HomeMy WebLinkAbout2019-08-05-J01O Water Revenue Bonds Series 2019B_Appoint AgentAGENDA ITEM: J1O
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 [$2,040,000 Water Revenue Bonds, Series 2019B]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 07/15/2019, the City Council approved
directing sale of $2,040,000 Water Revenue Bonds, Series 2019B:
Resolution: Consideration of approval of a resolution directing sale of $2,040,000
(subject to adjustment per terms of offering) Water Revenue Bonds, Series 2019B –
Prior to a motion, Jon Burmeister with Public Financial Management (PFM) noted the
City’s recent positive water system rating from Moody’s Investors Service then reviewed
the bid tabulation, recommending sale to Robert W. Baird at a 2.3042% true interest rate.
Council Member Bergman asked if water revenue funds are typically sold at a higher
rate; Mr. Burmeister replied in the affirmative. Council Member Bergman moved to
approve the resolution awarding sale to Robert W. Baird at a 2.3042% true interest rate
and a purchase price of $2,225,829.45; seconded by Council Member Lyon. Results of
vote: Ayes: Bergman, Bottenberg, Hughes, Lyon. Nays: None. Absent: Clarke. Motion
carried 4 – 0 – 1. (Resolution #19-288)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$2,040,000
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, $2,040,000 Water Revenue Bonds, Series 2019B, 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:
Section 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
$2,040,000 Water Revenue Bonds, Series 2019B, dated August 21, 2019.
Section 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 21st day of August, 2019.
Mayor
ATTEST:
City Clerk