HomeMy WebLinkAboutA011 - Postsale AnalysisEVENSEN DODGE INC
June 30, 1995
Mr. Steven Schainker, City Manager
Ms. Alice Carroll, Finance Director
City of Ames
515 Clark Avenue
Ames, IA 50010
RE: $10,035,000 General Obligation Corporate Purpose Bonds, Series 1995
Dear Mr. Schainker and Ms. Carroll:
Evensen Dodge is pleased to present this t9-ssale Analysis of the City's sale of
$10,035,000 General Obligation Corporate Purpose Bonds, Series 1995, on April 11,
1995. This Postsale Analysis summarizes and confirms information provided to the City
on the day of the sale prior to the award of the Bonds.
Please do not hesitate to contact us at any time throughout the life of this issue with any
questions which may arise on the transaction.
Evensen Dodge appreciates the opportunity to have worked with the City on this
financing, and we value our continuing relationship with the City,
Sincerely,
EVENSEN DODGE, INC.
Wayn rSBIurggraa
Senior Vice President
and Principal
/ss
David M. Dirks
Senior Vice President
371092 001 (md A� (,I) w, Imut I I, ')100 Milme'llpoh", N)", W)
|
11 TABLE OF CONTENTS
/
Im
Debt Service Schedule 5
Results ofSale
Comparative Sales ioMarket ........................................................................ ............ l5
Purchaser's
Coo/ .................................................... ................... ............... .l7
The Bond Buyer IndexGraph ............... ............ ................. —.................................. 19
Yield 0nthe BondS----------------------- 7l
ISSUE SUMMARY
Name of Issue: $10,035,000 General Obligation Corporate Purpose Bonds,
Series 1995
Date of Sale: April 11, 1995
Bonds Dated: May 1, 1995
Date of Closing: May 2, 1995
Purpose of Issue: The proceeds of the Bonds were used for the purpose of
financing the construction, reconstruction and repair of street
improvements, construction of a water project, storm sewer
improvements and solid waste facility improvements, and the
purchase of a fire truck.
Principal Due: June 1, 1996/2010
Call Feature: Bonds maturing in the years 2004 to 2010 are subject to call and
prior payment at the option of the City on June 1, 2003, and any
date thereafter at a price of par and accrued interest.
Credit Ratings: "Aa I" (Moody's); "AA" (S&P)
Net Interest Rate: 5,2815%
'fax Status: Tax -Exempt
Qualified Tax -
Exempt Obligation: Not Bank Qualified
Maturity
CUSIP
Maturity
CUSIP
1996
030807 SJ 1
2004
030807 SS]
1997
030807 SK8
2005
030807 ST9
1998
030807 SL6
2006
030807 SU6
1999
030807 SM4
2007
030807 SV4
2000
030807 SN2
2008
030807 SW2
2001
030807 SP7
2009
030807 SXO
2002
030807 SQ5
2010
030807 SY8
2003 030807 SR3
EVENSEN DODGE INC Page 1
371092
LIST OF PARTICIPANTS
LamerlWaisLm
City of Ames
Purchase
Harris Trust & Savings Bank-
515 Clark Avenue
I I I W. Monroe St.
Ames, IA 50010
Chicago, IL 60603
(515) 239-5113
(515) 239-5325 (FAX)
Ms. Carrie Neal
(312) 461-2861
Mr. Steven Schainker
(312) 461-3600 (FAX)
City Manager
Ms. Alice Carroll
Finance Director
Bond Counsel
Dorsey & Whitney
Financial Advisor
801 Grand Street
Suite 3900
Evensen Dodge, Inc.
Des Moines, IA 50309
601 Second Avenue South
Suite 5100
Robert Helmick, Esq.
Minneapolis, MN 55402
(515) 283-1000
(515) 283-1060 (FAX)
Wayne S. Burggraaff
Senior Vice President
and Principal
(612) 338-3535
&posjW-r_V
(612) 338-7264 (FAX)
The Depository Trust Company
100 Court Avenue
55 Water Street
Suite 215
New York, NY 10041
Des Moines, IA 50309
Mr. Tony Arcuri
Mr. David M. Dirks
Underwriting, 19th Floor
Senior Vice President
(212) 558-8537
(515) 282-6138
(212) 898-3727 (FAX)
(515) 282-0252 (FAX)
==== EVENSEN DODGE INC Page 2
371092
I PROCEEDS RECEIVED AT CLOSING
The Bond issue closed on May 2, 1995. On that day the purchaser, Harris Trust &
Savings Bank, Chicago, Illinois, issued immediately available funds totaling
$9,835,920.72 to the City's account at Brenton Bank, Ames, Iowa (account number
109660).
The following schedule shows the computation of the amount of funds transferred by the
purchaser on May 2, 1995.
