HomeMy WebLinkAboutA012 - Official Bid FormsPARITY Bid Farm
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Harris N.A. - Chicago, Us Bid -& AWJAW11TIf '.2'
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,506,080.90, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.5000
06/01/2007
725M
3.5000
06/01/2008
730M
3.5000
06/01/2009
725M
3.5000
06/01/2010
290M
3.5000
06/01/2011
300M
3.5000
06/01/2012
315M
3.5000
06/01/2013
325M
3.5000
06/01/2014
340M
3.5000
06/01/2015
355M
3.5000
06/01/2016
365M
3.5500
06/01/2017
380M
3.6500
Total Interest Cost: $1,019,017.21
Premium: $11,080.90
Net Interest Cost: $1,007,936.31
TIC: 3.482054
Time Last Bid Received On:08/23/2005 10:55:58 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder:
Harris N.A., Chicago, IL
Contact:
carrie neat
Title:
vp
Telephone: 312-461 -2863
Fax:
312-461-3600
Issuer Name: City of Ames
Accepted By:
Company Name:
Accepted By:
https:llwww.newissuehome.i-deal.comIParitylasplmain.asp?frame=content&page=parity... 08/23/2005
PARITY Bid Foi-m
Page I of 2
Piper Jaffray - Kansas City, MO's Bid -'M- ARREFIf-"
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,506,217.25, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.5000
06/01/2007
725M
3.5000
06/01/2008
730M
3.5000
06/01/2009
725M
3.5000
06/01/2010
290M
3.5000
06/01/2011
300M
3.5000
06/01/2012
315M
3.5000
06/01/2013
325M
3.5000
06/01/2014
340M
3.5000
06/01/2015
355M
3.5500
06/01/2016
365M
3.6500
06/01/2017
380M
3.7000
Total Interest Cost: $1,026,879.67
Premium: $11,217.25
Net Interest Cost: $1,015,662.42
TIC: 3.507258
Time Last Bid Received On:08/23/2005 10:59:41 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Piper Jaffray, Kansas City, MO
Contact: Joyce Chaney
Title: Managing Director
Telephone: 913-345-3260
Fax:
Issuer Name: City of Ames Company Name:
Accepted By:
Accepted By:
https://www.newissuehome.i-deal.com/Parity/asp/main.asp?frame=content&page=parity... 08/23/2005
Au&-Z3-05 07: 32am From -PUBLIC FIN,MGMT INC +6123387264 T-843 P.01/01 F-835
_�l WNIN LURMNI
FAR 512 337 3818
OFFICIAL BID FORM Salc Z)a=_ August 23, 2005
To; City CQ411cil 11,00 A.M. Central Time
City of AnICS, Iowa
RE: $5,49S,000 General Obligation Corporate Purposc and Fj,-fanding Bonds, Series 2005A, dated September 13,
2005,
QtW above Bond-;, in accord-drtcc with the Terms of Offcring, we will Pay you
For all or none in te of debvcry for fully registerca
5' —�-/ ,&Z4� _ _(not less than S5,460,657) plus accrued interest to
Bonds btuing interest ralt-,s and maturing in the stated years as follows:
S. 450 % due 2006 :3._'5*�"/Q duc 2012
3. % due 2007 7 _6bllu due 2013
9% dur-9008 due 2014
�1/o duc 2009 0/. due 2015
due 2010 ,o � duc'7016
clue 2011
.3. _%J6 % d,, 2017
of the terms and conditions of We Tama of Offering published in die Official
In making this offer we accept 311 th the Temis Of
S;=m=T dated August 12, 2005. In the event of failure to deliver these 13auds in acco`ydaTicc W'
Offc,jug as printed m the Official Stateraraz and made a pan Hereof, we ras"vc the right to Withdraw our offer'
whereupon the deposit &CzoMPa4YiU9 it will tie immediately returned. All blank spaces of this Offer are itilentlonal and
arc not to be construed as 411 01TUssiOn.
We nclo, =1dirl delivery and paymcpL
�3c our Good Faith Deposit in the amouni of $54,930, to be held by you P 9
Alternatively, we have provided a Financial Surety Bon4 in accordance with the Terms of Offering.
Not as ;s part of our offc;r, the 4bovc quoted prices being, controlling, but only as an aid for the verification Of the Off2r
we have made the following COMPUTaTioas: .41k
NET INTEREST COST; S 6)
TRITE INTEREST COST" 3. :57/ %
ACC0t4-nt Manager; ctw\n __VQ0
sy
Accoum McmbcT5:
`r (Based on dated date Of SePtemh` 13, 2005)
1, C
The foregoing offer is ht-ruby accepted by and un behalf of the City Council Of The City of Anici, Iowa this 23"d day of
AUgU31, 2005.
