Waverly council approves multiple bond sales, equipment purchases and property actions

The City Council of Waverly on May 4 approved a package of financing and purchasing measures, including authorization to issue sewer revenue capital loan notes and sales-tax and general-obligation bonds, and voted to buy a new fire tanker-pumper shared with rural fire districts.

The council opened and closed a public hearing on Resolution 26-104 to authorize up to $2,750,000 in sewer revenue capital loan notes and, with no public comment, approved the resolution by motion and roll call. The council then considered Resolution 26-105, directing sale of up to $2,600,000 in local option sales and service tax revenue bonds (Series 2026B). Maggie Berger of Spear Financial said the city received five bids and recommended awarding to TD Financial Products LLC at an interest rate near 3.5286%, producing about $72,715 in bond premium available to the city. The council approved the sale by roll call.

The council also approved Resolution 26-106, directing sale of up to $1,925,000 in general obligation bonds (Series 2026A). Spear Financial representatives explained that Moody’s had provided an underlying A1 rating for the revenue debt and that the general obligation bonds are backed by property taxes; they recommended awarding to BOK Financial at about 3.2938%. Council discussion praised staff for maintaining strong fund balances that support favorable ratings. The resolution passed by roll call.

Other approved items included Resolution 26-112 (setting a meeting date and notice for up to $715,000 water revenue capital loan notes), Resolution 26-107 to purchase a 2027 Midwest Fire tanker-pumper Freightliner at a total price of $391,257 with the city and rural fire districts each funding 50% ($195,628.50 each), Resolution 26-108 (parks maintenance parking-lot change request for an additional $5,280), Resolution 26-109 (surveying agreement for cemetery office road and parking not to exceed $7,000), Resolution 26-111 (Task Order No. 4 with Bolton & Menk for cemetery project design and management at $12,000), and Resolution 26-110 authorizing a listing agreement with BHHA Realty Center (Berkshire Hathaway) to market the Waverly Low Rent Housing Agency property known as Red Cedar Place for a 2.5% commission. The council also approved the first reading of Ordinance 1179 to add chapter 89 (maintenance of right-of-way) to the Waverly Municipal Code.

Votes at a glance (as recorded): - Resolution 26-104 (sewer revenue loan notes, up to $2,750,000): motion moved by council member (mover recorded in transcript), seconded; roll call recorded unanimous approval. - Resolution 26-105 (local option sales & service tax revenue bonds, $2,600,000): recommended award to TD Financial Products LLC at ~3.5286%; approved by roll call. - Resolution 26-106 (general obligation bonds, $1,925,000): recommended award to BOK Financial at ~3.2938%; approved by roll call. - Resolution 26-112 (fixing date for water revenue loan notes, up to $715,000): approved by roll call. - Resolution 26-107 (purchase of 2027 tanker-pumper, $391,257; 50/50 split): approved by roll call; discussion clarified rural districts fund their share via levies and truck will be housed in Waverly. - Resolutions 26-108, 26-109, 26-110, 26-111 and first reading of Ordinance 1179: all approved as recorded in the meeting.

By the end of the meeting, councilmembers and staff emphasized the city’s strong fiscal position and noted next procedural steps: publication and required public hearings for property disposals involving HUD processes and scheduled follow-up items for the cemetery project and bond closings.