Proceedings for the Public Hearing on the Issuance of Not to Exceed $6,250,000 Taxable General Obligation Bonds, Series 2023A_HearingCity of Dubuque
City Council Meeting
Public Hearings # 06.
Copyrighted
April 17, 2023
ITEM TITLE: Proceedings for the Public Hearing on the Issuance of Not to Exceed
$6,250,000 Taxable General Obligation Bonds, Series 2023A
SUMMARY: Proof of publication on notice of public hearing to consider City Council
approval of the suggested proceedings for the public hearing on the
issuance of selling not to exceed $6,250,000 in Taxable General
Obligation Bonds, and City Manager recommending approval.
RESOLUTION Taking additional action on proposals to enter into Loan
Agreements and combining Loan Agreements
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description
Type
MVM Memo
City Manager Memo
Staff Memo
Staff Memo
Resolutions
Resolutions
THE CF
D�Uj__B E
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
AII•Anci ica Ciq
2007-2012.2013
2017*2019
SUBJECT: Proceedings for the Public Hearing on the Issuance of Not to Exceed
$6,250,000 Taxable General Obligation Bonds, Series 2023A
DATE: April 11, 2023
Chief Financial Officer Jennifer Larson recommends City Council approval of the
suggested proceedings for the public hearing on the issuance of selling not to exceed
$6,250,000 in Taxable General Obligation Bonds. $5,676,000 of the proceeds is
intended for projects in the City budget previously approved by the City Council which
include Old Engine House Second Floor Build -Out, Fire Headquarters HVAC
Replacement, Dubuque Ice Center Settling Remediation, Five Flags Renovation
Design, New Downtown Parking Ramp Property Acquisition Related Costs, and Parking
Ramp Major Maintenance Repairs. $574,000 is intended to provide funds for bond
issuance costs and contingency for fluctuations in the bond market for interest rates,
bond issuance costs, capitalized interest, and change in project costs.
Although the City is selling General Obligation Bonds to support the projects, repayment
of the debt will be local option sales tax and Greater Downtown TIF.
As to the non -urban renewal essential corporate purpose portion of the issue, the
proceedings 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
issue the Bonds. 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 not to abandon the proposal to issue the Bonds, a form of resolution
follows that should be introduced and adopted, entitled "Resolution taking additional
action on proposals to enter into Loan Agreements and combining Loan Agreements."
As to the general corporate purpose and urban renewal essential corporate purpose
portions of the issue, the proceedings have been prepared on the basis that no petition
will be filed asking that the question of issuing the Bonds be submitted to the qualified
electors of the City. The proceedings refer to the fact that the hearing was held and that
no petition had been filed. The Mayor will then declare the hearing on the issuance of
the Bonds to be closed. Immediately following each hearing, a resolution is to be
introduced and adopted taking additional action for the issuance.
If a valid petition is filed, however, Bond Counsel should be notified as soon as possible,
and the proceedings will need to be revised to cover the action taken by the Council in
either abandoning the proposal to issue the Bonds or directing the County
Commissioner to call a special election upon the question of issuing the Bonds.
The Code of Iowa provides that any resident or property owner of the City may appeal
the decision to take additional action to issue the Bonds to the District Court of a county
in which any part of the City is located, within 15 days after such additional action is
taken, but that the additional action is final and conclusive unless the court finds that the
Council exceeded its authority. In the event an appeal is filed by any resident or
property owner, Bound Counsel must be notified as soon as possible.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
1�� k�4 J4�
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Chief Financial Officer
Dubuque
THE CITY OF
DUB E
All•A�eriCl City
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Masterpiece pp
iece on the Mississippi
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TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Proceedings for the Public Hearing on the Issuance of Not to Exceed
$6,250,000 Taxable General Obligation Bonds, Series 2023A
DATE: April 11, 2023
INTRODUCTION
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the proposal to issue Taxable General Obligation Bonds, the proceeds of
which will be used for essential and general corporate purposes of the City for projects
in the City budget previously approved by the City Council.
DISCUSSION
Of the bond amount:
• $193,000 is intended to provide funds to pay the costs of the build -out of second
floor of the Old Engine House with payment from local option sales tax.
• $176,000 is intended to provide funds to pay costs of the HVAC replacement at
Fire Headquarters at 11 West 9t" Street with repayment from local option sales
tax.
• $4,300,000 is intended to provide funds to pay costs of Dubuque Ice Center
settling remediation and building improvements with repayment from local option
sales tax.
• $600,000 is intended to provide funds to pay for the costs of design of the Five
Flags renovation with repayment from Greater Downtown TIF.
• $162,000 is intended to provide funds to pay costs related to the property
acquisition for a new Downtown Parking Ramp with repayment from Greater
Downtown TIF.
• $245,000 is intended to provide funds to pay costs of parking ramp major
maintenance repairs with repayment from Greater Downtown TIF,
• $290,000 is intended to provide funds to pay capitalized interest,
• $163,000 is intended for fluctuation in the bond market, and
• $121,000 is intended to provide funds for bond issuance costs.
Although the City is selling General Obligation Bonds to support the projects, repayment
of the debt will be local option sales tax and Greater Downtown TIF.
