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Americas River Bond SaleCITY OF DUBUQUE, IOWA MEMORANDUM April 30, 2001 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Bond Sale to Support America's River Project Components At the State of Iowa Vision Iowa Board Meeting on April 11th, the Board voted to award the America's River project $40 million in a state grant. This was in response to an application made to the Vision Iowa Board by the America's River partnership for $58 million in funding. The Vision Iowa Board made their $40 million grant contingent on the entire project being built and the City issuing $12,360,000 in debt. The City partnership developed the attached funding package which includes a City General Obligation debt issuance not to exceed $12.5 million. The debt would be paid with a combination of tax increment financing and gaming revenues. There would be no property tax increase. The $188 million America's River project is the culmination of years of work in partnership with the Dubuque County Historical Society/Mississippi River Museum, the Dubuque Area Chamber of Commerce, Platinum Hospitality Group and Dubuque County. The project consists of the River Discovery Center, the Riverfront Hotel and Indoor Water Park, the Mississippi Riverwalk and Amenities, and the Mississippi River National Education and Conference Center. The project will generate 500,000 visitors per year and create thousands of jobs in the construction and operational phases. It will also lead to the redevelopment of the entire 90-acre Port of Dubuque campus with substantial redevelopment also occurring downtown. These additional redevelopment opportunities are being enhanced with pedestrian and trolley connections and with the extension of Heritage Trail bicycle routes from the north end of Dubuque to the Mines of Spain on the south. Administrative Services Manager Pauline Joyce is recommending approval of the debt issuance. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jh Attachment CC: Barry Lindahl, Corporation Counsel Pauline Joyce, Administrative Services Manager CITY OF DUBUQUE, IOWA MEMORANDUM April 30, 2001 TO: Michael C. Van Milligen, City Manager FROM: Pauline Joyce, Administrative Services Manager SUBJECT: Proceedings for Public Hearing on the Issuance of General Obligation Bonds The purpose of this memorandum is to provide the suggested proceedings for the public hearing on the issuance General Obligation Bonds for the America's River project in the Port of Dubuque as prepared by our Bond Counsel and to present a resolution for City Council to adopt entitled "Resolution Instituting Proceedings to Take Additional Action for the Issuance of Not to Exceed $12,500,000 General Obligation Bonds". The proceedings have been prepared on the basis that no petition will be filed with the City Clerk, asking that the question of issuing the Bonds be submitted to the qualified electors of the City. The proceedings refer tot he fact that the hearing was held and that no petition had been filed. The Mayor will then declare the haring on the issuance of said Bonds to be closed. Immediately following, a resolution is to be introduced and adopted entitled "Resolution Instituting Proceedings to Take Additional Action for the Issuance of Not to Exceed $12,500,000 General Obligation Bonds". If a valid petition is filed, these proceedings will have to be revised to cover the action taken by the Council in either declaring the proposal to issue the Bonds to have been abandoned or the directions of the Council to the County Commissioner to call a special election upon the question of issuing the Bonds. In the event the Council decides to abandon the proposal to issue said Bonds, then the form of resolution included in said proceedings should not be adopted. In this event, a motion needs to be adopted to the effect that such Bond proposal is abandoned. Section 384.25 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the Bonds, to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. Bond Counsel William Noth has also prepared suggested proceedings (attached). Under the schedule proposed, these proceedings should be considered following the public hearing and adoption of the resolution taking additional action. Attachments cc: Barry Lindahl Ken TeKippe (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Dubuque, Iowa. , 2001. o'clock __.M. Auditorium, Carnegie-Stout Public Library, Dubuque, 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 said meeting is as follows: Not to exceed $12,500,000 General Obligation Bonds. · Public hearing on the issuance. · Resolution instituting proceedings to take additional action. Such additional matters as are set forth on the additional page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa May 8 ,2001 The City Council of Dubuque, Iowa, met in regul ar session, in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6: 30 o'clock P.M., on the above date. There were present Mayor Terrance M. Duggan , in the chair, andthe following named Council Members: Roy Buol, Patricia Cline, John Markham, Ann Michalski, Dan Nicholson, Joe Robbins Absent: None -I- The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $12,500,000 General Obligation Bonds in order to provide funds to pay costs of the aiding in the. planning, undertaking and carrying out of urban renewal project activities under the adthority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction ofriverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infrastructure improvements in support of the AmericaTs River project, essential corporate purposes, and that notice of the proposed action by the Council to institute proceedings for the issuance of said bonds, and the right to petition for an election, had been published pursuant to the provisions of Section 384.25 of the City Code of Iowa. '- The Mayor then asked