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HomeMy WebLinkAboutRESOLUTION NO. 2011-71 Fairfax/419915-17/2°d Y2 Sale GO • MINUTES TO SELL BONDS 419915-17 Fairfax, Iowa October 11, 2011 The City Council of the City of Fairfax, Iowa, met on October 11, 2011, at 7:00 o'clock p.m., at the City Hall at 525 Vanderbilt Street, in the City. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present: Beer, Frieden, Otto, Magers, and Wainwright. Absent: None. This being the time and place fixed by the Council for the consideration of bids for the purchase of the City's $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B, the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefor. Whereupon, such bids were placed on file, and the substance of such bids was noted in 111 the minutes, as follows: Name and Address of Bidder Final Bid Northland Securities, Inc., Minneapolis, MN 2.4190% Hutchinson, Shockey, Erley & Co., Chicago, IL 2.5847% D.A. Davidson& Co., Denver, CO 2.6753% UMB Bank, n.a., Kansas City, MO 3.0305% (ATTACH BID TABULATION) After due consideration and discussion, Council Member Magers introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Otto. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Beer, Frieden, Otto, Magers, and Wainwright. Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. • -1- DORSEY&WHITNEY LLP, ATTORNEYS,DES MOINES, IOWA Fairfax/419915-17/2nd'/3 Sale GO • RESOLUTION NO.2011-71 AWARDING SALE OF $2,260,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2011B WHEREAS, the City of Fairfax (the "City"), in Linn County, State of Iowa, has heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement") in a principal amount not to exceed $2,260,000 pursuant to the provisions of Section 384.24A of the Code of Iowa for the purpose of paying the costs, to that extent, of constructing water main improvements and developing and constructing the Fairfax Athletics and Park Complex, and has published notice of the proposed action and has held a hearing thereon; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B (the "Bonds") to be issued in evidence of the City's obligation under the Loan Agreement were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and WHEREAS, upon final consideration of all bids, the City's financial advisor has determined that the bid of Northland Securities, Inc., Minneapolis, MN (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City; NOW, THEREFORE, It Is Resolved by the City Council of the City of Fairfax, Iowa, as follows: • Section 1. The City shall enter into the Loan Agreement with the Purchaser in substantially the form as will be placed on file with the Council, providing for a loan to the City in the principal amount of$2,260,000 for the purpose set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sale Agreement") of the Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. • -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Fairfax/419915-17/2nd j/2 Sale GO Passed and approved October 11, 2011. 1110 Jason be, Mayor Attest: L44 Im� Cynt Via City Clerk/Treasurer . . . • Upon motion and vote, the meeting was adjourned. Jason Rab , Mayor Attest: i-6.11A- 1 yitek • Cynthi ' Stimson, City Clerk/Treasurer • -3- DORSEY & WHITNEY LLP,ATTORNEYS,DES MOINES, IOWA Fairfax/419915-17/2nd'/2 Sale GO STATE OF IOWA • COUNTY OF LINN SS: CITY OF FAIRFAX I, the undersigned, City Clerk/Treasurer of the City of Fairfax, do hereby certify that as such City Clerk/Treasurer I have in my possession or have access to the complete corporate records of the City and of its Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the sale of$2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B, of the City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto. WITNESS MY HAND this 12th day of October, 2011. 