HomeMy WebLinkAboutA005 - Email messages from Robert Josten and Duane Pitcher <Josten.Robert@dorsey.com To <dvoss@city.ames.ia.us>,<dpitcher@city.ames.ia.us>
cc <dmarek@city.ames.ia.us>,<poolert@pfm.com>,
03/04/2011 03:07 PM <gerlachs@pfm.com>
bcc
Subject Ames GO Refunding/Set date for hearing on GO Refunding
Loan Agreement
Attached to this email is a resolution that may be adopted by the Ames City Council on March 8 in order to
set March 22 as the date for a public hearing on a proposed General Obligation Refunding Loan
Agreement for the purpose of refunding the City's outstanding bonds issued in 2002 and 2003. Original
copies have also been sent by regular mail.
The notice of hearing that is part of the resolution must be published not less than four days before March
22. Please fax a copy of the published notice to me at(515)283-1060, as soon as it appears in the
newspaper.
Please contact me if there are questions.
«1st Half GO Rfdg LA(Ames#45-2011)-v1.doc>>
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
E-mail: Josten.Robert@Dorsey.com
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Thank you. 1st Half GO Rfdg LA(Ames#45-2011)-vl.doc
•; Duane R Pitcher/COA To Sue RyboIUCOA@COA, Roger Wisecup/COA@COA,Carol
03/04/2011 04:30 PM B Collings/COA@COA, Diane R Voss/COA@COA, Doug
Marek/COA@COA
cc Steve Schainker/COA@COA
bcc
Subject Fw:Ames 2011 Refunding, Schedule of Events and
Pre-Funding Analysis
To all,
Last year we reviewed the potential refunding of three outstanding bond issues, there was savings but
since it was an advance refunding some of the savings was reduced by low earnings available in the
advance refunding escrow. The bonds are now eligible for a June 1, 2011 call and current refunding. We
had considered wrapping the refunding in with our summer issue, but with most of the saving coming in
the first four years of the refunding, a small change in the short term interest rates between now and the
Summer/Fall issue could wipe out much of our savings. Current total savings is estimated at$323,361
with a NET PV of$301,442. After discussions with PFM, bond council, the City Manager and review of
updated refunding analysis today I have decided to go forward with the current refunding.
We have taken the first step in the refunding process and will take council action next Tuesday to set
March 22 as the date of public hearing for the refunding issue. The pre-funding analysis, proposed
schedule of events, and sale details are provided below. I have provided my schedule over the next
month to PFM and asked them to make adjustments to the schedule of events for the bond funding where
needed.
We will need to reflect the refunding in the final budget amendment in May. Will provide updates if the
schedule of events changes over time.
Thanks,
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
-----Forwarded by Duane R Pitcher/COA on 03/04/2011 04:15 PM-----
Tionna Pooler
<poolert@pfm.com> To "Josten.Robert@dorsey.com"
03/04/2011 12:00 PM <Josten.Robert@dorsey.com>, Duane R Pitcher
<DPitcher@city.ames.ia.us>,Sue Rybolt
<SRybolt@city.ames.ia.us>
cc Susanne Gerlach<GERLACHS@pfm.com>,Gail Biggart
<BIGGARTG@pfm.com>,Ted Nellesen
<nellesent@pfm.com>
Subject Ames 2011 Refunding, Pre-Sale Analysis
I've heard no objections to the proposed calendar, so I am attaching it along with sale details and
pre-sale analysis. Please note that I have changed the time of the sale from 11 AM o 1PM. Please let me
know if you have any questions.
Thanks,
Tionna
Please note that my address and phone have changed, as indicated below:
Tionna Reed Pooler, Senior Managing Consultant
The PFM Group I www.pfm.com I poolert@pfm.com
801 Grand Avenue I Suite 3300 1 Des Moines, IA 50309
515.724.5725 (voice) 1515.243.6994 (facsimile)
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Schedule_of_Events_M 1 l l.doge Pry Sale Anal�is,Ames,General Obligation Refunding Bonds,Series 2D11kpdf
Sale Details 3- -1'1.doex