Waverly approves $10.215 million general-obligation bond sale to fund pool and capital projects

The City Council of the City of Waverly on May 5 approved a resolution directing the sale of $10,215,000 in general obligation bonds, series 2025A, to finance the municipal pool and annual capital improvements.

Maggie Berger, with Spear Financial, told the council the bonds sold today at a true interest cost of 3.896% and that the city received a small market premium of roughly $66,000. Berger said Moody’s reaffirmed the city’s AA3 rating and that the bonds are callable after June 1, 2033. She also noted the issue’s 15-year term compared with the prior year’s 10-year sale and said the larger size reflected inclusion of pool financing in the issue.

The city will receive a breakout showing which portions of the issue finance the pool and which fund other capital projects, Berger said. City staff also told the council the local option sales tax revenue will begin applying to pool costs as earlier discussed, which affects the city’s principal-repayment schedule.

Councilmember Jones moved to approve Resolution 25-64; the motion was seconded and passed on a roll-call vote with all members present voting yes. The council packet includes a final debt-service schedule and a callable date of June 1, 2033.

Mayor Mark A. Anderson opened the hearing and called for public comment; none was offered during the presentation. No amendments to the sale were proposed at the meeting.

The council and financial advisor described the sale process as a competitive online auction with three bidders; the winning bid was submitted by Fidelity Capital Markets, noted Berger. She emphasized the city’s strong cash balances and conservative budgeting as factors supporting the AA3 rating.

The council will receive the detailed allocation of proceeds and the final debt-service schedule from staff for administrative tracking.