HomeMy WebLinkAboutA019 - Email from PFM Financial Advisors dated February 1, 2021 - Presale Analysis Voss, Diane
From: Susanne Gerlach <GERLACHS@pfm.com>
Sent: Monday, February 1, 2021 11:19 AM
To: Pitcher, Duane; Robert E. Josten - Dorsey &Whitney LLP oosten.robert@dorsey.com)
Cc: Snyder, Jessra; Masteller, Nancy; Crabbs, Amy; Wisecup, Roger;Voss, Diane; Andersen,
Shannon; Jennifer Smith
Subject: RE: GO Bond Issue for FY 21/22
Attachments: Pre-Sale_Analysis_Ames_GO_CP_and_Ref_2021 A_as_of_02-01-2021.pdf
[External Email]
Good morning:
Attached is the proposed debt service structure for the City of Ames issuance of GO Corporate Purpose and Refunding
Bonds, Series 2021A.
Please note this includes the following projects:
• $11,055,400 of CIP projects paid by taxes
o FY 2021-22 principal and interest in the amount of$1,049,704 to match within $5,000 of the pre-levy
amount
• $2,700,000 of CIP projects paid by TIF increment
o $0 principal in June 1, 2022 since the City did not certify TIF increment last December 2020
• $11,055,000 for the current refunding of the Series 2013 GO Bonds (callable 06-01-2021)
o PFM estimates current on market savings of$1,165,742 or 10.5% net present value savings
o The attached pre-sale analysis includes 50 bps of timing cushion that still shows at least $864,201 or
7.8%net present value savings even if rates go up before the City prices on August 10.
The transaction timeline included is as follows: \
July 27: Approve POS and set sale date for August 10 (FtoCdA'tU
August 10: Price &award the bonds and Authorize issuance proceedingzpICtc
August 25: Close/ Redeem Series 2013 Bonds
Please let me know if I should make any changes or if we are ok to proceed as proposed.
I will provide Bob with the not-to-exceed amounts necessary for the public hearings once the City confirms.
Best,
Susanne
Susanne Gerlach
Director
PFM Financial Advisors LLC
gerlachsCcDpfm.com E-MAIL 1 515.724.5734 OFFICE 1 515.243.6994 FAX I pfm.com
801 Grand Avenue, Suite 3300 1 Des Moines, IA 50309
1
From: Pitcher, Duane<duane.pitcher@cityofames.org>
Sent: Wednesday,January 20, 20215:33 PM
To: Robert E.Josten - Dorsey&Whitney LLP (josten.robert@dorsey.com)<josten.robert@dorsey.com>; Susanne
Gerlach<GERLACHS@pfm.com>
Cc: Snyder,Jessra <jessra.snyder@cityofames.org>; Masteller, Nancy<nancy.masteller@cityofames.org>; Crabbs,Amy
<amy.crabbs@cityofames.org>;Wisecup, Roger<roger.wisecup@cityofames.org>;Voss, Diane
<diane.voss@cityofames.org>; Andersen, Shannon<shannon.andersen@cityofames.org>
Subject: GO Bond Issue for FY 21/22
EXTERNAL EMAIL: Use,care wiWlinks and attachments. ,
Bob and Susanne,
We're ready to proceed with the preparation for the GO bond issue for summer 21. Below are the projects to be
included. The downtown plaza is an improvement to an existing parking lot converting to a plaza,the intelligent
transportation is related to traffic control. Our CIP is posted at
https://www.citvofames.org/home/showpublisheddocument?id=59864 you can check there for more details on any of
the projects or give me a call.
Susanne, can you review for sizing and the addition of potential refunding opportunities to include with the hearing.
We would like to set the pre-levy amount at$1,045,393,due to some abatement of bonds.
Dates for council action are as follows:
2/23/21 set date of hearing and pre-levy resolution—this is the date of our maximum levy hearing. Hearing date will be
3/9/21
3/9/21 hold hearing and approve bonds—this is the date we adopt the budget.
The TIF bonds uses qualify as essential corporate purpose so I believe we can include in this hearing.
Give me a call if you have any questions.
Thanks,
Duane
2021/2022 CIP G.O. ISSUE
Arterial Street Pavement 800,000
Improvements
Collector Street Pavement 2,400,000
Improvements
Concrete Pavement Improvements 3,500,000
Asphalt Street Pavement 2,500,000
Improvements
Seal Coat Street Pavement 750,000
Improvements
Downtown Street Improvements 245,000
Intelligent Transportation System 160,400
2
Downtown Plaza 700,000
Tax Supported Bonds $ 11,055,400
East 13th Street Sewer Extension TIF $ 2,700,000
Abated Bonds $ 2,700,000
Total G.O. Bonds $ 13,755,400
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
3
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 1
SOURCES AND USES OF FUNDS
City of Ames,Iowa
General Obligation Corporate Purpose Bonds,Series 2021A
Dated Date 08/25/2021
Delivery Date 08/25/2021
Current
Portion Paid Portion Paid Refunding of
Sources: by Taxes by TIF GO Series 2013 Total
Bond Proceeds:
Par Amount 11,205,000.00 2,740,000.00 11,200,000.00 25,145,000.00
11,205,000.00 2,740,000.00 11,200,000.00 25,145,000.00
Current
Portion Paid Portion Paid Refunding of
Uses: by Taxes by TIF GO Series 2013 Total
Project Fund Deposits:
Project Fund 11,055,400.00 2,700,000.00 13,755,400.00
Refunding Escrow Deposits:
Cash Deposit 11,055,000.00 11,055,000.00
Delivery Date Expenses:
Cost of Issuance 43,803.99 10,711.56 43,784.45 98,300.00
Underwriter's Discount 100,845.00 24,660.00 100,800.00 226,305.00
144,648.99 35,371.56 144,584.45 324,605.00
Other Uses of Funds:
Additional Proceeds 4,951.01 4,628.44 415.55 9,995.00
11,205,000.00 2,740,000.00 11,200,000.00 25,145,000.00
Note: MMD as of 01-29-2021 +Aal/Non-BQ pricing+50 bps for timing
pfm
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 2
SUMMARY OF REFUNDING RESULTS
City of Ames,Iowa
General Obligation Corporate Purpose Bonds,Series 2021A
Dated Date 08/25/2021
Delivery Date 08/25/2021
Arbitrage yield 1.260736/o
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount 11,200,000.00
True Interest Cost 1.349004%
Net Interest Cost 1.347145%
Average Coupon 1.168601%
Average Life 5.041
Par amount of refunded bonds 11,055,000.00
Average coupon of refunded bonds 3.020792%
Average life of refunded bonds 5.152
PV of prior debt to 08/25/2021 @ 1.260736% 12,010,457.06
Net PV Savings 864,201.80
Percentage savings of refunded bonds 7.817294%
Percentage savings of refunding bonds 7.716088%
pfm
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 3
SAVINGS
City of Ames,Iowa
Current Refunding of GO Series 2013
Present Value
Prior Refunding Annual to 08/25/2021
Date Debt Service Debt Service Savings Savings @ 1.2607355%
08/25/2021 -77,641.67 -77,641.67 -77,641.67
12/01/2021 166,375.00 166,375.00 165,818.34
06/01/2022 1,461,375.00 1,436,766.92 24,608.08 113,341.41 24,372.11
12/01/2022 146,950.00 48,990.25 97,959.75 96,412.66
06/01/2023 1,481,950.00 1,463,990.25 17,959.75 115,919.50 17,565.38
12/01/2023 126,925.00 44,320.75 82,604.25 80,284.31
06/01/2024 1,496,925.00 1,464,320.75 32,604.25 115,208.50 31,490.05
12/01/2024 106,375.00 39,492.75 66,882.25 64,192.02
06/01/2025 1,521,375.00 1,469,492.75 51,882.25 118,764.50 49,483.44
12/01/2025 85,150.00 34,058.75 51,091.25 48,423.76
06/01/2026 820,150.00 809,058.75 11,091.25 62,182.50 10,446.32
12/01/2026 74,125.00 31,113.75 43,011.25 40,256.50
06/01/2027 829,125.00 806,113.75 23,011.25 66,022.50 21,402.53
12/01/2027 62,800.00 27,703.75 35,096.25 32,438.18
06/01/2028 842,800.00 812,703.75 30,096.25 65,192.50 27,642.61
12/01/2028 51,100.00 23,621.75 27,478.25 25,079.95
06/01/2029 856,100.00 818,621.75 37,478.25 64,956.50 33,992.88
12/01/2029 39,025.00 18,971.00 20,054.00 18,075.09
06/01/2030 869,025.00 823,971.00 45,054.00 65,108.00 40,353.74
12/01/2030 26,575.00 13,416.50 13,158.50 11,711.91
06/01/2031 881,575.00 828,416.50 53,158.50 66,317.00 47,018.10
12/01/2031 13,750.00 7,304.00 6,446.00 5,665.70
06/01/2032 893,750.00 837,304.00 56,446.00 62,892.00 49,302.33
12,775,658.33 11,859,753.42 915,904.91 915,904.91 863,786.25
Savings Summary
PV of savings from cash flow 863,786.25
Plus:Refunding funds on hand 415.55
Net PV Savings 864,201.80
pf m
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 4
BOND SUMMARY STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose Bonds,Series 2021A
Dated Date 08/25/2021
Delivery Date 08/25/2021
First Coupon 06/01/2022
Last Maturity 06/01/2033
Arbitrage Yield 1.260736%
True Interest Cost(TIC) 1.422765%
Net Interest Cost(NIC) 1.421871%
All-In TIC 1.493812%
Average Coupon 1.268123%
Average Life(years) 5.854
Weighted Average Maturity(years) 5.854
Duration of Issue(years) 5.608
Par Amount 25,145,000.00
Bond Proceeds 25,145,000.00
Total Interest 1,866,586.49
Net Interest 2,092,891.49
Total Debt Service 27,011,586.49
Maximum Annual Debt Service 2,806,639.50
Average Annual Debt Service 2,295,602.25
Underwriter's Fees(per$1000)
Average Takedown
Other Fee 9.000000
Total Underwriter's Discount 9.000000
Bid Price 99.100000
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Bond Component 25,145,000.00 100.000 1.268% 5.854 13,850.45
25,145,000.00 5.854 13,850.45
All-In Arbitrage
TIC TIC Yield
Par Value 25,145,000.00 25,145,000.00 25,145,000.00
+Accrued Interest
+Premium(Discount)
-Underwriter's Discount -226.305.00 -226,305.00
-Cost of Issuance Expense -98,300.00
-Other Amounts
Target Value 24,918,695.00 24,820,395.00 25,145,000.00
Target Date 08/25/2021 08/25/2021 08/25/2021
Yield 1.422765% 1.493812% 1.260736%
0 pfM
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 5
BOND PRICING
City of Ames,Iowa
General Obligation Corporate Purpose Bonds,Series 2021A
Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
06/01/2022 2,310,000 0.640% 0.640% 100.000
06/01/2023 2,405,000 0.660% 0.660% 100.000
06/01/2024 2,575,000 0.680% 0.680% 100.000
06/01/2025 2,590,000 0.760% 0.760% 100.000
06/01/2026 15940,000 0.760% 0.760% 100.000
06/01/2027 15950,000 0.880% 0.880% 100.000
06/01/2028 1,970,000 1.040% 1.040% 100.000
06/01/2029 1,995,000 1.170% 1.170% 100.000
06/01/2030 2,015,000 1.380% 1.380% 100.000
06/01/2031 2,045,000 1.500% 1.500% 100.000
06/01/2032 2,080,000 1.760% 1.760% 100.000
06/01/2033 1,270,000 1.860% 1.860% 100.000
25,145,000
Dated Date 08/25/2021
Delivery Date 08/25/2021
First Coupon 06/01/2022
Par Amount 25,145,000.00
Original Issue Discount
Production 255145,000.00 100.000000%
Underwriter's Discount -226,305.00 -0.900000%
Purchase Price 24,918,695.00 99.100000%
Accrued Interest
Net Proceeds 24,918,695.00
pfm
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 6
BOND DEBT SERVICE
City of Ames,Iowa
General Obligation Corporate Purpose Bonds,Series 2021A
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 2,310,000 0.640% 201,093.99 2,511,093.99 2,511,093.99
12/01/2022 123,756.25 123,756.25
06/01/2023 2,405,000 0.660% 123,756.25 2,528,756.25 2,652,512.50
12/01/2023 115,819.75 115,819.75
06/01/2024 2,575,000 0.680% 115,819.75 2,690,819.75 2,806,639.50
12/01/2024 107,064.75 107,064.75
06/01/2025 2,590,000 0.760% 107,064.75 2,697,064.75 2,804,129.50
12/01/2025 97,222.75 97,222.75
06/01/2026 1,940,000 0.760% 97,222.75 2,037,222.75 2,134,445.50
12/01/2026 89,850.75 89,850.75
06/01/2027 1,950,000 0.880% 89,850.75 2,039,850.75 2,129,701.50
12/01/2027 81,270.75 81,270.75
06/01/2028 1,970,000 1.040% 81,270.75 2,051,270.75 2,132,541.50
12/01/2028 71,026.75 71,026.75
06/01/2029 1,995,000 1.170% 71,026.75 2,066,026.75 2,137,053.50
12/01/2029 59,356.00 59,356.00
06/01/2030 2,015,000 1.380% 59,356.00 2,074,356.00 2,133,712.00
12/01/2030 45,452.50 45,452.50
06/01/2031 2,045,000 1.500% 45,452.50 2,090,452.50 2,135,905.00
12/01/2031 30,115.00 30,115.00
06/01/2032 2,080,000 1.760% 30,115.00 2,110,115.00 2,140,230.00
12/01/2032 11,811.00 11,811.00
06/01/2033 1,270,000 1.860% 11,811.00 1,281,811.00 1,293,622.00
25,145,000 1,866,586.49 27,011,586.49 27,011,586.49
PfM
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 7
BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by Taxes
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 955,000 0.640% 94,703.65 1,049,703.65 1,049,703.65
12/01/2022 58,707.25 58,707.25
06/01/2023 890,000 0.660% 58,707.25 948,707.25 1,007,414.50
12/01/2023 55,770.25 55,770.25
06/01/2024 900,000 0.680% 55,770.25 955,770.25 1,011,540.50
12/01/2024 52,710.25 52,710.25
06/01/2025 905,000 0.760% 52,710.25 957,710.25 15010,420.50
12/01/2025 49,271.25 49,271.25
06/01/2026 910,000 0.760% 49,271.25 959,271.25 1,008,542.50
12/01/2026 45,813.25 45,813.25
06/01/2027 915,000 0.880% 45,813.25 960,813.25 1,006,626.50
12/01/2027 41,787.25 41,787.25
06/01/2028 925,000 1.040% 41,787.25 966,787.25 1,008,574.50
12/01/2028 36,977.25 36,977.25
06/01/2029 935,000 1.170% 36,977.25 971,977.25 1,008,954.50
12/01/2029 31,507.50 31,507.50
06/01/2030 945,000 1.380% 31,507.50 976,507.50 1,008,015.00
12/01/2030 24,987.00 24,987.00
06/01/2031 960,000 1.500% 24,987.00 984,987.00 1,009,974.00
12/01/2031 17,787.00 17,787.00
06/01/2032 975,000 1.760% 17,787.00 992,787.00 1,010,574.00
12/01/2032 9,207.00 9,207.00
06/01/2033 990,000 1.860% 9,207.00 999,207.00 1,008,414.00
11,205,000 943,754.15 12,148,754.15 12,148,754.15
pf m
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 8
BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by TIF
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 24,623.42 24,623.42 24,623.42
12/01/2022 16,058.75 16,058.75
06/01/2023 100,000 0.660% 16,058.75 116,058.75 132,117.50
12/01/2023 15,728.75 15,728.75
06/01/2024 255,000 0.680% 15,728.75 270,728.75 286,457.50
12/01/2024 14,861.75 14,861.75
06/01/2025 255,000 0.760% 14,861.75 269,861.75 284,723.50
12/01/2025 13,892.75 13,892.75
06/01/2026 255,000 0.760% 13,892.75 268,892.75 282,785.50
12/01/2026 12,923.75 12,923.75
06/01/2027 260,000 0.880% 12,923.75 272,923.75 285,847.50
12/01/2027 11,779.75 11,779.75
06/01/2028 260,000 1.040% 11,779.75 271,779.75 283,559.50
12/01/2028 10,427.75 10,427.75
06/01/2029 265,000 1.170% 10,427.75 275,427.75 285,855.50
12/01/2029 8,877.50 8,877.50
06/01/2030 265,000 1.380% 8,877.50 273,877.50 282,755.00
12/01/2030 7,049.00 7,049.00
06/01/2031 270,000 1.500% 7,049.00 277,049.00 284,098.00
12/01/2031 5,024.00 5,024.00
06/01/2032 275,000 1.760% 5,024.00 280,024.00 285,048.00
12/01/2032 2,604.00 2,604.00
06/01/2033 280,000 1.860% 2,604.00 282,604.00 285,208.00
2,740,000 263,078.92 3,003,078.92 3,003,078.92
pfm
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 9
BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 1,355,000 0.640% 81,766.92 1,436,766.92 1,436,766.92
12/01/2022 48,990.25 48,990.25
06/01/2023 1,415,000 0.660% 48,990.25 1,463,990.25 1,512,980.50
12/01/2023 44,320.75 44,320.75
06/01/2024 1,420,000 0.680% 44,320.75 1,464,320.75 1,508,641.50
12/01/2024 39,492.75 39,492.75
06/01/2025 1,430,000 0.760% 39,492.75 1,469,492.75 1,508,985.50
12/01/2025 34,058.75 34,058.75
06/01/2026 775,000 0.760% 34,058.75 809,058.75 843,117.50
12/01/2026 31,113.75 31,113.75
06/01/2027 775,000 0.880% 31,113.75 806,113.75 837,227.50
12/01/2027 27,703.75 27,703.75
06/01/2028 785,000 1.040% 27,703.75 812,703.75 840,407.50
12/01/2028 23,621.75 23,621.75
06/01/2029 795,000 1.170% 23,621.75 818,621.75 842,243.50
12/01/2029 18,971.00 18,971.00
06/01/2030 805,000 1.380% 18,971.00 823,971.00 842,942.00
12/01/2030 13,416.50 13,416.50
06/01/2031 815,000 1.500% 13,416.50 828,416.50 841,833.00
12/01/2031 7,304.00 7,304.00
06/01/2032 830,000 1.760% 7,304.00 837,304.00 844,608.00
11,200,000 659,753.42 11,859,753.42 11,859,753.42
PfM
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 10
SUMMARY OF BONDS REFUNDED
City of Ames,Iowa
Current Refunding of GO Series 2013
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
General Obligation Corporate Purpose Bonds,Series 2013,2013CIP,CIP:
06/01/2022 3.000% 525,000.00 08/25/2021 100.000
06/01/2023 3.000% 540,000.00 08/25/2021 100.000
06/01/2024 3.000% 555,000.00 08/25/2021 100.000
06/01/2025 3.000% 575,000.00 08/25/2021 100.000
2,195,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013LIB,LIB:
06/01/2022 3.000% 655,000.00 08/25/2021 100.000
06/01/2023 3.000% 675,000.00 08/25/2021 100.000
06/01/2024 3.000% 695,000.00 08/25/2021 100.000
06/01/2025 3.000% 715,000.00 08/25/2021 100.000
06/01/2026 3.000% 735,000.00 08/25/2021 100.000
06/01/2027 3.000% 755,000.00 08/25/2021 100.000
06/01/2028 3.000% 780,000.00 08/25/2021 100.000
06/01/2029 3.000% 805,000.00 08/25/2021 100.000
06/01/2030 3.000% 830,000.00 08/25/2021 100.000
06/01/2031 3.000% 855,000.00 08/25/2021 100.000
06/01/2032 3.125% 880,000.00 08/25/2021 100.000
8,380,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013RRI,RRI:
06/01/2022 3.000% 115,000.00 08/25/2021 100.000
06/01/2023 3.000% 120,000.00 08/25/2021 100.000
06/01/2024 3.000% 120,000.00 08/25/2021 100.000
06/01/2025 3.000% 125,000.00 08/25/2021 100.000
480,000.00
11,055,000.00
pfm
Feb 1,2021 11:11 am Prepared by PFM Financial Advisors LLC Page 11
PRIOR BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
08/25/2021 -77,641.67 -77,641.67
12/01/2021 166,375.00 166,375.00
06/01/2022 1,295,000 3.000% 166,375.00 1,461,375.00 1,550,108.33
12/01/2022 146,950.00 146,950.00
06/01/2023 1,335,000 3.000% 146,950.00 1,481,950.00 1,628,900.00
12/01/2023 126,925.00 126,925.00
06/01/2024 1,370,000 3.000% 126,925.00 1,496,925.00 1,623,850.00
12/01/2024 106,375.00 106,375.00
06/01/2025 1,415,000 3.000% 106,375.00 1,521,375.00 1,627,750.00
12/01/2025 85,150.00 85,150.00
06/01/2026 735,000 3.000% 85,150.00 820,150.00 905,300.00
12/01/2026 74,125.00 74,125.00
06/01/2027 755,000 3.000% 74,125.00 829,125.00 903,250.00
12/01/2027 62,800.00 62,800.00
06/01/2028 780,000 3.000% 62,800.00 842,800.00 905,600.00
12/01/2028 51,100.00 51,100.00
06/01/2029 805,000 3.000% 51,100.00 856,100.00 907,200.00
12/01/2029 39,025.00 39,025.00
06/01/2030 830,000 3.000% 39,025.00 869,025.00 908,050.00
12/01/2030 26,575.00 26,575.00
06/01/2031 855,000 3.000% 26,575.00 881,575.00 908,150.00
12/01/2031 13,750.00 13,750.00
06/01/2032 880,000 3.125% 13,750.00 893,750.00 907,500.00
11,055,000 1,720,658.33 12,775,658.33 12,775,658.33
pf m
SALE DETAILS
DATE: June 21 2021
ISSUER: City of Ames Iowa
BOND NAME: $25 135 000* G. O Corporate Purpose&Refunding Bonds Series 2021A
BOND ATTORNEY: Dorsey& Whitney
Individuals: Bob Josten/Cheryl Ritter
Sale Date: August 10 2021
Bid Opening: 11 00 AM CT(Sealed Parity Fax- via Loan Agreement)
Place: City Hall
Bid Award: 6:00 PM CT
Bonds Dated: September 1 2021
Closing Date: September 1 2021
Maturity: June 1, as follows:
Year Amount* Year Amount*
2022 $2,290,000 2028 $1,970,000
2023 2,400,000 2029 2,000,000
2024 2,555,000 2030 2,030,000
2025 2,575,000 2031 2,060,000
2026 1,925,000 2032 2,095,000
2027 1,945,000 2033 1,290,000
*Principal
Adjustment: Preliminary;subject to change. The aggregate principal amount of the Bonds,and each
scheduled maturity thereof, are subject to increase or reduction by the City or its
designee after the determination of the successful bidder. The City may increase or
decrease each maturity in increments of$5,000 but the total amount to be issued will
not exceed $26,365,000. Interest rates specified by the successful bidder for each
maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be
changed if the aggregate principal amount of the Bonds is adjusted as described above.
Any change in the principal amount of any maturity of the Bonds will be made while
maintaining, as closely as possible, the successful bidder's net compensation,
calculated as a percentage of bond principal. The successful bidder may not withdraw
or modify its bid as a result of any post-bid adjustment. Any adjustment shall be
conclusive, and shall be binding upon the successful bidder.
First Interest: June 1, 2022 and semiannually thereafter. Interest will be computed on the basis of a
360-day year of twelve 30-day months and will be rounded pursuant to rules of the
MSRB.
Record Date: Close of business on the 15th day of the month (whether or not a business day)
immediately preceding such payment date.
6/21/2021
Cusip Numbers: The City will assume no obligation for the assignment or printing of CUSIP numbers
on the Bonds or for 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 in delivery occasioned thereby.
Call Feature: Bonds due after June 1, 2029 will be subject to call for prior redemption on said date
or on any day thereafter upon terms of par plus accrued interest to date of call.
Establishment of
Issue Price: Hold the Price.
Award: The Bonds will be awarded to the bidder offering the lowest true interest rate to be
determined on a true interest cost basis (TIC). The Issuer's computation of the true
interest cost of each bid, in accordance with customary practice, shall be conclusive.
Bid Parameters: Each bidder's proposal must conform to the following limitations:
1. Each annual maturity must bear a single rate of interest from the dated date of
the Bonds to the date of maturity.
2. Rates of interest bid must be in multiples of one-eighth or one-twentieth of one
percent.
3. The initial price to the public for each maturity must be 98%or greater.
Term Bond Option: Bidders shall have the option of designating the Bonds as serial bonds or term bonds,
or both. The bid must designate whether each of the principal amounts shown above
represent a serial maturity or a mandatory redemption requirement for a term bond
maturity. In any event,the principal amount scheduled shall be represented by either
serial bond maturities or mandatory redemption requirements, or a combination of
both.
#OS'es to Purchaser: TBD—NTE 25
Minimum Bid: $24,908,785
Good Faith: $251,350(1%)from the purchaser ONLY
Registrar: Ames City Treasurer
Book Entry Only: This offering will be issued as fully registered Bonds and, when issued, will be
registered in the name of Cede &Co.,as nominee of The Depository Trust Company,
New York,New York.
Financial Advisor: PFM Financial Advisors LLC,Des Moines Office
Individual: Susanne Gerlach/Jenni Smith/Carrie Swartz/Sue Brandt
Tax Matters: The Bonds will NOT be designated as qualified tax-exempt obligations.
The Bonds will be federal tax-exempt and state taxable.
Schedule of Events: Jul 6: POS to Susanne for review
Jul 13: POS to City and Bond Counsel for Review
Jul 20: POS to City for Council Packets
** See attached Schedule of Events for more details**
Notes: The bonds will be issued subject to a loan agreement.
Bids will be received as follows:
1) Sealed bids will be received at the City;
2)Facsimile bids will be received at PFM(fax#515-243-6994);and
3)Electronic internet bids rec'd at the City&PFM via Parity internet bid system.
6/21/2021
P
801 Grand Avenue 515-727-5734
0
f M Suite 3300 515-243-6994 fax
Des Moines,IA 50309 www.Pfm.GOm
PROPOSED SCHEDULE OF EVENTS
CITY OF AMES, IOWA
$25,135,000* General Obligation Corporate Purpose & Refunding Bonds, Series 2021A
7�5L7
S ,MTWT F'S' SMTWTTS,': 71920
FS ,FS'
1 2 3 4 5 1 2 35 6 72 3 4
6' 7 8f 9 p 11 12 4 5 6 7 8 9 102 13 149 10 11
16 17 13 19 11 12 14 15 15 17 9 20 21 �T7 18
23 24 25 26 18 p 20 21 22 23 24 6 27 28 3i 24 25
27 28 29 30 25 26 27 28 29 30 31 2611127 28 i 291301
• Develop Debt Amortization Schedules & Refunding C, FA
June Structure Bonds p
Analysis FA
• Prepare Sale Details
• Prepare Preliminary Official Statement C, FA
June-July Prepare POS p y
• Prepare Moody's Credit Presentation
July 23 Moody's Credit Call • Moody's Credit Presentation (Time TBD)
C, FA, RA
July 27 Council Meeting
• Approve POS& Electronic Bidding C,FA, BC
• Receive Bids Sealed, Facsimile & Parity Internet C, FA, BC
August 10 11:OOam - Bond Sale (
Bid System)
6:00pm -Council Meeting • Presentation of Bids Received &Award
Authorize Issuance Proceedings
No later than Prepare Written Notice • Disseminate Notice of Redemption to Bondholders
C, BC
August 11 of Refunded Bonds
September 1 Closing
• Purchaser Delivers Funds C, BC, FA
September 9 Redeem Refunded Bonds • Redeem Refunded Bonds (Series 2013)
C
No later than Post Material Event Notice • Post Bond Call Material Event Notice to EMMA
FA
September 23 within 10 business days of redemption
C=City of Ames, Iowa
BC=Dorsey and Whitney(bond counsel)
FA= PFM Financial Advisors LLC(financial advisor)
RA= Moody's Investors Service (rating agency)
pfm
SOURCES AND USES OF FUNDS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Current
Portion Paid Portion Paid Refunding of
Sources: by Taxes by TIE GO Series 2013 Total
Bond Proceeds:
Par Amount 11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
Current
Portion Paid Portion Paid Refunding of
Uses: by Taxes by TIE GO Series 2013 Total
Project Fund Deposits:
Project Fund 11,055,400.00 2,700,000.00 13,755,400.00
Refunding Escrow Deposits:
Cash Deposit 11,055,000.00 11,055,000.00
Delivery Date Expenses:
Cost of Issuance 43,821.42 10,696.26 43,782.32 98,300.00
Underwriter's Discount 100,845.00 24,615.00 100,755.00 226,215.00
144,666.42 35,311.26 144,537.32 324,515.00
Other Uses of Funds:
Additional Proceeds 4,933.58 -31 1.26 -4,537.32 85.00
11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
Note: MMD as of 06-03-2021+Aal/Non-BQ pricing+50 bps for timing
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 1
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BOND SUMMARY STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Last Maturity 06/01/2033
Arbitrage Yield 1.503404%
True Interest Cost(TIC) 1.666827%
Net Interest Cost(NIC) 1.666599%
All-In TIC 1.738516%
Average Coupon 1.512974%
Average Life(years) 5.858
Weighted Average Maturity(years) 5.858
Duration of Issue(years) 5.567
Par Amount 25,135,000.00
Bond Proceeds 25,135,000.00
Total Interest 2,227,872.50
Net Interest 2,454,087.50
Total Debt Service 27,362,872.50
Maximum Annual Debt Service 2,836,280.00
Average Annual Debt Service 2,328,755.11
Underwriter's Fees(per$1000)
Average Takedown
Other Fee 9.000000
Total Underwriter's Discount 9.000000
Bid Price 99.100000
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Bond Component 25,135,000.00 100.000 1.513% 5.858 13,738.05
25,135,000.00 5.858 13,738.05
All-In Arbitrage
TIC TIC Yield
Par Value 25,135,000.00 25,135,000.00 25,135,000.00
+Accrued Interest
+Premium(Discount)
Underwriter's Discount -226,215.00 -226.215.00
-Cost of Issuance Expense -98,300.00
-Other Amounts
Target Value 24,908,785.00 24,810,485.00 25,135,000.00
Target Date 09/01/2021 09/01/2021 09/01/2021
Yield 1.666827% 1.738516% 1.503404%
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 2
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SUMMARY OF REFUNDING RESULTS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Arbitrage yield 1.503404%
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount 11,195,000.00
True Interest Cost 1.584542%
Net Interest Cost 1.583630%
Average Coupon 1.404832%
Average Life 5.034
Par amount of refunded bonds 11,055,000.00
Average coupon of refunded bonds 3.020827%
Average life of refunded bonds 5.136
PV of prior debt to 09/01/2021 (c�, 1.503404% 11,861,273.46
Net PV Savings 719,289.18
Percentage savings of refunded bonds 6.506460%
Percentage savings of refunding bonds 6.425093%
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 3
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SAVINGS
City of Ames,Iowa
Current Refunding of GO Series 2013
Present Value
Prior Refunding Annual to 09/01/2021
Date Debt Service Debt Service Savings Savings a, 1.5034039%
09/09/2021 -90,581.94 -90.581.94 -90.551.80
12/01/2021 166,375.00 166,375.00 165,753.18
06/01/2022 1,461,375.00 1,444,123.13 17,251.88 93,044.93 17,059.16
12/01/2022 146,950.00 58,563.75 88,386.25 86,746.85
06/01/2023 1,481,950.00 1,473,563.75 8,386.25 96,772.50 8,169.29
12/01/2023 126,925.00 53,965.00 72,960.00 70,542.21
06/01/2024 1,496,925.00 1,468,965.00 27,960.00 100,920.00 26,831.75
12/01/2024 106,375.00 48,588.00 57,787.00 55,041.42
06/01/2025 1,521,375.00 1,478,588.00 42,787.00 100,574.00 40,450.04
12/01/2025 85,150.00 41,867.00 43,283.00 40,613.65
06/01/2026 820,150.00 806,867.00 13,283.00 56,566.00 12,370.82
12/01/2026 74,125.00 38,003.75 36,121.25 33,389.71
06/01/2027 829,125.00 813,003.75 16,121.25 52,242.50 14,790.95
12/01/2027 62,800.00 33,392.50 29,407.50 26,779.55
06/01/2028 842,800.00 818,392.50 24,407.50 53,815.00 22,060.53
12/01/2028 51,100.00 28,133.00 22,967.00 20,603.67
06/01/2029 856,100.00 823,133.00 32,967.00 55,934.00 29,354.01
12/01/2029 39,025.00 22,329.50 16,695.50 14,754.86
06/01/2030 869,025.00 832,329.50 36,695.50 53,391.00 32,188.15
12/01/2030 26,575.00 15,566.00 11,009.00 9,584.70
06/01/2031 881,575.00 835,566.00 46,009.00 57,018.00 39,757.69
12/01/2031 13,750.00 8,350.00 5,400.00 4,631.48
06/01/2032 893,750.00 843,350.00 50,400.00 55,800.00 42,904.63
12,762,718.06 11,986,640.13 776,077.93 776,077.93 723,826.50
Savings Summary
PV of savings from cash flow 723,826.50
Plus:Refunding funds on hand -4.537.32
Net PV Savings 719,289.18
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 4
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BOND PRICING
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
06/01/2022 2,290,000 0.620% 0.620% 100.000
06/01/2023 2,400,000 0.650% 0.650% 100.000
06/01/2024 2,555,000 0.760% 0.760% 100.000
06/01/2025 2,575,000 0.940% 0.940% 100.000
06/01/2026 1,925,000 1.010% 1.010% 100.000
06/01/2027 1,945,000 1.190% 1.190% 100.000
06/01/2028 1,970,000 1.340% 1.340% 100.000
06/01/2029 2,000,000 1.460% 1.460% 100.000
06/01/2030 2,030,000 1.670% 1.670% 100.000
06/01/2031 2,060,000 1.760% 1.760% 100.000
06/01/2032 2,095,000 2.000% 2.000% 100.000
06/01/2033 1,290,000 2.080% 2.080% 100.000
25,135,000
Dated Date 09/01/2021
Delivery Date 09/01/2021
First Coupon 06/01/2022
Par Amount 25,135,000.00
Original Issue Discount
Production 25,135,000.00 100.000000%
Underwriter's Discount -226.215.00 -0.900000%
Purchase Price 24,908,785.00 99.100000%
Accrued Interest
Net Proceeds 24,908,785.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 5
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BOND DEBT SERVICE
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 2,290,000 0.620% 232,872.00 2,522,872.00 2,522,872.00
12/01/2022 148,149.00 148,149.00
06/01/2023 2,400,000 0.650% 148,149.00 2,548,149.00 2,696,298.00
12/01/2023 140,349.00 140,349.00
06/01/2024 2,555,000 0.760% 140,349.00 2,695,349.00 2,835,698.00
12/01/2024 130,640.00 130,640.00
06/01/2025 2,575,000 0.940% 130,640.00 2,705,640.00 2,836,280.00
12/01/2025 118,537.50 118,537.50
06/01/2026 1,925,000 1.010% 118,537.50 2,043,537.50 2,162,075.00
12/01/2026 108,816.25 108,816.25
O6/01/2027 1,945,000 1.190% 108,816.25 2,053,816.25 2,162,632.50
12/01/2027 97,243.50 97,243.50
06/01/2028 1,970,000 1.340% 97,243.50 2,067,243.50 2,164,487.00
12/01/2028 84,044.50 84,044.50
06/01/2029 2,000,000 1.460% 84,044.50 2,084,044.50 2,168,089.00
12/01/2029 69,444.50 69,444.50
06/01/2030 2,030,000 1.670% 69,444.50 2,099,444.50 2,168,889.00
12/01/2030 52,494.00 52,494.00
06/01/2031 2,060,000 1.760% 52,494.00 2,112,494.00 2,164,988.00
12/01/2031 34,366.00 34,366.00
06/01/2032 2,095,000 2.000% 34,366.00 2,129,366.00 2,163,732.00
12/01/2032 13,416.00 13,416.00
06/01/2033 1,290,000 2.080% 13,416.00 1,303,416.00 1,316,832.00
25,135,000 2,227,872.50 27,362,872.50 27,362,872.50
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 6
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BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by Taxes
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 940,000 0.620% 109,834.88 1,049,834.88 1,049,834.88
12/01/2022 70,309.25 70,309.25
06/01/2023 885,000 0.650% 70,309.25 955,309.25 1,025,618.50
12/01/2023 67,433.00 67,433.00
06/01/2024 890,000 0.760% 67,433.00 957,433.00 1,024,866.00
12/01/2024 64,051.00 64,051.00
06/01/2025 895,000 0.940% 64,051.00 959,051.00 1,023,102.00
12/01/2025 59,844.50 59,844.50
06/01/2026 905,000 1.010% 59,844.50 964,844.50 1,024,689.00
12/01/2026 55,274.25 55,274.25
06/01/2027 915,000 1.190% 55,274.25 970,274.25 1,025,548.50
12/01/2027 49,830.00 49,830.00
06/01/2028 925,000 1.340% 49,830.00 974,830.00 1,024,660.00
12/01/2028 43,632.50 43,632.50
06/01/2029 940,000 1.460% 43,632.50 983,632.50 1,027,265.00
12/01/2029 36,770.50 36,770.50
06/01/2030 950,000 1.670% 36,770.50 986,770.50 1,023,541.00
12/01/2030 28,838.00 28,838.00
06/01/2031 970,000 1.760% 28,838.00 998,838.00 1,027,676.00
12/01/2031 20,302.00 20,302.00
06/01/2032 985,000 2.000% 20,302.00 1,005,302.00 1,025,604.00
12/01/2032 10,452.00 10,452.00
06/01/2033 1,005,000 2.080% 10,452.00 1,015,452.00 1,025,904.00
11,205,000 1,123,308.88 12,328,308.88 12,328,308.88
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 7
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BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by TIT
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
O6/01/2022 28,914.00 28,914.00 28,914.00
12/01/2022 19,276.00 19,276.00
06/01/2023 100,000 0.650% 19,276.00 119,276.00 138,552.00
12/01/2023 18,951.00 18,951.00
06/01/2024 250,000 0.760% 18,951.00 268,951.00 287,902.00
12/01/2024 18,001.00 18,001.00
06/01/2025 250,000 0.940% 18,001.00 268,001.00 286,002.00
12/01/2025 16,826.00 16,826.00
06/01/2026 255,000 1.010% 16,826.00 271,826.00 288,652.00
12/01/2026 15,538.25 15,538.25
06/01/2027 255,000 1.190% 15,538.25 270,538.25 286,076.50
12/01/2027 14,021.00 14,021.00
06/01/2028 260,000 1.340% 14,021.00 274,021.00 288,042.00
12/01/2028 12,279.00 12,279.00
06/01/2029 265,000 1.460% 12,279.00 277,279.00 289,558.00
12/01/2029 10,344.50 10,344.50
06/01/2030 270,000 1.670% 10,344.50 280,344.50 290,689.00
12/01/2030 8,090.00 8,090.00
06/01/2031 270,000 1.760% 8,090.00 278,090.00 286,180.00
12/01/2031 5,714.00 5,714.00
06/01/2032 275,000 2.000% 5,714.00 280,714.00 286,428.00
12/01/2032 2,964.00 2,964.00
06/01/2033 285,000 2.080% 2,964.00 287,964.00 290,928.00
2,735,000 312,923.50 3,047,923.50 3,047,923.50
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 8
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BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 1,350,000 0.620% 94,123.13 1,444,123.13 1,444,123.13
12/01/2022 58,563.75 58,563.75
06/01/2023 1,415,000 0.650% 58,563.75 1,473,563.75 1,532,127.50
12/01/2023 53,965.00 53,965.00
06/01/2024 1,415,000 0.760% 53,965.00 1,468,965.00 1,522,930.00
12/01/2024 48,588.00 48,588.00
06/01/2025 1,430,000 0.940% 48,588.00 1,478,588.00 1,527,176.00
12/01/2025 41,867.00 41,867.00
06/01/2026 765,000 1.010% 41,867.00 806,867.00 848,734.00
12/01/2026 38,003.75 38,003.75
06/01/2027 775,000 1.190% 38,003.75 813,003.75 851,007.50
12/01/2027 33,392.50 33,392.50
06/01/2028 785,000 1.340% 33,392.50 818,392.50 851,785.00
12/01/2028 28,133.00 28,133.00
06/01/2029 795,000 1.460% 28,133.00 823,133.00 851,266.00
12/01/2029 22,329.50 22,329.50
06/01/2030 810,000 1.670% 22,329.50 832,329.50 854,659.00
12/01/2030 15,566.00 15,566.00
06/01/2031 820,000 1.760% 15,566.00 835,566.00 851,132.00
12/01/2031 8,350.00 8,350.00
O6/01/2032 835,000 2.000% 8,350.00 843,350.00 851,700.00
11,195,000 791,640.13 11,986,640.13 11,986,640.13
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 9
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SUMMARY OF BONDS REFUNDED
City of Ames,Iowa
Current Refunding of GO Series 2013
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
General Obligation Corporate Purpose Bonds,Series 2013,2013CIP,CIP:
06/01/2022 3.000% 525,000.00 09/09/2021 100.000
06/01/2023 3.000% 540,000.00 09/09/2021 100.000
06/01/2024 3.000% 555,000.00 09/09/2021 100.000
06/01/2025 3.000% 575,000.00 09/09/2021 100.000
2,195,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013LIB,LIB:
06/01/2022 3.000% 655,000.00 09/09/2021 100.000
06/01/2023 3.000% 675,000.00 09/09/2021 100.000
06/01/2024 3.000% 695,000.00 09/09/2021 100.000
06/01/2025 3.000% 715,000.00 09/09/2021 100.000
06/01/2026 3.000% 735,000.00 09/09/2021 100.000
06/01/2027 3.000% 755,000.00 09/09/2021 100.000
06/01/2028 3.000% 780,000.00 09/09/2021 100.000
06/01/2029 3.000% 805,000.00 09/09/2021 100.000
06/01/2030 3.000% 830,000.00 09/09/2021 100.000
06/01/2031 3.000% 855,000.00 09/09/2021 100.000
06/01/2032 3.125% 880,000.00 09/09/2021 100.000
8,380,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013RRI,RRI:
06/01/2022 3.000% 115,000.00 09/09/2021 100.000
06/01/2023 3.000% 120,000.00 09/09/2021 100.000
06/01/2024 3.000% 120,000.00 09/09/2021 100.000
06/01/2025 3.000% 125,000.00 09/09/2021 100.000
480,000.00
11,055,000.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 10
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PRIOR BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
09/09/2021 -90,581.94 -90,581.94
12/01/2021 166,375.00 166,375.00
06/01/2022 1,295,000 3.000% 166,375.00 1,461,375.00 1,537,168.06
12/01/2022 146,950.00 146,950.00
06/01/2023 1,335,000 3.000% 146,950.00 1,481,950.00 1,628,900.00
12/01/2023 126,925.00 126,925.00
06/01/2024 1,370,000 3.000% 126,925.00 1,496,925.00 1,623,850.00
12/01/2024 106,375.00 106,375.00
06/01/2025 1,415,000 3.000% 106,375.00 1,521,375.00 1,627,750.00
12/01/2025 85,150.00 85,150.00
06/01/2026 735,000 3.000% 85,150.00 820,150.00 905,300.00
12/01/2026 74,125.00 74,125.00
06/01/2027 755,000 3.000% 74,125.00 829,125.00 903,250.00
12/01/2027 62,800.00 62,800.00
06/01/2028 780,000 3.000% 62,800.00 842,800.00 905,600.00
12/01/2028 51,100.00 51,100.00
06/01/2029 805,000 3.000% 51,100.00 856,100.00 907,200.00
12/01/2029 39,025.00 39,025.00
06/01/2030 830,000 3.000% 39,025.00 869,025.00 908,050.00
12/01/2030 26,575.00 26,575.00
06/01/2031 855,000 3.000% 26,575.00 881,575.00 908,150.00
12/01/2031 13,750.00 13,750.00
06/01/2032 880,000 3.125% 13,750.00 893,750.00 907,500.00
11,055,000 1,707,718.06 12,762,718.06 12,762,718.06
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page I l
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UNDERWRITER'S DISCOUNT
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Underwriter's Discount $/1000 Amount
Underwriter's Discount 9.00 226,215.00
9.00 226,215.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 12
SALE DETAILS
DATE: June 21 2021
ISSUER: City of Ames Iowa
BOND NAME: $25 135 000* G. O Corporate Purpose&Refunding Bonds Series 2021A
BOND ATTORNEY: Dorsey& Whitney
Individuals: Bob Josten/Cheryl Ritter
Sale Date: August 10 2021
Bid Opening: 11:00 AM CT(Sealed Parity Fax-via Loan Ap-reement)
Place: City Hall
Bid Award: 6:00 PM CT
Bonds Dated: September 1 2021
Closing Date: September 1 2021
Maturity: June 1,as follows:
Year Amount* Year Amount*
2022 $2,290,000 2028 $1,970,000
2023 2,400,000 2029 2,000,000
2024 2,555,000 2030 2,030,000
2025 2,575,000 2031 2,060,000
2026 1,925,000 2032 2,095,000
2027 1,945,000 2033 1,290,000
*Principal
Adjustment: Preliminary;subject to change. The aggregate principal amount of the Bonds,and each
scheduled maturity thereof, are subject to increase or reduction by the City or its
designee after the determination of the successful bidder. The City may increase or
decrease each maturity in increments of$5,000 but the total amount to be issued will
not exceed $26,365,000. Interest rates specified by the successful bidder for each
maturity will not change. Final adjustments shall be in the sole discretion of the City.
The dollar amount of the purchase price proposed by the successful bidder will be
changed if the aggregate principal amount of the Bonds is adjusted as described above.
Any change in the principal amount of any maturity of the Bonds will be made while
maintaining, as closely as possible, the successful bidder's net compensation,
calculated as a percentage of bond principal. The successful bidder may not withdraw
or modify its bid as a result of any post-bid adjustment. Any adjustment shall be
conclusive, and shall be binding upon the successful bidder.
First Interest: June 1, 2022 and semiannually thereafter. Interest will be computed on the basis of a
360-day year of twelve 30-day months and will be rounded pursuant to rules of the
MSRB.
Record Date: Close of business on the 15th day of the month (whether or not a business day)
immediately preceding such payment date.
6/21/2021
Cusip Numbers: The City will assume no obligation for the assignment or printing of CUSIP numbers
on the Bonds or for 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 in delivery occasioned thereby.
Call Feature: Bonds due after June 1, 2029 will be subject to call for prior redemption on said date
or on any day thereafter upon terms of par plus accrued interest to date of call.
Establishment of
Issue Price: Hold the Price.
Award: The Bonds will be awarded to the bidder offering the lowest true interest rate to be
determined on a true interest cost basis (TIC). The Issuer's computation of the true
interest cost of each bid, in accordance with customary practice, shall be conclusive.
Bid Parameters: Each bidder's proposal must conform to the following limitations:
1. Each annual maturity must bear a single rate of interest from the dated date of
the Bonds to the date of maturity.
2. Rates of interest bid must be in multiples of one-eighth or one-twentieth of one
percent.
3. The initial price to the public for each maturity must be 98%or greater.
Term Bond Option: Bidders shall have the option of designating the Bonds as serial bonds or term bonds,
or both. The bid must designate whether each of the principal amounts shown above
represent a serial maturity or a mandatory redemption requirement for a term bond
maturity. In any event,the principal amount scheduled shall be represented by either
serial bond maturities or mandatory redemption requirements, or a combination of
both.
#OS'es to Purchaser: TBD—NTE 25
Minimum Bid: $24,908,785
Good Faith: $251,350 (1%)from the purchaser ONLY
Registrar: Ames City Treasurer
Book Entry Only: This offering will be issued as fully registered Bonds and, when issued, will be
registered in the name of Cede&Co.,as nominee of The Depository Trust Company,
New York,New York.
Financial Advisor: PFM Financial Advisors LLC,Des Moines Office
Individual: Susanne Gerlach/Jenni Smith/Carrie Swartz/Sue Brandt
Tax Matters: The Bonds will NOT be designated as qualified tax-exempt obligations.
The Bonds will be federal tax-exempt and state taxable.
Schedule of Events: Jul 6: POS to Susanne for review
Jul 13: POS to City and Bond Counsel for Review
Jul 20: POS to City for Council Packets
** See attached Schedule of Events for more details**
Notes: The bonds will be issued subject to a loan agreement.
Bids will be received as follows:
1) Sealed bids will be received at the City;
2)Facsimile bids will be received at PFM(fax# 515-243-6994);and
3)Electronic internet bids rec'd at the City&PFM via Parity internet bid system.
6/21/2021
0 801 Grand Avenue 515-727-5734
PfM Suite 3300 515-243-6994 fax
Des Moines,IA 50309 www.pfm.com
PROPOSED SCHEDULE OF EVENTS
CITY OF AMES, IOWA
$25,135,000* General Obligation Corporate Purpose & Refunding Bonds, Series 2021A
S , T" W'•T F S S" M T W T F Sc S M T W T`F S S M T W T 'F S'.
1 2 3 4 b 1 2: 3 1 2; 3 4 5 6' 7 1 2 3` 4
6 7 8' 9, 10 11 12 4 5 6 7 8 9 10 8 9' p 11 p' 13 14 5 6 7 8 9 10, 11
13' t4 15 16 i7 18' 19 11 12—13 14 15 t 17 15 16 TV 18 19 20 21 12 13 14 15 16' T7 1B
--- --
20 21 22 23':24 25'26 18 19 20 21 22 23.24 22 2324 25 26.27 28 19 20 21 22 23 24125
27'28 29 30 25:26 27 28 29 30 31 29 30 31 261 27128129 301
June Structure Bonds • Develop Debt Amortization Schedules& Refunding C, FA
Analysis
0 Prepare Sale Details FA
June-July Prepare POS a Prepare Preliminary Official Statement C, FA
• Prepare Moody's Credit Presentation
July 23 Moody's Credit Call • Moody's Credit Presentation (Time TBD) C, FA, RA
July 27 Council Meeting • Approve POS& Electronic Bidding C, FA, BC
August 10 11:00am- Bond Sale a Receive Bids(Sealed, Facsimile & Parity Internet C, FA, BC
Bid System)
6:00pm-Council Meeting . Presentation of Bids Received &Award
a Authorize Issuance Proceedings
No later than Prepare Written Notice • Disseminate Notice of Redemption to Bondholders C, BC
August 11 of Refunded Bonds
September 1 Closing • Purchaser Delivers Funds C, BC, FA
September 9 Redeem Refunded Bonds • Redeem Refunded Bonds (Series 2013) C
No later than Post Material Event Notice • Post Bond Call Material Event Notice to EMMA FA
September 23 within 10 business days of redemption
C=City of Ames, Iowa
BC= Dorsey and Whitney(bond counsel)
FA= PFM Financial Advisors LLC(financial advisor)
RA= Moody's Investors Service(rating agency)
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SOURCES AND USES OF FUNDS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Current
Portion Paid Portion Paid Refunding of
Sources: by Taxes by TIF GO Series 2013 Total
Bond Proceeds:
Par Amount 11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
Current
Portion Paid Portion Paid Refunding of
Uses: by Taxes by TIF GO Series 2013 Total
Project Fund Deposits:
Project Fund 11,055,400.00 2,700,000.00 13,755,400.00
Refunding Escrow Deposits:
Cash Deposit 11,055,000.00 11,055,000.00
Delivery Date Expenses:
Cost of Issuance 43,821.42 10,696.26 43,782.32 98,300.00
Underwriter's Discount 100,845.00 24,615.00 100,755.00 226,215.00
144,666.42 35,311.26 144,537.32 324,515.00
Other Uses of Funds:
Additional Proceeds 4,933.58 -31 1.26 -4.537.32 85.00
11,205,000.00 2,735,000.00 11,195,000.00 25,135,000.00
Note: MMD as of 06-03-2021+Aal/Non-BQ pricing+50 bps for timing
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 1
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BOND SUMMARY STATISTICS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Last Maturity 06/01/2033
Arbitrage Yield 1.503404%
True Interest Cost(TIC) 1.666827%
Net Interest Cost(NIC) 1.666599%
All-In TIC 1.738516%
Average Coupon 1.512974%
Average Life(years) 5.858
Weighted Average Maturity(years) 5.858
Duration of Issue(years) 5.567
Par Amount 25,135,000.00
Bond Proceeds 25,135,000.00
Total Interest 2,227,872.50
Net Interest 2,454,087.50
Total Debt Service 27,362,872.50
Maximum Annual Debt Service 2,836,280.00
Average Annual Debt Service 2,328,755.11
Underwriter's Fees(per$1000)
Average Takedown
Other Fee 9.000000
Total Underwriter's Discount 9.000000
Bid Price 99.100000
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Bond Component 25,135,000.00 100.000 1.513% 5.858 13,738.05
25,135,000.00 5.858 13,738.05
All-In Arbitrage
TIC TIC Yield
Par Value 25,135,000.00 25,135,000.00 25,135,000.00
+Accrued Interest
+Premium(Discount)
-Underwriter's Discount -226,215.00 -226.215.00
-Cost of Issuance Expense -98.300.00
-Other Amounts
Target Value 24,908,785.00 24,810,485.00 25,135,000.00
Target Date 09/01/2021 09/01/2021 09/01/2021
Yield 1.666827% 1.738516% 1.503404%
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 2
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SUMMARY OF REFUNDING RESULTS
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Dated Date 09/01/2021
Delivery Date 09/01/2021
Arbitrage yield 1.503404%
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount 11,195,000.00
True Interest Cost 1.584542%
Net Interest Cost 1.583630%
Average Coupon 1.404832%
Average Life 5.034
Par amount of refunded bonds 11,055,000.00
Average coupon of refunded bonds 3.020827%
Average life of refunded bonds 5.136
PV of prior debt to 09/01/2021 (n�,1.503404% 11,861,273.46
Net PV Savings 719,289.18
Percentage savings of refunded bonds 6.506460%
Percentage savings of refunding bonds 6.425093%
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 3
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SAVINGS
City of Ames,Iowa
Current Refunding of GO Series 2013
Present Value
Prior Refunding Annual to 09/01/2021
Date Debt Service Debt Service Savings Savings 1.5034039%
09/09/2021 -90.581.94 -90,581.94 -90.551.80
12/01/2021 166,375.00 166,375.00 165,753.18
06/01/2022 1,461,375.00 1,444,123.13 17,251.88 93,044.93 17,059.16
12/01/2022 146,950.00 58,563.75 88,386.25 86,746.85
06/01/2023 1,481,950.00 1,473,563.75 8,386.25 96,772.50 8,169.29
12/01/2023 126,925.00 53,965.00 72,960.00 70,542.21
06/01/2024 1,496,925.00 1,468,965.00 27,960.00 100,920.00 26,831.75
12/01/2024 106,375.00 48,588.00 57,787.00 55,041.42
06/01/2025 1,521,375.00 1,478,588.00 42,787.00 100,574.00 40,450.04
12/01/2025 85,150.00 41,867.00 43,283.00 40,613.65
06/01/2026 820,150.00 806,867.00 13,283.00 56,566.00 12,370.82
12/01/2026 74,125.00 38,003.75 36,121.25 33,389.71
06/01/2027 829,125.00 813,003.75 16,121.25 52,242.50 14,790.95
12/01/2027 62,800.00 33,392.50 29,407.50 26,779.55
06/01/2028 842,800.00 818,392.50 24,407.50 53,815.00 22,060.53
12/01/2028 51,100.00 28,133.00 22,967.00 20,603.67
06/01/2029 856,100.00 823,133.00 32,967.00 55,934.00 29,354.01
12/01/2029 39,025.00 22,329.50 16,695.50 14,754.86
06/01/2030 869,025.00 832,329.50 36,695.50 53,391.00 32,188.15
12/01/2030 26,575.00 15,566.00 11,009.00 9,584.70
06/01/2031 881,575.00 835,566.00 46,009.00 57,018.00 39,757.69
12/01/2031 13,750.00 8,350.00 5,400.00 4,631.48
06/01/2032 893,750.00 843,350.00 50,400.00 55,800.00 42,904.63
12,762,718.06 11,986,640.13 776,077.93 776,077.93 723,826.50
Savings Summary
PV of savings from cash flow 723,826.50
Plus:Refunding funds on hand -4.537.32
Net PV Savings 719,289.18
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 4
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BOND PRICING
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
06/01/2022 2,290,000 0.620% 0.620% 100.000
06/01/2023 2,400,000 0.650% 0.650% 100.000
06/01/2024 2,555,000 0.760% 0.760% 100.000
06/01/2025 2,575,000 0.940% 0.940% 100.000
06/01/2026 1,925,000 1.010% 1.010% 100.000
06/01/2027 1,945,000 1.190% 1.190% 100.000
06/01/2028 1,970,000 1.340% 1.340% 100.000
06/01/2029 2,000,000 1.460% 1.460% 100.000
06/01/2030 2,030,000 1.670% 1.670% 100.000
06/01/2031 2,060,000 1.760% 1.760% 100.000
06/01/2032 2,095,000 2.000% 2.000% 100.000
06/01/2033 1,290,000 2.080% 2.080% 100.000
25,135,000
Dated Date 09/01/2021
Delivery Date 09/01/2021
First Coupon 06/01/2022
Par Amount 25,135,000.00
Original Issue Discount
Production 25,135,000.00 100.000000%
Underwriter's Discount -226,215.00 -0.900000%
Purchase Price 24,908,785.00 99.100000%
Accrued Interest
Net Proceeds 24,908,785.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 5
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BOND DEBT SERVICE
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 2,290,000 0.620% 232,872.00 2,522,872.00 2,522,872.00
12/01/2022 148,149.00 148,149.00
06/01/2023 2,400,000 0.650% 148,149.00 2,548,149.00 2,696,298.00
12/01/2023 140,349.00 140,349.00
06/01/2024 2,555,000 0.760% 140,349.00 2,695,349.00 2,835,698.00
12/01/2024 130,640.00 130,640.00
06/01/2025 2,575,000 0.940% 130,640.00 2,705,640.00 2,836,280.00
12/01/2025 118,537.50 118,537.50
06/01/2026 1,925,000 1.010% 118,537.50 2,043,537.50 2,162,075.00
12/01/2026 108,816.25 108,816.25
06/01/2027 1,945,000 1.190% 108,816.25 2,053,816.25 2,162,632.50
12/01/2027 97,243.50 97,243.50
06/01/2028 1,970,000 1.340% 97,243.50 2,067,243.50 2,164,487.00
12/01/2028 84,044.50 84,044.50
06/01/2029 2,000,000 1.460% 84,044.50 2,084,044.50 2,168,089.00
12/01/2029 69,444.50 69,444.50
06/01/2030 2,030,000 1.670% 69,444.50 2,099,444.50 2,168,889.00
12/01/2030 52,494.00 52,494.00
06/01/2031 2,060,000 1.760% 52,494.00 2,112,494.00 2,164,988.00
12/01/2031 34,366.00 34,366.00
06/01/2032 2,095,000 2.000% 34,366.00 2,129,366.00 2,163,732.00
12/01/2032 13,416.00 13,416.00
06/01/2033 1,290,000 2.080% 13,416.00 1,303,416.00 1,316,832.00
25,135,000 2,227,872.50 27,362,872.50 27,362,872.50
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 6
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BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by Taxes
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 940,000 0.620% 109,834.88 1,049,834.88 1,049,834.88
12/01/2022 70,309.25 70,309.25
06/01/2023 885,000 0.650% 70,309.25 955,309.25 1,025,618.50
12/01/2023 67,433.00 67,433.00
06/01/2024 890,000 0.760% 67,433.00 957,433.00 1,024,866.00
12/01/2024 64,051.00 64,051.00
06/01/2025 895,000 0.940% 64,051.00 959,051.00 1,023,102.00
12/01/2025 59,844.50 59,844.50
06/01/2026 905,000 1.010% 59,844.50 964,844.50 1,024,689.00
12/01/2026 55,274.25 55,274.25
06/01/2027 915,000 1.190% 55,274.25 970,274.25 1,025,548.50
12/01/2027 49,830.00 49,830.00
06/01/2028 925,000 1.340% 49,830.00 974,830.00 1,024,660.00
12/01/2028 43,632.50 43,632.50
06/01/2029 940,000 1.460% 43,632.50 983,632.50 1,027,265.00
12/01/2029 36,770.50 36,770.50
06/01/2030 950,000 1.670% 36,770.50 986,770.50 1,023,541.00
12/01/2030 28,838.00 28,838.00
06/01/2031 970,000 1.760% 28,838.00 998,838.00 1,027,676.00
12/01/2031 20,302.00 20,302.00
06/01/2032 985,000 2.000% 20,302.00 1,005,302.00 1,025,604.00
12/01/2032 10,452.00 10,452.00
06/01/2033 1,005,000 2.080% 10,452.00 1,015,452.00 1,025,904.00
11,205,000 1,123,308.88 12,328,308.88 12,328,308.88
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 7
ID pfm
BOND DEBT SERVICE
City of Ames,Iowa
Portion Paid by TIE
City of Ames,Iowa
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 28,914.00 28,914.00 28,914.00
12/01/2022 19,276.00 19,276.00
06/01/2023 100,000 0.650% 19,276.00 119,276.00 138,552.00
12/01/2023 18,951.00 18,951.00
06/01/2024 250,000 0.760% 18,951.00 268,951.00 287,902.00
12/01/2024 18,001.00 18,001.00
06/01/2025 250,000 0.940% 18,001.00 268,001.00 286,002.00
12/01/2025 16,826.00 16,826.00
06/01/2026 255,000 1.010% 16,826.00 271,826.00 288,652.00
12/01/2026 15,538.25 15,538.25
06/01/2027 255,000 1.190% 15,538.25 270,538.25 286,076.50
12/01/2027 14,021.00 14,021.00
06/01/2028 260,000 1.340% 14,021.00 274,021.00 288,042.00
12/01/2028 12,279.00 12,279.00
06/01/2029 265,000 1.460% 12,279.00 277,279.00 289,558.00
12/01/2029 10,344.50 10,344.50
06/01/2030 270,000 1.670% 10,344.50 280,344.50 290,689.00
12/01/2030 8,090.00 8,090.00
06/01/2031 270,000 1.760% 8,090.00 278,090.00 286,180.00
12/01/2031 5,714.00 5,714.00
06/01/2032 275,000 2.000% 5,714.00 280,714.00 286,428.00
12/01/2032 2,964.00 2,964.00
06/01/2033 285,000 2.080% 2,964.00 287,964.00 290,928.00
2,735,000 312,923.50 3,047,923.50 3,047,923.50
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 8
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BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2022 1,350,000 0.620% 94,123.13 1,444,123.13 1,444,123.13
12/01/2022 58,563.75 58,563.75
06/01/2023 1,415,000 0.650% 58,563.75 1,473,563.75 1,532,127.50
12/01/2023 53,965.00 53,965.00
06/01/2024 1,415,000 0.760% 53,965.00 1,468,965.00 1,522,930.00
12/01/2024 48,588.00 48,588.00
06/01/2025 1,430,000 0.940% 48,588.00 1,478,588.00 1,527,176.00
12/01/2025 41,867.00 41,867.00
06/01/2026 765,000 1.010% 41,867.00 806,867.00 848,734.00
12/01/2026 38,003.75 38,003.75
06/01/2027 775,000 1.190% 38,003.75 813,003.75 851,007.50
12/01/2027 33,392.50 33,392.50
06/01/2028 785,000 1.340% 33,392.50 818,392.50 851,785.00
12/01/2028 28,133.00 28,133.00
06/01/2029 795,000 1.460% 28,133.00 823,133.00 851,266.00
12/01/2029 22,329.50 22,329.50
06/01/2030 810,000 1.670% 22,329.50 832,329.50 854,659.00
12/01/2030 15,566.00 15,566.00
06/01/2031 820,000 1.760% 15,566.00 835,566.00 851,132.00
12/01/2031 8,350.00 8,350.00
06/01/2032 835,000 2.000% 8,350.00 843,350.00 851,700.00
11,195,000 791,640.13 11,986,640.13 11,986,640.13
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 9
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SUMMARY OF BONDS REFUNDED
City of Ames,Iowa
Current Refunding of GO Series 2013
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
General Obligation Corporate Purpose Bonds,Series 2013,2013CIP,CIP:
06/01/2022 3.000% 525,000.00 09/09/2021 100.000
06/01/2023 3.000% 540,000.00 09/09/2021 100.000
06/01/2024 3.000% 555,000.00 09/09/2021 100.000
06/01/2025 3.000% 575,000.00 09/09/2021 100,000
2,195,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013LIB,LIB:
O6/01/2022 3.000% 655,000.00 09/09/2021 100.000
06/01/2023 3.000% 675,000.00 09/09/2021 100.000
06/01/2024 3.000% 695,000.00 09/09/2021 100.000
06/01/2025 3.000% 715,000.00 09/09/2021 100.000
06/01/2026 3.000% 735,000.00 09/09/2021 100.000
06/01/2027 3.000% 755,000.00 09/09/2021 100.000
06/01/2028 3.000% 780,000.00 09/09/2021 100.000
06/01/2029 3.000% 805,000.00 09/09/2021 100.000
06/01/2030 3.000% 830,000.00 09/09/2021 100.000
06/01/2031 3.000% 855,000.00 09/09/2021 100.000
06/01/2032 3.125% 880,000.00 09/09/2021 100.000
8,380,000.00
General Obligation Corporate Purpose Bonds,Series 2013,2013RRI,RRI:
06/01/2022 3.000% 115,000.00 09/09/2021 100.000
06/01/2023 3.000% 120,000.00 09/09/2021 100.000
06/01/2024 3.000% 120,000.00 09/09/2021 100.000
06/01/2025 3.000% 125,000.00 09/09/2021 100.000
480,000.00
11,055,000.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 10
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PRIOR BOND DEBT SERVICE
City of Ames,Iowa
Current Refunding of GO Series 2013
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
09/09/2021 -90,581.94 -90,581.94
12/01/2021 166,375.00 166,375.00
06/01/2022 1,295,000 3.000% 166,375.00 1,461,375.00 1,537,168.06
12/01/2022 146,950.00 146,950.00
06/01/2023 1,335,000 3.000% 146,950.00 1,481,950.00 1,628,900.00
12/01/2023 126,925.00 126,925.00
06/01/2024 1,370,000 3.000% 126,925.00 1,496,925.00 1,623,850.00
12/01/2024 106,375.00 106,375.00
06/01/2025 1,415,000 3.000% 106,375.00 1,521,375.00 1,627,750.00
12/01/2025 85,150.00 85,150.00
06/01/2026 735,000 3.000% 85,150.00 820,150.00 905,300.00
12/01/2026 74,125.00 74,125.00
06/01/2027 755,000 3.000% 74,125.00 829,125.00 903,250.00
12/01/2027 62,800.00 62,800.00
06/01/2028 780,000 3.000% 62,800.00 842,800.00 905,600.00
12/01/2028 51,100.00 51,100.00
06/01/2029 805,000 3.000% 51,100.00 856,100.00 907,200.00
12/01/2029 39,025.00 39,025.00
06/01/2030 830,000 3.000% 39,025.00 869,025.00 908,050.00
12/01/2030 26,575.00 26,575.00
06/01/2031 855,000 3.000% 26,575.00 881,575.00 908,150.00
12/01/2031 13,750.00 13,750.00
06/01/2032 880,000 3.125% 13,750.00 893,750.00 907,500.00
11,055,000 1,707,718.06 12,762,718.06 12,762,718.06
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 11
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UNDERWRITER'S DISCOUNT
City of Ames,Iowa
General Obligation Corporate Purpose and Refunding Bonds,Series 2021A
Underwriter's Discount $/1000 Amount
Underwriter's Discount 9.00 226,215.00
9.00 226,215.00
Jun 17,2021 8:51 am Prepared by PFM Financial Advisors LLC Page 12