Principal Amount of Issue
Less: Discount on Bid (1)
Accrued Interest to May 2, 1995 (2)
Total
Less: Good Faith Deposit (3)
Net Received at Closing
$10,035,000.00
(100,146.00)
1,416,72
$9,936,270.72
- U00-350.00)
$9,835,920,72
(1) Difference between the par amount of the Bonds and their purchase price. The discount is the
primary source of the underwriter's compensation.
(2) Accumulated interest on the Bonds between their dated date and the delivery date.
(3) Deposited with the City by the purchaser on the day of sale and applied toward the purchase price,
EVENSEN DODGE INC
Page 3
371092
SOURCES AND USES OF FUNDS
The following table summarizes the sources and uses of funds for this financing.
Sources of Funds
Total
Principal Amount of Issue
$10,035,000.00
Accrued Interest
1,416.72
Total Sources
$10,036,416.72
-Uses of Funds
Project Costs
$ 9,838,519.00
Accrued Interest
1,416.72
Underwriter's Discount
100,350.00
Estimated Costs of Issuance
96,131,00
Total Uses
$10,03L416.72
EVENSEN DODGE INC
Page 4
371092
DEBT SERVICE SCHEDULE
The following schedules present the City's debt service for the Bonds, in the aggregate
and by project. Payments of principal and interest due are shown for each semiannual
interest payment date beginning with December 1, 1995, the first interest payment date
on the Bonds, to the final maturity date in each case.
The principal amount of each maturity and the corresponding coupon (interest) rate are
shown in the second and third columns opposite each principal maturity date. The fourth
column shows the interest payment due on each semiannual interest payment date. The
fifth and sixth columns show total principal and interest payments on each interest
payment date and then for the fiscal year as a whole.
P
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371092
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CITY OF AMES'IOWA
$zo.oss'uoo G.O. corporate Purpose anuus, Series zyys
Final
000T aEavroo SCHEDULE
~~~~~~~~~~~~~~~~~~~~~
cAro
_____________________________________
pxzmczPAL
conpom
zmrEnEar
PEazoo roraL
FISCAL rorxL
12/
1/95
zsr'sm.zz
297.510,21
6/
1/96
715.nMon
*.os0000
/55.008,75
p,o'noo.rs
1'267.518.96
zz/
1/e6
237'670�00
237.e70�00
6/
z/yr
rzs'uoo.nu
*,*00000
zsr.am�oo
952.670�00
1'190'340.00
12/
z/pr
220,152.50
220,152.50
6/
z/oo
715,000.00
5.000000
220'152�50
yas'zszso
1.155'305.00
12/
1/98
znz'zrr.sn
znz'zn.so
a/
z/e
715.000.00
s.000hnn
202,277.50
917.277.50
1.119'555.00
12/
z/oy
184'402�50
m«'*oz.so
o/
1/ o
rzs'noo�uu
5.000000
184'402.so
esy'unz�sn
1'083.805.00
12/
1/ o
166'527.50
166'527.50
a/
z/ z
715'000.00
5.000000
1*6'527�50
881,527.50
1.04e'055�00
o/
z/ z
w".ssz.so
1*8'652.50
o/
z/ u
715'000.00
5.000000
148.652s0
eas'asz.so
1.012'305.00
o/
z/ z
zso'nr.so
130.777.50
a/
z/ s
ruu.ono�on
5.100000
zzn.r,rso
850'777.50
981.555.00
o/
l/ 3
112.417.50
112'417.50
«/
1/ 4
720,000.00
5.100000
112.417.50
832'*17.50
pu^'uss�on
zz/
1/ 4
*x.osrso
94.057.50
s/
l/ s
rzu'uoo.nn
5.200000
94,057.50
814'057.50
908.115�00
za/
z/ s
rs'ssr.so
75.337.50
«/
z/ u
on'ono.uo
5.250000
75'337.50
795.337.50
870.675�00
o/
1/ o
56,437.50
so.«srsu
a/
1/ 7
720.000.00
5.250000
s*.us/.sn
776.437s0
asz'ms,00
o/
1/ r
37,537.50
37'537.50
s/
z/ o
*ou'noo.uo
