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HomeMy WebLinkAboutRESOLUTION NO. 2013-53 Wl'A SPEER FINANCIAL, INC. PU31AC F1.NANCE CUNSU LA NTS�,INCE N54 WiffKEvrw W.M"'ANNA r,)AVf[)E PHILUJIS LARRY P.BURGER DANIEL 1) W R IJ CS BARBARA L WEVM-TR RA1114 Au"IAVI'A Nlc!"X'10 E PRFMIDENT 11 VICC F RE510t.-N I' P M1.811)r;N I' VI:F IRMOrNT h K PXWM)!�NI' August 13, 2013 The Honorable Jason Rabe, Mayor And Members of the City Council City of Fairfax P,O Box 337 Fairfax, M, 52228-0337 Dear Mayor Rabe and Council Members: Bids were received today for the $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013. There were 4 bids received, which are listed at the bottom of this letter. Upon examination, it is our opinion that the bid of UMB Bank, n.a., Kansas City, Missouri, is the best bid received, and it is finther 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$2,471,829.50, being at a true interest rate of 2.4644%. True Account Managers Interest Rate UMB Bank, n.a., Kansas City,Missouri ...................................................... 2.4644% Bankers' Bank, Madison, Wisconsin................................................................. 2,5801% D.A. Davidson& Co., Denver, Colorado......................................................... 2.6668% Northland Securities, Inc., Minneapolis, Minnesota.......................................... 2.8812% Respectfully submitted, SPEER FINANCIAL, INC. V tMagaglieurger Vice President MB/af Enclosures SUITE 4I00-ONE NORTH LASALLE STRELT-CHICAGO,(LLN0 IS 60602.(312)346-3/U 1`'-,X;'j 12 X46 S G,ITE 6 D8 531 C 0 Nf N4 ERCIAL S TREET-WAf F R L0 0,10 WA 50701-(3 19)291-2f)'77 )"AX 9)2.91-86D SPEER FINANCIAL, INC. Not fated $2,485,000 CITY OF FAIRFAX Linn County,Iowa General Obligation Corporate Purpose and Refunding Bonds, Series 2013 Date of Sale: August 13, 2013 Average Life: 6.598 Years (Based on TIC) Bidders* Price Maturities Rates Interest UMB Bank,n.a.,Kansas City, Missouri 99.470% 2014-2016 1.000% 2.4644% 2017 1.100% $405,'814 2018 1.450% 2019. 1.700% 2020 2.000% 2021 2.250% 2022 2.450%n 2023 2.750% 2024-2025 3.000% Bankers' Bank, Madison, Wisconsin 99.300% 2014 0.500% 2.5801% 2015 0.750% $424,398 2016 1.000% 2017 1.300% 2018 1.600% 20,1.9 1.900% 2020 2.200%n 2021 2.400% 2022 2.600%0 2023 2.800% 20244 3.000% 2025 3.100% D.A. Davidson& Co., Denver, Colorado 100.646% 2014 0.500% 2.6668% 2015 0.700% $442,599 2016 0.900% 2017 1.200% 2018 1.450% 2019-2023 3.000% 2024 3.150% 2025 3.250% SPEER FINANCLAI, INC'. Page 2 Bidders* Price Maturities Rates Interest Northland Securities, Inc., Minneapolis, Minnesota 99.200% 2014-2019 2.000% 2.8812% 2020 2.300% $472,481 2021 2.600% 2022 2.800% 2023 3,000% 2021 3.200/0 2025 3..350% *Syndicate information is provided by the underwriter. The infonnation contained in this report is the most current available, $2,485,000 City of Fairfax,Linn County,Iowa General Obligation Corporate Purpose,and refunding Bonds Series 2013 Bidder- UNIB Bank,N.A,Bidder TIC 2.464436 %n Best AON TIC:1464436 '/o Status. /inne;r.x. Serial/ Principal Sinker/ Due Amount Term Coupon Jun 1,2014 $200,000 Serial 1.000%® Jun 1,2015 $220,000 serial 1.000% Jun 1,2016 $195,000 Serial 1.000% Jun 1,2017 $135,000 Serial 1.100% Jun 1,2018 $140,000 ,Serial 1..450% Jun 1,2019 $170,000 Serial 1300% Jun 1,2020 $175,000 Serial 2.000% Jun 