44,62tbkaik Cynt is Stimson, City Clerk/Treasurer • (Attach here a copy of the bid of the successful bidder.) 41) -4- DORSEY&WHITNEY LLP,ATTORNEYS, DES MOINES, IOWA Oct 11 2011 8: 34FIM NORTHLAND—TRADING 612-851 -5841 p. 1 OFFICIAL BID FORM $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B City of Fairfax October 11,2011 411) PC Box 337> Speer Financial, Inc. Fairfax,IA 52228-0337 Facsimile; 1319j 291-8628 Mayor&Council Members: For the $2,260,000 General Obligation Corporate Purpose and Bonds, Series 201 I B (the "Bonds"), of the City of Fairfax, Linn County, Iowa (the"Cit� as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you$L-.):2 5'i`3i --l5.`1.b (no less than 52,241,920)bearing Interest as follows(each rate a multiple of 1/100 or 1/8 of 1%). MATURITIES"—JUNE 1 $175,000„ 2013 2-'©u % 5180,000,,..,..,....2017 2•D D % $195,000... ........ 2021 2_LID % 175,000 2014 2 .00 % 185.000 2018 2.0 D % 200,000....., 2022 2•Cop % 175,000............2015 /JD() % 185,000.........., 2019 2.00 pro 210,000._....,_,.,2023 2,F 0 % 175,000.... .."...,2018 2...00 % 190,000 2020 2.•20 % 215,000....... ....2024 3•00% *Any consecutive maturities may be aggregated Into term bonds et the option of the bidder, in which case the mandatory redemption provisions shall ba on the same schedule as above, Maturities; Term Maturity Maturities: Term Maturity Maturities: Term Maturity Maturities: Term Maturity Maturities: Term Maturity Maturities: Term Afatarity The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey&Whitney,LLP,Des Moines,Iowa, The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP numbers and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of cur good faith, we have wire transferred or enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made. • Farm of Deeo5 ,Account Manager Information - . - • •..i,, , surance Check One; h ^ �h(� t we have purchased Name i 1IOY I ,�'v,--\t 3,a4_,) ItleurAnCe from: Certified/Cashier's Check [] Financial Surety Bond [] Address CI 5 " 14"h 7C'L -.—', Name of Insurer Wire Transfer [] (Please fill In) Amount: $45,200 y.,a� City `;�i1p��,,_� State/Zip 3 1C\ Premiums Direct Phone c'/ — 1Y S> — S9'576 Maturities: (Cheek One) FAX Number Zvi-2 —2'57 - - s" -- Years All Email Address The foregoing bid was accepted and the Bonds sold by resolution of the City on October 11, 2011, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Terms of Offering. CITY OF FAIRFAX � j/ TEST: I„ l ✓i���/�J L1 VN COUNTY,IOWA i / d City Clerk/Treasurerlfayor ---NOT PART OF THE BID (Calculation of true antereet cost) Chose Interest $ --2�C\C L 2•—15 Lcss Premium/Plus Discount $ l i ic2(-1. (:) True Interest Cost 5 Ll®OCO•%1") 4":rueInterest Rate 2 LI\9t % III TOTAL BOND YEARS16,451.83 AVERAGE LIFE 7.293 years SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W.McCANNA DAVID F.PHILLIPS LARRY P.BURGER DANIEL D.FORBES BARBARA L.CHEVALIER RAPHALIATA McKENZIE PRESIDENT SR.VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT III October 11, 2011 The Honorable Jason Rabe, Mayor and Members of the City Council CITY OF FAIRFAX PO Box 337 Fairfax, IA 52228-0337 Dear Mayor Rabe and City Council Members: Bids were received today for the $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B. There were four bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of Northland Securities, Inc., Minneapolis, Minnesota, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that • bidder at a price of $2,258,845.95, plus accrued interest, being at a true interest rate of 2.4190%. True Account Managers Interest Rate Northland