10 18 10 City Council Proceedings Offical
CITY OF DUBUQUE, IOWA
CITY COUNCIL PROCEEDINGS
OFFICIAL
The Dubuque City Council met in regular session at 6:30 p.m. on October 18, 2010 in the
Historic Federal Building.
Present: Mayor Buol, Council Members Connors, Jones, Lynch, Resnick, Voetberg, Acting
City Manager Carstens, City Attorney Lindahl
Absent: Council Member Braig, City Manager Van Milligen
Mayor Buol read the call and stated this is a regular session of the City Council to act upon
such business that may properly come before the City Council.
Pledge of Allegiance
Invocation was provided by Pastor Dianne Christopher of St. Luke's Methodist Church.
PRESENTATION
Iowa Wellness Council's Healthy Community Award was presented by Health Services
Manager Mary Rose Corrigan.
PROCLAMATION
Dubuque Weatherization Challenge Day was accepted by Thomas Stovall, Operation: New
View Community Action Agency, 1473 Central Avenue; and Laura Roussell, Black Hills
Energy, 1015 Cedar Cross Road.
CONSENT ITEMS
Motion by Lynch to receive and file the documents, adopt the resolutions, and dispose of as
indicated except for (#12) National Mississippi River Museum and Aquarium Rivers Center
Project – Phase II, which was removed from the agenda. Seconded by Resnick. Motion carried
6-0.
Minutes and Reports Submitted: City Council of 10/4 and 10/12; Community Development
Advisory Commission of 9/7; Human Rights Commission of 9/13; Zoning Advisory Commission
of 10/6; Zoning Board of Adjustment of 9/23
Proofs of publication of City Council Proceedings of September 20, 2010 and List of Claims
and Summary of Revenues for Month Ended August 31, 2010
Upon motion the documents were received and filed.
Notice of Claims/Suits: Gregory Doser for vehicle damage; William J. Millman for vehicle
damage; Mark and Kim Tranel for property damage; Anne Holmberg for personal injury. Upon
motion the documents were received, filed and referred to the City Attorney.
City Attorney advising that the following claims have been referred to Public Entity Risk
Services of Iowa, the agent for the Iowa Communities Assurance Pool: Gregory Doser for
vehicle damage; William J. Millman for vehicle damage; Mark and Kim Tranel for property
damage. Upon motion the documents were received, filed and concurred.
Replacement of Solid Waste Collection Vehicle: City Manager recommending approval of
the replacement of solid waste collection vehicle #3419 subject to a future budget amendment.
Upon motion the documents were received, filed, and approved.
Camille Blackbourn Claim: Communication from Bradley T. Boffeli, Blair & Fitzsimmons,
P.C., requesting that the claim of Camille Blackbourn for vehicle damage be reviewed. Upon
motion the document was received, filed and referred to the City Attorney.
Iowa Department of Transportation: Official notification that the Iowa Department of
Transportation proposes to let a HMA (Hot Mix Asphalt) Joint and Crack Sealing project
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located on US 52 from 32 Street northerly to Iowa 32 in Dubuque on December 21, 2010.
Upon motion the document was received and filed.
Plat of Survey – Lott Addition: Zoning Advisory Commission recommending approval of the
Plat of Survey of 637 Arlington Street as requested by Dave Schneider / David and Julie Lott.
Upon motion the documents were received and filed and Resolution No. 396-10 Approving the
Plat of Survey of Lott Addition in the City of Dubuque, Iowa, was adopted.
RESOLUTION NO. 396-10
APPROVING THE PLAT OF SURVEY OF LOTT ADDITION IN THE CITY OF DUBUQUE,
IOWA
Whereas, there has been filed with the City Clerk a Plat of Survey of Lott Addition in the City
of Dubuque, Iowa; and
Whereas, said Plat of Survey provides 24.07 feet of frontage and 24.57 square feet of lot
area for Lot 1, where 50 feet of lot frontage and 2,500 square feet of lot area is required by
Section 11-14 of Title 16 of the City of Dubuque Code of Ordinances, Unified Development
Code; and
Whereas, said Plat of Survey has been examined by the Zoning Advisory Commission and
had its approval endorsed thereon; and
Whereas, said Plat of Survey has been examined by the City Council and they find that it
conforms to the statues and ordinances relating to it.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That Section 11-14 of Title 16 of the City of Dubuque Code of Ordinances,
Unified Development Code, is waived to allow 24.07 feet of frontage and 2,500 square feet of
lot area for Lot 1.
Section 2. That the Plat of Survey of Lot Addition is hereby approved and the Mayor and
City Clerk are hereby authorized and directed to endorse the approval of the City of Dubuque,
Iowa upon said Plat of Survey.
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Passed, approved and adopted this 18 day of October 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Final Plat – Westwood Heights No. 2: Zoning Advisory Commission recommending approval
of the Final Plat of Lot 1 and Lot 2 of Westwood Heights No. 2 in the County of Dubuque, Iowa.
Upon motion the documents were received and filed and Resolution No. 397-10 Approving the
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Final Plat of Lot 1 and Lot 2 of Westwood Heights No. 2 in the County of Dubuque was
adopted.
RESOLUTION NO. 397-10
APPROVING THE FINAL PLAT LOT 1 AND LOT 2 OF WESTWOOD HEIGHTS NO. 2 IN
THE COUNTY OF DUBUQUE, IOWA.
Whereas, there has been filed with the City Clerk the Final Plat Lot 1 and Lot 2 of Westwood
Heights No. 2 in the County of Dubuque, Iowa; and
Whereas, said Final Plat provides 0 feet of frontage for Lot 2 on a public street or an
approved private street, where 50 feet is required by Section 11-14 of Title 16 of the City of
Dubuque Code of Ordinances, Unified Development Code; and
Whereas, said Final Plat has been examined by the Zoning Advisory Commission and had
its approval endorsed thereon; and
Whereas, said Final Plat has been examined by the City Council and they find that it
conforms to the statues and ordinances relating to it.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That Section 11-14 of Title 16 of the City of Dubuque Code of Ordinances,
Unified Development Code, is waived to allow 0 feet of frontage on a public street or an
approved private street for Lot 2.
Section 2. That the Final Plat Lot 1 and Lot 2 of Westwood Heights No. 2 is hereby
approved and the Mayor and City Clerk are hereby authorized and directed to endorse the
approval of the City of Dubuque, Iowa upon said final plat.
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Passed, approved and adopted this 18 day of October 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Sustainable Dubuque Task Force: Communication from the Iowa Chapter of the American
Planning Association advising that the Sustainable Dubuque planning process has been
selected to receive the Chapter’s Excellence Award for Innovation for Sustaining Places. Upon
motion the document was received and filed.
School Resource Officer Agreement: City Manager recommending approval of the Fiscal
Year 2010/2011 School Resource Officer agreement between the City of Dubuque Police
Department and the Dubuque Community School District. Upon motion the documents were
received, filed, and approved.
Dubuque Industrial Center West-North Siegert Farm Phase III – PCC Paving and Utilities
Project: City Manager recommending acceptance of the Dubuque Industrial Center West-North
Siegert Farm Phase III – PCC Paving and Utilities Project, as completed by Horsfield
Construction, Inc., in the final contract amount of $693,058.70. Upon motion the documents
were received and filed and Resolution No. 398-10 Accepting the Dubuque Industrial Center
West-North Siegert Farm Phase III – PCC Paving and Utilities Project and authorizing payment
of the contract amount to the contractor was adopted.
RESOLUTION NO. 398-10
ACCEPTING THE DUBUQUE INDUSTRIAL CENTER WEST – NORTH SIEGERT FARM,
PHASE III – PCC PAVING AND UTILITIES AND AUTHORIZING THE PAYMENT OF THE
CONTRACT AMOUNT TO THE CONTRACTOR
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Whereas, the Public Improvement Contract for the Dubuque Industrial Center West – North
Siegert Farm, Phase III – PCC Paving and Utilities (the Project) has been completed and the
City Engineer has examined the work and filed a certificate stating that the Project has been
completed according to the terms of the Public Improvement Contract and that the City
Engineer recommends that the Project be accepted.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The recommendation of the City Engineer is approved and the Project is hereby
accepted.
Section 2. The Finance Director is hereby directed to pay to the Contractor from the
Revitalize Iowa’s Sound Economy Rise (RISE) Program and General Obligation Bonds
Proceeds (TIF-Abated) appropriations for the contract amount of $693,058.70 less any
retained percentage provided for therein as provided in Iowa Code chapter 573, and to pay
such retainage only in accordance with the provisions of Iowa Code chapter 573.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
CITY ENGINEER’S CERTIFICATE OF FINAL COMPLETION OF THE DUBUQUE
INDUSTRIAL CENTER WEST – NORTH SIEGERT FARM, PHASE III – PCC PAVING AND
UTILITIES
The undersigned City Engineer of the City of Dubuque, Iowa, hereby certifies that he has
inspected the Dubuque Industrial Center West – North Siegert Farm, Phase III – PCC Paving
and Utilities, that the Project has been performed in compliance with the terms of the Public
Improvement Contract, and that the total cost of the completed work is $827,883.70.
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Dated this 13 day of October, 2010.
Gus Psihoyos, City Engineer
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Filed in the office of the City Clerk on the 14 day of October, 2010.
Jeanne F. Schneider, CMC, City Clerk
I-JOBS Agreement – Lower Bee Branch Creek Restoration Project: City Manager
recommending approval of the I-JOBS Grant Agreement for the Lower Bee Branch Creek
Restoration Project. Upon motion the documents were received and filed and Resolution No.
399-10 Authorizing the execution of a Grant Agreement with the Iowa Jobs Board and the Iowa
Finance Authority as required for the City’s receipt of $3,965,500 in State I-JOBS funding for
the Lower Bee Branch Creek Restoration Project was adopted.
RESOLUTION NO. 399-10
AUTHORIZING THE EXECUTION OF A GRANT AGREEMENT WITH THE IOWA JOBS
BOARD AND THE IOWA FINANCE AUTHORITY AS REQUIRED FOR THE CITY’S
RECEIPT OF $3,965,500 IN STATE I-JOBS FUNDING FOR THE LOWER BEE BRANCH
CREEK RESTORATION PROJECT.
Whereas, in 1999, 2002, 2004, and 2010 heavy rains produced flood damage spurring
Presidential Disaster Declarations for Dubuque County; and
Whereas, the Lower Bee Branch Creek Restoration Project has been identified as one of a
series of projects to provide relief from property damage due to flooding to 1,150 residents in
the City of Dubuque; and
Whereas, the Iowa Legislature and the Governor of Iowa pursuant to 2010 Iowa Acts
Senate File 2389 (the "2010 Act") created the Iowa Jobs II program to assist in disaster
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prevention construction projects; Whereas, the City of Dubuque submitted an application (the
"Application") to the Iowa Jobs board requesting assistance in financing for the Lower Bee
Branch Creek Restoration Project (the "Project"); and
Whereas, the Iowa Jobs Review Committee reviewed the Application and the Iowa Jobs
Board made a determination to award Grantee a grant pursuant to the Iowa Jobs II Program;
and
Whereas, the Board, on September 19, 2010 (the "Award Date"), voted to award a grant
(the "Grant") of up to Three Million Nine Hundred Sixty Five Thousand Five Hundred Dollars
(US $ 3,965,500) for the Project, subject to the terms and conditions set forth in the Grant
Agreement (the "Agreement"); and
Whereas, it is in the best interest of the City to enter into the Agreement as required for the
City’s receipt of the grant funding.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
The City Manager is authorized to execute and deliver the Agreement and execute such
other documents as the Iowa Jobs Board or the Iowa Finance Authority may reasonably
require that are necessary to bind the City to the terms of the Agreement as required for the
City’s receipt of $ 3,965,500 I-JOBS II grant funds for the Lower Bee Branch Creek Restoration
Project.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
National Mississippi River Museum and Aquarium Rivers Center Project – Phase II: This
item was removed from the agenda.
Asbury Plaza No. 12: City Manager recommending that the developer of Asbury Plaza No
12, Rubloff Development Group, Inc., be required to install street lighting in 2010 and be given
until July 1, 2011, to complete the public improvements as required by the Resolution
approving the Final Plat. Upon motion the documents were received and filed and Resolution
No. 400-10 Amending Resolution No. 387-04 Approving the Final Plat of Asbury Plaza No. 12
in the City of Dubuque, Iowa, was adopted.
RESOLUTION NO. 400-10
AMENDING RESOLUTION NO. 387-04 APPROVING THE FINAL PLAT OF ASBURY
PLAZA NO. 12 IN THE CITY OF DUBUQUE, IOWA
Whereas, on October 4, 2004, the City Council adopted Resolution No. 387-04 approving
the final plat of Asbury Plaza No. 12 in the City of Dubuque, Iowa; and
Whereas, Section 3(e) of Resolution No. 387-04 required the owner to construct certain
public improvements prior to two years from the date of acceptance of the resolution; and
Whereas, the owner has requested an extension of time in which to construct said
improvements; and
Whereas, the City Council finds that it is in the best interests of the City of Dubuque to grant
an extension for the construction of said improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. Resolution No. 387-04, Section 3(e) is hereby amended to read as follows:
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The owner agrees to construct said improvements prior to the 1 day of July, 2011, at the
sole expense of the owner or future owner.
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Section 2. All other requirements and obligations of Resolution No. 387-04 shall remain in
full force and effect as provided therein.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
North Grandview Avenue and Rosedale Avenue Storm Sewer Repair: City Manager
recommending approval of the emergency repairs of the North Grandview Avenue and
Rosedale Avenue Storm Sewer Repair Project, and to solicit informal bids for the project
through adoption of the attached resolution. Upon motion the documents were received and
filed and Resolution No. 401-10 Authorizing emergency repairs to the storm sewer at North
Grandview Avenue and Rosedale Avenue was adopted.
RESOLUTION NO. 401-10
AUTHORIZING EMERGENCY REPAIRS TO THE STORM SEWER AT NORTH
GRANDVIEW AVENUE AND ROSEDALE AVENUE
Whereas, the storm sewer west of the intersection of North Grandview Avenue and
Rosedale Avenue has collapsed and has caused undermining of the pavement and sidewalk
areas; and
Whereas, the City Council finds that the condition of the storm sewer is dangerous and
constitutes an emergency and that an emergency repair of the storm sewer is necessary and
the delay might cause serious loss or injury to the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City Council finds that it is necessary to institute emergency proceedings to
repair the storm sewer west of the intersection of North Grandview Avenue and Rosedale
Avenue.
Section 2. In the interest of public safety, the City Manager is hereby authorized to proceed
with instituting such emergency repairs as provided by law.
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Passed, adopted and approved this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
2010 Public Right-of-Way Sidewalk Repair Assessment Project: City Manager
recommending approval of the final assessment schedule for the 2010 Public Right-of-Way
Sidewalk Repair Assessment Project. Upon motion the documents were received and filed and
Resolution No. 402-10 Adopting the final assessment schedule for the 2010 Public Right-of-
Way Sidewalk Repair Assessment Project was adopted.
RESOLUTION NO. 402-10
ADOPTING THE FINAL ASSESSMENT SCHEDULE FOR THE 2010 PUBLIC RIGHT-OF-
WAY SIDEWALK REPAIR ASSESSMENT PROJECT
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
After full consideration, the Final Schedule of Assessments as shown on the attached
sheet(s), Page 1 to Page 1 inclusive; is hereby approved for the 2010 Public Right-of-Way
Sidewalk Repair Assessment Project.
