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From YouTube: 7-20-22 City Council special meeting
Description
Des Moines City Council special meeting on Wednesday, July 20, 2022.
View the agenda: https://DSM.city/CouncilMeetings
A
C
A
D
B
A
E
Thank
you,
mayor
council
members,
so
here
we
are
on
our
annual
Bond
issuance.
This
is
taking
care
of
our
CIP
Capital.
Improvement
planning
needs,
as
we
continue
our
very
aggressive
construction
schedule
for
City
assets
and,
as
typically
is
the
case,
These
funds
will
go
towards
all
the
different
categories
of
our
Capital
Improvement
plan.
You'll
hear
a
little
bit
about
storm
water
separately
and
there
is
some
Tiff
debt
being
issued
as
well.
E
E
Such
that
it
gets
paid
off
sooner
so
those
those
aspects
help
us
have
shorter
debt
which,
as
you
are
aware,
typically
the
interest
rates
are
lower
up
front
in
short
duration
and
higher
interest
rates.
As
you
go
further
out,
the
the
spectrum
that
is
starting
to
has
shifted
and
will
continue
to
shift
around
a
little
bit
but
essentially
I
will
hand
it
over
to
Nick
to
start
us
out.
I.
Think
and,
and
thank
you
again
for
everybody's
work
on
this
from
staff
and
PFO.
F
One
thing
I
did
want
to
say
is:
Scott
did
Cover
a
lot
of
the
kind
of
that
technical
part
of
the
overall
kind
of
concept
of
what
we're
issuing
today
with
the
Geo
bonds
of
our
annual
CIP
plan
and
then
also
what's
backed
by
the
Tiff
out
the
Tiff
back
bonds
as
well.
The
B
is
going
to
be.
The
next
item
will
be
actually
our
storm
water
piece
of
it
as
well.
That
will
kind
of
elaborate
on
as
well.
F
F
The
one
thing
I
did
want
to
say
is:
you
know,
there's
a
lot
of
thanks
for
the
the
work
that
goes
into
it
from
the
finance
staff
from
here.
That's
actually
here
is
Joe's
is
a
key
component
to
that,
as
well
as
our
pfm,
our
Municipal
advisor
John
for
my
here,
helping
us
out
and
then
also
the
legal
staff
getting
through
our
work
on
that
key
component
with
that
is
as
Jeff
and
Tom
Fisher
as
well
and
so,
and
they
work
with
Bond
Council
of
of
allers
helping
us
get
through.
F
F
F
So
we
we'll
get
into
the
the
actual
true
interest
rate
cost
is,
is
just
under
a
3.4
which,
obviously,
if
you
compare
it
to
historical
rates,
the
last
couple
years,
it's
not
not
ideal
but
still
under
four
I.
Think
at
this
point,
which
is,
is
favorable
in
the
market,
get
right
now
so
I'm
gonna
actually
hand
it
off
to
John
a
little
bit.
Unless
there's
specific
questions.
G
Just
real,
quick
Nick
is
I
think
it's
worth
noting
that
that
we
paid
a
significant
amount
of
debt
with
with
sales
tax,
money,
yep
and
so
we're
using
it.
The
way
that
we
said
we
were
going
to
use
it
I
just
I
know
it
doesn't
have
any
direct
impact
on
these
bonds,
but
it
does
doesn't
it
help
our
bond
rating
and
things
that
they
see
us
paying
cash
yeah.
F
We
didn't
know
that
until
they
did
the
reconciliation,
so
but
half
of
that
went
to
our
our
property
tax
relief,
which
allowed
us
to
instead
of
doing
a
refunding
in
this
market,
we
were
able
to
just
do
cash
Redemption,
which
was
I
think
going
to
help
us
in
the
long
run,
to
to
kind
of
combat
some
of
the
high
interest
rates
that
we're
now
going
to
see
for
at
least
the
foreseeable
future.
You
know
so
thanks
any
other
questions
before
I
hand
it
off
to
John
Burmeister.
H
F
I
You
John
vermeister
pfm
pleasure
to
be
here,
as
we
indicated,
the
city
solicitor
proposals
from
Underwriters
and
we
alluded
to
it
earlier.
But
if
you
look
at
the
bond
market,
most
cities
meet
on
Mondays
and
Tuesdays
all
across
the
United
States.
And
so
when
you
look
at
the
bond
calendar,
you
see
a
really
long
schedule
on
Monday
and
then
even
Tuesday
is
pretty
heavy.
I
But
if
you
look
at
the
Wednesdays,
what
you'll
see
is
there's
very
few
people
in
the
midwest
that
are
selling
Bonds
on
Wednesday,
and
so
the
the
city
has
shifted
to
Wednesdays
and,
and
you
were
the
biggest
game
in
the
in
the
midwest.
There
was
a
few
deals
in
New
York
I
mean
what
you're
going
to
see
is
a
lot
of
it's
a
it's
a
secret
that
a
lot
of
people
don't
take
advantage
of,
and
for
so
this
is
good.
I
I
wanted
to
encourage
you
because
I
keep
doing
this,
because
when
you're,
the
only
game
in
town
and
all
these
Wall
Street
firms
are
looking
for
things
to
bid
on
and
you're
going
to
see
the
results
today
in
this
in
this
bid
result,
I
did
a
sale
on
Monday
and
I
did
a
sale
on
Tuesday
and
you
guys
got
double
the
sale
bid
results
here
that
they
did
in
terms
of
number
of
bidders.
You
get
actually
11
different
underwriter
bids.
I
Here
you
can
see
if
you
it's
the
results
of
sale
for
the
go
bonds
you
can
see.
This
is
one
two
three
four
five
pages
deep
and
there's
11
different
Underwriters
Jenny
Montgomery
out
of
Philadelphia,
and
if
you
look
over
the
right
hand,
side,
there's
a
tic,
that's
similar
to
the
APR
in
a
car
loan.
We
call
it
true
interest
cost.
So
that's
the
overall
borrowing
cost
to
this
transaction
3.3582
percent.
I
And
if
you
flip
the
page,
you
can
see
Piper
Sandler
out
of
Minneapolis
ba
Securities
out
of
New
York
Citigroup
a
bit
out
of
Los
Angeles
JP
Morgan
bid
out
in
New
York.
These
are
all
the
Heavy
Hitters
Wall
Street
firms
that
are
coming
after
your
bonds,
Wells
Fargo
and
then
on
the
let's
see
page
four.
If
you
look
at
Robert
W
Baird,
you
can
see
they
pretty
much
combined
with
every
other
underwriter
that
are
out
there.
I
If
you
look
in
the
right
hand
side
you
see
that
it
says
the
price
there,
82
million,
so
the
city
offered
75
million
of
bonds
and
because
the
underwriters
or
the
investors
want
interest
rates
that
are
higher
than
the
current
market.
They'll
they're
willing
to
pay
you
a
premium
for
that,
because
as
interest
rates
go
up
the
bond
value
Falls
slower,
but
so
it
protects
them
in
an
interest
rate
environment,
that's
within
higher
interest
rates.
I
So
what
we
did
then
is
we
took
that
extra
proceeds
and
we
decreased
the
Paramount
of
the
bonds
that
the
city
offered
received.
So
you
can
see
at
the
end
when
we
took
that
bid
result.
We
decreased
the
Paramount
of
the
bonds
from
75
million
110
to
69
million
725.
With
that
with
that
premium
and
then
the
Nic,
that's
the
net
interest
cost.
That's
the
interest
expense,
oh,
that
you
would
pay
over
the
life
of
the
of
the
bonds.
I
I
I
know
it's
a
little
confusing,
but
but
that's
how
the
market
works
these
days
and
then
last
but
not
least,
you'll
see
that
the
s
p
did
confirm
your
double
A
plus
rating.
We
had
a
really
great
call
once
again
with
them:
I
guess
the
executive
Summers
keep
up
the
good
work.
Your
policies
are
great,
your
budgeting
is
great.
I
You
know,
small
surpluses,
fund
balance
is
getting
in
in
the
strong
range
and
and
the
debt
burden
I
think,
is
one
of
maybe
they're
they'll
mention
your
debt
Burns
getting
a
little
high.
So
that
goes
back
to
Joe's
question
is.
It
is
very
important.
I
think
that
you
are
kind
of
paying
down
your
bonds
and
it's
a
significant
amount
too
is
almost
25
million
dollars.
We
reminded
them,
and
that
was
the
favorite
part
of
my
present.
I
Part
of
the
presentation
is
oh
by
the
way
we
because
nobody
does,
that
pays
that
off
so
that
decreased
the
Paramount
of
the
debt
outstanding,
which
is
helping
your
maintain
your
double
A,
Plus
rating,
but
I
think
if
we
could
start
paying
that
debt
down
a
little
bit.
You
know
you
could
at
some
point,
maybe
get
to
that
triple
A
level.
If
you
get
that
debt
burden
down,
but
you
have
a
lot
of
projects.
J
I
Exactly
that's
what
I
was
gonna
say
your
interest
rates
here.
Are
there
it's
a
double
A
Plus
between
it?
So
what's
the
spread
between
a
triple
and
a
double
a
place?
Very
little,
okay,
I
think
it's
better
that
you
finance
the
objectives
of
the
City
versus
try
and
get
that
little
bit
of
it.
It's
not
worth
it.
F
E
Credit
ratings
yeah,
one
of
them
is
demographics,
in
other
words,
household
income.
That's
going
to
be
really
hard
for
us
to
influence
right,
and
so
there
are
going
to
be
some
of
the
factors
that
will
likely
be
negative
when
they
compare
them
to
averages
that
we're
going
to
have
a
real
heart
ever
overcoming
that's.
C
I
Am
I
yeah
in
eight
years
yeah,
so
these
every
bonds
you
sell,
you
can
pay
them
off
in
eight
years.
So
we
had
asked.
Are
there
any
refunding
opportunities?
All
of
your
2014
bonds
that
were
callable
June
of
22?
Those
were
paid
off
right,
so
there
really
wasn't
any
refunding
opportunities
there.
So
then,
the
next
year
we
look
at
the
15
series.
Those
will
be
callable
June,
the
23.
okay.
C
F
Every
every
year
we
look
there's
another
year,
that's
open
to
whether
we
are
going
to
pay
it
off
with
with
cash
or
do
we
refund
it
with
where
the
interest
rates
are
compared
to
where
it's
sitting
at
today
that
we're
paying
so
every
year.
We
do
that
analysis,
and
so
the
oldest
ones
we
do
have
right
now
are
the
2015s
right.
F
E
E
J
F
J
F
I
I,
don't
think
yeah
I
think
yeah
there's
we
don't
have
anything
past
their
call
date
at
this
point
yeah,
but
the
the
2014s
were
I
think
the
last
kind
of
quirkiness,
where
you've
had
the
Geo
debt
that
was
covered
by
sanitary
sewer
2014,
was
also
the
unique
year
that
we
paid
off
a
year
or
two
ago
that
was
the
franchise
fee.
You
know
a
piece
that
we
paid
off
early
because
they
had
that
unique
feature
that
we
would
pay
off.
J
F
On
that,
and
so
that
2014
was
one
where
I
think
we
had
I
think
it
was
a
through
e
for
issuances
in
that
particular
year,
and
we
weren't
even
doing
like
srfs,
we'll
take
up
those
lettering
conventions,
and
so
those
were
actually
that
many
different
issuances
back
in
2014
and
so
all
of
them
got
wiped
off
and
we
didn't
refinance
any
of
them.
They
were
all
paid
off
up
when
when
they
were
callable
or
the
extraordinary
call
that
we
had
with
the
A's,
which
was
the
franchisee.
H
F
I
H
Okay,
yeah
right,
could
you
explain
like
I
I,
don't
think
I'm
completely
understanding
the
par
and
the
decreases
and
increases,
and
all
that
because
and
I'm?
Also
looking
at
you
know,
we
say
lowest
bitter
and
I,
think
that
that
might
have
come
with
some
of
these
increases
and
decreases
because
it
doesn't
look
like
it's
the
lowest
number
that
I
see
in
price,
so
I'm
kind
of
confused,
like
Jenny,
got
the
Geo
bonds
right
yeah.
F
So
when
we
said
that
we
we
said
these
are
the
bonds
we're
going
to
issue
the
market
came
in
and
said,
we'll
actually
give
you
based
off
of
these
interest
rates
that
we
want
paid
over
that
duration
of
time.
We'll
actually
give
you
82
million
dollars.
Well,
we
don't
need
82
million
dollars
of
cash.
We
need.
You
know.
45.
yeah,
the.
B
F
F
F
F
Just
have
to
we,
we
the
the
face
of
the
bond
so
like
when
I,
when
I
I
promise
to
pay
you
75
million
back.
You
know
we
want
75
million
to
be
able
to
do
our
projects,
so
we
we
basically
said
we're
going
to
pay
75
million,
but
you're
giving
me
82
million
and
I
don't
need
82
million,
so
I
will
agree
to
pay
you
back
60
69
million-
for
you
to
give
me
the
76
million
that
I
need
today.
So.
F
H
F
So
the
reason
why
we
do
that
is
we
we
do
the
bidding
process
and
they
were
the
ones
that
had
the
lowest
tic
interest
rate.
So
at
that
point
they
are
a
word
of
the
bid,
but
we
have
the
right
to
adjust
if
they
give
us
premium.
So
we
only
go
through
that
exercise
of
adjusting
that
the
winning
bid
dollar
amounts
that
we
that
we
would
want
and.
H
F
F
Because
it
yep,
because
basically
because
they
said
they
were
going
to
give
us
82
that's
more
than
what
we
had
in
our
CIP
plan.
And
if
we,
if
we
wanted
to
stick
with
that,
then
we
would
have
to
it
would
we'd
be
having
to
leverage
more
of
our
debt
when
we
can
be
able
to
issue
less
debt
with
the
premiums
that
we
received.
H
H
E
H
I
Yeah
that
that's
a
great
point
that
Scott
mentioned
is
we
we
structured
this
offer
to
the
market
to
produce
it
as
much
flexibility
to
them.
So
they
can.
They
can
provide
what
the
investors
are
looking
for
and
then
that
helps
provide
the
city
with
the
lowest
borrowing
costs,
because
you
can
constrain
how
you
bid
that
and
force
them
to
do
certain
things,
but
then
that
drives
up
the
cost,
because
that's
not
what
the
investors
are
looking
for,
but
you
can
force
them.
They'll
just
take
a
higher
interest
rate
to
do
it
like
we
could.
D
H
H
F
F
We
can
provide
the
The
Debt
Service
schedule,
so
you
can
kind
of
see
how
much
we're
paying
in
any
any
one
year.
We
basically
because
we
do
that
asset
match
we're,
not
necessarily
looking
for
we
used
to
I
want
to
say
pre-local
option.
We
were
doing
flat
principal
and
interest
payments,
which
meant
we
were
paying
the
almost
the
exact
same
amount.
F
Each
year
for
principal
and
interest,
as
as
the
interest
that
you're
paying
each
year
goes
down,
you
would
increase
how
much
you're
paying
in
principal
each
each
year
so
that
about
the
total
payment
you
pay
in
principal
and
interest
was
the
same
kind
of
like
what
you
would
do
with
a
mortgage.
So
a
good
example
yeah,
so
like
for
our
five
year,
we
have
about
three
and
a
half
million
of
what
we're
issuing
is
is
based
off
the
five-year
assets.
So
we
go
through
that
that
process.
H
F
G
F
So
so,
technically
we
are
paying
for
Library
collections.
I
know
that
right
now
that
where
it
was
bought
back
in
well,
we
have
issue.
We
have
debt
that
we
issued
in
2015.
That's
been
out
there,
so
the
collections
that
are
part
of
that
we're
still
paying
on
those
yeah
and
I
that's
seven
years
ago.
I
would
eventually.
A
A
A
B
B
A
All
right,
our
next
item
number
five
is
approving
the
First
Amendment
to
the
chapter
28e
agreement
with
Polk
County
and
invest
DSM
Inc
in
approving
corresponding
collateral
assignment
of
funding
agreement.
Scott
I'll
turn
it
over
to
you
and
I,
see
a
young
lady
out
here
that
maybe
have
a
couple
of
comments.
E
Yeah
and
I
don't
know,
there's
any
comments.
Amber
was
nice
enough
to
come
in
case.
There
was
questions
this.
This
is
a
simple
Act
of
confirming
what
the
invest
esm
board
has
already
approved,
and
they
have
a
an
opportunity
here
to
leverage
some
private
funds
through
dmrc
I.
Believe
I
got
that
right.
My
company
very
good
and.