Board of Supervisors

Webster County Board of Supervisors
Fort Dodge, IA 50501

 

Board of Supervisiors Meeting
Tuesday December 7, 2010

10:00 a.m. Board of Supervisors' Room
Webster County Courthouse

The Board of Supervisors met in Session on the above date with the following members present: Condon, Dencklau, Motl, Singer and Peterson.   Absent:  None.

Moved by Motl, seconded by Singer to approve minutes of the November 30, 2010 regular meeting.  Motion carried unanimously.

Moved by Singer, seconded by Peterson to receive and place on file the following Drainage Repairs:  D.D.#26 and D.D.#279.  Motion carried unanimously.

Moved by Peterson, seconded by Condon to approve salary increase for Cathy Casey, Case Manager to $20.61 per hour, effective November 26, 2010, per Community Services salary schedule.  Motion carried unanimously.

Moved by Condon, seconded by Motl to receive and place on file Manure Management Update plans for Dallas Thomas in Section 11, Cedar Township Calhoun County; RTG Carlson in Section 26, Gowrie Township; Bob and Travis Hicks in Section 31, Gowrie Township; and Envirotech Powerwashing and Ag. Services, LLC. 8 and 9 in Section 32, Yell Township.  (Copies on file in Auditor’s office).  Motion carried unanimously.

Moved by Motl, seconded by Singer to receive and place on file Webster County Civil Service Commission certification of persons who passed the entrance examination tests for deputy sheriff in Webster County, Iowa; said test being given on November 23, 2010 and December 2, 2010. (Copy on file in Auditor’s office). Motion carried unanimously.

Moved by Singer, seconded by Peterson to adopt the following Resolution:

Notice and Call of Public Meeting

Governmental Body: The Board of Supervisors of Webster County, State of Iowa.
Date of Meeting: December 7, 2010
Time of Meeting: 10:00 o’clock A.M.
Place of Meeting: Board Room, County Courthouse, 701 Central  Avenue,  Fort Dodge, Iowa.

          PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for the meeting is as follows:

$7,500,000 General Obligation Local Option Sales and Services Tax Bonds, Series 2010.

Resolution Approving the Preliminary Official Statement

        Such additional matters as are set forth on the additional 1 page(s) attached hereto.

        The notice is given at the direction of the Chairperson pursuant to Chapter 21, Code of Iowa, and the local rules of the governmental body.

S/ Carol Messerly
County Auditor, Webster County, State of Iowa

        The Board of Supervisors of Webster County, State of Iowa, met in regular session in the Board Room, County Courthouse, 701 Central Avenue, Fort Dodge, Iowa, at 10:00 A.M. on the above date. There were present Chairperson Dencklau, in the chair, and the following named board Members:

Motl, Singer, Peterson, and Condon
Absent: None

        Board Member Singer introduced the following Resolution entitled “RESOLUTION APPROVING THE PRELIMINATY OFFICIAL STATEMENT FOR $7,500,000.00 GENERAL OBLIGATION LOCAL OPTION SALES AND SERVICES TAX BOND, SERIES 2010” and moved its option. Board Member Peterson seconded the Resolution to adopt. The roll was called and the vote was,

Ayes; Dencklau, Motl, Singer, Peterson and Condon
Nays; None

Whereupon, the Chairperson declared to resolution duly adopted as follows:

RESOLUTION APRROVING THE PRELIMINARY OFFICIAL STATEMENT FOR $7,500,000 GENERAL OBLIGATION LOCAL OPTION SALES AND SERVICES TAX BOND, SERIES 2010

        WHEREAS, a preliminary form of Official Statement has been prepared for the purpose of offering $7,500,000 General Obligation Local Option Sales and Services Tax bonds, Series 2010; and

        WHEREAS, it is appropriate that the form of the Preliminary Official Statement be approved and deemed final and, upon completion of the same, that the Preliminary Official Statement be used in connection with the offering of the Bonds for Sale;

        NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF WEBSTER COUNTY, IOWA:

        Section 1. The Preliminary Official Statement, in the form presented to this meeting, be and the same is hereby approved as to form and deemed final for purposed of Rule 15c2-12 of the Securities and Exchange Commission, subject to such revisions, corrections or modifications as the County Auditor, upon the advice of the County’s Financial Consultant, shall determine to be appropriate, and is authorized to be distributed thereafter in connection with the offering of the Bonds for sale.