5.250000
sr'szrsv
51/'537,50
555'075.00
12/
z/ o
24.937.50
24.937.50
o/
1/ p
«rs'onn.00
s�cs0000
24.937.50
499'937.50
524.875.00
o/
1/ e
12.468.75
zz'*so.rs
^/
z/m
«rs.non�oo
--------------
5.250000
za'«oo.rs
487'468�75
eo.os/so
zo.oss.onn.00
--------------
3.»sy'ozo.*s
_______
z3.p9w'az6^o
^ccaoEo
1.*16.72
1'416�72
m'nas'oun.nn
3'958.409.74
13.993'409.74
Dated s/ z/ps with Delivery of s/ z/ys
Bond Years 7a.m1.zso
Average Coupon s.zs1z«s
Average Life 7,660314
m z c 5,281523 v omios 99.0020329
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CITY OF AMES, IOWA
$10,035,000 G.O. Corporate Purpose Bonds, Series 1995
$520,185 Storm Sewer Improvements Portion
DEBT SERVICE SCHEDULE
DATE
------
PRINCIPAL
--------------
COUPON
INTEREST
PERIOD TOTAL
FISCAL TOTAL
12/ 1/95
---------- --------------
15,336.43
--------------
15,336,43
--------------
6/ 1/96
43,349.00
4.850000
13 145.51
56,494,51
71,830,94
12/ 1/96
12:094,30
12,094,30
6/ 1/97
43,349.00
4.900000
12,094.30
55,443.30
67,537.59
22/ 1/97
11 032.25
11,032.25
6/ 1/98
43,349.00
5,000000
11�032,25
54,381.25
65,413.49
12/ 1/98
9948.52
9,948,52
6/ 1/99
43,349.00
5.000000
9:948.52
53,297,52
63,246.04
12/ 1/99
8,864.80
8,864.80
6/ 1/ 0
43,349.00
5,000000
8,864,80
52,213.80
61,078.59
12/ 1/ 0
7,781.07
7,781.07
6/ 1/ 1
43,349.00
5.000000
7,781.07
51,130,07
58,911.14
12/ 1/ 1
6,697.35
6,697.35
6/ 1/ 2
43,349.00
5.000000
6,697.35
50,046.35
56,743.69
12/ 1/ 2
5,613.62
5,613.62
6/ 1/ 3
43,349,00
5.100000
5,613.62
48,962.62
54,576.24
12/ 1/ 3
4,508,22
4,508.22
6/ 1/ 4
43,349.00
5.100000
4,508.22
47,857.22
52,365.44
12/ 1/ 4
3,402.82
3,402.82
6/ 1/ 5
43,348.00
5,200000
3,402.82
46,750.82
50,153,64
12/ 1/ 5
2,275.77
2,275.77
6/ 1/ 6
43,348.00
5.250000
2,275,77
45,623,77
47,899.54
12/ 1/ 6
1,137.89
1,137.89
6/ 1/ 7,
--------------
43,348.00
5.250000
1,137,89
44,485.89
45,623.77
520,185.00
--------------
175,195
--------------
11
695,380.11
ACCRUED
73.03
73.03
520,185.00
175,122.08
695,307.08
Dated 5/
1/95 with
Delivery of 5/
2/95
Bond Years
3,424.538
Average Coupon
5.115876
Average Life
6.583307
N I C %
5.267467 t
Using
99.0020329
T I C %
5.296027 %
From Delivery Date
Micro -Muni
Debt Date:
06-26-1995 @
14:32:37
Filename:
ames
Key: 95a-I
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CITY OF AMES, IOWA
$10,035,000 G.O. Corporate Purpose Bonds, Series 1995
$938,372 Water Portion
DEBT SERVICE SCHEDULE
DATE
------
PRINCIPAL
------------
COUPON
INTEREST
PERIOD TOTAL
FISCAL TOTAL
12/
1/95
--
----
------ ---------------
27,665.67
--------------
27,665.67
--------------
6/
1/96
78,198.00
4.850000
23,713.44
101,911.44
129,577.11
12/
1/96
21 817.14
21,817.14
6/
1/97
78,198,00
4.900000
21:817.14
100,015.14
121,832.27
12/
1/97
19,901.29
19,901.29
6/
1/98
78,198.00
5.000000
19,901.29
98,099.29
118,000.57
12/
1/98
17 946.34
17,946.34
6/
1/99
78,198.00
5.000000
17: 946
.34
96, 144.34
114,090,67
12/
1/99
15,991.39
15,991.39
6/
1/ 0
78,198.00
5.000000
15,991.39
94,189.39
110,180.77
12/
1/ 0
14,036.44
14,036,44
6/
1/ 1
78, 198,00
5.000000
14,036.44
92,234
.44
106,270.87
12/
1/ 1
12,081.49
12,081.49
6/
1/ 2
78,198.00
5.000000
12,081.49
90,279.49
102,360.97
12/
1/ 2
10,126,54
10,126.54
6/
1/ 3
78, 198.
00
5.100000
10,126.54
88,324,54
98,451.
