Maturity Extensions of Water Revenue Capital Loan NotesCity of Dubuque
City Council
CONSENT ITEMS # 20.
Copyrighted
November 18, 2024
ITEM TITLE: Maturity Extensions of Water Revenue Capital Loan Notes
(Interim Financing) State Revolving Fund Planning and
Design Loans
SUMMARY: City Manager recommending approval of the suggested
proceedings to enable the City to extend the maturity date of
the Water Revenue Capital Loan Notes (Interim Financing)
State Revolving Fund Planning and Design Loans.
RESOLUTION Extending the maturity date of the City's
Water Revenue Capital Loan Note Anticipation Project Note
R-1, Series 2022
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Amendment Water SRF PD - MVM Memo_2024_11_11
2. SRF P&D Loan Extension Amendments_Staff Memo_2024_11_11
3. Amendment to P&D (Water Rev Series 2022) (Dubuque #9 2024)-v1
4. P&D Maturity Extension (Water Rev Series 2022) (Dubuque #9 2024)-v2
Page 520 of 1454
THE CITY OF
Dubuque
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on the Mississippi
zoo
2017*2019
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Maturity Extensions of Water Revenue Capital Loan Notes (Interim
Financing) State Revolving Fund Planning and Design Loans
DATE: November 11, 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 Water
Revenue Capital Loan Notes (Interim Financing) State Revolving Fund Planning and
Design Loans.
$1,570,000 State Revolving Fund Planning and Design Loans were issued. The
proceeds will be used to fund the planning and design of the Webber Property Water
Distribution System Improvements Project. The Webber Property Water Distribution
System Improvements Project includes water main installation, a distribution system
pumping facility and a water storage facility.
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from January 7, 2025, to January 7, 2028. 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.
/ � kw4
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Chris Lester, Water Department Director
Page 521 of 1454
THE C
DUUB�QTE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Chief Financial Officer
Dubuque
All-Aoericm City
wvx na air u
2007-2012.2013
2017*2019
SUBJECT: Maturity Extensions of Water Revenue Capital Loan Notes (Interim
Financing) State Revolving Fund Planning and Design Loans
DATE: November 11, 2024
INTRODUCTION:
The purpose of this memorandum is to provide proceedings to enable the City to extend
the maturity date of the Water Revenue Capital Loan Notes (Interim Financing) State
Revolving Fund Planning and Design Loans.
BACKGROUND
On January 7, 2022, $1,570,000 State Revolving Fund Planning and Design Loans were
issued. The proceeds will be used to fund the planning and design of the Webber Property
Water Distribution System Improvements Project. The Webber Property Water Distribution
System Improvements Project includes water main installation, a distribution system
pumping facility and a water storage facility.
DISCUSSION
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from January 7, 2025, to January 7, 2028. 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
Chris Lester, Water Department Director
Page 522 of 1454
AMENDMENT TO
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT
(WATER REVENUE — SERIES 2022)
This Amendment (the "Amendment") to IFA Interim Loan and Disbursement Agreement
is made and entered into as of November 18, 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 2022, dated January 7, 2022, by and between the Lender and the Participant
(the "Original 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 Agreement; and
WHEREAS, the City Council of the Participant has approved the extension of the
Maturity Date by resolution on November 18, 2024;
NOW, THEREFORE, the parties agree as follows:
Section 1. Notwithstanding anything to the contrary therein, the Maturity Date of the
Original Agreement shall be January 7, 2028.
Section 2. Except as otherwise provided in this Amendment, the provisions of the
Original Agreement, as heretofore amended, are hereby ratified, approved and confirmed and
incorporated herein.
Page 523 of 1454
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:
Page 525 of 1454
DO R S EY
DORSEY+WHITNEY LLP
November 11, 2024
VIA EMAIL
Jenny Larson
Chief Financial Officer
Dubuque, Iowa
Re: Maturity Extension — SRF Planning and Design Loan
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 Loan, Series 2022, from January
7, 2025 to January 7, 2028.
The proceedings attached include the following items:
1. Resolution extending the maturity date of the SRF Planning and Design Loan.
2. Amendment to IFA Interim Loan and Disbursement Agreement. Please have the
Amendment signed as indicated by the Mayor and City Clerk.
Please return the executed resolution and Amendment 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
Tracy Scebold
Tony Toigo
Lee Wagner
Rick Andriano
8o3. Grand Avenue I Suite 4100 I Des Moines, IA 150309-8002 IT 53-5.283.3-000 I dorsey.com
Page 526 of 1454
Dubuque/430411-9/Extend P&D Maturity ( Water Rev Series 2022)
INTERIM LOAN AND DISBURSEMENT
AGREEMENT MATURITY EXTENSION
Dubuque, Iowa
430411-9
November 18, 2024
The City Council of the City of Dubuque, Iowa, met on November 18, 2024, at 6:30 p.m.,
at the Historic Federal Building, 350 W. 61h 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 Cavanagh, Council Members Farber, Jones, Resnick, Roussell, Sprank,
Wethal.
Absent: None.
The City Council took up and considered the extension of the maturity date of its
outstanding Water Revenue Capital Loan Note Anticipation Project Note R-1, Series 2022. 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: Roussell, Cavanagh, Wethal, Jones, Farber, Resnick, Sprank,
Nays:
Thereupon, the resolution was declared adopted, as follows:
-I-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-9/Extend P&D Maturity (Water Rev Series 2022)
RESOLUTION NO. 372-24
Resolution extending the maturity date of the City's Water Revenue Capital Loan
Note Anticipation Project Note R-1, Series 2022
WHEREAS, the City Council of the City of Dubuque, Iowa (the "City"), has previously
authorized the issuance of its Water Revenue Capital Loan Note Anticipation Project Note R-1,
Series 2022, in a principal amount not to exceed $1,570,000 (the "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 Waterworks Utility System
(the "Utility") of the City; and
WHEREAS, the City intended to refund the Project Note by its scheduled maturity date on
January 7, 2025, through the issuance of bonds or notes, but refunding proceeds will not yet
available to the City; and
WHEREAS, the Lender has agreed to extend the maturity date of the Project Note to
January 7, 2028, 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 Note is hereby extended to January 7, 2028,
and the Project Note shall continue to bear interest at the rate of 0% per annum from the date hereof
to its maturity.
Section 2. The City Council hereby reserves the right to prepay principal of the Project
Note 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.
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 November 18, 2024.
Mayor
Attest:
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/43041 l-9/Extend P&D Maturity (Water Rev Series 2022)
• • •
On motion and vote, the meeting adjourned.
Attest:
City Clerk
ayor
-3-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-9/Extend P&D Maturity (Water Rev Series 2022)
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 Water Revenue Capital Loan Note Anticipation Project Note R-1, Series
2022, as shown therein.
WITNESS MY HAND this 19 day of NOVOM 6r , 2024.
City Clerk
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA