HomeMy WebLinkAboutA024 - Council Action Form dated August 26, 2014 ITEM # 29
DATE: 08-26-14
COUNCIL ACTION FORM
SUBJECT: SALE AND ISSUANCE OF ESSENTIAL CORPORATE PURPOSE
GENERAL OBLIGATION BONDS SERIES 2014 ISSUE IN AN AMOUNT
NOT TO EXCEED $9,985,000
BACKGROUND:
The 2014/15 budget includes General Obligation (G.O.) Bond funded capital improvement
projects in the amount of $9,840,000. The City Council held a public hearing on issuance of
these bonds on March 4, 2014 as part of the budget process. Council action is now required to
authorize the sale.
Projects to be funded by this bond issue include the following:
Street Improvements $ 6,884,750
Bridge Rehabilitation 180,000
Storm Sewer 300,000
Grant Avenue Paving (abated by special assessments) 2,175,250
Resource Recovery Improvements (abated by RR revenue) 300,000
Subtotal $ 9,840,000
Issuance Cost/Allowance for Sale at Premium 145,000
Total Debt Issue $ 9,985,000
On the morning of August 26, 2014, the City will accept bids for the bonds per the terms
of our offering statement. The bids will be evaluated by our financial advisor, Public
Financial Management, by the City's Bond Counsel, and by City staff to recommend
award to the bidder with the lowest cost. A report of bids will be provided to Council at
the August 26 meeting. The City Council will then be asked to adopt a resolution
accepting bids and authorizing that the sale of bonds be awarded to the chosen bidder.
ALTERNATIVES:
1. The City Council can adopt a resolution accepting bids and authorizing the sale and
issuance of Essential Corporate Purpose General Obligation Bonds in an amount not to
exceed $9,985,000.
2. The Council can reject the bond sale resolution and delay the capital projects.
MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to accomplish the City's approved capital
improvements during this fiscal year and savings can be realized by bond refunding.
Therefore, it is the recommendation of the City Manager that the City Council accept Alternative
No. 1, thereby adopting a resolution accepting bids and authorizing the sale and issuance of
Essential Corporate Purpose General Obligation Bonds in an amount not to exceed $9,985,000.
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Upcoming Calendar Overview Result Excel
Wells Fargo Bank, National Association - Charlotte , NC's Bid �!;v�, r�r
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,380,653.50, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$ Coupon % Yield % Dollar Price
06/01/2015 800M 3.0000 0.2000 101.872
06/01/2016 810M 3.0000 0.4000 104.321
06/01/2017 815M 3.0000 0.6500 106.208
06/01/2018 830M 3.0000 0.8500 107.750
06/01/2019 845M 3.0000 1.1000 108,623
06/01/2020 855M 3.0000 1.3500 108.975
06/01/2021 870M 2.0000 1.6500 102.200
06/01/2022 895M 3.0000 1.7500 108.933
06/01/2023 925M 2.0000 1.9000 100.709
06/01/2024 950M 2.5000 2.0000 103.537
06/01/2025 685M 2.5000 .2.20001 102.105
06/01/2026 705M 2.5000 12.35001 101.045
Total Interest Cost: $1,577,458.06
Premium: $395,653.50
Net Interest Cost: $1,181,804.56
TIC: 1.879452
Time Last Bid Received On:08/26/2014 9:44:58 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: Wells Fargo Bank, National Association, Charlotte , NC
Contact: Amanda Pogue
Title: Analyst
Telephone:704-410-4087
Fax: 704-383-0065
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result ' Excel
Piper Jaffray - Kansas City , MO's Bid
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,484,284.40, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$Coupon %Yield % Dollar Price
06/01/2015 800M 2.0000 0.2000 101.203
06/01/2016 810M 2.0000 0.4000 102.659
06/01/2017 815M 2.0000 0.6000 103.701
06/01/2018 830M 3.0000 0.8000 107.939
06/01/2019 845M 3.0000 1.1000 108.623
06/01/2020 855M 3.0000 1.3500 108.975
06/01/2021 870M 3.0000 1.6000 108.821
06/01/2022 895M 3.0000 1.8000 108.558
06/01/2023 925M 2.5000 1.9500 103.898
06/01/2024 950M 2.5000 2.0500 103.177
06/01/2025 1 685M 1 2.7500 2.2000 103.860
06/01/2026 1 705M 1 3.0000 12.35001 104.535
Total Interest Cost: $1,694,350.59
Premium: $499,284.40
Net Interest Cost: $1,195,066.19
TIC: 1.881337
Time Last Bid Received On:08/26/2014 9:57:10 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:913-345-3360
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview I Result Excel
Robert W. Baird & Co., Inc. - Milwaukee , WI s Bid ,.,11.�"�I .