Securities, Inc., Minneapolis, Minnesota 2.4190% Hutchinson, Shockey, Erley & Co., Chicago, Illinois 2.5847% D.A. Davidson & Co., Denver, Colorado 2.6753% UMB Bank, n.a., Kansas City, Missouri 3.0305% Respectfully submitted, SPEER FINANCIAL, INC. 41, A( s arry . urger / Vi P esident LPB/mb • Enclosures SUITE 400•ONE NORTH LASALLE STREET•CHICAGO,ILLINOIS 60602•(312)346-3700•FAX(312)346-8833 SUITE 608•531 COMMERICAL STREET•WATERLOO,IOWA 50701 •(319)291-2077•FAX(319)291-8628 SPEER FINANCIAL, INC. . Not Rated $2,260,000 City of Fairfax Linn County, Iowa General Obligation Corporate Purpose Bonds, Series 2011B Date of Sale: October 11, 2011 Average Life: 7.293 Years (Based on TIC) Bidders* Price Maturities Rates Interest Northland Securities, Inc., Minneapolis, Minnesota 99.949% 2013 - 2019 2.000% 2.4190% • 2020 2.200% $400,587 2021 2.400% 2022 2.600% 2023 2.800% 2024 3.000% Hutchinson, Shockey, Erley & Co., Chicago, Illinois 99.200% 2013 - 2014 1.000% 2.5847% 2015 1.250% $427,193 2016 - 2018 2.000% 2019 2.200% 2020 2.400% 2021 2.600% 2022 2.800% 2023 3.000% 2024 3.100% D.A. Davidson & Co., Denver, Colorado 100.487% 2013 - 2015 2.000% 2.6753% 2016 2.250% $444,605 2017 - 2019 2.500% 2020 2.700% 2021 2.800% 2022 - 2024 3.100% SPEER FINANCIAL, INC. Page 2 . Bidders* Price Maturities Rates Interest UMB Bank, n.a., Kansas City, Missouri 99.200% 2013 1.250% 3.0305% 2014 - 2015 1.500% $502,037 2016 1.750% 2017 2.000% 2018 2.350% 2019 2.600% 2020 3.000% 2021 3.150% 2022 3.350% 2023 3.550% 2024 3.750% • • *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. UCL 'I 1 r✓U1 1 t32 J•Fiil'l I'4UK I 1-ILF1I1LI- I Kt1L1I1t, b1r✓-t3D1 -UJ1•1 p. I OFFICIAL BID FORM $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B City of Fairfax October 11,2011 • PO Box 337; Speer Financial, Inc. Fairfax,IA 52228-0337 Facsta1Q; (3 9) 291-8628 Mayor&Council Members: For the $2,260,000 General Obligation Corporate Purpose and Bonds, Series 201!B (the "Bonds'), of the City of Fairfax, Linn County, Iowa,(the"City") as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you$ .2 ;, H: .1.1 (no less than$2,241,920)bearing interest as follows(each rate a mu:tiple of 1/100 or 1/8 of 1%). )_ MATURITIES"—JUNE 1 $175,000.,....,.,,.2013 k ' % $180,000 2017 2— 'I % $155,000 2021 =a.ilii % 175,000,..,... ...,2014 / a 4t % 185,000 ...,.., ,2019 ' L: % 200,000- 2022 y °la 1175,000..., ..,.,..2015 L' —1, % 185,000 2010 m % 210,000__... _,. 2023 = �c % 75,000..,. ..,...2016 ` ' % '9C,000 .,._._ 2020 o /0 218 000 .2024 , "Any consecutive maturities may be aggregated Into term bonds at the option of the bidder, In which case the mandatory redemption provisions shall be on the same schedule as above, Maturities: Term Maturity Maturities: Term Maturity Maturities; Term Maturity Maturities; Term Maturity Maturities: Term Maturity Maturities: Term Maturity The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey&Whitney,LLP,Des Moines,Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP numbers and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, we have wire transferred or enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made, 111 Farm of Deaosft Check One; tw •�jccnt Manager Information B .: .'.,. , surance We have purcha3ed Name a� i • _ tom ) Insurance from: Certitied/Cashier's Check H Financial Surety Bond [] Address y 5 14hasa_ Name of Insurer Wire Transfer [1 � f (incase fill in) Amount: $45,200 By S`J� � r 1ti9� City 'f,t State/Zip VC... ,(-\\ Premium: Direct Phone /O• (� > — J'VC) l4eturitles: (Cheek One) Years FAX Number `v/e —2'5/ ¶9 47/7 All Email Address The foregoing bLd was accepted and the Bonds sold by resolution of the City on October 11, 2011, and receipt is hereby acknowledged of the good faith Deposit which Is being held in accordance with the terms of the annexed Official Terms of Offering, CITY OF FAIRFAX ATTEST: LI'VN COUNTY.IOWA City Clerk'Treasurer /t'fayor ---NOT PART OF THE HID ��— (Calcularion of true antere.)1 costj • Circle Interest y C,. Less Premium1PlusDlscount 3 " i r" ' True Interest Cost 5 _ u True Interest Rate TOTAL BOND YEARS 16,481,83 • AVERAGE LIFE 7.293 years 11 :'11/21311 1313:14 3124431225 HUICHINSUN SHUGKHY NhG� 132/132 OFFICIAL BID FORM 52,260,000 General Obligation Corporate Purpose Bonds,Series 2011B City of Fairfax October 11,2011 • PO Box 337. Speer Financial,Inc. Fairfax,IA 52228-0337 P'acsimile. (319)291-8628 Mayor&Council Members: For the $2,260,000 General Obligation Corporate Purpose and Bonds, Series 2011B (the "Bands"), of the City of Fairfax,Linn County Iowa, the"City")as described in the annexed Official Terms of Offering, which is expressly made a part of this hid, we will pay $Iasi (the (no less than 52,241,920)bearing interest as follows(each rate a multiple of 1/100 or 1/8 of 1%). MATURITIES''—,RINE 1 $175,000 2013 `•00 % $,180,000 2017 Z '_% $195,000 2021 +2•4:.0 _% 175,000.,,.,,-.... 2014 1•V 0 % 185,000 2018 2 ' % 200,000 2022 7.•t.0 175,000 .....,..,..2015 t.M.- % 185,000 . 2019 2,.1...D % 210,000..,,,.....,.2023 3 — % 175,000 2016 2 ' % 190,000....,..._..2020 -L•U 0 % 215,000,,.,........2024 3,10 % *Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall he on the same schedule as above. Maturities:ies: Term MaturityMaturities: Term Maturity Maturities: _Term Maturity Maturities: Terra Maturity Maturities: Term Maturity Maturities: Term Maturity The Bonds arc to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey&Whitney,LLP,Des Moines,Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSiP numbers and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSTP numbers as entered on the Bonds. As evidence of our good faith, we have wire transferred or enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made. • Form of Deposit Accnunt M, rapernfOrrmation Birders Option Insurance_ t L We have purchased Name .♦ Check One: -44;.yam+ cs t..AIlk •1 insurance from: Certified/Cashier's Check [] ` Name of InsgKcr Wire T al SuretyferBond (] Address ilia.� S (Please_ltt in) Wire Transfer [] (.h C- By • Amount: $45,200 City 0 _State/Zip , Premium: Maturities: (Check One) Direct Phone Vows FAX Number All Email Address The foregoing bid was accepted and the Bonds sold by resolution of the City on October 11, 2011, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Terms of Offering, CITY OF FAIRFAX ATTEST: LFNN COUNTY,IOWA City Clerk/Treasurer. Mayor .� NOT PART OF TETE AID Catcw/ation 0 n•rte interest cos! �m .1-...--------. _ $ 09 111,(OS Cross Interest Less Premia /Plus Discount $ 150.50 , True interest Cost S W177411.45 True Interest Rule 1•s.t 1 % • ' TOTAL BOND YEARS _ 16,48i.83 AVERAGE LIFE 7,293 years 11.1i11/LU11 U8; 34 r:y1 su:S/ti45002 IIYSY uul OFFICIAL BID FORM $2,260,000 General Obligation Corporate Purpose Bonds,Series 2011E City of Fairfax October 11,2011 PO Box 337, Speer Financial, Inc, Fairfax,IA 52228-0337 Facsimile; (319)291-8628 Mayor&Council Members: For the $2,260,000 General Obligation Corporate Purpose and Bonds, Series 2011B (the "Bonds"), of the City of Fairfax, Linn County, Iowa, (the"City") as described in the annexed Official Ttims of Offering, which is expressly made a part of this bid, we will pay you$ X8.90 (no less than$2,241,920)bearing interest as follows(each rate a multiple of 1/100 or 1/8 of 1%). MATURITIES*—JUNE 1 $175,000 , 2013 % $180,000 2017 2,7 % $195,000 2021 % 175,000 2014 2 D 185,000 2018 2- % 200.000 