Proceedings on the Issuance of Not to Exceed $1,600,000 Sewer Revenue Capital Loan Notes SRF_Hearing Copyrig hted
February 15, 2021
City of Dubuque Public Hearings # 2.
City Council Meeting
ITEM TITLE: Proceedings for Public Hearing on the Issuance of Not to
Exceed $1,600,000, Sewer Revenue Capital Loan Notes (I nterim
Financing) State Revolving Funds, Planning and Design Loan
Applications
SUM MARY: Proof of publication on notice of public hearing to consider approval of
the suggested proceedings for a public hearing on the of the issuance of
not to exceed $1,600,000 in Sewer Revenue Capital Loan Notes
(I nterim Financing) State Revolving Loan Fund Program, the proceeds
of which will be used to pay planning and design costs for Auburn and
Custer, Center Place Area, Maiden Lane Area, Hawthorne to Fengler
Street"track Line" sewer, CatFish Creek Lift Station and Force Main, and
SanitaryAsset Management Master Plan projects, and City Manager
recommending approval.
RESOLUT ION I nstituting proceedings to take additional action for the
authorization of Loan and DisbursementAgreements and the issuance of
not to exceed $1,600,000 Sewer Revenue Capital Loan Notes
RESOLUTION Approving and authorizing a form of Interim Loan and
Disbursement Agreement by and between the City of Dubuque, lowa,
and the lowa Finance Authority, and authorizing and providing for the
issuance and securing the payment of$970,000 Sewer Revenue Capital
Loan Notes Anticipation Project Note, Series 2021 A, of the City of
Dubuque, lowa, underthe provisions of the Code of lowa, and providing
for a method of payment of said Notes.
RESOLUTION Approving and authorizing a form of Interim Loan and
Disbursement Agreement by and between the City of Dubuque, lowa,
and the lowa Finance Authority, and authorizing and providing for the
issuance and securing the payment of$350,000 Sewer Revenue Capital
Loan Notes Anticipation Project Note, Series 2021 B, of the City of
Dubuque, lowa, underthe provisions of the Code of lowa, and providing
for a method of payment of said Notes.
RESOLUTION Approving and authorizing a form of Interim Loan and
Disbursement Agreement by and between the City of Dubuque, lowa,
and the lowa Finance Authority, and authorizing and providing for the
issuance and securing the payment of$160,000 Sewer Revenue Capital
Loan Notes Anticipation Project Note, Series 2021 C, of the City of
Dubuque, lowa, underthe provisions of the Code of lowa, and providing
for a method of payment of said Notes.
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Series 2021ABC Resolution for Day of Hearing Resolutions
$970K SRF Series 2021AAuthorizing Resolution Resolutions
$350K SRF Series 2021 B Authorizing Resolution Resolutions
$160K SRF Series 2021C Authorizing Resolution Resolutions
Bond Counsel Letter Supporting Documentation
$970K SRF Series 2021A Delivery Certificate Supporting Documentation
$970K SRF Series 2021A Form of Note Supporting Documentation
$970K SRF Series 2021A Interim LDA Supporting Documentation
$970K SRF Series 2021A Transcript Certificate Supporting Documentation
$350K SRF Series 2021 B Delivery Certificate Supporting Documentation
$350K SRF Series 2021 B Form of Note Supporting Documentation
$350K SRF Series 2021B Interim LDA Supporting Documentation
$350K SRF Series 2021 B Transcript Certificate Supporting Documentation
$160K SRF Series 2021C Delivery Certificate Supporting Documentation
$160K SRF Series 2021 C Form of Note Supporting Documentation
$160K SRF Series 2021C Interim LDA Supporting Documentation
$160K SRF Series 2021C Transcript Certificate Supporting Documentation
Proof of Publication Supporting Documentation
Dubuque
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$1,600,000, Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Funds, Planning and Design Loan Applications
DATE: February 8, 2021
Director of Finance and Budget Jennifer Larson recommends is recommending City
Council approval of the suggested proceedings for a public hearing on the of the
issuance of not to exceed $1,600,000 in Sewer Revenue Capital Loan Notes (Interim
Financing) State Revolving Loan Fund Program, the proceeds of which will be used to
pay planning and design costs for Auburn and Custer, Center Place Area, Maiden Lane
Area, Hawthorne to Fengler Street "track Line" sewer, Catfish Creek Lift Station and
Force Main, and Sanitary Asset Management Master Plan projects.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three years
and have no initiation or servicing fees. The loan may be rolled into an SRF Construction
Loan or repaid when permanent financing is obtained.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the Notes
to the lowa Finance Authority. A summary of objections received or made, if any, should
be attached to the proceedings. After all objections have been received and considered
if the Council decides to enter into the Agreement and issue the Notes, a form of
resolution follows that should be introduced and adopted, entitled "Resolution Instituting
Proceedings to Take Additional Action."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
�I:/v� �tv�r
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
Deron Muehring, Civil Engineer
Dubuque
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TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Director of Finance and Budget
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$1,600,000, Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Funds, Planning and Design Loan Applications
DATE: February 8, 2021
INTRODUCTION:
The purpose of this memorandum is to provide suggested proceedings for a public hearing
on the issuance of a not to exceed $1,600,000 Sewer Revenue Capital Loan Notes SRF
Planning and Design Loans. A letter from attorney Kristin Billingsley-Cooper detailing
information on the public hearing is enclosed.
DISCUSSION
$160,000 of the proceeds will be used to fund the planning and design of the
rehabilitation/reconstruction of the sanitary sewers serving Auburn and Custer Street area,
the Center Place Area, the Cooper and Maiden Lane area, and the Hawthorne to Fengler
Street "track line" sewer that runs along the railroad tracks. These sewer systems have all
been identified as significant sources of I&I due to their deteriorated conditions.
$350,000 of the proceeds will be used to fund the planning and design for the system
improvements to the Catfish Creek Lift Station and Force Main Project. This project
involves system improvements to address wet-weather related overflows at the Catfish
Creek Lift Station and provide capacity for future development within the Catfish Creek
sewer shed.
$970,000 of the proceeds will be used for the planning and design of the Sanitary Asset
Management Master Plan to allow the City to better understand the condition of its assets,
current and future deficiencies and needs, and the financial resources necessary to
rehabilitate and replace assets when necessary. The core components of the undertaking
are as follows: level of service requirements, asset inventory, critical asset identification,
condition assessment (CCTV pipe inspections, manhole inspections, flow metering, etc.),
life cycle costing, prioritized replacement/improvements schedule, and funding strategy.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three years
and have no initiation or servicing fees. The loan may be rolled into an SRF Construction
Loan or repaid when permanent financing is obtained.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the Notes
to the lowa Finance Authority. A summary of objections received or made, if any, should
be attached to the proceedings. After all objections have been received and considered if
the Council decides to enter into the Agreement and issue the Notes, a form of resolution
follows that should be introduced and adopted, entitled "Resolution Instituting Proceedings
to Take Additional Action."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
ACTION TO BE TAKEN
I respectfully recommend approval of the resolutions.
Attachments
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
Deron Muehring, Civil Engineer
ITEMS TO INCLUDE ON AGENDA FOR FEBRUARY 15, 2021
CITY OF DUBUQUE, IOWA
Not to Exceed $1,600,000 Sewer Revenue Capital Loan Notes
. Public hearing on the authorization of Loan and Disbursement Agreements and the
issuance of Notes to evidence the obligation of the City thereunder.
. Resolution instituting proceedings to take additional action.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
February 15, 2021
The City Council of the City of Dubuque, State of Iowa, met in Regular session, via
electronic means, an in person meeting being declared impossible or impractical due to the
COVID-19 pandemic, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy
D. Buol, in the chair, and the following named Council Members:
Brad Cavanagh, Rick Jones, Kevin Lynch, David Resnick,
Laura Roussell, Danny Sprank
Absent: ___________________________________________
* * * * * * *
- 2 -
The Mayor announced that this was the time and place for the public hearing and meeting
on the matter of the authorization of Loan and Disbursement Agreements by and between the
City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of Not to
Exceed $1,600,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City
under said Loan and Disbursement Agreements, in order to provide funds to pay costs of
acquisition, construction, reconstruction, extending, remodeling, improving, repairing and
equipping all or part of the Municipal Sewer System, and that notice of the proposed action by
the City Council to institute proceedings for the authorization of the Loan and Disbursements
Agreement and the issuance of the Notes had been published pursuant to the provisions of
Sections 384.24A and 384.83 of the Code of Iowa, as amended.
The Mayor then asked the Council whether any written objections had been filed by any
City resident or property owner to the proposal. The Clerk advised the Mayor and the Council
that zero written objections had been filed. The Mayor then called for oral objections to the
proposal and zero were made. Whereupon, the Mayor declared the time for receiving oral and
written objections to be closed.
- 3 -
The City Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Jones introduced and delivered to the Clerk the Resolution
hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF LOAN AND DISBURSEMENT
AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $1,600,000 SEWER
REVENUE CAPITAL LOAN NOTES", and moved:
that the Resolution be adopted.
to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings to the meeting to be held at __________ o'clock
_____.M. on the __________ day of _______________, 2021, at this
place.
Council Member Resnick seconded the motion. The roll was called and the vote was,
AYES: Resnick, Lynch, Cavanagh, Jones, Roussell,
Sprank, Buol
NAYS: ___________________________________________
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL
ACTION FOR THE AUTHORIZATION OF LOAN AND DISBURSEMENT
AGREEMENTS AND THE ISSUANCE OF NOT TO EXCEED $1,600,000
SEWER REVENUE CAPITAL LOAN NOTES
WHEREAS, pursuant to notice published as required by law, this City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the authorization of
Loan and Disbursement Agreements by and between the City and the Iowa Finance Authority,
and the issuance to the Iowa Finance Authority of Not to Exceed $1,600,000 Sewer Revenue
Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement
Agreements, for the purpose of paying costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer
System, and has considered the extent of objections received from residents or property owners
as to said proposal, 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 City Council does hereby institute proceedings and takes additional
action for the authorization of Loan and Disbursement Agreements by and between the City and
the Iowa Finance Authority, and the issuance to the Iowa Finance Authority in the manner
required by law of Not to Exceed $1,600,000 Sewer Revenue Capital Loan Notes for the
foregoing purpose.
Section 2. That the Clerk, with the assistance of bond counsel, is hereby authorized and
directed to proceed with the preparation of such documents and proceedings as shall be
necessary to authorize the City's participation in the SRF Loan Program, to select a suitable date
for final City Council authorization of the required Loan and Disbursement Agreements and
issuance of the Note(s) to evidence the City's obligations thereunder, and to take such other
actions as the Clerk shall deem necessary to permit the completion of a loan on a basis favorable
to the City and acceptable to this Council.
PASSED AND APPROVED this 15th day of February, 2021.
Mayor
ATTEST:
City Clerk
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the 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 the agenda being attached hereto) pursuant to the local rules
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 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 the 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 the City hereto affixed this
F�b��aT 2021.
