Waterloo, Iowa April 27, 2017
The Board of Supervisors of the County of Black Hawk, in the State of Iowa, met in regular adjourned meeting at the Courthouse in Waterloo, County Seat of said County, at three o’clock (3:00) p.m., pursuant to law, to the rules of said Board, and to adjournment. The meeting was called to order and on roll call there were present: Frank Magsamen, Chair; Linda Laylin, Chris Schwartz and Craig White.
Absent: Tom Little.
Unless otherwise noted, all actions were approved unanimously.
Moved by Schwartz, seconded by Laylin that the AGENDA be received and place on file with the County Auditor as approved. Motion carried.
PUBLIC COMMENTS – None
BONDS
Maggie Burger with Speer Financial said there were eight bidders with an eleven point spread in the tax rates. She was please to say that the low rate came in at 1.5531% which was lower than expected. Among the Moody’s rating she noted two items of importance regarding the County keeping its good Aa2 rating. Successfully addressing the financial situation of the Country View Care Facility and continuing the practice of rapidly paying off General Obligation Debt.
Board Member White introduced the following Resolution entitled “RESOLUTION DIRECTING SALE OF $5,750,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2017,” and moved its adoption. Board Member Laylin seconded the motion to adopt.
WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following:
$5,750,000 (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) GENERAL OBLIGATION BONDS, SERIES 2017
Bidder: Robert W Bair & Co. of Milwaukee, WI
The terms of award: Final Par Amount as adjusted: $ 5,750,000
Purchase Price as adjusted: $ 5,843,984.75
Net Interest Rate: 1.5531%
Net Interest Cost: $344,070.81
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF BLACK HAWK COUNTY, STATE OF IOWA:
Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above.
Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Chairperson and Auditor are authorized to execute the same on behalf of the County.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the County Treasurer and other officials done in furtherance of the sale of the Bonds are hereby ratified and approved.
AYES: Laylin, Schwartz, White, Magsamen.
NAYS: None.
ABSENT: Little Resolution adopted.
Board Member White introduced the following Resolution entitled “A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS (TAXABLE BUILD AMERICA BONDS), SERIES 2009, OF BLACK HAWK COUNTY, STATE OF IOWA, DATED JULY 21, 2009, AND DIRECTING NOTICE BE GIVEN” and moved its adoption. Board Member Schwartz seconded the motion to adopt.
WHEREAS, the County did by resolution dated July 7, 2009, as amended by resolution dated October 13, 2009, authorize the issuance of $8,290,000 General Obligation Bonds (Taxable Build America Bonds), Series 2009, (the “Bonds”) dated July 21, 2009; and
WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and
WHEREAS, it is deemed necessary and advisable that $4,055,000 of the Bonds be so redeemed on June 1, 2017, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF BLACK HAWK COUNTY, STATE OF IOWA:
Section 1. That outstanding General Obligation Bonds, dated July 21, 2009, in the principal amount of $4,055,000 (the 2018-2024 maturities), be and the same are hereby redeemed as of June 1, 2017.
Section 2. The Registrar and Paying Agent, Bankers Trust Company, is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary mail, and to notify DTC.
Section 3. The County Treasurer is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the County’s dissemination agent to post the Notice of Redemption to the MSRB’s website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds.
Section 4. That the form of such notice be substantially as follows:
NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date.
Issuer: Black Hawk County, State of Iowa
Original Issue Amount: $8,290,000
Bond Issue: General Obligation Bonds (Taxable Build America Bonds), Series 2009
Dated Date: July 21, 2009
Redemption Date: June 1, 2017
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Bond Principal Amount Interest Maturity
Numbers Numbers Rate Date
092059RB2 9 $565,000 5.125% June 1, 2018
092059RC0 10 $585,000 5.200% June 1, 2019
092059RD8 11 $520,000 5.300% June 1, 2020
092059RE6 12 $540,000 5.400% June 1, 2021
092059RF3 13 $565,000 5.500% June 1, 2022
092059RG1 14 $590,000 5.500% June 1, 2023
092059RH9 15 $690,000 5.625% June 1, 2024
No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds.
The above Bonds should be presented to Bankers Trust Company, Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date.
BANKERS TRUST COMPANY, Des Moines, Iowa
(End of Notice)
Maggie Burger with Speer Financial said refinancing these Taxable Build America Bonds at this time will result in a saving of nearly $350,000 and end the worry as to whether continually dwindling subsidies would end before the old issue was paid off.
AYES: Laylin, Schwartz, White, Magsamen.
NAYS: None.
ABSENT: Little Resolution adopted.
OTHER BUSINESS
Laylin moved the following resolution seconded by White.
BE IT HEREBY RESOLVED that the APPOINTMENT of Stephen J. Grimm to the Black Hawk County Judicial Magistrate Appointing Committee for an unexpired term to end January 1, 2021 be approved.
AYES: Laylin, Schwartz, White, Magsamen.
NAYS: None.
ABSENT: Little Resolution adopted.
ANY REPORTS OR INFORMATION FROM THE BOARD
On motion and vote the meeting adjourned.
Frank Magsamen, Chair, Board of Supervisors
Helen R. Steffen, Systems/Real Estate Tax Manager