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BOND SUMMARY STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Dated Date 09/27/2016
Delivery Date 09/27/2016
Last Maturity 06/01/2028
Arbitrage Yield 1.319969%
True Interest Cost(TIC) 1.539276%
Net Interest Cost(NIC) 1.619635%
All-In TIC 1.640894%
Average Coupon 3.114382%
Average Life(years) 5.451
Weighted Average Maturity(years) 5.454
Duration of Issue(years) 5.026
Par Amount 11,650,000.00
Bond Proceeds 12,665,965.35
Total Interest 1,977,822.78
Net Interest 1,028,567.32
Total Debt Service 13,627,822.78
Maximum Annual Debt Service 1,723,150.00
Average Annual Debt Service 1,166,987.68
Underwriter's Fees(per$1000)
Average Takedown
Other Fee 5.726171
Total Underwriter's Discount 5.726171
Bid Price 108.148116
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Proposed Current Refunding of Series 2008A 11,650,000.00 108.721 3.114% 5.451 5,820.80
11,650,000.00 5.451 5,820.80
All-In Arbitrage
TIC TIC Yield
Par Value 11,650,000.00 11,650,000.00 11,650,000.00
+Accrued Interest
+Premium(Discount) 1,015,965.35 1,015,965.35 1,015,965.35
Underwriter's Discount (66.709,89) (66;709.89)
-Cost of Issuance Expense (63,000.00)
-Other Amounts
Target Value 12,599,255.46 12,535,655.46 12,665,965.35
Target Date 09/27/2016 09/27/2016 09/27/2016
Yield 1.539276% 1.640894% 1.319969%
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 3
The PFM Group
SUMMARY OF REFUNDING RESULTS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Dated Date 09/27/2016
Delivery Date 09/27/2016
Arbitrage yield 1.319969%
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount 3,050,000.00
True Interest Cost 0.984757%
Net Interest Cost 1.048879%
Average Coupon 4.783122%
Average Life 2.229
Par amount of refunded bonds 3,290,000.00
Average coupon of refunded bonds 4.096476%
Average life of refunded bonds 2.229
PV of prior debt to 09/27/2016 @ 1.319969% 3,489,232.85
Net PV Savings 206,338.18
Percentage savings of refunded bonds 6.271677%
Percentage savings of refunding bonds 6.765186%
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 4
The PFMGroup
SAVINGS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Present Value
Prior Refunding Annual to 09/27/2016
Date Debt Service Debt Service Savings Savings @ 1.3199689%
09/27/2016 (43.093.03) (43,098.03) (43M&03)
12/01/2016 66,876.25 66,876.25 66,720.02
06/01/2017 841,876.25 813,619.44 28,256.81 52,035.03 28,005.96
12/01/2017 51,376.25 58,125.00 (6,7U.75) (6,644,98)
06/01/2018 851,376.25 793,125.00 58,251.25 51,502.50 56,979.53
12/01/2018 35,376.25 39,750.00 (4.373.75) (11".15021)
06/01/2019 875,376.25 814,750.00 60,626.25 56,252.50 58,527.59
12/01/2019 18,156.25 20,375.00 (2.2 18.'75) (2.127.90)
06/01/2020 893,156.25 835,375.00 57,781.25 55,562.50 55,052.01
3,590,471.97 3,375,119.44 215,352.53 215,352.53 209,163.98
Savings Summary
PV of savings from cash flow 209,163.98
Plus:Refunding funds on hand (2.825.80)
Net PV Savings 206,338.18
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 5
=—ThcP M Group
BOND DEBT SERVICE
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 1,270,000 2.000% 274,872.78 1,544,872.78 1,544,872.78
12/01/2017 190,075.00 190,075.00
06/01/2018 1,340,000 5.000% 190,075.00 1,530,075.00 1,720,150.00
12/01/2018 156,575.00 156,575.00
06/01/2019 1,410,000 5.000% 156,575.00 1,566,575.00 1,723,150.00
12/01/2019 121,325.00 121,325.00
06/01/2020 1,480,000 5.000% 121,325.00 1,601,325.00 1,722,650.00
12101/2020 84,325.00 84,325.00
06/01/2021 700,000 3.000% 84,325.00 784,325.00 868,650.00
12/01/2021 73,825.00 73,825.00
06/01/2022 715,000 3.000% 73,825.00 788,825.00 862,650.00
12/01/2022 63,100.00 63,100.00
06/01/2023 740,000 2.000% 63,100.00 803,100.00 866,200.00
12/01/2023 55,700.00 55,700.00
06/01/2024 750,000 3.000% 55,700.00 805,700.00 861,400.00
12/01/2024 44,450.00 44,450.00
06/01/2025 775,000 3.000% 44,450.00 819,450.00 863,900.00
12/01/2025 32,825.00 32,825.00
06/01/2026 800,000 3.000% 32,825.00 832,825.00 865,650.00
12/01/2026 20,825.00 20,825.00
06/01/2027 825,000 3.000% 20,825.00 845,825.00 866,650.00
12/01/2027 8,450.00 8,450.00
06/01/2028 845,000 2.000% 8,450.00 853,450.00 861,900.00
11,650,000 1,977,822.78 13,627,822.78 13,627,822.78
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 6
The PYNI Group
BOND DEBT SERVICE
City of Ames,Iowa
Series 2016A-Portion Paid by Taxes
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 400,000 2.000% 119,458.33 519,458.33 519,458.33
12/01/2017 84,125.00 84,125.00
06/01/2018 385,000 5.000% 84,125.00 469,125.00 553,250.00
12/01/2018 74,500.00 74,500.00
06/01/2019 405,000 5.000% 74,500.00 479,500.00 554,000.00
12/01/2019 64,375.00 64,375.00
06/01/2020 425,000 5.000% 64,375.00 489,375.00 553,750.00
12/01/2020 53,750.00 53,750.00
06/01/2021 445,000 3.000% 53,750.00 498,750.00 552,500.00
12/01/2021 47,075.00 47,075.00
06/01/2022 455,000 3.000% 47,075.00 502,075.00 549,150.00
12/01/2022 40,250.00 40,250.00
06/01/2023 470,000 2.000% 40,250.00 510,250.00 550,500.00
12/01/2023 35,550.00 35,550.00
06/01/2024 480,000 3.000% 35,550.00 515,550.00 551,100.00
12/01/2024 28,350.00 28,350.00
06/01/2025 495,000 3.000% 28,350.00 523,350.00 551,700.00
12/01/2025 20,925.00 20,925.00
06/01/2026 510,000 3.000% 20,925.00 530,925.00 551,850.00
12/01/2026 13,275.00 13,275.00
06/01/2027 525,000 3.000% 13,275.00 538,275.00 551,550.00
12/01/2027 5,400.00 5,400.00
06/01/2028 540,000 2.000% 5,400.00 545,400.00 550,800.00
5,535,000 1,054,608.33 6,589,608.33 6,589,608.33
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 7
The PFM Group
BOND DEBT SERVICE
City of Ames,Iowa
Series 2016A-Portion Paid by Sewer Revenues
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 95,000 2.000% 44,496.11 139,496.11 139,496.11
12/01/2017 31,875.00 31,875.00
O6/01/2018 145,000 5.000% 31,875.00 176,875.00 208,750.00
12/01/2018 28,250.00 28,250.00
06/01/2019 155,000 5.000% 28,250.00 183,250.00 211,500.00
12/01/2019 24,375.00 24,375.00
06/01/2020 160,000 5.000% 24,375.00 184,375.00 208,750.00
12/01/2020 20,375.00 20,375.00
06/01/2021 170,000 3.000% 20,375.00 190,375.00 210,750.00
12/01/2021 17,825.00 17,825.00
06/01/2022 175,000 3.000% 17,825.00 192,825.00 210,650.00
12/01/2022 15,200.00 15,200.00
06/01/2023 180,000 2.000% 15,200.00 195,200.00 210,400.00
12/01/2023 13,400.00 13,400.00
06/01/2024 180,000 3.000% 13,400.00 193,400.00 206,800.00
12/01/2024 10,700.00 10,700.00
06/01/2025 185,000 3.000% 10,700.00 195,700.00 206,400.00
12/01/2025 7,925.00 7,925.00
06/01/2026 195,000 3.000% 7,925.00 202,925.00 210,850.00
12/01/2026 5,000.00 5,000.00
06/01/2027 200,000 3.000% 5,000.00 205,000.00 210,000.00
12/01/2027 2,000.00 2,000.00
06/01/2028 200,000 2.000% 2,000.00 202,000.00 204,000.00
2,040,000 398,346.11 2,438,346.11 2,438,346.11
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 8
— The PFM Group
BOND DEBT SERVICE
City of Ames,Iowa
Series 2016A-Portion Paid by Water Revenues
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 50,000 2.000% 22,298.89 72,298.89 72,298.89
12/01/2017 15,950.00 15,950.00
06/01/2018 75,000 5.000% 15,950.00 90,950.00 106,900.00
12/01/2018 14,075.00 14,075.00
06/01/2019 75,000 5.000% 14,075.00 89,075.00 103,150.00
12/01/2019 12,200.00 12,200.00
06/01/2020 80,000 5.000% 12,200.00 92,200.00 104,400.00
12/01/2020 10,200.00 10,200.00
06/01/2021 85,000 3.000% 10,200.00 95,200.00 105,400.00
12/01/2021 8,925.00 8,925.00
06/01/2022 85,000 3.000% 8,925.00 93,925.00 102,850.00
12/01/2022 7,650.00 7,650.00
06/01/2023 90,000 2.000% 7,650.00 97,650.00 105,300.00
12/01/2023 6,750.00 6,750.00
06/01/2024 90,000 3.000% 6,750.00 96,750.00 103,500.00
12/01/2024 5,400.00 5,400.00
06/01/2025 95,000 3.000% 5,400.00 100,400.00 105,800.00
12/01/2025 3,975.00 3,975.00
06/01/2026 95,000 3.000% 3,975.00 98,975.00 102,950.00
12/01/2026 2,550.00 2,550.00
06/01/2027 100,000 3.000% 2,550.00 102,550.00 105,100.00
12/01/2027 1,050.00 1,050.00
06/01/2028 105,000 2.000% 1,050.00 106,050.00 107,100.00
1,025,000 199,748.89 1,224,748.89 1,224,748.89
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 9
111e PFM Group
BOND DEBT SERVICE
City of Ames,Iowa
Proposed Current Refunding of Series 2008A-Paid by Taxes
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2017 505,000 2.000% 61,915 566,915 566,915
12/01/2017 40,625 40,625
06/01/2018 515,000 5.000% 40,625 555,625 596,250
12/01/2018 27,750 27,750
06/01/2019 540,000 5.000% 27,750 567,750 595,500
12/01/2019 14,250 14,250
06/01/2020 570,000 5.000% 14,250 584,250 598,500
2,130,000 227,165 2,357,165 2,357,165
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 10
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The PFM Group
BOND DEBT SERVICE
City of Ames,Iowa
Proposed Current Refunding of Series 2008A-Paid by Water
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2017 220,000 2.000% 26,704.44 246,704.44 246,704.44
12/01/2017 17,500.00 17,500.00
06/01/2018 220,000 5.000% 17,500.00 237,500.00 255,000.00
12/01/2018 12,000.00 12,000.00
06/01/2019 235,000 5.000% 12,000.00 247,000.00 259,000.00
12/01/2019 6,125.00 6,125.00
06/01/2020 245,000 5.000% 6,125.00 251,125.00 257,250.00
920,000 97,954.44 1,017,954.44 1,017,954.44
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page I 1
The PFM Group
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SUMMARY OF BONDS REFUNDED