There is hereby assessed and levied as a special tax against and upon each of the
benefited properties, the respective sums indicated. The amounts shown in said Final
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Schedule of Assessments as deficiencies are found to be proper and levied conditionally
against the respective properties benefited by the improvements as shown in the Final
Schedule of Assessments, subject to the provisions of Iowa Code § 384.63. Said assessments
against said lots are hereby declared to be in proportion to the special benefits conferred and
not in excess of twenty-five percent of the value of same.
The City Clerk be and is hereby directed to certify the Final Schedule of Assessments to the
County Treasurer of Dubuque County, Iowa, and to publish notice of said certification once
each week for two consecutive weeks in the manner provided in Iowa Code § 362.3, the first
publication of which shall be not more than fifteen days from the date of filing of the Final
Schedule of Assessments. On or before the date of the second publication of the notice, the
City Clerk shall also mail a copy of said notice to property owners whose property is subject to
assessment, as provided in Iowa Code § 384.60.
The assessments may be paid in full or in part without interest at the office of the City
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Treasurer, City Hall, 50 W. 13 Street, Dubuque, Iowa, at any time within 30 days after the
date of the first notice of the Final Schedule of Assessments. Thereafter, unpaid assessments
of $100.00 or more are payable in 10 annual installments at the County Treasurer’s Office,
Dubuque County Courthouse, 720 Central Avenue, Dubuque, Iowa, and will draw annual
interest at nine percent (9%) computed to December 1 next following the due dates of the
respective installments as provided in Section 384.65 of the Code of Iowa. Each installment
will be delinquent from October 1 following its due date on July 1 of each year. However, when
the last day of September is a Saturday or Sunday, that amount shall be delinquent from the
second business day of October. Delinquent installments will draw the same delinquent
interest as ordinary taxes. Property owners may elect to pay any annual installments semi-
annually in advance.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
CITY OF DUBUQUE, IOWA
2010 SIDEWALK REPAIR ASSESSMENTS
FINAL SCHEDULE OF VALUATION AND PROPOSED ASSESSMENTS
DATE: October 5, 2010
The following schedule is hereby determined to show each lot proposed to be assessed for
the improvement shown in the title together with the amount proposed to be assessed against
each lot and the valuations shown opposite each lot are hereby fixed as the true valuations of
such lots by the City Council of the City of Dubuque.
PROPERTY OWNER NAME, LOT DESCRIPTION, PARCEL NUMBER, MAILING
ADDRESS, CITY, STATE, ZIP, STREET ADDRESS, VALUATION WITH IMPROVEMENT,
SIDEWALK ASSESSMENT, ADMINISTRATIVE FEE, TOTAL NET ASSESSMENT
Peteris, Hillary, Lot 4 South Ave Add, 1036252012, 519 Southern Ave,
Dubuque, IA 52003,
519 Southern Ave, $79,160.00, $160.00, $24.00, $184.00
Moore Management LLC, S 26.2' M 1/5 of City Lot 478; N 19.81' of N 1/5 of S 2/5 City Lot
478, 1024454003, 803 Grant Court, Maquoketa, IA 52060, 1134 Locust St., $107,700.00,
$1,879.62, $274.44, $2,154.06
Moore Management LLC, S 67/100' of a Foot of N 1/5 of S 2/5 and NM 1/5 of S 2/5 of City
Lot 478 , 1024454004, 803 Grant Court, Maquoketa, IA 52060, 1132 Locust St., $74,900.00,
$876.88, $124.03, $1,000.91
David & Angela Duehr, S 40' 2-3 & THE S 5' N 18' 2-3 Boxleiters Sub, 1026257003, 240
North Grandview Ave, Dubuque, IA 52001, 240 North Grandview, $70,300.00, $575.00,
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$78.75, $653.75
Larry & Cheryl Conley, Lot 1-1-18 John King's Dubuque, 1013377008,
2512 Broadway St.,
Dubuque, IA 52001, 2512 Broadway St., $105,800.00, $1,394.00, $201.60, $1,595.60
$5,588.32
TOTAL:
Historic Millwork District Development: Communication from Jill Connors, Gronen
Restoration, to Michael Brannon, President of the Dubuque Community School District,
regarding the DCSD’s Facilities Global Strategy. Upon motion the document was received and
filed.
Termination of Lease – ABC Supply: City Manager recommending approval of the
termination of the current lease with ABC Supply. Upon motion the documents were received,
filed, and approved.
International Economic Development Council (IEDC): Media release announcing that East
Central Intergovernmental Association received an Excellence in Economic Development
Award for their AccessMyFuture.com – Find Your Road to Success in the category of Special
Purpose Website from the International Economic Development Council (IEDC). Upon motion
the document was received and filed.
Hillcrest Family Services Agreement: City Manager recommending approval of an
agreement with Hillcrest Family Services for the use of Murphy Park from October 30th
through January 10th to set up a holiday light display. Upon motion the documents were
received, filed, and approved.
Assistance to Firefighter Grant Application: City Manager recommending approval of an
Assistance to Firefighter Grant Program application to the U.S. Department of Homeland
Security for public education, inspection and equipment funding. Upon motion the documents
were received, filed, and approved.
Delinquent Water, Sewer, Refuse and Storm Water Collection Accounts: City Manager
recommending approval of the submission of delinquent water, sewer, refuse and storm water
collection accounts to the Dubuque County Treasurer. Upon motion the documents were
received and filed and Resolution No. 403-10 Adopting the Schedule of Assessments for
delinquent water, refuse, sewer and storm water collection accounts and directing the Clerk to
certify the schedule of assessments to the County Treasurer and to publish notice thereof was
adopted.
RESOLUTION NO. 403-10
ADOPTING THE SCHEDULE OF ASSESSMENTS FOR DELINQUENT WATER, SEWER,
REFUSE AND STORM WATER ACCOUNTS AND DIRECTING THE CITY CLERK TO
CERTIFY THE SCHEDULE OF ASSESSMENTS TO THE COUNTY TREASURER AND TO
PUBLISH NOTICE THEREOF
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
That after full consideration of the Schedule of Assessments attached hereto for delinquent
water, sewer, refuse, and storm water accounts which Schedule of Assessments was filed in
the office of the City Clerk on the 11th day of October, 2010, the said Schedule of
Assessments be and the same is hereby approved and adopted.
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That there be, and is herby assessed and levied as a lien upon the real property, the
respective sums indicated.
That the City Clerk be and is hereby directed to certify said schedule to the County
Treasurer of Dubuque County, Iowa, and to publish notice of said certification once each week
for two consecutive weeks in the manner provided in Iowa Code § 362.3, the first publication of
which shall be not more than fifteen days from the date of filing of the final schedule. On or
before the date of the second publication of the notice, the City Clerk shall also mail a copy of
said notice to property owners whose property is subject to assessment, as provided and
directed in Iowa Code § 384.60.
The assessments may be paid in full or in part at the Utility Billing Office, City Hall, 50 W.
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13 Street, Dubuque, Iowa, at any time within 30 days after the date of the first publication of
the notice of the filing of the Schedule of Assessments with the County Treasurer. After 30
days, unpaid assessments are payable at the County Treasurer’s Office, Dubuque County
Courthouse, 720 Central Avenue, Dubuque, Iowa, and charges shall be collected in the same
manner as general property taxes against the respective parcels of the property set opposite
the name of the property owner.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Customer Name, Service Address, Balance
Corey E. Bonner, 1815 W 3rd St., 121.25
3 GW, LLC, 2406 White St., 266.09 Cory D. Schlitter, 4174 Peru Rd., 38.49
Advanced Custom Builders LLC, 3357 D. W. Geiger, 2600 Central Ave., 488.97
Arrowwood Ln., 79.25 DaVinci's LLC, 395 W 9th St., 323.35
Amber Cooper, 2702 Pinard St., 49.55 Dale P. Kleinschrodt, 421 Kaufmann Ave.,
Amy L. & Micah J. Tuttle, 2945 Keokuk St., 147.43
315.60 Dallas M. Kalmes, 1038 Bluff St., 243.56
Andrew M. Bartolotta, 904 W 5th St., 383.99 Daniel J. Pfeiffer, 510 Angella St., 192.75
Angie Grimes, 2695 Dove St., 159.68 David A. & Cecilia J. Carner, 358 E 16th St.,
Antonio G. Conley, 1104 Riverview St., 38.70 263.29
Auto & Truck Parts, Inc., 3000 Jackson St., David A. Young, 1570 Central Ave., 371.60
300.63 David B. Welsh, 775 S Grandview Ave., 130.88
Barb J. Goodman, 1853 Carter Rd., 100.56 Dawn M. Snider, 154 W 23rd St., 122.42
Bill J. Finn, 2010 Shelby St., 82.06 Deutsche Bank National, 2842 Burlington St.,
Bryan R. Glanz, 2995 Hillcrest Rd., 166.07 187.27
Callahan Construction Inc., 7720 Commerce Deutsche Bank National Trust, 475 Valeria St.,
Park, #204, 15.86 379.94
Callahan Construction Inc., 7720 Commerce Don D. Heim, 596 University Ave., 104.88
Park, #103, 21.51 Donna J. Beidler, 1000 Century Cr., 51.08
Callahan Construction Inc., 7760 Commerce Doran R. & Berry, Shari L. Bush, 2925 Pinard St.,
Park, #103, 53.39 90.38
Callahan Construction Inc., 7760 Commerce Doug Wolff, 2020 Rockdale Rd., 125.90
Park, #104, 55.95 Gary A. Hansen, 2060 Ellen St., 198.55
Callahan Construction Inc., 7760 Commerce Gary Bernhard, 1100 Roosevelt St., 138.62
Park, #102, 150.02 Gary Bernhard, 1110 Roosevelt St., 58.97
Chad J. Hagge, 800 W Locust St., 245.22 Gary E. & Susan M Bay, 1805 Jackson St.,
Chris C. Clark, 2411 Rhomberg Ave., 46.11 199.22
Chris J. Feldman, 1675 Amy Ct., 142.85 Greg B. Cray, 745 Davis St., 279.07
Christi A. Powers, 267 W 17th St., 60.24 H & R Properties, 1586 Washington St., 141.81
Cindy's New You, 1626 Central Ave., Apt 1, Heath & Sara Hutchinson, 421 W 16th St., 62.64
412.94 Heath H. & Sara A. Hutchinson, 431 W 16th St
Cindy's New You, 1626 Central Ave., Apt 2, 1st, 293.96
794.78 Heath Hutchinson, 431 W 16th St. 2nd, 239.93
CK Concrete Construction, LLC, 7869 Commerce Henkel & Company, Inc., 1804 Central Ave., Apt
Park, 226.39 1, 53.29
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Henkels & Company, Inc., 1812 Central Ave., Apt Monte J Bruggeman, 2494 Hempstead St.,
3, 143.02 172.39
Ivan Divino Sr., 380 W Locust St., Apt 2, 77.21 Nina K Nelson, 520 Lincoln Ave., 421.83
J. Foht, 723 Peru Rd., 138.62 Nottingham Properties LLC, 1461 Bluff St., 43.57
Jacqueline C. Woodward, 2509 Roosevelt St., Nottingham Properties LLC, 443 Clark St., 13.04
House, 190.65 Pat F Naderman, 2124 Jackson St., 333.54
Jacqueline R. Krantz, 1040 Kelly Ln., 102.90 Patrick J Duggan, 2005 Simpson St., 198.49
James & Suzanne Callahan, 2521 Windsor Ave., Patrick R Marsh, 158 Bluff St., 176.93
240.54 Perry D Sopina, 116 W 13th St. 1st Fl, 36.87
Jamie J. Miller, 2450 Merfeld Ln., 85.56 Perry Sopina, 116 W 13th St. #2, 2nd Fl, 171.24
Jay C. Close, 689 W Locust St., 396.40 Philip F. Schromen, 713 Peru Rd., 87.01
Jeffrey J. Huseman, 2390 Theda Dr., 205.36 Quattro C. Properties LLC, 2674 Raven Oaks
Jeffrey L. Fredericks, 1150 N Booth St., 91.81 Dr., 84.13
Jeffrey T. Smith, 1265 Thomas Pl., 145.54 Radford Court Real Estate LLC, 4989 Radford
Jerald Brown, 1612 Rosedale, 142.01 Ct, 286.57
Jeramy Jackson, 2050 Ogilby Rd., 111.68 Randy S. Weber, 535 S Grandview Ave., 343.19
Jeremy D. Shireman, 2225 St Celia St., 61.26 Rebecca A. Stover, 2875 Argyle St., 347.05
Jerod F. & Sarah A. Bennett, 750 Kelly Ln., Ricky J. Hurst, 3975 Inwood Ave., 137.15
136.94 Robert J. Sarazin, 2626 Broadway St., 257.21
Jesse Rans, 2008 Foye St., 110.34 Robert Tomkins, Jr., 491 Clark St., 254.62
Jessy A. Jones, 1525 Washington St., 292.21 Ron Rudiger, 590 Angella St., 201.35
Jim Prine, 1040 Davis Ave., 177.35 Ronald C. Steuer, 3478 Kimberly Dr., 221.86
Jody & Jason P McCarty, 2170 Deborah Dr, Russell M. & Erin M. Tomkins, 1282 Langworthy
261.88 St., 183.21
Joe R. & Tonya R. Howe, 2422 University Ave, Ryan A. Neuhaus, 355 Kaufmann Ave., 497.55
314.87 Sandralee M. Scott, 599 W 8th St., 158.22
John H. White, 955 Jackson St., 198.12 Sara J. Ludwig, 2260 Simpson St., 270.94
John R. Barbee, 3085 Oak View Ct, 288.23 Scotlyn Properties, 35 W 15th St., 1st, 96.43
John R Nauman, 500 Primrose St., 83.17 Scotlyn Properties, 37 W 15th St., Apt 1, 48.97
John W. Fowler, 2770 Jackson St., 33.98 Scotlyn Properties, 37 W 15th St., #3, 13.45
John Walters Jr., 2840 Burlington St., 169.34 Scott A Runde, 35 W 15th St., Apt 1, 58.28
Jonathan Slaght, 3102 Asbury Rd, 38.75 Scott A Runde, 35 W 15th St., Apt 2, 58.16
Josie M. Hagensten, 9 E 26th St., 148.29 Scott A Runde, 37 W 15th St., #2, 308.62
Julie Leclere, 2489 Hempstead St., 171.92 Scott Neuwoehner, 702 Caledonia St., 165.05
Kenneth A. Ginter, 2662 Ogle St., 142.86 Sherrie L. Jones, 2790 Andrew Ct., 232.04
Kenneth E. Keller, 2054 Jackson St. # 2, 108.74 So. Fourth Pacific Rim Finance, 2225 Kerper
Kenneth E. Keller, 2054 Jackson St. # 1, 124.47 Blvd., 733.47
Kingdom Investment LLC, 500 Hill St., 84.86 Steve A Sarazin, 1315 Finley St., 46.23
Kress Industrial Facility LLC, Seippel Rd., Terry M. Kane, 2765 Andrew Ct., 147.39
Commercial Park, 209.67 Thomas J. & Martha Blake, 357 Kaufmann Ave.,
KZ Investments, LLC, 4840 Asbury Rd, 215.96 Apt 1, 14.29
Larry & Brenda Husemann, 131 E. 13th St #3, Thomas J. & Martha Blake, 809 W 8th St., 87.81
27.14 Thomas J. & Martha Blake, 809 W 8th St., #2,
Larry Oglesby, 712 Hill St Apt 1, 321.82 195.19
Larry P. & Cheryl A. Conley, 2512 Broadway St., Thomas J. & Martha J. Blake, 2305 White St.,
136.10 Apt 2, 102.48
Laurie & David Vonah, 707 Lincoln Ave, 291.69 Thomas J. & Martha J. Blake, 2214 Jackson St.,
Lonnie L. Allen, 2565 Front St., 112.58 # 2, 424.98
Loras Boge Revocable Trust, 1901 Rockdale Thomas R. & Sherry L. Steinback, 16303 Middle
Rd., 263.52 Rd., 111.71
Marar, LLC, Cedar Cross Rd., 1,205.34 Timothy K. Manning, 1552 Locust St., 138.66
Marie E. Gerhard, 16497 Middle Rd., 170.79 Toby Kress, 3020 N Cascade Rd., 129.09
Mark Krolich, 743 Louise St., 166.41 Tom E. Connolly, 2900 Indiana Ave., 222.07
Marshallese House of Praise, 2155 Rockdale Tom J. Ede, 3951 Inwood Ave., 139.55
Rd., 882.64 Trisha L. Drake, 400 Kaufmann Ave., 89.15
Michael / Patricia Betts, 4955 Old Hwy Rd., 66.57 Tri-State Property Management, 954 W 5th St.,
Michael Kane, 2222 Washington St., 135.22 43.12
Michael Lloyd, 2046 Morningview Rd., 237.64 Tri-State Property Management, 529 Pickett St.,
Michelle Scott, 607 W 8th St., 115.41 40.51
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Tri-State Property Management, 535 Pickett St., William Fay, 1285 Rockdale Rd., 105.92
69.07 William L. Delaney, 554 W Locust St., 214.35
Vicki L. Rako, 1017 Bluff St., 113.71 Kenny J. Birch, 1414 Washington St., 103.28
Wayne & Allie Ross, 556 W 17th St., 387.67 Total: $28,591.76
William Cook, 2227 Washington, 258.78
Storm Water Utility Revenue Capital Loan Notes, Series 2010G: City Manager
recommending approval of the final proceedings providing for the issuance of $7,850,000
Storm Water Utility Revenue Capital Loan Notes, Series 2010G. Upon motion the documents
were received and filed and Resolution No. 404-10 Approving and authorizing a form of 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
$7,850,000 Storm Water Utility Revenue Capital Loan Notes, Series 2010G, of the City of
Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method of
payment of said Notes was adopted.
RESOLUTION NO. 404-10
A RESOLUTION APPROVING AND AUTHORIZING THE FORM OF 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 $7,850,000 STORM WATER UTILITY REVENUE
CAPITAL LOAN NOTES, SERIES 2010G, OF THE CITY OF DUBUQUE, IOWA, UNDER
THE PROVISIONS OF THE CODE OF IOWA, AND PROVIDING FOR A METHOD OF
PAYMENT OF SAID NOTES
Whereas, the City Council of the City of Dubuque, Iowa, sometimes hereinafter referred to
as the "Issuer", has heretofore established charges, rates and rentals for services which are
and will continue to be collected as system revenues of the Storm Water Utility System,
sometimes hereinafter referred to as the "System", and said revenues have not been pledged
and are available for the payment of revenue Notes, subject to the following premises; and
Whereas, Issuer proposes to issue its Storm Water Utility Revenue Capital Loan Notes,
Series 2010G, to the extent of $7,850,000, for the purpose of defraying the costs of the Project
as set forth in Section 1 of this Resolution; and, it is deemed necessary and advisable and in
the best interests of the City that the form of Loan and Disbursement Agreement by and
between the City and the Iowa Finance Authority, be approved and authorized; and
Whereas, in the resolution authorizing the issuance of the outstanding notes it is provided
that additional revenue notes may be issued on a parity with the outstanding notes or bonds,
for the costs of future improvements and extensions to the System, provided that there has
been procured and placed on file with the City Clerk, a statement complying with the conditions
and limitations therein imposed upon the issuance of said parity notes or bonds; and
Whereas, the Iowa Finance Authority, as the sole holder of the outstanding Storm Water
Utility Revenue Capital Loan Notes, has agreed to waive the requirement that a statement of
an independent certified public accountant be placed on file in the office of the City Clerk prior
to Closing, showing the conditions and limitations of the resolution authorizing the outstanding
notes, with regard to the sufficiency of the revenues of the System to permit the issuance of
additional revenue notes or bonds ranking on a parity with the outstanding notes to have been
met and satisfied as required; and
Whereas, the notice of intention of Issuer to take action for the issuance of not to exceed
$10,100,000 Storm Water Utility 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
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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 Notes" shall mean any storm water utility revenue notes or notes issued
on a parity with the Notes in accordance with the provisions of this Resolution.
"Agreement" shall mean the Loan and Disbursement Agreement, dated as of the
Closing between the City and the Original Purchaser, relating to the Loan made to the
City under the Program.
"Authorized Denominations" shall mean $5,000 or any integral multiple thereof.
"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 Loan by the Trustee.
"Corporate Seal" shall mean the official seal of Issuer adopted by the Governing
Body.
"Fiscal Year" shall mean the twelve-month period beginning on July l 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. 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 City Council of the City, or its successor in function
with respect to the operation and control of the System.
"Independent Auditor" shall mean an independent firm of Certified Public Accountants
or the Auditor of State.
"Issuer" and "City" shall mean the City of Dubuque, Iowa.
"Loan" shall mean the principal amount allocated by the Original Purchaser to the City
under the Program, equal in amount to the principal amount of the Notes;
"Net Revenues" shall mean gross earnings of the System after deduction of Current
Expenses; "Current Expenses" shall mean and include the reasonable and necessary
cost of operating, maintaining, repairing and insuring the System, including purchases
at wholesale, if any, salaries, wages, and costs of materials and supplies, but excluding
depreciation and principal of and interest on the Notes and any Parity Obligations or
payments to the various funds established herein; capital costs, depreciation and
interest or principal payments are not System expenses.
"Notes" or "Note" shall mean $7,850,000 Storm Water Utility Revenue Capital Loan
Notes, Series 2010G, authorized to be issued by this Resolution
"Original Purchaser" shall mean the Iowa Finance Authority, as the purchaser of the
Notes from Issuer at the time of their original issuance.
"Outstanding Obligations" shall mean the $998,000 Storm Water Utility Revenue
Capital Loan Notes, Series 2010B, dated January 13, 2010.
"Parity Obligations" shall mean storm water notes or bonds payable solely from the
Net Revenues of the System on an equal basis with the Notes herein authorized to be
issued, and shall include the Outstanding Obligations.
"Paying Agent" shall mean 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.
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"Permitted Investments" shall mean:
■ direct obligations of (including obligations issued or held in book entry form on
the books of) the Department of the Treasury of the United States of America;
■ 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
– 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 & Poor'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 or
"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 notes 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 notes 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 sufficient, as verified by a nationally
recognized independent certified public accountant, to pay principal of and
interest and redemption premium, if any, on the notes or other obligations
described in this paragraph on the maturity date or dates specified in the
irrevocable instructions referred to above, as appropriate;
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■ tax exempt notes 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.
"Prior Note Resolution" shall mean Resolution No. 467-09, approved on December
21, 2009, authorizing the Outstanding Obligations, issued in respect of such costs.
"Program" shall mean the Iowa Water Pollution Control Works Financing Program
undertaken by the Original Purchaser.
"Project" shall mean the costs of constructing storm water drainage projects and
improvements, including those costs associated with the Lower Bee Branch Creek
Restoration Project and the refinancing of a portion of the $1,889,521 General
Obligation Capital Loan Notes Anticipation Project Note, Series 2006, dated December
28, 2006, issued in respect of such costs.
"Project Fund" shall mean the Loan Account maintained by the Trustee under the
Program for the benefit of the Issuer, into which the proceeds of the Loan and the Note
shall be allocated and held until disbursed to pay Project costs.
"Rebate Fund" shall mean the fund so defined in and established pursuant to the Tax
Exemption Certificate.
"Registrar" shall mean 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 Notes. Unless otherwise specified,
the Registrar shall also act as Transfer Agent for the Notes.
"Resolution" shall mean this resolution authorizing the issuance of the Notes.
"System" shall mean the Storm Water 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 improvements and extensions made by Issuer while any of the
Notes or Parity Notes remain outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles.
"Tax Exemption Certificate" shall mean the Tax Exemption Certificate executed by
the Treasurer and delivered at the time of issuance and delivery of the Notes.
"Treasurer" shall mean the City Treasurer or such other officer as shall succeed to
the same duties and responsibilities with respect to the recording and payment of the
Notes issued hereunder.
"Yield Restricted" shall mean required to be invested at a yield that is not materially
higher than the yield on the Notes under section 148(a) of the Internal Revenue Code or
regulations issued thereunder.
Section 2. Authority. The Agreement and the Notes authorized by this Resolution shall be
issued pursuant to Division V, Chapter 384 of the City 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 are authorized to be executed and
issued on behalf of the Issuer by the Mayor and attested by the City Clerk.
Section 3. Authorization and Purpose. There are hereby authorized to be issued,
negotiable, serial, fully registered Storm Water Utility Revenue Capital Loan Notes of
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Dubuque, in the County of Dubuque, State of Iowa, Series 2010G, in the aggregate amount of
$7,850,000 for the purpose of paying costs of constructing storm water drainage projects and
improvements, including those costs associated with the Lower Bee Branch Creek Restoration
Project and the refinancing of a portion of the $1,889,521 General Obligation Capital Loan
Notes Anticipation Project Note, Series 2006, dated December 28, 2006, issued in respect of
such costs. The City Council, pursuant to Sections 384.24A and 384.84A of the Code of Iowa,
hereby finds and determines that it is necessary and advisable to issue said Notes authorized
by the Agreement and this Resolution.
Section 4. Source of Payment. The Notes herein authorized and Parity Notes and the
interest thereon shall be payable solely and only out of the net earnings of the System and
shall be a lien on the future Net Revenues of the System. The Notes shall not be general
obligations of the Issuer nor shall they be payable in any manner by taxation and the Issuer
shall be in no manner liable by reason of the failure of the said Net Revenues to be sufficient
for the payment of the Notes.
Section 5. Note Details. Storm Water Utility Revenue Capital Loan Notes, Series 2010G, of
the City in the amount of $7,850,000, shall be issued to evidence the obligations of the Issuer
under the Agreement pursuant to the provisions of Sections 384.24A and 384.84A of the Code
of Iowa for the aforesaid purpose. The Notes shall be designated "STORM WATER UTILITY
REVENUE CAPITAL LOAN NOTE, SERIES 2010G", be dated the date of delivery, and bear
interest at the rate of 3.0% per annum from the date of each advancement made under the
Agreement, until payment thereof, at the office of the Paying Agent, said interest payable on
December 1, 2010, and semi-annually thereafter on the 1st day of June and December in each
year until maturity as set forth on the Debt Service Schedules attached to the Agreement as
Exhibit A and incorporated herein by this reference. As set forth on said Debt Service
Schedule, principal shall be payable on June 1, 2012 and annually thereafter on the 1st day of
June in the amounts set forth therein until principal and interest are fully paid, except that the
final installment of the entire balance of principal and interest, if not sooner paid, shall become
due and payable on June 1, 2041. Notwithstanding the foregoing or any other provision hereof,
principal and interest shall be payable as shown on said Debt Service Schedule until
completion of the Project, at which time the final Debt Service Schedule shall be determined by
the Trustee based upon actual advancements, final costs and completion of the Project, all as
provided in the administrative rules governing the Program. Payment of principal and interest
on the Notes shall at all times conform to said Debt Service Schedule and the rules of the
Program.
The Notes 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. The Notes shall be in the denomination of $1,000 or multiples
thereof and may at the request of the Original Purchaser be initially issued as a single Note in
the denomination of $7,850,000 numbered R-1.
Section 6. Initiation Fee and Servicing Fee. In addition to the payment of principal of and
interest on the Notes, the Issuer also agrees to pay the Initiation Fee and the Servicing Fee as
defined and in accordance with the terms of the Agreement.
Section 7. Redemption. The Notes are subject to optional redemption at a price of par plus
accrued interest (i) on any date upon receipt of written consent of the Original Purchaser or (ii)
in the event that all or substantially all of the Project is damaged or destroyed. Any optional
redemption of the Notes may be made from any funds regardless of source, in whole or from
15
time to time in part, in inverse order of maturity, by giving not less than thirty (30) days notice
of redemption by certified or registered 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.
The Notes are also subject to mandatory redemption as set forth in Section 5 of the
Agreement.
Section 8. Registration of Notes; Appointment of Registrar; Transfer; Ownership; Delivery;
and Cancellation.
(a) Registration. The ownership of Notes may be transferred only by the making
of an entry upon the books kept for the registration and transfer of ownership of the
Notes, and in no other way. The 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 Notes for the payment of principal of and
interest on the Notes as provided in this Resolution. All Notes shall be negotiable as
provided in Article 8 of the Uniform Commercial Code subject to the provisions for
registration and transfer contained in the Notes and in this Resolution.
(b) Transfer. The ownership of any Note may be transferred only upon the
Registration Books kept for the registration and transfer of Notes 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.
(c) Registration of Transferred Notes. In all cases of the transfer of the Notes, the
Registrar shall register, at the earliest practicable time, on the Registration Books,
the Notes, in accordance with the provisions of this Resolution.
(d) Ownership. 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 Notes 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.
(e) Cancellation. All Notes which have been redeemed shall not be reissued but
shall be cancelled by the Registrar. All Notes which are 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 Notes to the Issuer.
(f) Non-Presentment of Notes. In the event any payment check 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,
16
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 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 9. Reissuance of Mutilated, Destroyed, Stolen or Lost Notes. In case any
outstanding Note shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the
request of Registrar authenticate and deliver a new Note of like tenor and amount as the Note
so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note to
Registrar, upon surrender of such mutilated Note, or in lieu of and substitution for the Note
destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar
and Issuer that such Note has been destroyed, stolen or lost and proof of ownership thereof,
and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with
such other reasonable regulations as the Issuer or its agent may prescribe and paying such
expenses as the Issuer may incur in connection therewith.
Section 10. Record Date. Payments of principal and interest, otherwise than upon full
redemption, made in respect of any Note, shall be made to the registered holder thereof or to
their designated Agent as the same appear on the books of the Registrar on the 15th day of
the month preceding the payment date. All such payments shall fully discharge the obligations
of the Issuer in respect of such Notes to the extent of the payments so made.
Section 11. Execution, Authentication and Delivery of the Notes. Upon the adoption of this
Resolution, the Mayor and City Clerk shall execute and deliver the Notes to the Registrar, who
shall authenticate the Notes and deliver the same to or upon order of the Original Purchaser.
No Note shall be valid or obligatory for any purpose or shall be entitled to any right or benefit
hereunder unless the Registrar shall duly endorse and execute on such Note a Certificate of
Authentication substantially in the form of the Certificate herein set forth. Such Certificate upon
any Note executed on behalf of the Issuer shall be conclusive evidence that the Note so
authenticated has been duly issued under this Resolution and that the holder thereof is entitled
to the benefits of this Resolution.
Section 12. Right to Name Substitute Paying Agent or Registrar. Issuer reserves the right to
name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to
each registered noteholder.
Section 13. Form of Note. Notes shall be printed in substantial compliance with standards
proposed by the American Standards Institute substantially in the form as [provided].
Section 14. Equality of Lien. The timely payment of principal of and interest on the Notes
and Parity Notes shall be secured equally and ratably by the Net Revenues of the System
without priority by reason of number or time of sale or delivery; and the Net Revenues of the
System are hereby irrevocably pledged to the timely payment of both principal and interest as
the same become due.
Section 15. Application of Note Proceeds - Project Fund. Proceeds of the Notes shall be
17
applied as follows:
An amount equal to the Initiation Fee and other costs of issuance of the Notes shall be
applied to pay such costs as may be approved by the Treasurer.
The balance of the proceeds shall be deposited to the Project Fund and expended
therefrom for the purposes of issuance.
Any amounts on hand in the Project Fund shall be available for the payment of the
principal of or interest on the Notes at any time that other funds of the System shall be
insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at
the earliest opportunity. Any balance on hand in the Project Fund and not immediately
required for its purposes may be invested not inconsistent with limitations provided by law,
the Internal Revenue Code and this Resolution. Any excess proceeds remaining on hand
after completion of the purpose of issuance shall be paid into the Improvement Fund to the
maximum required amounts and any remaining amounts shall be used to call or otherwise
retire Notes.
Section 16. User Rates. There has heretofore been established and published as required
by law, just and equitable rates or charges for the use of the service rendered by the System.
Said rates or charges to be paid by the owner of each and every lot, parcel of real estate, or
building that is connected with and uses the System, by or through any part of the System or
that in any way uses or is served by the System.
Any revenues paid and collected for the use of the System and its services by the Issuer or
any department, agency or instrumentality of the Issuer shall be used and accounted for in the
same manner as any other revenues derived from the operations of the System.
Section 17. Application of Revenues. From and after the delivery of any Notes, and as long
as any of the Notes or Parity Notes shall be outstanding and unpaid either as to principal or as
to interest, or until all of the Notes and Parity Notes then outstanding shall have been
discharged and satisfied in the manner provided in this Resolution, the entire income and
revenues of the System shall be deposited as collected in a fund to be known as the Storm
Water Utility Revenue Fund (the "Revenue Fund"), and shall be disbursed only as follows:
(a) Operation and Maintenance Fund. Money in the Revenue Fund shall first be
disbursed to make deposits into a separate and special fund to pay current expenses.
The fund shall be known as the Storm Water Utility Revenue Operation and Maintenance
Fund (the "Operation and Maintenance Fund"). There shall be deposited in the Operation
and Maintenance Fund each month an amount sufficient to meet the current expenses of
the month plus an amount equal to 1/12th of expenses payable on an annual basis such
as insurance. After the first day of the month, further deposits may be made to this
account from the Revenue Fund to the extent necessary to pay current expenses
accrued and payable to the extent that funds are not available in the Surplus Fund.
(b) Sinking Fund. Money in the Revenue Fund shall next be disbursed to make
deposits into a separate and special fund to pay the principal and interest requirements of
the Fiscal Year on the Notes and Parity Notes. The fund shall be known as the Storm
Water Utility Revenue Capital Loan Note and Interest Sinking Fund (the "Sinking Fund").
The required amount to be deposited in the Sinking Fund in any month shall be the equal
monthly amount necessary to pay in full the installment of interest coming due on the
next interest payment date on the then outstanding Notes and Parity Notes plus the equal
monthly amount necessary to pay in full the installment of principal coming due on such
Notes on the next succeeding principal payment date until the full amount of such
installment is on hand. If for any reason the amount on hand in the Sinking Fund exceeds
the required amount, the excess shall forthwith be withdrawn and paid into the Revenue
Fund. Money in the Sinking Fund shall be used solely for the purpose of paying principal
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of and interest on the Notes and Parity Notes as the same shall become due and
payable.
(c) Subordinate Obligations. Money in the Revenue Fund may next be used to pay
principal of and interest on (including reasonable reserves therefor) any other obligations
which by their terms shall be payable from the revenues of the System, but subordinate
to the Notes and Parity Notes, and which have been issued for the purposes of
extensions and improvements to the System or to retire the Notes or Parity Notes in
advance of maturity, or to pay for extraordinary repairs or replacements to the System.
(d) Surplus Revenue. All money thereafter remaining in the Revenue Fund at the close
of each month may be deposited in any of the funds created by this Resolution, may be
used to pay for extraordinary repairs or replacements to the System, or may be used to
pay or redeem the Notes or Parity Notes any of them, or for any lawful purpose.
Money in the Revenue Fund shall be allotted and paid into the various funds and
accounts hereinbefore referred to in the order in which said funds are listed, on a
cumulative basis on the 10th day of each month, or on the next succeeding business day
when the 10th shall not be a business day; and if in any month the money in the Revenue
Fund shall be insufficient to deposit or transfer the required amount in any of said funds
or accounts, the deficiency shall be made up in the following month or months after
payments into all funds and accounts enjoying a prior claim to the revenues shall have
been met in full.
Section 18. Outstanding Obligations. The provisions in the Prior Note Resolution, whereby
there was created and is to be maintained a Storm Water Utility Revenue Note Principal and
Interest Sinking Fund ("Sinking Fund"), and for the monthly payment into said fund from the
future Net Revenues of the System such portion thereof as will be sufficient to meet the
principal and interest of the Outstanding Obligations, and maintaining a reserve therefor, are
hereby ratified and confirmed, and all such provisions inure to and constitute the security for
the payment of the principal and interest on Notes hereby authorized to be issued; provided,
however, that the amounts to be set aside and paid into the Sinking Fund in equal monthly
installments from the earnings shall be sufficient to pay the principal and interest due each
year, not only on the Outstanding Obligations, but also the principal and interest of the Notes
herein authorized to be issued and to maintain a reserve therefor. Except as may be otherwise
provided in the above Prior Note Resolution, proceeds of the Notes or other funds may be
invested in Permitted Investments.
Nothing in this Resolution shall be construed to impair the rights vested in the Outstanding
Obligations. The amounts herein required to be paid into the various funds named in this
Section shall be inclusive of payments required in respect to the Outstanding Obligations. The
provisions of the legislation authorizing the Outstanding Obligations and the provisions of this
Resolution are to be construed wherever possible so that the same will not be in conflict. In the
event such construction is not possible, the provisions of the resolution first adopted shall
prevail until such time as the notes or bonds authorized by said resolution have been paid in
full or otherwise satisfied as therein provided at which time the provisions of this Resolution
shall again prevail.
Section 19. Investments. Moneys on hand in the Project Fund and all of the funds provided
by this Resolution may be invested only in Permitted Investments or deposited in financial
institutions which are members of the Federal Deposit Insurance Corporation, or its equivalent
successor, and the deposits of which are insured thereby and all such deposits exceeding the
maximum amount insured from time to time by FDIC or its equivalent successor in any one
financial institution shall be continuously secured in compliance with the State Sinking Fund
provided under Iowa Code chapter 12C, or otherwise by a valid pledge of direct obligations of
19
the United States Government having an equivalent market value. All investments shall mature
before the date on which the moneys are required for the purposes for which the fund was
created or otherwise as herein provided. The provisions of this Section shall not be construed
to require the Issuer to maintain separate accounts for the funds created by this Section.
All income derived from such investments shall be deposited in the Revenue Fund and shall
be regarded as revenues of the System except earnings on investments of the Project Fund
shall be deposited in and expended from the Project Fund. Investments shall at any time
necessary be liquidated and the proceeds thereof applied to the purpose for which the
respective fund was created.
Section 20. Covenants Regarding the Operation of the System. The Issuer hereby
covenants and agrees with each and every holder of the Notes and Parity Notes:
(a) Maintenance and Efficiency. The Issuer will maintain the System in good condition
and operate it in an efficient manner and at reasonable cost.
(b) Sufficiency of Rates. On or before the beginning of each Fiscal Year the Governing
Body will adopt or continue in effect rates for all services rendered by the System
determined to be sufficient to produce Net Revenues for the next succeeding Fiscal Year
adequate to pay principal and interest requirements and create reserves as provided in
this Resolution but not less than 110% percent of the principal and interest requirements
of the Fiscal Year. No free use of the System by the Issuer or any department, agency or
instrumentality of the Issuer shall be permitted except upon the determination of the
Governing Body that the rates and changes otherwise in effect are sufficient to provide
Net Revenues at least equal to the requirements of this subsection.
(c) Insurance. The Issuer shall maintain insurance for the benefit of the noteholders on
the insurable portions of the System of a kind and in an amount which normally would be
carried by private companies engaged in a similar kind of business. The proceeds of any
insurance, except public liability insurance, shall be used to repair or replace the part or
parts of the System damaged or destroyed.
(d) Accounting and Audits. The Issuer will cause to be kept proper books and accounts
adapted to the System and in accordance with generally accepted accounting practices,
and will diligently act to cause the books and accounts to be audited annually and
reported upon not later than 180 days after the end of each Fiscal Year by an
Independent Auditor and will provide copies of the audit report to the holders of any of the
Notes and Parity Notes upon request. The holders of any of the Notes and Parity Notes
shall have at all reasonable times the right to inspect the System and the records,
accounts and data of the Issuer relating thereto.
(e) State Laws. The Issuer will faithfully and punctually perform all duties with
reference to the System required by the Constitution and laws of the State of Iowa,
including the making and collecting of reasonable and sufficient rates for services
rendered by the System as above provided, and will segregate the revenues of the
System and apply said revenues to the funds specified in this Resolution.
(f) Property. The Issuer will not sell, lease, mortgage or in any manner dispose of the
System, or any capital part thereof, including any and all extensions and additions that
may be made thereto, until satisfaction and discharge of all of the Notes and Parity Notes
shall have been provided for in the manner provided in this Resolution; provided,
however, that this covenant shall not be construed to prevent the disposal by the Issuer
of property which in the judgment of its Governing Body has become inexpedient or
unprofitable to use in connection with the System, or if it is to the advantage of the
System that other property of equal or higher value be substituted therefor, and provided
further that the proceeds of the disposition of such property shall be placed in a revolving
20
fund and used in preference to other sources for capital improvements to the System.
Any such proceeds of the disposition of property acquired with the proceeds of the Notes
or Parity Notes shall not be used to pay principal or interest on the Notes and Parity
Notes or for payments into the Sinking Funds.
(g) Fidelity Note. The Issuer shall maintain fidelity note coverage in amounts which
normally would be carried by private companies engaged in a similar kind of business on
each officer or employee having custody of funds of the System.
(h) Budget. The Governing Body of the Issuer shall approve and conduct operations
pursuant to a system budget of revenues and current expenses for each Fiscal Year.
Such budget shall take into account revenues and current expenses during the current
and last preceding Fiscal Years. Copies of such budget and any amendments thereto
shall be provided to the holders of any of the Notes upon request.
Section 21. Remedies of Noteholders. Except as herein expressly limited the holder or
holders of the Notes and Parity Notes shall have and possess all the rights of action and
remedies afforded by the common law, the Constitution and statutes of the State of Iowa, and
of the United States of America, for the enforcement of payment of their Notes and interest
thereon, and of the pledge of the revenues made hereunder, and of all covenants of the Issuer
hereunder.
Section 22. Prior Lien and Parity Notes. The Issuer will issue no other Notes or obligations
of any kind or nature payable from or enjoying a lien or claim on the property or revenues of
the System having priority over the Notes or Parity Notes.
Additional Notes may be issued on a parity and equality of rank with the Notes with respect
to the lien and claim of such Additional Notes to the revenues of the System and the money on
deposit in the funds adopted by this Resolution, for the following purposes and under the
following conditions, but not otherwise:
(a) For the purpose of refunding any of the Notes or Parity Notes which shall have
matured or which shall mature not later than three months after the date of delivery of such
refunding Notes and for the payment of which there shall be insufficient money in the
Sinking Fund;
(b) For the purpose of refunding any Notes, Parity Notes or general obligation notes
outstanding, or making extensions, additions, improvements or replacements to the System,
if all of the following conditions shall have been met:
(i) before any such Additional Notes ranking on a parity are issued, there will have
been procured and filed with the Clerk, a statement of an Independent Auditor not a
regular employee of the Issuer, reciting the opinion based upon necessary
investigations that the Net Revenues of the System for the preceding Fiscal Year
(with adjustments as hereinafter provided) were equal to at least 1.10 times the
maximum amount that will be required in any Fiscal Year prior to the longest maturity
of any of the Notes or Parity Notes for both principal of and interest on all Notes or
Parity Notes then outstanding which are payable from the net earnings of the System
and the Additional Notes then proposed to be issued.
For the purpose of determining the Net Revenues of the System for the preceding
Fiscal Year as aforesaid, the amount of the gross revenues for such year may be
adjusted by an Independent Auditor, not a regular employee of the Issuer, so as to
reflect any changes in the amount of such revenues which would have resulted had
any revision of the schedule of rates or charges imposed at or prior to the time of the
issuance of any such Additional Notes been in effect during all of such preceding
Fiscal Year.
(ii) the Additional Notes must be payable as to principal and as to interest on the
21
same month and day as the Notes herein authorized.
(iii) for the purposes of this Section, principal and interest falling due on the first
day of a Fiscal Year shall be deemed a requirement of the immediately preceding
Fiscal Year.
(iv) for the purposes of this Section, general obligation capital loan notes shall be
refunded only upon a finding of necessity by the Governing Body and only to the
extent the general obligation capital loan notes were issued or the proceeds of them
were expended for the System.
(v) for purposes of this Section, "preceding Fiscal Year" shall be the most recently
completed Fiscal Year for which audited financial statements prepared by a certified
public accountant are issued and available, but in no event a Fiscal Year which
ended more than eighteen months prior to the date of issuance of the Additional
Notes.
Section 23. Disposition of Note Proceeds; Arbitrage Not Permitted. The Issuer reasonably
expects and covenants that no use will be made of the proceeds from the issuance and sale of
the Notes issued hereunder which will cause any of the Notes to be classified as arbitrage
bonds within the meaning of Section 148(a) and (b) of the Internal Revenue Code of the United
States, and that throughout the term of said Notes it will comply with the requirements of said
statute and regulations issued thereunder.
To the best knowledge and belief of the Issuer, there are no facts or circumstances that
would materially change the foregoing statements or the conclusion that it is not expected that
the proceeds of the Notes will be used in a manner that would cause the Notes to be arbitrage
bonds. Without limiting the generality of the foregoing, the Issuer hereby agrees to comply with
the provisions of the Tax Exemption Certificate and the provisions of the Tax Exemption
Certificate are hereby incorporated by reference as part of this Resolution. The Treasurer is
hereby directed to make and insert all calculations and determinations necessary to complete
the Tax Exemption Certificate in all respects and to execute and deliver the Tax Exemption
Certificate at issuance of the Notes to certify as to the reasonable expectations and covenants
of the Issuer at that date.
The Issuer covenants that it will treat as Yield Restricted any proceeds of the Notes
remaining unexpended after three years from the issuance and any other funds required by the
Tax Exemption Certificate to be so treated. If any investments are held with respect to the
Notes and Parity Notes, the Issuer shall treat the same for the purpose of restricted yield as
held in proportion to the original principal amounts of each issue.
The Issuer covenants that it will exceed any investment yield restriction provided in this
Resolution only in the event that it shall first obtain an opinion of recognized bond counsel that
the proposed investment action will not cause the Notes to be classified as arbitrage bonds
under Section 148(a) and (b) of the Internal Revenue Code or regulations issued thereunder.
The Issuer covenants that it will proceed with due diligence to spend the proceeds of the
Notes for the purpose set forth in this Resolution. The Issuer further covenants that it will make
no change in the use of the proceeds available for the construction of facilities or change in the
use of any portion of the facilities constructed therefrom by persons other than the Issuer or
the general public unless it has obtained an opinion of bond counsel or a revenue ruling that
the proposed project or use will not be of such character as to cause interest on any of the
Notes not to be exempt from federal income taxes in the hands of holders other than
substantial users of the project, under the provisions of Section 142(a) of the Internal Revenue
Code of the United States, related statutes and regulations.
Section 24. Additional Covenants, Representations and Warranties of the Issuer. The Issuer
certifies and covenants with the purchasers and holders of the Notes from time to time
22
outstanding that the Issuer through its officers, (a) will make such further specific covenants,
representations and assurances as may be necessary or advisable; (b) comply with all
representations, covenants and assurances contained in the Tax Exemption Certificate, which
Tax Exemption Certificate shall constitute a part of the contract between the Issuer and the
owners of the Notes; (c) consult with bond counsel (as defined in the Tax Exemption
Certificate); (d) pay to the United States, as necessary, such sums of money representing
required rebates of excess arbitrage profits relating to the Notes; (e) file such forms,
statements and supporting documents as may be required and in a timely manner; and (f) if
deemed necessary or advisable by its officers, to employ and pay fiscal agents, financial
advisors, attorneys and other persons to assist the Issuer in such compliance.
Section 25. Amendment of Resolution to Maintain Tax Exemption. This Resolution may be
amended without the consent of any owner of the Notes if, in the opinion of bond counsel,
such amendment is necessary to maintain tax exemption with respect to the Notes under
applicable Federal law or regulations.
Section 26. Discharge and Satisfaction of Notes. The covenants, liens and pledges entered
into, created or imposed pursuant to this Resolution may be fully discharged and satisfied with
respect to the Notes and Parity Notes, or any of them, in any one or more of the following
ways:
(a) By paying the Notes or Parity Notes when the same shall become due and
payable; and
(b) By depositing in trust with the Treasurer, or with a corporate trustee designated by
the Governing Body for the payment of said obligations and irrevocably appropriated
exclusively to that purpose an amount in cash or direct obligations of the United States
the maturities and income of which shall be sufficient to retire at maturity, or by
redemption prior to maturity on a designated date upon which said obligations may be
redeemed, all of such obligations outstanding at the time, together with the interest
thereon to maturity or to the designated redemption date, premiums thereon, if any that
may be payable on the redemption of the same; provided that proper notice of
redemption of all such obligations to be redeemed shall have been previously published
or provisions shall have been made for such publication.
Upon such payment or deposit of money or securities, or both, in the amount and
manner provided by this Section, all liability of the Issuer with respect to the Notes or
Parity Notes shall cease, determine and be completely discharged, and the holders
thereof shall be entitled only to payment out of the money or securities so deposited.
Section 27. Resolution a Contract. The provisions of this Resolution shall constitute a
contract between the Issuer and the holder or holders of the Notes and Parity Notes, and after
the issuance of any of the Notes no change, variation or alteration of any kind in the provisions
of this Resolution shall be made in any manner, except as provided in the next succeeding
Section, until such time as all of the Notes and Parity Notes, and interest due thereon, shall
have been satisfied and discharged as provided in this Resolution.
Section 28. Amendment of Resolution Without Consent. The Issuer may, without the
consent of or notice to any of the holders of the Notes and Parity Notes, amend or supplement
this Resolution for any one or more of the following purposes:
(a) to cure any ambiguity, defect, omission or inconsistent provision in this Resolution
or in the Notes or Parity Notes; or to comply with any application provision of law or
regulation of federal or state agencies; provided, however, that such action shall not
materially adversely affect the interests of the holders of the Notes or Parity Notes;
(b) to change the terms or provisions of this Resolution to the extent necessary to
prevent the interest on the Notes or Parity Notes from being includable within the gross
23
income of the holders thereof for federal income tax purposes;
(c) to grant to or confer upon the holders of the Notes or Parity Notes any additional
rights, remedies, powers or authority that may lawfully be granted to or conferred upon
the holders of the Notes;
(d) to add to the covenants and agreements of the Issuer contained in this Resolution
other covenants and agreements of, or conditions or restrictions upon, the Issuer or to
surrender or eliminate any right or power reserved to or conferred upon the Issuer in this
Resolution; or
(e) to subject to the lien and pledge of this Resolution additional pledged revenues as
may be permitted by law.
Section 29. Amendment of Resolution Requiring Consent. This Resolution may be
amended from time to time if such amendment shall have been consented to by holders of not
less than two-thirds in principal amount of the Notes and Parity Notes at any time outstanding
(not including in any case any Notes which may then be held or owned by or for the account of
the Issuer, but including such Refunding Notes as may have been issued for the purpose of
refunding any of such Notes if such Refunding Notes shall not then be owned by the Issuer);
but this Resolution may not be so amended in such manner as to:
(a) Make any change in the maturity or interest rate of the Notes, or modify the terms
of payment of principal of or interest on the Notes or any of them or impose any
conditions with respect to such payment;
(b) Materially affect the rights of the holders of less than all of the Notes and Parity
Notes then outstanding; and
(c) Reduce the percentage of the principal amount of Notes, the consent of the holders
of which is required to effect a further amendment.
Whenever the Issuer shall propose to amend this Resolution under the provisions of this
Section, it shall cause notice of the proposed amendment to be filed with the Original
Purchaser and to be mailed by certified mail to each registered owner of any Notes as shown
by the records of the Registrar. Such notice shall set forth the nature of the proposed
amendment and shall state that a copy of the proposed amendatory Resolution is on file in the
office of the City Clerk.
Whenever at any time within one year from the date of the mailing of said notice there shall
be filed with the City Clerk an instrument or instruments executed by the holders of at least
two-thirds in aggregate principal amount of the Notes then outstanding as in this Section
defined, which instrument or instruments shall refer to the proposed amendatory Resolution
described in said notice and shall specifically consent to and approve the adoption thereof,
thereupon, but not otherwise, the Governing Body of the Issuer may adopt such amendatory
Resolution and such Resolution shall become effective and binding upon the holders of all of
the Notes and Parity Notes.
Any consent given by the holder of a Note pursuant to the provisions of this Section shall be
irrevocable for a period of six months from the date of the instrument evidencing such consent
and shall be conclusive and binding upon all future holders of the same Note during such
period. Such consent may be revoked at any time after six months from the date of such
instrument by the holder who gave such consent or by a successor in title by filing notice of
such revocation with the City Clerk.
The fact and date of the execution of any instrument under the provisions of this Section
may be proved by the certificate of any officer in any jurisdiction who by the laws thereof is
authorized to take acknowledgments of deeds within such jurisdiction that the person signing
such instrument acknowledged before him the execution thereof, or may be proved by an
affidavit of a witness to such execution sworn to before such officer.
24
The amount and numbers of the Notes held by any person executing such instrument and
the date of his holding the same may be proved by an affidavit by such person or by a
certificate executed by an officer of a bank or trust company showing that on the date therein
mentioned such person had on deposit with such bank or trust company the Notes described
in such certificate.
Notwithstanding anything in this Section to the contrary, the holder or holders of 100% of
the Notes and Parity Obligations may consent to any amendment of this Resolution, or waive
any notices required hereunder, on such terms and under such conditions as said holders shall
determine to be appropriate.
Section 30. Severability. If any section, paragraph, or provision of this Resolution shall be
held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining provisions.
Section 31. Repeal of Conflicting Ordinances or Resolutions and Effective Date. All other
ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this
Resolution are, to the extent of such conflict, hereby repealed; and this Resolution shall be in
effect from and after its adoption.
Section 32. 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 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 Loan and Disbursement Agreement, the terms of the Loan and Disbursement Agreement
shall prevail and be given effect to the extent necessary to resolve any such conflict or
inconsistency.
th
Passed and approved this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Legislative Correspondence: Communication from Senator Charles Grassley regarding the
Transit Investment for Greenhouse Gas and Energy Reduction (TIGGER) application
submitted by the City of Dubuque. Upon motion the document was received and filed.
Liquor License Refunds: Refund of K-Chap Foods, Inc. Beer Permit No. BC 0013779 in the
amount of $56.25; Refund of Mr. Rogers Pub LLC Class C Liquor License No. LC0035906 in
the amount of $295.75. Upon motion the documents were received and filed and the refunds
approved.
Cigarette and Liquor License Applications: City Manager recommending approval of annual
liquor license renewals as submitted. Upon motion the documents were received and filed and
Resolution No. 405-10 Granting the issuance of one new cigarette license to Kohinoor
Grocers; Resolution No. 406-10 Granting the issuance of a Class “B” Beer Permit to Happy
Joe’s Ice Cream and Pizza Parlor and a Class “C” Beer Permit to Target Store and Big 10 Mart
Car Wash; and Resolution No. 407-10 Granting the issuance of a Class “C” Beer/Liquor
License to Manna Java World Café, Europa Haus & Bierstube, The Bank Bar & Grill, Jumper’s
Sports Bar, Rainbow Lounge, Dog House Lounge and Crust Italian Kitchen; a Special Class
“C” Liquor License to HuHot Mongolian Grill; and a Class “B” Wine Permit to Crust Italian
Kitchen and Target Store were adopted.
RESOLUTION NO. 405-10
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
25
DUBUQUE, IOWA:
That the following having complied with the provisions of law relating to the sale of
Cigarettes within the City of Dubuque, Iowa, be granted a permit to sell Cigarettes and
Cigarette Papers within said City.
NEW
Kohinoor Grocers Tahera Nishat 1198 White Street
th
Passed, approved and adopted this day 18 of October, 2010
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
RESOLUTION NO. 406-10
Whereas, applications for Beer Permits have been submitted and filed to this Council for
approval and the same have been examined and approved: and
Whereas, the premises to be occupied by such applicants were inspected and found to
comply with the Ordinances of the City and have filed proper bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
That the Manager be authorized to cause to be issued the following named applicants a
Beer Permit.
CLASS “B” BEER PERMIT
J & P O’Hara, Inc. Happy Joe’s Ice Cream & Pizza Parlor 855 Century Dr.
+(Sunday Sales)
CLASS “C” BEER PERMIT
Target Corp. Target Store T-0086 +(Sunday Sale) 3500 Dodge Street
Molo Oil Company Big 10 Mart Car Wash +(Sunday Sale) 1875 JFK Rd.
th
Passed, approved and adopted this 18 day of October, 2010
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
RESOLUTION NO. 407-10
Whereas, applications for Liquor Licenses have been submitted to this Council for approval
and the same have been examined and approved; and
Whereas, the premises to be occupied by such applicants were inspected and found to
comply with the State Laws and all City Ordinances relevant thereto and they have filed proper
bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
That the Manager be authorized to cause to be issued the following named applicants a
Liquor License.
CLASS “C” BEER/LIQUOR LICENSE
Manna Java World Café, LLC Manna Java World Café 700 Locust St.
+(Sunday Sale)
Europa Haus, Inc. Europa Haus & Bierstube 1301 Rhomberg Ave.
CES II Properties, Inc. The Bank Bar & Grill +(Sunday Sale) 342 Main St.
Blue Sky 4, LTD Jumpers Sports Bar & Grill 2600 Dodge St.
+(Sunday Sale)
DAMA Corp. Rainbow Lounge +(Sunday Sale) 36 W. 4 th St
Dog Gone, Inc. Dog House Lounge +(Sunday Sale) 1646 Asbury Rd.
26
Crust, LLC Crust Italian Kitchen/Bar 299 Main St.
+(Sunday & Outdoor)
SPECIAL CLASS “C” LIQUOR
CCW, LLC HuHot Mongolian Grill+(Sunday Sale) 555 JFK Rd.
CLASS “B” WINE
Crust, LLC Crust Italian Kitchen/Bar 299 Main St.
Target Corp. Target Store T-0086 3500 Dodge St.
th
Passed, approved and adopted this 18 day of October, 2010.
,
Roy D. BuolMayor
,
Attest:Jeanne F. Schneider, CMCCity Clerk
ITEM TO BE SET FOR PUBLIC HEARING
Motion by Connors to receive and file the documents, adopt the resolution, set the public
hearing as indicated, and direct the City Clerk to publish notice as prescribed by law.
Seconded by Resnick. Motion carried 6-0.
Sale of Property – 2015 Washington Street: City Manager recommending that a public
hearing be set for November 1, 2010 to consider the sale of property located at 2015
Washington Street to Jerry Chase and Julie Woodyard. Upon motion the documents were
received and filed and Resolution No. 408-10 Resolution of intention to dispose of City-owned
property, specifically, the northerly 46 feet of Lot 20 in Steiner’s Addition or Subdivision in the
City of Dubuque, County of Dubuque, Iowa, according to the recorded plat thereof, 2015
Washington Street was adopted setting a public hearing for a meeting to commence at 6:30
p.m. on November 1, 2010 in the Historic Federal Building.
RESOLUTION NO. 408-10
RESOLUTION OF INTENTION TO DISPOSE OF CITY-OWNED PROPERTY,
SPECIFICALLY, NORTHERLY 46 FEET OF LOT 20 IN STEINER’S ADDITION OR
SUBDIVISION IN THE CITY OF DUBUQUE, COUNTY OF DUBUQUE, IOWA, ACCORDING
TO THE RECORDED PLAT THEREOF, 2015 WASHINGTON STREET
Whereas, the City of Dubuque has purchased certain real property for purpose of its
rehabilitation and re-sale for owner-occupied housing; and
Whereas, the City received an offer to purchase this property from a qualifying family; and
Whereas, such purpose supports the Neighborhood Stabilization Program and Washington
Neighborhood Revitalization strategy as approved by the City Council; and
,
Whereasby accepting the selected offer the City’s objectives of providing first-time
homeownership to a lower-income buyer and rehabilitation of a foreclosed home can be
realized.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City of Dubuque, Iowa, intends to dispose of its interest in the following
legally-described property: Northerly 46 feet of Lot 20 in Steiner’s Addition or Subdivision in the
City of Dubuque, County of Dubuque, Iowa, according to the recorded Plat thereof.
Section 2. That the City of Dubuque, Iowa, proposes to dispose of its interest in the above
described real estate to Jerry Chase and Julie Woodyard for the sum of $91 000.
Section 3. That the City Clerk is hereby authorized and directed to cause this Resolution
and a notice to be published as prescribed by Iowa Code Section 364.7 of a public hearing on
27
st
the City’s intent to dispose of the foregoing-described Property, to be held on the 1 day of
November, 2010, at 6:30 o’clock p.m. at the Historic Federal Building, 350 West Locust,
Dubuque, Iowa.
th
Passed, approved and adoptedthis 18 day of October, 2010.
Roy D Buol, Mayor
Attest: Jeanne Schneider, CMC, City Clerk
BOARDS/COMMISSIONS
Appointments to the following Boards/Commissions: Housing Trust Fund Advisory
Committee. One 3-year term through September 8, 2013 (Term of Walsh). Applicant: John
Walsh, 3116 Spring Valley Road. Motion by Lynch to appoint John Walsh to the Housing Trust
Fund Advisory Committee for a three-year term through September 8, 2013. Seconded by
Jones. Motion carried 6-0.
PUBLIC HEARINGS
Request to Rezone – End of Radford Court: Proof of publication on notice of public hearing
to consider a request from John Herrig / Flint Drake / Radford Development, LLC, to rezone
property located at the end of Radford Court from C-2 Neighborhood Shopping Center District
to R-4 Multi-Family Residential District and Zoning Advisory Commission recommending
approval.
Communication from Planning Services Manager Laura Carstens advising that 31.7% of the
adjacent property owners within 200 feet of the rezoning are in opposition; therefore, a super-
majority vote of the City Council is necessary to approve the rezoning request.
Communication from Mark J. Sullivan requesting that the proposed rezoning of property
located on Radford Court be tabled to November 15, 2010.
Communication and petition from Mark J. Sullivan in opposition to the proposed rezoning.
Communication from Flint Drake requesting that the proposed rezoning of property located
on Radford Court be tabled to November 1, 2010.
Motion by Jones to table the proposed ordinance amending Title 16 of the City of Dubuque
Code of Ordinances, Unified Development Code, by reclassifying hereinafter described
property located at the end of Radford Court from C-2 Neighborhood Shopping Center District
to R-4 Multi-Family Residential District to November 15, 2010. Seconded by Lynch. Motion
carried 6-0.
Upon motion the rules were suspended allowing anyone present to address the City
Council.
Request to Rezone – Property South of Creekwood Drive: Proof of publication on notice of
public hearing to consider a request from Davin Curtiss (representing John Knepper) to rezone
property located south of Creekwood Drive, in conjunction with annexation, from County C-1
and R-2 to City R-1 Single-Family Residential District, and Zoning Advisory Commission
recommending approval. Motion by Connors to receive and file the documents and that the
requirement that a proposed ordinance be considered and voted on for passage at two Council
meetings prior to the meeting at which it is to be passed be suspended. Seconded by Lynch.
Planning Services Manager Laura Carstens provided a staff report. Motion carried 6-0.
Motion by Connors for final consideration and passage of Ordinance No. 56-10 Amending
Title 16 of the City of Dubuque Code of Ordinances, Unified Development Code, by
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reclassifying hereinafter described property, in conjunction with annexation, located south of
Creekwood Drive from County C-1 and R-2 to City R-1 Single-Family Residential District.
Seconded by Jones. Motion carried 6-0.
OFFICIAL PUBLICATION
ORDINANCE NO. 56-10
AMENDING TITLE 16 OF THE CITY OF DUBUQUE CODE OF ORDINANCES, UNIFIED
DEVELOPMENT CODE, BY RECLASSIFYING HEREINAFTER DESCRIBED PROPERTY,
IN CONJUNCTION WITH ANNEXATION, LOCATED SOUTH OF CREEKWOOD DRIVE
FROM COUNTY C-1 AND R-2 TO CITY R-1 SINGLE-FAMILY RESIDENTIAL DISTRICT.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That Title 16 of the City of Dubuque Code of Ordinances, Unified Development
Code, is hereby amended by reclassifying the hereinafter-described property, in conjunction
with annexation, from County C-1 and R-2 to City R-1 Single-Family Residential District, to wit:
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Lot 1 of the NE ¼ SW ¼, Section 2, T88N, R2E of the 5 P.M., in the City of Dubuque, Iowa.
Section 2. The foregoing amendment has heretofore been reviewed by the Zoning Advisory
Commission of the City of Dubuque, Iowa.
Section 3. This ordinance shall take effect immediately upon publication, as provided by
law.
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Passed, approved and adopted this 18 day of October, 2010.
/s/Roy D. Buol, Mayor
Attest: /s/Jeanne F. Schneider, CMC, City Clerk
nd
Published officially in the Telegraph Herald Newspaper the 22 day of October, 2010.
/s/Jeanne F. Schneider, CMC, City Clerk
Request to Annex – John Knepper: Proof of publication on notice of public hearing to
consider a request from John Knepper to voluntarily annex and rezone 2.79 acres of property
on the south side of the City of Dubuque adjacent to Timber-Hyrst Subdivision and City
Manager recommending approval. Motion by Lynch to receive and file the documents and
adopt Resolution No. 409-10 Approving application for voluntary annexation of territory to the
City of Dubuque, Iowa. Seconded by Jones. Motion carried 6-0.
RESOLUTION NO. 409-10
APPROVING APPLICATION FOR VOLUNTARY ANNEXATION OF TERRITORY TO THE
CITY OF DUBUQUE, IOWA
Whereas, John L. Knepper, the property owner, has submitted a written application for
voluntary annexation of approximately 2.79 acres of land to the City of Dubuque, Iowa; and
Whereas, the annexation territory is not subject to an existing annexation moratorium
agreement; and
Whereas, the annexation territory does not include any State or railroad property; and
Whereas, Iowa Code section 368.7 authorizes the extension of City limits in situations of
this character by adoption of a resolution after notification and public hearing; and
Whereas, this annexation is consistent with the Comprehensive Plan of the City of
Dubuque; and
Whereas, the City of Dubuque has the capacity to provide substantial municipal services to
the annexation territory; and
Whereas, the annexation is in the public interest.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
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DUBUQUE, IOWA:
Section 1. That the application of John L. Knepper, the property owner, for voluntary
annexation of approximately 2.79 acres of land of territory lying outside of the corporate limits
of the City of Dubuque, Iowa, as shown on Exhibit A and legally described as Lot 1 of the NE
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¼, SW ¼, Section 2, Township 88N, Range 2E of the 5 P.M., Dubuque County, Iowa is
hereby approved for annexation to the City of Dubuque, Iowa.
Section 2. That, subject to the approval of the Secretary of State, the corporate limits of the
City of Dubuque, Iowa, be and they hereby are extended to include the approximately 2.79
acres of annexation territory as shown on Exhibit A.
Section 3. That the City Council of Dubuque, Iowa, does hereby certify that the City of
Dubuque has complied with the notice and hearing requirements of the Iowa Code pertaining
to voluntary annexation of territory outside an urbanized area of another city.
Section 4. That if the Secretary of State approves this annexation, the territory hereby
annexed shall become a part of Precinct One of Ward One of the City of Dubuque, Iowa.
Section 5. That the City Clerk shall file this resolution, all exhibits and the applications for
voluntary annexation with the State of Iowa in accordance with the provisions of Chapter 368
of the Iowa Code.
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Passed, approved and adopted this 18 day of October 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Request to Rezone – 40, 42, 44 and 48 Main Street: Proof of publication on notice of public
hearing to consider a request from Jay Freeberry to rezone property located at 40, 42, 44 and
48 Main Street from C-3 General Commercial and C-4 Downtown Commercial District to OC
Office Commercial District and Zoning Advisory Commission recommending approval. Motion
by Connors to receive and file the documents and that the requirement that a proposed
ordinance be considered and voted on for passage at two Council meetings prior to the
meeting at which it is to be passed be suspended. Seconded by Voetberg. Developer Chris
Miller, 44 Main LLC, 1415 Foulk Road, Wilmington, Delaware, spoke in support of the
proposed ordinance on behalf of the applicant. Planning Services Manager Laura Carstens
provided a staff report. Motion carried 6-0.
Motion by Connors for final consideration and passage of Ordinance No. 57-10 Amending
Title 16 of the City of Dubuque Code of Ordinances, Unified Development Code, by
reclassifying hereinafter described property located at 40, 42, 44 and 48 Main Street from C-4
Downtown Commercial District to OC Office Commercial District. Seconded by Voetberg.
Motion carried 6-0.
OFFICIAL PUBLICATION
ORDINANCE NO. 57-10
AMENDING TITLE 16 OF THE CITY OF DUBUQUE CODE OF ORDINANCES, UNIFIED
DEVELOPMENT CODE, BY RECLASSIFYING HEREINAFTER DESCRIBED PROPERTY
LOCATED AT 40, 42, 44 AND 48 MAIN STREET FROM C-4 DOWNTOWN COMMERCIAL
DISTRICT TO OC OFFICE COMMERCIAL DISTRICT.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That Title 16 of the City of Dubuque Code of Ordinances, Unified Development
Code, is hereby amended by reclassifying the hereinafter-described property from C-4
Downtown Commercial District to OC Office Commercial District, to wit:
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Lot 1-10A of the W ½ Block 1, Balance W ½ Lot 12 Block 1, Lots 13, 14 & 15 of W ½ of
Block 1, Lots 16 & 17 of W ½ of Block 1, Lot 1-12A of W ½ of Block 1, Lot 1-17A of W ½
of Block 1, and Lot 1 of 1A of W ½ of Block 1, all in the Dubuque Harbor Company’s
Addition, and to the centerline of the adjoining public right-of-way, all in the City of
Dubuque, Iowa.
Section 2. The foregoing amendment has heretofore been reviewed by the Zoning Advisory
Commission of the City of Dubuque, Iowa.
Section 3. This ordinance shall take effect immediately upon publication, as provided by
law.
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Passed, approved and adopted this 18 day of October, 2010.
/s/Roy D. Buol, Mayor
Attest: /s/Jeanne F. Schneider, CMC, City Clerk
nd
Published officially in the Telegraph Herald Newspaper the 22 day of October, 2010.
/s/Jeanne F. Schneider, CMC, City Clerk
44 Main, LLC – Development Agreement: Proof of publication on notice of public hearing to
consider the issuance of not to exceed $350,000 Urban Renewal Tax Increment Revenue
Bonds and a proposed Development Agreement with 44 Main, LLC and City Manager
recommending approval. Motion by Voetberg to receive and file the documents and adopt
Resolution No. 410-10 Instituting proceedings to take additional action for the issuance of not
to exceed $350,000 Urban Renewal Tax Increment Revenue Notes; and Resolution No. 411-
10 Authorizing and providing for the issuance of $337,000 Urban Renewal Tax Increment
Revenue Notes, Taxable Series 2010H (44 Main, LLC Project) of the City of Dubuque, Iowa,
and providing for the securing of such notes for the purpose of carrying out an Urban Renewal
Project in the area of the City of Dubuque, Iowa, designated as the Greater Downtown Urban
Renewal District. Seconded by Jones. Responding to questions from City Council, Economic
Development Director Dave Heiar stated that this project has helped satisfy some of the need
for downtown housing and a request for proposals for additional units is planned pending
approval. Motion carried 6-0.
RESOLUTION NO. 410-10
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE
ISSUANCE OF NOT TO EXCEED $350,000 URBAN RENEWAL TAX INCREMENT
REVENUE NOTES
Whereas, pursuant to notice published as required by law, this Council has held a public
meeting and hearing upon the proposal to institute proceedings for the issuance of not to
exceed $350,000 Urban Renewal Tax Increment Revenue Notes for the purpose of pay costs
of aiding in the planning, undertaking and carrying out of urban renewal project activities under
the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban
Renewal Plan for the Greater Downtown Urban Renewal District, including those costs
associated with the funding of economic development grants and loans to 44 Main, LLC, an
Iowa limited liability company, under the terms of a Development Agreement between the City
of Dubuque and 44 Main, LLC, and has considered the extent of objections received from
residents or property owners as to said proposed issuance; and, accordingly the following
action is now considered to be in the best interests of the City and residents thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and takes additional action
for the sale and issuance in the manner required by law of not to exceed $350,000 Urban
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Renewal Tax Increment Revenue Notes for the foregoing purpose.
Section 2. The Finance Officer is authorized and directed to proceed on behalf of the City
with the sale of said Notes, to select a date for the sale thereof, to cause to be prepared such
notice and sale information as may appear appropriate, to publish and distribute the same on
behalf of the City and this Council and otherwise to take all action necessary to permit the sale
of said Notes on a basis favorable to the City and acceptable to the Council.
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Passed and approved this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
RESOLUTION NO. 411-10
RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $337,000
URBAN RENEWAL TAX INCREMENT REVENUE NOTES, TAXABLE SERIES 2010H (44
MAIN LLC PROJECT), OF THE CITY OF DUBUQUE, IOWA, AND PROVIDING FOR THE
SECURING OF SUCH NOTES FOR THE PURPOSE OF CARRYING OUT AN URBAN
RENEWAL PROJECT IN THE AREA OF THE CITY OF DUBUQUE, IOWA DESIGNATED
AS THE GREATER DOWNTOWN URBAN RENEWAL DISTRICT
Whereas, the City Council of the City of Dubuque, Iowa (the "City" or the "Issuer") has
heretofore adopted an Amended and Restated Urban Renewal Plan (the "Urban Renewal
Plan") under which plan there are to be carried out urban renewal project activities in an area
designated as the Greater Downtown Urban Renewal District (the "Project Area"); and
Whereas, it is presently estimated that the costs of carrying out the purposes and provisions
of the Urban Renewal Plan for the Project Area, including the purpose set forth in Section 3
hereof, exceed $350,000, and provisions must now be made by the City to provide for the
payment of such costs by the issuance of Notes; and
Whereas, the City has heretofore adopted Ordinances under Section 403.19 of the Code of
Iowa (the "Ordinance"), under which the taxes levied on the taxable property in the Project
Area shall be divided, and a special fund created under the authority of Section 403.19(2) of
the Code of Iowa, as amended (which special fund is hereinafter referred to as the "Greater
Downtown Urban Renewal District Tax Increment Revenue Fund" or "Revenue Fund") which
fund was created in order to pay the principal of and interest on loans, monies advanced to or
indebtedness whether funded, refunded, assumed, or otherwise, including bonds issued under
the authority of Section 403.9(1) of the Code of Iowa, as amended, incurred by the City to
finance or refinance in whole or in part urban renewal project activities undertaken within the
Project Area, and pursuant to which Ordinance such Revenue Fund may be irrevocably
pledged by the City for the payment of principal and interest on such indebtedness; and
Whereas, the notice of intention of Issuer to take action for the issuance of not to exceed
$350,000 Urban Renewal Tax Increment Revenue Notes has heretofore been duly published
and no objections to such proposed action have been filed and it is now necessary and
advisable that provisions be made for the issuance of Notes to the amount of $337,000
pursuant to the provisions of Section 403.9(1) of the Code of Iowa, payable from a portion of
the income and proceeds of the Revenue Fund and other funds of the City derived from or
held in connection with the undertaking and carrying out of the Urban Renewal Plan for the
Project Area as described herein.
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. In addition to the defined terms set forth in the preambles hereof, the
following terms shall have the following meanings in this Resolution unless the text expressly
or by necessary implication requires otherwise:
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"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;
"Corporate Seal" shall mean the official seal of Issuer adopted by the Governing
Body;
"Developer" shall mean 44 Main, LLC, an Iowa limited liability company;
"Development Agreement" shall mean the Development Agreement expected to be
dated as of October 18, 2010 by and between the City and the Developer, as
amended from time to time;
"Development Property" shall mean that portion of the Project Area being developed
by the Developer under the terms of the Development Agreement, upon which the
Developer has covenanted to construct the Minimum Improvements, being legally
described as set forth in the Development Agreement;
"Fiscal Year" shall mean the twelve-month period beginning on July l 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 Issuer;
"44 Main, LLC TIF Account" means a separate account to be established within the
Greater Downtown Urban Renewal District Tax Increment Revenue Fund of the City,
in which there shall be deposited all Tax Increments received by the City in respect
of the Minimum Improvements and the Development Property;
"Governing Body" shall mean the City Council of the City, or its successor in function
with respect to the operation and control of the Project Area;
"Greater Downtown Urban Renewal District Tax Increment Revenue Fund" or
"Revenue Fund" means the special fund of the City created under the authority of
Section 403.19(2) of the Code of Iowa and the Ordinance, which fund was created in
order to pay the principal of and interest on loans, monies advanced to, or
indebtedness, whether funded, refunded, assumed or otherwise, including bonds or
other obligations issued under the authority of Section 403.19 or 403.12 of the Code
of Iowa, incurred by the City to finance or refinance in whole or in part projects
undertaken pursuant to the Urban Renewal Plan for the Project Area;
"Independent Auditor" shall mean an independent firm of Certified Public
Accountants or the Auditor of State;
"Issuer" and "City" shall mean the City of Dubuque, Iowa;
"Minimum Improvements" shall mean the construction of twenty four (24) apartments
for market-rate rental by the Developer on the Development Property in accordance
with the terms of the Development Agreement;
"Notes" or "Note" shall mean the $337,000 Urban Renewal Tax Increment Revenue
Note, Taxable Series 2010H (44 Main LLC Project), authorized to be issued by this
Resolution;
"Original Purchaser" shall mean American Trust & Savings Bank, Dubuque, Iowa, 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 Note as
the same shall become due;
"Project Area" shall mean the Greater Downtown Urban Renewal District of the
Issuer, as amended from time to time;
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"Project Fund" or "Construction Account" shall mean the fund required to be
established by this Resolution for the deposit of the proceeds of the Note;
"Registrar" shall be the City Treasurer of Dubuque, Iowa, 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;
"Tax Increments" means the property tax revenues divided and made available to
the City for deposit in the Greater Downtown Urban Renewal District Tax Increment
Revenue Fund under the provisions of Section 403.19 of the Code and the
Ordinance;
"Treasurer" shall mean the City Treasurer 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.
Section 2. Authority. The Note authorized by this Resolution shall be issued pursuant to
Section 403.9 of the Code of Iowa, and in compliance with all applicable provisions of the
Constitution and laws of the State of Iowa.
Section 3. Authorization, Purpose, Approval of Purchase Agreement and Disbursements.
There are hereby authorized to be issued, one negotiable, serial, fully registered Urban
Renewal Tax Increment Revenue Note, Taxable Series 2010 (44 Main LLC Project), of the
City of Dubuque, in the County of Dubuque, State of Iowa, in the aggregate principal amount of
$337,000 for the purpose of paying costs of aiding in the planning, undertaking and carrying
out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa
and the Amended and Restated Urban Renewal Plan for the Greater Downtown Urban
Renewal District, including those costs associated with the funding of economic development
grants and loans to 44 Main, LLC, an Iowa limited liability company, under the terms of a
Development Agreement between the City of Dubuque and 44 Main, LLC, as the same may be
amended from time to time, and the funding of related reserves and payment of capitalized
interest and the costs of issuance of the Notes.
The Purchase Agreement between the City and the Original Purchaser (the "Purchase
Agreement") is hereby approved in substantially the form presented at this meeting, and the
Mayor and City Clerk are authorized to execute and deliver the same on behalf of the City with
such changes as shall to them, upon the advice of the City Attorney, be necessary or
appropriate.
On the date of issuance of the Note, proceeds of the Note in the amount set forth in the
disbursement and repayment schedule attached to the Purchase Agreement shall be drawn
upon and deposited in the Project Fund and held in such fund until disbursed to the Developer
in accordance with the Development Agreement and applied to costs of issuance of the Note.
In addition to such amount, the amounts set forth in said disbursement and repayment
schedule shall be withdrawn by the Treasurer on December 31, 2010, June 30, 2011,
December 31, 2011 and June 30, 2012 (in the respective amounts set forth in the said
schedule) and deposited in the Sinking Fund established in Section 16 hereof and thereafter
applied to the payment of interest on the Note on said dates.
Section 4. Source of Payment. As provided and required by Chapter 403 of the Code of
Iowa, and Section 403.9, the Note and interest thereon shall be payable from and secured
solely and only by amounts deposited and held from time to time in the 44 Main LLC TIF
Account of the City. The City hereby covenants and agrees to maintain the Ordinance in force
during the term of the Notes and to apply the Tax Increments collected in respect of the
Development Property and the Minimum Improvements located thereon and allocated to the
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44 Main LLC TIF Account to the payment of the principal of and interest on the Notes. The
Notes shall not be payable in any manner from other Tax Increments collected in respect of
other properties within the Project Area or by general taxation or from any other City funds.
The Notes shall not constitute an indebtedness within the meaning of any statutory debt
limitation or restriction and shall not be subject to the provisions of any other law relating to the
authorization, issuance or sale of notes.
The Notes shall recite in substance that they have been issued by the City in connection
with an urban renewal project as defined in Chapter 403 of the Code of Iowa, and in any suit,
action or proceeding involving the validity or enforceability of any Note issued hereunder or the
security therefor, such Notes shall be conclusively deemed to have been issued for such
purpose and such project shall be conclusively deemed to have been planned, located and
carried out in accordance with the provisions of Chapter 403 of the Code of Iowa.
Section 5. Note Details. Urban Renewal Tax Increment Revenue Notes of the City in the
amount of $337,000 shall be issued pursuant to the provisions of Section 403.9 of the Code of
Iowa for the aforesaid purpose. The Notes shall be designated "URBAN RENEWAL TAX
INCREMENT REVENUE NOTE, TAXABLE SERIES 2010H (44 MAIN LLC PROJECT)", be
dated as of the date of delivery, and bear interest from the date of disbursement of the
proceeds thereof at the rate of 6.00% per annum, until payment thereof, at the office of the
Paying Agent, and shall mature in the principal amounts set forth on the disbursement and
repayment schedule attached to the Purchase Agreement as Exhibit A and incorporated herein
by this reference. As set forth on said schedule, principal shall be payable on December 31,
2012 and semiannually thereafter on the last business day of June and December of each
year in the amounts set forth therein until principal and interest are fully paid, except that the
final installment of the entire balance of principal and interest, if not sooner paid, shall become
due and payable on June 30, 2027.
The Note shall be executed by the manual signature of the Mayor and attested by the
manual signature of the City Clerk, and impressed 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 to
the registered owner of the Note. The Note may be in the denomination of $1,000 or multiples
thereof and shall, at the request of the Original Purchaser, be issued initially as a single Note
in the principal amount of $337,000 and numbered R-1.
Section 6. Redemption. The principal of 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, by giving thirty days' notice of redemption by registered or certified mail, to
the registered owner of the Note. The terms of redemption shall be par, plus accrued interest
to date of call.
Section 7. Registration of Notes; Appointment of Registrar; Transfer; Ownership; Delivery;
and Cancellation.
(a) Registration. The ownership of Notes may be transferred only by the making of an
entry upon the books kept for the registration and transfer of ownership of the Notes, and
in no other way. The 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 Notes for the payment of principal of and interest on the Notes as
provided in this Resolution. All Notes shall be negotiable as provided in Article 8 of the
Uniform Commercial Code and Section 384.83(5) of the Code of Iowa, subject to the
provisions for registration and transfer contained in the Notes and in this Resolution.
(b) Transfer. The ownership of any Note may be transferred only upon the Registration
Books kept for the registration and transfer of Notes and only upon surrender thereof at
35
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.
(c) Registration of Transferred Notes. In all cases of the transfer of the Notes, the
Registrar shall register, at the earliest practicable time, on the Registration Books, the
Notes, in accordance with the provisions of this Resolution.
(d) Ownership. 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 Notes 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.
(e) Cancellation. All Notes which have been redeemed shall not be reissued but shall
be cancelled by the Registrar. All Notes which are 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
Notes to the Issuer.
(f) Non-Presentment of Notes. In the event any payment check representing payment
of principal of or interest on the Notes is returned to the Paying Agent or 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 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
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 8. Reissuance of Mutilated, Destroyed, Stolen or Lost Notes. In case any
outstanding Note shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the
request of Registrar authenticate and deliver a new Note of like tenor and amount as the Note
so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note to
Registrar, upon surrender of such mutilated Note, or in lieu of and substitution for the Note
destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar
36
and Issuer that such Note has been destroyed, stolen or lost and proof of ownership thereof,
and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with
such other reasonable regulations as the Issuer or its agent may prescribe and paying such
expenses as the Issuer may incur in connection therewith.
Section 9. Record Date. Payments of principal and interest, otherwise than upon full
redemption, made in respect of any Note, shall be made to the registered holder thereof or to
their designated agent as the same appear on the books of the Registrar on the 15th day of
the month preceding the payment date. All such payments shall fully discharge the obligations
of the Issuer in respect of such Notes to the extent of the payments so made. Final payment of
principal shall only be made upon surrender of the Note to the Paying Agent.
Section 10. Execution, Authentication and Delivery of the Notes. Upon the adoption of this
Resolution, the Mayor and Clerk shall execute and deliver the Notes to the Registrar, who shall
authenticate the Notes and deliver the same to or upon order of the Original Purchaser. No
Note shall be valid or obligatory for any purpose or shall be entitled to any right or benefit
hereunder unless the Registrar shall duly endorse and execute on such Note a Certificate of
Authentication substantially in the form of the Certificate herein set forth. Such Certificate upon
any Note executed on behalf of the Issuer shall be conclusive evidence that the Note so
authenticated has been duly issued under this Resolution and that the holder thereof is entitled
to the benefits of this Resolution.
Section 11. Right to Name Substitute Paying Agent or Registrar. Issuer reserves the right to
name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to
each registered Noteholder.
Section 12. Form of Note. Notes shall be printed in substantial compliance with standards
proposed by the American Standards Institute substantially in the form as [provided].
Section 13. Equality of Lien. The timely payment of principal of and interest on the Notes
shall be secured equally and ratably by the Tax Increments collected and allocated to the 44
Main LLC TIF Account without priority by reason of number or time of sale or delivery; and the
Tax Increments collected and allocated to the 44 Main LLC TIF Account are hereby irrevocably
pledged to the timely payment of both principal and interest as the same become due.
Section 14. Application of Note Proceeds. Proceeds of the Note shall be drawn upon and
applied as described in Section 3 hereof. Subject to the limitations contained in Code Section
403.9(1) any amounts on hand in the Project Fund shall be available for the payment of the
principal of or interest on the Note at any time that other funds shall be insufficient to the
purpose, in which event such funds shall be repaid to the Project Fund at the earliest
opportunity. Any balance on hand in the Project Fund and not immediately required for its
purposes may be invested not inconsistent with limitations provided by law or this Resolution.
Section 15. Tax Levy. After its adoption, a copy of this Resolution shall be filed in the office
of the County Auditor of Dubuque County to evidence the pledging of a portion of the Greater
Downtown Urban Renewal District Tax Increment Revenue Fund and the portion of taxes to be
paid into the 44 Main LLC TIF Account and, pursuant to the direction of Section 403.19 of the
Code of Iowa, the Auditor shall thereafter allocate the taxes in accordance therewith and in
accordance with the Ordinance referred to in the preamble hereof.
It is hereby certified that the annual amount of Tax Increments to be collected in respect of
the Development Property and the Minimum Improvements located thereon pursuant to
Section 403.19(2) of the Code of Iowa shall be not less than the annual requirement for
principal and interest on the Note, as follows:
Amount of Principal Fiscal Year
and Interest (July 1 to June 30)
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Year of Collection
$12,645 2010/2011
19,653 2011/2012
34,584 2012/2013
34,584 2013/2014
34,584 2014/2015
34,584 2015/2016
34,584 2016/2017
34,584 2017/2018
34,584 2018/2019
34,584 2019/2020
34,584 2020/2021
34,584 2021/2022
34,584 2022/2023
34,584 2023/2024
34,584 2024/2025
34,584 2025/2026
34,584 2026/2027
Section 16. Application of Revenues. From and after the delivery of the Note, and as long
as the Note shall be outstanding and unpaid either as to principal or as to interest, or until the
Note shall have been discharged and satisfied in the manner provided in this Resolution, the
Tax Increments collected in respect of the Development Property and the Minimum
Improvements located thereon shall be deposited as collected in the 44 Main LLC TIF Account
and shall be disbursed only as follows:
(a) Sinking Fund. There is hereby established and shall be maintained a special fund
within the 44 Main LLC TIF Account from which interest and principal on the Note will be
paid. The fund shall be known as the 44 Main LLC Principal and Interest Fund (the
"Sinking Fund"). The amount to be deposited in the Sinking Fund in any year shall be an
amount equal to the interest and principal coming due on such Note during the fiscal
year. Money shall be first deposited into the Interest Account of the Sinking Fund to an
amount equal to the interest falling due in each fiscal year. Money shall next be deposited
into the Principal Account of the Sinking Fund to an amount equal to the principal falling
due in each fiscal year. Money in the Sinking Fund shall be used solely for the purpose of
paying principal of and interest on the Note, as the same shall become due and payable.
(b) Surplus Revenue. All revenues thereafter remaining in the 44 Main LLC TIF
Account shall be deposited to remedy any deficiency in any of the funds created by this
Resolution, or may be used to pay or reimburse the Issuer for other loans, moneys
advanced to or indebtedness incurred to finance or refinance in whole or in part the
project of the Developer, as permitted by law, or may be used to pay or redeem the
Notes or for any other lawful purpose.
Moneys on hand in the Project Fund and all of the funds provided by this Section may
be invested only in direct obligations of the United States Government or deposited in
financial institutions which are members of the Federal Deposit Insurance Corporation
("FDIC") and the deposits in which are insured thereby and all such deposits exceeding
the maximum amount insured from time to time by FDIC or its equivalent successor in
any one financial institution shall be continuously secured by a valid pledge of direct
obligations of the United States Government having an equivalent market value.
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Alternatively, such moneys may be invested in tax-exempt bonds or obligations of any
state or political subdivision thereof which are rated by Moody's Investors Service or
Standard & Poor's Corporation at a rating classification equal to or better than the rating
carried by the Notes or, in the case of short-term obligations, a rating of MIG-1, S&P-1 or
better. All such interim investments shall mature before the date on which the moneys
are required for the purposes for which said fund was created or otherwise as herein
provided. The provisions of this Section shall not be construed to require the Issuer to
maintain separate bank accounts for the funds created by this Section; except the
Sinking Fund shall be maintained in a separate account but may be invested in
conjunction with other funds of the City but designated as a trust fund on the books and
records of the City.
All income derived from such investments shall be deposited in the 44 Main LLC TIF
Account and shall be regarded as revenues thereof. Such investments shall at any time
necessary be liquidated and the proceeds thereof applied to the purpose for which the
respective fund was created.
Section 17. Covenants Regarding the Operation of the Project Area. The Issuer hereby
covenants and agrees with each and every holder of the Notes:
(a) Maintenance in Force. The Issuer will maintain the Urban Renewal Plan and the
Ordinance in force and will cause the incremental taxes from the Development Property
and Minimum Improvements to be levied annually and certified to the County Auditor in
an amount not less than the principal and interest falling due within the year, and applied
as provided in this Resolution, unless the Notes are paid or sufficient provision for their
payment is made. Provided, however, that to the extent that amounts are on hand and
are sufficient to meet the payments required to be made and to maintain a sufficient
balance in each fund as required by this Resolution, the Issuer may abate the levy of
incremental taxes in any year.
(b) Accounting and Audits. The Issuer will cause to be kept proper books and accounts
adapted to the Project Area and in accordance with generally accepted accounting
practices, and will cause the books and accounts to be audited annually not later than
180 days after the end of each fiscal year by an Independent Auditor and will provide
copies of the audit report to the Original Purchaser upon request. The Original Purchaser
and holders of any of the Notes shall have at all reasonable times the right to inspect the
Issuer's records, accounts and data of the Issuer relating to the Revenue Fund or the 44
Main LLC TIF Account.
(c) State Laws. The Issuer will faithfully and punctually perform all duties with
reference to the Urban Renewal Plan required by the Constitution and laws of the State
of Iowa, and will segregate the revenues of the Project Area and apply said revenues to
the funds as specified in this Resolution.
(d) Amendments. The Issuer reserves the right to amend the Urban Renewal Plan for
the Project Area and the Ordinance in its lawful discretion; provided, that in no event shall
obligations resulting from an amendment or merger thereof have any priority over the
Note.
Section 18. Remedies of Noteholders. Except as herein expressly limited the holder or
holders of the Notes shall have and possess all the rights of action and remedies afforded by
the common law, the Constitution and statutes of the State of Iowa, and of the United States of
America, for the enforcement of payment of their Notes and interest thereon, and of the pledge
of the revenues made hereunder, and of all covenants of the Issuer hereunder.
Section 19. No Prior Lien or Parity Notes. The Issuer will issue no other bonds or obligations
of any kind or nature payable from or enjoying a lien or claim on the property or revenues of
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the 44 Main LLC TIF Account having priority over the Note or standing on a parity therewith
with respect to the lien and claim of such additional obligations to the revenues thereof and the
money on deposit in the funds created in this Resolution, without the written consent of the
Original Purchaser or other registered holder of the Note. The Issuer reserves the right to issue
other obligations payable from the Tax Increments collected in respect of other properties
within the Project Area, without notice to or consent of the Original Purchaser.
Section 20. Discharge and Satisfaction of Notes. The covenants, liens and pledges entered
into, created or imposed pursuant to this Resolution may be fully discharged and satisfied with
respect to the Note in any one or more of the following ways:
(a) By paying the Note when the same shall become due and payable; or
(b) By depositing in trust with the Treasurer, or with a corporate trustee designated by
the governing body for the payment of said obligations and irrevocably appropriated
exclusively to that purpose an amount in cash or direct obligations of the United States
the maturities and income of which shall be sufficient to retire at maturity, or by
redemption prior to maturity on a designated date upon which said obligations may be
redeemed, all of such obligations outstanding at the time, together with the interest
thereon to maturity or to the designated redemption date, premiums thereon, if any that
may be payable on the redemption of the same; provided that proper notice of
redemption of all such obligations to be redeemed shall have been previously published
or provisions shall have been made for such publication.
Upon such payment or deposit of money or securities, or both, in the amount and
manner provided by this Section, all liability of the Issuer with respect to the Notes shall
cease, determine and be completely discharged, and the holders thereof shall be entitled
only to payment out of the money or securities so deposited.
Section 21. Resolution a Contract. The provisions of this Resolution shall constitute a
contract between the Issuer and the holder or holders of the Note, and after the issuance of
any of the Note no change, variation or alteration of any kind in the provisions of this
Resolution shall be made in any manner, except as provided in the next succeeding Section,
until such time as all of the Note, and interest due thereon, shall have been satisfied and
discharged as provided in this Resolution.
Section 22. Modification of Resolution. This Resolution may be amended from time to time if
such amendment shall have been consented to by holders of not less than two-thirds in
principal amount of the Notes at any time outstanding (not including in any case any Notes
which may then be held or owned by or for the account of the Issuer, but including such
Refunding Notes as may have been issued for the purpose of refunding any of such Notes if
such Refunding Notes shall not then be owned by the Issuer); but this Resolution may not be
so amended in such manner as to:
(a) Make any change in the maturity or interest rate of the Notes, or modify the terms
of payment of principal of or interest on the Notes or any of them or impose any
conditions with respect to such payment;
(b) Materially affect the rights of the holders of less than all of the Notes then
outstanding; and
(c) Reduce the percentage of the principal amount of Notes, the consent of the holders
of which is required to effect a further amendment.
Whenever the Issuer shall propose to amend this Resolution under the provisions of
this Section, it shall cause notice of the proposed amendment to be filed with the Original
Purchaser or to be mailed by certified mail to any other registered owner of the Note as
shown by the records of the Registrar. Such notice shall set forth the nature of the
proposed amendment and shall state that a copy of the proposed amendatory Resolution
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is on file in the office of the City Clerk.
Whenever at any time within one year from the date of the mailing of said notice there
shall be filed with the City Clerk an instrument or instruments executed by the holders of
at least two-thirds in aggregate principal amount of the Notes then outstanding as in this
Section defined, which instrument or instruments shall refer to the proposed amendatory
Resolution described in said notice and shall specifically consent to and approve the
adoption thereof, thereupon, but not otherwise, the governing body of the Issuer may
adopt such amendatory Resolution and such Resolution shall become effective and
binding upon the holders of all of the Notes.
Any consent given by the holder of a Note pursuant to the provisions of this Section
shall be irrevocable for a period of six months from the date of the instrument evidencing
such consent and shall be conclusive and binding upon all future holders of the same
Note during such period. Such consent may be revoked at any time after six months from
the date of such instrument by the holder who gave such consent or by a successor in
title by filing notice of such revocation with the City Clerk.
The fact and date of the execution of any instrument under the provisions of this
Section may be proved by the certificate of any officer in any jurisdiction who by the laws
thereof is authorized to take acknowledgments of deeds within such jurisdiction that the
person signing such instrument acknowledged before him the execution thereof, or may
be proved by an affidavit of a witness to such execution sworn to before such officer.
The amount and numbers of the Notes held by any person executing such instrument
and the date of his holding the same may be proved by an affidavit by such person or by
a certificate executed by an officer of a bank or trust company showing that on the date
therein mentioned such person had on deposit with such bank or trust company the
Notes described in such certificate.
Section 23. Severability. If any section, paragraph, or provision of this Resolution shall be
held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining provisions.
Section 24. Repeal of Conflicting Ordinances or Resolutions and Effective Date. All other
ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this
Resolution are, to the extent of such conflict, hereby repealed; and this Resolution shall be in
effect from and after its adoption.
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Passed and approved this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Amended and Restated Development Agreement – Conlon Johnson Development, LLC:
Proof of publication on notice of public hearing to consider an Amended and Restated
Development Agreement with Conlon Johnson to accommodate the Company’s continued
growth in the Technology Park and City Manager recommending approval. Motion by Lynch to
receive and file the documents and adopt Resolution No. 412-10 Approving an Amended and
Restated Development Agreement providing for the sale of Lot 2-1 of Dubuque Technology
Park No. 3, in the City of Dubuque, Iowa, according to the recorded plat thereof to Conlon
Johnson Development, LLC. Seconded by Connors. Motion carried 6-0.
RESOLUTION NO. 412-10
APPROVING AN AMENDED AND RESTATED DEVELOPMENT AGREEMENT PROVIDING
FOR THE SALE OFLOT 2-1 OF DUBUQUE TECHNOLOGY PARK NO. 3, IN THE CITY OF
41
DUBUQUE, IOWA ACCORDING TO THE RECORDED PLAT THEREOF TO CONLON
JOHNSON DEVELOPMENT, LLC.
Whereas, the City Council, by Resolution No. 393-10, dated October 4, 2010, declared its
intent to enter into an Amended and Restated Development Agreement with Conlon Johnson
Development, LLC for the sale of Lot 2-1 in Dubuque Technology Park No. 3 in the City of
Dubuque, Iowa, according to the recorded plat thereof and Lot 2-1 of Dubuque Technology
Park No. 3 (the Property); and
Whereas, pursuant to published notice, a public hearing was held on the proposed
disposition on October 18, 2010 at 6:30 p.m. at City Council Chambers, at the Historic Federal
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Building, 350 W. 6 St., Dubuque, Iowa; and
Whereas, it is the determination of the City Council that approval of the Amended and
Restated Development Agreement for the sale to and development of the Property by Conlon
Johnson Development, LLC according to the terms and conditions set out in the Amended and
Restated Development Agreement is in the public interest of the City of Dubuque.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the attached Amended and Restated Development Agreement by and
between the City of Dubuque and Conlon Johnson Development, LLC for the sale of the
Property is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the Amended and
Restated Development Agreement on behalf of the City and City Clerk is authorized and
directed to attest to his signature.
Section 3. That the Mayor and City Clerk are hereby authorized and directed to execute and
deliver a Deed for the Property as provided in the Amended and Restated Development
Agreement.
Section 4. That the City Manager is authorized to take such actions as are necessary to
comply with the terms of the Amended and Restated Development Agreement as herein
approved.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Upon motion the rules were reinstated limiting discussion to the City Council.
ACTION ITEMS
Resolution of Support: Communication from Arnie Honkamp and Dan Hammel requesting
that City Council adopt a Resolution of Support for the referendum on the continuation of
gaming in Dubuque County. Motion by Jones to receive and file the documents and adopt
Resolution No. 413-10 Supporting the referendum on the continuation of gaming in Dubuque
County, Iowa. Seconded by Voetberg. Motion carried 6-0.
RESOLUTION NO. 413-10
RESOLUTION SUPPORTING THE REFERENDUM ON THE CONTINUATION OF GAMING
IN DUBUQUE, COUNTY, IOWA
Whereas, there will be a question on the continuation of gaming in Dubuque County on the
November 2, 2010 general election ballot; and
Whereas, the Mystique Casino and the Diamond Jo Casino welcomed nearly two million
visitors to their facilities in the past year; and
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Whereas, the Mystique Casino and the Diamond Jo Casino employ over 1,000 Dubuque
area residents with an annual payroll of more than $35 million; and
Whereas, the Mystique Casino and the Diamond Jo Casino have contributed more than
$129,236,000 to the City of Dubuque since beginning operations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the City Council of the City of Dubuque supports the continuation of gaming
in Dubuque County.
Section 2. That all electors are encouraged to study the issue and cast an informed vote on
the issue of the continuation of gaming in Dubuque County on November 2, 2010.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Amendment to Development Agreement – 40 Main, LLC: City Manager recommending
approval of the Third Amendment to the Development Agreement with 40 Main, LLC and
authorize agreements to allow for refinancing of the project. Motion by Connors to receive and
file the documents and adopt Resolution No. 414-10 Approving the Third Amendment to the 40
Main, LLC Development Agreement. Seconded by Voetberg. Motion carried 6-0.
RESOLUTION NO. 414-10
APPROVING THE THIRD AMENDMENT TO THE 40 MAIN LLC DEVELOPMENT
AGREEMENT
Whereas, a Development Agreement (the Agreement), dated January 15, 2009, was
entered into by and between the City of Dubuque, a municipal corporation of the State of Iowa
(City), and 40 Main LLC (Developer); and
Whereas, this Development Agreement was amended (First Amendment) on May 18, 2009;
and
Whereas, this Development Agreement was further amended (Second Amendment) on
August 3, 2009; and
Whereas, City and 40 Main LLC now desire to amend the Development Agreement as set
forth attached Third Amendment, and
Whereas, 40 Main LLC desires to refinance the project with American Trust & Savings Bank
(Bank) and the Bank requires certain agreements to be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Third Amendment of the 40 Main LLC Development Agreement is
hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute said Third
Amendment on behalf of the City of Dubuque and the City Clerk is authorized and directed to
attest to his signature.
Section 3. That the City Manager is authorized to take such actions as are necessary to
implement the terms of the Third Amendment as herein approved.
Section 4. That the Mayor is authorized to execute the City’s Consent Regarding the
Development Agreement.
Section 5. That the City Manager is authorized to execute the Intercreditor Agreement with
the Bank.
Section 6. That the City Manager is authorized to execute the Collateral Assignment of Real
Estate Contract.
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Passed, approved and adopted this 18 day of October 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
Downtown Housing Incentive Program: City Manager recommending approval of projects by
Bonson Block, LLC and 44 Main, LLC to receive incentives to create new housing units within
the Greater Downtown Urban Renewal District and the issuance of a Request for Proposals for
a third round of applications. Motion by Lynch to receive and file the documents and adopt
Resolution No. 415-10 Approving an award to Bonson Block, LLC and 44 Main, LLC from the
Downtown Housing Incentive Pool to create new market-rate housing units within the Greater
Downtown Urban Renewal District and recommend closeout of the second round of
applications for the incentive program and authorizing the City Manager to solicit proposals for
a third round of applications. Seconded by Voetberg. Motion carried 6-0.
RESOLUTION NO. 415-10
APPROVING AN AWARD TO BONSON BLOCK, LLC AND 44 MAIN, LLC FROM THE
DOWNTOWN HOUSING INCENTIVE POOL TO CREATE NEW MARKET-RATE HOUSING
UNITS WITHIN THE GREATER DOWNTOWN URBAN RENEWAL DISTRICT AND
RECOMMEND CLOSEOUT OF THE SECOND ROUND OF APPLICATIONS FOR THE
INCENTIVE PROGRAM AND AUTHORIZING THE CITY MANAGER TO SOLICIT
PROPOSALS FOR A THIRD ROUND OF APPLICATIONS
Whereas, the City of Dubuque has been successful in encouraging job creation and
retention in the community for several years; and
Whereas, many of the City of Dubuque’s new residents have a strong desire to live near
work and entertainment; and
Whereas, a significant shortage of quality market-rate rental and owner-occupied residential
units exists and efforts are needed to encourage new development of such units; and
Whereas, several downtown residential development projects need financial assistance to
secure funding for such project; and
Whereas, the City received several applications for assistance from a Request for Proposals
due May 24, 2010; and
Whereas, such proposals have been reviewed by a recommendation committee.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. The City Council approves the following projects to receive financial assistance
for the creation of market-rate housing units within the Greater Downtown Urban Renewal
District:
Address Developer Housing Units Assistance
356 Main Street Bonson Block, LLC 8 $80,000 Grant
44 Main Street 44 Main, LLC 24 $240,000 Grant
Section 2. That the City Manager is hereby authorized and directed to execute an Incentive
nd
Agreement with Bonson Block, LLC and 44 Main, LLC and recommend closeout of the 2
rd
round of the Incentive Program and authorize staff to prepare an RFP for a 3 round of
applications.
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Passed, approved and adopted this 18 day of October, 2010.
Roy D. Buol, Mayor
Attest: Jeanne F. Schneider, CMC, City Clerk
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18 Street Office Building Renovation – Request for Proposals: City Manager
recommending approval of the issuance of a Request for Proposals to seek qualified firms
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interested in providing architectural design and construction administration services for the 18
Street Office Building Renovation Project and authorize the City Manager to negotiate and
execute the contract. Motion by Voetberg to receive and file the documents and approve the
recommendation. Seconded by Connors. Motion carried 6-0.
Community Development Block Grant Award to CARADCO Project: City Manager
recommending that he be authorized to indicate to the Iowa Department of Economic
Development the City’s interest in accepting a $3 million Community Development Block Grant
award for the CARADCO project. Motion by Voetberg to receive and file the documents and
approve the recommendation. Seconded by Connors. Motion carried 6-0.
Safe Community Task Force: City Manager transmitting information on the Dubuque Police
Department’s response to two Safe Community Task Force recommendations – (1) direct the
Police Department to enforce noise ordinances more aggressively and (2) direct the Police
Department to enforce traffic ordinances more aggressively. Motion by Connors to receive and
file the documents. Seconded by Lynch. Connors commended the success and work of the
Police Department. Motion carried 6-0.
Dubuque Community School District School Closure Options: City Manager recommending
approval of the transmittal of the City of Dubuque’s report on the proposed public school
closure options being considered by the Dubuque Community School District to the Dubuque
Community School District Board and request that the Board reconsider their decision. Motion
by Connors to receive and file the documents and approve the recommendation. Seconded by
Resnick. With the Mayor’s approval, School Board President Mike Brannon, 489 So.
Grandview Avenue, spoke regarding the District’s original intent and the School Board’s
current recommendation to direct administration to comprehensively redesign its facilities
planning process through consensus with a new time line and community feedback. Motion
carried 6-0.
CLOSED SESSION
Motion by Jones at 7:46 p.m. to go into closed session regarding pending litigation and
property acquisition pursuant to Chapter 21.5(1)(c)(j) Code of Iowa. Seconded by Voetberg.
Motion carried 6-0.
Upon motion the City Council reconvened in open session at 8:31 p.m. stating that staff had
been given proper direction.
There being no further business, upon motion the City Council adjourned at 8:32 p.m.
/s/Jeanne F. Schneider, CMC
City Clerk
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