1,2021 $240,000 Serial 2.250% Jun 1,2022 $275,000 Serial 2.450% Jun 1,2023 $280,000 Serial 2.750% Jun 1,2024 $285,000 Sinker 3.000%p Jun 1, 2025 $170,000 Term 3.000%a Purchase Price,$2,471,829.50 Spread: None Entered Time Submitted-August 13,2013 at 11:50:55 AM EDT SpeerAuction Interest Cast Calculations for informational puMoses on:l ) Issue Size. $2,485,000 Grass Interest $392,643.31 Plus Discount/(Less Premium) 13,170.50 Total Interest Cost $405,813.81 True Interest hate 2,464436% Total Barad Fears 16,396.63 Avera e Life 6.598 Fears Firm.,IAMB Bank,N,A, `""Winner- Unofficial,subject to verification and award.May not include sealed bids received outside of SpeerAuction system. $2,485,000 City of Fairfax,Linn,County,Iowa General Obligation Corporate Purpose and Ref"unding Bonds Series 2013 Bidder:Bankers'B ankBidder TIC:2.580198 % Best AON TIC:2.464436 % Status:Not Winner Serial/ Principal Sinker/ Due Amount Term Coupon Jun 1,2014 $200,000 Serial 0.500% Jun 1,2015 $220,000 Serial 0.750%© Jun 1,2016 $195,000 Serial 1.000%® Jun 1,2017 $135,000 Serial 1,300% Jun 1,2018 $140,000 Serial 1,600% Jun 1,2019 $170,000 Serial 1.90011/c Jun 1,2020 $175,000 Serial 2,200% Jun 1,2021 $240,000 Serial 2400% Jun 1,2022 $275,000 Serial 2,600% Jun 1,2023 $280,000 Serial 2.800% Jun 1,2024 $285,000 Serial 1000% Jun 1,2025 $170,000 Serial 3.100%a Purchase Price- $2,467,605.00 Spread:None Entered Time Submitted:August 13,2013 at 11:56:40 AM EDT SpeerAuction Interest Cost Calculations f©r informational purposes 0 ly) Issue Size $2,485,000 Gross Interest $407,002,63 Plus Discount/(Less Premium) 17,395.00 Total Interest Cost $424,397.63 True Interest Rate 2.580198% �otal Bond Years 16,396.63 lAverage Life 6.598 Years Firm: Bankers':Clank "Winner--Unofficial,subject to verification and award.May not include sealed bids received outside of SpeerAuction system, $2,485,000 City of Fairfax, Linn County,(owa General Obligation Corporate Purpose and Refunding Bonds Series 2013 Bidder: DA llavidso nBidd!er TIC: L666852 % Hest AGlsi TIC:2.464436 % Status:Not Winner Serial/ Principal Sinker/ Due Amount Terra. Coupon Jun 1,2014 $200,000 Serial 0.500% Jun 1,2015 $220,000 Serial 0.70017o .tun 1,2016 $995,000 Serial 0.900% j Jun 1,2017 $135,000 Serial 1.200%a Jun 1,2018 $11.0,000 Serial 1.450% Jun 1,2019 $170,000 Serial 3,000% Jun 1,2020 $175,000 Serial 3.000% Jun 1,2021 $240,000 Serial 3.000% Jun 1,2022 $275,000 Serial 3.000%® Jun 1,2023 $280,000 Serial 3:000% Jun 1,2024 $285,000 Serial 3.150% Jun 1,2025 $170,000 Serial 3.250% Purchase Price:$29501,049.95 Spread:None Entered Time Submitted.August 13,2013 at l 1:34:50 ANl El,)l' i peerAuctiona Interest Cost Calculations for informational purposes onl ) Issue Size $2,485,000 Gross Interest $458,649.44 Plus Discount/(Less Premium) (16,049.95) Total Interest Cost $442,599.49 True[interest Rate 2.666852% Total Bond Years 16,396.63 Average Life 6.598 Years Firim DA Davidson **Winner M Unofficial,subject to verification and award.May riot include sealed bids received outside Of SpeerAuction system. $2,485,000 City of Fairfax, Linn County,Iowa General Obligation Corporate Puipose and Refunding Bonds Series 2013 Bidder. Northland Bidder TIC-1881265 % Best AO TIC: 1464436 % Status: Not Winner Securities Serial/ Principal Sinker/ Due Amount Term Coupon Jun 1,2014 $200,000 Serial 