Attzst-.
Title:
0
Title*
SLIRF.-BID Good Faith Check Sabuii=4
PARITY Bid Foon
Page I of 2
Legg Mason Wood Walker, Inc - Minneapolis, MN's Bid ...4imaiRrins.
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of$5.495.00O.00'wewill pay you $5,615.255.O5.plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
Total Interest Cost: $1.154.723.33
Premium: $120.25585
Net Interest Cost: $1.034.468.28
TIC: 3.519772
Time Last Bid Received On:08/23/2005 10:59:11 CDST
This proposal iamade subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Legg Mason Wood Walker, Inc, Minneapolis, MN
Contact: Mike McMahon
Title:
Te|ephone:S12-332-541G
Issuer Name: City ofAmes Company Name:
Accepted By:
Accepted By:
Aug 23 05 10:55a First Trust Portfolios
(830) 241-8702 p.2
OFFICIAL BID FORM
To: City Council Sale Date- August 23, 2005
City of Ames, Iowa 11.00 A.M. Central Time
RE: $5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, dated September 13,
2005,
For all or non of the above Bonds, in accordance with the Terms of Offering, we will pay you
15 (not less than $5,460,657) plus accrued interest to date of delivery for fully registered
Bonds bearing - in
terest nterest rates and maturing in the stated years as follows:
a (;.C>
% due 2006
3,S0
% due 2012
3, S 6
% due 2007
due 2013
% due 2008
3,S0
% due 2014
S`0
% due 2009
37 6--Q—%
due 2015
SD
% due 2010
.5, 70
% due 2016
3,90
% due 2011
7-7S "/6 due 2017
In making this offer we accept all of the terms and conditions of the Terms of Offering published in the Official
Statement dated August 12, 2005. In the event of failure to deliver these Bonds in accordance with the Terms of
Offering as printed in the Official Statement and made a part hereof, we reserve the right to withdraw our offer,
whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
We enclose our Good Faith Deposit in the amount of $54,950, to be held by you pending delivery and payment.
Alternatively, we have provided a Financial Surety Bond in accordance with the Terms of Offering.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer,
we have made the following computations:
NET INTEREST COST: S
TRUE INTEREST COST: % (Based dated d4te of S
Account Manager: '7i
Co 4,1
Accounrembers* //I
f M �-(s j 9—�Pkl
A-tio 00(40 'Ipau'�j
berl3 2005)
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Ames, Iowa this 23'd day of
August, 2005.
Attest:
Title:
0
Title:
UNSURE -BID Good Faith Check Submitted
F I CM
Fax:4147657099 Aug 19 2005 11:42 P.01
To: City Council
City of Ames, Iowa
OMCIAL RIOD FORM
Sale Date: August 23, 2005
11:00 A.M. Central Time
RE: S5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, dated September 13,
2005.
F all jr n ne o 09 4bove Bonds, in accordance with the Terms of Offering, we will pay you
o "- I
_(not less than $5,460,657) plus accrued interest to date of delivery for fully registered
Ion s bearing i erest rates and maturing in the stated years as follows:
� % due 2006
L.-W% due 2012
% due 2007
--!�% due 2013
6% due 2008
0 %due 2014
due 2009
41�% due 2010
�Z' —6-1>/. due 2011
f 0 due 2015
r % due 2016
% due 2017
In making this offer we accept all of the terms and conditions of the Terms of Offering published in the Official
Statement dated August 12, 2005. In the event of failure to deliver these Bonds in accordance with the Terms of
Offering as printed in the Official Statement and made a pan hereof, we reserve the right to withdraw our offer,
whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as art omission.
We enclose our Good Faith Deposit in the amount of $54,950, to be held by you pending delivery and payment.
Alternatively, we haveprovided a Financial Surety Bond in accordance with the Terms of Offering.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification ofthe offer,
we have made the following computations-
44A 41
NET INTEREST COST: SCGS'
TRUE INTEREST COST. (Based on d date olSept gnber 13, 2005)
Robert W. Baird & Co.
Account Manager- INCOFIPOWED - BY:
777 E. WISCONSIN AVENUE
Account Members: MILWAUKEE WISCONSIN 53202
OHONE:(414)765-7331
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Ames, Iowa this 23d day of
August, 2005.
Attest:
M
Title: Title:
SURE -BID Good Faith Check Submitted
PARITY Bid Fonn
Page 1 of 2
Griffin, Kubik, Stephens & Thompson, Inc. - Chicago, IL's Bid
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,567,531.80, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
Total i $1.115.961.25
Premium: $72,531.80
Net Interest Cost: $1.043,429.45
TIC: 3.584276
Time Last Bid Received (}n:O8/23/20OS10:5910CDST
This proposal iamade subject toall ofthe terms and conditions ofthe Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Griffin, Kubik, Stephens & Thompson, |nu,Chicago, |L
Contact: RandyBudoyeon
Tide:
Tdeohone:312-441-2570
Fax: 312-441-2674
Issuer Name: City ofAmes Company Name:
Accepted By:
Accepted By:
Page I of 2
Wachovia Bank, National Association - Charlotte, NC's Bid
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,485,477.60, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.2500
06/01/2007
725M
3.2500
06/01/2008
730M
3.2500
06/01/2009
725M
3.5000
06/01/2010
290M
3.5000
06/01/2011
300M
3.5000
06/01/2012
315M
3.5000
06/01/2013
325M
3.5000
06/01/2014
340M
3.5000
06/01/2015
355M
3.6000
06/01/2016
365M
3.7000
06/01/2017
380M
3.7500
Total Interest Cost: $1,023,561.33
Discount: $9,522.40
Net Interest Cost: $1,033,083.73
TIC: 3.573983
Time Last Bid Received On:08/23/2005 10:53:14 CIDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder:
Wachovia Bank, National Association, Charlotte, NC
Contact:
Bill Albright
Title:
Director
Telephone: 704-374-3352
Fax:
704-383-0065
Issuer Name: City of Ames Company Name:
Accepted By:
Accepted By:
https:llwww.newissuehome.i-deal.comIParitylasplmain.asp?frame=content&page=parity... 08/23/2005
AA24.2005 12:26AM UMB
NO. 9601 P. I
OFFICIAL BID FORM
To: City Council
City of Ames, Iowa
Sale Date: August 23, 2005
11:00 A.M. Central Time
RE: $5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, dated September 13,
2005,
For all or none of the above Bonds, in accordance with the TcrTna of Offering, we will Pay You
S not less than S5,460,657) plus accrued interest to date of delivery for fully registered
Bon s bearing interest rates and maturing in the stated years as follows:
1/a due 2006
% due 2012
due 2007
_,��/o due 2013
— /6 due 2008
due 2014
_2.1
due 2009
__3,Lam 216 due 2015
e,,� P/o due 2010
due 2016
due 2011
due 2017
In making this offer we accept all of the terms and conditions of the Terms of Offering published in the Official
Statement dated August 12, 1005. In the event of failure to deliver these Bonds in accordance with the Terms of
Offering as printed in the Official Statement and made a pan hereof, we reserve the right to withdraw our offer,
whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
We enclose our Good Faith Deposit in the amount of $54,950, to be hold by you pending delivery and payment.
Alternatively, we have provided a Financial Surety Bond in accordance with the Terms of Offering.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer,
we have made the following computations;
NET INTEREST COST: 3D
TRUE INTEREST COST: 4 (Based on dated date of September 13, 2005)
Account Manager: UMB n. a. By: (A1618h0q222_1_
Account Members: �cr_
The foregoing of is hereby accepted by and on behalf of the City Council of the City of Ames, Iowa this 23d day Of
August, 2005.
Attest: - By:
Title: Title:
SURE -BID Good Faith Check Submitted
Page I of 2
Sterne, Agee & Leach, Inc - Nashville, TN's Bid
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,493,870.75, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.5000
06/01/2007
725M
3.5000
06/01/2008
730M
3.5000
06/01/2009
725M
3.5000
06/01/2010
290M
3.5000
06/01/2011
300M
3.5000
06/01/2012
315M
3.5000
06/01/2013
325M
3.5000
06/01/2014
340M
3.5500
06/01/2015
355M
3.6250
06/01/2016
365M
3.7500
06/01/2017
380M
3.7500
Total Interest Cost: $1,037,086.31
Discount: $1,129.25
Net Interest Cost: $1,038,215.56
TIC: 3,589881
Time Last Bid Received On:08/23/2005 10:56:28 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder:
Sterne, Agee & Leach, Inc, Nashville, TIN
Contact:
Benjamin Gerace
Title:
SVP
Telephone:615-269-7323
Fax:
615-269-9223
Issuer Name: City of Ames Company Name:
Accepted By:
Accepted By:
https://www.newissueh.ome.i-deal.comJParitylasplmain.asp?frame=content&page=parity... 08/23/2005
Page 1, of 2
Morgan Keegan & Company, Inc. - Memphis, TN's Bid
AW
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,551,131.95, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.5000
06/01/2007
725M
3.5000
06/01/2008
730M
3.5000
06/01/2009
725M
3.6250
06/01/2010
290M
3.6250
06/01/2011
300M
3.7500
06/01/2012
315M
3.7500
06/01/2013
325M
4.0000
06/01/2014
340M
4.0000
06/01/2015
355M
4.0000
06/01/2016
365M
4.0000
j 06/01/2017
380M
4.0000
Total Interest Cost: $1,111,462.40
Premium: $56,131.95
Net Interest Cost: $1,055,330.45
TIC: 3.613752
Time Last Bid Received On:08/23/2005 10:52:06 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder: Morgan Keegan & Company, Inc., Memphis, TN
Contact: Jonathan Nordstrom
Title: 1st vp
Telephone: 901 -529-3720
Fax: 901-579-4465
Issuer Name: City of Ames Company Name:
Accepted By:
https://www.newissuehome.i-deal.comIParitylasplmain.asp?frame=content&page=parity... 08/23/2005
FI
OFFICIAL BID FORM
To: City Council
City of Ames, Iowa
RE: $5,495,000 General Obligation Corporate Purpose and Refunding Bonds, Series 2005A, dated September 13,
2005.
For all or none of the above Bonds, in accordance with the Terms of Offering, we will pay you
(not less than $5,460,657) plus accrued interest to date of delivery for fully registered
Bonds bearing interest rates and maturing in the stated years as follows:
due 2006 % due 2012
W% due 2007 —�_—. % due 2013
% due 2008 �--------% due 2014
due 2009 % due 2015
due 2010 ��^--% due 2016
due 2011 % due 2017
In making this offer we accept all of the terms and conditions of the Terms of Offering published in the Official
Statement dated August 12, 2005. In the event of failure to deliver these Bonds in accordance with the Terms of
Offering as printed in the Official Statement and made a part hereof,, we reserve the right to withdraw our offer,
whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and
are not to be construed as an omission.
We enclose our Good. Faith Deposit in the amount of $54,950, to be held by you pending delivery and payment.
Alternatively, we have provided a Financial Surety Bond in accordance with the Terms of Offering.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer,
we have made the following computations:
NET INTEREST COST: $
TRUE INTEREST HARRIS N.A. ° � p � er 13, 2005)
n dated date of .
Manager: COST: -- — /o B o ep � --'�.... °_. � .. �( ✓i
Accounta ager: By.
Account Members:
The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Ames, Iowa this 23`d day of
August, 2005.
Attest: ---- By:
"Title: Title:
SURE-131D Good Faith Check Submitted
o�post-iiFax Note 7Fr�4.w _ `..._.. ......._ _._
rcz Frarrro
co.rc
..........
:pt c., 7. Y c:
_�.
q Phan�
Fax I rax a
ragu 1 01 L
Harris N.A. - Chicago, IL's Bid -.04
Ames
$5,495,000 General Obligation Corporate Purpose
and Refunding Bonds, Series 2005A
For the aggregate principal amount of $5,495,000.00, we will pay you $5,506,080.90, plus accrued interest from
the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s):
Maturity Date
Amount $
Coupon %
06/01/2006
645M
3.5000
06/01/2007
725M
3.5000
06/01/2008
730M
3.5000
06/01/2009
725M
3.5000
06/01/2010
290M
3.5000
06/01/2011
300M
3.5000
06/01/2012
315M
11' 3.5000
06/01/2013
325M
3.5000
06/01/2014
340M
3.5000
06/01/2015
355M
3.5000
06/01/2016
365M
1 3.5500
06/01/2017
380M
3.6500
Total Interest Cost: $1,019,017.21
Premium: $11,080.90
Net Interest Cost: $1,007,936.31
TIC: 3.482054
Time Last Bid Received On:08/23/2005 10:55:58 CDST
This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of
Sale, and the Preliminary Official Statement, all of which are made a part hereof.
Bidder:
Harris N.A., Chicago, IL
Contact:
carrie neal
Title:
vp
Telephone: 312-461 -2863
Fax:
312-461-3600
Issuer Name: City of Ames Company Name:
Accepted By:
Accepted By:
https://www.newissueliome.i-deal,com/Parity/asp/main.asp?frame=content&page=parity... 08/23/2005
CITY OF AMES, IOWA
000
General
• Obligation• Purpose
And RefundiBonds,
•
Series
• ,
August 23, 200,E
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
(%) TIC
Harris N.A.
Chicago, 11,
$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
$1,040,808.52
3.5516%
Griffin, Kubik, Stephens
& Thompson, Inc.
Chicago, IL
$1,043,429-45
3.5642%
Wachovia Bank
Charlotte, NC
$1,033,083-73
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%
WE RECOMMEND► AWARD OF THE BONDS TO:
Harris N.A.
The winning TIC Of 3.4820% is lower than the estimated 3.9%, resulting in final debt
service that is $100,000 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
filtUre.
TABLE OF CONTENTS
City of Ames General Obligation
Gen Obligation Corp Purp, & Ref Bonds, Series 2005A
Post -Sale Analysis
Report
Page
Sources and Uses of Funds . . . . . . . . . . . . . .
. . . . . I . I
Summary of Refunding Results . . . . . . . . . . . . .
. . . . . . . . . . . . . 3
Bond Summary Statistics . . . . . . .
. . . . . . I . . . 4
Bond Pricing . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 5
Bond Debt Service . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . 6
Prior Bond Debt Service . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 7
Summary of Bonds Refunded . . . . . . . . . . . . . .
I I . . . . . . . . 8
Savings . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 9
Form 8038 Statistics . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 10
Proof of Arbitrage Yield . . . . . . . . . . . I . .
I I . . . . . . . . . . . 12
Bond Debt Service . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 13
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A)
SOURCES AND USES OF FUNDS
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Sources:
Bond Proceeds:
Par Amount 5,495,000.00
Original Issue Discount (9,728.95)
Premium 43,394.30
5,528,665.35
Uses:
Project Fund Deposits
Project Fund 3,619,000.00
Refunding Escrow Deposits:
Cash Deposit 1,800,000.00
Delivery Date Expenses:
Cost of Issuance 36,835.00
Underwriter's Discount 22,584.45
59,419.45
Other Uses of Funds:
Additional Proceeds 50,245.90
5,528,66535
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page I
SOURCES AND USES OF FUNDS
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
General
Obligation
Corp Purp
Bonds, Series Refunding of
Sources: 2005A Series 1997A Total
Bond Proceeds:
Par Amount 3,675,000.00 1,820,000.00 5,495,000.00
Original Issue Discount (9,728.95) (9,728.95)
Premium 24,1.06.20 19,288.10 43,394.30
3,689,377.25 1,839,288.10 5,528,665.35
General
Obligation
Corp Purp
Bonds, Series Refunding of
Uses: 2005A Series 1997A Total
Project Fund Deposits:
Project Fund 3,619,000.00 3,61.9,000.00
Refunding Escrow Deposits
Cash Deposit 1,800,000.00 1,800,000.00
Delivery Date Expenses:
Cost of Issuance
29,375.00
7,460.00
36,835.00
Underwriter's Discount
1.5,104.25
7,480.20
22,584.45
44,479.25
14,940.20
59,419.45
Other Uses of Funds:
Additional Proceeds
25,898,00
24,347.90
50,24590
3,689,377.25
1,839,288.10
5,528,665.35
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.01.4 ames:2005A) Page 2
SUMMARY OF REFUNDING RESULTS
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Dated Date
09/13/2005
Delivery Date
09/13/2005
Arbitrage yield
3.392973%
Escrow yield
Bond Par Amount
1,820,000.00
True Interest Cost
3.185992%
Net Interest Cost
3,205490%
Average Coupon
3.500000%
Average Life
2.203
Par amount of refunded bonds
1,800,000.00
Average coupon of refunded bonds
4.600000%
Average life of refunded bonds
1217
PV of prior debt to 09/13/2005 @ 3.392973%
1,841,646.40
Net PV Savings
42,093.91
Percentage savings of refunded bonds
2.338551%
Percentage savings of refunding bonds
2.312852%
Aug 23, 2005 1:02 pin Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page 3
BOND SUMMARY STATISTICS
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds,
Series 2005A
Post -Sale Analysis
Dated Date
09/13/2005
Delivery Date
09/13/2005
Last Maturity
06/01/2017
Arbitrage Yield
3.392973%
True Interest Cost (TIC)
3.482054%
Net Interest Cost (NIQ
3.491525%
All -In TIC
3.628628%
Average Coupon
3.529909%
Average Life (years)
5,254
Duration of Issue (years)
4,669
Par Amount
5,495,000.00
Bond Proceeds
5,528,665.35
Total Interest
1,019,017.21
Net Interest
1,007,936.31
Bond Years from Dated Date
28,868,083.33
Bond Years from Delivery Date
28,868,083.33
Total Debt Service
6,514,017.21
Maximum Annual Debt Service
895,502.50
Average Annual Debt Service
555,961.64
Underwriter's Fees (per $ 1000)
Average Takedown,
Other Fee
4.110000
Total Underwriter's Discount
4.110000
Bid Price
100.201654
Par
Average
Average
Bond Component Value
Price Coupon
Life
Serial Bonds 5,495,000.00
100.6t3 3.530%
5.254
5,495,000.00
5.254
All -In
Arbitrage
TIC
TIC
Yield
Par Value 5,495,000.00
5,495,000.00
5,495,000.00
• Accrued Interest
• Premium (Discount) 33,665.35
33,665.35
