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CITY OF WEST CHICAGO
FINANCE COMMITTEE
AGENDA ITEM SUMMARY
ITEM TITLE:
AGENDA ITEM NUMBER: 4.6.
Resolution No. 22-R-0066 - Selection of a Financial
Advisor for Debt Issuances FILE NUMBER:
COMMITTEE AGENDA DATE: 10/27/2022
COUNCIL AGENDA DATE: 11/7/2022
STAFF REVIEW: SIGNATURE
APPROVED BY CITY ADMINISTRATOR: SIGNATURE
ITEM SUMMARY:
Today, the only debt obligations of the City of West Chicago is a low-interest loan from the IEPA
Revolving Loan Fund, which is set to be retired in 2024. The first project on which the chosen financial
advisor would assist is with the issuance of tax-exempt and taxable notes for an industrial project within
an existing TIF District; near final negotiation on a Redevelopment Agreement are occurring now, and the
financial advisor will need to get quickly up to speed to offer guidance prior to City Council consideration
in likely November 2022. Future probable work will include a bond issuance for a mixed-use project in
the newly formed Downtown TIF 2 redevelopment area as well as educating the Finance Committee on
how a debt issuance could help accelerate the funding of larger capital projects, such as a new City Hall
or road improvements in the City’s Industrial Parks (the City has had only one debt issuance over the last
25 years, that being for the construction of a water treatment plant required by the EPA).
In September, staff issues an RFP for a financial advisor for debt issuances; the RFP was sent to six
firms, and three responded. A three person team reviewed the three responses, and each recommends
that the City hire Speer Financial, Inc. to assist the City. That company’s RFP response is attached for
your review. The complete potential scope of work is attached as well.
STAFF RECOMMENDATION:
Approve Resolution No. 22-R-0066 to retain Speer Financial, Inc. as the City’s financial advisor for debt
issuances.
COMMITTEE RECOMMENDATION:

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RESOLUTION NO. 22-R-0066
A RESOLUTION RETAINING SPEER FINANCIAL, INC. AS THE CITY’S
ADVISOR ON MUNICIPAL DEBT ISSUANCES
BE IT RESOLVED by the City Council of the City of West Chicago, in regular
session assembled that the City hereby retains Speer Financial Inc. to assist with
municipal debt issuances per its proposal attached as Exhibit “A” and the scope of work
attached as Exhibit “B”.
APPROVED this 7" day of November 2022.
AYES:
NAYES:
ABSTAIN:
ABSENT:
Ruben Pineda, Mayor
ATTEST:
Valeria Perez, Executive Assistant

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SF Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS
Financial Advisor Services
Proposal
Presented to:
The City of West Chicago
WEST CHICAGO
Chicago Office: °
ee iene Due: September 30, 2022 by
Suite 2630 1:00pm
Chicago, Illinois 60606
Phone: (312) 346-3700
Fax: (312) 346-8833
www.speerfinancial.com

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Table of
Proposal Content
Cover Letter
1. Company Overview
Organization chart/Anticipated Roles
- YY DN
RePEFENCES oe. ecesceseeeeeeeeeeeseeeeeee
Contents

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I Spect Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
DANIEL FORBES RAPHALIATA McKENZIE MAGGIE BURGER ANTHONY MICELI MARK JERETINA AARON GOLD
President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President
September 30, 2022
Mr. Michael Guttman
City Administrator
City of West Chicago
475 Main Street
West Chicago, Illinois 60185
Dear Mr. Guttman:
Thank you for the opportunity to submit a statement of qualifications to provide financial advisory services to the City of West Chicago
Illinois (the “City”). While our detailed proposal follows, we would like to highlight several points that may differentiate Speer Financial,
Inc. (“Speer”, “Speer Financial” or the “Firm”) from other firms being considered.
1. Independence — Speer is not affiliated with any broker-dealer nor do we serve in any capacity other than municipal advisor. This enables
Speer to offer unbiased advice solely in your best interests and avoid any conflicts of interest.
2. Personnel — The Speer financing team assigned to the City includes two officers of the Firm. The assigned team has a combined 21 years of
experience with Speer and 28 years of overall experience in public finance. As well as the individuals assigned to the financing team, the City
will have access to each of the officers of Speer should the need arise. This experience with thousands of financings and with a diversity of
clients brings unparalleled depth, breadth and technical expertise to our municipal advisory services.