07
12/
l/ 3
8,132.49
8,132.49
6/
1/ 4
78,197.00
5.100000
8,132.49
86,329.49
94,461.97
12/
1/ 4
6,138.46
6,138.46
6/
l/ 5
78,197.00
5.200000
6,138.46
84,335.46
90,473.92
12/
1/ 5
4,105.34
4,105.34
6/
1/ 6
78,197.00
5.250000
4,105.34
82,302.34
86,407.68
12/
1/ 6
2,052.67
2,052.67
6/
1/ 7
--------------
78,197.00
5.250000
2,052.67
80,249.67
82,302.34
938,372.00
--------------
316,038.21
--------------
1,254,410.21
ACCRUED
131.74
131.74
938,372.00
315,906.47
1,254,278.47
Dated
5/
1/95 with
Delivery of 5/
2/95
Bond
Years
6,177.600
Average
Coupon
5.115874
Average
Life
6.583316
N I
C %
5.267464 %
Using
99,0020329
T I
C %
5.296024 %
From Delivery
Date
Micro
-Muni
Debt Date:
06-26-1995 a
14:33:53
Filename:
AMES
Key: 95a-2
1-1
CITY OF AMES, IOWA
$10,035,000
G.O. Corporate
Purpose Bonds,
Series
1995
$1,193,895 Street Improvements
. ...... = ..........
DEBT SERVICE SCHEDULE
Portion
DATE
----
PRINCIPAL
---------
COUPON
INTEREST
PERIOD TOTAL
FISCAL TOTAL
12/
1/95
------
--------
35,199.17
------ -----
35,199.17
------ -----
6/
12/
1/96
1/96
99,492.00
4.850000
30 170,72
27:758.04
129,662.72
27,758,04
164,861.89
6/
1/97
99,492.00
4.900000
27,758,04
127,250.04
155,008.08
12/
1/97
25 320.49
25,320.49
6/
1/98
99,492.00
51000000
25:320.49
124,812.49
150,132.97
12/
1/98
22 833.19
22,833,19
6/
1/99
99,491.00
5.000000
22:833.19
122,324.19
145,157.37
12/
1/99
20,345.91
20,345.91
6/
1/ 0
99,491.00
5.000000
20,345.91
1'19,836.91
140,182,82
12/
6/
1/ 0
1/ 1
99,491.00
5,000000
17,858.64
17,858.64
17,858.64
117,349.64
135,208.27
12/
1/ 1
15,371.36
15,371.36
6/
1/ 2
99,491.00
5,000000
15,371.36
114,862.36
130,233.72
12/
1/ 2
12,884.09
12,884.09
6/
1/ 3
99,491.00
5.100000
12,884.09
112,375.09
125,259.17
12/
1/ 3
10,347.07
10,347.07
6/
1/ 4
99,491.00
5.100000
10,347.07
109, 838 .07
120,185.13
12/
1/ 4
7,810.05
7,810.05
6/
12/
1/ 5
1/ 5
99,491.00
5.200000
7,810,05
5223.28
107,301.05
5,223.28
115,111.09
6/
1/ 6
99,491.00
5.250000
5:223.28
104,714.28
109,937.56
12/
1/ 6
2,611.64
2,611.64
6/
1/ 7
99,491.00
5.250000
2,611.64
102,102.64
104,714.28
--------------
1,193,895.00
--------------
--------------
402,097.35
1,595,992.35
ACCRUED
167.62
167.62
1,193,895.00
401,929.73
1,595,824.73
Dated
S/
1/95 with Delivery of 5/
2/95
Bond
Years
7,859.795
Average
Coupon
5.115876
Average
Life
6.583322
N I
C
5.267466 %
Using 99.0020329
T I
C
5.296026 %
From Delivery
Date
Micro
-Muni
Debt Date: 06-26-1995
9
14:34:58
Filename:
AMES
Key: 95a-3
11
11
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CITY OF AMES'IOWA
$10,035,000 G.O. Corporate Purpose auouo. Series 1995
$7.188.753 Resource oezo.ezv Portion
noor asavzoo uc14EDcLs
oAro PRINCIPAL cooeom rmT000aT PERIOD rorxL FISCAL zoraL
_____________________________________
12/ z/ys 213.595.35 213.595.35
s/ z/o* on'uzz.00 4.850000 183'081.73 660'892�73 nm.«ao.ur
cz/ 1/96 171.494�e1 171'e94.81
a/ 1/*7 477'811.00 «.p0000n 171'494.81 649.305,81 uzo.00u.*z
zz/ 1/97 159.788.*4 159'788�=
s 1/98 477'811.00 51000000 159'/88.44 *37,599,4+ 797.387,88
zz/ 1/e8 147.843.17 147,843.17
o/ 1/99 «n.azz.00 5.000000 147'843.17 szs'sss,zr ns.*oo.o
12/ z/oy 135,897.87 135'897�87
6/ 1/ n 477.812.00 5.000000 zss'upror 613'709.87 7*9.60/.73
12/ z/ o 123'9s2�57 123.952.57
6/ z/ 1 «n.ucz.00 5.000000 123,952.57 601.764�57 72s'717.13
12/ z/ 1 112'007.27 112'007.27