33,665.35
Underwriter's Discount (22,584A5)
(22,584.45)
Cost of Issuance Expense
(36,83.5.00)
Other Amounts
Target Value 5,506,080.90
5,469,245.90
5,528,665.35
Target Date 09/13/2005
09/13/2005
09/13/2005
Yield 3.482054%
3.628628%
3.392973%
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page 4
Maturity
Bond Component Date
Serial Bonds:
BOND PRICING
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Amount Rate Yield
Premium
Price (-Discount)
06/01/2006
645,000
3.500%
2,750%
100.525
3,386.25
06/01/2007
725,000
1500%
2.900%
100.994
7,206.50
06/01/2008
730,000
3.500%
2.980%
101.344
9,811.20
06/01/2009
725,000
3.500%
3.100%
101390
10,077.50
06/01/2010
290,000
3.500%
3.180%
101.387
4,022.30
06/01/2011
300,000
3.500%
3.230%
101.395
4,185.00
06/01/2012
315,000
3.500%
3,330%
101.012
3,187.80
06/01/2013
325,000
3.500%
3.430%
100.467
1,517.75
06/01/2014
340,000
1500%
1500%
100.000
06/01/2015
355,000
3.500%
3.600%
99,182
(2,903.90)
06/01/2016
365,000
3.550%
3.650%
99.115
(3,230.25)
06/01/2017
380,000
3.650%
3.750%
99.054
(3%594.80)
5,495,000
33,665.35
Dated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
09/13/2005
09/13/2005
06/01/2006
5,495,000.00
33,665.35
5,528,665.35
100.612654%
(22,584.45)
(0,41 1000)
5,506,080.90
100.201654%
5,506,080.90
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page 5
BOND DEBT SERVICE
City of Ames General Obligation
Gen Obligation Corp
Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Period
Annual
Ending
Principal
Coupon
Interest
Debt Service
Debt Service
12/01/2005
06/01/2006
645,000
3.500%
138,372.21
783,372.21
783,372.21
12/01/2006
85,251.25
85,251.25
06/01/2007
725,000
3.500%
85,251.25
810,251.25
895,502.50
12/01/2007
72,563.75
72,563.75
06701/2008
730,000
3.500%
72,563.75
802,563.75
875,127.50
12/01/2008
59,788.75
59,788.75
06/01/2009
725,000
3.500%
59,788.75
784,788.75
844,577.50
12/01/2009
47,101.25
47,101.25
06/01/2010
290,000
3.500%
47,101.25
337,101.25
384,202.50
12/01/2010
42,026.25
42,026.25
06/01/2011
300,000
3.500%
42,026.25
342,026.25
384,052.50
12/01/2011
36,776.25
36,776.25
06/01/2012
315,000
3.500%
36,776.25
351,776.25
388,552.50
12/01/2012
31,263.75
31,263.75
06/01/2013
325,000
3.500%
31,263.75
356,263.75
387,527.50
12/01/2013
25,576.25
25,576.25
06/01/2014
340,000
3.500%
25,576.25
365,576.25
391,152.50
12/01/2014
19,626.25
19,626.25
06/01/2015
355,000
3.500%
19,626.25
374,626.25
394,252.50
12/01/2015
13,413.75
13,413.75
06/01/2016
365,000
3.550%
13,41175
378,41175
391,827,50
12/01/2016
6,935.00
6,935.00
06/01/2017
... ..... . ......
380,000
3.650%
6,935.00
386,935.00
393,870.00
5,495,000
1,019,017.21
6,514,017.21
6,514,017.21
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 arne%:2005A) Page 6
PRIOR BOND DEBT SERVICE
City of Ames General Obligation
Gen Obligation
Corp 9urp & Ref Bonds, Series
20O5A
post'8alcxnulyoio
Annual
Period
Debt
Debt
Bvaiug
y,iuoip^|
Coupon lourreut
Service
Service
12/01/2005
/4.030
14.038
06/01/2086
450.000
4,600% 41.408
491.400
585.430
12/01/2006
31.050
31.050
06N1D007
450.000
4.600% 31.058
481.058
512'100
/2/01/2007
20.700
20.700
06/0//2008
450.000
4.600% 20,700
470.700
491.480
12/01/2008
10.350
10'350
06N1/2009
450.000
4.600% 10.350
468,358
470.700
/.800.880
179.630
1^979.030
1.979.638
x"g23.2005 |:oznm Prepared h'Public Financial Management (Finance 58/4umes2085/) Page
SUMMARY OF BONDS REFUNDED
City of Ames General Obligation
Geri Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
General Obligation Series 1997A, 97AGO:
SER 06/01/2006
4.600%
450,000.00
09/30/2005
100,000
06/01/2007
4.600%
450,000.00
09/30/2005
100.000
06/01/2008
4.600%
450,000.00
09/30/2005
100.000
06/01/2009
4.600%
450,000.00
09/30/2005
100.000
1,800,000.00
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 arnes:2005A.) Page 8
SAVINGS
City of Ames General Obligation
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Present Value
Prior
Refunding
Refunding Refunding
Annual
to 09/13/2005
Date
Debt Service
Debt Set -vice
Receipts Net Cash Flow
Savings
......
