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Waukee awards $10.46 million Series 2026A general-obligation bonds to Raymond James
Summary
PFM told the council Raymond James submitted the low bid at 3.60% for $10,460,000 of GO bonds, producing about $827,000 in additional proceeds; council approved the resolution directing the sale.
PFM municipal adviser Matt Stuffle told the Waukee City Council the city received 10 bids, with Raymond James submitting the low bid at 3.60 percent for $10,460,000 of general-obligation bonds (Series 2026A). "The low bid was from Raymond James, out of New York, New York. They bid at 3.6 o percent," Stuffle said, and he added the cover bid came from Hilltop Securities at 3.63 percent. Stuffle said the results were "very favorable" and produced about "$827,000 of additional proceeds based on the premium and lower debt service of over $800,000."
The council considered a resolution directing the sale of the bonds and, after Stuffle said PFM recommended awarding the issue to Raymond James and invited questions, voted to approve the resolution. Council members present answered affirmatively when polled for the roll-call vote.
Why it matters: The reduced borrowing cost and additional premium proceeds improve the city’s debt-service position and increase funds available from the issue. Stuffle noted the spread to the municipal index was roughly 17 basis points, "the lowest the city has seen ... at least over the last 5 years," underscoring the favorable market conditions when bids were taken.
What happened: The municipal-adviser presentation covered the bidding process (10 bids, 38 banks in syndicate), the winning bid and the recommendation to award the bonds to Raymond James. City staff then brought the resolution forward; the council moved, seconded and approved the resolution directing sale.
Next steps: The award to Raymond James and final terms will be completed consistent with the resolution; staff and the municipal adviser will finalize closing and any customary administrative steps.