a/ 1/ z un'uzz.00 5.000000 112,007.27 589,819.27 701'82e.53
12/ z/ z 100'061�97 100'0e.97
*/ z/ s ooz'ozs.00 5�100000 100.061.e7 582.874.97 wz'esa.ys
o/ l/ a 87'750,24 87'750�24
6/ z/ * uuz'oz* oo 5.100000 or'rso.uo s70'564�24 658.314.47
zz/ 1/ « 75'*38�48 75'438.48
6/ z/ s *^u'uzs.00 5.200000 75.438.48 sso'zss�*o 633'691.96
o/ z/ s oa'oos.zy az'ooszy
6/ z/ o 482,815.00 s�zsouun az'oos�zn s«s'mo�zy 608,585.58
zz/ z/ « 50.211.40 50.211.40
o/ z/ r 482'815.00 5.250000 50'211.40 533.026.40 583.237.79
12/ z/ r 37,537�50 37'53r50
6/ 1/ o 480'000.00 5.250000 37,537.50 517'537,50 555.075,00
12/ z/ e 24'937.50 zu'yar.sn
a/ 1/ p «rs'oon,no 5.250000 24.93z50 499.937�50 524'875�00
o/ 1/ p 12,468.75 12.466.7s
a/ z/zo 475'000,00 s�zsnoou 12.468.75 487'468�75 499'937.50
_______ -------------- _______
7'188.753.00 s.onz'zzr.sz zn'zoy'»on�sc
xccnoEn 1'017�12 1'017,12
7.188'753.00 3.000.210.40 10.188'963.40
Dated s/ z/ps with Delivery of s/ z/»s
Bond Years sa'os,s10
N� Average counuo s,1*z«:6
Average Life 8.086732
N z c % 5.286054 % ooius yy ouzvszy
r z c * s az3szn % From Delivery Date
11
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RESULTS OF SALE
The following schedule presents a tabulation of bids received by the City on the Bonds.
The issue was sold at a competitive sale at 1:00 p.m., Central Time, on Tuesday, April
H, 1995. A total of six bids were received for the issue. The best bid was received from
a buying group co -managed by Harris Trust & Savings Bank of Chicago, Illinois and
Norwest Investment Services of Minneapolis, Minnesota at a net interest rate of 5.2815%
and a net interest cost of $9,934,854.00.
EVENSEN DODGE INC Page I I
371092
RESULTS OF SALE
SALE DATE: April 11, 1995
$10,035,000
General Obligation
Corporate
City of Ames, Iowa
Purpose
Bonds, Series 1995
Rating: Aal (Moody's)/AA (S&P)
Bank Qualified: Na
BBI: 6.03
BIDDERS
Address
Year
Rate
)agW
HARRIS TRUST &
1996
4.85%
4,40%
Phu
SAVINGS BANK
Chicago
1997
4.90%
4.60%
NORWEST INVESTMENT
SERVICES, INC.
Minneapolis
1998
1999
5.00%
5.00%
4.70%
$9,934,854,00
Banc One Capital Corporation
Chicago
2000
5.00%
4.75%
4.85%
NIC
Commerce Investment Corporation
Memphis
2001
5.00%
4.95%
Coughlin and Company Inc.
Denver
2002
5.00%
5.02%
$4,059,972.46
Isaak Bond Investments, Inc.
Denver
2003
5.10%
5.12%
Mesirow Financial, Inc.
Chicago
2004
5.10%
5.17%
Nit
Morgan Keegan & Co., Inc.
Securities Corporation of Iowa
Memphis
Cedar Rapids
2005
2006
5.20%
5.23%
5.25%
5.29%
5.2815%
U.S. Securities, Inc.
Hartford
2007
525%
5.40%
A.H. Williams & Co., Inc.
Philadelphia
2008
5.25%
5.50%
The Chicago Corporation
Chicago
2009
5.25%
5.60%
Northern Trust Securities, Inc.
Chicago
2010
5.25%
5.70%
Principal Financial Securities, Inc.
Dallas
Gabriele, Hueglin & Cashman
New York
HUTCHINSON, SHOCKEY,
1996
4.70%
rdgg
ERLEY & CO,
Chicago
1997
4.80%
1998
4.80%
$9,935,653.50
1999
4.900,/o
2000
2001
4.90%
4.90%
NIC
2002
5.00%
$4,081,454.42
2003
5.00%
2004
5.10%
NIR
2005
5.20%
2006
5.25%
5.3095%
2007
5.3 5 0/'o
2008
5.40%
2009
5.40%
2010
5,50%
371092
BIDDERS
Address
Year
htw
CHILES HEIDER
Omaha
1996
4.35%
Edu
1997
4.55%
1998
4.65%
$9,948,080,00
1999
4.75%
2000
4.85%
NIC
2001
4.95%
2002
5.05%
$4,098,006.04
2003
5.15%
2004
5.20%
NIR
2005
5.25%
2006
5.30%
5.3309%
2007
5.40%
2008
5.50%
2009
5.50%
2010
5.50%
RAYMOND JAMES
1996
5.10%
Phu
& ASSOCIATES, INC.
Chicago
1997
5.20%
ABN AMRO SECURITIES, INC.
Chicago
1998
5.20%
$9,934,650.00
NIKE SECURITIES, L.P.
Lisle
1999
5.20%
2000
5.20%
NIC
2001
5.20%
2002
5.200/0
$4,115,287.50
2003
5.20%
2004
5.20%
NIR
2005
5.20%
2006
5.25%
5.3534%
2007
5.25%
2008
5.25%
2009
5.25%
2010
5.25%
RAIN BOSWORTH, INC. Chicago 1996
5.10%
Price
1997
5.10%
1998
5.20%
$9,934,806.10
1999
5.25%
2000
5.25%
NIC
2001
5.25%
2002
5.25%
$4,138,36107
2003
5.25%
2004
5.25%
NIR
2005
5.25%
2006
5.25%
5.3834%
2007
5.25%
2008
5.25%
2009
5.30%
2010
5.30%
371092
BIDDERS Address Year
�
Yield
FIRST CHICAGO CAPITAL 1996
5.00%
pri"
MARKETS, INC. Chicago 1997
5.00%
1998
5,00%
$9,934,713.00
1999
5.00%
2000
5.00%
NIC
2001
5.00%
2002
5.05%
$4,143,107.21
2003
5.10%
2004
5.15%
NIR
2005
5.20%
2006
5.30%
5.3896%
2007
5.40%
2008
5.50%
2009
5.50%
2010
5.60%
371092
n
U
I
COMPARATIVE SALES IN MARKET
The following table presents a comparison of the reoffering yields for similar issues, all
of which sold on April 11, 1995, to permit assessment of how the City's issue performed
in the marketplace. The City's issue is compared to an unrated general obligation
unlimited tax issue of Okoboji, Iowa, a triple-A rated general obligation unlimited tax
issue of the Washington County Board of Education, Utah, and a triple-A rated general
obligation issue of North Richard Hills, Texas.
The table indicates that the City's Bonds performed very competitively given market
conditions on the day of sale. As could be expected, the City's issue outperformed the
unrated Okoboji, Iowa issue. The City's Bonds performed within five basis points of all
maturities of the Washington County Board of Education issue, and that issue had the
benefit of bank qualification and had a credit -enhanced triple-A rating. The City's yields
were from five to ten basis points better than those obtained by North Richard Hills,
Texas, and that issue was also a bank qualified, credit -enhanced triple-A credit.
='=-- EVENSEN DODGE INC Page 15
371092
Issuer:
Board of Education,
North Richard
Ames,
Okoboji,
Washington County,
Hills,
IA
]A
UT
TX
Amount:
$10,035,000
$1,800,000
$10,000,000
$6,000,000
Issue:
General Obligation
General Obligation
General Obligation
General Obligation
Corporate Purpose
Unlimited Tax
Unlimited Tax
Bonds
Bonds
Bonds
Bonds
Sale Date:
4/11/95
4/11/95
4/11/95
4/11/95
Rating:
Aal/AA
Unrated
Aaa/AAA
Aaa/AAA
(Moody's/S&P)
(Moody's/S&P)
(Moody's/S&P)
(FGIC)
(FGIC)
Term:
1996-2010
1996-2010
1995-2009
1997-2015
Qualified (1):
No
Yes
Yes
Yes
Callability:
2003 @ par
2004 @ par
2005 @ par
2005 @ par
Year
Yield
Yield
yip-w
ykw
1996
4.40%
4.60%
4.40%
---
1997
4.60%
4.70%
4.55%
4.60%
1998
4.70%
4.75%
4.65%
4.75%
1999
4.75%
4.80%
4.75%
4.85%
2000
4.85%
4.90%
4.85%
4.95%
2001
4.95%
5.00%
4.95%
5.00%
2002
5.02%
5.10%
5,05%
5.10%
2003
5.12%
5.20%
5.10%
5.20%
2004
5.17%
5.25%
5.15%
5.30%
2005
5.23%
5.3 )5%
5.25%
5.35%
2006
5.29%
5.50%
5.35%
5.40%
2007
5.400/16
5.60%
5.45%
5.50%
2008
5.50%
5.70%
5.55%
5.60%
2009
5.60%
5.75%
N/A
5.70%
2010
5.70%
5.80%
---
5.75%
(1) Qualified
Tax -Exempt Obligation.