City Clerk, City of Dubuque, Mate of Iowa
01 day of
ITEMS TO INCLUDE ON AGENDA FOR FEBRUARY 15, 2021
CITY OF DUBUQUE, IOWA
$970,000 Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021A (Interim
Financing) (SRF Planning & Design loan)
. Resolution approving and authorizing a form of Interim Loan and Disbursement
Agreement by and between the City of Dubuque, Iowa, and the Iowa Finance Authority,
and authorizing and providing for the issuance and securing the payment of$970,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021A, of the City
of Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method
of payment of said Notes.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
- 2 -
February 15, 2021
The City Council of the City of Dubuque, State of Iowa, met in Regular session, via
electronic means, an in person meeting being declared impossible or impractical due to the
COVID-19 pandemic, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy
D. Buol, in the chair, and the following named Council Members:
Brad Cavanagh, Rick Jones, Kevin Lynch, David Resnick,
Laura Roussell, Danny Sprank
Absent: ___________________________________________
Vacant: ___________________________________________
* * * * * * *
- 3 -
Council Member Jones introduced the following Resolution entitled "A RESOLUTION
APPROVING AND AUTHORIZING A FORM OF INTERIM LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND THE IOWA FINANCE
AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND
SECURING THE PAYMENT OF $970,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021A, OF THE CITY OF DUBUQUE, IOWA,
UNDER THE PROVISIONS OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE", and moved its adoption. Council Member
Resnick seconded the motion to adopt. The roll was called and the vote was:
AYES: Resnick, Lynch, Cavanagh, Jones, Roussell,
Sprank, Buol
NAYS: ___________________________________________
Whereupon the Mayor declared the following Resolution duly adopted:
- 4 -
Resolution No. 46-21
A RESOLUTION APPROVING AND AUTHORIZING A FORM
OF INTERIM LOAN AND DISBURSEMENT AGREEMENT
BY AND BETWEEN THE CITY OF DUBUQUE AND THE
IOWA FINANCE AUTHORITY, AND AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE
PAYMENT OF $970,000 SEWER REVENUE CAPITAL LOAN
NOTES ANTICIPATION PROJECT NOTE, SERIES 2021A, OF
THE CITY OF DUBUQUE, IOWA, UNDER THE PROVISIONS
OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE
WHEREAS, Issuer proposes to issue its Sewer Revenue Capital Loan Notes Anticipation
Project Note, Series 2021A, to the extent of $970,000, for the purpose of defraying the costs of
the Project hereinafter described; and, it is deemed necessary and advisable and in the best
interests of the City that a form of Interim Loan and Disbursement Agreement by and between
the City and the Iowa Finance Authority be approved and authorized; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not to
exceed $1,600,000 Sewer Revenue Capital Loan Notes has heretofore been duly published and
no objections to such proposed action have been filed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1. Definitions. The following terms shall have the following meanings in this
Resolution unless the text expressly or by necessary implication requires otherwise:
"Additional Project Notes" shall mean any project notes or other
obligations issued on a parity with the Note in accordance with the provisions of Section
11 hereof;
"Agreement" shall mean an Interim Loan and Disbursement Agreement
dated as of the Closing between and among the City and the Original Purchaser, relating
to the Interim Loan made to the City under the Program;
"City Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties and
responsibilities;
"Closing" shall mean the date of delivery of the Note to the Original
Purchaser and the funding of the Interim Loan;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
♦ "Fiscal Year" shall mean the twelve months'period beginning on July 1 of
each year and ending on the last day of June of the following year, or any other
consecutive twelve-month period adopted by the Governing Body or by law as the
official accounting period of the System; provided, that the requirements of a fiscal year
as expressed in this Resolution shall exclude any payment of principal or interest falling
due on the first day of the fiscal year and include any payment of principal or interest
falling due on the first day of the succeeding fiscal year;
♦ "Governing Body" shall mean the Council of the City, or its successor in
function with respect to the operation and control of the System;
♦ "Interim Loan" shall mean the principal amount allocated by the Original
Purchaser and loaned to the City under the Program, equal in amount to the principal
amount of the Note;
♦ "Issuer" and "City" shall mean the City of Dubuque, Iowa;
♦ "Note" shall mean $970,000 Sewer Revenue Capital Loan Notes
Anticipation Project Note, Series 2021A, authorized to be issued by this Resolution;
♦ "Original Purchaser" shall mean the Iowa Finance Authority, as the
purchaser of the Note from Issuer at the time of its original issuance;
♦ "Paying Agent" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein as Issuer's agent to provide for the payment of principal of and interest on the
Notes as the same shall become due;
♦ "Permitted Investments" shall mean:
• direct obligations of(including obligations issued or held in book
entry form on the books o� the Department of the Treasury of the United States
of America;
• cash (insured at all times by the Federal Deposit Insurance
Corporation or otherwise collateralized with obligations described in the above
paragraph);
• obligations of any of the following federal agencies which
obligations represent full faith and credit of the United States of America,
including:
- Export - Import Bank
- Farm Credit System Financial Assistance Corporation
- USDA - Rural Development
- 5 -
- General Services Administration
- U.S. Maritime Administration
- Small Business Administration
- Government National Mortgage Association (GNMA)
- U.S. Department of Housing &Urban Development
(PHA's)
- Federal Housing Administration
• repurchase agreements whose underlying collateral consists of the
investments set out above if the Issuer takes delivery of the collateral either
directly or through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements;
• senior debt obligations rated"AAA"by Standard&Poar's
Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued
by the Federal National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
• U.S. dollar denominated deposit accounts, federal funds and
banker's acceptances with domestic commercial banks which have a rating on
their short-term certificates of deposit on the date of purchase of"A-1" or "A-1+"
by S&P ar "P-1" by Moody's and maturing no more than 360 days after the date
of purchase (ratings on holding companies are not considered as the rating of the
bank);
• commercial paper which is rated at the time of purchase in the
single highest classification, "A-1+" by S&P or "P-1" by Moody's and which
matures not more than 270 days after the date of purchase;
• investments in a money market fund rated "AAAm" or "AAAm-G"
or better by S&P;
• pre-refunded Municipal Obligations, defined as any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not callable
at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and(a) which are rated,based on an irrevocable escrow account or fund
(the "escrow"), in the highest rating category of S&P or Moody's or any
successors thereto; or(b)(i) which are fully secured as to principal and interest
and redemption premium, if any, by an escrow consisting only of cash or direct
obligations of the Department of the Treasury of the United States of America,
which escrow may be applied only to the payment of such principal of and
interest and redemption premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate; and(ii) which escrow is
- 6 -
sufficient, as verified by a nationally recognized independent certified public
accountant, to pay principal of and interest and redemption premium, if any, on
the bonds or other obligations described in this paragraph on the maturity date or
dates specified in the irrevocable instructions referred to above, as appropriate;
• taX eXempt bonds as defined and permitted by section 148 of the
Internal Revenue Code and applicable regulations and only if rated within the two
highest classifications as established by at least one of the standard rating services
approved by the superintendent of banking by rule adopted pursuant to chapter
17A Code of Iowa;
• an investment contract rated within the two highest classifications
as established by at least one of the standard rating services approved by the
superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa;
and
• Iowa Public Agency Investment Trust.
♦ "Program" shall mean the Iowa Water Pollution Control Works Financing
Program undertaken by the Original Purchaser;
♦ "Project" shall mean the costs of acquisition, construction, reconstruction,
eXtending,remodeling, improving,repairing and equipping of the System;
♦ "Project Costs" shall mean all engineering fees, archeological surveys,
environmental studies, and fees related to a project plan preparation and submission, and
other expenses incidental thereto, and also including the costs of issuance of the Note;
♦ "Project Fund" shall mean the Project Fund established by Section 6 of
this Resolution;
♦ "Registrar" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein with respect to maintaining a register of the owners of the Note. Unless otherwise
specified, the Registrar shall also act as Transfer Agent far the Note;
♦ "System" shall mean the municipal sewer utility of the Issuer and all
properties of every nature hereinafter owned by the Issuer comprising part of or used as a
part of the System, including all wastewater treatment facilities, sanitary sewers, force
mains, pumping stations and all related property and improvements and extensions made
by Issuer while the Note remains outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles;
♦ "Treasurer" shall mean the Director of Finance & Budget or such other
officer as shall succeed to the same duties and responsibilities with respect to the
recording and payment of the Note issued hereunder.
- 7 -
Section 2. Authoritv. The Agreement and the Note authorized by this Resolution shall
be issued pursuant to Section 76.13 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa. The Agreement shall be
substantially in the form attached to this Resolution and is authorized to be executed and issued
on behalf of the Issuer by the Mayor and attested by the City Clerk.
Section 3. Note Details, EXecution, Redemption and Registration.
a. Note Details. The Note shall be designated a Sewer Revenue Capital Loan Notes
Anticipation Project Note,be dated the date of delivery, in the denomination of
$1,000 ar multiples thereof, and shall at the request of the Original Purchaser be
initially issued as a single Note in the denomination of$970,000 and numbered R-
1. The Note shall not bear interest (0%), and shall mature three years from
issuance. The City Council hereby finds and determines that it is necessary and
advisable to issue said Note pursuant to Section 76.13 of the Code of Iowa, as
authorized by the Agreement and this Resolution.
b. Execution. The Note shall be executed by the manual or facsimile signature of
the Mayor and attested by the manual or facsimile signature of the Clerk, and
impressed or imprinted with the seal of the City and shall be fully registered as to
both principal and interest as provided in this Resolution; principal, interest and
premium, if any, shall be payable at the office of the Paying Agent by mailing of a
check, wire transfer or automated clearing house system transfer to the registered
owner of the Note.
c. Redem�tion. The Note may be called for redemption by the Issuer and paid
before maturity on any date, from any funds regardless of source, in whole or
from time to time in part, in order of maturity and within an annual maturity by
lot.
Notice of redemption shall be given by U.S. mail to the Original Purchaser (or
any other registered owner of the Note). The terms of redemption shall be par,
plus accrued interest to date of call. Failure to give such notice by mail to any
registered owner or any defect therein shall not affect the validity of any
proceedings for the redemption of the Note. The Note is also subject to
mandatory redemption to the extent not fully drawn upon.
d. Re�istration. The Note may be registered as to principal and interest on the books
of the Note Registrar in the name of the holder and such registration noted on the
Note after which no transfer shall be valid until the making of an entry upon the
books kept far the registration and transfer of ownership of the Note, and in no
other way. The City Treasurer is hereby appointed as Note Registrar under the
terms of this Resolution. Registrar shall maintain the books of the Issuer for the
registration of ownership of the Note for the payment of principal of and interest
on the Note as provided in this Resolution. The Note shall be negotiable as
- 8 -
provided in Article 8 of the Uniform Commercial Code subject to the provisions
for registration and transfer contained in the Note and in this Resolution.
The ownership of any Note may be transferred only upon the Registration Books
kept for the registration and transfer of the Note and only upon surrender thereof
at the office of the Registrar together with an assignment duly eXecuted by the
holder or his duly authorized attorney in fact in such form as shall be satisfactory
to the Registrar, along with the address and social security number or federal
employer identification number of such transferee (or, if registration is to be made
in the name of multiple individuals, of all such transferees). In the event that the
address of the registered owner of a Note (other than a registered owner which is
the nominee of the broker or dealer in question) is that of a broker or dealer, there
must be disclosed on the Registration Books the information pertaining to the
registered owner required above. Upon the transfer of any such Note, a new fully
registered Note, of any denomination or denominations permitted by this
Resolution in aggregate principal amount equal to the unmatured and unredeemed
principal amount of such transferred fully registered Note, and bearing interest at
the same rate and maturing on the same date or dates shall be delivered by the
Registrar.
In all cases of the transfer of the Note, the Registrar shall register, at the earliest
practicable time, on the Registration Books, the Note, in accordance with the
provisions of this Resolution.
As to any Note, the person in whose name the ownership of the same shall be
registered on the Registration Books of the Registrar shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of or on
account of the principal of any such Note and the premium, if any, and interest
thereon shall be made only to or upon the order of the registered owner thereof or
his legal representative. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note, including the interest thereon, to the
eXtent of the sum or sums so paid.
A Note which has been redeemed shall not be reissued but shall be cancelled by
the Registrar. A Note which is cancelled by the Registrar shall be destroyed and a
Certificate of the destruction thereof shall be furnished promptly to the Issuer;
provided that if the Issuer shall so direct, the Registrar shall forward the cancelled
Note to the Issuer.
In the event any payment check, wire, or electronic transfer of funds representing
payment of principal of or interest on the Notes is returned to the Paying Agent or
if any note is not presented for payment of principal at the maturity or redemption
date, if funds sufficient to pay such principal of or interest on Notes shall have
been made available to the Paying Agent for the benefit of the owner thereof, all
liability of the Issuer to the owner thereof for such interest or payment of such
Notes shall forthwith cease, terminate and be completely discharged, and
- 9 -
thereupon it shall be the duty of the Paying Agent to hold such funds, without
liability for interest thereon, for the benefit of the owner of such Notes who shall
thereafter be restricted exclusively to such funds for any claim of whatever nature
on his part under this Resolution or on, or with respect to, such interest or Notes.
The Paying Agent's obligation to hold such funds shall continue for a period equal
to two years and six months following the date on which such interest or principal
became due, whether at maturity, or at the date fixed for redemption thereof, or
otherwise, at which time the Paying Agent shall surrender any remaining funds so
held to the Issuer, whereupon any claim under this Resolution by the Owners of
such interest or Notes of whatever nature shall be made upon the Issuer.
Section 4. Form of Note. The form of Note shall be substantially as follows:
- 10 -
REGISTERED REGISTERED
No. R-1 $970,000
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2021A
Interest Rate Maturitv Date Dated Date
0.00% March 19, 2024 March 19, 2021
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by
virtue of the Constitution and laws of the State of Iowa(the "Issuer"), for value received,
promises to pay from the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of NINE HLTNDRED SEVENTY THOUSAND
DOLLARS in lawful money of the United States of America, at maturity on March 19, 2024,
without interest(0%). Payment of this Note shall at all times conform to the rules of the Iowa
Water Pollution Control Works Financing Program. Issuer pledges the Project Fund to which
there has been appropriated the anticipated receipts of certain funds held or to be received by the
Issuer as well as the proceeds of certain Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Proj ect Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole ar from time to time in part, in order of
maturity and within an annual maturity by lot.
- 11 -
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by loft within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer
in the name of the holder after which no transfer shall be valid until the making of an entry upon
the books kept for the registration and transfer of ownership of the Note, and in no other way.
Registrar shall maintain the books of the Issuer for the registration of ownership of the Note for
the payment of principal of and interest on the Note as provided in the Resolution.
Ownership of this Note maybe transferred only by transfer upon the books kept for such
purpose by the City Treasurer, City of Dubuque, Iowa, the Registrar.. Such transfer on the books
shall occur only upon presentation and surrender of this Note at the office of the Registrar,
together with an assignment duly executed by the owner hereof or his duly authorized attorney in
the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the
Registrar and Paying Agent but shall, however, promptly give notice to registered Noteholders of
such change. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial
Code and subject to the provisions for registration and transfer contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite,
according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to
be performed precedent to the lawful issue of this Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the City Treasurer
of the City of Dubuque, Iowa, all as of the a64-" day of Fel ruc,r 12021
-12-
Date of authentication: ebrkkekr, �C, a0)1 CITY OF DUBU� QUE, STATE OF IOWA
This is one of the Notes described in the within
mentioned Resolution, as registered by the City By:
Treasurer
CITY TREASURER
ATTEST:
By: ��— By:
Registrar
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No.
within Note and does hereby irrevocably constitute and appoint
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE)
GUARANTEED
IMPORTANT - READ CAREFULLY
the
The signature(s) to this Power must correspond with the name(s) as written upon the face
of the Certificate(s) or Note(s) in every particular without alteration or enlargement or
any change whatever. Signature guarantee must be provided in accordance with the
prevailing standards and procedures of the Registrar and Transfer Agent. Such standards
and procedures may require signature to be guaranteed by certain eligible guarantor
institutions that participate in a recognized signature guarantee program.
-13-
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual* Corparation
Partnership Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such
owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall
be construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - .......... Custodian ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act...................
(State)
(End of Note)
Section 5. Securitv for Note. The Note shall be payable solely from the Project Fund.
To pay the principal on the Note when it becomes due, there is hereby created a pledge of the
receipts anticipated in said Project Fund to continue until the payment in full of the principal on
the Note.
Section 6. Establishment of Pro�ect Fund. The Issuer hereby creates and establishes a
Project Fund, into which Project Fund are hereby appropriated the following:
Proceeds of not to exceed$1,600,000 Sewer Revenue Capital Loan
Notes, additional action on the issuance of which previously has
been taken and approved by the City Council
The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Note, from which the Issuer is
ar may become obligated to pay under contracts for the construction of the Project to the extent
that proceeds of the Note are applied to the payment thereof.
