Resolution 20-104, directing the sale of $7,065,000 (Subject to Adjustment per Terms of Offering) General Obligation Refunding Bonds, Series 2020A

OR

Resolution 20-105, Alternate procedure for the bid acceptance on the Resolution directing the sale of $7,065,000 (Subject to Adjustment per Terms of Offering) General Obligation Refunding Bonds, Series 2020A

On Monday April 20, 2020 at 10:00 o'clock A.M. the City of Council Bluffs will receive bids for the competitive sale of up to $7,065,000 (dollar amount subject to change) in General Obligation Bonds Series 2020A.  The bids will be received and opened in the offices of the City's Municipal Advisor, PFM Financial Advisors, LLC. PFM will tally and analyze the bids to determine the best offer in terms of purchase price, true interest rate and net interest cost.  That information, along with all other bids will be forwarded to the City of Council Bluffs Finance Office.  The Director of Finance will use that information to complete the resolution framework attached and recommend the sale of the Bonds to the lowest responsible bid.  The Finance Office will then forward the necessary information to the City's Bond Counsel, who will prepare a resolution for consideration at the May 4, 2020 regular meeting of the City Council, finalizing and officially authorizing the sale of the bonds on the terms detailed in the lowest responsible bid.

OR and alternate plan

Due to COVID-19 and the resulting volatility  in the market, including the municipal bond market, PFM Financial Advisors, LLC and legal advisers Ahlers & Cooney have advised an alternate sale procedure be set in place as a contingency to the bond underwriter market. This procedure would legally allow the City to recommend Council reject the bids received in the underwriter sale of bonds and to accept the lowest responsible bid from the Private Placement Market.