of nationally recognized bond counsel to the effect that, because of
legislative action or final judicial action or administrative actions or proceedings, the failure of
the Issuer to comply with the terms hereof will not cause Participating Underwriters to be in
violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as
amended.
Section 7. Dissemination Agent. The Issuer may, from time to time, appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate,
and may discharge any such Agent, with or without appointing a successor Dissemination Agent.
The Dissemination Agent shall not be responsible in any manner for the content of any notice or
report prepared by the Issuer pursuant to this Disclosure Certificate. The initial Dissemination
Agent shall be the Issuer.
Section 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure
Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this
Disclosure Certificate may be waived, provided that the following conditions are satisfied:
a) If the amendment or waiver relates to the provisions of Section 3(a), 4, or 5(a),
it may only be made in connection with a change in circumstances that arises from a
change in legal requirements, change in law, or change in the identity, nature or status of
an obligated person with respect to the Bonds, or the type of business conducted;
b) The undertaking, as amended or taking into account such waiver, would, in the
opinion of nationally recognized bond counsel, have complied with the requirements of
the Rule at the time of the original issuance of the Bonds, after taking into account any
amendments or interpretations of the Rule, as well as any change in circumstances; and
c) The amendment or waiver either (i) is approved by the Holders of the Bonds in
the same manner as provided in the Resolution for amendments to the Resolution with
the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond
counsel, materially impair the interests of the Holders or Beneficial Owners of the Bonds.
In the event of any amendment or waiver of a provision of this Disclosure Certificate, the Issuer
shall describe such amendment in the next Annual Financial Information filing, and shall
include, as applicable, a narrative explanation of the reason for the amendment or waiver and its
impact on the type (or in the case of a change of accounting principles, on the presentation) of
financial information or operating data being presented by the Issuer. In addition, if the
amendment relates to the accounting principles to be followed in preparing financial statements,
(i) notice of such change shall be given in the same manner as for a Listed Event under Section
5(c), and (ii) the Annual Financial Information filing for the year in which the change is made
will present a comparison or other discussion in narrative form (and also, if feasible, in
quantitative form) describing or illustrating the material differences between the financial
statements as prepared on the basis of the new accounting principles and those prepared on the
basis of the former accounting principles.
Section 9. Additional Information. Nothing in this Disclosure Certificate shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Certificate or any other means of communication, or
including any other information in any Annual Financial Information filing or notice of
occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate.
If the Issuer chooses to include any information in any Annual Financial Information filing or
notice of occurrence of a Listed Event in addition to that which is specifically required by this
Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update such
information or include it in any future Annual Financial Information filing or notice of
occurrence of a Listed Event.
Section 10. Default. In the event of a failure of the Issuer to comply with any provision
of this Disclosure Certificate, any Holder or Beneficial Owner of the Bonds may take such
actions as may be necessary and appropriate, including seeking mandate or specific performance
by court order, to cause the Issuer to comply with its obligations under this Disclosure
Certificate. Direct, indirect, consequential and punitive damages shall not be recoverable by any
person for any default hereunder and are hereby waived to the extent permitted by law. A
default under this Disclosure Certificate shall not be deemed an event of default under the
Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of
the Issuer to comply with this Disclosure Certificate shall be an action to compel performance.
Section 11. Duties, Immunities and Liabilities of Dissemination Agent. The
Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure
Certificate, and the Issuer agrees to indemnify and save the Dissemination Agent, its officers,
directors, employees and agents, harmless against any loss, expense and liabilities which it may
incur arising out of or in the exercise or performance of its powers and duties hereunder,
including the costs and expenses (including attorneys' fees) of defending against any claim of
liability, but excluding liabilities due to the Dissemination Agent's negligence or willful
misconduct. The obligations of the Issuer under this Section shall survive resignation or removal
of the Dissemination Agent and payment of the Bonds.
Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of
the Issuer, the Dissemination Agent, the Participating Underwriters and Holders and Beneficial
Owners from time to time of the Bonds, and shall create no rights in any other person or entity.
Section 13. Rescission Rights. The Issuer hereby reserves the right to rescind this
Disclosure Certificate without the consent of the Holders in the event the Rule is repealed by the
S.E.C. or is ruled invalid by a federal court and the time to appeal from such decision has
expired. In the event of a partial repeal or invalidation of the Rule, the Issuer hereby reserves the
right to rescind those provisions of this Disclosure Certificate that were required by those parts
of the Rule that are so repealed or invalidated.
Date: 6th day of April, 2021.
CITY OF WAUKEE, STATE OF IOWA
By:
Mayor
ATTEST:
By:
City Clerk
EXHIBIT A
NOTICE TO NATIONAL REPOSITORY OF FAILURE TO FILE ANNUAL FINANCIAL
INFORMATION
Name of Issuer: City of Waukee, Iowa.
Name of Bond Issue: $___________________ General Obligation Bonds, Series 2021A
Dated Date of Issue: April 6, 2021
NOTICE IS HEREBY GIVEN that the Issuer has not provided Annual Financial
Information with respect to the above-named Bonds as required by Section 3 of the Continuing
Disclosure Certificate delivered by the Issuer in connection with the Bonds. The Issuer
anticipates that the Annual Financial Information will be filed by ____________________.
Dated: __________ day of _______________, 20___.
CITY OF WAUKEE, STATE OF IOWA
By:
Its:
01821998-2\21938-249
OFFICIAL BID FORM
To: City Council of Sale Date: March 1, 2021
City of Waukee, Iowa 10:00 A.M. Central Time
RE: $17,725,000* General Obligation Bonds, Series 2021A (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”. By submitting this bid, we confirm we
have an established industry reputation for underwriting new issuance of municipal bonds.
For all or none of the Bonds, in accordance with the “TERMS OF OFFERING”, we will pay you $______________________ (not less than
$17,547,750) 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
________ 2022 ________ ________ 2032 ________
________ 2023 ________ ________ 2033 ________
________ 2024 ________ ________ 2034 ________
________ 2025 ________ ________ 2035 ________
________ 2026 ________ ________ 2036 ________
________ 2027 ________ ________ 2037 ________
________ 2028 ________ ________ 2038 ________
________ 2029 ________ ________ 2039 ________
________ 2030 ________ ________ 2040 ________
________ 2031 ________
* 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 $19,000,000. Interest rates specified by the successful bidder for
each maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be changed if the aggregate principal amount of the 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 Aggregated Maturity Year Aggregate Amount
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
_______ through _______ _____________ _____________
In making this offer we accept all of the terms and conditions of the “TERMS OF OFFERING” published in the Preliminary Official
Statement dated February 15, 2021 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 April 6, 2021)
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 1st day of March, 2021.
Attest: _________________________________ By: ________________________________________
Title: __________________________________ Title: _______________________________________