Proceedings to Set Public Hearing on the Issuance of Not to Exceed $3,200,000 State Revolving Fund Sewer Revenue Loan_InitiateCity of Dubuque
City Council Meeting
Copyrighted
January 3, 2024
Items to be set for Public Hearing #
01.
ITEM TITLE: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$3,200,000, State Revolving Fund Sewer Revenue Loan
SUMMARY: City Manager recommending that a public hearing be set for January 16,
2024, on the proposition of selling not to exceed $3,200,000 in State
Revolving Fund Sewer Revenue Loan, the proceeds of which will be
used to pay costs for Tamarack Sanitary Sewer Extension, Twin Ridge
Sanitary Sewer Extension, and Granger Creek Lift Station
I mprovements.
RESOLUTION To fix a date for a public hearing on proposal to enter
into a Sewer Revenue Loan and Disbursement Agreement and to borrow
money thereunder in a principal amount not to exceed $3,200,000
SUGGESTED Receive and File; Adopt Resolution(s), Set Public Hearing for January
DISPOSITION: 16, 2024Suggested Disposition:
FIN ik[91:ILyil21zIII l+]
Description
Type
MVM Memo
City Manager Memo
Staff Memo
Staff Memo
Resolution
Resolutions
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
AII•Amerin City
nwxnw�� Kw
2007-2012.2013
2017*2019
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$3,200,000, State Revolving Fund Sewer Revenue Loan
DATE: December 21, 2023
Chief Financial Officer Jennifer Larson recommends that a public hearing be set for
January 16, 2024, on the proposition of selling not to exceed $3,200,000 in State
Revolving Fund Sewer Revenue Loan, the proceeds of which will be used to pay costs
for Tamarack Sanitary Sewer Extension, Twin Ridge Sanitary Sewer Extension, and
Granger Creek Lift Station Improvements.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
� k�4/V;4�
Michael C. Van Milligen
MCVM/jml
Attachment
CC' Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Chief Financial Officer
Gus Psihoyos, City Engineer
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Chief Financial Officer
Dubuque
All-AmericaCity
2007-2012.2013
2017*2019
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$3,200,000, State Revolving Fund Sewer Revenue Loan
DATE: December 21, 2023
INTRODUCTION:
The purpose of this memorandum is to recommend the setting of a public hearing on the
issuance of a not to exceed $3,200,000 SRF Construction Loan. The proceeds of which
will be used to fund the construction of Tamarack Sanitary Sewer Extension, Twin Ridge
Sanitary Sewer Extension, and Granger Creek Lift Station Improvements.
DISCUSSION
In November 2021, the City issued a $465,000 SRF Planning and Design Loan for the
Tamarack Sanitary Sewer Extension, Twin Ridge Sanitary Sewer Extension, and Granger
Creek Lift Station Improvements. The planning and design loan had a 0% interest rate and
no initiation or servicing fees. The $465,000 will be rolled into the SRF Construction Loan
and is included in the issuance of not to exceed $3,200,000 State Revolving Fund Sewer
Revenue Loan.
Tamarack Sanitary Sewer Extension
In 1998 the City began to extend sanitary sewer along Granger Creek, for the Dubuque
Technology Park development. The Granger Creek Interceptor sewer extension consisted
of the Granger Creek Pump Station and approximately 17,600 LF of both 20 inch and 18"
diameter pipe. In 2015, the City extended the interceptor sewer, continuing along Granger
Creek and U.S. Highway 151/61, to the Dubuque Regional Airport. The GCIS extension
increased Sewer Shed 4 to approximately 6,300 acres.
Since the GCIS and the extension to the Dubuque Regional Airport has been completed,
several adjacent areas in or near Key West have connected to the City's sewer system,
such as Table Mound Mobile Home park, Kerrigan Heights Subdivision, Truck Country, a
portion of Twin Ridge Subdivision, and Silver Oaks Subdivision. Tamarack Business Park
and the City's Crossroads Industrial Park, along with other adjacent parcels, are also able
to be served by GCIS.
The City of Dubuque submitted a facility plan, based on the results of an intensive
evaluation of the existing interceptor collection and pumping systems that convey sewage
to the Water Resource Recovery Center (WRRC), to Iowa Department of Natural
Resources (IDNR), in September of 2021. The facility plan identified three improvement
projects related to the Granger Creek Interceptor Sewer System: Granger Creek Lift
Station Capacity Improvements, Twin Ridge Sanitary sewer Extension and lagoon
abandonment and the Tamarack Sanitary Sewer Extension.
The Tamarack Sanitary Sewer Extension Project will extend sanitary sewer service to the
existing unsewered commercial development, Tamarack Business Park, and provide
future sanitary sewer service opportunities for the Crossroads Industrial Park area along
with adjacent developed and undeveloped areas to the west.
The City selected Fehr Graham, as the design consultant, for this project through the RFP
Process. The sanitary sewer design is based on the approved IDNR Facility plan, for the
Granger Creek Interceptor Sewer Improvements. The sanitary sewer extension will cross
under U.S. Highway 151/61, to the west, and continue along an unnamed tributary of
Granger Creek and terminate at the south property line of the Crossroads Industrial Park
property. The new sewer extension will provide direct access for the existing unsewered
Tamarack Business Park development to connect to the City's sanitary sewer collection
system, along with providing access to sewer service for adjacent developed and
undeveloped areas to the north and west of Tamarack Business Park.
Upon completion of the project, a sanitary sewer connection fee will be established for the
service area. The connection fee will be calculated by distributing the total project costs
over the gross acreage served by the sewer extension. This will determine the sanitary
sewer cost per acre. Future developments with connections to this sewer extension will
be charged at the calculated fee per acre, for each acre that will be connected to the
sewer extension.
Estimated project cost of Tamarack Sanitary Sewer Extension is $1,657,572.
Twin Ridge Sanitary Sewer Extension and Lagoon Abandonment Project
The City of Dubuque submitted a facility plan, based on the results of an intensive
evaluation of the existing interceptor collection and pumping systems that convey sewage
to the Water Resource Recovery Center (WRRC), to Iowa Department of Natural
Resources (IDNR), in September of 2021. The facility plan identified three improvement
projects related to the Granger Creek Interceptor Sewer System: Granger Creek Lift
Station Capacity Improvements, Twin Ridge Sanitary sewer Extension and lagoon
abandonment and the Tamarack Sanitary Sewer Extension.
The Twin Ridge Sanitary Sewer Extension and Lagoon Abandonment Project will extend
the sanitary sewer gravity system and connect into the existing Twin Ridge Subdivision
gravity sewer system along with abandoning the existing lagoon system. With the
completion of this project the City will no longer need to permit, operate, and maintain the
lagoon system and the parcel, currently occupied by the lagoon system, would then be
available for redevelopment.
The City selected Origin Design as the design consultant for this project through the RFP
Process. The sanitary sewer design is based on the approved IDNR Facility plan, for the
Granger Creek Interceptor Sewer Improvements. The sanitary sewer extension will cross
under U.S. Highway 151/61, to the west, and connect into the existing Twin Ridge
Subdivision gravity sewer system. The lagoon system will be decommissioned and
abandoned in accordance with IDNR regulations.
A sanitary sewer connection fee will not be established for the service area since the Twin
Ridge Subdivision is currently served by a City owned sanitary sewer collection system.
Estimated project cost of Twin Ridge Sanitary Sewer Extension and Lagoon Abandonment
Project is $1,175,373.
Granger Creek Lift Station Improvements
The City of Dubuque submitted a facility plan, based on the results of an intensive
evaluation of the existing interceptor collection and pumping systems that convey sewage
to the Water Resource Recovery Center (WRRC), to Iowa Department of Natural
Resources (IDNR), in September of 2021. The facility plan identified three improvement
projects related to the Granger Creek Interceptor Sewer System: Granger Creek Lift
Station Capacity Improvements, Twin Ridge Sanitary sewer Extension and lagoon
abandonment and the Tamarack Sanitary Sewer Extension.
The Granger Creek Lift Station Improvements Project will increase the firm pumping
capacity of the existing Granger Creek Lift Station from 0.5 MGD to 2.9 MDG which will
provide the needed capacity to serve existing and proposed developments within sewer
shed 4.
The City selected Strand Associates, as the design consultant, for this project through the
RFP Process. The Granger Creek Lift Station Improvements design is based on the
approved IDNR Facility plan, for the Granger Creek Interceptor Sewer Improvements.
The increased pumping capacity is needed to serve additional areas that are now served
by the original Granger Creek Interceptor Sewer (constructed in 1998) and the extension
of the interceptor sewer to the Dubuque Regional Airport (constructed in 2015). The
project will also provide upgrades to the existing Catfish Creek Lift Station. The installation
of the new Granger Creek Lift Station control equipment, within the Catfish Creek Lift
Station Building, will require some minor modifications to electrical fixtures and the
replacement of the existing HVAC system, to be code compliant.
The installation of the new control equipment, for the upgraded Granger Creek Lift Station,
will require the HVAC system to be replaced to ensure proper temperature control, for all
electrical components, and proper ventilation for personnel entering the building. The new
HVAC system will utilize some of the existing roof penetrations, used by the existing
system, but will require modifications to the existing openings along with additional roof
penetrations. The modified and additional roof openings will require the replacement of
the existing roofing system. The existing roofing system is in extremely poor condition and
is not able to be modified to accommodate the changes.
Estimated project cost of Granger Creek Lift Station Improvements is $1,062,672.
The State Revolving Capital Loan Notes will carry an annual 2.84% interest rate for 20
years, with an annual servicing fee of 0.25%. There is also a onetime 0.5% upfront loan
origination fee.
ACTION TO BE TAKEN
I respectfully recommend the adoption of the enclosed resolution fixing the date of January
16, 2024, for a public hearing on the proposition of issuing not to exceed $3,200,000 in
State Revolving Fund Sewer Revenue Loan for Tamarack Sanitary Sewer Extension, Twin
Ridge Sanitary Sewer Extension, and Granger Creek Lift Station Improvements.
Attachments
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
Todd Irwin, Engineering Technician
OORSEY"'
always ahead
December 20, 2023
VIA EMAIL
Jenny Larson
Chief Financial Officer
Dubuque, Iowa
Re: $3,200,000 SRF Sewer Revenue Loan and Disbursement Agreement
File No. 430411-9
Dear Jenny:
We have prepared and attach proceedings for use at the January 3rd City Council meeting
to set January 16th as the date for a hearing on the proposal to enter into the SRF Sewer Revenue
Loan and Disbursement Agreement (the "Agreement").
The documents attached include the following items:
1. Resolution fixing the date of meeting at which it is proposed to take action to enter
into the Agreement. The form of notice is set out in Section 2 of the resolution.
2. Attestation Certificate with respect to the validity of the transcript.
3. Organization and Establishment Certificate.
4. Outstanding Debt Certificate with respect to the outstanding debt of the Sewer
Utility.
5. Publication Certificate with respect to publication of the notice, to which must be
attached the publisher's affidavit of publication with a clipping of the notice as published.
The notice must be published at least once, not less than four (4) and not more than twenty
(20) days before the meeting date set for the hearing, in a legal newspaper which has a general
circulation in Dubuque. The last date on which this notice can be effectively published is January
12, 2024.
As soon as the notice appears in the newspaper, please have a copy scanned and emailed
to me.
8oi Grand Avenue I Suite 4100 1 Dubuque, IA 150309-2790 1 T 515.283.1000 1 F 515.283•io6o I dorsey.com
Please return one fully executed copy of these proceedings to us as soon as they are
available.
Please call me if you have questions.
Best regards,
David D. Grossklaus
John P. Danos
Attachments
cc: Crenna Brumwell
Adrienne Breitfelder
Deron Muehring
Steve Brown
Todd Irwin
Tionna Pooler
Tracy Scebold
Tony Toigo
Lee Wagner
OORSEY & WHITNEY LLP
Dubuque/ 430411-9/1s"/z - Sewer Rev
MINUTES TO SET DATE FOR HEARING
ON ENTERING INTO A LOAN AND
DISBURSEMENT AGREEMENT
430411-9 (N/I)
Dubuque, Iowa
January 3, 2024
The City Council of the City of Dubuque, Iowa, met on January 3, 2024, at 6:30 p.m., at
the Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, Dubuque, Iowa.
The Mayor presided and the roll was called showing the following members of the Council
present and absent:
Present: Mayor Cavanagh; Council Members Farber, Jones, Resnick, Roussell, Sprank,
Wethal.
Absent: None.
Council Member Roussell introduced the resolution hereinafter next set out and moved its
adoption, seconded by Council Member Wethal; and after due consideration thereof by the
Council, the Mayor put the question upon the adoption of the said resolution and the roll being
called, the following named Council Members voted:
Ayes: Jones, Cavanagh, Farber, Wethal, Roussell, Sprank, Resnick
Nays: None.
Whereupon, the Mayor declared the resolution duly adopted as follows:
-1-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/1s"/z - Sewer Rev
RESOLUTION NO.4-24
Resolution to fix a date for a public hearing on proposal to enter into a Sewer
Revenue Loan and Disbursement Agreement and to borrow money thereunder in a
principal amount not to exceed $3,200,000
WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, did
heretofore establish a Municipal Sanitary Sewer System (the "Utility") in and for the City which
has continuously supplied sanitary sewer service in and to the City and its inhabitants since its
establishment; and
WHEREAS, the management and control of the Utility are vested in the City Council (the
"Council") and no board of trustees exists for this purpose; and
WHEREAS, pursuant to prior resolutions of the Council, the City has heretofore issued
sewer revenue bonds or notes as set forth on attached outstanding debt certificate, and a portion of
such prior sewer revenue debt remains outstanding (the "Outstanding Indebtedness"); and
WHEREAS, pursuant to the resolutions relating to and authorizing the Outstanding
Indebtedness (the "Outstanding Bond Resolutions") the City reserved the right to issue additional
obligations payable from the net revenues of the Utility and ranking on a parity with the
Outstanding Indebtedness under the terms and conditions set forth in the Outstanding Bond
Resolutions; and
WHEREAS, the City now proposes to enter into a Sewer Revenue Loan and Disbursement
Agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed
$3,200,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of
paying the cost, to that extent, of planning, designing and constructing improvements and
extensions to the Utility (the "Project"), and it is necessary to fix a date of meeting of the Council
at which it is proposed to take action to enter into the Agreement and to give notice thereof as
required by such law;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa,
as follows:
Section 1. This City Council shall meet on January 16, 2024, at 6:30 p.m., at the
Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, at which time and place
a hearing will be held and proceedings will be instituted and action taken to enter into the
Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Agreement setting forth the amount and purpose thereof, the time when and place where the
said meeting will be held, by publication at least once, not less than four (4) and not more than
twenty (20) days before the meeting, in a legal newspaper which has a general circulation in the
City. The notice shall be in substantially the following form:
-2-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/1s"/z - Sewer Rev
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT
IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,200,000
(SEWER REVENUE)
The City Council of the City of Dubuque, Iowa, will meet on January 16, 2024, at 6:30
p.m., at the Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, for the
purpose of instituting proceedings and taking action to enter into a loan and disbursement
agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed
$3,200,000 for the purpose of paying the cost, to that extent, of planning, designing and
constructing improvements and extensions to the Municipal Sanitary Sewer System (the "Utility")
of the City.
The Agreement will not constitute a general obligation of the City, nor will it be payable
in any manner by taxation but, together with the City's outstanding Sewer Revenue Indebtedness
and any additional obligations of the City as may be hereafter issued and outstanding from time to
time ranking on a parity therewith, will be payable solely and only from the Net Revenues of the
Utility.
At that time and place, oral or written objections may be filed or made to the proposal to
enter into the Agreement. After receiving objections, the City may determine to enter into the
Agreement, in which case, the decision will be final unless appealed to the District Court within
fifteen (15) days thereafter.
By order of the City Council of the City of Dubuque, Iowa.
Adrienne Breitfelder
City Clerk
-3-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/ I" % - sewer Rev
Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the
"Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake
the Project which is reasonably estimated to cost approximately $3,200,000, (b) that other than (i)
expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other
obligations (the "Bonds"), or (ii) expenditures made not earlier than 60 days prior to the date of
this Resolution or a previous intent resolution of the City, or (ill) expenditures amounting to the
lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting
preliminary expenditures as defined in Section 1. 1 50-2(f)(2) of the Regulations, no expenditures
for the Project have heretofore been made by the City and no expenditures will be made by the
City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the
City reasonably expects to reimburse the expenditures made for costs of the City out of the
proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to
Section 1.150-2 of the Regulations.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 5. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved January 3, 2024.
Attest:
Mayor
City Clerk
On motion and vote, the meeting adjourned.
ivlayor
Attest:
City Clerk
-4-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-911" /z - Sewer Rev
ATTESTATION CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned, City Clerk of the City of Dubuque, Iowa, do hereby certify that attached
hereto is a true and correct copy of the proceedings of the City Council relating to fixing a date for
hearing on the City Council's proposal to take action in connection with a Sewer Revenue Loan
and Disbursement Agreement.
WITNESS MY HAND this r `� day of 3o,0+Ua(,y , 2024.
City Clerk
-5-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/1s"/z - Sewer Rev
ORGANIZATION AND ESTABLISHMENT CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned City Clerk, do hereby certify that the aforementioned City is organized
and operating under the provisions of Title IX of the Code of Iowa and not under any special
charter and that such City is operating under the Council -manager -ward form of government and
that there is not pending or threatened any question or litigation whatsoever touching the
incorporation of the City, the inclusion of any territory within its limits or the incumbency in office
of any of the officials hereinafter named.
And I do further certify that the following named parties are officials of the City as
indicated:
Brad Cavanagh, Mayor
Michael Van Milligen, City Manager
Jennifer Larson, Chief Financial Officer
Adrienne Breitfelder, City Clerk
Jennifer Larson, City Treasurer
Ric Jones, Council Member/Mayor Pro Tern
David Resnick, Council Member
Susan Farber, Council Member
Laura Roussell, Council Member
Danny Sprank, Council Member
Katy Wethal, Council Member
And I do further certify that the City has provided for the office of Treasurer, and the
Council has selected the Treasurer.
I further certify that the City established the Municipal Sanitary Sewer System (the
"Utility") and that the Utility has been in continuous operation by the City since its establishment
as aforesaid in supplying sanitary sewer service to the City and its inhabitants.
-6-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-91151 '/2 - Sewer Rev
I further certify that the management and control of the Utility are vested in the City
Council of the City, and that no board of trustees exists which has any part of the control and
management of such Utility.
WITNESS MY HAND this day of J- MUCX/'y , 2024.
A-Z-6,&
City Clerk
-7-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/1s"/z - Sewer Rev
OUTSTANDING DEBT CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned, City Clerk of the City of Dubuque, Iowa (the "City"), do hereby certify
that the City has no bonds or other obligations of any kind now outstanding which are secured by
and payable from the revenues derived from the operation of the Municipal Sanitary Sewer System
(the "Utility"), except as follows:
Date Tyne
Principal Amount
Outstanding Maturity
(Attach here a separate sheet listing any outstanding obligations of the City
secured by and payable from the revenues of the Utility, excluding the
proposed issue.)
WITNESS MY HAND this day of 52024.
City Clerk
-8-
DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA
Dubuque/ 430411-9/1"'h - Sewer Rev
PUBLICATION CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned, City Clerk of the City of Dubuque, Iowa, do hereby certify that pursuant
to the resolution of its City Council fixing a date of meeting at which it is proposed to take action
to enter into a loan and disbursement agreement, the notice, of which the printed slip attached to
the publisher's affidavit hereto attached is a true and complete copy, was published on the date
and in the newspaper specified in such affidavit, which newspaper has a general circulation in the
City.
WITNESS MY HAND this day of 7m(jary , 2024.
��A" A44&
City Clerk
(Attach here the publisher's original affidavit with clipping of the notice, as published.)
-9-
DORSEY & WHITNEY LLY, ATTORNEYS, DUBUQUE, IOWA
STATE OF IOWA SS:
DUBUQUE COUNTY
CERTIFICATE OF PUBLICATION
I, Kathy Goetzinger, a Billing Clerk for Woodward
Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald, a newspaper of general
circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the
attached notice was published in said newspaper on the
following dates:
01/05/2024
and for which the charge is 29.26
Sub cribed to be re me, a Notary Public i and for
Dubuque County, Iowa,
this 5th day of January, 2024
No*yblic in and for Dub que County, Iowa.
L-0
JANET K. PAPE
Y Commission �um4er 199859
My Commission expires
12111112025
Ad text : NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT
IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,200,000
(SEWER REVENUE)
The City Council of the City of Dubuque, Iowa, will meet on
January 16, 2024, at 6:30 p.m., at the Historic Federal
Building, 350 W. 6th St, Second Floor Council Chambers, for
the purpose of instituting proceedings and taking action to
enter into a loan and disbursement agreement (the "Agreement")
and to borrow money thereunder in a principal amount not to
exceed $3,200,000 for the purpose of paying the cost, to that
extent, of planning, designing and constructing improvements
and extensions to the Municipal Sanitary Sewer System (the
"Utility") of the City.
The Agreement will not constitute a general obligation of
the City, nor will it be payable in any manner by taxation
but, together with the City's outstanding Sewer Revenue
Indebtedness and any additional obligations of the City as may
be hereafter issued and outstanding from time to time ranking
on a parity therewith, will be payable solely and only from
the Net Revenues of the Utility.
At that time and place, oral or written objections may be
filed or made to the proposal to enter into the Agreement.
After receiving objections, the City may determine to enter
! into the Agreement, in which case, the decision will be final
unless appealed to the District Court within fifteen (15) days
thereafter.
By order of the City Council of the City of Dubuque, Iowa.
Adrienne Breitfelder
City Clerk
It 115