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HomeMy WebLinkAboutA014 - Index of Bond Transcript - $12,530,000 General Obligation Corp Purpose Bonds, Series 2025A 801 Grand Avenue | Suite 4100 | Des Moines, IA | 50309‐2790 | T 515.283.1000 | dorsey.com  INDEX OF BOND TRANSCRIPT $12,530,000 General Obligation Corporate Purpose Bonds, Series 2025A Closing Date: October 14, 2025 City of Ames – 419370-78 TO: City of Ames PFM Financial Advisors LLC Keybanc Capital Markets 1. Minutes to Set Date for Hearings on Proposals to Enter into Loan Agreement; Publisher’s Affidavit and Clip 2. Minutes to Hold Hearings on Loan Agreements, Combine Loan Agreements, and Authorize Prelevy 3. Minutes to Set Date for Sale of Bonds and Authorize Official Statement for Bonds 4. Minutes to Authorize Sale and Issuance of Bonds 5. Loan Agreement 6. Specimen Bond 7. Bond Counsel Opinion 8. Certificate of Municipal Advisor 9. Issue Price Certificate 10. Continuing Disclosure Certificate 11. Closing Certificate 12. 8038-G 13. Debt Service Schedule Lori Capron, Director Spe c i m e n B o n d Spe c i m e n B o n d Susanne Gerlach i TERMS OF OFFERING CITY OF AMES, IOWA Bids for the purchase of the City of Ames, Iowa’s (the “City”) $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A (the “Bonds”) will be received on Tuesday, September 23, 2025, before 10:00 A.M., Central Time, after which time they will be tabulated. The City Council will consider award of the Bonds at 6:00 P.M., Central Time, on the same day. Questions regarding the sale of the Bonds should be directed to the City’s Municipal Advisor, PFM Financial Advisors LLC (the “Municipal Advisor”), 801 Grand Avenue, Suite 3300, Des Moines, Iowa, 50309, telephone 515-724-5734. Information may also be obtained from Mr. Roger Wisecup, City Treasurer, City of Ames, 515 Clark Avenue, Ames, Iowa, 50010, telephone 515-239-5119. The following section sets forth the description of certain terms of the Bonds, as well as the “TERMS OF OFFERING” with which all bidders and bid proposals are required to comply. DETAILS OF THE BONDS GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2025A, in the principal amount of $13,735,000* to be dated the date of delivery (anticipated to be October 14, 2025), in the denomination of $5,000 or multiples thereof, will mature on June 1 as follows: Yea Amoun * Yea Amount* 2026 $1,025,000 2032 $1,140,000 2027 895,000 2033 1,200,000 2028 940,000 2034 1,260,000 2029 985,000 2035 1,320,000 2030 1,035,000 2036 1,390,000 2031 1,090,000 2037 1,455,000 * Preliminary; subject to change. ADJUSTMENT TO BOND MATURITY AMOUNTS The aggregate principal amount of the Bonds is subject to reduction by the City or its designee after the determination of the successful bidder. The City may increase or decrease each scheduled maturity thereof in increments of $5,000 but the total amount to be issued will not exceed $13,735,000. 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. INTEREST ON THE BONDS Interest on the Bonds will be payable on June 1, 2026, and semiannually on the 1st day of December and June thereafter. Principal and interest shall be paid to the registered holder of a bond as shown on the records of ownership maintained by the Registrar as of the 15th day of the month preceding the interest payment date (the “Record Date”). 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 Municipal Securities Rulemaking Board. ii OPTIONAL REDEMPTION Bonds due after June 1, 2033, will be subject to call prior to maturity in whole, or from time to time in part, in any order of maturity and within a maturity by lot on said date or on any date thereafter at the option of the City, upon terms of par plus accrued interest to date of call. Written notice of such call shall be given at least thirty (30) days prior to the date fixed for redemption to the registered owners of the Bonds to be redeemed at the address shown on the registration books. 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. (See the “OFFICIAL BID FORM” for more information.) In any event, the above principal amount scheduled shall be represented by either serial bond maturities or mandatory redemption requirements, or a combination of both. GOOD FAITH DEPOSIT A good faith deposit in the amount of $137,350 (the “Deposit”) is required from the lowest bidder only. The lowest bidder is required to submit such Deposit payable to the order of the City, not later than 12:00 P.M., Central Time, on the day of the sale of the Bonds and in the form of either (i) a cashier’s check provided to the City or its Municipal Advisor, or (ii) a wire transfer as instructed by the City’s Municipal Advisor. If not so received, the bid of the lowest bidder may be rejected and the City may direct the second lowest bidder to submit a deposit and thereafter may award the sale of the Bonds to the same. No interest on a deposit will accrue to the successful bidder (the “Purchaser”). The Deposit will be applied to the purchase price of the Bonds. In the event a Purchaser fails to honor its accepted bid proposal, any deposit will be retained by the City. FORM OF BIDS AND AWARD All bids shall be unconditional for the entire issue of Bonds for a price not less than $13,597,650, plus accrued interest, and shall specify the rate or rates of interest in conformity to the limitations as set forth in the “BIDDING PARAMETERS” section herein. Bids must be submitted on or in substantial compliance with the “OFFICIAL BID FORM” provided by the City. The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (the “TIC”) basis assuming compliance with the “ESTABLISHMENT OF ISSUE PRICE” herein, and “GOOD FAITH DEPOSIT” herein. The TIC shall be determined by the present value method, i.e., by ascertaining the semiannual rate, compounded semiannually, necessary to discount to present value as of the dated date of the Bonds, the amount payable on each interest payment date and on each stated maturity date or earlier mandatory redemption, so that the aggregate of such amounts will equal the aggregate purchase price offered therefore. The TIC shall be stated in terms of an annual percentage rate and shall be that rate of interest which is twice the semiannual rate so ascertained (also known as the Canadian Method). The TIC shall be as determined by the Municipal Advisor based on the “TERMS OF OFFERING” and all amendments, and on the bids as submitted. The Municipal Advisor’s computation of the TIC of each bid shall be controlling. In the event of tie bids for the lowest TIC, the Bonds will be awarded by lot. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and (iii) reject any bid which the City determines to have failed to comply with the terms herein. BIDDING 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. iii RECEIPT OF BIDS Forms of Bids: Bids must be submitted on or in substantial compliance with the “TERMS OF OFFERING” and “OFFICIAL BID FORM” provided by the City or through PARITY® competitive bidding system (the “Internet Bid System”). The City shall not be responsible for malfunction or mistake made by any person, or as a result of the use of an electronic bid or the means used to deliver or complete a bid. The use of such facilities or means is at the sole risk of the prospective bidder who shall be bound by the terms of the bid as received. No bid will be accepted after the time specified in the “OFFICIAL BID FORM”. The time as maintained by the Internet Bid System shall constitute the official time with respect to all bids submitted. A bid may be withdrawn before the bid deadline using the same method used to submit the bid. If more than one bid is received from a bidder, the last bid received shall be considered. Sealed Bidding: Sealed bids may be submitted and will be received at the office of the City’s Treasurer, City Hall, 515 Clark Avenue, Ames, Iowa 50010. Electronic Internet Bidding: Electronic internet bids will be received at the office of the City’s Municipal Advisor, PFM Financial Advisors LLC, Des Moines, Iowa, and at the office of the City’s Treasurer. Electronic internet bids must be submitted through the Internet Bid System. Information about the Internet Bid System may be obtained by calling 212-849-5021. Each bidder shall be solely responsible for making necessary arrangements to access the Internet Bid System for purposes of submitting its electronic internet bid in a timely manner and in compliance with the requirements of the “TERMS OF OFFERING” and “OFFICIAL BID FORM”. The City is permitting bidders to use the services of the Internet Bid System solely as a communication mechanism to conduct the electronic internet bidding and the Internet Bid System is not an agent of the City. Provisions of the “TERMS OF OFFERING” and “OFFICIAL BID FORM” shall control in the event of conflict with information provided by the Internet Bid System. BOOK-ENTRY-ONLY ISSUANCE The Bonds will be issued by means of a book-entry-only system with no physical distribution of bond certificates made to the public. The Bonds will be issued in fully registered form and one bond certificate, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the Registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The Purchaser, as a condition of delivery of the Bonds, will be required to deposit the bond certificates with DTC. MUNICIPAL BOND INSURANCE AT PURCHASER’S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefore at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the Purchaser. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the Purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay that initial rating fee. Any other rating agency fees shall be the responsibility of the Purchaser. Failure of the municipal bond insurer to issue the policy after the Bonds have been awarded to the Purchaser shall not constitute cause for failure or refusal by the Purchaser to accept delivery on the Bonds. The City reserves the right in its sole discretion to accept or deny changes to the financing documents requested by the insurer selected by the Purchaser. iv DELIVERY The Bonds will be delivered to the Purchaser through DTC in New York, New York, against full payment in immediately available cash or federal funds. The Bonds are expected to be delivered within forty-five days after the sale. Should delivery be delayed beyond sixty days from the date of sale for any reason except failure of performance by the Purchaser, the Purchaser may withdraw their bid and thereafter their interest in and liability for the Bonds will cease. When the Bonds are ready for delivery, the City will give the Purchaser five working days’ notice of the delivery date and the City will expect payment in full on that date; otherwise reserving the right at its option to determine that the Purchaser failed to comply with the offer of purchase. ESTABLISHMENT OF ISSUE PRICE In order to establish the issue price of the Bonds for federal income tax purposes, the City requires bidders to agree to the following, and by submitting a bid, each bidder agrees to the following. If a bid is submitted by a potential underwriter, the bidder confirms that (i) the underwriters have offered or reasonably expect to offer the Bonds to the public on or before the date of the award at the offering price (the “initial offering price”) for each maturity as set forth in the bid and (ii) the bidder, if it is the winning bidder, shall require any agreement among underwriters, selling group agreement, retail distribution agreement or other agreement relating to the initial sale of the Bonds to the public to which it is a party to include provisions requiring compliance by all parties to such agreements with the provisions contained herein. For purposes hereof, Bonds with a separate CUSIP number constitute a separate “maturity,” and the public does not include underwriters of the Bonds (including members of a selling group or retail distribution group) or persons related to underwriters of the Bonds. If, however, a bid is submitted for the bidder’s own account in a capacity other than as an underwriter of the Bonds, and the bidder has no current intention to sell, reoffer, or otherwise dispose of the Bonds, the bidder shall notify the City to that effect at the time it submits its bid and shall provide a certificate to that effect in place of the certificate otherwise required below. If the winning bidder intends to act as an underwriter, the City shall advise the winning bidder at or prior to the time of award whether (i) the competitive sale rule or (ii) the “hold-the-offering price” rule applies. If the City advises the Purchaser that the requirements for a competitive sale have been satisfied and that the competitive sale rule applies, the Purchaser will be required to deliver to the City at or prior to closing a certification, substantially in the form attached hereto as EXHIBIT 1-A, as to the reasonably expected initial offering price as of the award date. If the City advises the Purchaser that the requirements for a competitive sale have not been satisfied and that the hold-the- offering price rule applies, the Purchaser shall (1) upon the request of the City confirm that the underwriters did not offer or sell any maturity of the Bonds to any person at a price higher than the initial offering price of that maturity during the period starting on the award date and ending on the earlier of (a) the close of the fifth business day after the sale date or (b) the date on which the underwriters have sold at least 10% of that maturity to the public at or below the initial offering price; and (2) at or prior to closing, deliver to the City a certification substantially in the form attached hereto as EXHIBIT 1-B, together with a copy of the pricing wire. Any action to be taken or documentation to be received by the City pursuant hereto may be taken or received on behalf of the City by Municipal Advisor. Bidders should prepare their bids on the assumption that the Bonds will be subject to the “hold-the-offering-price” rule. Any bid submitted pursuant to the “TERMS OF OFFERING” and “OFFICIAL BID FORM” shall be considered a firm offer for the purchase of the Bonds, and bids submitted will not be subject to cancellation or withdrawal. v OFFICIAL STATEMENT The City has authorized the preparation of a Preliminary Official Statement containing pertinent information relative to the Bonds. The Preliminary Official Statement will be further supplemented by offering prices, interest rates, selling compensation, aggregate principal amount, principal amount per maturity, anticipated delivery date and underwriter, together with any other information required by law or deemed appropriate by the City, shall constitute a final Official Statement of the City with respect to the Bonds, as that term is defined in Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Rule”). By awarding the Bonds to any underwriter or underwriting syndicate submitting an “OFFICIAL BID FORM” therefore, the City agrees that no more than seven (7) business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded up to 25 copies of the final Official Statement to permit each “Participating Underwriter” (as that term is defined in the Rule) to comply with the provisions of the Rule. The City shall treat the senior managing underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the final Official Statement to the Participating Underwriter. Any underwriter executing and delivering an “OFFICIAL BID FORM” with respect to the Bonds, agrees thereby, if its bid is accepted by the City, (i) it shall accept such designation, and (ii) it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the final Official Statement. ELECTRONIC EXECUTED DOCUMENTS Purchaser consents to the receipt of electronic transcripts and acknowledges the City’s intended use of electronically executed documents. Chapter 554D of the Iowa Code establishes electronic signatures have the full weight and legal authority as manual signatures. CONTINUING DISCLOSURE The City will covenant in a Continuing Disclosure Certificate for the benefit of the Owners and Beneficial Owners of the Certificates to provide annually certain financial information and operating data relating to the City (the “Annual Report”), and to provide notices of the occurrence of certain enumerated events. The Annual Report is to be filed by the City not later than June 30th after the close of each fiscal year, commencing with the close of the fiscal year ending June 30, 2025, with the Municipal Securities Rulemaking Board, at its internet repository named “Electronic Municipal Market Access” (“EMMA”). The notices of events, if any, are also to be filed with EMMA. See “APPENDIX D – FORM OF CONTINUING DISCLOSURE CERTIFICATE”. The specific nature of the information to be contained in the Annual Report or the notices of events, and the manner in which such materials are to be filed, are summarized in “APPENDIX D – FORM OF CONTINUING DISCLOSURE CERTIFICATE”. These covenants have been made in order to assist the Purchaser in complying with section (b)(5) of the Rule. In accordance with the reporting requirements of paragraph (f)(3) of the Rule, within the past five years, the City has not failed to comply, in all material respects, with any previous undertakings it has entered into with respect to the Rule. Regarding the Mary Greeley Medical Center’s (the “Medical Center”) the Annual Financial Information and Operating Data Report for the Fiscal Year ending June 30, 2021 was not timely filed. Breach of the undertakings will not constitute a default or an “Event of Default” under the Bonds or the resolution for the Bonds. A broker or dealer is to consider a known breach of the undertakings, however, before recommending the purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the undertakings may adversely affect the transferability and liquidity of the Bonds and their market price. CUSIP NUMBERS It is anticipated that Committee on Uniform Security Identification Procedures (“CUSIP”) numbers will be printed on the Bonds and the Purchaser must agree in the bid proposal to pay the cost thereof. In no event will the City, Bond Counsel or Municipal Advisor be responsible for the review or express any opinion that the CUSIP numbers are correct. Incorrect CUSIP numbers on said Bonds shall not be cause for the Purchaser to refuse to accept delivery of said Bonds. BY ORDER OF THE CITY COUNCIL City of Ames, Iowa /s/ Roger Wisecup, City Treasurer vi SCHEDULE OF BOND YEARS $13,735,000* City of Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2025A Bonds Dated: Interest Due: June 1, 2026 and each December 1 and June 1 to maturity Principal Due: June 1, 2026-2037 Cumulative Year Principal *ond Years Bond Years 2026 $1,025,000 646.32 646.32 2027 895,000 1,459.35 2,105.67 2028 940,000 2,472.72 4,578.39 2029 985,000 3,576.10 8,154.49 2030 1,035,000 4,792.63 12,947.11 2031 1,090,000 6,137.31 19,084.42 2032 1,140,000 7,558.83 26,643.25 2033 1,200,000 9,156.67 35,799.92 2034 1,260,000 10,874.50 46,674.42 2035 1,320,000 12,712.33 59,386.75 2036 1,390,000 14,776.47 74,163.22 2037 1,455,000 16,922.46 91,085.68 Average Maturity (dated date): 6.632 Years * Preliminary; subject to change. October 14, 2025 OFFICIAL BID FORM To: City Council of Sale Date: September 23, 2025 City of Ames, Iowa 10:00 A.M., CT RE: $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A (the “Bonds”) This bid is a firm offer for the purchase of the Bonds identified in the “TERMS OF OFFERING” and on the terms set forth in this bid form and “TERMS OF OFFERING”, and is not subject to any conditions, except as permitted by the “TERMS OF OFFERING”. By submitting this bid, we confirm we have an established industry reputation for underwriting new issuance of municipal bonds. For all or none of the above Bonds, in accordance with the “TERMS OF OFFERING”, we will pay you $________________ (not less than $13,597,650) plus accrued interest to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows: Coupon Maturity Yield Coupon Maturity Yield 2026 2032 2027 2033 2028 2034 2029 2035 2030 2036 2031 2037 * Preliminary; subject to change. The aggregate principal amount of the Bonds, and each scheduled maturity thereof, are subject to 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 $13,735,000. 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. We hereby designate that the following Bonds to be aggregated into term bonds maturing on June 1 of the following years and in the following amounts (leave blank if no term bonds are specified): Years Aggregated Maturity Year Aggregate Amount throu h throu h throu h In making this offer we accept all of the terms and conditions of the “TERMS OF OFFERING” published in the Preliminary Official Statement dated September 9, 2025, and represent we are a bidder with an established industry reputation for underwriting new issuances of municipal bonds. In the event of failure to deliver the Bonds in accordance with the “TERMS OF OFFERING” as printed in the Preliminary Official Statement and made a part hereof, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: NET INTEREST COST: $___________________________ TRUE INTEREST COST: ___________________________% (Based on dated date of October 14, 2025) Account Manager: _________________________________ By: _________________________________________ Account Members: ______________________________________________________________________________ The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Ames, Iowa this 23rd day of September 2025. Attest: By: Title: Title: Upcoming Calendar Overview Result Excel Print KeyBanc Capital Markets - Cleveland , OH's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $15,026,634.45, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.2200 101.728 06/01/2027 895M 5.0000 2.1300 104.572 06/01/2028 940M 5.0000 2.1300 107.301 06/01/2029 985M 5.0000 2.1600 109.863 06/01/2030 1,035M 5.0000 2.2600 111.979 06/01/2031 1,090M 5.0000 2.4100 113.557 06/01/2032 1,140M 5.0000 2.5900 114.593 06/01/2033 1,200M 5.0000 2.6900 115.836 06/01/2034 1,260M 5.0000 2.8200 114.869 06/01/2035 1,320M 5.0000 3.0000 113.546 06/01/2036 1,390M 4.0000 3.3500 104.341 06/01/2037 1,455M 4.0000 3.5000 103.319 Total Interest Cost:$4,237,294.72 Premium:$1,291,634.45 Net Interest Cost:$2,945,660.27 TIC:3.047394 Time Last Bid Received On:09/23/2025 9:46:45 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:KeyBanc Capital Markets, Cleveland , OH Contact:Robert Bond Title:Managing Director Telephone:317-258-7458 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:00 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=4&sec_type=BD&bidd…1/1 Result KeyBanc Capital Markets's Reoffering Scale Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A Maturity Date Amount $Coupon %Yield %Dollar Price Call Date 06/01/2026 1,025M 5.0000 2.2200 101.728 06/01/2027 895M 5.0000 2.1300 104.572 06/01/2028 940M 5.0000 2.1300 107.301 06/01/2029 985M 5.0000 2.1600 109.863 06/01/2030 1,035M 5.0000 2.2600 111.979 06/01/2031 1,090M 5.0000 2.4100 113.557 06/01/2032 1,140M 5.0000 2.5900 114.593 06/01/2033 1,200M 5.0000 2.6900 115.836 06/01/2034 1,260M 5.0000 2.8200 114.869 06/01/2033 06/01/2035 1,320M 5.0000 3.0000 113.546 06/01/2033 06/01/2036 1,390M 4.0000 3.3500 104.341 06/01/2033 06/01/2037 1,455M 4.0000 3.5000 103.319 06/01/2033 Accrued Interest: $0.00 Gross Production: $15,062,345.45 © 1981-2023 Ipreo, All rights reserved, Trademarks Upcoming Calendar Overview Result Excel Print Janney Montgomery Scott LLC - Philadelphia , PA's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $15,011,264.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.1700 104.507 06/01/2028 940M 5.0000 2.1600 107.222 06/01/2029 985M 5.0000 2.1900 109.752 06/01/2030 1,035M 5.0000 2.2800 111.886 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7000 115.761 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0400 113.254 06/01/2036 1,390M 4.0000 3.3500 104.341 06/01/2037 1,455M 4.0000 3.5000 103.319 Total Interest Cost:$4,237,294.72 Premium:$1,276,264.90 Net Interest Cost:$2,961,029.82 TIC:3.065505 Time Last Bid Received On:09/23/2025 9:51:11 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:Janney Montgomery Scott LLC, Philadelphia , PA Contact:Lauren Carter Title: Telephone:215-665-6521 Fax:215-557-8648 Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:01 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=9&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print Piper Sandler & Co - Minneapolis , MN's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,989,186.95, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.1700 104.507 06/01/2028 940M 5.0000 2.1600 107.222 06/01/2029 985M 5.0000 2.1900 109.752 06/01/2030 1,035M 5.0000 2.3000 111.792 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7300 115.537 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0200 113.400 06/01/2036 1,390M 4.0000 3.3000 104.684 06/01/2037 1,455M 4.0000 3.4800 103.455 Total Interest Cost:$4,237,294.72 Premium:$1,254,186.95 Net Interest Cost:$2,983,107.77 TIC:3.091568 Time Last Bid Received On:09/23/2025 9:56:41 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:Piper Sandler & Co, Minneapolis , MN Contact:Darci Doneff Title:Managing Director Telephone:612-303-2116 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:02 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=10&sec_type=BD&bid…1/1 Upcoming Calendar Overview Result Excel Print Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,872,295.00, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.1700 104.507 06/01/2028 940M 5.0000 2.1600 107.222 06/01/2029 985M 5.0000 2.1900 109.752 06/01/2030 1,035M 5.0000 2.2800 111.886 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7000 115.761 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 4.0000 3.1000 106.071 06/01/2036 1,390M 4.0000 3.3000 104.684 06/01/2037 1,455M 4.0000 3.5000 103.319 Total Interest Cost:$4,110,171.39 Premium:$1,137,295.00 Net Interest Cost:$2,972,876.39 TIC:3.100711 Time Last Bid Received On:09/23/2025 9:49:17 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:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:03 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=1&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print HilltopSecurities - Dallas , TX's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,969,855.30, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.1400 104.556 06/01/2028 940M 5.0000 2.1300 107.301 06/01/2029 985M 5.0000 2.1800 109.789 06/01/2030 1,035M 5.0000 2.2800 111.886 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7200 115.612 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0400 113.254 06/01/2036 1,390M 4.0000 3.4500 103.658 06/01/2037 1,455M 4.0000 3.6000 102.644 Total Interest Cost:$4,237,294.72 Premium:$1,234,855.30 Net Interest Cost:$3,002,439.42 TIC:3.114435 Time Last Bid Received On:09/23/2025 9:59:01 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:HilltopSecurities, Dallas , TX Contact:William Evans Title:Sr Managing Director Telephone:214-859-9421 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:03 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=11&sec_type=BD&bid…1/1 Upcoming Calendar Overview Result Excel Print The Baker Group - Oklahoma City , OK's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,968,103.00, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.2500 101.709 06/01/2027 895M 5.0000 2.1000 104.622 06/01/2028 940M 5.0000 2.1000 107.381 06/01/2029 985M 5.0000 2.1300 109.973 06/01/2030 1,035M 5.0000 2.2300 112.119 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7100 115.686 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0100 113.473 06/01/2036 1,390M 4.0000 3.3600 104.273 06/01/2037 1,455M 4.0000 3.5000 103.319 Total Interest Cost:$4,237,294.72 Premium:$1,233,103.00 Net Interest Cost:$3,004,191.72 TIC:3.116509 Time Last Bid Received On:09/23/2025 9:59:46 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:The Baker Group, Oklahoma City , OK Contact:James Virgona Title: Telephone:405-415-7309 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:04 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=15&sec_type=BD&bid…1/1 Upcoming Calendar Overview Result Excel Print StoneX Financial Inc. - Winter Park , FL's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,949,418.30, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.2200 104.425 06/01/2028 940M 5.0000 2.2100 107.089 06/01/2029 985M 5.0000 2.2400 109.569 06/01/2030 1,035M 5.0000 2.3100 111.746 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7400 115.463 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0400 113.254 06/01/2036 1,390M 4.0000 3.4000 103.999 06/01/2037 1,455M 4.0000 3.5500 102.981 Total Interest Cost:$4,237,294.72 Premium:$1,214,418.30 Net Interest Cost:$3,022,876.42 TIC:3.138655 Time Last Bid Received On:09/23/2025 9:59:28 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:StoneX Financial Inc., Winter Park , FL Contact:Tony Posthauer Title:Underwriter Telephone:689-312-1541 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:04 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=6&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print TD Securities - New York , NY's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,963,537.30, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.1800 101.753 06/01/2027 895M 5.0000 2.2200 104.425 06/01/2028 940M 5.0000 2.2100 107.089 06/01/2029 985M 5.0000 2.2200 109.642 06/01/2030 1,035M 5.0000 2.3300 111.653 06/01/2031 1,090M 5.0000 2.4400 113.388 06/01/2032 1,140M 5.0000 2.6200 114.396 06/01/2033 1,200M 5.0000 2.7400 115.463 06/01/2034 1,260M 5.0000 2.8800 114.426 06/01/2035 1,320M 5.0000 3.0300 113.327 06/01/2036 1,390M 4.0000 3.3900 104.067 06/01/2037 1,455M 4.1250 3.5500 103.810 Total Interest Cost:$4,258,447.80 Premium:$1,228,537.30 Net Interest Cost:$3,029,910.50 TIC:3.142787 Time Last Bid Received On:09/23/2025 9:38:43 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:TD Securities, New York , NY Contact:Jake Frackowiak Title: Telephone:212-827-7171 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:05 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=14&sec_type=BD&bid…1/1 Upcoming Calendar Overview Result Excel Print Huntington Securities, Inc. - Chicago , IL's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,943,561.15, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.3700 101.633 06/01/2027 895M 5.0000 2.2000 104.457 06/01/2028 940M 5.0000 2.1900 107.142 06/01/2029 985M 5.0000 2.2200 109.642 06/01/2030 1,035M 5.0000 2.3100 111.746 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.8000 115.017 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.1900 112.169 06/01/2036 1,390M 4.0000 3.5400 103.049 06/01/2037 1,455M 4.0000 3.6700 102.175 Total Interest Cost:$4,237,294.72 Premium:$1,208,561.15 Net Interest Cost:$3,028,733.57 TIC:3.145606 Time Last Bid Received On:09/23/2025 9:59:59 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:Huntington Securities, Inc., Chicago , IL Contact:Douglas Fox Title: Telephone:312-443-1554 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:06 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=16&sec_type=BD&bid…1/1 Upcoming Calendar Overview Result Excel Print Brownstone Investment Group, LLC - New York , NY's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,939,797.20, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.3200 101.665 06/01/2027 895M 5.0000 2.2400 104.392 06/01/2028 940M 5.0000 2.2100 107.089 06/01/2029 985M 5.0000 2.2300 109.606 06/01/2030 1,035M 5.0000 2.3100 111.746 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7400 115.463 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0800 112.964 06/01/2036 1,390M 4.0000 3.4800 103.455 06/01/2037 1,455M 4.0000 3.6500 102.309 Total Interest Cost:$4,237,294.72 Premium:$1,204,797.20 Net Interest Cost:$3,032,497.52 TIC:3.150074 Time Last Bid Received On:09/23/2025 9:58:24 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:Brownstone Investment Group, LLC, New York , NY Contact:Thomas Murray Title: Telephone:212-905-0551 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:07 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=7&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print Mesirow Financial, Inc. - Chicago , IL's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $15,203,714.15, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.3000 101.677 06/01/2027 895M 5.0000 2.1500 104.540 06/01/2028 940M 5.0000 2.1500 107.248 06/01/2029 985M 5.0000 2.1800 109.789 06/01/2030 1,035M 5.0000 2.2700 111.932 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7200 115.612 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0500 113.182 06/01/2036 1,390M 5.0000 3.2500 111.738 06/01/2037 1,455M 5.0000 3.4000 110.670 Total Interest Cost:$4,554,284.03 Premium:$1,468,714.15 Net Interest Cost:$3,085,569.88 TIC:3.151899 Time Last Bid Received On:09/23/2025 9:57:35 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:Mesirow Financial, Inc., Chicago , IL Contact:Mark O'Connor Title: Telephone:212-530-7652 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:07 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=8&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print FHN Financial Capital Markets - New York , NY's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $14,929,923.55, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 4.0000 2.4700 100.949 06/01/2027 895M 5.0000 2.1500 104.540 06/01/2028 940M 5.0000 2.1500 107.248 06/01/2029 985M 5.0000 2.1900 109.752 06/01/2030 1,035M 5.0000 2.2800 111.886 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7200 115.612 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0500 113.182 06/01/2036 1,390M 4.0000 3.4500 103.658 06/01/2037 1,455M 4.0000 3.6000 102.644 Total Interest Cost:$4,230,831.53 Premium:$1,194,923.55 Net Interest Cost:$3,035,907.98 TIC:3.154274 Time Last Bid Received On:09/23/2025 9:55:36 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:FHN Financial Capital Markets, New York , NY Contact:Robert McCraw Title: Telephone:212-418-5020 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:08 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=2&sec_type=BD&bidd…1/1 Upcoming Calendar Overview Result Excel Print Loop Capital Markets, LLC - New York , NY's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $15,145,191.69, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.4700 101.570 06/01/2027 895M 5.0000 2.2000 104.457 06/01/2028 940M 5.0000 2.2000 107.115 06/01/2029 985M 5.0000 2.2000 109.716 06/01/2030 1,035M 5.0000 2.2600 111.979 06/01/2031 1,090M 5.0000 2.4300 113.445 06/01/2032 1,140M 5.0000 2.6100 114.462 06/01/2033 1,200M 5.0000 2.7000 115.761 06/01/2034 1,260M 5.0000 2.8500 114.647 06/01/2035 1,320M 5.0000 3.0400 113.254 06/01/2036 1,390M 5.0000 3.2800 111.524 06/01/2037 1,455M 5.0000 3.4200 110.528 Total Interest Cost:$4,554,284.03 Premium:$1,410,191.69 Net Interest Cost:$3,144,092.34 TIC:3.220423 Time Last Bid Received On:09/23/2025 9:59:57 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:Loop Capital Markets, LLC, New York , NY Contact:Charles Reed Title: Telephone:212-619-3045 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:09 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=3&sec_type=BD&bidd…1/1 801 Grand Avenue, Suite 3300 Des Moines, Iowa 50309 (515) 243-2600 RESULTS OF SALE CITY OF AMES, IOWA $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A AWARD KEYBANC CAPITAL MARKETS SALE DATE: September 23, 2025 DATED DATE: October 14, 2025 RATING: Moody’s Ratings ‘Aa1’ BANK QUALIFIED: No BIDDER ADDRESS YEAR RATE KEYBANC CAPITAL MARKETS Cleveland, Ohio 2026 5.000% Price 2027 5.000% $15,026,634.45* 2028 5.000% 2029 5.000% NIC 2030 5.000% $2,945,660.27* 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.0473%* 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE JANNEY MONTGOMERY SCOTT Philadelphia, Pennsylvania 2026 5.000% Price 2027 5.000% $15,011,264.90 2028 5.000% 2029 5.000% NIC 2030 5.000% $2,961,029.82 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.0655% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% * Subsequent to the receipt of bids, the City decreased the aggregate par amount of the Bonds to $12,530,000. The resulting Purchase Price decreased to $13,689,095.85, the True Interest Cost decreased to 3.0464% and the Net Interest Cost decreased to $2,638,181.09. City of Ames, Iowa Page 2 $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A BIDDER ADDRESS YEAR RATE PIPER SANDLER & CO. Minneapolis, Minnesot 2026 5.000% Price 2027 5.000% $14,989,186.95 2028 5.000% 2029 5.000% NIC 2030 5.000% $2,983,107.77 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.0915% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE ROBERT W. BAIRD & CO., INC. Milwaukee, Wisconsin 2026 5.000% Price C.L. KING & ASSOCIATES, INC. Hoboken, New Jersey 2027 5.000% $14,872,295.00 EDWARD JONES Richmond, Virgini 2028 5.000% COLLIERS SECURITIES LLC Minneapolis, Minnesot 2029 5.000% NIC STIFEL, NICOLAUS & CO., INC. Denver, Colorado 2030 5.000% $2,972,876.39 CREWS & ASSOCIATES, INC. Little Rock, Arkansas 2031 5.000% DAVENPORT & CO. LLC Boston, Massachusetts 2032 5.000% TIC SOUTHSTATE/DUNCAN WILLIAMS Milwaukee, Wisconsin 2033 5.000% 3.1007% BERNARDI SECURITIES, INC. Miami, Florida 2034 5.000% OPPENHEIMER & CO. Minneapolis, Minnesot 2035 4.000% UMB BANK, N.A. Kansas City, Missouri 2036 4.000% CARTY & COMPANY, INC. Memphis, Tennessee 2037 4.000% NORTHLAND SECURITIES Stamford, Connecticut CADZ SECURITIES INC. Fort Lauderdale, Florid D.A. DAVIDSON & CO. Denver, Colorado CELADON FINANCIAL GROUP LLC Denver, Colorado ALLIANCE GLOBAL PARTNERS Richmond, Virgini BOK FINANCIAL SECURITIES, INC. Tulsa, Oklahoma MIDLAND SECURITIES Dallas, Texas FMS BONDS, INC. Alpharetta, Georgi ISAAK BOND INVESTMENTS, INC. New York, New York FIRST SOUTHERN SECURITIES LLC New York, New York MULTI-BANK SECURITIES, INC. Summit, New Jersey DINOSAUR FINANCIAL GROUP Chicago, Illinois FIRST BANKERS’ BANC SECURITIES Chatham, New Jersey MOUNTAINSIDE SECURITIES LLC Summit, New Jersey BLAYLOCK VAN, LLC Oakland, Californi FALCON SQUARE CAPITAL Raleigh, North Carolin CALDWELL SUTTER CAPITAL, INC. Sausalito, Californi ZIONS BANK, division of ZB, N.A. Salt Lake City, Utah City of Ames, Iowa Page 3 $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A BIDDER ADDRESS YEAR RATE HILLTOP SECURITIES INC. Dallas, Texas 2026 5.000% Price 2027 5.000% $14,969,855.30 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,002,439.42 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1144% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE THE BAKER GROUP Oklahoma City, Oklahoma 2026 5.000% Price 2027 5.000% $14,968,103.00 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,004,191.72 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1165% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE STONEX FINANCIAL INC. Winter Park, Florid 2026 5.000% Price 2027 5.000% $14,949,418.30 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,022,876.42 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1386% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% City of Ames, Iowa Page 4 $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A BIDDER ADDRESS YEAR RATE TD SECURITIES (USA) LLC New York, New York 2026 5.000% Price 2027 5.000% $14,963,537.30 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,029,910.50 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1427% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.125% BIDDER ADDRESS YEAR RATE HUNTINGTON SECURITIES, INC. Chicago, Illinois 2026 5.000% Price 2027 5.000% $14,943,561.15 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,028,733.57 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1456% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE BROWNSTONE INVESTMENT GRP, LLC New York, New York 2026 5.000% Price 2027 5.000% $14,939,797.20 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,032,497.52 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1500% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% City of Ames, Iowa Page 5 $13,735,000* General Obligation Corporate Purpose Bonds, Series 2025A BIDDER ADDRESS YEAR RATE MESIROW FINANCIAL, INC. Chicago, Illinois 2026 5.000% Price 2027 5.000% $15,203,714.15 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,085,569.88 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1518% 2034 5.000% 2035 5.000% 2036 5.000% 2037 5.000% BIDDER ADDRESS YEAR RATE FHN FINANCIAL CAPITAL MARKETS New York, New York 2026 5.000% Price 2027 5.000% $14,929,923.55 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,035,907.98 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.1542% 2034 5.000% 2035 5.000% 2036 4.000% 2037 4.000% BIDDER ADDRESS YEAR RATE LOOP CAPITAL MARKETS LLC New York, New York 2026 5.000% Price 2027 5.000% $15,145,191.69 2028 5.000% 2029 5.000% NIC 2030 5.000% $3,144,092.34 2031 5.000% 2032 5.000% TIC 2033 5.000% 3.2204% 2034 5.000% 2035 5.000% 2036 5.000% 2037 5.000% Lori Capron Sep 23, 2025 11:34 am Prepared by PFM Financial Advisors LLC Page 2 BOND SUMMARY STATISTICS City of Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2025A FINAL Dated Date 10/14/2025 Delivery Date 10/14/2025 Last Maturity 06/01/2037 Arbitrage Yield 2.822013% True Interest Cost (TIC) 3.046424% Net Interest Cost (NIC) 3.232833% All-In TIC 3.147091% Average Coupon 4.653191% Average Life (years) 6.513 Weighted Average Maturity (years) 6.542 Duration of Issue (years) 5.644 Par Amount 12,530,000.00 Bond Proceeds 13,721,673.85 Total Interest 3,797,276.94 Net Interest 2,638,181.09 Total Debt Service 16,327,276.94 Maximum Annual Debt Service 1,544,026.94 Average Annual Debt Service 1,403,826.06 Underwriter's Fees (per $1000) Average Takedown Other Fee 2.600000 Total Underwriter's Discount 2.600000 Bid Price 109.250565 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Bond Component 12,530,000.00 109.511 4.65319144% 6.513 6,626.85 12,530,000.00 6.513 6,626.85 All-In Arbitrage TIC TIC Yield Par Value 12,530,000.00 12,530,000.00 12,530,000.00 + Accrued Interest + Premium (Discount) 1,191,673.85 1,191,673.85 1,191,673.85 - Underwriter's Discount -32,578.00 -32,578.00 - Cost of Issuance Expense -76,300.00 - Other Amounts Target Value 13,689,095.85 13,612,795.85 13,721,673.85 Target Date 10/14/2025 10/14/2025 10/14/2025 Yield 3.046424% 3.147091% 2.822013% Sep 23, 2025 11:34 am Prepared by PFM Financial Advisors LLC Page 3 BOND PRICING City of Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2025A FINAL Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Bond Component: 06/01/2026 1,165,000.00 5.000% 2.220% 101.728 20,131.20 06/01/2027 800,000.00 5.000% 2.130% 104.572 36,576.00 06/01/2028 840,000.00 5.000% 2.130% 107.301 61,328.40 06/01/2029 880,000.00 5.000% 2.160% 109.863 86,794.40 06/01/2030 925,000.00 5.000% 2.260% 111.979 110,805.75 06/01/2031 975,000.00 5.000% 2.410% 113.557 132,180.75 06/01/2032 1,020,000.00 5.000% 2.590% 114.593 148,848.60 06/01/2033 1,075,000.00 5.000% 2.690% 115.836 170,237.00 06/01/2034 1,125,000.00 5.000% 2.820% 114.869 C 3.029% 06/01/2033 100.000 167,276.25 06/01/2035 1,185,000.00 5.000% 3.000% 113.546 C 3.343% 06/01/2033 100.000 160,520.10 06/01/2036 1,240,000.00 4.000% 3.350% 104.341 C 3.507% 06/01/2033 100.000 53,828.40 06/01/2037 1,300,000.00 4.000% 3.500% 103.319 C 3.647% 06/01/2033 100.000 43,147.00 12,530,000.00 1,191,673.85 Dated Date 10/14/2025 Delivery Date 10/14/2025 First Coupon 06/01/2026 Par Amount 12,530,000.00 Premium 1,191,673.85 Production 13,721,673.85 109.510565% Underwriter's Discount -32,578.00 -0.260000% Purchase Price 13,689,095.85 109.250565% Accrued Interest Net Proceeds 13,689,095.85 Sep 23, 2025 11:34 am Prepared by PFM Financial Advisors LLC Page 4 BOND DEBT SERVICE City of Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2025A FINAL Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2026 1,165,000.00 5.000% 379,026.94 1,544,026.94 1,544,026.94 12/01/2026 271,425.00 271,425.00 06/01/2027 800,000.00 5.000% 271,425.00 1,071,425.00 1,342,850.00 12/01/2027 251,425.00 251,425.00 06/01/2028 840,000.00 5.000% 251,425.00 1,091,425.00 1,342,850.00 12/01/2028 230,425.00 230,425.00 06/01/2029 880,000.00 5.000% 230,425.00 1,110,425.00 1,340,850.00 12/01/2029 208,425.00 208,425.00 06/01/2030 925,000.00 5.000% 208,425.00 1,133,425.00 1,341,850.00 12/01/2030 185,300.00 185,300.00 06/01/2031 975,000.00 5.000% 185,300.00 1,160,300.00 1,345,600.00 12/01/2031 160,925.00 160,925.00 06/01/2032 1,020,000.00 5.000% 160,925.00 1,180,925.00 1,341,850.00 12/01/2032 135,425.00 135,425.00 06/01/2033 1,075,000.00 5.000% 135,425.00 1,210,425.00 1,345,850.00 12/01/2033 108,550.00 108,550.00 06/01/2034 1,125,000.00 5.000% 108,550.00 1,233,550.00 1,342,100.00 12/01/2034 80,425.00 80,425.00 06/01/2035 1,185,000.00 5.000% 80,425.00 1,265,425.00 1,345,850.00 12/01/2035 50,800.00 50,800.00 06/01/2036 1,240,000.00 4.000% 50,800.00 1,290,800.00 1,341,600.00 12/01/2036 26,000.00 26,000.00 06/01/2037 1,300,000.00 4.000% 26,000.00 1,326,000.00 1,352,000.00 12,530,000.00 3,797,276.94 16,327,276.94 16,327,276.94 Result KeyBanc Capital Markets's Reoffering Scale Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A Maturity Date Amount $Coupon %Yield %Dollar Price Call Date 06/01/2026 1,025M 5.0000 2.2200 101.728 06/01/2027 895M 5.0000 2.1300 104.572 06/01/2028 940M 5.0000 2.1300 107.301 06/01/2029 985M 5.0000 2.1600 109.863 06/01/2030 1,035M 5.0000 2.2600 111.979 06/01/2031 1,090M 5.0000 2.4100 113.557 06/01/2032 1,140M 5.0000 2.5900 114.593 06/01/2033 1,200M 5.0000 2.6900 115.836 06/01/2034 1,260M 5.0000 2.8200 114.869 06/01/2033 06/01/2035 1,320M 5.0000 3.0000 113.546 06/01/2033 06/01/2036 1,390M 4.0000 3.3500 104.341 06/01/2033 06/01/2037 1,455M 4.0000 3.5000 103.319 06/01/2033 Accrued Interest: $0.00 Gross Production: $15,062,345.45 © 1981-2023 Ipreo, All rights reserved, Trademarks Upcoming Calendar Overview Result Excel Print KeyBanc Capital Markets - Cleveland , OH's Bid Ames $13,735,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $13,735,000.00, we will pay you $15,026,634.45, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $Coupon %Yield %Dollar Price 06/01/2026 1,025M 5.0000 2.2200 101.728 06/01/2027 895M 5.0000 2.1300 104.572 06/01/2028 940M 5.0000 2.1300 107.301 06/01/2029 985M 5.0000 2.1600 109.863 06/01/2030 1,035M 5.0000 2.2600 111.979 06/01/2031 1,090M 5.0000 2.4100 113.557 06/01/2032 1,140M 5.0000 2.5900 114.593 06/01/2033 1,200M 5.0000 2.6900 115.836 06/01/2034 1,260M 5.0000 2.8200 114.869 06/01/2035 1,320M 5.0000 3.0000 113.546 06/01/2036 1,390M 4.0000 3.3500 104.341 06/01/2037 1,455M 4.0000 3.5000 103.319 Total Interest Cost:$4,237,294.72 Premium:$1,291,634.45 Net Interest Cost:$2,945,660.27 TIC:3.047394 Time Last Bid Received On:09/23/2025 9:46:45 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:KeyBanc Capital Markets, Cleveland , OH Contact:Robert Bond Title:Managing Director Telephone:317-258-7458 Fax: Issuer Name:City of Ames Company Name:___________________________ Accepted By:___________________________Accepted By:___________________________ Date:___________________________Date:___________________________ © 1981-2023 Ipreo, All rights reserved, Trademarks 9/23/25, 10:00 AM PARITY Bid Form https://newissue.muni.spglobal.com/Parity/asp/main.asp?page=parityBidform&customer=TM3&issue_key_no=357438&bid_no=4&sec_type=BD&bidd…1/1 Sep 23, 2025 11:34 am Prepared by PFM Financial Advisors LLC Page 4 BOND DEBT SERVICE City of Ames, Iowa General Obligation Corporate Purpose Bonds, Series 2025A FINAL Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2026 1,165,000.00 5.000% 379,026.94 1,544,026.94 1,544,026.94 12/01/2026 271,425.00 271,425.00 06/01/2027 800,000.00 5.000% 271,425.00 1,071,425.00 1,342,850.00 12/01/2027 251,425.00 251,425.00 06/01/2028 840,000.00 5.000% 251,425.00 1,091,425.00 1,342,850.00 12/01/2028 230,425.00 230,425.00 06/01/2029 880,000.00 5.000% 230,425.00 1,110,425.00 1,340,850.00 12/01/2029 208,425.00 208,425.00 06/01/2030 925,000.00 5.000% 208,425.00 1,133,425.00 1,341,850.00 12/01/2030 185,300.00 185,300.00 06/01/2031 975,000.00 5.000% 185,300.00 1,160,300.00 1,345,600.00 12/01/2031 160,925.00 160,925.00 06/01/2032 1,020,000.00 5.000% 160,925.00 1,180,925.00 1,341,850.00 12/01/2032 135,425.00 135,425.00 06/01/2033 1,075,000.00 5.000% 135,425.00 1,210,425.00 1,345,850.00 12/01/2033 108,550.00 108,550.00 06/01/2034 1,125,000.00 5.000% 108,550.00 1,233,550.00 1,342,100.00 12/01/2034 80,425.00 80,425.00 06/01/2035 1,185,000.00 5.000% 80,425.00 1,265,425.00 1,345,850.00 12/01/2035 50,800.00 50,800.00 06/01/2036 1,240,000.00 4.000% 50,800.00 1,290,800.00 1,341,600.00 12/01/2036 26,000.00 26,000.00 06/01/2037 1,300,000.00 4.000% 26,000.00 1,326,000.00 1,352,000.00 12,530,000.00 3,797,276.94 16,327,276.94 16,327,276.94