EVENSEN DODGE INC Page 16
371092
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PURCHASER'S COMPENSATION
The following schedule computes the compensation generated by the purchaser on this
issue. The compensation was achieved through the discount bid on the Bonds of
$100,146.00 and the difference of $41,403.55 between the price bid on the Bonds and the
price at which the Bonds were reoffered. The compensation totaled $58.742.45. or 0.59%
of par. This was an acceptable compensation for an issue of this size and maturity length
under then -current market conditions.
---
EVENSEN DODGE INC Page 17
371092
CITY OF AMES.IOWA
$zo.oss'000 G.O. Corporate Purpose onoaa' Series 1e5
Final
.......... = ...........
BOND PRODUCTION REPORT
oaroo
s/ z/ays
ooLzvEar
s/ z/zoys
saoss
oAro PRINCIPAL
_____ _______ _
Bomn rrrs o/r
coUpom
YIELD
sPazoo
PRICED TO CALL PRODUCTION
o/ 1/96 rzs'uoo.00
____ ______
Standard ns
_____
x.osuo
____
4.4000
____
100.466
____ ____ _ _ _
716'331
_
vo
s/ 1/97 715'000.00
Standard 2264
u.poon
4.6000
100,585
729.182.75
a/ z/yo 715.000�00
Standard 44*9
s,ouun
«.r000
100.847
721'056.05
o/ z/pe 715'000.00
Standard 7388
5.0000
«.rsno
100.913
721.527
ys
o/ z/ o rzs'non.00
ataouazu ooz3
5.0000
4.8500
mu,6o4
71e.7m.e
o/ u z 715,000.00
Standard 15373
s�nouu
4.e500
mo�zss
716.823
2s
s/ v z 715.000.00
Standard zo^sr
5.0000
5,0205
99.875
714'106
zs
o/ 1/ s 720.000oo
Standard 26257
5.1000
5.1184
99.875
719.100
oo
6/ 1/ v 720.000.00
Standard 32797
5.1000
s�zooz
99.500
716,400
oo
6/ z/ s 720,000.00
Standard eonsr
5.2000
5.2316
99,750
718,200.00
6/ z/ s 720.000.00
atauaaza 48037
s�zsoo
5.2946
9y.aa
rozoo
on
a/ z/ r 720.000.00
otaouacu 56737
5.2500
s.*nno
m.ara
on'wsr
zu
o/ 1/ a 480.000.00
ataouazu 63017
5.2500
5.5000
97.685
+m'uou
ou
a/ 1/ * 475.000�00
Standard mmr
5.2500
s.^oon
96.616
uso'yzo
nu
6/ 1/10 ms.000.00
_______
Standard 76871
5.2500
5.7000
95.4e2
4ss's3s
so
zo.oss.nno�no
-------
p'yos'sys.us
Paz um000r
10,035,000.00
Production
-a.uns.ss
Gross Production
,.p,a'sya.+s
so.sor«uao
a000 roaorauoe
u�oo
0.0000000
Underwriters cuacnuot
sa'r«z�«s
n�5853757
Average Take oo°o
0.00
0.0000000
Bid
9.934'854,00
99.0020329
Accrued
1'416ra
Net to zouuez
9.936.270.72
o=o,o Interest coat
3.959.8264a
.met Discount
100.146.00
Net zntazrnr coat
*.059.e72*«
m z c +
5,2815226
Using
ss
oozosz*
r z c %
5.3091112
From
Delivery
Date
Bond Years
76'871.250
a.ezayr Coupon
5�151245
Average Life
7.660314
Filename: ames Key: 95a
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The following graph presents The Bond Buyer Index as it had been charted over the
decade preceding the week the Bonds were sold. The BBI is a composite of 20-year
general obligation issues with an average credit rating of "Al
The market reached a 19-year record low of 5.20% on October 21, 1993. Rates increased
sharply thereafter through November 1994, when the BBI peaked above 7%. Since that
time, rates have steadily declined, and the BBI stood at 6.03% on the day the Bonds sold.
6 EVENSEN DODGE INC
371092
Page 19
Amuqej
Axenvef
JOqUJOAON
Q. laqoloo
z AKrumndes
Afnf
ounf
O
At"
rudv
00 e
00 (U
8�
00
luaaj;)d
00
I —
"
F
F
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F
- --- - -.- I
--�L---D--O-O" �T—HE BONDS
The following schedule presents the gross yield on the Bonds for purposes of arbitrage
rebate reporting. This schedule takes into account the accrued interest to the closing date
of May 2, 1995 and the initial reoffering price of the Bonds to the public as required by
Internal Revenue Service regulations.