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 2008A Pool Portion,2008 1:
SER 06/01/2017 4.000% 495,000.00 09/27/2016 100.000
06/01/2018 4.000% 515,000.00 09/27/2016 100.000
06/01/2019 4.100% 535,000.00 09/27/2016 100.000
06/01/2020 4.150% 560,000.00 09/27/2016 100.000
2,105,000.00
Series 2008A Water Portion,2008 2:
SER 06/01/2017 4.000% 235,000.00 09/27/2016 100.000
06/01/2018 4.000% 240,000.00 09/27/2016 100.000
06/01/2019 4.100% 255,000.00 09/27/2016 100.000
06/01/2020 4.150% 265,000.00 09/27/2016 100.000
995,000.00
Series 2008A Corporate Purpose Portion,2008_3:
SER 06/01/2017 4.000% 45,000.00 09/27/2016 100.000
06/01/2018 4.000% 45,000.00 09/27/2016 100.000
06/01/2019 4.100% 50,000.00 09/27/2016 100.000
06/01/2020 4.150% 50,000.00 09/27/2016 100.000
190,000.00
3,290,000.00
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 12
The PI-'AI Gronp
FORM 8038 STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Dated Date 09/27/2016
Delivery Date 09/27/2016
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Bond Component:
06/01/2017 1,270,000.00 2.000% 101.020 1,282,954.00 1,270,000.00
06/01/2018 1,340,000.00 5.000% 107.246 1,437,096.40 1,340,000.00
06/01/2019 1,410,000.00 5.000% 111.329 1,569,738.90 1,410,000.00
06/01/2020 1,480,000.00 5.000% 115.072 1,703,065.60 1,480,000.00
06/01/2021 700,000.00 3.000% 109.356 765,492.00 700,000.00
06/01/2022 715,000.00 3.000% 110.313 788,737.95 715,000.00
06/01/2023 740,000.00 2.000% 104.855 775,927.00 740,000.00
06/01/2024 750,000.00 3.000% 111.916 839,370.00 750,000.00
06/01/2025 775,000.00 3.000% 111.453 863,760.75 775,000.00
06/01/2026 800,000.00 3.000% 110.838 886,704.00 800,000.00
06/01/2027 825,000.00 3.000% 110.075 908,118.75 825,000.00
06/01/2028 845,000.00 2.000% 100.000 845,000.00 845,000.00
11,650,000.00 12,665,965.35 11,650,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 06/01/2028 2.000% 845,000.00 845,000.00
Entire Issue 12,665,965.35 11,650,000.00 5.4535 1.3200%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs(including underwriters'discount) 130,309.89
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00
Proceeds used to currently refund prior issues 3,290,000.00
Proceeds used to advance refund prior issues 0.00
Remaining weighted average maturity of the bonds to be currently refunded 2.2259
Remaining weighted average maturity of the bonds to be advance refunded 0.0000
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 13
:rM
T1w PFM Group
FORM 8038 STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Series 2008A Pool Portion:
SER 06/01/2017 495,000.00 4.000% 100.979 499,846.05
SER 06/01/2018 515,000.00 4.000% 100.000 515,000.00
SER 06/01/2019 535,000.00 4.100% 100.000 535,000.00
SER 06/01/2020 560,000.00 4.150% 100.000 560,000.00
2,105,000.00 2,109,846.05
Series 2008A Water Portion:
SER 06/01/2017 235,000.00 4.000% 100.979 237,300.65
SER 06/01/2018 240,000.00 4.000% 100.000 240,000.00
SER 06/01/2019 255,000.00 4.100% 100.000 255,000.00
SER 06/01/2020 265,000.00 4.150% 100.000 265,000.00
995,000.00 997,300.65
Series 2008A Corporate Purpose Portion:
SER 06/01/2017 45,000.00 4.000% 100.979 45,440.55
SER 06/01/2018 45,000.00 4.000% 100.000 45,000.00
SER 06/01/2019 50,000.00 4.100% 100.000 50,000.00
SER 06/01/2020 50,000.00 4.150% 100.000 50,000.00
190,000.00 190,440.55
3,290,000.00 3,297,587.25
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
Series 2008A Pool Portion 09/27/2016 10/15/2008 2.2253
Series 2008A Water Portion 09/27/2016 10/15/2008 2.2270
Series 2008A Corporate Purpose Portion 09/27/2016 10/15/2008 2.2268
All Refunded Issues 09/27/2016 2.2259
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 14
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—The PFM Group
PROOF OF ARBITRAGE YIELD
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Present Value
to 09/27/2016
Date Debt Service Total @ 1.3199689201%
06/01/2017 1,544,872.78 1,544,872.78 1,531,158.29
12/01/2017 190,075.00 190,075.00 187,152.45
06/01/2018 1,530,075.00 1,530,075.00 1,496,671.09
12/01/2018 156,575.00 156,575.00 152,152.54
06/01/2019 1,566,5 75.00 1,566,575.00 1,512,345.87
12/01/2019 121,325.00 121,325.00 116,357.23
06/01/2020 1,601,325.00 1,601,325.00 1,525,687.89
12/01/2020 84,325.00 84,325.00 79,815.22
06/01/2021 784,325.00 784,325.00 737,511.09
12/01/2021 73,825.00 73,825.00 68,963.47
06/01/2022 788,825.00 788,825.00 732,047.81
12/01/2022 63,100.00 63,100.00 58,174.32
06/01/2023 803,100.00 803,100.00 735,554.21
12/01/2023 55,700.00 55,700.00 50,680.79
06/01/2024 3,205,700.00 3,205,700.00 2,897,705.33
12/01/2024 8,450.00 8,450.00 7,588.07
06/01/2025 8,450.00 8,450.00 7,538.32
12/01/2025 8,450.00 8,450.00 7,488.89
O6/01/2026 8,450.00 8,450.00 7,439.79
12/01/2026 8,450.00 8,450.00 7,391.01
06/01/2027 8,450.00 8,450.00 7,342.55
12/01/2027 8,450.00 8,450.00 7,294.41
06/01/2028 853,450.00 853,450.00 731,904.73
13,482,3 22.78 13,482,322.78 12,665,965.35
Proceeds Summary
Delivery date 09/27/2016
Par Value 11,650,000.00
Premium Discount 1,015,965.35
Target for yield calculation 12,665,965.35
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 15
—The PFM Group
PROOF OF ARBITRAGE YIELD
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Assumed Call/Computation Dates for Premium Bonds
Present Value
Bond Maturity Call Call to 09/27/2016
Component Date Rate Yield Date Price @ 1.3199689201%
BOND 06/01/2025 3.000% 1.420% 06/01/2024 100.000 5,991.99
BOND 06/01/2026 3.000% 1.500% 06/01/2024 100.000 11,105.27
BOND 06/01/2027 3.000% 1.600% 06/01/2024 100.000 17,747.07
Reiected Cal]/Computation Dates for Premium Bonds
Present Value
Bond Maturity Call Call to 09/27/2016 Increase
Component Date Rate Yield Date Price g 1.3199689201% to NPV
BOND O6/01/2025 3.000% 1.420% 17,645.78 11,653.79
BOND 06/01/2026 3.000% 1.500% 35,007.50 23,902.23
BOND 06/01/2027 3.000% 1.600% 54,479.71 36,732.64
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 16
.�N:M
The PPM Group
UNDERWRITER'S DISCOUNT
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2016A
FINAL
Underwriter's Discount V1000 Amount
Underwriters Discount 5.72617 66,709.89
5.72617 66,709.89
Aug 23,2016 1:11 pm Prepared by PFM Financial Advisors LLC Page 17