2,0:00% Jun 1„2015 $220,000 Serial 1000% Jun 1,2016 $195,000 Serial 2,000% Jun 1,7017 $135,000 Serial 1000% Jun 1,2018 $140,000 Serial 2.000% Jun 1,2019 $170,000 Serial 2.000% Jun 1,2020 $175,000 Serial 2,300% Jun 1,2021 $240,000 Serial 2.600% Jun 1,2022 $275,000 Serial 2.800% Jun 1,2023 $280,000 Serial 3.000% Jun 1,2024 $285,000 Serial 1200% Jun t,2025 $170,000 Serial 3,350% Purchase Price:$2,465,120.00 Spread-None Entered Time Submitted: August 13,2013 at. 11:56:27 AM EDT SpeerAuction Interest Cost Calculations for informational purposes 0 ly) Issue Size $2,485,000 Gross Interest $452,600,50 Plus Discount/(Less Premium) 19,880M Total Interest Cost $472,480.50 True Interest Rate 2,881265% �otal Bond Years 16,396,63 Average Life 6.529 Years Firm- Northland Securities :�rkWinner- Unofficial,subject to verification and award. May not include scaled bids received outside of SpeerAuction system. SPEER FINANCIAL, INC. !"ity_q'YA affil fax' :[�1n11 clrtrin? r� In ra $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013 I FINAL" I Debt Service Schedule Date Principal Coupon Interest Total P*1 Fiscal Total j 09/10/2013 12/01/2013 11,147.06 11,147.06 06/01/2014 200,000.00 1.ID% 24,771.25 '224,7 71.25 235,9 C 8.31 12/01/2014 - 23,771.25 23,771.25 06/0112015 220,000.00 1.000% 23,771.25 243,771.25 267,542.50 12/01/2015 - - 22,671.25 22,671.25 - 06/01/2016 195,000.00 1.000% 22,671.25 217,671.25 240,342.50 12/01/2016 - 21,696.25 21,696.25 - 06101/2017 135,000.00 1.100% 21,696.25 156,696.25 178,392.50 12101/2017 - 20,953.75 20,953.75 - 06/01/2018 140,000.00 1.450% 20,95375 160,953.75 181,907.50 12101/2018 - - 19,938.75 19,938.75 - 0610112019 170,000.00 1.700% 19,938.75 189,938.75 209,877.50 12/10112019 18,493.75 18,493.75 - call 06101/2020 175,,000.00 2,000% 18,493..75 193,493.75 211,987,50 12/01/2020 16,74335 16,743.75 - 06101/2021 240,000.00 2.250% 16,74335 256,743.75 273,487,50 I 12/01/2021 14,043.75 14,043.75 - 06/01/2022 275,000.00 2,450% 14,043.75 289,043.75 303,087,50 i 12/01/2022 - 10,675.00 10,675.00 - 00/01/2023 280,000.00 2.750% 10,675.00 290,675.00 301,350.00 12601/2023 - 6,825.00 6,825.00 - 06/01/2024 285,000.00 3,000% 6,825.00 291,825,00 298,650.00 12/01/2024 - - 2,550,00 2,550.00 - 06/01/2025 170,000.00 3.000% 2,550,00 172,550.00 175,100.00 Total $2,485,000.00 - $392,643.31 $2,877,643.31 - Yield Statistics Bond Year Dollars $16 396 63 fkveraE I rfe 6,598"Years 2.3916593% is Net Interest Cast(NIC.) — --..__._— 2.4749838% I True lnterest Cost(TIC) 2..4644360% Bond Yield for Arbitrage Purposes _ 2.3757160% All Inclusive Cost(AIC) 2.4644360% IRS Form 8038 Net Interest Cost 2.3946593% Weighted Average Maturity 6.598 Years. 13 FaWfax G0 FINAL I SINGLE PURPOSE 1 8(13124713 ( '11:22 AM Speer Financial, Inc. Public Finance Page 1 i PEER. FINAMIA L, INC. i I s Git of Faflrfax, i�All Comity,oilllt�+ �wval i $650,000 GO Sanitary Sewer Tera rovement Notes, Series 2005 I Total Refunded Debt Service Date Principal coupon Interest Total P+1 Fiscal Total 12/01/2013 - 3,285.00 3,285,00 - 06/01/2014 90,0O0.