3. Level of Activity — Speer is the most active financial advisor in Illinois for long-term municipal bond issues in 2021. Speer has held the
number one ranking in Illinois for over 27 years. We advised on 101 of 317 (over 31%) long-term new money issues in Illinois for 2021. In
total, Speer Financial advised on 221 bond sales totaling over $1,561,292,000 in principal amount in 2021. Speer also has a wealth of local
experience including serving as financial advisor to the Villages of Addison, Arlington Heights, Bensenville, Buffalo Grove, Deerfield,
Glencoe, Glendale Heights, Morton Grove, Niles, North Aurora, Northbrook, Skokie, Winnetka and Woodridge, and the Cities of
Batavia, Des Plaines, Elmhurst, Geneva, Highland Park, Lake Forest, Naperville, Warrenville and Wood Dale.
4. Service Level — We are proud of the level of service that we provide to our clients. As municipal advisor, Speer routinely analyzes
refunding opportunities, provides ongoing debt planning services, analyzes ratings and rating agency strategies and provides other ongoing
services as needs arise. During the bond issuance process, Speer manages the issuance process from start to finish, including the preparation
of the official statement or offering document.
6. Technology — We extensively utilize the latest technology, such as in our posting and electronic distribution of information about upcoming
sales on our www.Speerfinancial.com Debt Auction Calendar. Since 1999, www.SpeerAuction.com has served as a platform to competitively
sell 1,548 issues totaling over $12.5 billion.
Thank you for the opportunity to present our background and qualifications. We look forward to serving the City in the years ahead.
Sincerely,
Cla
Anthony Miceli
Senior Vice President
Speer Financial, Inc.
(312) 529-5881
SUITE 2630 * 230 WEST MONROE STREET * CHICAGO, ILLINOIS 60606 * (312) 346-3700 * FAX (312) 346-8833
SUITE 608 ¢ 531 COMMERCIAL STREET * WATERLOO, IOWA 50701 * (319) 291-2077 * FAX (319) 291-8628

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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
1. An overview of your company, including, but not limited to, the company’s legal
name and corporate structure, location of headquarters, technical staff and field
offices, number of years in business providing the requested services, and
litigations and/or bankruptcy filings in the last five years.
BACKGROUND ON FIRM
Speer Financial, Inc. (“Speer” or the “Firm”), founded in 1954, is a nationally recognized, employee-
owned firm of municipal advisors. We are charter members of the National Association of Municipal
Advisors, an industry coalition seeking to develop and promote ethical and professional standards for
municipal advisory firms and their employees. We bring our clients years of experience in the financial
markets. Since 1996, Speer Financial has participated in the planning and sale of over 4,800 municipal
securities issuances for a total par amount of over $25 billion. We routinely handle securities such as:
general obligation bonds, revenue bonds, debt certificates, notes, refunding issues, tax increment
bonds, special assessment bonds and special service area bonds.
Speer Financial works solely with local governments and special districts, and municipal advising is the
Firm's only business. Speer Financial does not underwrite, purchase or sell bonds, nor is the firm
affiliated with any bank, underwriter or investing institution. We are able, therefore, to render
financial advice to clients without bias or conflict of interest. Our services are solely for the benefit
of our governmental clients.
SPEER MISSION STATEMENT
To provide high quality debt advisory and related financial planning services to governmental entities. As
an independent professional organization, Speer is committed to serve its clients’ long-term interests
with honesty, integrity, and distinctive expertise. To enhance the quality of its services, Speer is
committed to the ongoing development of its entire employee team.
LOCATION AND PERSONNEL
Speer maintains its headquarters in Chicago, Illinois and has a satellite office in Waterloo, lowa. The
Firm maintains a staff with varied backgrounds and disciplines which equip the staff to respond promptly
to client questions. Speer only accepts assignments within its staffs expertise and available time. Our
many long-term relationships demonstrate the level of client satisfaction with our services. We base our
recommendations on what a client needs to hear, not on what a client wants to hear.
Key Officers or Managers of the Speer Tenure with Speer
President Daniel D. Forbes 28
Senior Vice President Raphaliata T. McKenzie 25
Senior Vice President Maggie Burger 17
Senior Vice President Anthony Miceli 9
Senior Vice President Mark Jeretina 12
Vice President Aaron Gold 4
Total 95 years
The six officers of Speer Financial have a combined 95 years with the firm. All are owners. Not only are
the officers invested in the success of the firm, but Speer’s three financial analysts have a combined 46
years with the firm. Speer also has a total of four support staff.
SF Speer Financial, Inc. 2
INDEPENDENT MUNICIPAL ADVISORS

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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
While our main business activity is to provide municipal finance consulting services, our professional
staff includes individuals with accounting, banking, economics, legal, planning, and public finance
expertise. While the quality of our people is clearly more important than the quantity, it is important that
the firm you select as your municipal advisor is able to provide prompt and uninterrupted service to you
during periods of vacations, periods of illness and conflicts in schedules. Working with a team assures
you of prompt and professional service.
CLIENT SALES OF SECURITIES
In the last five years, Speer Financial assisted in bringing 1,074 issues to market amounting to over $6.5
billion in principal amount. This large number of issues and par value of securities illustrate Speer’s high
level of expertise and market awareness which has been developed and honed by this high level of
activity.
Speer Financial, Inc.
Numbénloflacnd!salesiby sccurity an Speer Financial, inc.
umber o on es Dy Securi ype
2017-2021 Catan ot a Sales
300 $2,000,000,000 s
$1,800,000,000
$1,600,000,000
‘$4,400,000,000
$1,200,000,000
$1,000,000,000
$00,000,000 +
$00,000,000
$499,000,000 :
2017 2018 2019 2020 2021 ‘Sanne
$o
2017 2018 2019 2020 2021
™ Other* ™ Revenue m General Obligation
*Includes debt certificates, short-term anticipation notes/bonds, SSA and other special district notes and bonds.
Additionally, Speer professionals participate in numerous conference presentations, webinars, municipal
industry gatherings and other continuing education events in order to gain up to date knowledge and
educate our issuer clients of bond industry trends and the changing market environment.
RANKINGS
Below is a summary of the top Illinois municipal advisors of Long Term Municipal New Issues in 2021.
This information is compiled by Refinitiv, an independent information clearinghouse for the municipal
bond industry. In 2021, Speer advised on 101 of the 317 (over 31%) tax exempt and taxable long-term
new money issues brought to market by Illinois issuers.
Top Municipal Advisors for 2021 (By Number of Issues)
State of Illinois
Long-Term Municipal New Issues
Total Excluding Education
Total Average Total
Number Principal Principal Number Principal
Rank Firm of Issues $(000,000) $(000,000) of Issues $(000,000)
1 Speer Financial, Inc. 101 1149.7 11.4 95 978.4
2 PMA Securities Inc. 68 795.6 11.7 12 146.9
3 Acacia Financial Group 39 3381.1 86.7 31 2874.5
4 PEM Financial Advisors LLC 15 1774.1 118.3 10 1471.5
5 Kings Financial Consulting inc 1 68.9 6.3 0 0.0
6 Columbia Capital Management 9 1357.1 150.8 5 1044.2
7 Robert W. Baird & Co Inc. 9 110.9 12.3 9 110.9
8 Kane McKenna Capital Inc. 8 54.7 6.8 8 54.7
9 Longhouse Capital Advisors 8 189.9 23.7 5 59.2
10 Caine Mitter & Associates Inc. 7 461.6 65.9 7 461.6
° °
EF Speer Financial, Inc. 3
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
ILLINOIS MUNICIPAL CLIENTS
Below we list Speer’s current municipal (City and Village) clients throughout the State of Illinois. A
representative listing of certain municipal client references with contact information can be found below.
Speer would happily provide additional references upon request.
Speer Financial, Inc.
Current Illinois Clients as of September 30, 2022
Village of Addison City of Geneva City of McHenry Village of Romeoville
Village of Algonquin Village of Glencoe City of Mattoon City of Rockford
Village of Arlington Heights Village of Glendale Heights Village of Minooka | Village of Roselle
City of Aurora Village of Green Oaks City of Moline Village of Round Lake Park
Village of Bannockburn Village of Gurnee City of Monmouth Village of Schaumburg
Village of Barrington Village of Hanover Park Village of Montgomery Village of Schiller Park
City of Batavia Village of Hazel Crest City of Morrison Village of Shorewood
Village of Bensenville City of Highland Park Village of Morton Grove Village of Skokie
Village of Buffalo Grove Village of Hinsdale City of Naperville Village of South Holland
Village of Burr Ridge Village of Hoffman Estates Village of Niles City of Springfield
Village of Carpentersville | Village of Homewood Village of North Aurora Village of Sugar Grove
Village of Cary Village of Inverness Village of Northbrook Village of Thornton
Village of Clarendon Hills City of Joliet Village of Oak Park Village of University Park
City of Collinsville Village of Lake Bluff City of Oakbrook Terrace _| Village of Vernon Hills
City of Darien City of Lake Forest Village of Olympia Fields Village of Villa Park
City of Decatur Village of Lake in the Hills Village of Palatine Village of Wauconda
Village of Deerfield Village of Lake Zurich City of Palos Heights City of Waukegan
City of Des Plaines Village of Libertyville City of Palos Hills Village of Westchester
City of East Moline City of Lockport City of Palos Park Village of Western Springs
City of Elgin Village of Lombard City of Paris Village of Wheeling
Elk Grove Village Village of Long Grove City of Peoria Village of Winnetka
City of Elmhurst City of Loves Park Village of Pingree Grove City of Wood Dale
Village of Flossmoor Village of Lynwood City of Prospect Heights Village of Woodridge
City of Freeport City of Marengo Village of Riverside United City of Yorkville
City of Galesburg Village of Maywood City of Rock Island City of Zion
LITIGATION AND BANKRUPTCY
Speer is not currently the subject of any litigation, nor has it been the subject of any litigation over the
past five years. There have been no bankruptcy filings by Speer over the past five years.
