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From YouTube: 2-3-21 City Council Special Session
Description
Des Moines City Council special session on Wednesday, February 3 at 4:30 p.m.
View the agenda: https://councildocs.dsm.city/agendas/ag20210203special.pdf
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That's
what
items
four
and
five
will
be
relating
to
as
to
authorize
us
to
redem
redeem
them
early
with
this
refund
and
sale
that
we're
working
with.
As
as
we
went
through
the
process
that
we've
been
going
through
to
issue
these
bonds,
we
basically
went
through
standard
and
poor's
rating
agency
and
and
they
did
affirm
our
our
current
rating
of
of
double
a
plus
for
for
this
bond,
as
well
as
the
2021
b
that
we'll
be
discussing
a
little
bit
later.
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Now,
as
we
went
through
the
presentation
earlier
today
on
on
the
debt
levy,
some
of
this
savings
was
accounted
for
in
that
levy
chart
that
we
discussed
in
there.
This
was
a
little
bit
lower
than
what
we
had
modeled
so
we'll
we'll
try
and
bake
that
adjustment
in
there
on
any
of
the
models
you
guys
see
going
forward.
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Right
this
is
this
is
john
burmeister
with
pfm.
Thank
you
for
allowing
me
to
speak
to
you
today.
As
scott
and
nick
indicated,
we
did
solicit
proposals
from
underwriters
and
I
believe
in
their
packet
here.
That's
attached
to
the
agenda
you
can
see.
We
had
13
bidders
signed
up
yesterday
was
a
really
heavy
calendar
and
by
selling
today
I
think
the
calendar
was
like
half
the
size
of
what
it
was
yesterday.
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So,
just
by
doing
this
special
meeting
coming
in
today,
I
think
you
had
the
full
attention
of
the
market
with
13
bidders
and
then
ultimately
12
out
of
provided
bids
to
us.
So
I
was
looking
through
the
the
results
and
the
robert
w
bear
did
provide
the
lowest
bid,
0.88
percent
inside
that
syndicate
that
they
have
there's
actually
30
underwriters
located
all
over
the
united
states.
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The
city
is
effectively
taking
its
interest
rate
coupon
that
you
were
paying
on
the
13
a
and
b
at
a
four
point,
three
five
percent
and
you're
now
going
to
reduce
that
to
a
to
true
interest,
cost
of
a
point,
eight
eight
percent-
and
so
that's
producing
the
9.4
million
dollars
savings,
and
I
looked
at
the
how
we
always
kind
of
judge
these
on
how
good
these
are.
Is
we
divide
that
by
the
par
amount
of
the
bonds
that
we're
refunding
and
in
in
our
market?
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We
like
to
get
at
least
three
we'll
do
the
deal
for
three
percent
pfm
always
like
to
see
at
least
five
plus,
and
this
transaction
is
producing
24
percent
of
the
refunded
par
amount?
So
it's
probably
my
top
five
best
refundings
in
the
last
23
years
that
I've
achieved.
So
congratulations
on
this
76
percent
of
this
savings
is
associated
with
the
debt
service
levy
and
about
24
is
associated
with
the
tif
district.
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Before
before
we
go,
I
these
two
items
are
related
to
the
the
parking
garage
or
the
last
two.
I
I'm
abstaining
from
voting,
but
I
can
leave
discussion
of
this,
so
I
I
just
wanted
to
let
folks
know
I
was
going
to
leave
since
there
were
no
other
items
that
were
not
related
to
the
parking
garage
at
this
time.
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Thank
you.
Thank
you
nick
and
you
can
see
in
the
bond
member
and
that's
attached
to
the
the
agenda.
We
were
going
for
a
record
here.
We
actually
had
15
underwriters
signed
up
to
bid
on
these
bonds
and
I
think
that's
an
all-time
high
of
in
terms
of
interest
that
I've
seen
in
23
years.
Unfortunately,
a
couple
dropped
off.
We
only
got
13
bidders,
so
I
was
sad
that
we
couldn't
break
a
record
in
this
one,
but
the
13
bids
did
come
in
very
strong.
Robert
w
bear
did
win
this
series
as
well.
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They
had
31
underwriters
in
their
syndicate
and
there
was
actually
55
underwriters
in
all
of
the
13
bids
that
were
bid
and,
as
nick
did
indicate,
we
had
a
1.16
percent
and
let's
see
and
there's
a
you
know,
your
your
underwriters
are
being
are
pretty
much
located
all
over
the
united
states.
There's
not
very
many
underwriters
here
that
I
could
have
thought
of
that
didn't
bid
on
your
bond,
so
I
was
very
pleased
with
the
the
the
the
competition
that
we
had
here
today.
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I
believe
that
brings
us
the
end
of
our
agenda.
Thank
you
for
all
of
our
council
and
all
of
our
advisors
again,
thank
you
all
of
you
for
your
attendance
and
all
your
diligent
work
to
get
us
to
this
point.
I
think
it's
an
honor
to
be
part
of
the
team,
and
I've
got
to
tell
you.
Let's
hope
that
we
just
keep
marching
on
in
this
kind
of
a
direction
and
keep
the
rest
of
the
country
excited
about
what's
going
on
in
des
moines.