HomeMy WebLinkAboutA039 - Email dated June 17, 2013 from Duane Pitcher, Finance Director Re: 2013 Bonds Closing Certificate
Duane R Pitcher to: Diane R Voss 06/17/201305:28 PM
Diane R Voss 2013 Bonds Closing Certificate
Duane R Pitcher Diane, Sorry for the delay, l saw the closing statement stamped For Y
Diane,
Sorry for the delay, I saw the closing statement stamped "For Your Records"did not know you were
waiting to hear back. I have checked the numbers and everything looks good. The percentage spending
requirements are the amounts required to meet bond arbitrage earnings tests (test if bond proceeds earn
more than the interest paid on the bonds) and are standard percentages and the same for all G.O.
issues. If we do not meet spending requirements we are subject to arbitrage penalties. With investment
earnings so low, this is not an issue-we would love to be earning more than we pay on bonds but we are
currently far below.
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515.239.5114 main 1 515.239.5320 fax
dpitcher@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010
www.CitvofAmes.org ^ Caring People—Quality Programs—Exceptional Service"
Diane R Voss Hi Duane: Have you had a chance to review the... 06/17/2013 09:42:18 AM
From: Diane R Voss/COA
To: Duane R Pitcher/COA@COA
Date: 06/17/2013 09:42 AM
Subject: 2013 Bonds Closing Certificate
Hi Duane:
Have you had a chance to review the information contained in the Closing Certificate that I sent to you last
week? In particular, I was unsure if the percentages to be spent within 6, 12, and 18 months (Page 4)
was accurate.
Thanks.