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REPORT OF BIDS
14,
CITY OF AMES, IOWA
$594959,000
General Obligation Corporate Purpose
And Refunding Bonds,
Series 20o5A
August 23, 2005
TO: City of Ames
City Council
FROM: David Dirks, Senior Managing Consultant
Tionna Pooler, Senior Managing Consultant
PUBLIC FINANCIAL MANAGEMENT
SUBJECT: $5,495,000 General Obligation Corporate Purpose and
Refunding Bonds, Series 2oo5A
Today, August 23, 2005, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
ADDRESS
$ NIC
M Ti
Harris N.A.
Chicago, IL
$1,007,936-31
3.4820%
Piper Jaffray & Co.
Kansas City, MO
$1,015,662-42
3.5072%
Cronin & Co.
Minneapolis, MN
$1,017,475.46
3.5124%
Legg Mason Wood
Walker, Inc.
Minneapolis, MN
$1,034,468.28
3.5197%
First Trust Portfolios
Lisle, IL
$1,025,802.18
3.5433%
Robert W. Baird & Co.
Milwaukee, WI
$1,04o,8o8.52
3.5516%
Griffin, Kubik, Stephens
& Thompson, Inc.
Chicago, IL
$1,043,429.45
3.5642%
Wachovia Bank
Charlotte, NC
$1,033,o83.73
3.5739%
UMB Bank, n,a.
Kansas City, MO
$1,033,305.90
3.5796%
Sterne, Agee & Leach
Nashville, TN
$1,038,215.56
3.5898%
Morgan Keegan &
Company, Inc.
Memphis, TN
$1,055,330.45
3.6137%
Harris N.A.
M-711 M#1
The winning TIC Of 3.4820% is lower than the estimated 3.9%, resulting in final debt
service that is $10o,000 less than projection. In addition to funding capital projects,
the Series 2005A Bonds were issue to carry out the current refunding of Series 1997A
Bonds outstanding in the amount of $1.8 million. Based on the winning bid received
from Harris N.A., the City will realize net present value refunding savings of
$42,093-91, or nearly 3 times the marginal cost of the refunding.
Thank you for the opportunity to be of service to the City of Ames, Iowa. We are
available to answer any questions you may have on this or any other issue in the
_future.