HomeMy WebLinkAbout2019-08-05-J01M GO Bonds Series 2019A_Appoint AgentAGENDA ITEM: J1M
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: August 5, 2019
AGENDA ITEM:Consideration of approval of a resolution appointing Paying Agent, Bond
Registrar, and Transfer Agent, Approving the Paying Agent and Bond
Registrar and Transfer Agent Agreement and Authorizing the Execution
of the Agreement [$4,655,000 General Obligation Bonds, Series 2019A]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 07/15/2019, the City Council approved
directing sale of $4,655,000 General Obligation Bonds, Series 2019A:
Resolution: Consideration of approval of a resolution directing sale of $4,655,000
(subject to adjustment per terms of offering) General Obligation Bonds, Series 2019A –
Prior to a motion, Jon Burmeister with Public Financial Management (PFM) reviewed the
bid tabulation and noted the City’s recent positive rating from Moody’s Investors
Service. He recommended sale to Fifth Third Securities at a 1.9745% true interest rate.
Council Member Lyon moved to approve the resolution awarding sale to Fifth Third
Securities at a 1.9745% true interest rate and a purchase price of $5,167,461.85; seconded
by Council Member Bergman. Results of vote: Ayes: Bergman, Bottenberg, Hughes,
Lyon. Nays: None. Absent: Clarke. Motion carried 4 – 0 – 1. (Resolution #19-287)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$4,655,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City Bond Counsel has provided the proceedings.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
RESOLUTION 19-
RESOLUTION APPOINTING UMB BANK, N.A. OF WEST
DES MOINES, IOWA, TO SERVE AS PAYING AGENT, BOND
REGISTRAR, AND TRANSFER AGENT, APPROVING THE
PAYING AGENT AND BOND REGISTRAR AND TRANSFER
AGENT AGREEMENT AND AUTHORIZING THE
EXECUTION OF THE AGREEMENT
WHEREAS, $4,655,000 General Obligation Bonds, Series 2019A, dated August 21,
2019, have been sold and action should now be taken to provide for the maintenance of records,
registration of certificates and payment of principal and interest in connection with the issuance
of the Bonds; and
WHEREAS, this Council has deemed that the services offered by UMB Bank, n.a. of
West Des Moines, Iowa, are necessary for compliance with rules, regulations, and requirements
governing the registration, transfer and payment of registered bonds; and
WHEREAS, a Paying Agent, Bond Registrar and Transfer Agent Agreement (hereafter
"Agreement") has been prepared to be entered into between the City and UMB Bank, n.a.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
1.That UMB Bank, n.a. of West Des Moines, Iowa, is hereby appointed to serve as
Paying Agent, Bond Registrar and Transfer Agent in connection with the issuance of $4,655,000
General Obligation Bonds, Series 2019A, dated August 21, 2019.
2.That the Agreement with UMB Bank, n.a. of West Des Moines, Iowa, is hereby
approved and that the Mayor and Clerk are authorized to sign the Agreement on behalf of the
City.
PASSED AND APPROVED this 5th day of August, 2019.
Mayor
ATTEST:
City Clerk