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TO: Steve Schainker, City Manager
FROM: Duane Per, Finance Director DATE: May 25, 2000
SUBJECT: General Obligation Bond, Series 2000
Attached are the schedules for the G.O. Bond issue. Please note that I have scheduled the
public hearing for the June 27 meeting which will also be the date of the sale and the approval
of the bond resolution. The settlement of the bond issue will not take place until July and
therefore proceeds will not be recorded in this fiscal year.
M. Paul Wiegand, Public Works Director
Lynn Brennan, Administrative Assistant
Diane Voss, City Clerk
Sue Rybolt, Assistant Finance Director
Carol Collings, Budget Officer
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PROPOSED TIME SCHEDULE
CITY OF AMES, IOWA
General Obligation Bonds, Series 2000
Revised May 23, 2000
May 2000 June 2000 July 2000
5 M T W T F 5 5 M T W T F 5 5 M T W T F 5
1 2 3 4 5 6 1 2 3 1
7 8 F9 10 11 12 13 4 5 6 7 8 9 10 2 3 4 5 6 7 8
14 15 16 17 18 19 20 11 12 13 14 15 16 17 9 10 Elfl 12 13 14 15
21 22 23 24 25 26 27 18 19 20 21 22 23 24 16 17 18 19 20 21 22
28 29 30 31 25 26 27 28 29 30 23 24 25 26 27 28 29
30 31
Date Task Description Responsibility
May 10 - 12 Issue Planning Time Line distributed ED
Bond sizing and structure ED
May 15 - 26 Set Sale • Sale memo distributed ED
• Presole resolutions and hearings BC
May 23 Council Meeting • No action Required C
May 29 - June 13 Document Preparation 0 Prepare official statement ED
• Prepare bond resolution BC
Review draft documents C, BC, ED
June 5 - 16 Request Rating Request rating from Moody's and 5 & P ED, C
• Documents to Moody's and 5 & P ED
• Receive ratings RA
June 13 Council Meeting Call for the Public Hearing on June 27 C
EVENSEN DODGE INC
May 23, 2000
Page Two
Date Task Description Responsibi/ity
June 14 - 26 Market Bonds Print and distribute official statement ED
• Notify wire services ED
• Call potential bidders ED
• Monitor market conditions ED
• Prepare sale file ED
June 27 Bond Sale Take bids and check for accuracy ED
• Prepare sale analysis ED
• Complete bond resolution BC
Adopt resolution awarding sale C
June 27 Council Meeting 0 Council adopts Bond Resolution C, BC
• Public Hearing
June 28 - July 18 Closing Preparations • Prepare closing documents BC
• Confirm closing date and funds transfer ED
• Closing letter to all parties ED
July 19 Closing Purchaser pays for the Bonds C, BC, ED
Financing Team Members:
C = City of Ames, Iowa
BC = Dorsey & Whitney LLP (bond counsel)
ED = Evensen Dodge, Inc. (financial advisor)
RA = Moody's Investors Service and Standard and Poor's (rating agencies)
EVENSEN DODGE INC
City of Ames
July 2000 G.O. Bond Projects
Street Improvements
South Dakota and U.S. Highway 30 Interchange 400,000
13th Street and Duff Intersection 404,000
Elwood Drive Widening 750,000
South Dakota from Todd Drive to U.S. 30 100,000
Dayton Road Reconstruction 500,000
13th Street from Meadowlane to McCormick 1,000,000
Phoenix Street from Garfield to North Dakota 500,000
Mortensen road from South Dakota to West Street 324,000
Subtotal Street Improvements 3,978,000
Storm Sewer Improvements
Westwood Drive 100,000
Subtotal Storm Sewer Improvements 100,000
Construction of Recreation Facilities
Ice Arena 1,700,000
Subtotal Construction of Recreation Facilities 1,700,000
5,778,000
$5,870,000 General Obligation Bonds, Series 2000
City of Ames,Iowa
Preliminary Schedule - 12 year schedule
SOURCES &USES
Dated 07/01/2000 Delivered 07/01/2000
SOURCES OF FUNDS
Par Amount of Bonds.............................................................. $5,870,000.00
TOTAL SOURCES..................................................................... $5,870,000.00
USES OF FUNDS
Total Underwriter's Discount (0.800%)............................... 46,960.00
Estimated Costs of Issuance.................................................... 45,000.00
Deposit to Project Construction Fund................................... 5,778,000.00
Contingency............................................................................ 40.00
TOTAL USES............................................................................. $51870,000.00
Ftrp--d by6vensen I7adge,Inc. Me=CFrYOFAAMS.SF--2000 GO-12yr-SINGLEPURPOS6
Fkr wcidlAdvisor 9/11/20001Z 91 PM
$5,870,000 General Obligation Bonds, Series 2000
City of Ames,Iowa
Preliminary Schedule - 12 year schedule
DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I FISCAL TOTAL
7/01/2000 - - - -
12/01/2000 - - 126,377.08 126,377.08 -
6/01/2001 390,000.00 4.400% 151,652.50 541,652.50 668,029.58
12/01/2001 - - 143,072.50 143,072.50 -
6/01/2002 385,000.00 4.900% 143,072.50 528,072.50 671,145.00
12/01/2002 - - 133,640.00 133,640.00 -
6/01/2003 400,000.00 5.000% 133,640.00 533,640.00 667,280.00
12/01/2003 - - 123,640.00 123,640.00 -
6/01/2004 425,000.00 5.050% 123,640.00 548,640.00 672,280.00
12/01/2004 - - 112,908.75 112,908.75 -
6/01/2005 445,000.00 5.100% 112,908.75 557,908.75 670,817.50
12/01/2005 - - 101,561.25 101,561.25 -
6/01/2006 465,000.00 5.150% 101,561.25 566,561.25 668,122.50
12/01/2006 - - 89,587.50 89,587.50 -
6/01/2007 490,000.00 5.200% 89,587.50 579,587.50 669,175.00
12/01/2007 - - 76,847.50 76,847.50 -
6/01/2008 515,000.00 5.250% 76,847.50 591,847.50 668,695.00
12/01/2008 - - 63,328.75 63,328.75 -
6/01/2009 545,000.00 5.300% 63,328.75 608,328.75 671,657.50
12/01/2009 - - 48,886.25 48,886.25 -
6/01/2010 570,000.00 5.350% 48,886.25 618,886.25 667,772.50
12/01/2010 - - 33,638.75 33,638.75 -
6/01/2011 605,000.00 5.400% 33,638.75 638,638.75 672,277.50
12/01/2011 - - 17,303.75 17,303.75 -
6/01/2012 635,000.00 5.450% 17,303.75 652,303.75 669,607.50
Total 5,870,000.00 - 2,166,859.58 8,036,859.58 -
YIELD STATISTICS
BondYear Dollars..................................................................................................... $41,015.83
AverageLife............................................................................................................... 6.987 Years
AverageCoupon........................................................................................................ 5.2829832%
Net Interest Cost(NIC).............................................................................................. 5.3974756%
True Interest Cost (TIC)............................................................................................ 5.4173638%
Bond Yield for Arbitrage Purposes.......................................................................... 5.2730683%
All Inclusive Cost (AIC)............................................................................................ 5.5572318%
IRS FORM 8038
NetInterest Cost........................................................................................................ 5.2829832%
Weighted Average Maturity..................................................................................... 6.987 Years
PreparedbyEvensen Dodge,Inc. File=C=0FAMFSSF--2000 GO-12yr-SINGLEFURPOSE
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