PASSED AND APPROVED this 7th day of December, 2010.

  s/bKeith Dencklau
 Chairperson

ATTEST:
s/b Carol Messerly
County Auditor

Bond Purchase Agreement

            This Agreement is entered into between Webster County, Iowa (the “Issuer”) and Ruan Securities, A Division of D.A. Davidson & Co., Des Moines, Iowa (the “Underwriter”) as of the 7th day of December, 2010.

            WHEREAS, pursuant to the provisions of Chapter 331 the General Obligation Local Option Sales and Service Tax Bonds are being issued by the Issuer pursuant to and in strict compliance with the provisions of Chapter 331 of the Code of Iowa, and all other laws amendatory thereof and supplemental thereto, and in conformity with a resolution of the County Board of Supervisors (the “Board”) authorizing and providing for the issuance and securing the payment of the Series 2010 Bonds (the “Bond Resolution”. The Bonds are being used for the purpose of paying the coast to remodel, improve, extend and equip County law Enforcement Center. The Bonds shall constitute general obligations of the County: and

            WHEREAS, it has been proposed that the Usurer enter into the Bond Purchase Agreement with and issue the Bonds to the Underwriter upon the terms and conditions set forth as Exhibit 1 to this Agreement, and this Agreement has been prepared to set forth the mutual understanding and intent of the Issuer and the Underwriter with respect to the Bond Purchas Agreement and the issuance of the Bonds;

            NOW, THEREFORE, in consideration of the mutual obligations contained in this Agreement, the parties hereto agree as follows:

  1. The Issuer agrees to enter into the Bond Purchase Agreement with the Underwriter in accordance with the terms and conditions set forth as Exhibit 1 hereto.
  2. The Underwriter agrees to enter into the Bond Purchase Agreement and to purchase the Bonds from the Issuer in accordance with the terms and conditions set forth as Exhibit 1 hereto.
  3. This Agreement may not be amended or assigned by either party without the prior written consent of the other party.
  4. This Agreement shall be deemed to be a contract made under the laws of the State of Iowa and for all purposes shall be governed by and constructed in accordance with laws of the State of Iowa.

            The Issuer and the Underwriter have caused this Agreement to be signed, in their names, and on their behalf by their duly authorized officers, all as of the day and date written above.

Webster County, Iowa
By Keith Dencklau
Board Chairman

Attest:
s/ Carol Messerly
County Auditor

Ruan Securities
A Division of D.A. Davidson & Co., Des Moines, Iowa
By s/Scott Sevenson
Scott Stevenson
Senior Vice President-Public Finance

SOURCES AND USES OF FUNDS
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par
FINAL
Dated Date 12/30/2010
Delivery Date 12/30/2010

Sources:
Bond Proceeds:
  Par Amount 7,500,000.00
Net Premium 33,307.15
7,533,307.15
Uses:
Project Fund Deposits:
  Project Fund 7,375,000.00
   
Cost of Issuance:
  Bond Counsel 12,000.00
  S&P Rating 13,000.00
  Expenses 1,500.00
  Paying Agent 500.00
    27,000.00
     
Underwriter’s Discount:
  Average Takedown 37,500.00
  Management Fee 78,750.00
  Underwriting Fee 11,250.00
    127,500.00
     
Other Uses of Funds:
  Additional Proceeds 3,807.15
    7,533,307.15

BOND PRICING
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par
FINAL

Bond  Component Maturity Date Amount Rate Yield  Price
           
Serial Bond:          
  06/01/2011 250,000 2.500% 0.600% 100.794
  06/01/2012  290,000 2.500% 0.800% 102.394
  06/01/2013  300,000 2.500% 1.050% 103.454
  06/01/2014  305,000 2.500% 1.400% 103.659
  06/01/2015  315,000 2.500% 1.650% 103.607
  06/01/2016  320,000 2.500% 1.900% 103.075
  06/01/2017 330,000 2.500% 2.250% 101.485
  06/01/2018 335,000 3.000% 2.550% 103.023
  06/01/2019 350,000 3.000% 2.850% 101.114
  06/01/2020 360,000 3.000% 3.050% 99.591
  06/01/2021 370,000 3.250% 3.250% 100.000
  06/01/2022 380,000 3.375% 3.450% 99.295
  06/01/2023 395,000 3.500% 3.600% 99.003
  06/01/2024 410,000 3.625% 3.700% 99.210
  06/01/2025 420,000 3.750% 3.800% 99.446
  06/01/2026 440,000 3.875% 3.900% 99.709
  06/01/2027 455,000 4.000% 4.000% 100.000
  06/01/2028 475,000 4.000%   4.100% 98.761
           
Term Bond:          
  06/01/2030 1,000,000 4.125% 4.250% 98.355
 
7,500,000
     

 

Dated Date 12/30/2010  
Delivery Date 12/30/2010  
First Coupon 06/01/2011  
Par Amount 7,500,000.00  
Premium 33,307.15  
Production 7,533,307.15 100.444095%
Underwriter's Discount 127,500.00 -1.700000%
Purchase Price 7,405,807.15 98.744095%
Accrued Interest    
Net Proceeds 7,405,807.15  

 

BOND SUMMARY STATISTICS
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par

FINAL

Dated Date 12/30/2010
Delivery Date 12/30/2010
Last Maturity 06/01/2030
Arbitrage Yield 3.544505%
True Interest Cost (TIC) 3.740989%
Net Interest Cost (NIC) 3.747613%
All-In TIC 3.783233%
Average Coupon 3.633399%
Average Life (years) 10.996
Duration of Issue (years) 8.815
Par Amount 7,500,000.00
Bond Proceeds 7,533,307.15
Total Interest 2,996,494.48
Net Interest 3,090,687.33
Total Debt Service 10,496,494.48
Maximum Annual Debt Service 536,112.50
Average Annual Debt Service 540,514.66
Underwriters Fees (per $1000)
Average Takedown 5.000000
Management Fee 10.500000
Other Fee 1.500000
Total Underwriters Discount 17.000000
Bid Price 98.744095

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change
Serial Bond 6,500,000.00 100.765 3.487% 9.776 10/08/2020 5,112.50
Term Bond 1,000,000.00 98.355 4.125% 18.929 12/03/2029 1,300.00
7,500,000.00 10.996 6,412.50

All-In Arbitrage>
TIC TIC Yield
Par Value 7,500,000.00 7,500,000.00 7,500,000.00
+ Accrued Interest
+ Premium (Discount) 33,307.15 33,307.15 33,307.15
- Underwriters Discount -127,500.00 -127,500.00
- Cost of Issuance Expense -27,000.00
- Other Amounts
Target Value 7,405,807.15 7,378,807.15 7,533,307.15
Target Date 12/30/2010 12/30/2010 12/30/2010
Yield 3.740989% 3.783233% 3.544505%

BOND DEBT SERVICE
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par
FINAL
Dated Date 12/30/2010
Delivery Date 12/30/2010

Period   Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01/2011 250,000 2.500% 104,394.48 354,394.48 354,394.48
12/01/2011 121,318.75 121,318.75
06/01/2012 290,000 2.500% 121,318.75 411,318.75 532,637.50
12/01/2012   117,693.75 117,693.75
06/01/2013 300,000 2.500% 117,693.75 417,693.75 535,387.50
12/01/2013 113,943.75 113,943.75
06/01/2014 305,000 2.500% 113,943.75 418,943.75 532,887.50
12/01/2014 10,131.25 110,131.25
06/01/2015 315,000 2.500% 110,131.25 425,131.25 535,262.50
12/01/2015 106,193.75 106,193.75
06/01/2016 320,000 2.500% 106,193.75 426,193.75 532,387.50
12/01/2016 102,193.75 102,193.75
06/01/2017 330,000 2.500% 102,193.75 432,193.75 534,387.50
12/01/2017 98,068.75 98,068.75
06/01/2018 335,000 3.000% 98,068.75 433,068.75 531,137.50
12/01/2018 93,043.75 93,043.75
06/01/2019 350,000 3.000% 93,043.75 443,043.75 536,087.50
12/01/2019 87,793.75 87,793.75
06/01/2020 360,000 3.000% 87,793.75 447,793.75 535,587.50
12/01/2020 82,393.75 82,393.75
06/01/2021 370,000 3.250% 82,393.75 452,393.75 534,787.50
12/01/2021 76,381.25 76,381.25
06/01/2022 380,000 3.375% 76,381.25 456,381.25 532,762.50
12/01/2022 69,968.75 69,968.75
06/01/2023 395,000 3.500% 69,968.75 464,968.75 534,937.50
12/01/2023 63,056.25 63,056.25
06/01/2024 410,000 3.625% 63,056.25 473,056.25 536,112.50
12/01/2024   55,625.00 55,625.00
06/01/2025 420,000 3.750% 55,625.00 475,625.00 531,250.00
12/01/2025       47,750.00 47,750.00
06/01/2026 440,000 3.875% 47,750.00 487,750.00 535,500.00
12/01/2026       39,225.00 39,225.00
06/01/2027 455,000 4.000% 39,225.00 494,225.00 533,450.00
12/01/2027       30,125.00 30,125.00
06/01/2028 475,000 4.000% 30,125.00 505,125.00 35,250.00
12/01/2028       20,625.00 20,625.00
06/01/2029 490,000 4.125% 20,625.00 510,625.00 531,250.00
12/01/2029       10,518.75 10,518.75
06/01/2030 510,000 4.125% 10,518. 20,518.75 531,037.50
  7,500,000   2,996,494.48 10,496,494.48 10,496,494.48

FORM 8038 STATISTICS
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par
FINAL
Dated Date 12/30/2010
Delivery Date 12/30/2010

            Redemption
Bond Component Date  Principal Coupon Price Issue Price at Maturity
             
Serial Bond:            
  06/01/2011 250,000.00 2.500% 100.794 251,985.00 250,000.00
  06/01/2012 290,000.00 2.500% 102.394 296,942.60 290,000.00
  06/01/2013 300,000.00 2.500% 103.454 310,362.00 300,000.00
  06/01/2014 305,000.00 2.500% 103.659 316,159.95 305,000.00
  06/01/2015 315,000.00 2.500% 103.607 326,362.05 315,000.00
  06/01/2016 320,000.00 2.500% 103.075 329,840.00 320,000.00
  06/01/2017 330,000.00 2.500% 101.485 334,900.50 330,000.00
  06/01/2018 335,000.00 3.000% 103.023 345,127.05 335,000.00
  06/01/2019 350,000.00 3.000% 101.114 353,899.00 350,000.00
  06/01/2020 360,000.00 3.000% 99.591 358,527.60 360,000.00
  06/01/2021 370,000.00 3.250% 100.000 370,000.00 370,000.00
  06/01/2022 380,000.00 3.375% 99.295 377,321.00 380,000.00
  06/01/2023 395,000.00 3.500% 99.003 391,061.85 395,000.00
  06/01/2024 410,000.00 3.625% 99.210 406,761.00 410,000.00
  06/01/2025 420,000.00 3.750% 99.446 417,673.20 420,000.00
  06/01/2026 440,000.00 3.875% 99.709 438,719.60 440,000.00
  06/01/2027 455,000.00 4.000% 100.000 455,000.00 455,000.00
  06/01/2028 475,000.00 4.000% 98.761 469,114.75 475,000.00
Term Bond:            
  06/01/2029 490,000.00 4.125% 98.355 481,939.50 490,000.00
  06/01/2030 510,000.00 4.125% 98.355 501,610.50 510,000.00
    7,500,000.00     7,533,307.15 7,500,000.00

  Stated Weighted  

Maturity Interest Issue Redemption Average  

Date Rate Price at Maturity  Maturity Yield
Final Maturity 06/01/2030 4.125% 501,610.50 510,000.00
Entire Issue 7,533,307.15 7,500,000.00 10.9094 3.5445%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs (including underwriters' discount) 154,500.00
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00

PROOF OF ARBITRAGE YIELD
Webster County, Iowa
General Obligation Local Option Sales and Services Tax Bonds, Series 2010
A+ Rated by S&P
Call Feature: June 1, 2019 @ Par
FINAL

