Pottawattamie County board approves $6 million bond sale, adviser recommends Robert W. Baird

Pottawattamie County supervisors voted to approve a resolution directing the sale of $6,000,000 in general obligation capital loan notes, series 2026, and authorized the chair to sign, following a recommendation from the county’s financial adviser to award the issue to Robert W. Baird.

Maggie Gerger of Spear Financial told supervisors that seven bids were received for the issue and that the winning bid from Robert W. Baird produced a true interest cost (TIC) of about 2.9984%. "We are recommending that you would award to Robert W. Baird of Milwaukee, Wisconsin," Gerger said during the meeting. She reported the bidder offered $255,913.75 in premium along with the lower TIC.

The county can use premium dollars in one of two ways, Gerger explained: apply them to the projects permitted under the public hearing for the issue, or place them into the county's debt service fund to reduce future levy needs. She also cautioned that spend-down rules apply to bond proceeds and that, for an issue of this size, the IRS commonly expects funds to be spent within roughly 24–36 months.

Gerger reviewed the county’s credit context, saying Moody’s had reaffirmed the county at an AA1 rating and noting that a fund balance above roughly 40% was a factor in that rating. She described the debt service schedule as a nine‑year structure with the last two years callable, and explained that any municipal refinancing would extend only to the original maturity date.

A participant confirmed receipt of bid materials; Gerger said the award paperwork would be signed by the chair and that formal documents for board action would arrive in about two weeks. She added that the wire transfer from Baird was scheduled to arrive on May 13.

Chair Ralph asked for a motion to approve the resolution; a motion was made and seconded and the clerk conducted a roll call. Chairman Shea, Supervisor Jorgensen, Supervisor Jones and Supervisor Miller each responded "Aye." The transcript records four recorded ayes and does not record Supervisor Wigman’s vote. The resolution was approved and the chair authorized to sign.

The next procedural steps noted in the meeting: the final award paperwork to be signed by the chair, board documents to be provided in two weeks for recordkeeping, and receipt of funds via wire transfer on May 13. The board adjourned shortly after the vote.