- 14 -
Section 7. Application of Project Fund. The proceeds of the sale of the Note shall be
deposited in the Project Fund for application to payment of Project Costs and the costs of
issuance of the Note or to pay the principal of the Note when due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the City Clerk upon
receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be held
for the retirement of Note. When the Note is paid or payment is provided for,remaining moneys
in the Project Fund may be withdrawn and used for any lawful purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested, to the
extent practicable in Permitted Investments maturing at such times and in such amounts as will
make cash available for the purposes of such Project Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as any
Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the construction and
acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Note or of any moneys held in the Project Fund, except in accordance
with the provisions of this Resolution;
c. Will from time to time increase the amount of the appropriations to the
Project Fund, to the extent necessary to assure that the expected receipts thereafter
forthcoming, together with the funds appropriated and held in trust for the purpose, will
be sufficient to pay when due the Note as to both principal and interest.
d. Will obtain the collection of funds and the proceeds of the sale of sewer
revenue capital loan notes anticipated to be received in the Project Fund and, if not paid
from other sources, apply the same to the payment of the Note and interest thereon; and
e. For the prompt and full performance of the terms and provisions of this
Resolution and contract with the noteholders, the Issuer pledges its full faith and
diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Note.
Section 11. Additional Notes. The Issuer may issue Additional Project Notes of equal
standing and parity of lien with the Note for the purpose of paying Project Costs to the extent
that funds appropriated to the Project Fund are adequate to pay all notes so issued and interest
thereon.
- 15 -
The holder or holders of the Notes shall have all other rights and remedies given by law
for the payment and enforcement of the Notes and the security therefor.
Section 12. Severability Clause. If any section, paragraph, clause or provision of this
Resolution be held invalid, such invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 13. Repeal of Conflicting Resolutions or Ordinances. All ordinances and
resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
Section 14. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall not be considered to be a part of this
Resolution.
Section 15. Rule of Construction. This Resolution and the terms and conditions of the
Notes authorized hereby shall be construed whenever possible so as not to conflict with the terms
and conditions of the Interim Loan and Disbursement Agreement. In the event such construction
is not possible, or in the event of any conflict or inconsistency between the terms hereof and
those of the Interim Loan and Disbursement Agreement, the terms of the Interim Loan and
Disbursement Agreement shall prevail and be given effect to the extent necessary to resolve any
such conflict or inconsistency.
PASSED AND APPROVED this 15th day of February, 2021.
ATTEST:
A�2�17W' 4,
City Clerk
.Y a
Mayor
-16-
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the 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 the agenda being attached hereto) pursuant to the local rules
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 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 the 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.
r
WITNESS my hand and the seal of the City hereto affixed this c� day of
Febe- �A O rV , 2021.
Ulf
City Clerk, City of Dubuque, State of Iowa
' 4R4�i M
01826508-1\.10422-21.1
DELIVERY CERTIFICATE
We, the undersigned City officials, do hereby certify that we are the officers, respectively
below indicated, of a municipal corporation in the State of Iowa, known as the City of Dubuque,
Iowa; that in pursuance of the provisions of Section 76.13, Code of Iowa, there have been
heretofore lawfully authorized and this day by us lawfully executed, issued, caused to be
registered and authenticated and delivered one fi lly registered Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2021A, of the City of Dubuque, Iowa, in the amount of
$970,000, dated the date of delivery, bearing no interest, and maturing three years from the date
of issuance.
The Note has been executed with the manual signature of the Mayor and the manual
signature of the City Clerk of said City.
The Note has been delivered to:
Iowa Finance Authority of Des Moines, Iowa,
and has been paid for in accordance with the terms of the contract of sale and at a price of par.
We farther certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
undersigned officers to their respective positions, or the validity of the Note, or the power of the
City to provide and apply adequate funds, including proceeds of Notes heretofore authorized for
the purpose and appropriated to the Project Fund from which the Note is made payable, for the
full and prompt payment of the principal and interest of the aforesaid Note, and that no measure
or provision for the authorization or issuance either of said Note or any source of moneys
appropriated or pledged to the project construction fund from which the Note are made payable
has been repealed or rescinded.
We farther certify that each of the officers whose signatures appear on the Note were in
occupancy and possession of their respective offices at the time the Note was executed and do
hereby adopt and affirm their signatures appearing in the Note.
We further certify that the present financial condition of the City is as follows:
Total Sewer Revenue bonded indebtedness,
including above -mentioned Project Note $
All other indebtedness of any kind, payable
from Sewer Revenues $ 0
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa, Iowa,
this day of , 2021.
Mayor
01826554-1\10422-211
//�
REGISTERED
No. R-1
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2021A
Maturity Date
March 19, 2024
REGISTERED
$970,000
Dated Date
March 19, 2021
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by virtue
of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from
the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of NINE HUNDRED SEVENTY THOUSAND DOLLARS in
lawful money of the United States of America, at maturity on. March 1.9, 2024, without interest (0%).
Payment of this Note shall at all times conform to the rules of the Iowa Water Pollution Control Works
Financing Program. Issuer pledges the Project Fund to which there has been appropriated the anticipated
receipts of certain funds held or to be received by the Issuer as well as the proceeds of certain Capital
Loan. Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the Resolution,
duly adopted and under and in substantial compliance with the Constitution and statutes of the state of
Iowa, including specifically Section 76.13 of the Code of Iowa, as amended, for the purpose of defraying
part of the cost of acquiring the Project. For a complete statement of the revenues and funds from which,
and the conditions, under which this Note is payable, a statement of conditions under which additional
notes of equal standing may hereafter be issued, and the general covenants and provisions pursuant to
which this Note is issued, reference is made to the above described Resolution and Interim Loan and
Disbursement Agreement. This Note is not payable in any manner by taxation and under no
circumstances shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any date, from
any funds regardless of source, in whole or from time to time in part, in order of maturity and within an
annual maturity by lot.
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any other
registered owner of the Note). The terms of redemption shall be par, plus accrued interest to date of call.
Failure to give such notice by mail to any registered owner or any defect therein shall not affect the
validity of any proceedings for the redemption of the Note. The Note is also subject to mandatory
redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to be
redeemed by random selection of the names of the registered owners of the entire annual maturity until
the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer in the
name of the holder after which no transfer shall be valid until the making of an entry upon the books kept
for the registration and transfer of ownership of the Note, and in no other way. Registrar shall maintain
the books of the Issuer for the registration of ownership of the Note for the payment of principal of and
interest on the Note as provided in the Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such purpose
by the City Treasurer, City of Dubuque, Iowa, the Registrar. Such transfer on the books shall occur only
upon presentation and surrender of this Note at the office of the Registrar, together with an assignment
duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to
the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however,
promptly give notice to registered Noteholders of such change. All Notes shall be negotiable as provided
in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite, according
to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed
precedent to the lawful issue of this Note, have been existent, had, done and performed as required by
law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be signed by
the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature of its
City Clerk, with the seal of said City impressed hereon, and authenticated by the manual or facsimile
signature of an authorized representative of the Registrar, the City Treasurer of the City of Dubuque,
.
Iowa, all as of the +h day of _F?kr�Aar _, 2021
Date of authentication: e6r,,ta )0@1
This is one of the Notes described in the within
mentioned Resolution, as registered by the City
Treasurer
CITY TREASURER
r
By: .
egis ar
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
CITY OF DUB QUE, STATE OF IOWA
By: P?A-Z�
Ma
ATTEST:
By: /, ° . //7' § i, �' " -
City Clerk y }[
e� f �W1, 9✓�C+� � � r
a �P � � TM
e
� ,.. � i �,� a t ° �;� •k: y �j of �., +!u
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within
Note and does hereby irrevocably constitute and appoint attorney in fact
to transfer the said Note on. the books kept for registration of the within Note, with full power of
substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED )
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face of the
Certificate(s) or Note(s) in every particular without alteration or enlargement or any change
whatever. Signature guarantee must be provided in accordance with the prevailing standards and
procedures of the Registrar and Transfer Agent. Such standards and procedures may require
signature to be guaranteed by certain eligible guarantor institutions that participate in a
recognized signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Note is to be registered in. the names of multiple individual owners, the names of all such owners
and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall be
construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - .......... Custodian ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act..........
(State)
(End of Note)
01 828703-1\10422-21 1
$970,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021A
INTERIM LOAN AND DISBURSEMENT AGREEMENT
This Interim Loan and Disbursement Agreement (the "Agreement") is entered into as of
March 19, 2021, by and between the City of Dubuque, Iowa (the "City"), and the Iowa Finance
Authority, as lender (the "Lender"). The parties agree as follows:
1. The Lender shall loan to the City an interim amount not to exceed $970,000, without
interest.
2. The City has adopted a resolution (the "Resolution") authorizing and approving this
Agreement pursuant to the provisions of Section 76.13 of the Code of Iowa, 2019, as amended,
and providing for the issuance and securing the payment of this Agreement, and the Resolution is
incorporated herein by reference, and the parties agree to abide by the terms and provisions of
the Resolution. This Agreement and the interest thereon, if any, together with any additional
obligations as may be hereafter issued and outstanding from time to time under the conditions set
forth in the Resolution, shall be payable from (i) proceeds of an authorized loan agreement
corresponding to the anticipated issuance of capital loan notes previously authorized by action of
the City Council or (ii) such other funds as may be lawfully available for such purpose and
appropriated by the City.
3. The loan proceeds (the "Loan. Proceeds") shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements as provided for in this section. Prior to disbursement the City shall provide to the
Lender a payment request on a form provided by the Lender and evidence that the costs for
which the disbursement is requested have been incurred. Disbursements to the City will be made
on or about the second and fourth Tuesday of each month. Submission of the completed
information required by this section shall be made by the City not less than eight (8) days prior to
the disbursement date. Funds shall be disbursed to the City at the address specified in the
disbursement request in the form of a check, wire transfer or automated clearinghouse system
transfer, as requested by the City.
4. This Agreement shall be executed and delivered to the Lender in evidence of the
City's obligation to repay the amounts payable hereunder. Amounts disbursed hereunder shall
not bear interest (0%), and shall be payable as to principal in full on the date and in the total
aggregate amount drawn by the City as set forth in the Resolution. This Agreement shall be
subject to prepayment prior to maturity and shall contain such other terns and provisions as
provided in the Resolution.
5. The City understands and agrees this Agreement may be terminated at the option of
the Lender if the City has not entered into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works Financing Program within three years of the
date of this Agreement. If the City enters into a Loan and Disbursement Agreement with the
Lender pursuant to the Iowa Water Pollution Control Works Financing Program within three
-1-
years of the date of this Agreement, the Lender shall permit the City to repay this Agreement in
full pursuant to the terms of the Loan and Disbursement Agreement executed between the City
and the Lender under the Iowa Water Pollution Control Works Financing Program.
6. This Agreement is executed pursuant to the provisions of Section 76.13 of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the
statutes.
7. This Agreement may be amended, supplemented or modified as agreed to in writing
by both the City and the Lender.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Agreement, the parties acknowledge and agree that the terms of this
Agreement shall take precedence over any such terms of the Resolution.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
ATTEST:
� r'
City Clerk
�q+a � ♦ i $'1' �}4 i � 1�
� ( 7ltTi
CITY OF DVBUQUE, IOWA
- . //,,P, , � , /
Mayor
-2-
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
0 182649 1-1\ 10422-211
IOWA FINANCE AUTHORITY
Its:
-3-
TRANSCRIPT CERTIFICATE
I, the undersigned, being first duly sworn, do hereby depose and certify that I am the duly
appointed, qualified and acting Clerk of the City of Dubuque, Iowa, and that as such Clerk I have
in my possession or have access to the complete corporate records of said Clerk and of its
Council and officials, and that I have carefully compared the transcript hereto attached with the
aforesaid corporate records and that said transcript hereto attached is a true and complete copy of
all the corporate records in relation to the authorization, issuance and disposition of a $970,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021A, of said City dated
the date of delivery, and that said transcript hereto attached contains a true and complete
statement of all the measures adopted and proceedings, acts and things had, done and performed
up to the present time, in relation to the authorization, issuance and disposition of said Note, and
that said Council consists of a Mayor and six (6) Council Members, and that said offices were
duly and lawfully filled by the individuals listed in the attached transcript as of the dates and
times'referred to therein.
I further certify that said City is and throughout the period of said proceedings has been
governed under the Mayor/Council form of municipal government authorized by Chapter 372,
Code of Iowa, under the provisions of its charter as recorded with the Secretary of State.
I further certify that all meetings of the City Council of said City at which action was
taken in connection with said Note were open to the public at all times in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and was duly given at least twenty-four hours prior to the commencement of the
meeting by notification of the communications media having requested such notice and posted
on a bulletin board or other prominent place designated for the purpose and easily accessible to
the public at the principal office of the Council, all pursuant to the provisions and in accordance
with the conditions of the local rules of the Council and Chapter 21, Code of Iowa.
I further certify that no City officer or employee has any interest in the contract for the
sale of the Note or any matter incidental thereto, according to my best knowledge and belief.
WITNESS my hand and the seal of the City hereto attached this 6 day of
� r Ut 00 $' , 2021, at Dubuque, Iowa, Iowa.
City Clerk, City of Dubuque, S ate of Iowa
- 1 -
Finally, the below stated officers whose signatures appear hereafter are now the duly
qualified and acting officials of the City, possessed of the offices as designated below, to -wit:
Mayor Roy Buol
(Original Signature)
Clerk
Director of Finance & Budget
STATE OF IOWA
COUNTY OF DUBUQUE
Adrienne N. Breitfelder
(Original Signature}'
Jenny Larson
4/(Originaf Signature)
) SS
Subscribed and sworn to before e by Roy Buol, Adrienne N. Breitfelder and Jenny
Larson on this day of o , 200`.