As to the non -urban renewal essential corporate purpose portion of the issue, the
proceedings 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
issue the Bonds. 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 not to abandon the proposal to issue the Bonds, a form of resolution
follows that should be introduced and adopted, entitled "Resolution taking additional
action on proposals to enter into Loan Agreements and combining Loan Agreements."
As to the general corporate purpose and urban renewal essential corporate purpose
portions of the issue, the proceedings have been prepared on the basis that no petition
will be filed asking that the question of issuing the Bonds be submitted to the qualified
electors of the City. The proceedings refer to the fact that the hearing was held and that
no petition had been filed. The Mayor will then declare the hearing on the issuance of
the Bonds to be closed. Immediately following each hearing, a resolution is to be
introduced and adopted taking additional action for the issuance.
If a valid petition is filed, however, Bond Counsel should be notified as soon as possible,
and the proceedings will need to be revised to cover the action taken by the Council in
either abandoning the proposal to issue the Bonds or directing the County
Commissioner to call a special election upon the question of issuing the Bonds.
The Code of Iowa provides that any resident or property owner of the City may appeal
the decision to take additional action to issue the Bonds to the District Court of a county
in which any part of the City is located, within 15 days after such additional action is
taken, but that the additional action is final and conclusive unless the court finds that the
Council exceeded its authority. In the event an appeal is filed by any resident or
property owner, Bound Counsel must be notified as soon as possible.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolutions instituting the
proceedings to take additional action.
JML
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
QORSEY"
always ahead
April 11, 2023
Via Email
Jenny Larson
Chief Financial Officer/City Hall
Dubuque, Iowa
Re: General Obligation Loan Agreements
Our File No. 430411-5
Dear Jenny:
We have prepared and attach proceedings related to the action to be taken on the City's General
Obligation Loan Agreements (the "Loan Agreements") at the April 17th City Council meeting.
The proceedings attached include the following items:
1. Minutes of the meeting covering the public hearing, followed by the resolution taking
additional action in connection with the Loan Agreements and combining the Loan Agreements into a
single loan agreement (the "Loan Agreement"). This resolution simply sets forth the City Council's
determination to enter into the Loan Agreement in the future, and its adoption constitutes the
"additional action" required by the statute.
2. Attestation Certificate with respect to the validity of the transcript.
The minutes as drafted assume that no petition will be filed asking that the question of entering
into any of the Loan Agreements be submitted to the registered voters of the City. If such petition is
filed, please contact us right away.
As soon as possible after the City Council meeting, please return one fully executed copy of
all of the completed pages in these proceedings. If you have any questions, please contact Erin Regan,
Cheryl Ritter or me.
Best regards,
John P. Danos
David D. Grossklaus
Attachments
cc: Tionna Pooler
Crenna Brumwell
Mike Van Milligen
Adrienne Breitfelder
801 Grand Avenue I Suite 4100 1 Des Moines, IA 150309-8002 1 T 515.283.1000 1 F 515.283.io6o I dorsey.com
Dubuquel423703-5/Hrg (rr), Combine GO CP LAs
MINUTES TO HOLD HEARING AND
ADDITIONAL ACTION ON LOAN
AGREEMENTS AND COMBINE LOAN
AGREEMENTS
430411-5
Dubuque, Iowa
April 17, 2023
The City Council of the City of Dubuque, Iowa, met on April 17, 2023, at 6.30 p.m., at the
Historic Federal Building, 350 W. 6th St., Second Floor Council Chambers, Dubuque, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following members of the City Council present and absent:
Present: Mayor Brad M. Cavanagh; Council Members Susan R. Farber, Ric W. Jones,
David T. Resnick, Laura J. Roussell, Danny C. Sprank, Katy A. Wethal.
Absent:
This being the time and place specified for taking action on the proposal to enter into a
certain Municipal Buildings Loan Agreement, as defined in the attached resolution, in a principal
amount not to exceed $450,000, the City Clerk announced that no petition had been filed asking
that the question of entering into the loan agreement be submitted to the registered voters of the
City, and that the City Council may proceed with the authorization of the loan agreement.
This also being the time and place specified for taking action on the proposal to enter into
a certain Parking Ramp Facilities Loan Agreement, as defined in the attached resolution, in a
principal amount not to exceed $450,000, the City Clerk announced that no petition had been filed
asking that the question of entering into the loan agreement be submitted to the registered voters
of the City, and that the City Council may proceed with the authorization of the loan agreement.
This also being the time and place specified for taking action on the proposal to enter into
a certain Five Flags Arena Loan Agreement, as defined in the attached resolution, in a principal
amount not to exceed $700,000, the City Clerk announced that no petition had been filed asking
that the question of entering into the loan agreement be submitted to the registered voters of the
City, and that the City Council may proceed with the authorization of the loan agreement.
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Roland/422425-21/Hrgs (rr), Combine GO CP LAs
This also being the time and place specified for taking action on the proposal to enter into
a certain Urban Renewal Loan Agreement, as defined in the attached resolution, in a principal
amount not to exceed $4,650,000, the City Clerk announced that no petition had been filed asking
that the question of entering into the loan agreement be submitted to the registered voters of the
City, and that the City Council may proceed with the authorization of the loan agreement.
