HomeMy WebLinkAbout2021-10-18-I02A GO Urban Renewal Bonds Series 2021B_Appoint AgentAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: October 18, 2021
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 [$19,760,000 General Obligation Urban Renewal
Bonds, Series 2021B]
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 10/04/2021, the City Council approved
directing sale of $19,760,000 General Obligation Urban Renewal Bonds,
Series 2021B:
Resolution: Consideration of approval of a resolution directing sale of $19,760,000
(subject to adjustment per terms of offering) General Obligation Urban Renewal
Bonds, Series 2021B – Council Member Lyon moved to approve the resolution;
seconded by Council Member Sinclair. Matt Stoffel with PFM Financial Advisors, LLC
(participating electronically) reviewed the bid tabulation, adding that the sale would
generate a nice premium to be applied to next year’s City budget. He recommended sale
to Morgan Stanley & Co., LLC, of New York, NY, at a true interest rate of 1.8468% and
net interest cost of $4,540,513.64. Finance Director Burkhart stated that she was pleased
to see such a competitive bid. Council Member Bottenberg stated that he would abstain
from voting due to a professional conflict of interest. Results of vote: Ayes: Bergman
Pierce, Lyon, Sinclair. Nays: None. Abstentions: Bottenberg (professional conflict of
interest). Absent: Crone. Motion carried 3 – 0 – 1 – 1. (Resolution #2021-422)
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:$19,760,000
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:
I2A
RESOLUTION 2021-
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, $19,760,000 General Obligation Urban Renewal Bonds, Series 2021B,
dated November 4, 2021, 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
$19,760,000 General Obligation Urban Renewal Bonds, Series 2021B, dated November 4, 2021.
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 18th day of October, 2021.
Mayor
ATTEST:
City Clerk