2022 3. tQ % 175,000 2015 2,C) a/, 185,000......,..,..2019 % 210,000 2023 3•1 U _/o 175,000.,,,,,..,...2016 '2,15 % 190,000 2020 2' % 215,000 2024 3 110 % *Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the Same schedule as above Maturities:2.2-1231Z1 Term Maturity ZI::>2.1 Maturities: Term Maturity Maturities: Term Maturity Maturities: Term Maturity Maturities: Term Maturity Maturities' Term Maturity The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey&Whitney,LEP,Des Moines,Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP numbers and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, we have wire transferred or enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT Of PAR (the `Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made. • Form of Deposit Account Manarer Information Bidden(tion Insurance Check One: We have purchased Nane.aUSYw►-� Sh. Do4" insurance from: Certified/Cashier's Check [] � p Financial Surety Bond [] Address 1(o00. 0A-r- � * At )00 Name of Insurer Wire Transfer [] (Please fill in) By Amount; $45,200 1t � L City Vlet-3 -'1Q-- `` State//ZipCOj ZD2-- Premium: Direct Phone s,33 '4Dt"'\ 50 Maturities: (Check One) � ^ (..t;"�2 Years FAX Number _I � n,� All Email Address_ S vrrt�sl► `� U w . The foregoing bid was accepted and the Bonds sold by resolution of the City on October 11, 2011, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Terms of Offering. CITY OF FAIRFAX ATTEST: LINN COUNTY,IOWA City Clerk/Treasurer Mayor --- NOT PART OF THE BID--- - (Calctdatlon of true interest cast) Gross Interett $ Less, rcmiur77F1ua Discount $ , -1' _ True Interest Cost $ ; True Interestt(Late % • 16,48i,83 TQTAL BOND Y)AR5 AVERAGE LIFE 7,293 years OCL i 1, 2U11 9 41AM AH NU, 9 /47) H. 1 OFFICIAL BID FORM $2,260,000 General Obligation Corporate Purpose Bonds,Series 2011B City of Fairfax October 11,2011 • PO Box 337. Speer Financial,1nc, Fairfax,IA 52228-0337 Facsimile: (319)291-8628 Mayor&Council Members: For the $2,260,000 General Obligation Corporate Purpose and Bonds, Series 2011B (the `Bonds"), of the City of Fairfax, Linn County Iowa, (the"City")as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you$ ` a_{_q2.o.U Q (no less than$2,241,920)bearing interest as follows(each rate a multiple of 1/100 or 1/8 of 1%). MATURITIES*—JUNE 1 $175,000 2013 . a.5 a/o $180,000,,,.,.,.._„2017 �0�% $195,000_,.,.,,..,.,2021 3, (-ic % 175,000 2014 t,Ca) % 185,000 2016 a_35 % 200,000 2022 " , a/, 175,000 2015 1, % 185,000 2019 a,Leo % 210,000 2023 - % 175,000.....,,,....2016 L"!S % 190,000......,,,,.,2020 .Q% 215,000 2024 1 % "Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above, Maturities! Term Maturity Maturities; . Term Maturity Maturities; Term Maturity Mataritles; Term Maturity Maturities: Term Maturity Maturities: Term Maturity The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Dorsey&Whitney,LLP,Des Moines,Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP numbers and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, we have wire transferred or enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR(the "Deposit") under the terms provided in your Official Terms of Offering, Attached hereto is a list of members of our account on whose behalf this bid is made. • of Dep_osit One: 4,csaunl Manager Infiatro tioj Bidders Oytiojln�,rae£g CheckU�n We have purchased Name 1► 1 from insurance f ro Certified/Cashier's Check [] (�� Financial Surety Bond [] Address I D(C &VCL�% $C 5 Lcv Name of:nsurer Wire Transfer [] _ _ (Please JIM In) By l•aof..,. Amount: $45,200j} City ,4`1.SCC5 ' tate/Zip A410(, Premium: Direct Phone qt Le -.0 -. -7)-1:3 Maturities: (Check One) FAX Number t c Years Koziol __ r,, �/ All Email Address tom-[/t S'Eh/1.. Mzt to l ( UV r ep ' The foregoing bid was accepted and the Bonds sold by resolution of the City on October 11, 2011. and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Terms of Offering, CITY OF FAIRFAX ATTEST: LINN COUNTY,IOWA City Clerk/Treasurer Mayor -----NOT PART OF THE BID----».