(w 3.1;00°>a 3,285,00 93,285,00 96,570.00 12/01/2014 - - 1,665.00 1,665.00 � 06/01/2015 90,000,00 3.700% 1,665.00 91,665.00 93,330,00 Total $180,000.00 $9,900.00 $189,900.00 "Field Statistics Base date for Avg.Life&Avg.Coupon Calculation 9/10/2013 Average Life 1.225 Years Average Coupon — u 4,4897959° Weighted Average Maturity(Par Basis) — 1.225 Years Refunding Band Information RefundIndi ated Date 9!10121113 IC�fundln L7 !iv G Date ------------------------------------- aa 9!1012(1 i i 1 i I i i 05 pair ref 13 1 SINGLE PURPOSE 1811312U'l3 1 11:29 AM i Speer Financial, Inc. Public Finance Consultants Since 1954 Page 1 SPEED FINANCIAL, .INC. ... . �..... ..__.._�.__.._„ w,... ..... _._.._._ I $185,000 GO Corporate Purpose and Refunding Bands, Series 201 (Refunding GO Series 2005) "FINAL" I Debt Service Schedule I Date Principal Coupon Interest 'dotal P+l Fiscal Total I 09/10/2013 12/01/2013 416.25 416.25 06/01/2014 95,000 00 1.000% 92..5.00 95,925.00 96,34125 12/01/2014 - - 450.00 450.00 06101/2015 90,000.00 1.000% 450.00 90,450.00 90,900.00 Total $185,000.00 $2,241.25 $187,241.25 'Meld Statistics Bond Year Dollars $224.13 Average Life 1.211 Years Average Coupon 1.0000000% Net Interest Cost(NIC) 1.4374791% Crue Interest Cast CIC) 1.4439173% k1<and Y7eld for,AabGtra�e l�ur�ases 2.3117160% I ,,. Ail Inclusive(uStA1C 2.3930002% i IIRS Form 8038 Net Interest Cost 1,0000000% Weighted Average Maturity 1.211 Years i I i i i I I ! 7.013 GO NM Ref FINAL Rot 2005 8/13fZD13 11:29 AM i Speer Financial, Inc. Public Finance Consultants Since 1954 Page 2 SPEER FINANCIAL, INC, i 'ity of Fairfax, Linn Count'y, Iowa $185,000 GO Corporate Purpose and Refunding Bonds, Series 2013 Refunding GO Series 2005) **FINAL** Debt Service Comparison Net New Fiscal Gate "total P+l DIS Old Net DIS Savings Total 09/10/2013 12/01/201.3 416.25 416.25 3,285,00 2,869.75 - 06/01/2014 95,925.00 95,925.00 93,285 00 (2,640.00) 228.75 12/0112414 450.00 450.00 1,665.00 1,215.00 06/01/2015 90,450.00 90,450.00 .91,665.00 1,215.00 2,4317.00 Total $I87,241.25 $187,241.25 $189,900.00 $2,558.75 PV Analysis Summary(Net to Net) Cross PV Debt Service Savings 2,604.83 Net PV Cashfow Savings @ 2393%(A C) 2,604,83 Contingency or Rounding Amount 142.76 Net Present Value Benefit $2 747 59 ................. filet IAV Bene£ft I1$0,00!)ReF��rzdet4 G'tGt xal _..... ._.__ 1.526% Net PV Benefit/ $W,90012e1uraclin�1"nnc)laal 1.485°! I /Refunding Bond Information I Reffa4nding Dated Date 9/1012013 ..._ — — gef4nding Delivery Date 9/10/2013 I I i i I I i 2013 GO NM&fief FINAL I Rof 2005 1811312013 l 11120 AM Speer Financial, Inc. 6Public Finance Consultants Since 1954 Page 3 SPEER FINANCIAL,INC. C'i of Fairfax, Linn Coun , �nwvx $780,000 GO Refunding Nates, Series 2008B I Total Refunded Debi Service Date Principal coupon Interest Total P+I Fiscal Total 12Y0112013 ___. .....M,�M......_,,..�_....W 5 598.75 5,598.75 - 06/0112014 100,000.00 3.400 5,598.75 105,598.75 111,197,50 � 12101/20I4 - 3,898.75 3,898.75 0610112015 105,000.00 3.550% 3,898.75 108,898.75 112,797.50 12/01/2015 - 2,035.00 2,035.00 06/01/2016 110,000.00 3.700% 2,035.00 112,035,00 114,070.00 'Total $315,000.00 - $23,065.00 $338,065.00 - I i Yield Statistics Base date for Avg.Life&Avg.Coupon Calculation 9/10/2013 Average Life 1.757 Years Average Coupon 4.1680596% wei hated Avera e Maturity Far Basis) � �.. .,, - 1.757 Years Refunding Bond Information Refunding Dated Date 9110/2013 laefundnig Delivery Date_ 9/10/2013 :i i t � I I i I I i DO for ref 13 1 SINGLE PURPOSE 1 811312013 1 11:21 AM I Speer Financial, Inc. Public Finance Consultants Since 1954 Page 1 SPEER FINANCIAL, INC. i of Fairfax, Linn County, Iowa $325,000 GO Corporate Purpose and Refunding Bonds, Series 2013 (Refunding 00 Series 2008B) *FINAL* Debt Service Schedule Date Pr1ncl aE Coupon Z_ Interest Total P+1 Fiscal Total 091101'22013 - - 12/01/2013 731.25 73125 06/01/2014 105,000.00 1.000% 1,625-00 106,625,00 107,35Q5 1210112014 - - 1,100m 1,100.00 06/01/2015 110,000.00 1-000% 1,100.00 111,100.00 112,200.00 1210112015 550.00 550.00 - 06101l2016 110,000.00 1000% 550.00 110,550.00 111,100.00 Total 5325,000.00 $5,656.25 5330,656.25 Yield Statistics Bond Year Dollars $565.63 Average Life 1.740 Years. 1.0000000% 13045304% Net hiteresl Cos! � True Werest Cost PIC 1.3'100065% ............ io'nd Yield for ArNtrags'LUTOSQ5 2.3757160% AH lnclusiv(-Cost(AIC) 1.9723804% IRS Form 8038 Net Interest Cost 1,0000000% Weighted Average Maturity 1,740 Years 2013 GO NM&Red RNAL I Rof 20086 1 811312013 g 11:29 AM Speer Financial, Inc. �Public Finance Consultants Since 1954 Page 2 ----------- SPEER.FINANCIAL, INC. ".ity ofi-Fairfax, Lina ICoua>ky, Iowa $325,000 GO Corporate Purpose and Refunding Bonds, Series 2013 (Refunding GO Series 2008B) *FINAL** Debt Service Comparision Net New Fiscal Date Total P+l DIS Old Net D/S Savings Total 09/10/2013 12/0112013 731.25 731.25 5,.598.75 4,867.50 - 06101/2014 106,625.00 106,625.00 105,598.75 (1,026.25) 3,841.25 12101/2014 1,100.00 1,100.00 3,898.75 2,798.75 - 06101/2015 111,100.00 111,100.00 108,898.75 (2,201.25) 597.50 12/01/2015 550.00 550,00 2,035.00 1,485,00 - ? 06/01/2016 110,550.00 110,550.00 112,035.00 1,485.00 2,970.00 Total 5330,656.25 $330,656.25 $338,065.00 $7,408.75 - PV Analysis Summary(Net to Net) Gross PV Debt Service Savings 71267.80 Net PV Crashfl�w 5avnf5(a� 1972°/nfd.1C ____ ,.a __ ., 7 267 80 j O'aotlin enc trr ROuntllntntaunt 1,561,72 Net Present Value Benefit 8 82`1 52 Net PV Benefit! $315,000 Refunded Principal 2.803% Net PV Benefit/ $325,000 Refunding Principal — 2,717% j Refunding Bond Information Refunding Dated Date 9/10/2013 Refunding Delivery Date 9110/2C 1 3 i I i I i I j r i 2013 GO NM&Ref FINAL Ref 20088 811312013 111:19 AM i i I I Speer Financial, Inc. Public Finance Consultants Since 1954 Page 3 � j $2,485,000 City of Fairfax,Linn County,Iowa, General Obligation Corporate Purpose and refunding Bonds Series 2013 Best AON Bidder: Best AON TIC: UMB Bank,N.A. 1 2.464435 % Serial/ Principal Sinker/ Due Amount Term Coupon Jun 1,2014 $200,000 Serial 1,0000 Jun 1,2015 $220,000 Serial 1.000% Jun 1,2016 $195,000 ,Serial 1.000% Jun 1,2017 $135,000 Serial 11.00% Jun 1,2018 $140,000 Serial 1.450% Jun 1,2019 $170,000 Serial 1.700% Jun 1,2020 $175,000 Serial 2.0000 Jun 1,2021 $240,000 Serial 2.250% Jun 1,2022. $275,000 Serial 2,4503'0 Jun 1,2023 $280,000 Serial 2.750°10 Jun 1,2024 $285,000 Sinker 3.00010 Tun 1,2025 $170,000 Term 3.000% Purchase Price:$2,471,829.50 Spread:None Entered Time Submitted. August 13,2013 at 1.1:50:55 AM EDT SpeerAuction Interest host Calculations (for informational purposes ort/ ) Issue Size $2,485,000 Grass Interest $392,643.31 Plus Discount/(Less Premium) 13,170.50 Total Interest Cost $405,813.81 True Interest Rate 2,464436% ,Total Borutl'Years 16,396.63 vera e,Life 6.598 Years Firm: TJMB Bank,N.A. The foregoing bid as submitted or as revised post sale,if appropriate,was accepted and the Securities sold by action of this Board,and