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,221,518.30, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$ Coupon %Yield % Dollar Price
06/01/2015 800M 2.0000 0.2500 101.169
06/01/2016 810M 2.0000 0.4000 102.659
06/01/2017 815M 2.0000 0.6000 103.701
06/01/2018 830M 2.0000 0.8500 104.145
06/01/2019 845M 2.0000 1.1500 103.852
06/01/2020 855M 2.0000 1.3000 103.813
06/01/2021 870M 2.0000 1.5000 103.161
06/01/2022 895M 2.0000 1.7500 101.785
06/01/2023 925M 2.0000 1.9000 100.709
06/01/2024 950M 2.5000 2.0500 103.177
06/01/2025 685M 3.0000 2.2000 105.615
06/01/2026 705M 3.0000 2.3500 i 104.535
Total Interest Cost: $1,427,473.19
Premium: $236,518.30
Net Interest Cost: $1,190,954.89
TIC: 1.901797
Time Last Bid Received On:08/26/2014 9:16:07 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: Robert W. Baird &Co., Inc., Milwaukee ,WI
Contact: Peter Anderson
Title:
Telephone:414-765-7331
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result Excel
BMO Capital Markets - Chicago , IL's Bid
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,297,929.45, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$Coupon % Yield % Dollar Price
06/01/2015 800M 2.0000 0.2500 101.169
06/01/2016 810M 2.0000 0.4000 102.659
06/01/2017 815M 2.0000 0.6000 103.701
06/01/2018 830M 2.0000 0.8500 104.145
06/01/2019 845M 2.0000 1.1000 104.084
06/01/2020 855M 2.0000 1.3000 103.813
06/01/2021 870M 2.0000 1.5000 163.161
06/01/2022 895M 2.0000 1.7000 102.147
06/01/2023 925M 2.5000 1.9000 104.261
06/01/2024 950M 3.0000 2.0500 106.708
06/01/2025 685M 3.0000 12.20001 105.615
06/01/2026 705M 3.0000 12.45001 103.822
Total Interest Cost: $1,513,499.24
Premium: $312,929.45
Net Interest Cost: $1,200,569.79
TIC: 1.905501
Time Last Bid Received On:08/26/2014 9:53:33 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: BMO Capital Markets, Chicago , IL
Contact: Tracy McBride
Title: Vice President
Telephone:312-845-5074
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result Excel
D.A. Davidson & Co. - Denver , CO's Bid
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,252,767.25, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$Coupon % Yield % Dollar Price
06/01/2015 800M 2.0000 0.2000 101.203
06/01/2016 810M 2.0000 0.4000 102.659
06/01/2017 815M 2.0000 0.6500 103.566
06/01/2018 830M 2.0000 0.8500 104.145
06/01/2019 845M 2.0000 1.1500 103.852
06/01/2020 855M 2.0000 1.4000 103.258
06/01/2021 870M 2.0000 1.6000 102.519
06/01/2022 895M 2.0000 1.8000 101.425
06/01/2023 925M 2.5000 1.9000 104.261
06/01/2024 950M 2.5000 2.0000 103.537
06/01/2025 685M 3.0000 2.2000 105.615
06/01/2026 1 705M 3.0000 12.50001 103.467
Total Interest Cost: $1,467,569.37
Premium: $267,767.25
Net Interest Cost: $1,199,802.12
TIC: 1.911363
Time Last Bid Received On:08/26/2014 9:57:41 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: D.A. Davidson &Co., Denver, CO
Contact: justin sheldon
Title:
Telephone:303-764-6050
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result Excel
Raymond James & Associates, Inc. - St. Petersburg , FL s Bid :246111.Ali1}��I -
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,134,909.45, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$Coupon %Yield % Dollar Price