(SEAL)
O1826560-1\10422-211
Notary Public in
Iowa
for Dubuque County,
Commission Number 772419
owr
My Comm. hp "
-2-
ITEMS TO INCLUDE ON AGENDA FOR FEBRUARY 15, 2021
CITY OF DUBUQUE, IOWA
$350,000 Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021B (Interim
Financing) (SRF Planning & Design loan)
. Resolution approving and authorizing a form of Interim Loan and Disbursement
Agreement by and between the City of Dubuque, Iowa, and the Iowa Finance Authority,
and authorizing and providing for the issuance and securing the payment of$350,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021 B, of the City
of Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method
of payment of said Notes.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
- 2 -
February 15, 2021
The City Council of the City of Dubuque, State of Iowa, met in Regular session, via
electronic means, an in person meeting being declared impossible or impractical due to the
COVID-19 pandemic, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy
D. Buol, in the chair, and the following named Council Members:
Brad Cavanagh, Rick Jones, Kevin Lynch, David Resnick,
Laura Roussell, Danny Sprank
Absent: ___________________________________________
Vacant: ___________________________________________
* * * * * * *
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Council Member Jones introduced the following Resolution entitled "A RESOLUTION
APPROVING AND AUTHORIZING A FORM OF INTERIM LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND THE IOWA FINANCE
AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND
SECURING THE PAYMENT OF $350,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021B, OF THE CITY OF DUBUQUE, IOWA,
UNDER THE PROVISIONS OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE", and moved its adoption. Council Member
Resnick seconded the motion to adopt. The roll was called and the vote was:
AYES: Resnick, Lynch, Cavanagh, Jones, Roussell,
Sprank, Buol ___
NAYS: ___________________________________________
Whereupon the Mayor declared the following Resolution duly adopted:
- 4 -
Resolution No. 47-21
A RESOLUTION APPROVING AND AUTHORIZING A FORM
OF INTERIM LOAN AND DISBURSEMENT AGREEMENT
BY AND BETWEEN THE CITY OF DUBUQUE AND THE
IOWA FINANCE AUTHORITY, AND AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE
PAYMENT OF $350,000 SEWER REVENUE CAPITAL LOAN
NOTES ANTICIPATION PROJECT NOTE, SERIES 2021B, OF
THE CITY OF DUBUQUE, IOWA, UNDER THE PROVISIONS
OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE
WHEREAS, Issuer proposes to issue its Sewer Revenue Capital Loan Notes Anticipation
Project Note, Series 2021B, to the extent of $350,000, for the purpose of defraying the costs of
the Project hereinafter described; and, it is deemed necessary and advisable and in the best
interests of the City that a form of Interim Loan and Disbursement Agreement by and between
the City and the Iowa Finance Authority be approved and authorized; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not to
exceed $1,600,000 Sewer Revenue Capital Loan Notes has heretofore been duly published and
no objections to such proposed action have been filed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1. Definitions. The following terms shall have the following meanings in this
Resolution unless the text expressly or by necessary implication requires otherwise:
"Additional Project Notes" shall mean any project notes or other
obligations issued on a parity with the Note in accordance with the provisions of Section
11 hereof;
"Agreement" shall mean an Interim Loan and Disbursement Agreement
dated as of the Closing between and among the City and the Original Purchaser, relating
to the Interim Loan made to the City under the Program;
"City Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties and
responsibilities;
"Closing" shall mean the date of delivery of the Note to the Original
Purchaser and the funding of the Interim Loan;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
♦ "Fiscal Year" shall mean the twelve months'period beginning on July 1 of
each year and ending on the last day of June of the following year, or any other
consecutive twelve-month period adopted by the Governing Body or by law as the
official accounting period of the System; provided, that the requirements of a fiscal year
as expressed in this Resolution shall exclude any payment of principal or interest falling
due on the first day of the fiscal year and include any payment of principal or interest
falling due on the first day of the succeeding fiscal year;
♦ "Governing Body" shall mean the Council of the City, or its successor in
function with respect to the operation and control of the System;
♦ "Interim Loan" shall mean the principal amount allocated by the Original
Purchaser and loaned to the City under the Program, equal in amount to the principal
amount of the Note;
♦ "Issuer" and "City" shall mean the City of Dubuque, Iowa;
♦ "Note" shall mean $350,000 Sewer Revenue Capital Loan Notes
Anticipation Project Note, Series 2021B, authorized to be issued by this Resolution;
♦ "Original Purchaser" shall mean the Iowa Finance Authority, as the
purchaser of the Note from Issuer at the time of its original issuance;
♦ "Paying Agent" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein as Issuer's agent to provide for the payment of principal of and interest on the
Notes as the same shall become due;
♦ "Permitted Investments" shall mean:
• direct obligations of(including obligations issued or held in book
entry form on the books o� the Department of the Treasury of the United States
of America;
• cash (insured at all times by the Federal Deposit Insurance
Corporation or otherwise collateralized with obligations described in the above
paragraph);
• obligations of any of the following federal agencies which
obligations represent full faith and credit of the United States of America,
including:
- Export - Import Bank
- Farm Credit System Financial Assistance Corporation
- USDA - Rural Development
- 5 -
- General Services Administration
- U.S. Maritime Administration
- Small Business Administration
- Government National Mortgage Association (GNMA)
- U.S. Department of Housing &Urban Development
(PHA's)
- Federal Housing Administration
• repurchase agreements whose underlying collateral consists of the
investments set out above if the Issuer takes delivery of the collateral either
directly or through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements;
• senior debt obligations rated"AAA"by Standard&Poar's
Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued
by the Federal National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
• U.S. dollar denominated deposit accounts, federal funds and
banker's acceptances with domestic commercial banks which have a rating on
their short-term certificates of deposit on the date of purchase of"A-1" or "A-1+"
by S&P ar "P-1" by Moody's and maturing no more than 360 days after the date
of purchase (ratings on holding companies are not considered as the rating of the
bank);
• commercial paper which is rated at the time of purchase in the
single highest classification, "A-1+" by S&P or "P-1" by Moody's and which
matures not more than 270 days after the date of purchase;
• investments in a money market fund rated "AAAm" or "AAAm-G"
or better by S&P;
• pre-refunded Municipal Obligations, defined as any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not callable
at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and(a) which are rated,based on an irrevocable escrow account or fund
(the "escrow"), in the highest rating category of S&P or Moody's or any
successors thereto; or(b)(i) which are fully secured as to principal and interest
and redemption premium, if any, by an escrow consisting only of cash or direct
obligations of the Department of the Treasury of the United States of America,
which escrow may be applied only to the payment of such principal of and
interest and redemption premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate; and(ii) which escrow is
- 6 -
sufficient, as verified by a nationally recognized independent certified public
accountant, to pay principal of and interest and redemption premium, if any, on
the bonds or other obligations described in this paragraph on the maturity date or
dates specified in the irrevocable instructions referred to above, as appropriate;
• taX eXempt bonds as defined and permitted by section 148 of the
Internal Revenue Code and applicable regulations and only if rated within the two
highest classifications as established by at least one of the standard rating services
approved by the superintendent of banking by rule adopted pursuant to chapter
17A Code of Iowa;
• an investment contract rated within the two highest classifications
as established by at least one of the standard rating services approved by the
superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa;
and
• Iowa Public Agency Investment Trust.
♦ "Program" shall mean the Iowa Water Pollution Control Works Financing
Program undertaken by the Original Purchaser;
♦ "Project" shall mean the costs of acquisition, construction, reconstruction,
eXtending,remodeling, improving,repairing and equipping of the System;
♦ "Project Costs" shall mean all engineering fees, archeological surveys,
environmental studies, and fees related to a project plan preparation and submission, and
other expenses incidental thereto, and also including the costs of issuance of the Note;
♦ "Project Fund" shall mean the Project Fund established by Section 6 of
this Resolution;
♦ "Registrar" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein with respect to maintaining a register of the owners of the Note. Unless otherwise
specified, the Registrar shall also act as Transfer Agent for the Note;
♦ "System" shall mean the municipal sewer utility of the Issuer and all
properties of every nature hereinafter owned by the Issuer comprising part of or used as a
part of the System, including all wastewater treatment facilities, sanitary sewers, force
mains, pumping stations and all related property and improvements and extensions made
by Issuer while the Note remains outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles;
♦ "Treasurer" shall mean the Director of Finance & Budget or such other
officer as shall succeed to the same duties and responsibilities with respect to the
recording and payment of the Note issued hereunder.
- 7 -
Section 2. Authoritv. The Agreement and the Note authorized by this Resolution shall
be issued pursuant to Section 76.13 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa. The Agreement shall be
substantially in the form attached to this Resolution and is authorized to be executed and issued
on behalf of the Issuer by the Mayor and attested by the City Clerk.
Section 3. Note Details, EXecution, Redemption and Registration.
a. Note Details. The Note shall be designated a Sewer Revenue Capital Loan Notes
Anticipation Project Note,be dated the date of delivery, in the denomination of
$1,000 ar multiples thereof, and shall at the request of the Original Purchaser be
initially issued as a single Note in the denomination of$350,000 and numbered R-
1. The Note shall not bear interest (0%), and shall mature three years from
issuance. The City Council hereby finds and determines that it is necessary and
advisable to issue said Note pursuant to Section 76.13 of the Code of Iowa, as
authorized by the Agreement and this Resolution.
b. Execution. The Note shall be executed by the manual or facsimile signature of
the Mayor and attested by the manual or facsimile signature of the Clerk, and
impressed or imprinted with the seal of the City and shall be fully registered as to
both principal and interest as provided in this Resolution; principal, interest and
premium, if any, shall be payable at the office of the Paying Agent by mailing of a
check, wire transfer or automated clearing house system transfer to the registered
owner of the Note.
c. Redem�tion. The Note may be called for redemption by the Issuer and paid
before maturity on any date, from any funds regardless of source, in whole or
from time to time in part, in order of maturity and within an annual maturity by
lot.
Notice of redemption shall be given by U.S. mail to the Original Purchaser (or
any other registered owner of the Note). The terms of redemption shall be par,
plus accrued interest to date of call. Failure to give such notice by mail to any
registered owner or any defect therein shall not affect the validity of any
proceedings for the redemption of the Note. The Note is also subject to
mandatory redemption to the extent not fully drawn upon.
d. Re�istration. The Note may be registered as to principal and interest on the books
of the Note Registrar in the name of the holder and such registration noted on the
Note after which no transfer shall be valid until the making of an entry upon the
books kept far the registration and transfer of ownership of the Note, and in no
other way. The City Treasurer is hereby appointed as Note Registrar under the
terms of this Resolution. Registrar shall maintain the books of the Issuer for the
registration of ownership of the Note for the payment of principal of and interest
on the Note as provided in this Resolution. The Note shall be negotiable as
- 8 -
provided in Article 8 of the Uniform Commercial Code subject to the provisions
for registration and transfer contained in the Note and in this Resolution.
The ownership of any Note may be transferred only upon the Registration Books
kept for the registration and transfer of the Note and only upon surrender thereof
at the office of the Registrar together with an assignment duly eXecuted by the
holder or his duly authorized attorney in fact in such form as shall be satisfactory
to the Registrar, along with the address and social security number or federal
employer identification number of such transferee (or, if registration is to be made
in the name of multiple individuals, of all such transferees). In the event that the
address of the registered owner of a Note (other than a registered owner which is
the nominee of the broker or dealer in question) is that of a broker or dealer, there
must be disclosed on the Registration Books the information pertaining to the
registered owner required above. Upon the transfer of any such Note, a new fully
registered Note, of any denomination or denominations permitted by this
Resolution in aggregate principal amount equal to the unmatured and unredeemed
principal amount of such transferred fully registered Note, and bearing interest at
the same rate and maturing on the same date or dates shall be delivered by the
Registrar.
In all cases of the transfer of the Note, the Registrar shall register, at the earliest
practicable time, on the Registration Books, the Note, in accordance with the
provisions of this Resolution.
As to any Note, the person in whose name the ownership of the same shall be
registered on the Registration Books of the Registrar shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of or on
account of the principal of any such Note and the premium, if any, and interest
thereon shall be made only to or upon the order of the registered owner thereof or
his legal representative. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note, including the interest thereon, to the
eXtent of the sum or sums so paid.
A Note which has been redeemed shall not be reissued but shall be cancelled by
the Registrar. A Note which is cancelled by the Registrar shall be destroyed and a
Certificate of the destruction thereof shall be furnished promptly to the Issuer;
provided that if the Issuer shall so direct, the Registrar shall forward the cancelled
Note to the Issuer.
In the event any payment check, wire, or electronic transfer of funds representing
payment of principal of or interest on the Notes is returned to the Paying Agent or
if any note is not presented for payment of principal at the maturity or redemption
date, if funds sufficient to pay such principal of or interest on Notes shall have
been made available to the Paying Agent for the benefit of the owner thereof, all
liability of the Issuer to the owner thereof for such interest or payment of such
Notes shall forthwith cease, terminate and be completely discharged, and
- 9 -
thereupon it shall be the duty of the Paying Agent to hold such funds, without
liability for interest thereon, for the benefit of the owner of such Notes who shall
thereafter be restricted exclusively to such funds for any claim of whatever nature
on his part under this Resolution or on, or with respect to, such interest or Notes.
The Paying Agent's obligation to hold such funds shall continue for a period equal
to two years and six months following the date on which such interest or principal
became due, whether at maturity, or at the date fixed for redemption thereof, or
otherwise, at which time the Paying Agent shall surrender any remaining funds so
held to the Issuer, whereupon any claim under this Resolution by the Owners of
such interest or Notes of whatever nature shall be made upon the Issuer.
Section 4. Form of Note. The form of Note shall be substantially as follows:
- 10 -
REGISTERED REGISTERED
No. R-1 $350,000
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2021B
Interest Rate Maturitv Date Dated Date
0.00% March 19, 2024 March 19, 2021
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by
virtue of the Constitution and laws of the State of Iowa(the "Issuer"), for value received,
promises to pay from the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of THREE HLTNDRED FIFTY THOUSAND DOLLARS
in lawful money of the United States of America, at maturity on March 19, 2024, without interest
(0%). Payment of this Note shall at all times conform to the rules of the Iowa Water Pollution
Control Works Financing Program. Issuer pledges the Project Fund to which there has been
appropriated the anticipated receipts of certain funds held or to be received by the Issuer as well
as the proceeds of certain Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Proj ect Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole ar from time to time in part, in order of
maturity and within an annual maturity by lot.
- 11 -
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer
in the name of the holder after which no transfer shall be valid until the making of an entry upon
the books kept for the registration and transfer of ownership of the Note, and in no other way.
Registrar shall maintain the books of the Issuer for the registration of ownership of the Note for
the payment of principal of and interest on the Note as provided in the Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the City Treasurer, City of Dubuque, Iowa, the Registrar. Such transfer on the books
shall occur only upon presentation and surrender of this Note at the office of the Registrar,
together with an assignment duly executed by the owner hereof or his duly authorized attorney in
the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the
Registrar and Paying Agent but shall, however, promptly give notice to registered Noteholders of
such change. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial
Code and subject to the provisions for registration and transfer contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite,
according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to
be performed precedent to the lawful issue of this Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the City Treasurer
of the City of Dubuque, Iowa, all as of the a 6"+1 day of Feb uWly, 2021
- 12 -
Date of authentication: c 6ruc�r �4, boa l CITY OF DUBU UE, STATE OF IOWA
This is one of the Notes described in the within
12Z�
mentioned Resolution, as registered by the CIty By:
Treasurer
CITY TREASURER ATTEST:
By: By:
egis "rar Ci.
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the
within Note and does hereby irrevocably constitute and appoint
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE)
GUARANTEED
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face
of the Certificate(s) or Note(s) in every particular without alteration or enlargement or
any change whatever. Signature guarantee must be provided in accordance with the
prevailing standards and procedures of the Registrar and Transfer Agent. Such standards
and procedures may require signature to be guaranteed by certain eligible guarantor
institutions that participate in a recognized signature guarantee program.
-13-
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual* Corparation
Partnership Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such
owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall
be construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - .......... Custodian ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act...................
(State)
(End of Note)
Section 5. Securitv for Note. The Note shall be payable solely from the Project Fund.
To pay the principal on the Note when it becomes due, there is hereby created a pledge of the
receipts anticipated in said Project Fund to continue until the payment in full of the principal on
the Note.
Section 6. Establishment of Pro�ect Fund. The Issuer hereby creates and establishes a
Project Fund, into which Project Fund are hereby appropriated the following:
Proceeds of not to exceed$1,600,000 Sewer Revenue Capital Loan
Notes, additional action on the issuance of which previously has
been taken and approved by the City Council
The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Note, from which the Issuer is
ar may become obligated to pay under contracts for the construction of the Project to the extent
that proceeds of the Note are applied to the payment thereof.
- 14 -
Section 7. Application of Project Fund. The proceeds of the sale of the Note shall be
deposited in the Project Fund for application to payment of Project Costs and the costs of
issuance of the Note or to pay the principal of the Note when due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the City Clerk upon
receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be held
for the retirement of Note. When the Note is paid or payment is provided for,remaining moneys
in the Project Fund may be withdrawn and used for any lawful purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested, to the
extent practicable in Permitted Investments maturing at such times and in such amounts as will
make cash available for the purposes of such Project Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as any
Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the construction and
acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Note or of any moneys held in the Project Fund, except in accordance
with the provisions of this Resolution;
c. Will from time to time increase the amount of the appropriations to the
Project Fund, to the extent necessary to assure that the expected receipts thereafter
forthcoming, together with the funds appropriated and held in trust for the purpose, will
be sufficient to pay when due the Note as to both principal and interest.
d. Will obtain the collection of funds and the proceeds of the sale of sewer
revenue capital loan notes anticipated to be received in the Project Fund and, if not paid
from other sources, apply the same to the payment of the Note and interest thereon; and
e. For the prompt and full performance of the terms and provisions of this
Resolution and contract with the noteholders, the Issuer pledges its full faith and
diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Note.
Section 11. Additional Notes. The Issuer may issue Additional Project Notes of equal
standing and parity of lien with the Note for the purpose of paying Project Costs to the extent
that funds appropriated to the Project Fund are adequate to pay all notes so issued and interest
thereon.
- 15 -
The holder or holders of the Notes shall have all other rights and remedies given by law
for the payment and enforcement of the Notes and the security therefor.
Section 12. Severability Clause. If any section, paragraph, clause or provision of this
Resolution be held invalid, such invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 13. Repeal of Conflicting Resolutions or Ordinances. All ordinances and
resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
Section 14. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall not be considered to be a part of this
Resolution.
Section 15. Rule of Construction. This Resolution and the terms and conditions of the
Notes authorized hereby shall be construed whenever possible so as not to conflict with the terms
and conditions of the Interim Loan and Disbursement Agreement. In the event such construction
is not possible, or in the event of any conflict or inconsistency between the terms hereof and
those of the Interim Loan and Disbursement Agreement, the terms of the Interim Loan and
Disbursement Agreement shall prevail and be given effect to the extent necessary to resolve any
such conflict or inconsistency.
PASSED AND APPROVED this 15th day of February, 2021.
ATTEST:
City Clerk
Mayor
-16-
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Cleric of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the 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 the agenda being attached hereto) pursuant to the local rules
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 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 the 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.
I�
WITNESS my hand and the seal of the City hereto affixed this day of
Fe 6ruarV 2021.
City Clerk, City of Dubuque, §tate of Iowa
DELIVERY CERTIFICATE
We, the undersigned City officials, do hereby certify that we are the officers, respectively
below indicated, of a municipal corporation in the State of Iowa, known as the City of Dubuque,
Iowa; that in pursuance of the provisions of Section 76.13, Code of Iowa, there have been
heretofore lawfully authorized and this day by us lawfully executed, issued, caused to be
registered and authenticated and delivered one fully registered Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2021B, of the City of Dubuque, Iowa, in the amount of
$350,000, dated the date of delivery, bearing no interest, and maturing three years from the date
of issuance.
The Note has been executed with the manual signature of the Mayor and the manual
signature of the City Clerk of said City.
The Note has been delivered to:
Iowa Finance Authority of Des Moines, Iowa,
and has been paid for in accordance with the terms of the contract of sale and at a price of par.
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
undersigned officers to their respective positions, or the validity of the Note, or the power of the
City to provide and apply adequate funds, including proceeds of Notes heretofore authorized for
the purpose and appropriated to the Project Fund from which the Note is made payable, for the
full and prompt payment of the principal and interest of the aforesaid Note, and that no measure
or provision for the authorization or issuance either of said Note or any source of moneys
appropriated or pledged to the project construction fund from which the Note are made payable
has been repealed or rescinded.
We further certify that each of the officers whose signatures appear on the Note were in
occupancy and possession of their respective offices at the time the Note was executed and do
hereby adopt and affirm their signatures appearing in the Note.
We further certify that the present financial condition of the City is as follows:
Total Sewer Revenue bonded indebtedness,
including above -mentioned Project Note $ 76 e3 y y 139
All other indebtedness of any kind, payable
from. Sewer Revenues $ 0
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa, Iowa,
this day of 2021.
Mayor
C-t
Clerk
N
01826554-1\10422-211
of Finance & Budget
REGISTERED
No. R-1
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 202113
Maturity Date
March 19, 2024
REGISTERED
$350,000
Dated Date
March 19, 2021
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by virtue
of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from
the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of THREE HUNDRED FIFTY THOUSAND DOLLARS in
lawful money of the United States of America, at maturity on March 19, 2024, without interest (0%).
Payment of this Note shall at all times conform to the rules of the Iowa Water Pollution Control Works
Financing Program. Issuer pledges the Project Fund to which there has been appropriated the anticipated
receipts of certain funds held or to be received by the Issuer as well as the proceeds of certain Capital
Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the Resolution,
duly adopted and under and in substantial compliance with the Constitution and statutes of the state of
Iowa, including specifically Section 76.13 of the Code of Iowa, as amended, for the purpose of defraying
part of the cost of acquiring the Project. For a complete statement of the revenues and funds from which,
and the conditions, under which this Note is payable, a statement of conditions under which additional
notes of equal standing may hereafter be issued, and the general covenants and provisions pursuant to
which this Note is issued, reference is made to the above described Resolution and Interim Loan and
Disbursement Agreement. This Note is not payable in any manner by taxation and under no
circumstances shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any date, from
any funds regardless of source, in whole or from time to time in part, in order of maturity and within an
annual maturity by lot.
Notice of redemption shall be given by ordinary mail to the Original .Purchaser (or any other
registered owner of the Note). The terms of redemption shall be par, plus accrued interest to date of call.
Failure to give such notice by mail to any registered owner or any defect therein shall not affect the
validity of any proceedings for the redemption of the Note. The Note is also subject to mandatory
redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to be
redeemed by random selection of the names of the registered owners of the entire annual maturity until
the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer in the
name of the holder after which no transfer shall be valid until the making of an entry upon the books kept
for the registration and transfer of ownership of the Note, and in no other way. Registrar shall maintain
the books of the Issuer for the registration of ownership of the Note for the payment of principal of and
interest on the Note as provided in the Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such purpose
by the City Treasurer, City of Dubuque, Iowa, the Registrar. Such transfer on the books shall occur only
upon presentation and surrender of this Note at the office of the Registrar, together with an assignment
duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to
the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however,
promptly give notice to registered Noteholders of such change. All Notes shall be negotiable as provided
in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite, according
to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed
precedent to the lawful issue of this Note, have been existent, had, done and performed as required by
law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be signed by
the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature of its
City Cleric, with the seal of said City impressed hereon, and authenticated by the manual or facsimile
signature of an authorized representative of the Registrar, the City Treasurer of the City of Dubuque,
Iowa, all as of the +sn day of Fe 6 rk c r , 2021
Date of authentication: Fe6roarV Roal
This is one of the Notes described in the within
mentioned Resolution, as registered by the City
Treasurer
CITY TREASURER
By:�
egistrar
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
CITY OF DUB QUE, STATE OF IOWA
By:Wl"4pt L�
May
ATTEST:
By. _ r
City Clerk
p Y
tt ]
'h.*�S�gXV
r+9�1
J r r
� fi.�
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within Note
and does hereby irrevocably constitute and appoint attorney in fact to transfer
the said Note on the books kept for registration of the within Note, with full power of substitution in the
premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face of the
Certificate(s) or Note(s) in every particular without alteration or enlargement or any change whatever.
Signature guarantee must be provided in accordance with the prevailing standards and procedures of
the Registrar and Transfer Agent. Such standards and procedures may require signature to be
guaranteed by certain eligible guarantor institutions that participate in a recognized signature
guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such owners and
one address and social. security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall be construed
as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - .......... Custodian ..........
(Cost) (Minor)
Under Iowa Uniform Transfers to Minors Act ...................
(End of Note)
01828712-1\10422-211
(State)
$350,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021B
INTERIM LOAN AND DISBURSEMENT AGREEMENT
This Interim Loan and Disbursement Agreement (the "Agreement") is entered into as of
March 19, 2021, by and between the City of Dubuque, Iowa (the "City"), and the Iowa Finance
Authority, as lender (the "Lender"). The parties agree as follows:
1. The Lender shall. loan to the City an interim amount not to exceed $350,000, without
interest.
2. The City has adopted a resolution (the "Resolution") authorizing and approving this
Agreement pursuant to the provisions of Section 76.13 of the Code of Iowa, 2019, as amended,
and providing for the issuance and securing the payment of this Agreement, and the Resolution is
incorporated herein by reference, and the parties agree to abide by the terms and provisions of
the Resolution. This Agreement and the interest thereon, if any, together with any additional
obligations as may be hereafter issued and outstanding from time to time under the conditions set
forth in the Resolution, shall be payable from (i) proceeds of an authorized loan agreement
corresponding to the anticipated issuance of capital loan notes previously authorized by action of
the City Council or (ii) such other funds as may be lawfully available for such purpose and
appropriated by the City.
3. The loan proceeds (the "Loan Proceeds") shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements as provided for in this section. Prior to disbursement the City shall provide to the
Lender a payment request on a form provided by the Lender and evidence that the costs for
which the disbursement is requested have been incurred. Disbursements to the City will be made
on or about the second and fourth Tuesday of each month. Submission of the completed
information required by this section shall be made by the City not less than eight (8) days prior to
the disbursement date. Funds shall be disbursed to the City at the address specified in the
disbursement request in the form of a check, wire transfer or automated clearinghouse system
transfer, as requested by the City.
4. This Agreement shall be executed and delivered to the Lender in evidence of the
City's obligation to repay the amounts payable hereunder. Amounts disbursed hereunder shall
not bear interest (0%), and shall be payable as to principal in fiill on the date and in the total
aggregate amount drawn by the City as set forth in the Resolution. This Agreement shall be
subject to prepayment prior to maturity and shall contain such other terms and provisions as
provided in the Resolution.
5. The City understands and agrees this Agreement may be terminated at the option of
the Lender if the City has not entered into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works Financing Program within three years of the
date of this Agreement. If the City enters into a Loan and Disbursement Agreement with the
Lender pursuant to the Iowa Water Pollution Control Works Financing Program within three
-1-
years of the date of this Agreement, the Lender shall permit the City to repay this Agreement in
full pursuant to the terms of the Loan and Disbursement Agreement executed between the City
and the Lender under the Iowa Water Pollution Control Works Financing Program.
6. This Agreement is executed pursuant to the provisions of Section 76.13 of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the
statutes.
7. This Agreement may be amended, supplemented or modified as agreed to in writing
by both the City and the Lender.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Agreement, the parties acknowledge and agree that the terms of this
Agreement shall take precedence over any such terms of the Resolution.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
ATTEST:
A
City Clerk
CITY OF DUBUQUE, IOWA
P
Mayor
-2-
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
01826492-1 \ 10422 -211
IOWA FINANCE AUTHORITY
Its:
-3-
TRANSCRIPT CERTIFICATE
I, the undersigned, being first duly sworn, do hereby depose and certify that I am the duly
appointed, qualified and acting Clerk of the City of Dubuque, Iowa, and that as such Clerk I have
in my possession or have access to the complete corporate records of said Cleric and of its
Council and officials, and that I have carefully compared the transcript hereto attached with the
aforesaid corporate records and that said transcript hereto attached is a true and complete copy of
all the corporate records in relation to the authorization, issuance and disposition of a $350,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 202113, of said City dated
the date of delivery, and that said transcript hereto attached contains a true and complete
statement of all the measures adopted and proceedings, acts and things had, done and performed
up to the present time, in relation to the authorization, issuance and disposition of said Note, and
that said Council consists of a Mayor and six (6) Council Members, and that said offices were
duly and lawfully filled by the individuals listed in the attached transcript as of the dates and
times referred to therein.
I further certify that said City is and throughout the period of said proceedings has been
governed under the Mayor/Council form of municipal government authorized by Chapter 372,
Code of Iowa, under the provisions of its charter as recorded with the Secretary of State.
I further certify that all meetings of the City Council of said City at which action was
taken in -connection with said Note were open to the public at all times in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and was duly given at least twenty-four hours prior to the commencement of the
meeting by notification of the communications media having requested such notice and posted
on a bulletin board or other prominent place designated for the purpose and easily accessible to
the public at the principal office of the Council, all pursuant to the provisions and in accordance
with the conditions of the local rules of the Council and Chapter 21, Code of Iowa.
I further certify that no City officer or employee has any interest in the contract for the
sale of the Note or any matter incidental thereto, according to my best knowledge and belief.
fil
Fe
WITNESS my hand and the seal of the City hereto attached this day of
%d"1 OS V 2021, at Dubuque, Iowa, Iowa.
City Clerk, City of Dubuque, State of Iowa
- 1 -
Finally, the below stated officers whose signatures appear hereafter are now the duly
qualified and acting officials of the City, possessed of the offices as designated below, to -wit:
Mayor Roy Buol
P, ZIC
riginal Signature)
Clerk
Director of Finance & Budget
STATE OF IOWA
COUNTY OF DUBUQUE
Adrienne N. Breitfelder
(Original Signature)
Jenny Larson
(Original Signature)
) SS
Subscribed and sworn to befor e by Roy Buol, Adrienne N. Breitfelder and Jenny
Larson on this J day of.��'� 2021
Notary Public in a7 for Dubuque County,
Iowa
(SEAL)
+a`^` @ LCOmminssion
AMELA IV
J. MCCARRON
Number 772419
"L
Iowa Comm.Cnrrn. Ex i.
01826561-1\10422-211
-2-
ITEMS TO INCLUDE ON AGENDA FOR FEBRUARY 15, 2021
CITY OF DUBUQUE, IOWA
$160,000 Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021C (Interim
Financing) (SRF Planning & Design loan)
. Resolution approving and authorizing a form of Interim Loan and Disbursement
Agreement by and between the City of Dubuque, Iowa, and the Iowa Finance Authority,
and authorizing and providing for the issuance and securing the payment of$160,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021C, of the City
of Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method
of payment of said Notes.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
- 2 -
February 15, 2021
The City Council of the City of Dubuque, State of Iowa, met in Regular session, via
electronic means, an in person meeting being declared impossible or impractical due to the
COVID-19 pandemic, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy
D. Buol, in the chair, and the following named Council Members:
Brad Cavanagh, Rick Jones, Kevin Lynch, David Resnick,
Laura Roussell, Danny Sprank
Absent: ___________________________________________
Vacant: ___________________________________________
* * * * * * *
- 3 -
Council Member Jones introduced the following Resolution entitled "A RESOLUTION
APPROVING AND AUTHORIZING A FORM OF INTERIM LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND THE IOWA FINANCE
AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND
SECURING THE PAYMENT OF $160,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021C, OF THE CITY OF DUBUQUE, IOWA,
UNDER THE PROVISIONS OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE", and moved its adoption. Council Member
Resnick seconded the motion to adopt. The roll was called and the vote was:
AYES: Resnick, Lynch, Cavanagh, Jones, Roussell,
Sprank, Buol ___
NAYS: ___________________________________________
Whereupon the Mayor declared the following Resolution duly adopted:
- 4 -
Resolution No. 48-21
A RESOLUTION APPROVING AND AUTHORIZING A FORM
OF INTERIM LOAN AND DISBURSEMENT AGREEMENT
BY AND BETWEEN THE CITY OF DUBUQUE AND THE
IOWA FINANCE AUTHORITY, AND AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE
PAYMENT OF $160,000 SEWER REVENUE CAPITAL LOAN
NOTES ANTICIPATION PROJECT NOTE, SERIES 2021C, OF
THE CITY OF DUBUQUE, IOWA, UNDER THE PROVISIONS
OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE
WHEREAS, Issuer proposes to issue its Sewer Revenue Capital Loan Notes Anticipation
Project Note, Series 2021C, to the extent of $160,000, for the purpose of defraying the costs of
the Project hereinafter described; and, it is deemed necessary and advisable and in the best
interests of the City that a form of Interim Loan and Disbursement Agreement by and between
the City and the Iowa Finance Authority be approved and authorized; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not to
exceed $1,600,000 Sewer Revenue Capital Loan Notes has heretofore been duly published and
no objections to such proposed action have been filed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1. Definitions. The following terms shall have the following meanings in this
Resolution unless the text expressly or by necessary implication requires otherwise:
"Additional Project Notes" shall mean any project notes or other
obligations issued on a parity with the Note in accordance with the provisions of Section
11 hereof;
"Agreement" shall mean an Interim Loan and Disbursement Agreement
dated as of the Closing between and among the City and the Original Purchaser, relating
to the Interim Loan made to the City under the Program;
"City Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties and
responsibilities;
"Closing" shall mean the date of delivery of the Note to the Original
Purchaser and the funding of the Interim Loan;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
♦ "Fiscal Year" shall mean the twelve months'period beginning on July 1 of
each year and ending on the last day of June of the following year, or any other
consecutive twelve-month period adopted by the Governing Body or by law as the
official accounting period of the System; provided, that the requirements of a fiscal year
as expressed in this Resolution shall exclude any payment of principal or interest falling
due on the first day of the fiscal year and include any payment of principal or interest
falling due on the first day of the succeeding fiscal year;
♦ "Governing Body" shall mean the Council of the City, or its successor in
function with respect to the operation and control of the System;
♦ "Interim Loan" shall mean the principal amount allocated by the Original
Purchaser and loaned to the City under the Program, equal in amount to the principal
amount of the Note;
♦ "Issuer" and "City" shall mean the City of Dubuque, Iowa;
♦ "Note" shall mean $160,000 Sewer Revenue Capital Loan Notes
Anticipation Project Note, Series 2021C, authorized to be issued by this Resolution;
♦ "Original Purchaser" shall mean the Iowa Finance Authority, as the
purchaser of the Note from Issuer at the time of its original issuance;
♦ "Paying Agent" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein as Issuer's agent to provide for the payment of principal of and interest on the
Notes as the same shall become due;
♦ "Permitted Investments" shall mean:
• direct obligations of(including obligations issued or held in book
entry form on the books o� the Department of the Treasury of the United States
of America;
• cash (insured at all times by the Federal Deposit Insurance
Corporation or otherwise collateralized with obligations described in the above
paragraph);
• obligations of any of the following federal agencies which
obligations represent full faith and credit of the United States of America,
including:
- Export - Import Bank
- Farm Credit System Financial Assistance Corporation
- USDA - Rural Development
- 5 -
- General Services Administration
- U.S. Maritime Administration
- Small Business Administration
- Government National Mortgage Association (GNMA)
- U.S. Department of Housing &Urban Development
(PHA's)
- Federal Housing Administration
• repurchase agreements whose underlying collateral consists of the
investments set out above if the Issuer takes delivery of the collateral either
directly or through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements;
• senior debt obligations rated"AAA"by Standard&Poar's
Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued
by the Federal National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
• U.S. dollar denominated deposit accounts, federal funds and
banker's acceptances with domestic commercial banks which have a rating on
their short-term certificates of deposit on the date of purchase of"A-1" or "A-1+"
by S&P ar "P-1" by Moody's and maturing no more than 360 days after the date
of purchase (ratings on holding companies are not considered as the rating of the
bank);
• commercial paper which is rated at the time of purchase in the
single highest classification, "A-1+" by S&P or "P-1" by Moody's and which
matures not more than 270 days after the date of purchase;
• investments in a money market fund rated "AAAm" or "AAAm-G"
or better by S&P;
• pre-refunded Municipal Obligations, defined as any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not callable
at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and(a) which are rated,based on an irrevocable escrow account or fund
(the "escrow"), in the highest rating category of S&P or Moody's or any
successors thereto; or(b)(i) which are fully secured as to principal and interest
and redemption premium, if any, by an escrow consisting only of cash or direct
obligations of the Department of the Treasury of the United States of America,
which escrow may be applied only to the payment of such principal of and
interest and redemption premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate; and(ii) which escrow is
- 6 -
sufficient, as verified by a nationally recognized independent certified public
accountant, to pay principal of and interest and redemption premium, if any, on
the bonds or other obligations described in this paragraph on the maturity date or
dates specified in the irrevocable instructions referred to above, as appropriate;
• taX eXempt bonds as defined and permitted by section 148 of the
Internal Revenue Code and applicable regulations and only if rated within the two
highest classifications as established by at least one of the standard rating services
approved by the superintendent of banking by rule adopted pursuant to chapter
17A Code of Iowa;
• an investment contract rated within the two highest classifications
as established by at least one of the standard rating services approved by the
superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa;
and
• Iowa Public Agency Investment Trust.
♦ "Program" shall mean the Iowa Water Pollution Control Works Financing
Program undertaken by the Original Purchaser;
♦ "Project" shall mean the costs of acquisition, construction, reconstruction,
eXtending,remodeling, improving,repairing and equipping of the System;
♦ "Project Costs" shall mean all engineering fees, archeological surveys,
environmental studies, and fees related to a project plan preparation and submission, and
other expenses incidental thereto, and also including the costs of issuance of the Note;
♦ "Project Fund" shall mean the Project Fund established by Section 6 of
this Resolution;
♦ "Registrar" shall be the City Treasurer, or such successor as may be
approved by Issuer as provided herein and who shall carry out the duties prescribed
herein with respect to maintaining a register of the owners of the Note. Unless otherwise
specified, the Registrar shall also act as Transfer Agent for the Note;
♦ "System" shall mean the municipal sewer utility of the Issuer and all
properties of every nature hereinafter owned by the Issuer comprising part of or used as a
part of the System, including all wastewater treatment facilities, sanitary sewers, force
mains, pumping stations and all related property and improvements and extensions made
by Issuer while the Note remains outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles;
♦ "Treasurer" shall mean the Director of Finance & Budget or such other
officer as shall succeed to the same duties and responsibilities with respect to the
recording and payment of the Note issued hereunder.
- 7 -
Section 2. Authoritv. The Agreement and the Note authorized by this Resolution shall
be issued pursuant to Section 76.13 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa. The Agreement shall be
substantially in the form attached to this Resolution and is authorized to be executed and issued
on behalf of the Issuer by the Mayor and attested by the City Clerk.
Section 3. Note Details, EXecution, Redemption and Registration.
a. Note Details. The Note shall be designated a Sewer Revenue Capital Loan Notes
Anticipation Project Note,be dated the date of delivery, in the denomination of
$1,000 ar multiples thereof, and shall at the request of the Original Purchaser be
initially issued as a single Note in the denomination of$160,000 and numbered R-
1. The Note shall not bear interest (0%), and shall mature three years from
issuance. The City Council hereby finds and determines that it is necessary and
advisable to issue said Note pursuant to Section 76.13 of the Code of Iowa, as
authorized by the Agreement and this Resolution.
b. Execution. The Note shall be executed by the manual or facsimile signature of
the Mayor and attested by the manual or facsimile signature of the Clerk, and
impressed or imprinted with the seal of the City and shall be fully registered as to
both principal and interest as provided in this Resolution; principal, interest and
premium, if any, shall be payable at the office of the Paying Agent by mailing of a
check, wire transfer or automated clearing house system transfer to the registered
owner of the Note.
c. Redem�tion. The Note may be called for redemption by the Issuer and paid
before maturity on any date, from any funds regardless of source, in whole or
from time to time in part, in order of maturity and within an annual maturity by
lot.
Notice of redemption shall be given by U.S. mail to the Original Purchaser (or
any other registered owner of the Note). The terms of redemption shall be par,
plus accrued interest to date of call. Failure to give such notice by mail to any
registered owner or any defect therein shall not affect the validity of any
proceedings for the redemption of the Note. The Note is also subject to
mandatory redemption to the extent not fully drawn upon.
d. Re�istration. The Note may be registered as to principal and interest on the books
of the Note Registrar in the name of the holder and such registration noted on the
Note after which no transfer shall be valid until the making of an entry upon the
books kept far the registration and transfer of ownership of the Note, and in no
other way. The City Treasurer is hereby appointed as Note Registrar under the
terms of this Resolution. Registrar shall maintain the books of the Issuer for the
registration of ownership of the Note for the payment of principal of and interest
on the Note as provided in this Resolution. The Note shall be negotiable as
- 8 -
provided in Article 8 of the Uniform Commercial Code subject to the provisions
for registration and transfer contained in the Note and in this Resolution.
The ownership of any Note may be transferred only upon the Registration Books
kept for the registration and transfer of the Note and only upon surrender thereof
at the office of the Registrar together with an assignment duly eXecuted by the
holder or his duly authorized attorney in fact in such form as shall be satisfactory
to the Registrar, along with the address and social security number or federal
employer identification number of such transferee (or, if registration is to be made
in the name of multiple individuals, of all such transferees). In the event that the
address of the registered owner of a Note (other than a registered owner which is
the nominee of the broker or dealer in question) is that of a broker or dealer, there
must be disclosed on the Registration Books the information pertaining to the
registered owner required above. Upon the transfer of any such Note, a new fully
registered Note, of any denomination or denominations permitted by this
Resolution in aggregate principal amount equal to the unmatured and unredeemed
principal amount of such transferred fully registered Note, and bearing interest at
the same rate and maturing on the same date or dates shall be delivered by the
Registrar.
In all cases of the transfer of the Note, the Registrar shall register, at the earliest
practicable time, on the Registration Books, the Note, in accordance with the
provisions of this Resolution.
As to any Note, the person in whose name the ownership of the same shall be
registered on the Registration Books of the Registrar shall be deemed and
regarded as the absolute owner thereof for all purposes, and payment of or on
account of the principal of any such Note and the premium, if any, and interest
thereon shall be made only to or upon the order of the registered owner thereof or
his legal representative. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note, including the interest thereon, to the
eXtent of the sum or sums so paid.
A Note which has been redeemed shall not be reissued but shall be cancelled by
the Registrar. A Note which is cancelled by the Registrar shall be destroyed and a
Certificate of the destruction thereof shall be furnished promptly to the Issuer;
provided that if the Issuer shall so direct, the Registrar shall forward the cancelled
Note to the Issuer.
In the event any payment check, wire, or electronic transfer of funds representing
payment of principal of or interest on the Notes is returned to the Paying Agent or
if any note is not presented for payment of principal at the maturity or redemption
date, if funds sufficient to pay such principal of or interest on Notes shall have
been made available to the Paying Agent for the benefit of the owner thereof, all
liability of the Issuer to the owner thereof for such interest or payment of such
Notes shall forthwith cease, terminate and be completely discharged, and
- 9 -
thereupon it shall be the duty of the Paying Agent to hold such funds, without
liability for interest thereon, for the benefit of the owner of such Notes who shall
thereafter be restricted exclusively to such funds for any claim of whatever nature
on his part under this Resolution or on, or with respect to, such interest or Notes.
The Paying Agent's obligation to hold such funds shall continue for a period equal
to two years and six months following the date on which such interest or principal
became due, whether at maturity, or at the date fixed for redemption thereof, or
otherwise, at which time the Paying Agent shall surrender any remaining funds so
held to the Issuer, whereupon any claim under this Resolution by the Owners of
such interest or Notes of whatever nature shall be made upon the Issuer.
Section 4. Form of Note. The form of Note shall be substantially as follows:
- 10 -
REGISTERED REGISTERED
No. R-1 $160,000
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2021 C
Interest Rate Maturitv Date Dated Date
0.00% March 19, 2024 March 19, 2021
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by
virtue of the Constitution and laws of the State of Iowa(the "Issuer"), for value received,
promises to pay from the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
ar registered assigns, the principal sum of ONE HLTNDRED SIXTY THOUSAND DOLLARS in
lawful money of the United States of America, at maturity on March 19, 2024, without interest
(0%). Payment of this Note shall at all times conform to the rules of the Iowa Water Pollution
Control Works Financing Program. Issuer pledges the Project Fund to which there has been
appropriated the anticipated receipts of certain funds held or to be received by the Issuer as well
as the proceeds of certain Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Proj ect Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole ar from time to time in part, in order of
maturity and within an annual maturity by lot.
- 11 -
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer
in the name of the holder after which no transfer shall be valid until the making of an entry upon
the books kept for the registration and transfer of ownership of the Note, and in no other way.
Registrar shall maintain the books of the Issuer for the registration of ownership of the Note for
the payment of principal of and interest on the Note as provided in the Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the City Treasurer, City of Dubuque, 'Iowa, the Registrar. Such transfer on the books
shall occur only upon presentation and surrender of this Note at the office of the Registrar,
together with an assignment duly executed by the owner hereof or his duly authorized attorney in
the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the
Registrar and Paying Agent but shall, however, promptly give notice to registered Noteholders of
such change. All Notes shall be negotiable as provided in Article 8 of the Uniform Commercial
Code and subject to the provisions for registration and transfer contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite,
according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to
be performed precedent to the lawful issue of this Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Cleric, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the City Treasurer
of the City of Dubuque, Iowa, all as of the ' a 6 fti day of Fe 6ru c r q , 2021
- 1.2 -
Date of authentication: Fe�,,� ��Gr )Q-)I CITY OF DUB QUE, STATE OF IOWA
This is one of the Notes described in the within
mentioned Resolution, as registered by the CIty By:
Treasurer
CITY TREASURER ATTEST:
By: �.. By:
Reistr
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No.
within Note and does hereby irrevocably constitute and appoint
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE)
GUARANTEED
IMPORTANT - READ CAREFULLY
the
The signature(s) to this Power must correspond with the name(s) as written upon the face
of the Certificate(s) or Note(s) in every particular without alteration or enlargement or
any change whatever. Signature guarantee must be provided in accordance with the
prevailing standards and procedures of the Registrar and Transfer Agent. Such standards
and procedures may require signature to be guaranteed by certain eligible guarantor
institutions that participate in a recognized signature guarantee program.
-13-
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual* Corparation
Partnership Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such
owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall
be construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS MIN ACT - .......... Custodian ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act...................
(State)
(End of Note)
Section 5. Securitv for Note. The Note shall be payable solely from the Project Fund.
To pay the principal on the Note when it becomes due, there is hereby created a pledge of the
receipts anticipated in said Project Fund to continue until the payment in full of the principal on
the Note.
Section 6. Establishment of Pro�ect Fund. The Issuer hereby creates and establishes a
Project Fund, into which Project Fund are hereby appropriated the following:
Proceeds of not to exceed$1,600,000 Sewer Revenue Capital Loan
Notes, additional action on the issuance of which previously has
been taken and approved by the City Council
The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Note, from which the Issuer is
ar may become obligated to pay under contracts for the construction of the Project to the extent
that proceeds of the Note are applied to the payment thereof.
- 14 -
Section 7. Application of Project Fund. The proceeds of the sale of the Note shall be
deposited in the Project Fund for application to payment of Project Costs and the costs of
issuance of the Note or to pay the principal of the Note when due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the City Clerk upon
receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be held
for the retirement of Note. When the Note is paid or payment is provided for,remaining moneys
in the Project Fund may be withdrawn and used for any lawful purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested, to the
extent practicable in Permitted Investments maturing at such times and in such amounts as will
make cash available for the purposes of such Project Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as any
Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the construction and
acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Note or of any moneys held in the Project Fund, except in accordance
with the provisions of this Resolution;
c. Will from time to time increase the amount of the appropriations to the
Project Fund, to the extent necessary to assure that the expected receipts thereafter
forthcoming, together with the funds appropriated and held in trust for the purpose, will
be sufficient to pay when due the Note as to both principal and interest.
d. Will obtain the collection of funds and the proceeds of the sale of sewer
revenue capital loan notes anticipated to be received in the Project Fund and, if not paid
from other sources, apply the same to the payment of the Note and interest thereon; and
e. For the prompt and full performance of the terms and provisions of this
Resolution and contract with the noteholders, the Issuer pledges its full faith and
diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Note.
Section 11. Additional Notes. The Issuer may issue Additional Project Notes of equal
standing and parity of lien with the Note for the purpose of paying Project Costs to the extent
that funds appropriated to the Project Fund are adequate to pay all notes so issued and interest
thereon.
- 15 -
The holder or holders of the Notes shall have all other rights and remedies given by law
for the payment and enforcement of the Notes and the security therefor.
Section 12. Severability Clause. If any section, paragraph, clause or provision of this
Resolution be held invalid, such invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 13. Repeal of Conflicting Resolutions or Ordinances. All ordinances and
resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
Section 14. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall not be considered to be a part of this
Resolution.
Section 15. Rule of Construction. This Resolution and the terms and conditions of the
Notes authorized hereby shall be construed whenever possible so as not to conflict with the terms
and conditions of the Interim Loan and Disbursement Agreement. In the event such construction
is not possible, or in the event of any conflict or inconsistency between the terms hereof and
those of the Interim Loan and Disbursement Agreement, the terms of the Interim Loan and
Disbursement Agreement shall prevail and be given effect to the extent necessary to resolve any
such conflict or inconsistency.
PASSED AND APPROVED this 15th day of February, 2021.
ATTEST:
City Clerk
Mayor Ir
-16-
CERTIFICATE
STATE OF IOWA )
COUNTY OF DUBUQUE SS
)
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the 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 the agenda being attached hereto) pursuant to the local rules
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 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 the 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 the City hereto affixed this C� (¢h dayof
-e rUo,r o 2021.
City Clerk, City of Dubuque, S ate of Iowa
DELIVERY CERTIFICATE
We, the undersigned City officials, do hereby certify that we are the officers, respectively
below indicated, of a municipal corporation in the State of Iowa, known as the City of Dubuque,
Iowa; that in pursuance of the provisions of Section 76.13, Code of Iowa, there have been
heretofore lawfully authorized and this day by us lawfully executed, issued, caused to be
registered and authenticated and delivered one fully registered Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2021C, of the City of Dubuque, Iowa, in the amount of
$160,000, dated the date of delivery, bearing no interest, and maturing three years from the date
of issuance.
The Note has been executed with the manual signature of the Mayor and the manual
signature of the City Clerk of said City.
The Note has been delivered to:
Iowa Finance Authority of Des Moines, Iowa,
and has been paid for in accordance with the terms of the contract of sale and at a price of par.
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
undersigned officers to their respective positions, or the validity of the Note, or the power of the
City to provide and apply adequate funds, including proceeds of Notes heretofore authorized for
the purpose and appropriated to the Project Fund from which the Note is made payable, for the
full and prompt payment of the principal and interest of the aforesaid Note, and that no measure
or provision for the authorization or issuance either of said Note or any source of moneys
appropriated or pledged to the project construction fund from which the Note are made payable
has been repealed or rescinded.
We further certify that each of the officers whose signatures appear on the Note were in
occupancy and possession of their respective offices at the time the Note was executed and do
hereby adopt and affirm their signatures appearing in the Note.
We further certify that the present financial condition of the City is as follows:
Total Sewer Revenue bonded indebtedness,
including above -mentioned Project Note $ % 6113 LI, 139
All other indebtedness of any kind, payable
from Sewer Revenues $
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa, Iowa,
this day of , 2021.
Mayor
01 826557-1\10422-21 1
REGISTERED
No. R-1
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2021C
Maturity Date
March 19, 2024
REGISTERED
$160,000
Dated Date
March 19, 2021.
The City of Dubuque, Iowa, a municipal corporation organized and existing under and by virtue
of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from
the source and as hereinafter provided, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of ONE HUNDRED SIXTY THOUSAND DOLLARS in lawful
money of the United States of America, at maturity on March 19, 2024, without interest (0%). Payment
of this Note shall at all times conform to the rules of the Iowa Water Pollution Control Works Financing
Program. Issuer pledges the Project Fund to which there has been appropriated the anticipated receipts of
certain funds held or to be received by the Issuer as well as the proceeds of certain Capital Loan Notes to
be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the Resolution,
duly adopted and under and in substantial compliance with the Constitution and statutes of the state of
Iowa, including specifically Section 76.13 of the Code of Iowa, as amended, for the purpose of defraying
part of the cost of acquiring the Project. For a complete statement of the revenues and funds from which,
and the conditions, under which this Note is payable, a statement of conditions tinder which additional
notes of equal standing may hereafter be issued, and the general covenants and provisions pursuant to
which this Note is issued, reference is made to the above described Resolution and Interim Loan and
Disbursement Agreement. This Note is not payable in any manner by taxation and under no
circumstances shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note .may be called for redemption by the Issuer and paid before maturity on any date, from
any funds regardless of source, in whole or from time to time in part, in order of maturity and within an
annual maturity by lot.
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any other
registered owner of the Note). The terms of redemption shall be par, plus accrued interest to date of call.
Failure to give such notice by mail to any registered owner or any defect therein shall not affect the
validity of any proceedings for the redemption of the Note. The Note is also subject to mandatory
redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to be
redeemed by random selection of the names of the registered owners of the entire annual maturity until
the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the City Treasurer in the
name of the holder after which no transfer shall be valid until the making of an entry upon the books kept
for the registration and transfer of ownership of the Note, and in no other way. Registrar shall maintain
the books of the Issuer for the registration of ownership of the Note for the payment of principal of and
interest on the Note as provided in the Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such purpose
by the City Treasurer, City of Dubuque, Iowa, the Registrar. Such transfer on the books shall occur only
upon presentation and surrender of this Note at the office of the Registrar, together with an assignment
duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to
the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however,
promptly give notice to registered Noteholders of such change. All Notes shall be negotiable as provided
in Article 8 of the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the Resolution.
And it is hereby represented and certified that all acts, conditions and things requisite, according
to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed
precedent to the lawful issue of this Note, have been existent, had, done and performed as required by
law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be signed by
the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature of its
City Clerk, with the seal of said City impressed hereon, and authenticated by the manual or facsimile
signature of an authorized representative of the Registrar, the City Treasurer of the City of Dubuque,
Iowa, all as of the 4^ day of Fe 6 ray r r y , 2021
Date of authentication: Fe6ruc,r d6) 90
This is one of the Notes described in the within
mentioned Resolution, as registered by the Clty
Treasurer
CITY TREASURER
A'
By: --ri— —
egistrar
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
CITY OF DUB QUE, STATE OF .IOWA
By: -
May
ATTEST:
By:
City Clerk
4 b��
A �
^4 b w
Fy �
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within
Note and does hereby irrevocably constitute and appoint attorney in fact
to transfer the said Note on the books kept for registration of the within Note, with full power of
substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon the face of the
Certificate(s) or Note(s) in every particular without alteration or enlargement or any change
whatever. Signature guarantee must be provided in accordance with the prevailing standards and
procedures of the Registrar and Transfer Agent. Such standards and procedures may require
signature to be guaranteed by certain eligible guarantor institutions that participate in a
recognized signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax Identification
Number of Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Note is to be registered in the names of multiple individual owners, the names of all such owners
and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Note, shall be
construed as though written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with rights of survivorship and not as tenants in common
IA UNIF TRANS .MIN ACT - .......... Custodian ..........
(Cost) (Minor)
Under Iowa Uniform Transfers to Minors Act ...............
(State)
(End of Note)
$160,000 SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE, SERIES 2021C
INTERIM LOAN AND DISBURSEMENT AGREEMENT
This Interim Loan and Disbursement Agreement (the "Agreement") is entered into as of
March 19, 2021, by and between the City of Dubuque, Iowa (the "City"), and the Iowa Finance
Authority, as lender (the "Lender"). The parties agree as follows:
The Lender shall loan to the City an interim amount not to exceed $160,000, without
interest.
2. The City has adopted a resolution (the "Resolution") authorizing and approving this
Agreement pursuant to the provisions of Section 76.13 of the Code of Iowa, 2019, as amended,
and providing for the issuance and securing the payment of this Agreement, and the Resolution is
incorporated herein by reference, and the parties agree to abide by the terms and provisions of
the Resolution. This Agreement and the interest thereon, if any, together with any additional
obligations as may be hereafter issued and outstanding from time to time under the conditions set
forth in the Resolution, shall be payable from (i) proceeds of an authorized loan agreement
corresponding to the anticipated issuance of capital loan notes previously authorized by action of
the City Council or (ii) such other funds as may be lawfully available for such purpose and
appropriated by the City.
3. The loan proceeds (the "Loan Proceeds") shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements as provided for in this section. Prior to disbursement the City shall provide to the
Lender a payment request on a form provided by the Lender and evidence that the costs for
which the disbursement is requested have been incurred. Disbursements to the City will be made
on or about the second and fourth Tuesday of each month. Submission of the completed
information required by this section shall be made by the City not less than eight (8) days prior to
the disbursement date. Funds shall be disbursed to the City at the address specified in the
disbursement request in the form of a check, wire transfer or automated clearinghouse system
transfer, as requested by the City.
4. This Agreement shall be executed and delivered to the Lender in evidence of the
City's obligation to repay the amounts payable hereunder. Amounts disbursed hereunder shall
not bear interest (0%), and shall be payable as to principal in Rill on the date and in the total
aggregate amount drawn by the City as set forth in the Resolution. This Agreement shall be
subject to prepayment prior to maturity and shall contain such other terms and provisions as
provided in the Resolution.
5. The City understands and agrees this Agreement may be terminated at the option of
the Lender if the City has not entered into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works Financing Program within three years of the
date of this Agreement. If the City enters into a Loan and Disbursement Agreement with the
Lender pursuant to the Iowa Water Pollution Control Works Financing Program within three
_1_
years of the date of this Agreement, the Lender shall permit the City to repay this Agreement in
full pursuant to the terms of the Loan and Disbursement Agreement executed between the City
and the Lender under the Iowa Water Pollution Control Works Financing Program.
6. This Agreement is executed pursuant to the provisions of Section 76.13 of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the
statutes.
7. This Agreement may be amended, supplemented or modified as agreed to in writing
by both the City and the Lender.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Agreement, the parties acknowledge and agree that the terms of this
Agreement shall take precedence over any such terms of the Resolution.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
ATTEST:
City Clerk
CITY OF DUBUQUE, IOWA
C�
Mayor
-2-
IN WITNESS WHEREOF, I have hereunto affixed my sipatare all as of the date first
above written.
01 826497-1\10422-21 1
IOWA FINANCE AUTHORITY
LM
Its:
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TRANSCRIPT CERTIFICATE
I, the undersigned, being first duly sworn, do hereby depose and certify that I am the duly
appointed, qualified and acting Clerk of the City of Dubuque, Iowa, and that as such Clerk I have
in my possession or have access to the complete corporate records of said Clerk and of its
Council and officials, and that I have carefully compared the transcript hereto attached with the
aforesaid corporate records and that said transcript hereto attached is a true and complete copy of
all the corporate records in relation to the authorization, issuance and disposition of a $160,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021C, of said City dated
the date of delivery, and that said transcript hereto attached contains a true and complete
statement of all the measures adopted and proceedings, acts and things had, done and performed
up to the present time, in relation to the authorization, issuance and disposition of said Note, and
that said Council consists of a Mayor and six (6) Council Members, and that said offices were
duly and lawfully filled by the individuals listed in the attached transcript as of the dates and
times referred to therein.
I further certify that said City is and throughout the period of said proceedings has been
governed under the Mayor/Council form of municipal government authorized by Chapter 372,
Code of Iowa, under the provisions of its charter as recorded with the Secretary of State.
I further certify that all meetings of the City Council of said City at which action was
taken in connection with said Note were open to the public at all times in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and was duly given at least twenty-four hours prior to the commencement of the
meeting by notification of the communications media having requested such notice and posted
on a bulletin board or other prominent place designated for the purpose and easily accessible to
the public at the principal office of the Council, all pursuant to the provisions and in accordance
with the conditions of the local rules of the Council and Chapter 21, Code of Iowa.
I further certify that no City officer or employee has any interest in the contract for the
sale of the Note or any matter incidental thereto, according to my best knowledge and belief.
�` WITNESS my hand and the seal of the City hereto attached this day of
Fe- l'. ruo, , 2 02 1, at Dubuque, Iowa, Iowa.
City Clerk, City of Dubuque, State of Iowa
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Finally, the below stated officers whose signatures appear hereafter are now the duly
qual.if ed and acting officials of the City, possessed of the offices as designated below, to -wit:
Mayor Roy Buol
, 'p- L"'I)
(Original Signature)
Clerk
Director of Finance & Budget
STATE OF IOWA
COUNTY OF DUBUQUE
Adrienne N. Breitfelder
(Original Signature
Jenny Larson
(Original Signature)
) SS
Subscribed and sworn to before me by Roy Buol, Adrienne N. Breitfelder and Jenny
Larson on this . day of 92021.
Notary Public in an OF
Dubuque County,
Iowa
(SEAL) LPAIMELA
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J_ tlVp 5.8�R'-0IiRONmission Number 772419
omm. Exp. /,!—%
01826562-1 \10422-211
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Ahlers&Cooney, P.C.
A H L E R 5 C O O N E Y Attorneys at Law
100 Court Avenue, Suite 600
A T T ❑ R N E Y 5 Des Moines, lowa 50309-2231
Phone: 515-243-7611
Fax: 515-243-2149
www.ahlerslaw.com
Kristin B. Cooper
515.246.0330
kcooper@ahlerslaw.com
February 5, 2021
VIA EMAIL
Ms. Jenny Larson
Director of Finance &Budget
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
RE: City of Dubuque, State of Iowa
Sewer Revenue Capital Loan Notes Anticipation Project Notes, Series
2021A/B/C (Interim Financings) (State of Iowa Revolving Fund Loan)
Dear Jenny:
I am including with this letter suggested public hearing proceedings relating to the
authorization of the above Notes. These are prepared to show as a first step the receipt of any
oral or written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreements and issue the Notes to the
Iowa Finance Authority (the "Authority"). A summary of objections received or made, if any,
should be attached to the proceedings. After all objections have been received and considered if
the Council decides to enter into the Agreement and issue the Notes, a form of resolution follows
that should be introduced and adopted, entitled "Resolution Instituting Proceedings to Take
Additional Action."
Section 384.83 of the Code of Iowa provides that any resident or property owner of the
City may appeal the decision to take additional action 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. Please let us know as soon as possible if an appeal is filed by any resident or property
owner.
In the event the Council decides to abandon the proposal then the form of resolution
included in said proceedings should not be adopted. We would suggest that, in this event, a
motion merely be adopted to the effect that such proposal is abandoned.
I also am including proceedings which include three resolutions, each of which approves
and authorizes a form of Interim Loan and Disbursement Agreement(planning and design loan)
and authorizes the issuance of a Project Note to the Authority. The Interim Loan and
WISHARD t� BAILV - �SSS� GUERNSEY & Bni�v - 1893� BAILV t� STIPP - �90�� STIPP� PERRY� BANNISTER t� STARZINGER - �9�4� BANNISTER� CARPENTER�
AHLERS $i COONEY - 1950; AHLERS, COONEY, DORWEILER, ALLBEE� HAYNIE $i SMITH - 1974; AHLERS� COONEY� DORWEILER, HAYNIE� SMITH $i ALLBEE� P.C. - 1990
February 5, 2021
Page 2
Disbursement Agreements set forth a number of covenants and agreements on the part of the
City with respect to the repayment of the Loans. The Project Notes are secured by the proceeds
of the Sewer Revenue Capital Loan Notes the City will issue as the permanent financing for the
Proj ect.
I am also attaching the final closing certificates for the interim financings. The
Transcript Certificates can be completed and dated as soon as final action has been taken. The
Delivery Certificates should be eXecuted but left undated.
An original form of Project Note R-1 will be sent (via email) for each of the three loans
as well. The Project Notes should be printed and manually signed by the Mayor and Clerk on
the lines indicated on page 2, the seal of the City should be impressed as indicated and the City
Treasurer should manually execute as the Registrar where indicated.
Upon receipt of all executed documents, we will coordinate with the Authority to close
the interim loan. This will permit you to begin disbursements in accordance with the rules of the
Authority. If any questions arise,please don't hesitate to call.
Very truly yours,
Ahlers & Cooney, P.C.
Kristin Billingsley Cooper
FOR THE FIRM
KBC:sb
cc: Adrienne N. Breitfelder, City Clerk
Trish Gleason, Assistant City Clerk
01826643-1\10422-211
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STATE OF IOWA SS: "
DLT�UQUE COUNTY
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CERT�ICATE OF PUBLICATION I
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I, Kathy Goetzinger, a Billing Clerk far Woodward
Communications, Inc., an Iowa corporation, publisher ��
of the`�elegraph Herald, a newspaper of general i
circul��ion published in the City of Dubuque, County !�
of Dub�que and State of Iowa; hereby certify that the '�
attached notice was published in said newspaper on the
I,�
followi�g dates: ,I
�;
02/05/2021 �
and for which the charge is 44.83 I
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Subscribed to before me, a Notary Public i and for I
�,
Dubuqu�e County, Iowa, �
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this Stt�day of February, 2021 `I�
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Notary ' blic in and for Dubuque unty, Iowa. I��
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Ad text : NOTIC�OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, �
IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION OF LOAN AND i
DISBURSEit�IENT AGREEMENT(S) AND THE ISSUANCE OF NOT TO EXCEED
$1,600,000 SEWER REVENUE CAPITAL LOAN NOTES, AND THE PUBLIC '
HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF
PUBLIC�+IOTICE is hereby given that the Council of the City
of Dubuqu�,Iowa, will hold a public hearing on the 15th day
of February, 2021, at 6:30 o'clock P.M., at which meeting the '�
Council praaposes to take additional action for the '';�
authorizati�sn of Loan and Disbursement Agreements by and
between the��ity and the Iowa Finance Authority, and the �
issuance to�he Iowa Finance Authority of a total aggregate �
Not to Exc��d$1,600,000 Sewer Revenue Capital Loan Notes to �
evidence t��obligations of the City under said Loan and `n
Disbursement Agreements, in order to provide funds to pay the i�
costs of ar,�tiisition, construction, reconstruction, extending, Ij
remodeling,improving, repairing and equipping all or part of �i;
the Munici�ai Sewer System. The Notes will not constitute �I
general obl��ations or be payable in any manner by taxation, �
but will be payable from and secured by the Net Revenues of
the Mumcipal Sewer System.
Due to public health concerns related to COVID-19, this '�I
meeting of�he City Council will be conducted electronically, f�
pursuant ta�owa Code Section 21.8, as holding the meeting in ;�
person is ir�possible or impractical. Interested persons may ,j
attend or p�rticipate in the meeting by the following method: fl
https://gla#�al.gotomeeting.com/join/161866261 � ���
You can��so dial in using your phone. fl
United St��es (Toll Free): 1 877 309 2073
United St�ties: +1 (646) 749-3129
Access Cc�cle: 161-866-261
Please chaek the posted agenda in advance of the meeting for
any updates to the manner in which the public may access the
meeting. . �
j
The proceeds of the Sewer Revenue Capital Loan Notes may be i;
applied to pay project costs directly or to pay interim i�
financing w�ich the City will issue in anticipation of the
future receflpt of funds or Note proceeds applicable to the
foregoing p�oject and purpose.
�;
At the abave meeting the Council shall receive oral or �
written objections from any resident or property owner of the
City, to the above action. After all objections have been
received arfld considered, the Council will at this meeting or
at any adjournment thereof, take additional action for the
authorizatian of said Loan and Disbursement Agreements and the
issuance of Notes or will abandon the proposal to issue the
Notes.
This Notice is given by order of the Council of City of
Dubuque, Iowa, as provided by Sections 384.24A and 384.83 of
the City Code of Iowa, as amended.
Dated this Sth day of February, 2021.
Adrienne N. Breitfelder
City Clerk, City of Dubuque, State of Iowa �
lt 2/5 �
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