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Home My WebLink AboutA019 - Revised Time Schedule and correspondenceREVISED TIME SCHEDULE CITY OF AMESLUOWA $6,690,000 General Obligation Corporate Purpose Bonds, Series 2010A � x _ n 12 _ m 19 Z5229 30,31) 26 Date Task Description Responsibility July -October Document Preparation 0 Prepare sale details /refunding analysis FA • Prepare official statement ° Prepare bond resolution B[ • Review draft documents [, BC, FA (Hearings previously held in conjunction with pre -levy resolution) August10 Council Meeting ° Set Sale Date for August 24' [BC * Council approves PO6 Aug 11-I3 Rating Presentation ° Targeted time frame for presentation, T8D [ FA AuQ13 Official Statement * Final Comments Due for O5 [8[ Aug17 ' Official Statement * Distribute PUSfor posting FA /kg 18-23 Ratings released w Rating report released _�� Market Bonds 0 Call Potential bidders (near sale date) Date Task Description Responsibility Aug 24 Bond Sale 11:0DAM 0 Take bids and check for accuracy FA * Prepare sale analysis F« Council Meeting * Council awards sale Sept LABOR DAY HOLIDAY Septl4 Council Meeting 0 Council Adopts final issuance resolution C,BC Sept 1S—Sept 29 Closing Preparations * Prepare closing documents B[ ° Confirm closing date and funds transfer FA � Closing letter to all parties FA Sept3O Closing Purchaser pays for the Bonds C'BC, FA Financing Team Members: [= City ofAmes BC=Dorsey & Whitney (bond counsel) FA=Public Financial Management, Inc. (financial advisor) RA=K400dy'sInvestors Service (rating agency) TionnmPooler <poo|ert@pfm.com> To com" ^Joaten.Robert@dnnaey.com>.Diane RVoss ^DVoas@c|ty.umeaja.ue=.^DPiVcher@d1y.omeejaus" cc bcc Subject RE: City of Ames Series 2010A Details | see nrymistake, apologies for the oversight. |amworking onacalendar revision now. |currently already have bond sales on the 14t' and 28th of September. There was already quite a lag in the original schedule, so I would propose the following if it works for the group: 7-27: Set pub hearings for O-1O 8-10: Hold hearings, approve POS, set sale date for Q-24 8-24:Accept bids, adopt sale resolution 9'I4:Adopt issuance resolution 9-30:Close bonds and receive proceeds. The only caveat is that I assume to get the POS in front of council for action on 8-10, we would need to have ittoyou bythe week ofthe 2 VVecan send out aninformation request this week, but vvewould need to get the info back to us next week to make the schedule work. If this works I can revise the schedule and send a new one tothe group. From: Josten.Rocom [maUb)]osten.Ru ronl Sent: Wednesday, July O7,2O1D2:28PM To: TionnaPoo|er Subject: RE: City of Ames Series 2010A Details Tionna, I talked with Diane Voss today about several things, one of which is your proposed schedule ofevents and Council meetings. Diane will becalling you k]discuss putting actions gn dates of regularly -scheduled Council meetings. |fatall possible, asyou know, itwould help our process tobe able tohave the Council action authorizing the issuance ofthe Bonds ataseparate meeting after the date ofthe sale. To the extent that is not possible, | Can work with sale and issuance on the same date. Thanks. From: TionnaPoVler[mailto:poo|ert@ofm.com] Sent: Wednesday,]une3O 20105:01 PM To: DPitcher@cUv.ames.in.u5;]osten, Robert; CCoUings@dh/.ames.bs.uS; nwi5ecup@cit/.annes.1a.uS; DVoos@dty.enles.is.us Cc; Carrie Johnson; Susanne Gerlach Subject: City ofAmes Series 2010A Details Good afternoon; attached is a calendar, pre -sale analysis, and sale details for Series 2010A. A few things to note: FY2011debt service estimate of49OOOOiswell below pre -levy amount. No accrued interest is assumed; bonds are dated and delivered Oct 13. Please let me know if the City would prefer an October 1 dated date. • The bonds are paid over 12 years through June 2022. • We have not considered the used of Build America Bonds, in part because the bonds are relatively short and in the past Council has preferred to sell traditional tax exempt bonds. Since our last conversations, there have been additional developments with regard to compliance measures which also need to be considered in BABs are used. Please let me know if you have questions, concerns, or would like to see changes to any of these items. Thank you, Tionna Tionna Reed Pooler, Senior Managing Consultant The PFM Group I www.pfm,com I poolert@pfm,com 2600 Grand Avenue I Suite 214 1 Des Moines, IA 50312 515.243.2600 extension 225 (voice) 1515.243.6994 (facsimile) A W5 Please consider the environment before printing this email and any attachments. Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e-mail, and any attachments, is complete, accurate, uncorrupted, timely or free of viruses or that such information will not be intercepted by third parties. This e-mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e-mail, and any attachments, is complete, accurate, uncorrupted, timely or free of viruses or that such information will not be intercepted by third parties. This e-mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Tionna Pooler To Diane R Voss <DVoss@city.ames.ia.us> <poolert@pfm.com> cc 07/07/2010 04:29 PM bcc Subject RE: Summer 2010 G.O. Bond Issue My apologies ---I was off a week and will change the schedule accordingly. ____-original message ----- From: Diane R Voss [mailto:DVoss@city.ames.ia.us] Sent: Wednesday, July 07, 2010 4:19 PM To: Tionna Pooler Subject: Summer 2010 G.O. Bond Issue Thank you for providing the Time Schedule for the above -named Bonds. I noticed that the dates you have listed for Council meetings are not Regular Meeting dates. Would it be possible for the August 17 date to change to either August 10 or 24? Also could the September 21 date change to September 14 or 28? The dates you have listed are actually Council workshop dates when official action by the Council is not normally taken. Thank you for your consideration of my request. Diane Voss, City Clerk/Records Manager P. 0. Box 811 Ames, Iowa 50010 (515) 239-5105 Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e-mail, and any attachments, is complete, accurate, uncorrupted, timely or free of viruses or that such information will not be intercepted by third parties. This e-mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Diane RVosaXCOA To TionnoPoo|ar<poo|eK@pfm.00m> 0707C201004:58pM co Subject RE: City of Ames Series 2010A Detailsr, The new dates that you propose are Regular Meeting dates and would work well for the City's purposes. Diane Voss, City Clerk/Records Manager P.0.Box O11 Ames, Iowa 50010 (515)239-5103 � Duane RPboher/COA 07X09/201008:38AM 40 /mnna, To TionnaPooler<poo|ert@pfm.oum> cc Diane RVoss <DVoae@ohy.ameeja.ue>. ^1oa\en.Robe rt@domey.com^<Josten.Robert@donaeyzomr bcc Subject RE: City of Ames Series 2010A DetailsD" I have reviewed the schedule with Sue and Roger, the dates below will work for finance. Duane Pitcher, CPA, CPR] Director mfFinance City ofAmes 515Clark Avenue P.0.Box 811 Ames, Iowa 50010 Phone (515)283-5114 TionnaPooler <poo|ert@pfm.00m> To ^J Robe 0707/201004:57PM <unsten.Kobert@gomey.com>.Diane RVoss <DVoaa@oity.ameajaua>.''DPitcher@oiLy.ommajous^ --<DPi1oher@oity.emaajaus> oo Subject RE: City ufAmes Series 2U1OADetails | see mymistake, apologies for the oversight. |amworking onacalendar revision now. |currently already have bond sales on the 14 1h and 28 th of September. There was already quite a lag in the original schedule, sn|would propose the following ifitworks for the group: 8-10:4pprove POS, set sale date for 0-24 8-24:4ccept bids, adopt sale resolution 9-14: Adopt issuance resolution 9-3U:Close bonds and receive proceeds. Theon|ymaveatisdha1|assumeto8etthePO8infrnntofcound|foractionunD-1O vvewould need to have it to you by the week of the 2"'. — VVecan send out aninformation request this week, but vvewould need to get the info back to us next week to make the schedule work. If this works I can revise the schedule and send anew one tothe group. From: Josten. zom [ma iIto: Josten.Robe Sent: ]ulyK7, 20102:28PM To: TionnaPomler Subject: RE: City of Ames Series 2010A Details Tionna, I talked with Diane Voss today about several things, one of which is your proposed schedule ofevents and Council meetings. Diane will be calling you LOdiscuss putting actions on dates ofregularly-scheduled Council meetings. If at all possible, aSyou know, itwould help our process tVbe able to have the Council action authorizing the issuance ofthe Bonds ata separate meeting after the date ofthe sale. To the extent that is not possible, | can work with sale and issuance on the same date. Thanks. From: TionnaPooler[nlailto:ofm.cnnl Sent: Wednesday,June3O 20105:01PM To: DPitcher@dty.anlea.ia.us; ]osten, Robert; CCoUings@dty.ames.ia.us; nwisecup@city.annes.ia.us; UVoa8@c|ty.ames.|a.us Cc: Carrie Johnson; Susanne Gerlach Subject: City ofAmes Series 2O1OADetails Good afternoon; attached is a calendar, pre -sale analysis, and sale details for Series 2010A. A few things to note: � FY2O1ldebt service estimate of48O,OOOiswell below pre -levy amount. � No accrued interest is assumed; bonds are dated and delivered Oct 13. Please let me know ifthe City would prefer anOctober 1dated date. � The bonds are paid over 12years through June 2O22. * We have not considered the used of Build America Bonds, in part because the bonds are relatively short and in the past Council has preferred to sell traditional tax exempt bonds. Since our last conversations, there have been additional developments with regard to compliance measures which also need Lobeconsidered inBABoare used. Please let me know if you have questions, concerns, or would like to see changes to any of these items. Thank you, /mnna Tionna Reed Poo|er, Senior Managing Consultant The PFM Group www.pfm.com | Z6OOGrand Avenue | Suite 214 | Des Moines, L45O312 515.243.26O0extension 225(voice)|515.24l6994(fzcsimi|e) Please consider the environment before printing this email and any attachments. Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e-mail, and any attachments, is complete, accurate, uncorrupted, timely or free of viruses or that such information will not be intercepted by third partiea. This e-mail, and any attachments, contains information that is, or may be, covered by eIeotzuoio communications privacy laws, and is also confidential and proprietary in Diane HVnmm/CDA To poo|ert@pfm.com 07/07/2010 04:19 PM cc bcc Diane RVoeaXCDA Subject Summer 2010 G.O. Bond Issue Tionna Thank you for providing the Time Schedule for the above -named Bonds. | noticed that the dates you have listed for Council meetings are not Regular Meeting dates. Would iibmpossible for the August 17date bz change toeither August 1Omr24? Also could the September 21date change \oSeptember 14or28? The dates you have listed are actually Council workshop dates when official action by the Council isnot normally taken. Thank you for your consideration ofmyrequest. Diane Voss, City Clerk/Records Manager P. O. Box 811 Ames, Iowa 50010 (515)239'5105 <Josten.Robert@dorsey.com To <dvoss@city.ames.ia.us> cc 07/06/2010 05:11 PM bee Subject Dates for Ames Council action Diane, I have been calling you to just check on the dates for Council action that are included in the email sent by Tionna Pooler last week. One of them do not appear to be regular Council meeting dates. Please call me when you have a minute . thanks Robert E. Josten Partner .................................... DORSEY & WHITNEY LLP 801 Grand Suite 3900 Des Moines, IA 50309-2790 P: 515.283.1000 F: 515.283.1060 C: 515.556.8186 ..........I ........................ CONFIDENTIAL COMMUNICATION E-mails from this firm normally contain confidential and privileged material, and are for the sole use of the intended recipient Use or distribution by an unintended recipient is prohibited, and may be a violation of law, If you believe that you received this e-mail in error, please do not read this e-mail or any attached items. Please delete the e-mail and all attachments, including any copies thereof, and inform the sender that you have deleted the e-mail, all attachments and any copies thereof. Thank you. TIME SCHEDULE CITY OF AMES, IOWA ^5 M T W T F S S M T W T F S S M T Date Task Description Responsibility July -October Document Preparation Prepare sale details /refunding analysis FA � Prepare official statement Prepare bond resolution 8[ Review draft documents C, BC, FA (Hearings previously held in conjunction with pre -levy resolution and aquatic center referendum) August 17 Council Meeting * Set Sale Date for Sep 21 [BC Sept 6 LABOR DAY HOLIDAY Sept 7-8 Rating Presentation * Targeted time frame for presentation, TBD C' FA Sept 7 OS Review ^ Distribute near final POSto City and Council for FA Review Sept IO Official Statement 0 Final Comments Due for O3 C'BC Sept 14 Official Statement & Distribute POS for posting FA Septl3-I5 Ratings released 0 Rating report released Sept16-2O Market Bonds 0 Call Potential bidders (near sale date) FA � �Woni1ormarket conditions FA j[ . '-Sept 21 |+J' Qr Bond Sale 11:VVAK8 ° Take bids and check for accuracy FA ' 0 Prepare sale analysis FA ~ Complete authorizing resolution FA,BC Council Meeting 0 Council awards sale 0 Council Adopts final resolution C,0C S T'p, S ]1 Dote Task Description Responsibility Sept 22 —Oct 12 Closing Preparations 0 Prepare closing documents BC 9 Confirm closing date and funds transfer FA 0 Closing letter toall parties FA Oct13 Closing * Purchaser pays for the Bonds [' BC, FA Financing Team Members: C=City ofAmes BC=Dorsey & Whitney (bond counsel) FA=Public Financial Management, Inc. (financial advisor) � Duane RPbchor/CDA To Carol BCo| SteveSchainkexCOA@COA cc DougMamkKCOA@COA oco Subject Fw: City of Ames Series 2010A Details Most ofyou received the e-mail below concerning the upcoming bond sale. | have confirmed the dates on the schedule with PFM. A few more items on the upcoming issue: We have reviewed possible refunding opportunities, there not current refunding opportunities, advance refunding is not the most favorable option right, will continue to monitor. All departments with projects have confirmed that they will be going forward otbudgeted cost. VVewill have debt service savings inthe current year due toslight dekwiniseue and very low short term interest cost, could bearound $1OO.00D. Projected debt service for future is exotedUobeobVut $2O,O0Oper year less than |had planned, for a total expected savings of over $200,000 over the life of the outstanding debt. Please let meknow ifyou have any concerns with the proposed schedule. Duane Duane Pitcher, CPA, (|PFD Director ofFinance City of Ames 515Clark Avenue P.0.Box 811 Ames, Iowa 50010 Phone (515)23Q-5114 TionnuPoole <pmlert@pfm.com> To 0030201005:10PK4 wo, ^D <DVoas@oby.omeajaus> Carrie Johnson =JOHN3ONC@pfm.00m>.Susanne Gerlach <GERLACHS@pfm.uom> City ofAmes Series 2O1OA Details Good afternoon; attached is a calendar, pre -sale analysis, and sale details for Series 2010A. A few things to note: FY2UI1debt service estimate of49OOUOiswell below pre -levy amount. No accrued interest is assumed; bonds are dated and delivered Oct 13. Please let me know if the City would prefer an October 1 dated date. • The bonds are paid over 12 years through June 2022. • We have not considered the used of Build America Bonds, in part because the bonds are relatively short and in the past Council has preferred to sell traditional tax exempt bonds. Since our last conversations, there have been additional developments with regard to compliance measures which also need to be considered in BABs are used. Please let me know if you have questions, concerns, or would like to see changes to any of these items. Thank you, Tionna Tionna Reed Pooler, Senior Managin, Consultant The PFM Group I www.pfm.com oolert ofm.com 2600 Grand Avenue I Suite 214 1 ps_Moine ,IA_503,12'� 515.243.2600 extension 225 (voice) 1515.243.6994 (facsimile) APlease consider the environment before printing this email and any attachments. Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e-mail, and any attachments, is complete, accurate, uncorrupted, timely or free of viruses or that such information will not be intercepted by third parties. This e-mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. SchedLde—of—E,veryts—jD6-30-1",'j.docx Ames Pre -Sale Anah�sis Series 2DlDA..pdf Sale_Details-06.30-10.doc SALE DETAILS DATE: ISSUER: City of Ames, Iowa BOND NAME: $6,690,000* General Obligation Bonds, Series 2010A BOND ATTORNEY: Dorsey & Whitney Individuals: Bob Josten, Rebecca Stahle Sale Date: Closing Date: Place: City Hall Legal Process: Tax Exempt Bid Opening: 11:00 AM CDT; (Sealed, Phone, Fax) Bid Award: 7:00 PM CDT Bonds Dated: October 1 Maturity: June 1,osfollows: 201I 380000 2017 565,000 2012 515,000 2018 580000 2013 520,000 20I9 595,000 2014 530,000 2020 615,000 2015 548000 2021 640000 2016 550,000 2021 560'000 Principal Adjustment The City reserves the right to decrease the aggregate principal amount of the issue. Such change will beinincrements Vf$5,OOOand may bemade inany ofthe maturities. The purchase price will be adjusted proportionately to reflect any change in issue size. First Interest: June 12O11and semiannually thereafter, Interest will becomputed onthe basis of a 360'day year of twelve 30-day months and will be rounded pursuant to rules of theK4SR8. Record Date: Close of business on the 15th day (whether or not a business day) immediately preceding the payment. CU5|pNumbeo: The Issuer will assume no obligation for the assignment or printing of CUS|P numbers on the Bonds orfor the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the purchaser, if the purchaser waives any delay indelivery occasioned thereby. Call Feature: Bonds due after June 1,2O1Owill besubject tocall for prior redemption nnJune 1, 2017 or on any day thereafter upon terms of par plus accrued interest to date of Award: The Bonds will beawarded tothe bidder offering the lowest true interest rate tobe determined onztrue interest cost basis /T|C\. The Issuer's computation ofthe true interest cost of each bid, in accordance with customary practice, shall be conclusive. Interest Rates: Each annual maturity must bear the same interest rate. Rates of interest bid must beinmultiples ofone-eighth orone-twentieth nfone percent. Each rate of interest specified for Bonds of any annual maturity shall not be less than a rate of interest specified for any earlier maturity. No. ofOfficial Statements to Purchaser: 30 Minimum Bid: 6,646515 Sure Bid: Yes No Good Faith: (1%) Required of Purchaser Only; $66,900. Registrar: Ames City Treasurer Book Entry Only: This offering will be issued as fully registered Bonds and, when issued, will be registered inthe name ofCede &Co.,asnominee ofThe Depository Trust Company, New York, New York. Financial Advisor: Public Financial Management, |nc,Des Moines Office Individual: Tlonna Poo/er, Senior Managing Consultant Notes: The Bonds will badesignated asqualified tax-exempt obligations. f +" U Tionna, Duane R Pitcher/COA To poolert@pfm.com 06/15/2010 08:24 PM cc Carol B Coll ings/COA@COA, Roger Wisecup/COA@COA, Sue Rybolt/COA@COA, Diane R Voss/COA@COA, Doug bcc Marek/COA@COA, Steve Schainker/COA@COA, Subject Summer 2010 G.O. Bond Issue We are ready to move forward and start planning for the G.O. Bond issue coming up for FY 10/11. Would like to plan for a late summer issue. Please begin on a proposed timeline for the issue. The projects below do not include issuance costs. All projects to be funded by the proposed issue are essential corporate purpose with the exception of City Hall Improvements. If refinance opportunities exist with the recently lower interest rates, I would like to do a refinance issue at the same time. Fire Apparatus Replacement $ 531,000 CyRide Route Pavement Improvements 900,000 Arterial Street Pavement Improvements 775,000 Collector Street Pavement Improvements 850,000 Concrete Pavement Improvements 1,000,000 Asphalt Pavement Improvement Program 800,000 Downtown Pavement Improvements 1,500,000 Bridge Rehabilitation Program 165,000 City Hall Improvements 80,000 Total Debt Issue $ 6,601,000 Please give me a call if you have any questions. Thanks, Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 <Josten.Robert@dorsey.com To <DPitcher@city.ames.ia.us>, <poolert@pfm.com> > cc <CCoIIings@city.ames.ia.us>, 06/15/2010 09:41 PM <rwisecup@city,amesJa.us>, <SRyboIt@city.amesJa.us>, bcc <DVoss@city.ames.ia.us>, <dmarek@city.amesJa.us>, Subject RE: Summer 2010 G.O. Bond Issue The Council held hearings in February on a total of $6,690,000 (which included estimated issuance costs) for this list of projects, and approved a debt service levy for the upcoming fiscal year in the amount of $683,098. No further notices or hearings are required for these projects, but, if potential refundings are identified, notices and hearings would. be required for those. Message ------ From: Duane R Pitcher [mailto:DPitcher@city.ames.ia.us] Sent: Tuesday, June 15, 2010 8:24 PM To: poolert@pfm.com Cc: Carol B Collings; Roger Wisecup; Sue Rybolt; Diane R Voss; Doug Marek; Steve Schainker; Josten, Robert Subject: Summer 2010 G.O. Bond Issue Tionna, We are ready to move forward and start planning for the G.O. Bond issue coming up for FY 10/11. Would like to plan for a late summer issue. Please begin on a proposed timeline for the issue. The projects below do not include issuance costs. All projects to be funded by the proposed issue are essential corporate purpose with the exception of City Hall Improvements. If refinance opportunities exist with the recently lower interest rates, I would like to do a refinance issue at the same time. (Embedded image moved to file: pic29295.jpg) Please give me a. call if you have any questions. Thanks, I Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114