EF Speer Financial, Inc. 4
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
2. An organization chart or description indicating the anticipated roles and
responsibilities of the project team who would be working with the City.
FINANCING TEAM
Speer will provide a team of finance professionals to serve the City. A financing team provides a
coordinated distribution of responsibilities in the planning and issuance of the City’s securities. The
financing team will be composed of Anthony Miceli, Senior Vice President, and Mark Jeretina,
Senior Vice President. Mr. Miceli will serve as the primary contact to the City, while Mr. Jeretina will
serve as a secondary contact.
The financing team has a combined 21 years with Speer Financial and are a part of the third generation
of owners. Speer’s team approach assures that someone familiar with the City is available at all times.
Our team approach provides us with the extra flexibility to meet with City staff and officials at your
convenience without unnecessary delays. The team approach also enables varied perspectives to
surface in the planning phase and for specialization within the financing team.
Contact information and biographies for each financing team member are listed below.
Mr. Anthony Miceli Anthony F. Miceli, Senior Vice President, Director and Owner.
Senior Vice President Certified Independent Public Municipal Advisor by National
(312) 529-5881 Association of Municipal Advisors. Qualified Municipal Advisor
amiceli@speerfinancial.com Representative (Series 50) and Qualified Municipal Advisor Principal
(Series 54) with the Municipal Securities Rulemaking Board. B.S.,
North Central College, Naperville, IL, with majors in both Finance and Economics. Nearly 15 years of
experience in public financing, previously serving as a Vice President in the public finance department of
a Milwaukee, WI based investment banking and financial services firm. Member of the Illinois
Government Finance Officers Association. Clients include numerous counties, cities, villages, park
districts, schools and other special districts. Has been employed by Speer Financial since 2013.
Mr. Mark Jeretina Mark Jeretina, Vice President, Director and Owner. Certified
Senior Vice President Independent Public Municipal Advisor by National Association of
(312) 529-5887 Municipal Advisors. Qualified Municipal Advisor Representative
mieretina@speerfinancial.com (Series 50) with the Municipal Securities Rulemaking Board. B.S.
DePaul University, Chicago, Illinois with a major in Finance and a
minor in Economics. Prior experience in equity trading and research with a private Chicago based firm.
Member of the Illinois Government Finance Officers Association. Clients include numerous counties,
cities, villages, park districts, schools and other special districts. Has been employed By Speer
Financial since 2010.
Each of the Speer professionals assigned to the City holds a Series 50 municipal advisor license from
the Municipal Securities Rulemaking Board (MSRB) and has completed numerous general obligation
bond, general obligation limited bond, debt certificate and other debt financings.
A Speer Financial, Inc. 5
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
3. Three references from the last five years demonstrating experience working with
municipalities. Include the following information: a description of each project,
client name and contact information including email address, scope of services
delivered by your firm, duration of service and the final fee for each project.
REFERENCE 1 — VILLAGE OF HOFFMAN ESTATES, ILLINOIS Speer was hired as municipal advisor to the
Village of Hoffman Estates in January of 2015 through a request for proposals process. The Village’s
General Obligation Bonds, Taxable Series 2005A were callable beginning December 1, 2015. Speer
and the Village reviewed the Village’s financing plans for the calendar year and the Village decided to
move forward with the refunding of its Series 2005A Bonds immediately with a sale in the spring of 2015
in order to take advantage of the current market and lock in the currently attractive savings levels. The
Village had chosen targeted savings levels that it wanted to achieve in the first ten years in order to
alleviate some potential financial pressure expected to be caused by the State of Illinois.
Speer prepared a detailed timeline, engaged deal participants, assisted the Village in selecting an
underwriting team, coordinated on-site meetings with both Moody's and S&P and assisted the Village in
the preparation of ratings presentation materials. During the week of pricing, market reactions to the
potential default in Greece and a high volume of debt coming to market caused an increase in interest
rates, specifically treasury rates to which taxable bonds are indexed. The transaction was initially
delayed; however, the following week the City of Chicago’s Moody’s rating downgrade to “Ba1” had
widespread effect on investor demand for Illinois issuers, causing credit spreads to widen and potential
savings to deteriorate further. While savings were still above typical refunding thresholds, Speer and the
Village made the decision to pull the transaction and retry the market later in the year.
By mid-summer credit spreads began to decrease and the lead underwriter presented a proposal to
move forward with the transaction at improved interest rates. Speer analyzed the refunding and
determined that the improvement in rates had come in the short end of the yield curve and that the
longer term bonds were still unattractive to refund at this point. Speer recommended that the Village
move forward with the partial refunding of the Series 2005A Bonds, taking advantage of the low short to
medium-term interest rates and creating the near term savings the Village desired. In August of 2015,
the Village issued its $23,415,000 Taxable General Obligation Refunding Bonds, Series 2015A saving
over $1.8 million in debt service worth over $1.6 million on a present value basis or 7.3% of refunded
principal.
Speer continued to monitor the municipal market and the remaining portion of the refunding. In October
of 2015, the Village was able to complete its $21,905,000 Taxable General Obligation Refunding Bonds,
Series 2015C to refund the remaining Series 2005A Bonds. This refunding saved the Village over $1.5
million in debt service worth over $1.1 million on a present value basis or 5.3% of refunded principal.
The decision to split the issues resulted in an additional $1.33 million in savings to the Village versus the
proposed full refunding in the mid-summer of 2015.
Speer has continued to serve the Village of Hoffman Estates since 2015, serving as municipal advisor
on issues in 2016, 2017, 2018 and 2019 for a total par amount of over $62 million.
Most recently, in 2019, Speer assisted the Village with the private placement of its $9,625,850 General
Obligation Bonds, Series 2019. The 2019 Bonds were being issued pursuant to a performance contract
with Siemens. When Siemens first approached the Village with the performance contract, they had
proposed financing the project through a lease agreement with the Village. Speer worked with the
Village in reviewing the lease financing proposals and determined that neither the rates offered nor the
terms offered to the Village were in its best interest. Speer put together a financing plan to privately
place the issuance, in order to move quickly into the market and provide the Village with a low cost of
capital while avoiding the delays of a public sale. The Village received three bids from banks on the
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
direct placement, with the best bid coming in at 2.159%, without any additional costs of rating fees or
underwriting fees.
Rachel Musiala
Director of Finance/Interim Village Manager
Village of Hoffman Estates
1900 Hassell Rd
Hoffman Estates, IL 60169
(847) 843-4802
Rachel.musiala@hoffmanestates.org
REFERENCE 2 — VILLAGE OF NORTHBROOK, ILLINOIS Speer was hired as municipal advisor to the Village
of Northbrook in February of 2016 through an interview process. Since that time, Speer has worked with
the Village on five bond issues with a total aggregate par amount of $61,710,000.
Prior to the 2019 bond issuance, the Village had been placed on negative outlook by Moody’s Investors
Service. The negative outlook by Moody’s was related to the funding levels of the Village’s public safety
pension plans. The Village worked to address Moody's concerns on its pension funding practices by
dedicating a portion of its ambulance fee revenue to public safety pensions, as well as increasing its tax
levy to fund at the Moody's “tread water” level. For the 2019 transaction, Speer worked closely with the
Village to prepare a detailed presentation to Moody's, highlighting the Village’s updated pension funding
practices, as well as the Village’s overall extremely strong credit quality. The Village’s negative outlook
was subsequently removed and its Aaa Moody's rating was affirmed.
The Village competitively sold its $13,255,000 General Obligation Bonds, Series 2019 on October 22,
2019. The Bonds provided for $11.8 million in new money to the Village as well as over $200,000 in
debt service savings through the refunding of an existing series of bonds. The Village received 11 bids
from six bidders through an open auction process, with the best bid at a final rate of 2.49%.
In 2020, Speer assisted the Village with the sale of its $2,025,000 General Obligation Refunding Bonds,
Series 2020. The Bonds were issued to refinance its existing General Obligation Bonds, Series 2011 for
debt service savings. Given the size and term of the transaction, Speer conducted a competitive bid to
local and regional banks, eliminating the need for an official statement, bond rating and underwriter.
The Bonds were successfully sold to Wintrust Bank at a final rate of 1.35%, saving the Village over
$277,000 in total debt service, worth $255,000 in present value savings or 12.7% of refunded principal.
lwona Petryszak
Chief Financial Officer
Village of Northbrook
1225 Cedar Lane
Northbrook, IL 60062
(847) 664-4032
lwona.petryszak@northbrook. il.us
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
REFERENCE 3 — VILLAGE OF BUFFALO GROVE, ILLINOIS Speer has served as municipal advisor to the
Village of Buffalo Grove since 1987. Most recently, Speer served on the Village’s issuance of
$18,530,000 General Obligation Bonds, Series 2022.
In 2019, the Village’s updated capital improvement plan called for a significant investment in the
Village’s infrastructure over the next several years. The Village and Speer had worked closely to create
a debt strategy which allowed the Village the funds it needed for upcoming capital needs, while
balancing out the future debt service impact, keeping a majority of the new debt service supported by
revenue sources other than property taxes. The debt model called for a series of bond issuances over
the next decade, supported by a mixture of water revenues and fixed water fees, motor fuel taxes, TIF
Revenues and facility rent.
For the Village’s 2020 Bonds, the Village and Speer began the issuance process in late 2019 with the
goal of issuing bonds in the first quarter of 2020. In February of 2020, the municipal bond market had
been experiencing all time low interest rates, and the Village was primed to issue in early March. A
week before the issuance, the COVID 19 pandemic swept the municipal market and totally eliminated all
liquidity available to issuers. Speer recommended that the Village pull the sale and monitor the market
until we saw improvement. From March through April, market conditions remained unfavorable for a
bond offering. Speer looked into other avenues for liquidity for the Village, including lines of credit and
private placement options for the bonds. Toward the end of April, investors started to slowly come back
to the municipal bond market and liquidity improved, especially for high credits, such as the Village.
After a small number of issues were successfully priced in the market, we finalized our offering
document and set a sale date of May 4, 2020. Speer worked closely with the Village to monitor the
market and was ready to pull the issuance once again if conditions deteriorated.
On May 4, 2020, the Village competitively sold its $24,000,000 General Obligation Bonds, Series 2020.
The Bonds provided for $26.4 million in new money to the Village. The Village received 47 bids from 10
bidders through an open auction process, with the best bid at a final rate of 2.28%.
The second part of this financing plan was the issuance of $18,530,000 in General Obligation Bonds to
finance the construction of a new public works facility. While the Village worked on securing the land for
the new facility, Speer worked closely with the Village’s finance department on several bond financing
scenarios over the course of a year. With market volatility increasing in 2022, Speer kept the Village
apprised of current rates and expectations. In August of 2022, we found a short window of opportunity
to competitively sell the bonds, while the municipal market was beginning to strengthen and before rates
increased again in September of 2022.
On August 15, 2022, the Village competitively sold its $18,530,000 General Obligation Bonds, Series
2022. The Village received 39 bids from 7 bidders through an open auction process, with the best bid at
a final rate of 3.49%.
Chris Black
Director of Finance
Village of Buffalo Grove
50 Raupp Boulevard
Buffalo Grove, Illinois 60089
(847) 772-4658
cblack@vbg.org
v/a Speer Financial, Inc. 8
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
REFERENCE — CITY OF NAPERVILLE: In February of 2016, Speer was initially hired as municipal
advisor by the City through a RFP process. Speer’s contract was subsequently extended to the
maximum limit as authorized by the City’s contract, through 2019. In 2020, Speer was again hired by
the City to serve as municipal advisor through a RFP process.
In March of 2016, Speer began working on City’s General Obligation Bonds, Series 2016 (the “2016
Bonds”). The 2016 Bonds were being issued to provide for the refunding of the City’s General
Obligation Bonds, Series 2008 and General Obligation Bonds, Series 2009, and provide for $15 million
in new money for various capital projects. Below we list several notable highlights from our service to
the City on its 2016 Bonds:
e Speer created a detailed financing plan for the issuance of the 2016 Bonds. Separating
each portion of the financing by purpose and payment source.
e Speer worked to smooth the debt service pattern for each payment source, shorten a
portion refinancing and build in a plan for future new money issuances.
e Structured the financing within the amortization goals set by the City.
e Appointed an outside paying agent bank to serve the City, alleviating administrative
burden on the City staff and worked with the City staff to transition prior deals to a paying
agent bank.
e Prepared a full rating presentation for both Moody's and S&P. Organized in person rating
agency meetings in each agency’s office in Chicago.
¢ Competitively sold $61,605,000 General Obligation Bonds, Series 2019 with a final true
interest cost of 2.02% with a twenty year term.
e Over $5 million in present value savings on the refunding portion of the financing.
Speer has continued to serve the City through two extensions of our original contract, issuing bonds in
2017 and 2018, and providing ongoing debt advisory related services as needed.
In 2020, under our new municipal advisory contract, Speer worked with the City on its General
Obligation Bonds, Series 2020. The bonds were issued to finance $16 million in capital projects, and
provide for the refunding of the City’s 2010A, 2010B and 2011 Bonds. The Bonds were successfully
sold in October of 2020, with a true interest cost of 1.76%, resulting in total debt service savings on the
refunding issues of over $2 million.
Rachel Mayer
Director of Finance
City of Naperville
400 South Eagle Street
Naperville, Illinois 60540
(630) 420-6052
mayer@naperville.il.us
v/a Speer Financial, Inc. 9
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
Seen nn cc
REFERENCE — VILLAGE OF CARPENTERSVILLE: In July of 2019, Speer was hired as municipal advisor by
the Village of Carpentersville through a RFP process. In April of 2020, Speer and the Village kicked off
the General Obligation Refunding Bonds, Series 2020 (the “2020 Bonds”). The 2020 Bonds were being
issued to provide for the refunding of the Village’s Taxable General Obligation Bonds, Series 2010B.
Over the past several years, the Village Board has directed staff to maintain an overall flat debt service
levy. The Village’s existing debt service was continuing to grow, diminishing the tax dollars available to
operations in future years. Speer met with the Village Board and staff to present several
refunding/restructuring options aimed at lowering and leveling annual debt service which is paid by the
property tax levy, allowing for additional dollars for annual operations, under a self-imposed flat tax levy.
In September of 2020, Speer and the Village competitively sold its issuance of $10,995,000 General
Obligation Refunding Bonds, Series 2020. The 2020 Bonds resulted in total savings of $2.2 million,
worth $2.095 million on a present value basis, or 16.5% of refunded par. Debt service was structured to
achieve a flat debt service levy over the life of the Village’s outstanding debt, reducing the annual debt
service levy commitment between $200,000 and $500,000 annually.
Tanya Walker
Assistant Director of Finance
Village of Carpentersville
1200 LW Besinger Drive
Carpentersville, IL 60110
(224) 293-1631
twalker@cville.org
REFERENCE — VILLAGE OF SHOREWOOD: In October of 2019, Speer was hired as municipal advisor by the
Village of Shorewood through an interview process. We began our engagement with the Village by
assisting the Village in the cash defeasance of its only existing debt, the General Obligation Bonds,
Series 2011.
In 2021, Speer worked with the Village on the sale of its General Obligation Bonds, Series 2021 for the
construction of its new public works facility. Speer ran various financing scenarios for the Village’s
consideration over the course of a year. Once the transaction officially kicked off in the spring of 2021,
Speer designated a timeline and distribution list to the working group, prepared the official statement
and began to prepare the Village for the rating agency meeting. Speer adjusted the issuance timeline to
account for changes to the project schedule, timing the issuance of the bonds to the project construction
bids.
On July 27, 2021, the Village sold its $14,200,000 General Obligation Bonds, Series 2022, to provide
$14,875,000 in project proceeds for the construction of the new public works facility. The Village
received 21 bids from 5 bidders through an open auction process, with the best bid at a final rate of
1.798%.
Anne Burkholder
Finance Director
Village of Shorewood
One Towne Center Blvd.
Shorewood, Illinois 60404
(815) 741-7707
aburkholder@vil.shorewood. il.us
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
ADDITIONAL REFERENCES
Below please find six additional client references for similar clients to the City which Speer has recently
served. We are happy to supply additional references upon request.
Speer Financial, Inc.
Client References
Mr. Thomas Kuehne Ms. Dorothy Wisniewski Ms. Debra Nawrocki
Finance Director Director of Finance Chief Financial Officer
Village of Arlington Heights City of Des Plaines City of Elgin
33 S. Arlington Heights Rd 1420 Miner Street 150 Dexter Ct.
Arlington Heights, IL 60005 Des Plaines, IL 60016 Elgin, IL 60120
Phone: (847) 368-5510 Phone: (847) 391-5317 Phone: (847) 931-5624
tkuehne@vah.com dwisniewski@desplaines.org nawrocki_d@cityofelgin.org
Mr. Paul Mehring Ms. Lisa Happ Mr. Brad Wilson
Finance Director Finance Director Finance Director
Village of Palatine Village of Schaumburg City of Wood Dale
200 East Wood Street 101 Schaumburg Ct. 404 North Wood Dale Road
Palatine, IL 60067 Schaumburg, IL 60193 Wood Dale, IL 60191
Phone: (847) 359-9018 Phone: (847) 823-4532 Phone: (630) 766-4900
pmehring@palatine.il.us lhai ci.schaumburg.il.us bwilson@wooddale.com
4. Pricing proposal for services covered by this RFP
Speer has served municipal entities throughout the state of Illinois for over 60 years and we have
done so by providing a high level of service and expertise at a fair price. We welcome the
opportunity to provide our professional services to the City as its municipal advisor.
This proposal is for our professional services only and does not include the expenditure of any funds on
behalf of the City. The City is to pay all of its own ordinary expenses in connection with a bond issue.
These include, but may not be limited to, professional services (attorney, bond counsel, architect,
engineer and auditor), credit enhancement (rating, insurance, letters of credit), delivery (postage,
express mail, fax service), publication/printing fees (official statement, notice of sale, bid forms, report
duplication), bidding vehicles (SpeerAuction.com or SpeerBids.com) and transaction costs (CUSIP,
registration/paying agent).
Our fee for security sales is payable from sale proceeds. Our fee for each sale is calculated as follows:
Municipal Advisory Services: $5,000 plus 2/10 of 1% of the
municipal securities issued in excess
of $1,000,000 up to $10,000,000 and
1/10 of 1% of the municipal securities
issued above $10,000,000.
Our fee is the same for competitive and negotiated sales. Our recommendation on the method of sale is
based on the best interests of the City and is not influenced by our fee. The fee is due upon the sale of
the debt instrument and payable upon receipt of proceeds. Should the debt not be sold, there is no
obligation to pay our fee.
The typical transaction expenses which pass through Speer Financial and are reimbursed by the issuer
are listed above and are estimated as follows:
SB Speer Financial, Inc. ll
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Financial Advisory Proposal:
City of West Chicago, Illinois
September 30, 2022
— eee
POS/OS Printing, Copying, Postage and Delivery: $600 (Assuming a printer is not hired separately)
Auction Platform (Competitive Sales): $2,500-$3,750 (depending on the size of the issue)
Good Faith Escrow Services (Competitive Sale): $250
Term Sheet Posting and Speer Bids
(Private Placement Bond Sales Only): $350
Unlike many of our competitors, Speer has the capability to produce the Official Statement or
offering document for the City and will not charge an additional fee for this service. Many of our
competitors will require the City to hire an outside disclosure counsel to serve in this capacity.
While Speer would never discourage the use of disclosure counsel on a public bond sale, Speer
does not require an issuer engage a disclosure counsel and if engaged, Speer’s production of
the offering document will generally lower the cost of disclosure counsel.
CONTINUING DISCLOSURE SERVICE FEE
At the sole option of the City, Speer can provide bond Continuing Disclosure Services to the City at the
following annual rate:
Annual Preparation of Financial Information and
Filing of Operating Data and Audited Financial
Statements on EMMA: $1,000.00 (waived in the
first year)
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EXHIBIT “B”
SCOPE OF SERVICES
(1) Consults with the City Council, Finance Committee, City Administrator and Finance Director
from time to time as required, and provides independent financial advice based on the best
interest of the City.
(2) Prepare and delivers presentations designed to facilitate an understanding of public sector
financing and its implications to the City Council and other governing boards as may be
deemed necessary.
(3) Provide guidance to the City on debt issuances included in Redevelopment Agreements.
(4) Manages the debt financing process, including such projects associated with Federal or State
special debt financing programs.
(5) Evaluates the City’s debt structure, financial resources and projected cash flow from revenue
sources to determine borrowing capacity for current and future capital financing requirements.
Regularly evaluates future outstanding debt for refinancing opportunities.
(6) Works with the City’s bond counsel and financing team in recommending size, structure,
amortization schedule, interest payment dates and call features of a debt issue. Presents
information and makes recommendations on timing and method of marketing.
(7) Assists the City in the selection of the financing team, including preparing a list of services
required of an underwriter, trustee, verification agent and other professionals as needed for a
debt issuance.
(8) Prepares, in cooperation with bond counsel, an official statement, notice of sale and bid form,
and distributes them to all prospective underwriters and investors.
(9) In preparation for bond issues, gathers all pertinent financial statistics and economic data, such
as debt repayment schedules, tax rates, and overlapping debt that would affect or reflect on the
City’s ability and willingness to repay its general obligation bonds.
(10) Manages competitive or negotiated sales process. Arranges for advertising and pre-
marketing of bond issues. Represents the City at the bid opening for a public sale and analyze
such bids, identify the most favorable bid and make a recommendation as to award of the bid.
Acts as the City’s agent if bid negotiations are required. After the bid is awarded, prepare an
actual debt service table based on accepted coupon rates.
(11) Assists in obtaining bond ratings for new issues from rating agencies, including ensuring
that they have all the information and data they require to properly evaluate the City’s
creditworthiness. Attends credit rating agency meetings with City representatives.

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(12) Reviews all legal documents associated with debt financing or other related matters.
(13) Prior to the issuance of revenue bonds, determines if coverage ratios are adequate,
appropriate user charges are in place to retire the debt, and estimates revenue flows for projects
to be finalized.
(14) Assists the City in closing the financing, which includes assistance in selecting a bond
printer and in advising the City on the investment of bond proceeds prior to expending such
proceeds.
(15) | Advises the City’s financing team on areas of specific industry knowledge that may affect
the financing and marketing of municipal debt.
(16) Provides support in preparation of the City’s annual audit, which includes gathering all
pertinent financial statistics and economic data, such as debt repayment schedules, tax rates
and overlapping debt.
(17) Helps with the coordination of printing, signing and delivering the bonds.