receipt is hereby acknowledged of the good faith Deposit,if any,which is being held in accordance with the terms of the annexed Official Notice of Sale. Signature: Title: fio �'"' RESOLUTION AWARDING SALE OF GENERAL OBLIGATION BONDS 419915-19 Fairfax, Iowa August 13, 2013 The City Council of the City of Fairfax, Iowa, met on August 13, 2013, at 6:00 o'clock pan., at the City Hall, 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 $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013, the City Clerk 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 the minutes, as follows: Name and Address of Bidder Final Bid UMB Bank, n.a., Kansas, City, Missouri 2.4644% Bankers' Bank, Madison, Wisconsin 2.5801% D.A. Davidson& Co.,Denver, Colorado 16668% Northland Securities, Inc.,Minneapolis, Minnesota 2.8812% Page 2 SPEER F"f14iANCI:kL,MC. Not Rated $2,485,000 CITY OF F'A.IRF'wAX Linn County,IGW3 General Obligation Corporate Purpose;acrd Refutiding Bonds,Series 2013 Tate oi`Sale: August 13,2013 A veragc Life: 6.598 Years (Based ca TIC) Bidders* Price Maturities Rafts Interest UMB Bank,ma.,Kansas City,Missouri 99.470% 2014-2016 1.0001/0 2.4644%:a 2017 1.100% $405,914 2018 1.450% 2019 1,700% 2020 2.000% 2021 2.250% 2022 2,450% 2023 2,750% 2024-2025 3.000°/x, Bankers'Bank.Madison,Wisconsin 99.300%p 2014 0.500% 2,5801% 2015 0.750% $424398 2016 1.000% 2017 1.300% 2018 1.600% 2019 1.900% 2020 2.200% 2021 2,400% 2022 2.600% 2023 2,800"/o 2024 3.000% 2025 3,100% D.A. Davidson&Co.,,Denver.,Colorado 1,00,646% 2014 0.500`/n 2.6661% 2015 0.700%n $442,599 2016 0.900% 2017 1.200% 2018 1.450% 2019-2023 3.000% 2024 3.150% 2025 3.250% G:\City of F'airfaxlDocumentslCity Cotuncil120131Resolutions\RES 2013-53,Awarding Bond Sale.doex Page 3 SPEUR RNANCIAL,MC. Page 2 Bidders` Price Maturities Rates Interest Northland Securities,Im, Minneapolis,Minnesota 99,200% 2014-2019 2.000% 2.8812% 20920 2.300% $472,481 2021 2.600% 20122 M00% 2023 3.0000/a 2021 3200% 2025 3350% *Syndicate information is provided by the underwriter, The information contained in this report is the most current available. G:\City of Fairfax\DocumentsTity Counci1120131Resolutions\RES 2013-53 Awarding Bond Sale.docx Page 4 After due consideration and discussion, Council Member Magers introduced the resolution next hereinafter set out and moved. its adoption, seconded by Council Member Beer. 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,Masers, and Wainwright Nays: None. Whereupon, the Mayor declared the resolution duly adopted as hereinafter, set out. G:\City of Fairfax\DocumentsTity Council\20131Resolutions\RES 2013-53 Awarding Bond Sale.docx Page 5 i RESOLUTION NO. 2013-53 AWARDING SALE.. OF GENERAL OBLIGATION CORPORATE PURPOSE AND REFUNDING BONDS, SERIES 2013 WHEREAS, the City of Fairfax (the "City"), in the County of Linn, State of Iowa, has heretofore proposed to enter into a General Obligation Loan Agreement (the "Loan Agreement"), pursuant to the provisions of Section 3 84.24A of the Code of Iowa, 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 $2,485,000 General Obligation. Corporate purpose and Refimdi:ng Bonds, Series 2013 (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 OMB Bank, n.a., Kansas City, Missouri, (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 loam. to the City in the principal amount of$2,485,000. 