EVENSEN DODGE INC Page 21
371092
CITY OF AMES, IOWA
$10,035,000 G.O. Corporate Purpose Bonds, Series 1995
Final
Maximum Allowable Arbitrage Yield
... = ............
DELIVERY DATE: 5/ 2/95
Par
Accrued Interest
Original Issue (+Premium/ -Discount)
Arbitrage Yield Target Value
Arbitrage Yield 5.21023920
Micro -Muni Debt Date: 06-26-1995 4 13:19:13
I
d
0
10,035,000.00
1,416.72
-41,403.55
-------------------
9,995,013.17
Filename: ames Key: 95a
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OFFICIAL STATEMENT COVER
EVENSEN DODGE INC page, 22
371092
I
ADDENDUM DATED APRIL 13,1995
TO OFFICIAL STATEMENT DATED MARCH 31,1995
Ratings: Aal (Moody's)
AA (Standard & Poor's)
In the opinion of Bond Counsel, under existing law, interest to be paid to the holders of the General Obligation Corporate Purpose Bonds,
Series 1995 is excluded from gross income.for federal income tax purposes.
G
E
IDated: May 1, 1995
(NEW ISSUE)
$10,035,000
General Obligation Corporate Purpose Bonds, Series 1995
CITY OF AMES, STORY COUNTY, IOWA
Due: June 1. 1996/2010
I I he Bonds are issued pursuant to Division III of Chapter 384 of the Code of Iowa for the purpose of providing funds for various
improvements in the City. The Bonds will be general obligations of the City for which its full faith and credit and unlimited
taxing powers are pledged,
The Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of Cede &
Co., as nominee of The Depository Trust Company ("DTC"). DTC will act as securities depository of the Bonds. Individual
purchases may be made in book -entry form only, in the principal amount of $5,000 and integral multiples thereof. Purchasers
will not receive certificates representing their interest in the Bonds purchased, Principal of the Bonds, payable annually on each
June 1, beginning June 1, 1996, and interest on the Bonds, payable initially on December 1, 1995, and thereafter on each
December I and June 1, will be paid to DTC. which will in turn remit such principal and interest to its participants for
subsequent disbursement to the beneficial owners of the Bonds as described herein.
fhe Bonds maturing on June 1, 2004 and thereafter are subject to redemption prior to maturity on June 1, 2003 and on any date
thereafter at a price of par plus accrued interest.
fhe Bonds will mature June I in the years and amounts as follows:
Interest Interest
Amwm_t Rate YRI&I YW Amount RAIL yicw
1996 $715.000 4.850/1. 4.40% 2004 $720.000 5.10% 5.17%
1997 715,000 4.90% 4.60% 2005 720,000 5.20% 513%
1998 715,000 5.00% 4.70% 2006 720,000 5.25% 5.29%
1999 715,000 5.00% 4.75% 2007 720,000 5.25% 5,40%
2000 715,000 5M% 4.85% 2008 480,000 5.25% 5.50%
2001 715,000 5.00% 4.95% 2009 475,000 5.25% 5.60%
2002 715,000 5,00% 5.02% 2010 475,000 5,25% 5,70%
2003 720,000 5.10% 5.12%
NOT BANK QUALIFIED: The Bonds will not be designated qualified tax exempt obligations pursuant to Section
265(b)(3) of the Internal Revenue Code of 1986.
REGISTRAR: The City of Ames, Iowa.
LEGAL OPINION: Dorsey & Whitney P.L.L.P., Des Moines, Iowa.
An account group managed by Harris Trust & Savings Bank has agreed to purchase the Bonds from the City for
an aggregate price of $9,934,854.00. A list of the account members are listed on the reverse side of this addendum.
The Bonds will be available for delivery on or about May 2, 1995.
THIS ADDENDUM IS INCORPORATED BY REFERENCE AS OF THE DATE HEREOF INTO THE
OFFICIAL STATEMENT OF THE CITY DATED MARCH 31, 1995, WITH RESPECT TO THE BONDS.
TAKEN IN CONJUNCTION WITH SAID OFFICIAL STATEMENT, THIS ADDENDUM SHALL
CONSTITUTE A "FINAL OFFICIAL STATEMENT" OF THE CITY WITH RESPECT TO THE BONDS AS
THAT TERM IS DEFINED IN RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION.
I
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HARRIS TRUST & SAVINGS BANK
NORWEST INVESTMENT SERVICES, INC.
Banc One Capital Corporation
Commerce Investment Corporation
Coughlin and Company Inc.
Isaak Bond Investments, Inc.
Mesirow Financial, Inc.
Morgan Keegan & Co., Inc.
Securities Corporation of Iowa
U.S. Securities, Inc.
A.H. Williams & Co., Inc.
The Chicago Corporation
Northern Trust Securities, Inc.
Principal Financial Securities, Inc.
Gabriele, Hueglin & Cashman
fl