Savings
. .......
@ 3.3929728%
12/01/2005
14,030.00
24,347.90 (24,347,90)
38,377.90
38,120.65
06/01/2006
491,400.00
505,651.67
505,651.67
(14,251,67)
24,126.23
(13,912.14)
12/01/2006
31,050.00
23,800.00
23,800.00
7,250.00
6,959.21
06/01/2007
481,050.00
483,800.00
483,800.00
(2,750,00)
4,500.00
(2,595.67)
12/01/2007
20,700.00
15,750.00
15,750.00
4,950,00
4,594.26
06/01/2008
470,700.00
470,750,00
470,750.00
4,900.00
(45,63)
12/01/2008
10,350.00
7,787.50
7,787.50
2,562.50
2,299.65
06/01/2009
460,350.00
452,787.50
452,787.50
7,562.50
10,125.00
6,673.56
1,979,630.00 1,960,326.67 24,347.90 1,935,978.77 43,651.23 43,651.23 42,093.91
..... . . .
lixvin T I I g .5..,'Sin r 1 -1 L ary
PV of savings from cash flow 42,093.91
Net PV Savings 42,093.91
Note: Refunding Assumes that the City will pay $27,370 in upaid accrued interest from 6/1/05 to 9/30/05 on Series 1997A bonds from existing bond funds.
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A.) Page 9
FORM 8038 STATISTICS
City of Ames General Obligation.
Gen Obligation Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Dated hate 09/13/2005
Delivery Date 09/13/2005
Redemption
Bond Component Date
Principal
Coupon
Price
Issue Price
at Maturity
Serial Bonds:
06/01/2006
645,000.00
3.500%
100.525
648,386.25
645,000.00
06/01 /2007
725,000.00
3.500%
100.994
732,206.50
725,000.00
06/01/2008
730,000.00
3.500%
1.01.344
739,811.20
730,000.00
06/01/2009
725,000,00
3.500%
101.390
735,077.50
725,000.00
06/01/2010
290,000.00
3.500%
1.01.387
294,022.30
290,000.00
06/01/2011
300,000.00
3.500%
101.395
304,185.00
300,000.00
06/01/2012
315,000.00
3.500%
101.012
318,187.80
315,000.00
06/01/201.3
325,000.00
3.500%
100.467
326,51.7.75
325,000.00
06/01/2014
340,000.00
3.500%
100.000
340,000.00
340,000.00
06/01/2015
355,000.00
3.500%
99.182
352,096.10
355,000.00
06/01/2016
365,000.00
3.550%
99.115
361,769.75
365,000.00
06/01/2017
380,000.00
3.650%
99.054
376,405.20
380,000.00
5,495,000.00 5,528,665.35 5,495,000.00
Stated
Weighted
Net
Maturity Interest Issue
Redemption
Average
Interest
Date Rate Price
at Maturity
Maturity
Yield Cost
Final Maturity 06/01/201.7 3.650% 376,405.20
380,000.00
Entire Issue 5,528,665.35
5,495,000.00
5.2306
3.3930% 3.4074%
Proceeds used for accrued interest
Proceeds used for bond issuance costs (including underwriters' discount)
Proceeds used for credit enhancement
Proceeds allocated to reasonably required reserve or replacement fund
Proceeds used to currently refund prior issues
Proceeds used to advance refund prior issues
Remaining weighted average maturity of the bonds to be currently refunded
Remaining weighted average maturity of the bonds to be advance refunded
0.00
59,419.45
0.00
0.00
1,800,000.00
0.00
2.2059
0.0000
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A,) Page 10
FORM 8038 STATISTICS
City of Ames General Obligation.
Gen Obligation
Corp Purp & Ref Bonds, Series 2005A
Post -Sale Analysis
Refunded Bonds
Bond
Component
Date
Principal Coupon
Price
Issue Price
General Obligation Series
1997A:
SER.
06/01/2006
450,000.00 4.600%
98.915
445,1.17.50
SER
06/01/2007
450,000.00 4.600%
98.431
442,939.50
SER
06/01/2008
450,000.00 4.600%
97.480
438,660.00
SER,
06/01/2009
450,000.00 4.600%
96.433
433,948.50
1,800,000.00
1,760,665.50
Remaining
Last
Weighted
Call Issue
Average
Date Date
Maturity
General Obligation Series 1997A 09/30/2005 06/24/1997
2.2059
All Refunded Issues 09/30/2005
2.2059
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page I I
PROOF OF ARBITRAGE YIELD
City of Ames General Obligation
Gen Obligation Corp Purp & RefBonds, Series 2005A
Post -Sale
Analysis
Present Value
to 09/13/2005
Date
Debt Service
Total
@ 33929728%
06/01/2006
783,372.21
783,372.21
764,709.17
12/01/2006
85,251.25
85,251.25
81,831.96
06/01/2007
810,251.25
810,251.25
764,779.00
12/01/2007
72,563.75
72,563.75
67,348.82
06/01/2008
802,563.75
802,563.75
732,459,96
12/01/2008
59,788.75
59,788.75
53,655.95
06/01/2009
784,788.75
784,788.75
692,540.57
12/01/2009
47,101,25
47, tOl.25
40,871.35
06/01/2010
337,101.25
337,101.25
287,634.46
12/01/2010
42,026.25
42,026.25
35,261.05
06/01/2011
342,026.25
342,026.25
282,181.21
12/01/2011
36,776.25
36,776.25
29,835.28
06/01/2012
351,776.25
35 1,776.25
280,623.01
12/01/2012
31,263.75
31,263.75
24,524.03
06/01/2013
356,263.75
356,263.75
274,799.86
12/01/2013
25,576.25
25,576.25
19,398.84
06/01/2014
365,576.25
365,576.25
272,653.42
12/01/2014
19,626.25
19,626.25
14,393.43
06/01/2015
374,626.25
374,626.25
270,158.90
12/01/2015
13,413.75
13,413.75
9,511.86
06/01/2016
378,413.75
378,413.75
263,861.53
12/01/2016
6,935.00
6,935.00
4,754.99
06/01/2017
------------
386,935.00
386,935.00
260,876.70
6,514,017.21
6,514,017.21
5,528,665.35
Proceeds Surnmqry
Delivery date 09/13/2005
Par Value 5,495,000.00
Premium (Discount) 33,665.35
Target for yield calculation 5,528,665.35
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.014 ames:2005A) Page 12
BOND DEBT SERVICE;
City of Ares General Obligation
General Obligation Corp Purp Bonds, Series 2005A
Period
Ending
Principal
Coupon
Interest
Debt Service
Annual
Debt Service
12/01/2005
06/01/2006
185,000
3.500%
92,720.54
277,720.54
277,720.54
12/01/2006
61,451.25
61,451.25
06/01/2007
265,000
3.500%
61,451.25
326,451.25
387,902.50
12/01/2007
56,813.75
56,813.75
06/01/2008
275,000
3.500%
56,813.75
331,813.75
388,627.50
12/01/2008
52,001.25
52,00;115
06/01/2009
280,000
3.500%
52,001.25
332,001.25
384,002.50
12/01/2009
47,10L25
47,101.25
06/O1/201.0
290,000
3.500%
47,101.25
337,1.01.25
384,202.50
12/01/2010
42,026.25
42,026.25
06/01/2011
300,000
3.500%
42,026.25
342,026.25
384,05250
12/01/2011
36,776.2.5
36,776.25
06/01/2012
315,000
3.500%
36,776.25
351,776.25
388,552.50
12/01/2012
31,263,75
31,263.75
06/01/2013
325,000
3.500%
31,263.75
356,263.75
387,527.50
12/01/2013
25,576.25
25,576.25
06/01/2014
340,000
3.500%r
25,576.25
365,576,25
391,152.50
12/01/201.4
19,626.25
19,626.25
06/01/2015
355,000
3.500%
19,626.25
374,626.25
394,252,50
12/01/2015
13,413.75
13,413.75
06/01/2016
365,000
3.550%
13,413.75
378,413.75
391,827.50
12/01/2016
6,935.00
6,935.00
06/01/2017
380,000
3.650%
6,935.00
386,935.00
393„870.00
3,675,000 878,690.54 4,553,690.54 4,553,690.54
Aug 23, 2005 1:02 pm Prepared by Public Financial Management (Finance 5.0'14 ames:2005A) Page 13
BOND DEBT SERVICE
City of Ames (3eneral Obligation
Refunding of Series 1997A
Period Annual
Ending Principal Coupon Interest Debt Set -vice Debt Service
---------_-----
12/01/2005
06/01/2006
460,000
3.500%
45,651.67
505,651.67
505,651.67
12/01/2006
23,800.00
23,800.00
06/01/2007
460,000
3.500%
23,800.00
483,800.00
507,600.00
12/01/2007
15,750.00
15,750.00
06/01/2008
455,000
3.500%
15,750.00
470,750.00
486,500.00
12/01/2008
7,787.50
7,787.50
06/01/2009
445,000
3.500%
7,787.50
452,787.50
460,575.00
1,820,000
140,326.67
1,960,326.67
1,960,326.67
Aug 23, 2005 1:02 pm Prepared by Public Financial Management
(Finance 5.014 ames:2005A) Page 14