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 they 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. Passed and approved August 13, 2013. .lason be,Mayor NN4NNNN®NN :w �Bo Attest. ANN " P V Y a C : lria.Stimson, City Clerk/Treasurer iY p a G:\City of FairfaxlDocumentslCity Counci1120131ResolationslRES 2013-53 Awarding Bond Sale.docx � �� Page 6 i i Upon motion and vote, the meeting was adjourned. Jason Ra e,. Mayor Attest: Cyn iia Stimson, City Clerk/Treasurer i i C:'City of FairfaxlDocuments\City Counci1120131Resolutions\RES 2013-53 Awarding Bond Sale.docx Page 7 STATE OF IOWA COUNTY OF LINN SS: CITYY OF FAIRFAX J, the undersigned, City Clerk of the City of Fairfax, do hereby certify that as such City Clerk 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 $2,485,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2013, 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 101 day of August, 2013 6" ,I )1"r-lx Cyn a'Stimson, 64 Clerk GACity of Fairfax\Documents\City CounciA20131Resolutions\RES 2013-53 Awarding Bond Sale.doex P'age 8 City of Fairfax,Linn Counry.Towa General Obligation Corporate Purpose and Refunding Bonds Series 2013 Rlddcr:UNO Bqn ,N,A,Bidder TIC:Z,4644.% Rest ALONTIC.-2.464436 Ge. StavrlS. Principal Sinker/ Due Amount Term Coupon Jun 1,2014 $200,000 Serial I-COVo Jun 1,201;1 $220,000 Serial 1,000% Jun 1,2016 $195000 Serial 1.000% Jun 1,2017 $135.0011 Serial 1,100% Jun 1,2018 $140,000 Serial 1,450%, Ji;n L 2019 5170,000 Serial 1300% Jun 1,2020 5175,000 Serial 2,000,74 Jun 1,2021. 5240,000 Serial 2,250% Jun 1.2022 5275,000 Serial 2,450% Jun 1,2023 $280,000 Serial 2,750% Jun 1,2024 $285,000 Sin],tr 3,M0% Tun 1,2025 $170,000 Turn 10009' Purchase Price,$M71,8 9 50 Spreadt.None Entered ThueSubmittedt August 13,200at 11:50:55 AM EDT SpeerAoction Interest Cast Calculations tarinforrnukiartalpurposeq oily) issue Size $2,485,000 Gross Interest $392,643.31 Plus D&count/(Less Premium) 13,170.50 ToW Interest Cost $405,813.81 True Interest Rate 14644369S Total Bond Years 16,396.63 Avera, ycars c Life 6,593 Firm-,T—VIR Rznk: `5 ,�*Wltlnev-Unofficial,subject to Verification anti award.May not biciu&seated bids received outside of speerAuction systeur. Q\City of Fairfax\DocumentsTity Counci1120131Resolutions\RES 2013-53 Awarding Bond Sal.e,docx Page 9 August 7, 2013 Cynthia Stimson City Clerk/City Hall PO Box 337 Fairfax, Iowa 52228-0337 Re: Sale of General Obligation Bonds, Series 2013 Our File No. 419915-19 Dear Cynthia: We have prepared and enclose the necessary proceedings to be used at the Council meeting on August 13 to show the report of the bids received and to adopt the resolution awarding the sale of the City's General Obligation Corporate Purpose and Refunding Bonds to the best bidder. The enclosed resolution must be completed with the name of the purchaser. Maggie Burger will tabulate the bids and will provide that:name to you. The materials enclosed include the following items: 1. Minutes reporting results of bids received, followed by resolution awarding the sale of the Bonds. 2. Certificate attesting the transcript. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions,please contact me. Very truly yours, Robert E. Josten cc by email: Maggie Burger G.\City of Fairfax\Documents\City Co»ici1120131Reso1utions\RES 2013-53 Awarding Bond Sale,docx