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From YouTube: 8-18-21 City Council special meeting
Description
Des Moines City Council special meeting on Wednesday, August 18, 2021.
View the agenda at https://DSM.city/CouncilMeetings
B
All
right,
thank
you,
mayor,
council
members.
So
today
is
our
bond
sale
earlier
this
morning,
the
market
priced
out
our
bid,
our
our
bonds.
We
had
three
series
of
bonds
in
the
market
and
to
get
to
this
point,
we
had
assistance
from
public
financial
management
who
you're
familiar
with
and
john
burmeister
and
then
also
alder's
law
firm,
along
with
her
own
staff.
B
I'm
going
to
take
just
a
quick
second
and
inform
you
that
poor
nick
is
at
home.
Well,
he's
he's
still
mending
at
the
hospital.
Actually,
he
is
home
now:
okay,
good
from
a
very
badly
broken
leg,
and
that
included
some
extra
hardware
when
he
came
home
so
he's
going
to
be
pretty
tender
for
a
while,
so
he's
not
able
to
join
us.
B
C
Mayor
council,
joe
branstad,
our
deputy
finance
director,
as
scott
said
nick,
is
at
home
recovering
from
a
pretty
bad
break,
so
I'm
pinching
pinch
hitting
this
evening.
I
just
a
few
quick
words
before
I
have
john
burmeister
from
pfm
talk
a
little
bit
about
today's
sale,
but
we
conducted
the
bond
sale
at
10.
Am
this
morning
our
bond
rating
for
the
sale
remained
at
double
a
plus,
which
is
fantastic.
C
C
True
interest
costs
1.62,
so
that's
remarkably
low,
it's
a
little
higher
than
our
last
few
issuances,
as
the
market
has
changed
a
little
bit,
but
compared
to
issuances
in
past
years.
This
is
remarkably
low.
Our
2021
g
taxable,
that's
the
blitz
on
blight.
True
interest
cost
is
0.7
percent
and
our
2021
h
our
stormwater
revenue
bonds
that
funds,
the
cip
portion
of
stormwater
is
1.78.
C
This
is
a
long
process
from
cip
planning
in
the
winter
to
the
actual.
Issuance
of
the
bonds
is
today,
I
just
want
to
thank
scott
and
council
for
their
flexibility
to
meet
on
wednesdays
for
the
sale
and
their
support
throughout
this
long
process.
So
unless
there's
questions,
I
will
turn
it
over
to
john
to
talk
a
little
bit
more
about
the
detail
of
today's
sale
and
pfm's
involvement
in
that.
Thank
you.
A
D
John
burmeister
with
pfm-
and
I
also
have
jen
smith
here
with
me-
she
was
able
to
help
me
with
all
of
the
revisions
of
the
numbers.
After
received
the
bids,
as
joe
indicated,
we
did
have
three
bond
sales
earlier
and
I
believe
inside
your
packet.
You
should
have
something
called
a
tabulation
of
bids.
D
So
again,
the
city
is
attracting
a
lot
of
the
attention
of
a
lot
of
the
underwriters
throughout
the
throughout
the
united
states
and
as
joe
indicated,
this
was
a
double
a
plus.
So
this
is
a
nice
large
size
deal,
so
it
attracted
a
lot
of
the
wall
street,
the
big,
what
I'll
call
the
heavy
hitters
in
wall
street
and
then
the
other
thing
to
note
their
their
compensation
on
this.
They
take
a
percentage.
This
is
the
probably
one
of
the
lowest
compensation
levels
that
they've
taken.
D
They
took
a
dollar
eleven
per
thousand
dollars
which,
by
the
way,
is
as
low
as
I
think,
you've
ever
seen.
Given
the
size
given
the
demand,
they
started
cutting
their
their
costs
down
to
trying
to
win
this
transaction,
so
that
is
a
significant
reduction
to
the
city
in
terms
of
the
overall
cost
and
as
joe
indicated,
we
did
receive
a
premium
bid
on
this,
and
we
did.
D
D
We're
trying
to
finance
this
portion
of
your
of
your
overall
cip
shorter,
because
this
is
taxable
the
costs
are
a
little
bit
higher
and
and
it's
0.7
percent,
but
you
can
see
that
that's
kind
of
deceiving,
because
it's
only
five
years
long
when
you
get
started
getting
taxable
longer,
it
starts
increasing
the
overall
cost
of
the
city.
We
ended
up
getting
six
bids
on
this
from
40
different
underwriters,
so
this
was
exciting
for
me,
because
this
is
only
five
million
dollars.
D
Sometimes
the
big
98
million
dollars
distracts
the
other
bidders
from
bidding
on
these
bonds,
because
these
are
only
five
million
really
good
interest
on
this.
This
bond
issue,
and
then
0.7043
and
the
last
but
not
least,
is
the
2021
h
bonds.
This
is
the
stormwater
revenue
bonds.
Again
we
did
get
that
double
a
plus
rating
confirmed,
so
your
stormwater
enterprise
fund
is
rated
similar
to
your
geo
and
that's
really
the
support
of
the
city
council,
as
you
guys
have
in
increased
those
storm
water
rates.
D
You've
indicated
your
support
of
that
utility
and
the
flood
mitigation
and
all
of
the
other
aspects
of
what
that
utility
is
trying
to
accomplish.
In
fact,
s
p
now
is
is
trying
to
figure
out
what
your
environmental
risks
are:
tornadoes,
flooding,
climate
change
and
the
fact
that
you're
focusing
on
the
watersheds
and
the
flooding
mitigation
that
feeds
right
into
what
they're
concerned
about
now
with
a
lot
of
different
entities.
So
that's
good
to
see
that
you
have
a
plan
you're
implementing
your
plan
and
they're
they're.
D
Well,
this
is
being
well
received
by
them
as
well
from
just
from
that
perspective
as
well
on
this
transaction.
We
got
three
bids
and
then
there's
35
underwriters
involved
in
this,
and
you
can
see
that
joe
indicated.
We
had
a
1.7843
percent
for
this
financing
as
well
and
with
that
I'll,
just
open
up
to
any
other
remaining
questions
that
you
might
have.
A
B
D
Good,
that's
a
good
point.
If
you
see
that
the
bid
is
originally
on
the
series
f,
it
came
at
a
point,
one
six,
zero,
nine
percent
and
then
just
by
virtue
of
taking
those
interest
rates,
we
had
to
restructure
it
because
we
want
to
make
sure
that
we
we
meet
the
city's
budget,
that
you've
set
up
for
your
debt
service
levy
and
your
tif
budget.
D
And
so
we
had
to
kind
of
delay
the
the
timing
of
that
a
little
bit
and
it
did
push
back
the
tic
a
little
bit
higher
from
a
160
to
a
1.62
percent
and
that's
more
of
a
us
trying
to
make
sure
that
the
debt
service
that's
produced
by
this
matches
your
budget,
particularly
in
fiscal
year,
22,
because
that
budget's
underway
at
this
point.
But
that's
that's
a
good
catch
and
then
the
other
thing
that
you
guys
may
see
here
on
this
tabulation
of
bids.
D
Do
you
see,
under
the
second
column,
from
the
right,
the
true
interest
cost
under
the
wells?
Fargo
bid
it's
16
million
389,
and
if
you
go
to
the
second
bid,
you
can
see
that's
a
little
bit
lower
interest
cost
at
16.2
million.
You
may
say
well.
Why
is
why
are
we
paying
more
of
interest
and
it's
really
a
function
of
the
fact
that
wells
fargo
is
going
to
pay
you
more
today
about
a
million
five
up
front
today
in
cash?
D
E
A
E
D
E
B
Another
way
to
think
of
it
is
these
bids
come
in
in
the
morning
and
we
have
to
determine
who
the
winner
is
first
and
so
the
the
lowest
here
is
wells
fargo
at
the
1609,
and
then
you
deal
with
their
numbers
to
resize,
whatever
resizing
needs
to
happen
and
it
and
that's.
If
we
had
chosen
the
second
bidder,
it
would
have
gone
up
as
well
right,
but
even
more
okay,
okay,
and
so
that's
the
order
of
how
it.
A
A
A
A
E
D
E
A
All
right
everybody
I
want
to
thank
staff
and
scott,
you
and
your
team
sounds
like
we
had
another
good
session
and
haven't
seen
interest
rates
like
this,
except
for
this
last
year
or
so
ever
so,
let's
keep
up
the
good
work
and
let's
keep
our
bond
ratings
as
strong
as
they
are,
and
I
think
we're
going
to
see
other
results
like
this
as
we
move
forward.
So
unless
anybody
has
anything
else,
let's
call
this
meeting
adjourned.