— (Calculation of true interest cos() Gross Interest , 5 �_, 3 a 57,; 1 Less Premium/Plus Discount i ♦ C` • fba True Interest Cost 5 5O ,, t7 31 ,011_ -_ True Interest Rate _1. Q 4 iQ-c • d TOTAL BOND YEARS 16,481,83 AVERAGE LIFE 7,293 years # SPEER FINANCIAL, INC. • Cites of Fairfax, Linn County, Iowa $2,260,000 General Obligation Corporate Purpose Bonds, Series 2011B **FINAL** Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 11/10/2011 - - - - - /// 06/01/2012 - - 28,692.75 28,692.75 28,692.75 12/01/2012 - - 25,695.00 25,695.00 I 06/01/2013 175,000.00 2.000% 25,695.00 200,695.00 226,390.00 12/01/2013 - - 23,945.00 23,945.00 - 06/01/2014 175,000.00 2.000% 23,945.00 198,945.00 222,890.00 12/01/2014 - - 22,195.00 22,195.00 - 06/01/2015 175,000.00 2.000% 22,195.00 197,195.00 219,390.00 12/01/2015 - - 20,445.00 20,445.00 - 06/01/2016 175,000.00 2.000% 20,445.00 195,445.00 215,890.00 12/01/2016 - - 18,695.00 18,695.00 - 06/01/2017 180,000.00 2.000% 18,695.00 198,695.00 217,390.00 12/01/2017 - - 16,895,00 16,895.00 - 06/01/2018 185,000.00 2.000% 16,895.00 201,895.00 218,790.00 12/01/2018 - - 15,045.00 15,045.00 - 0 call 06/01/2019 185,000.00 2.000% 15,045.00 200,045.00 215,090.00 12/01/2019 - - 13,195.00 13,195.00 - 06/01/2020 190,000.00 2.200% 13,195.00 203,195.00 216,390.00 12/01/2020 - - 11,105.00 11,105.00 - 06/01/2021 195,000.00 2.400% 11,105.00 206,105.00 217,210.00 12/01/2021 - - 8,765.00 8,765.00 - 06/01/2022 200,000.00 2.600% 8,765.00 208,765.00 217,530.00 12/01/2022 - - 6,165.00 6,165.00 - 06/01/2023 210,000.00 2.800% 6,165.00 216,165.00 222,330.00 12/01/2023 - - 3,225.00 3,225.00 - 06/01/2024 215,000.00 3.000% 3,225.00 218,225.00 221,450.00 Total $2,260,000.00 - $399,432.75 $2,659,432.75 - Yield Statistics / . Bond Year Dollars $16,481.83 Average Life 7.293 Years Average Coupon 2.4234728% Net Interest Cost(NIC) 2.4304748% True Interest Cost(TIC) 2.4 190267% Bond Yield for Arbitrage Purposes2.4112419% All Inclusive Cost(AIC) 2.4190267% IRS Form 8038 Net Interest Cost 2.4234728% Weihted Avera;ie Maturity 7.293 Years • 11B Fairfax GO FINAL I SINGLE PURPOSE I 10/11/2011 I 11:03 AM Speer Financial, Inc. Public Finance Page 1 CITY OF FAIRFAX, IOWA • $2,260,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2011B Distribution List As of October 11, 2011 PHONE FAX EMAIL ADDRESS ISSUER City of Fairfax PO Box 337 Fairfax,IA 52228-0337 Cynthia Stimson,City Clerk/Treasurer 319-846-2204 319-846-3480 fairfax@southslope.net southslope.net Jason Rabe,Mayor 319-846-2204 319-846-3480 jrabe( i4uaranty-bank.com BOND COUNSEL Dorsey& Whitney LLP 801 Grand, Suite 3900 Des Moines, IA 50309 Robert Josten,Esq. 515-283-1000 515-283-1060 josten.robertgdorsey.com FINANCIAL ADVISOR • Speer Financial,Inc. 531 Commercial St., Ste. 608 Waterloo, IA 50701-5497 Larry Burger 319-291-2077 319-291-8628 lburger a>speerfinancial.com Maggie Burger 319-291-2077 319-291-8628 mburger4speerfinancial.com UNDERWRITER Northland Securities, Inc. 45 S.7th St. Minneapolis,MN 55402 Cyndy Litke 612-851-5940 612-851-5941 clitketilnorthlandsecurities.coni Tari Rode 612-851-5940 612-851-5941 trode( northlandsecurities.com REGISTRAR Bankers Trust Company 453 7th St. [50309] PO Box 897 Des Moines, IA 50304 Diana Van Vleet 515-245-2951 515-245-2460 dvanvleet.l bankerstrust.ccn Prepared by Speer Financial,Inc. 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