Present Value
to 12/30/2010
Date Debt Service @ 3.5445048%
06/01/2011 354,394.48 349,210.06
12/01/2011 121,318.75 117,462.25
06/01/2012 411,318.75 391,308.72
12/01/2012 117,693.75 110,018.33
06/01/2013 417,693.75 383,654.44
12/01/2013 113,943.75 102,835.57
06/01/2014 418,943.75 371,517.43
12/01/2014 110,131.25   95,963.19
06/01/2015 425,131.25 363,988.56
12/01/2015 106,193.75   89,337.60
06/01/2016 426,193.75 352,300.29
12/01/2016 102,193.75   83,004.36
06/01/2017 432,193.75 344,925.77
12/01/2017 98,068.75    76,903.91
06/01/2018 433,068.75 333,691.57
12/01/2018 93,043.75 70,444.36
06/01/2019 443,043.75 329,591.67
12/01/2019 87,793.75 64,174.70
06/01/2020 47,793.75 321,624.31
12/01/2020 82,393.75 58,148.13
06/01/2021 452,393.75 313,710.22
12/01/2021 76,381.25 52,043.85
06/01/2022 456,381.25 305,549.16
12/01/2022 69,968.75 46,028.63
06/01/2023 464,968.75 300,551.08
12/01/2023 63,056.25 40,049.15
06/01/2024 473,056.25 295,221.87
12/01/2024   55,625.00    34,109.58
06/01/2025 475,625.00 286,577.21
12/01/2025 47,750.00 28,269.68
06/01/2026 487,750.00 283,736.68
12/01/2026   39,225.00 22,420.83
06/01/2027 494,225.00 277,577.42
12/01/2027   30,125.00    16,624.83
06/01/2028 505,125.00 273,904.72
12/01/2028 &20,625.00 10,989.18
06/01/2029 510,625.00 267,327.70
12/01/2029 10,518.75 ,410.99
06/01/2030 520,518.75 263,099.18
10,496,494.48 7,533,307.15

Proceeds Summary

Delivery date 12/30/2010
Par Value 7,500,000.00
Premium (Discount) 33,307.15
Target for yield calculation 7,533,307.15

Motion carried unanimously.

Moved by Motl, seconded by Singer to amend Section 8 of the Webster County Farm Lease for 2011 Crop Year with Iowa Central Community College, setting the cash rent at $225.00 per acre instead of the proposed $190.00 per acre;  further to approve and authorize Chair to sign amended lease.  Motion carried unanimously.

Moved by Condon, seconded by Motl to receive and place on file Planning and Zoning Commission’s report recommending approval to rezone a property owned by Michael Grell from M-E to TA-1 (A-2); said property described as the Northeast Quarter of the Southeast Quarter of Section 32, Township 89 North, Range 28 West of the 5th P.M., Webster County, Iowa.  Motion carried unanimously.

Moved by Motl, seconded by Singer to set December 21, 2010 at 10:00a.m. as the time and date for public hearing on first consideration to amend Zoning Ordinance 046 to rezone a property owned by Michael Grell from M-E to TA-1 (A-2); said property described as the Northeast Quarter of the Southeast Quarter of Section 32, Township 89 North, Range 28 West of the 5th P.M., Webster County, Iowa; and further to amend the County Land Use Management Plan and Zoning Map.  Motion carried unanimously.

Moved by Singer, seconded by Peterson to approve and authorize Chair to sign utility permit application from Interstate Light & Power Company (Alliant Energy) to rebuild overhead power lines along 400th Street in Section 33, Township 86 North, Range 27 West.  (Copy on file in Engineer’s office).  Motion carried unanimously.

Moved by Peterson, seconded by Condon to approve and authorize Chair to sign permit application from Ted Fiala to construct 12 inch drainage tile across 250th Street between Sections 17 and 20, Township 88 North, Range 29 West, Elkhorn Township.  (Copy on file in Engineer’s office).  Motion carried unanimously.

Moved by Condon, seconded by Motl to receive and place on file sign road crossings for manure application from Steve Grettenberg across 350th Street between Section 5 and 8 and between Sections 5 and 6 both in Township 86 North, Range 28 West, Dayton Township.  Motion carried unanimously.

Moved by Motl, seconded by Singer to approve and authorize Chair to sign permit application from Northern Natural Gas Company to inspect and repair damage to natural gas pipeline facilities along 290th Street in Section 7, Township 87 North, Range 27 West, Webster Township.  (Copy on file in Engineer’s office).  Motion carried unanimously.

Moved by Singer, seconded by Peterson to approve 36-month salary increase for Ryan Weidemann to $54,890.00, effective December 17, 2010, per Engineer’s Office Salary Schedule.  Motion carried unanimously.

The Webster County Library Association discussed rural funding for fiscal year 2011-2012. No action taken.

Moved by Condon, seconded by Motl to allow claims.  Motion carried unanimously.

Moved by Singer, seconded by Peterson to adjourn the meeting.  Motion carried unanimously.