HomeMy WebLinkAbout2016-09-06-J01H GO Refunding Bonds Series 2016B - Appoint Agent AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: September 6, 2016
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 [$1,720,000 General Obligation Refunding Bonds,
Series 2016B]
FORMAT: Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 08/15/2016, the City Council approved
directing sale of $1,720,000 General Obligation Refunding Bonds, Series
2016B:
Resolution: Consideration of approval of a resolution directing sale of $1,720,000
(subject to adjustment per terms of offering) General Obligation Refunding Bonds,
Series 2016B – Council Member Lyon moved to approve the resolution; seconded by
Council Member Bergman. Jon Burmeister with Public Financial Management (PFM)
presented the bid tabulation and annual debt service savings, recommending that the sale
be awarded to Bankers’ Bank of Madison, WI, for a purchase price of $1,713,120.00 at a
true interest rate of 1.2560%. Council Member Peterson asked if there were any
prepayment penalties; Mr. Burmeister replied in the negative. Results of vote: Ayes:
Bergman, Harrison, Hughes, Lyon, Peterson. Nays: None. Motion carried 5 – 0.
(Resolution #16-359)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: $1,720,000
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 16-
RESOLUTION APPOINTING BANKERS TRUST COMPANY
OF 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, $1,720,000 General Obligation Refunding Bonds, Series 2016B, dated
September 20, 2016, 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 Bankers Trust
Company of 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 Bankers Trust
Company.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
1. That Bankers Trust Company of Des Moines, Iowa, is hereby appointed to serve
as Paying Agent, Bond Registrar and Transfer Agent in connection with the issuance of
$1,720,000 General Obligation Refunding Bonds, Series 2016B, dated September 20, 2016.
2. That the Agreement with Bankers Trust Company of 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 6th day of September, 2016.
Mayor
ATTEST:
City Clerk