T-R PHOTO BY MIKE DONAHEY Maggie Burger, senior vice president with Speer Financial of Waterloo, speaks to the Marshalltown city council Monday recommending the issuance of bids to Robert Baird Co.

The Robert Baird Co. was awarded the sale of slightly more than $8.8 million dollars in general obligation bonds Monday at a special city council meeting.

The bonds are a loan that must be repaid to Robert Baird. Of the borrowed amount, $5.6 million is allocated to finance six new city projects and slightly more than $3.2 million is allocated to refinancing outstanding principal balance of general obligation 2011.

New Projects:

Timber Creek Bridge Replacement – $500,000

West End Park Phase 1 – $425,000

East Merle Hibbs Phase 1 – $4 million

Sidewalk Gaps – $375,000

Anson Park Shelter/Restrooms – $300,000

Total New Projects – $5,600,000

Refunding (refinancing)general obligation bond – $3,230,000

Total Debt to be Borrowed – $8,830,000

Council voted 5-2 to select Baird following the recommendation of bond consultant Maggie Burger, senior vice president with Speer Financial Services of Waterloo.

Burger had recommended Baird because the company charged the lowest interest to the city of the six firms bidding on the project.

Robert Baird beat out five other bidders. They were: Piper Jaffray, FTN Financial, Northland, DA Davidson and BNY Mellon.

Bid results were distributed to councilors and city staff by Burger and Brian DeMoss of the city’s finance department.

Speer Financial is a public finance consultant and has worked with the city over the years on bond sales.

Voting yes to make the award and issue the were Sue Cahill, Gabe Isom, MIke Gowdy, Bill Martin and Bethany Wirin.

Voting no were Al Hoop and Leon Lamer.

At issue over a period of meetings has been the initial inclusion, exclusion and then inclusion again of the East Merle Hibbs Road Phase I – a roadway extension – costing $4-million.

The project was added earlier this month at a special council meeting which generated much debate due to cost, among other issues.

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Contact Mike Donahey at 641-753-6611 or mdonahey@timesrepublican.com