the Clerk whether any written objections had been filed by any City resident or property owner to the issuance of said bonds and whether any such petition had been filed, requesting that the question of issuing said bonds be submitted to the qualified electors of the City. The Clerk advised the Mayor and the Council that no such petition had been filed and that zero written objections had been filed. The Mayor then called for oral objections to the issuance of said bonds and zero were made. Whereupon, the Mayor declared the tune for receiving oral and written objections to be closed. ~ (Attach here a summary of objections received or made, if any) The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Markham introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS", and moved: XX that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of bonds to the meeting to be held at o'clock__.M, on the day of ~ 2001, at this place. Council Membe Robbins seconded the motion. The roll was called and the vote was, AYES: Buol, Cline, Markham, Michalski, Nicholson, Robbins, Duggan NAYSr None Whereupon, the Mayor declared the measure duly adopted. RESOLUTION #175-01 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $12,500,000 General Obligation Bonds for the essential corporate purpose of paying costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction -3- of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction ofriverwalk, streetscape arid lighting improvements, rehabilitation and conservation 0fhistoric structures, and construction of boat docking, harbor, parking and related public infrastructure improvements in support of the America's River project, and no petition was filed calling for a referendum thereon and this Council has considered the extent of objections received from residents or property owners as to said proposed issuance of bonds; and, accordingly the following action is now considered to be in the best interests of the City and residents thereof: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council does hereby institute proceedings and takes additional action for the sale and issuance in the manner required by law of not to exceed $12,500,000 General Obligation Bonds for the foregoing essential corporate purposes. Section 2. That this Resolution be and does hereby serve as a declaration of official intent under Treasury Regulation 1.150-2, because the City reasonably expects to reimburse with the proceeds of the Bonds, all or a portion of original expenditures incurred in connection with the above purpose. Section 3. The Clerk is authorized and directed to proceed on behalf of the City with the sale of sai~bonds, to select a date for the sale thereof, to cause to be prepared such notice and sale information as may appear appropriate, to publish and distribute the same on behalf of the City and this Council and otherwise to take all action necessary to permit the sate of said bonds on a basis favorable to the City and acceptable to the Council. -4- 2001. PASSED AND APPROVED this, 7th day of May, 2001. Terrance M. Duggan, Mayor ATTEST: Jeanne F. Schneider, City Clerk -5- , 2001 The City Council of Dubuque, Iowa, met in Carnegie-Stout Public Library, Dubuque, Iowa, at date. There were present Mayor following named Council Members: sesgion, in the Auditorium, o'clock __.M., on the above , in the chair, and the Absent: -1- The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $12,500,000 General Obligation Bonds in order to provide funds to pay costs of the aiding in the. planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infrastructure improvements in support of the America's River project, essential corporate purposes, and that notice of the proposed action by the Council to institute proceedings for the issuance of said bonds, and the right to petition for an election, had been published pursuant to the provisions of Section 384.25 of the City Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any City resident or property owner to the issuance of said bonds and whether any such petition had been filed, requesting that the question of issuing said bonds be submitted to the qualified electors of the City. The Clerk advised the Mayor and the Council that no such petition had been filed and that written objections had been filed. The Mayor then called for oral objections to the issuance of said bonds and were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) -2- The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS", and moved: that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of bonds to the meeting to be held at o'clock__.M, on the day of , 2001, at this place. Council Member called and the vote was, seconded the motion. The roll was AYES: NAYS: Whereupon, the Mayor declared the measure duly adopted. RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $12,500,000 General Obligation Bonds for the essential corporate purpose of paying costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction -3- of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infi:astmcture improvements in support of the America's River project, and no petition was filed calling for a referendum thereon and this Council has considered the extent of objections received fi:om residents or property owners as to said proposed issuance of bonds; and, accordingly the following action is now considered to be in the best interests of the City and residents thereof: Now, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council does hereby institute proceedings and takes additional action for the sale and issuance in the manner required by law of not to exceed $12,500,000 General Obligation Bonds for the foregoing essential corporate purposes. Section 2. That this Resolution be and does hereby serve as a declaration of official intent under Treasury Regulation 1.150-2, because the City reasonably expects to reimburse with the proceeds of the Bonds, all or a portion of original expenditures incurred in connection with the above purpose. Section 3. The Clerk is authorized and directed to proceed on behalf of the City with the sale of said bonds, to select a date for the sale thereof, to cause to be prepared such notice and sale information as may appear appropriate, to publish and distribute the same on behalf of the City and this Council and otherwise to take all action necessary to permit the sale Of said bonds on a basis favorable to the City and acceptable to the Council. -4- PASSED AND APPROVED this day of 2001. ATTEST: Mayor City Clerk -5- CERTIFICATE CIG-3 9/91 STATE OF IOWA COUNTY OF DUBUQUE ) )ss ) I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a tree and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a tree and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local roles of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this day of , 2001. SEAL DCO RNELLL272500\l \ 10422057 City Clerk, Dubuque, Iowa -6- CITY OF DUBUQUE, IOWA MEMORANDUM April 12, 2001 TO: FROM: SUBJECT: The Honorable Mayor and City Council Members Michael C. Van Milligen, City Manager Bond Sale to Support America's River Project Components At the State of Iowa Vision Iowa Board Meeting on April 11th, the Board voted to award the America's River project $40 million in a state grant. This was in response to an application made to the Vision Iowa Board by the America's River partnership for $58 million in funding. The Vision Iowa Board made their $40 million grant contingent on the entire project being built and the City issuing $12,360,000 in debt. The City partnership developed the attached funding package which includes a City General Obligation debt issuance not to exceed $12.5 million. The debt would be paid with a combination of tax increment financing and gaming revenues. There would be no property tax increase. Administrative Services Manager Pauline Joyce is recommending that a public hearing be set for May 7, 2001. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Pauline Joyce, Administrative Services Manager CITY OF DUBUQUE, IOWA MEMORANDUM April 16, 2001 TO: Michael C. Van Milligen, City Manager FROM: Pauline Joyce, Administrative Services Manager SUBJECT: Bond Sale to Support America's River Project Components The purpose of this memorandum is to recommend the sale of General Obligation Bonds to support construction of the street grade parking under the Mississippi River National Education and Conference Center, site development, a sheet pile wall for docking visiting boats, paving of the riverwalk, development of Ice Harbor Park, 775 stall parking lots, art elements, and the shot tower exterior rehab and protective wall in the amount not to exceed $12,500,000. The Vision Iowa Board has awarded the America's River project $40 million in grant funds contingent upon the City of Dubuque issuing $12,360,000 in General Obligation bonds to support the project. The $12,500,000 for the America's River project can be sold as essential corporate purpose General Obligation Bonds since the improvements are within an Urban Renewal Area and parking system and other site improvements are stated as a purpose in the City's TIF Plan for the area. The issue will be subject to a reverse referendum and at any time before the date of the hearing, a petition may be filed with the Clerk requesting that the issuance of the Bonds be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted at the last regular municipal election. The time line for publication of hearing notice is not less than ten clear days before the public hearing. Although we are selling General Obligation Bonds to support the project, repayment of the debt will be from a combination of funding sources including gaming revenues and Ice Harbor TIF district revenues. Property taxes will not be increased to finance debt on the proposed bond issue. We are using General Obligation Bonds rather than Tax Increment Financing (TIF) Revenue Bonds in order to realize the following savings: reduced underwriter discount, reduced interest rate, no required debt reserve fund and no TIF coverage requirement. The publication requirements for this issue is not tess than ten clear days before the date of said public meeting on the issuance of said Bonds. The requested action steps for City Council is to adopt the attached resolution fixing the date for May 7 for a public hearing on the proposition of selling not to exceed $12,500,000 in General Obligation Bonds (for an essential corporate purpose) of Dubuque, Iowa and providing for publication of notice thereof. Attachments cc: Barry Lindahl Ken TeKippe Jeanne Schneider SUMMARY OF CHANGES MADE TO THE AMERICA'S RIVER PROJECT VISION IOWA REQUEST As part of the negotiation process, the City of Dubuque was asked to review its ability to issue new debt. After considerable discussion and analysis by City leaders and financial advisors, the City determined that it could issue $12,135,000 in General Obligation bonds with debt service payable from Tax Increment Financing (TIF) revenues and City gaming revenues (there would be no property tax increase). This reduced the $58,031,004 Vision Iowa application to $45,896,004. The Vision Iowa application included $396,000 to capitalize the Education and Conference Center operations. In the recently adopted City budget, the City Council included this amount as a City expense, and therefore we were able to reduce our request by this amount. At a meeting of the Dubuque Metropolitan Area Transit Study Board held March 21, the DMATS board approved $3,126,000 for Ice Harbor transportation expenditures and also approved $874,000 for other projects which the City was prepared to pay with its own funds, thereby freeing up those funds to provide a total of $4 million additional local match to America's River. These two items reduce the $45,896,004 Vision Iowa request to $41,500,004. The Mississippi River Education and Conference Center budget was developed with a 10% construction contingency. The City agreed to reduce this contingency to 5%, which amounted to a savings of $1,500,004. This reduces the $41,500,004 Vision Iowa request to $40,000,000. With the changes noted above, the City of Dubuque is committing $47,538,366 in matching funds to the project. This does not include the $8 million the citizens of Dubuque have voluntarily contributed. The parmers in the America's River Project are dedicated to making this project happen for the benefit of Iowa and the final funding package is a strong representation of that commitment. USE OF BOND PROCEEDS CONFERENCE AND EDUCATION CENTER Street Grade Parking Site Development Terrace and Plaza Parking Walks Landscaping/Site Impr. Site Utilities Professional Fees 8.81% Project Contingency 3.50% SUBTOTAL 6,375,000 416,000 379,400 50,000 200,000 653,636 259,714 8,333,750 Sheet Pile Wall for Visiting Boat Docks Riverwalk Colored Concrete Sidewalks/Facade Single and Double Pedestal Lights Ice Harbor Park Shot Tower Exterior Rehab Shot Tower Protective Wall Art Elements Parking lot at Bell and 6th (375 stalls) Parking Lot S & W of Hotel (400 stalls) SUBTOTAL Issuance Expense 719,250 1,356,800 211,000 67,200 100,000 100,000 300,000 450,000 497,000 12,135,000 225,000 TOTAL 12,360,000 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEE'i3NG Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Dubuque, Iowa. , 2001. o'clock __.M. Auditorium, Carnegie-Stout Public Library, Dubuque, 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 said meeting is as follow: Not to exceed $12,500,000 General Obligation Bonds. · ' Resolution fixing date for a meeting on the proposition to issue. Such additional matters as are set forth on the additional page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local roles of said governmental body. City Clerk, Dubuque, Iowa , 2001 The City Council of Dubuque, Iowa, met in Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at on the above date. There were present Mayor chair, and the following named Council Members: session, in the o'clock __.M., , in the Absent: Council Member introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR. A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS (FOR ESSENTIAL CORPORATE PURPOSES) OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member seconded the motion to adopt. The roll was called and the vote was, AYES: NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS (FOR ESSENTIAL CORPORATE PURPOSES) OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa, should issue General Obligation Bonds to the amount of not to exceed $12,500,000, as authorized by Section 384.25, of the City Code of Iowa, for the purpose of providing funds to pay costs of carrying out essential corporate purpose projects as hereinafter described; and WHEREAS, before said bonds may be issued, it is necessary to comply with the provisions of said Code, and to publish a notice of the proposal to issue such bonds and of the time and place of the meeting at which the Council proposes to take action for the issuance of the bonds and to receive oral and/or written objections from any resident or property owner of said City to such action and the right to petition for an election. -2- NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at o'clock __.M., on the day of , 2001, for the purpose of taking action on the matter of the issuance of not to exceed $12,500,000 General Obligation Bonds for essential corporate purposes of said City, the proceeds of which bonds will be used to provide funds to pay costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infrastmcturo improvements in support of the America's River project. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than ten clear days before the date of said public meeting on the issuance of said bonds. Section 3. The notice of the proposed action to issue said bonds shall be in substantially the following form: -3- NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $12,500,000 GENERAL OBLIGATION BONDS (FOR ESSENTIAL CORPOI~TE PURPOSES) OF SAID CITY, AND THE HEARING ON THE ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the day of , 2001, at o'clock .M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the issuance of not to exceed $12,500,000 General Obligation Bonds for essential corporate purposes of said City, in order to provide funds to pay costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infrastructure improvements in support of the America's River project. At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjoumment thereof, take additional action for the issuance of said bonds or will abandon the proposal to issue said bonds. At any time before the date of said meeting, a petition, asking that the question of issuing such bonds be submitted to the legal voters of said City, may be filed with the Clerk of said City in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Seetion 384.26 of the City Code of Iowa. This notice is given by order of the Council of Dubuque, Iowa, as provided by Section 384.25 of the City Code of Iowa. Dated this day of , 2001. City Clerk of Dubuque, Iowa (End of Notice) -5- 2001. ATTEST: PASSED AND APPROVED this day of , 2001 Mayor City Clerk -6- CIG-3 9/91 CERTIFICATE STATE OF IOWA COUNTY OF DUBUQUE ) )ss ) I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a tree and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a tree and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local roles of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the fight of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this day of , 2001. City Clerk, Dubuque, Iowa SEAL DCOKNELLX272405\I \10422000 -7-