06/01/2015 800M 2.0000 0.3500 101.102
06/01/2016 810M 2.0000 0.4500 102.574
06/01/2017 815M 2.0000 0.6500 103.566
06/01/2018 830M 2.0000 0.8500 104.145
06/01/2019 845M 2.0000 1.2000 103.621
06/01/2020 855M 2.0000 1.4000 103.258
06/01/2021 870M 2.0000 1.6500 102.200
06/01/2022 895M 2.0000 1.8000 101.425
06/01/2023 925M 2.2500 1.9500 102.126
06/01/2024 950M 2.2500 2.0500 101.411
06/01/2025 685M 2.5000 2.2000 102.105
06/01/2026 705M 2.5000 2.3500 101.045
Total Interest Cost: $1,346,878.72
Premium: $149,909.45
Net Interest Cost: $1,196,969.27
TIC: 1.926991
Time Last Bid Received On:08/26/2014 9:59:47 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: Raymond James&Associates, Inc., St. Petersburg , FL
Contact: Christopher Warburton
Title:
Telephone:727-567-1293
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result , Excel
FTN Financial Capital Markets - Memphis , TN's Bid `��
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,255,538.45, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$ Coupon % Yield % Dollar Price
06/01/2015 800M 2.0000 0.2500 101.169
06/01/2016 810M 2.0000 0.4000 102.659
06/01/2017 815M 2.0000 0.6500 103.566
06/01/2018 830M 2.0000 0.9000 103.961
06/01/2019 845M 2.0000 1.1000 104.084
06/01/2020 855M 2.0000 1.4500 102.982
06/01/2021 870M 2.5000 1.6500 105.346
06/01/2022 895M 2.5000 1.9000 104.261
06/01/2023 925M 2.5000 2.1000 102.818
06/01/2024 950M 2.7500 2.2000 103.860
06/01/2025 685M 2.7500 2.3500 102.790
06/01/2026 705M 2.7500 2.50001 101.733
Total Interest Cost: $1,515,028.33
Premium: $270,538.45
Net Interest Cost: $1,244,489.88
TIC: 1.984146
Time Last Bid Received On:08/26/2014 9:46:32 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: FTN Financial Capital Markets, Memphis , TN
Contact: Mason McWilliams
Title:
Telephone:901-435-8006
Fax:
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date:
Upcoming Calendar Overview Result Excel
SunTrust Robinson Humphrey - Nashville , TN's Bid
a.r�o
Ames
$9,985,000 General Obligation Corporate Purpose Bonds,
Series 2014
For the aggregate principal amount of$9,985,000.00,we will pay you $10,539,771.00, plus accrued interest from the date
of issue to the date of delivery. The Bonds are to bear interest at the followin rates :
Maturity Date Amount$ Coupon % Yield % Dollar Price
06/01/2015 800M 3.0000 0.3000 101.804
06/01/2016 810M 3.0000 0.4500 104.236
06/01/2017 815M 3.0000 0.6500 106.208
06/01/2018 830M 3.0000 0.9000 107.562
06/01/2019 845M 3.0000 1.2000 108.149
06/01/2020 855M 3.0000 1.4500 108.405
06/01/2021 870M 3.0000 1.6500 108.491
06/01/2022 895M 3.0000 1.8500 108.185
06/01/2023 925M 3.0000 2.0000 107.075
06/01/2024 950M 1 3.0000 2.2000 105.615
06/01/2025 685M 3.0000 2.3500 104.535
06/01/2026 705M 1 3.0000 12.50001 103.467
Total Interest Cost: $1,839,282.08
Premium: $554,771.00
Net Interest Cost: $1,284,511.08
TIC: 2.015766
Time Last Bid Received On:08/26/2014 9:41:57 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: SunTrust Robinson Humphrey, Nashville , TN
Contact: Wayne Mayo
Title: Director
Telephone:615-748-4436
Fax: 615-748-5952
Issuer Name: City of Ames Company Name:
Accepted By: Accepted By:
Date: Date: