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Waterloo council accepts bids for $5.315 million and $685,000 general obligation bonds
Summary
The Waterloo City Council approved resolutions accepting proposals to purchase two general obligation bond issues — $5,315,000 (Series 2025 C) and $685,000 taxable (Series 2025 D) — and authorized execution of related note purchase agreements after a staff presentation on bids and ratings.
The Waterloo City Council voted to accept proposals to purchase $5,315,000 of general obligation bonds (Series 2025 C) and $685,000 of taxable general obligation bonds (Series 2025 D) and to approve the form and execution of related note purchase agreements.
Spear Financial presented the bids to the council. ‘‘We are recommending the low interest rate as required by the state of Iowa to Raymond James and Associates of St. Petersburg, Florida at a true interest rate of 3.8493,’’ Maggie Berger of Spear Financial said. Berger reported six bids for the 2025 C issue and five bids for the 2025 D taxable issue and said the market yielded ‘‘a small amount of premium, just about $40,000’’ on the tax-exempt sale.
The council was told Moody’s reaffirmed the city’s rating at Aa2. Berger said the 2025 C debt service schedule extends roughly 12 years and has a call date after June 1, 2032. The taxable 2025 D issue was described as a short-term structure (about six years) and was reported sold to Collier Securities LLC of Minneapolis at a rate of 4.5979; Berger said last year’s comparable taxable rate was 5.3119.
Council members voted on the resolutions by roll call; the clerk recorded affirmative votes from Mr. Boesen, Creighton Smith, Mr. Simon, Mr. Foyce and Mr. Nichols. The motions were adopted, and the council authorized execution of the note purchase agreements in the forms presented.
The city finance office and Spear Financial will proceed with closing steps and execution of the agreements. The resolutions direct acceptance of the proposals and authorize staff to finalize the documents required to complete the financings.