Whereupon, the Mayor called for any written or oral objections, and there being none, the
Mayor closed the public hearing.
After due consideration and discussion, Council Member Roussell introduced the
following resolution and moved its adoption, seconded by Council Member Farber. The Mayor
put the question upon the adoption of said resolution, and the roll being called, the following
Council Members voted:
Ayes: Sprank, Jones, Roussell, Resnick, Farber, Cavanagh, Wethal
Nays:
Whereupon, the Mayor declared the resolution duly adopted, as hereinafter set out.
At the conclusion of the meeting, and upon motion and vote, the City Council adjourned
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Roland/422425-21/Hcgs (n), Combine GO CP LAs
RESOLUTION NO. 117-23
Resolution taking additional action on proposals to enter into Loan Agreements and
combining Loan Agreements
WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa
heretofore proposed to enter into a loan agreement (the "Municipal Buildings Loan Agreement")
and to borrow money thereunder in a principal amount not to exceed $450,000, pursuant to the
provisions of Section 384.24A of the Code of Iowa, for the purpose of undertaking repairs and
improvements for municipal buildings, and in lieu of calling an election upon such proposal, has
published notice of the proposed action and has held a hearing thereon, and as of April 17, 2023,
no petition had been filed with the City asking that the question of entering into the Municipal
Buildings Loan Agreement; and
WHEREAS, the City also proposed to enter into a loan agreement (the "Parking Ramp
Facilities Loan Agreement") and to borrow money thereunder in a principal amount not to exceed
$450,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of
undertaking repairs and improvements to municipal parking ramp facilities, and in lieu of calling
an election upon such proposal, has published notice of the proposed action and has held a hearing
thereon, and as of April 17, 2023, no petition had been filed with the City asking that the question
of entering into the Parking Ramp Facilities Loan Agreement; and
WHEREAS, the City also proposed to enter into a loan agreement (the "Five Flags Arena
Loan Agreement") and to borrow money thereunder in a principal amount not to exceed $700,000,
pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of undertaking
repairs and improvements to the Five Flags Arena facilities, and in lieu of calling an election upon
such proposal, has published notice of the proposed action and has held a hearing thereon, and as
of April 17, 2023, no petition had been filed with the City asking that the question of entering into
the Five Flags Arena Loan Agreement; and
WHEREAS, the City also proposed to enter into a loan agreement (the "Urban Renewal
Loan Agreement" and together with the Municipal Buildings Loan Agreement, the Parking Ramp
Facilities Loan Agreement, and the Five Flags Arena Loan Agreement, the "Loan Agreements"),
pursuant to the provisions of Section 384.24A and Section 384.24.3(q) of the Code of Iowa, and
to borrow money thereunder in a principal amount not to exceed $4,650,000 for the purpose of
paying the costs, to that extent, of undertaking the Mystique Community Ice Center (Dubuque Ice
Arena) Settling Remediation and Building Improvements Project, an authorized urban renewal
project in the Dubuque Greater Downtown Urban Renewal Area, and in lieu of calling an election
upon such proposal, has published notice of the proposed action and has held a hearing thereon,
and as of April 17, 2023, no petition had been filed with the City asking that the question of
entering into the Urban Renewal Loan Agreement; and
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Roland/422425-21/Hrgs (TT), Combine GO CP LAs
WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City
intends to combine its authority under the Loan Agreements and to enter into a single loan
agreement (the "Loan Agreement") and to issue Taxable General Obligation Corporate Purpose
Bonds, Series 2023 (the `Bonds") in evidence of its obligation thereunder;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Dubuque, Iowa, as
follows:
Section 1. The Loan Agreements are hereby combined into the Loan Agreement. The
City Council hereby determines to enter into the Loan Agreement in the future and orders that the
Bonds be issued at such time, in evidence thereof. The City Council further declares that this
resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa.
Section 2. Further action with respect to the Loan Agreement is hereby adjourned to
the City Council meeting scheduled for May 1, 2023.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 4. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved April 17, 2023,
Attest:
City Clerk
/_�►' _0p, 11
Mayor
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Roland/422425-21/Hrgs (rr), Combine GO CP LAs
ATTESTATION CERTIFICATE
STATE OF IOWA
DUBUQUE COUNTY SS:
CITY OF DUBUQUE
1, the undersigned, City Clerk of the City of Dubuque, do hereby certify that as such I have
in my possession or have access to the complete corporate records of the City and of its City
Council and officers and that I have carefully compared the transcript hereto attached with those
corporate records and that the transcript hereto attached is a true, correct and complete copy of all
the corporate records relating to a public hearing and additional action on the proposals to enter
into certain Loan Agreements, combining Loan Agreements and to issue General Obligation
Corporate Purpose Bonds, Series 2023 in the future, and that the transcript hereto attached contains
a true, correct and complete statement of all the measures adopted and proceedings, acts and things
had, done and performed up to the present time with respect thereto.
WITNESS MY HAND this $1:, day of D (" I , 2023.
";� A46��'
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA