Maturity Extensions of State Revolving Fund Planning and Design Loans, Series 2021A, 2021B and 2021CCity of Dubuque
City Council Meeting
Consent Items # 05.
Copyrighted
May 6, 2024
ITEM TITLE: Maturity Extensions of State Revolving Fund Planning and Design
Loans, Series 2021 A, 2021 B and 2021 C
SUMMARY: City Manager recommending City Council approval of the suggested
proceedings to enable the City to extend the maturity date of the State
Revolving Fund (SRF) Planning and Design Loans, Series 2021A,
2021 B, and 2021 C, from March 19, 2024, to September 19, 2024.
RESOLUTION Extending the Maturity Dates of the City's Sewer
Revenue Capital Loan Notes Anticipation Project Notes, Series 2021 A-
C
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Amendment 2021A SRF P&D Supporting Documentation
Amendment 2021 B SRF P&D Loan Supporting Documentation
Amendment 2021 C SRF P&D Loan Supporting Documentation
Dorsey Communication Resolutions
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
AII•Amerin City
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2007-2012.2013
2017*2019
SUBJECT: Maturity Extensions of State Revolving Fund Planning and Design Loans,
Series 2021 A, 2021 B and 2021 C
DATE: May 1, 2024
Chief Financial Officer Jennifer Larson is recommending City Council approval of the
suggested proceedings to enable the City to extend the maturity date of the State
Revolving Fund (SRF) Planning and Design Loans, Series 2021 A, 2021 B, and 2021 C,
from March 19, 2024, to September 19, 2024.
$1,600,000 in Sewer Revenue Capital Loan Notes State Revolving Loan Fund Planning
and Design Loans were issued on March 19, 2021 to fund planning and design costs for
Auburn and Custer, Center Place Area, Maiden Lane Area, Hawthorne to Fengler Street
"track Line" sewer, Catfish Creek Lift Station and Force Main, and Sanitary Asset
Management Master Plan projects.
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from March 19, 2024 to September 19, 2024. The planning and design
loans will continue to bear an interest rate of 0% until the date of their maturity. The City
has the right to prepay principal of the planning and design loans in whole or in part at
any time prior to the maturity date.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Chief Financial Officer
Dubuque
All-AmericaCity
2007-2012.2013
2017*2019
SUBJECT: Maturity Extensions of State Revolving Fund Planning and Design Loans,
Series 2021 A, 2021 B and 2021 C
DATE: May 1, 2024
INTRODUCTION:
The purpose of this memorandum is to provide proceedings to enable the City to extend
the maturity date of the State Revolving Fund (SRF) Planning and Design Loans, Series
2021 A, 2021 B, and 2021 C, from March 19, 2024, to September 19, 2024.
BACKGROUND
On March 19, 2021, State Revolving Fund Planning and Design Loans were issued.
Series 2021A was issued in the amount of $970,000 for the planning and design of the
Sanitary Asset Management Master Plan to allow the City to better understand the
condition of its assets, current and future deficiencies and needs, and the financial
resources necessary to rehabilitate and replace assets when necessary. The core
components of the undertaking are as follows: level of service requirements, asset
inventory, critical asset identification, condition assessment (CCTV pipe inspections,
manhole inspections, flow metering, etc.), life cycle costing, prioritized
replacement/improvements schedule, and funding strategy. $641,813 is left to draw on the
planning and design loan.
Series 2021 B was issued in the amount of $350,000 to fund the planning and design for
the system improvements to the Catfish Creek Lift Station and Force Main Project. This
project involves system improvements to address wet -weather related overflows at the
Catfish Creek Lift Station and provide capacity for future development within the Catfish
Creek sewer shed. $291 is left to draw on the planning and design loan.
Series 2021 C was issued in the amount of $160,000 to fund the planning and design of
the rehabilitation/reconstruction of the sanitary sewers serving Auburn and Custer Street
area, the Center Place Area, the Cooper and Maiden Lane area, and the Hawthorne to
Fengler Street "track line" sewer that runs along the railroad tracks. These sewer systems
have all been identified as significant sources of I&I due to their deteriorated conditions.
$84,714 is left to draw on the planning and design loan.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three years,
or longer if an extension is filed, and have no initiation or servicing fees. The loan may be
rolled into an SRF Construction Loan or repaid when permanent financing is obtained.
DISCUSSION
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from March 19, 2024 to September 19, 2024. The planning and design loans
will continue to bear an interest rate of 0% until the date of their maturity. The City has the
right to prepay principal of the planning and design loans in whole or in part at any time
prior to the maturity date.
ACTION TO BE TAKEN
I respectfully recommend approval of the resolutions.
Attachments
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
AMENDMENT TO
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT
(SEWER REVENUE — SERIES 2021A)
This Amendment (the "Amendment") to IFA Interim Loan and Disbursement Agreement
is made and entered into as of May 6, 2024, by and between the City of Dubuque, Iowa (the
"Participant") and the Iowa Finance Authority, an agency and public instrumentality of the State
of Iowa (the "Lender"), and amends that certain IFA Interim Loan and Disbursement Agreement,
Series 2021A, dated March 19, 2021, by and between the Lender and the Participant (the
"Original Series 2021A Agreement").
WHEREAS, the Lender, in cooperation with the Iowa Department of Natural Resources,
is authorized to undertake the creation, administration and financing of the Iowa Water Pollution
Control Works Financing Program and the Drinking Water Facilities Financing Program
established in Iowa Code Sections 455B.291 through 455B.299; and
WHEREAS, the Participant has requested, and the Lender has agreed, to extend the
Maturity Date set forth in the Original Series 2021A Agreement; and
WHEREAS, the City Council of the Participant has approved the extension of the
Maturity Date by resolution on May 6, 2024;
NOW, THEREFORE, the parties agree as follows:
Section 1. Notwithstanding anything to the contrary therein, the Maturity Date of the
Original Series 2021A Agreement shall be September 19, 2024.
Section 2. Except as otherwise provided in this Amendment, the provisions of the
Original Series 2021A Agreement, as heretofore amended, are hereby ratified, approved and
confirmed and incorporated herein.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE, IOWA
By:
ayor
Attest:
City Clerk
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
AMENDMENT TO
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT
(SEWER REVENUE — SERIES 2021B)
This Amendment (the "Amendment") to IFA Interim Loan and Disbursement Agreement
is made and entered into as of May 6, 2024, by and between the City of Dubuque, Iowa (the
"Participant") and the Iowa Finance Authority, an agency and public instrumentality of the State
of Iowa (the "Lender"), and amends that certain IFA Interim Loan and Disbursement Agreement,
Series 2021B, dated March 19, 2021, by and between the Lender and the Participant (the
"Original Series 2021B Agreement").
WHEREAS, the Lender, in cooperation with the Iowa Department of Natural Resources,
is authorized to undertake the creation, administration and financing of the Iowa Water Pollution
Control Works Financing Program and the Drinking Water Facilities Financing Program
established in Iowa Code Sections 455B.291 through 455B.299; and
WHEREAS, the Participant has requested, and the Lender has agreed, to extend the
Maturity Date set forth in the Original Series 2021B Agreement; and
WHEREAS, the City Council of the Participant has approved the extension of the
Maturity Date by resolution on May 6, 2024;
NOW, THEREFORE, the parties agree as follows:
Section 1. Notwithstanding anything to the contrary therein, the Maturity Date of the
Original Series 2021B Agreement shall be September 19, 2024.
Section 2. Except as otherwise provided in this Amendment, the provisions of the
Original Series 2021B Agreement, as heretofore amended, are hereby ratified, approved and
confirmed and incorporated herein.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE, IOWA
By:
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Mayor
Attest: Q W4
a2L"�—�
City Clerk
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
AMENDMENT TO
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT
(SEWER REVENUE — SERIES 2021C)
This Amendment (the "Amendment") to IFA Interim Loan and Disbursement Agreement
is made and entered into as of May 6, 2024, by and between the City of Dubuque, Iowa (the
"Participant") and the Iowa Finance Authority, an agency and public instrumentality of the State
of Iowa (the "Lender"), and amends that certain IFA Interim Loan and Disbursement Agreement,
Series 2021C, dated March 19, 2021, by and between the Lender and the Participant (the
"Original Series 2021 C Agreement").
WHEREAS, the Lender, in cooperation with the Iowa Department of Natural Resources,
is authorized to undertake the creation, administration and financing of the Iowa Water Pollution
Control Works Financing Program and the Drinking Water Facilities Financing Program
established in Iowa Code Sections 455B.291 through 455B.299; and
WHEREAS, the Participant has requested, and the Lender has agreed, to extend the
Maturity Date set forth in the Original Series 2021 C Agreement; and
WHEREAS, the City Council of the Participant has approved the extension of the
Maturity Date by resolution on May 6, 2024;
NOW, THEREFORE, the parties agree as follows:
Section 1. Notwithstanding anything to the contrary therein, the Maturity Date of the
Original Series 2021 C Agreement shall be September 19, 2024.
Section 2. Except as otherwise provided in this Amendment, the provisions of the
Original Series 2021 C Agreement, as heretofore amended, are hereby ratified, approved and
confirmed and incorporated herein.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE, IOWA
By:
Mayor
Attest:17
/
City Clerk
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
0ORSEY
DORSEY & WHITNEY LLP
April 30, 2024
VIA EMAIL
Jenny Larson
Chief Financial Officer
Dubuque, Iowa
Re: Maturity Extensions - SRF Planning and Design Loans
Our File No. 430411-9
Dear Jenny:
We have prepared and attach the necessary proceedings to enable the City Council to
extend the maturity date of the City's SRF Planning and Design Loans, Series 2021A-C, from
March 19, 2024 to September 19, 2024.
The proceedings attached include the following items:
1. Resolution extending the maturity date of the SRF Planning and Design Loans.
2. Amendment to IFA Interim Loan and Disbursement Agreement for each Planning
and Design Loan. Please sign each Amendment and have the Mayor sign.
Please return each executed Amendment and one fully executed resolution to our office
for our records, and please retain one copy for the City's records. We will have the Amendment
signed by the Iowa Finance Authority, after which we will provide you with a fully executed
copy for the City's records.
If you have any questions, please contact Emily Hammond or me.
Best regards,
David D. Grossklaus
John P. Danos
Attachments
cc: Todd Irwin
Crenna Brumwell
Adrienne Breitfelder
Deron Muehring
Steve Brown
8oi Grand Avenue I Suite 41001 Des Moines, IA 150309-8002 IT 515.283.10001 F 515.z83.io6o I dorsey.com
Dubuque/430411-9/Extend P&D Maturity
INTERIM LOAN AND DISBURSEMENT
AGREEMENT MATURITY EXTENSIONS
Dubuque, Iowa
430411-9
May 6, 2024
The City Council of the City of Dubuque, Iowa, met on May 6, 2024, at 6:30 p.m., at the
Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, Dubuque, Iowa.
The Mayor presided and the roll being called, there were present and absent the following
named Council Members:
Present: Mayor Brad Cavanagh; Council Members Susan Farber, Ric Jones, David
Resnick, Laura Roussell, Danny Sprank, and Katy Wethal.
Absent:
The City Council took up and considered the extension of the maturity date of its
outstanding Sewer Revenue Capital Loan Notes Anticipation Project Notes, Series 2021A-C.
After due consideration and discussion, Council Member Resnick introduced the resolution next
hereinafter set out and moved its adoption. The motion was seconded by Council Member Farber,
and passed with record vote as follows:
Ayes: Jones, Wethal, Farber, Sprank, Resnick, Cavanagh, Roussell.
Nays:
Thereupon, the resolution was declared adopted, as follows:
-1-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque-430411-9/Extend P&D Maturity
RESOLUTION NO. 105-24
Resolution Extending the Maturity Dates of the City's Sewer Revenue Capital Loan
Notes Anticipation Project Notes, Series 2021A-C
WHEREAS, the City Council of the City of Dubuque, Iowa (the "City"), has previously
authorized the issuance of its Sewer Revenue Capital Loan Notes Anticipation Project Note, Series
2021A, in a principal amount not to exceed $970,000 (the "Series 2021A Project Note") to the
Iowa Finance Authority, as lender (the "Lender"), for the purpose of paying the cost, to that extent,
of planning and designing improvements and extensions to the Municipal Sanitary Sewer System
(the "Utility") of the City; and
WHEREAS, the City Council has also previously authorized the issuance of its Sewer
Revenue Capital Loan Notes Anticipation Project Note, Series 202113, in a principal amount not
to exceed $350,000 (the "Series 2021B Project Note") to the Lender for the purpose of paying the
cost, to that extent, of planning and designing improvements and extensions to the Utility; and
WHEREAS, the City Council has also previously authorized the issuance of its Sewer
Revenue Capital Loan Notes Anticipation Project Note, Series 2021C, in a principal amount not
to exceed $160,000 (the "Series 2021C Project Note") (the Series 2021A Project Note, the Series
2021B Project Note and the Series 2021C Project Note are collectively referred to hereinafter as
the "Project Notes") to the Lender for the purpose of paying the cost, to that extent, of planning
and designing improvements and extensions to the Utility; and
WHEREAS, the City intended to refund the Project Notes by their scheduled maturity date
on March 19, 2024, through the issuance of bonds or notes, but refunding proceeds were not yet
available to the City; and
WHEREAS, the Lender has agreed to extend the maturity date of the Project Notes to
September 19, 2024, on the terms hereinafter set out;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa,
as follows:
Section 1. The maturity date of the Project Notes is hereby extended to September 19,
2024, and the Project Notes shall continue to bear interest at the rate of 0% per annum from the
date hereof to their maturity.
Section 2, The City Council hereby reserves the right to prepay principal of the Project
Notes in whole or in part at any time prior to the maturity thereof with accrued interest to the date
of such payment.
Section 3. The Mayor and City Clerk are hereby authorized and directed to enter into
whatever legal documents are required by the Lender to effectuate the provisions of this resolution.
-2-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque143041E-9/Extend P&D Maturity
Section 4. All resolutions or parts of resolutions in conflict herewith be and the same
are hereby repealed, to the extent of such conflict.
Passed and approved May 6, 2024.
Attest:
City Clerk
• • .
On motion and vote, the meeting adjourned.
Attest:
aklee-',�
City Clerk
ayor
or
-3-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubugue1430411-9/Extend P&D Maturity
ATTESTATION CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned, City Clerk of the City of Dubuque, do hereby certify that I have in my
possession or have access to the complete records of the City Council; that I have carefully
compared the transcript hereto attached with the aforesaid records; and that said transcript hereto
attached is a true, correct and complete copy of all the records relating to the extension of the
maturity date of the City's Sewer Revenue Capital Loan Notes Anticipation Project Notes, Series
2021 A-C, as shown therein.
WITNESS MY HAND this 9 day of (YiA 52024.
City Clerk
-4-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA