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Proceedings for Directing Sale of not to exceed $6,500,000 GO Bonds Series 2025A, $8,500,000 GO Bonds Series 2025B, $9,250,000 GO Urban Renewal Series 2025C, and Awarding Bonds to Best BidderCity of Dubuque City Council ACTION ITEMS # 2. Copyrighted February 3, 2025 ITEM TITLE: Proceedings for Directing Sale of not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and Awarding Bonds to Best Bidder SUMMARY: City Manager recommending City Council approval of the suggested proceedings for directing sale of the not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, and $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and awarding the bonds to the best bidder. RESOLUTION Awarding General Obligation Corporate Purpose Bonds, Series 2025A RESOLUTION Awarding Taxable General Obligation Corporate Purpose Bonds, Series 2025B RESOLUTION Awarding Taxable General Obligation Urban Renewal Bonds, Series 2025C SUGGUESTED Receive and File; Adopt Resolution(s) DISPOSITION: ATTACHMENTS: 1. MVM Memo 2. Series 2025ABC - Sale - Staff memo 2025 01 28 3. 2025A Sale Only GO CP LA (Dubuque 430411-13) 2025-v3 4. 2025B Sale Only Taxable GO CP LA (Dubuque 430411-13) 2025-v3 5. 2025C Sale Only Taxable GO UR LA (Dubuque 430411-13) 2025-v2 6. Rating_Action-Moodys-Ratings-assigns-Aa2-to-23Jan2025-PR_908977029 Page 388 of 721 THE CITY OF DBQTEu Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager Dubuque U-Aurici Wy It i1wL 2007.2012.2013 2017*2019 SUBJECT: Proceedings for Directing Sale of not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and Awarding Bonds to Best Bidder DATE: January 30, 2025 Chief Financial Officer Jennifer Larson recommends City Council approval of the suggested proceedings for directing sale of the not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, and $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and awarding the bonds to the best bidder. The bond sale will be held on February 3, 2025, at 10.00 a.m. The results will be brought to the February 3rd City Council meeting. A letter from attorneys John Danos and David Grossklaus detailing information on the bond sale is enclosed. In conjunction with the bond sale, the City of Dubuque was issued a credit opinion by Moody's Investors Service. Moody's Investors Service has affirmed the City of Dubuque, IA's issuer rating and outstanding general obligation unlimited tax (GOULT) bonds to Aa2. The credit strengths include the City's role as a regional economic center, with solid resident income and full value per capita. Financial operations are strong and will remain so despite declines in fund balance over the new few years, as it expends funds from the pandemic. Long-term liabilities and fixed cost ratios are moderate and will remain so despite future borrowing needs. Moody's upgraded the City's rating to Aa2 in July 2023. The improved rating assists the City in securing the best terms for financial products like loans, which can provide substantial savings for the City and taxpayers. According to Moody's, the issuer rating was upgraded to Aa2 because the City has strong financial operations and ample revenue -raising flexibility, which has resulted in steadily improved available fund balance and cash. The city serves as a regional economic center and its regional economic growth rate has outpaced the nation over the past five years. The city's local economy is likely to remain strong because of its mix of commercial and industrial industries, stable population and steady tax base growth. Page 389 of 721 I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jml Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Jennifer Larson, Chief Financial Officer Brian DeMoss, Finance Manager Page 390 of 721 THE CITY OF Dubuque DUB E oft AFA0l 11_ 111.F Masterpiece on the Mississippi zoo013 2017*2019 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Chief Financial Officer SUBJECT: Proceedings for Directing Sale of not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and Awarding Bonds to Best Bidder DATE: January 30, 2025 INTRODUCTION The purpose of this memorandum is to recommend the sale of the not to exceed $6,500,000 Tax Exempt General Obligation Bonds, Series 2025A, $8,500,000 Taxable General Obligation Bonds, Series 2025B, $9,250,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C, and awarding the bonds to the best bidder. DISCUSSION The bond sale will be held on February 3, 2025, at 10:00 a.m. The results will be brought to the February V City Council meeting. A letter from attorneys John Danos and David Grossklaus detailing information on the bond sale is enclosed. In conjunction with the bond sale, the City of Dubuque was issued a credit opinion by Moody's Investors Service. Moody's Investors Service has affirmed the City of Dubuque, IA's issuer rating and outstanding general obligation unlimited tax (GOULT) bonds to Aa2. The credit strengths include the City's role as a regional economic center, with solid resident income and full value per capita. Financial operations are strong and will remain so despite declines in fund balance over the new few years, as it expends funds from the pandemic. Long-term liabilities and fixed cost ratios are moderate and will remain so despite future borrowing needs. Moody's upgraded the City's rating to Aa2 in July 2023. The improved rating assists the City in securing the best terms for financial products like loans, which can provide substantial savings for the City and taxpayers. According to Moody's, the issuer rating was upgraded to Aa2 because the City has strong financial operations and ample revenue -raising flexibility, which has resulted in steadily improved available fund balance and cash. The city serves as a regional economic center and its regional economic growth rate has outpaced the nation over the past five years. The city's local economy is likely to remain strong because of its mix of commercial and industrial industries, stable population and steady tax base growth. Page 391 of 721 RECOMMENDATION I respectfully recommend the adoption of the enclosed resolutions to award the sale of the bonds. JML Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Brian DeMoss, Finance Manager Page 392 of 721 DORSEY DORSEV i WHITNEY LLP January 28, 2025 Via Email Jenny Larson Chief Financial Officer/City Hall Dubuque, Iowa Re: General Obligation Corporate Purpose Bonds, Series 2025A Our File No. 430411-13 Dear Jenny: We have prepared and attached the necessary proceedings to be used at the February 3, 2025 City Council meeting to report the bids received and to adopt the resolution approving the sale of General Obligation Corporate Purpose Bonds, Series 2025A (the "Tax Exempt Series 2025A Bonds") to the best bidder. The attached resolution must be completed with the name of the purchaser of the Tax Exempt Series 2025A Bonds. Independent Public Advisors, LLC will tabulate the bid results and provide that name to you. The proceedings attached include the following items: 1. Resolution awarding the sale of the Tax Exempt Series 2025A Bonds and providing for the adjournment of action on the Tax Exempt Series 2025A Bonds to February 17, 2025 for adoption of the issuance resolution. 2. Attestation Certificate with respect to the validity of the transcript. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact Dave Grossklaus, Erin Regan, Cheryl Ritter or me. Best regards, John P. Danos Attachments cc: Adrienne Breitfelder Crenna Brumwell Tionna Pooler Natalie Lawless 8oi Grand Avenue I Suite 4100 1 Des Moines, IA 1 50309-8002 1 T 51-5.283.2-000 1 dorsey.com Page 393 of 721 Dubuque /43041 I-13/ Sale Only GO CP LA Tax Exempt Series 2025A MINUTES TO RECEIVE BIDS AND SELL TAX EXEMPT SERIES 2025A BONDS 430411-13 Dubuque, Iowa February 3, 2025 The Ci Council of the Dubuque, Iowa, met on February 3, 2025, at � ` i4 o'clock �.m., at the ; 561 L e c gad &Jd l n,q , 350 W. Dubuque, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present: fno,yor &,yarlccgh; GLAr.cj MC(r)ber5 5U-5oo Faroe, R,G Tons bu;d Re,stlJ\, LAuro, R�asse�l, Dar►:�y SpranK, Ks.ty G1����( Absent: This being the time and place fixed by the City Council for the consideration of bids for the purchase of the City's General Obligation Corporate Purpose Bonds, Series 2025A, the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefore. Whereupon, such bids were placed on tile, and the substance of such bids was noted in the minutes, as follows: Name and Address of Bidder Final Bid (interest cost) (ATTACH BID TABULATION) After due consideration and discussion, Council Member Jo1)e5 introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Rou5se I I . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Nays: R�sn�cl; Jranl� �J�� I'Inl, josic 5. ROUS-Sc�l �nVqxr n, Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA THE CITY OF Dtus E Masterpiece on the Mississippi CITY OF DUBUQUE, IOWA TABULATION OF BIDS $6,420,000 General Obligation Corporate Purpose Bonds, Series 2025A Robert W. Baird & Co., Inc Milwaukee, WI $6,753,283.85 $2,849,058.65 3.790278% TDSecurities New York, NY 6,625,893.45 2,830,224.47 3.805083% Janney Montgomery Scott LLC Philadelphia, PA 6,822,274.40 2,883,892.68 3.809484% FHN Financial Capital Mkts New York, NY 6,717,167.40 2,885,175.10 3.852373% Brownstone Invest Group, LLC New York, NY 6,784,386.30 2,943,111.93 3.900032% BOK Financial Securities, INC Dallas, TX 6,635,916.60 2,922,355.90 3.933122% HilltopSecurities Dallas, TX 6,790,646.75 2,976,487.00 3.941793% $8,370,000 Taxable General Obligation Corporate Purpose Bonds, Series 2025B Northland Securities, Inc Minneapolis, MN $8,316,019.15 $5,074,701.06 5.098916% Robert W. Baird & Co., Inc Milwaukee, WI 8,370,685.80 5,129,690.64 5.172279% Piper Sandler & Co Chicago, IL 8,330,755.00 5,191,337.00 5.217727% BOK Financial Securities, INC Dallas, TX 8,306,475.25 5,261,049.98 5.297059% Janney Montgomery Scott LLC Philadelphia, PA 8,287,661.15 5,266,928.54 5.312326% $8,945,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C Northland Securities, Inc Minneapolis, MN $8,866,916.80 $5,890,342.39 5.152612% Robert W. Baird & Co., Inc Milwaukee, WI 8,919,881.90 5,930,398.04 5.183990% Piper Sandler & Co Chicago, IL 8,890,101.90 6,007,480.33 5.234130% BOK Financial Securities, INC Dallas, TX 8,865,276.90 6,085,788.29 5.310903% Janney Montgomery Scott LLC Philadelphia, PA 8,855,710.70 6,089,833.80 5.319728% y' Independent Page 1 of 1 f P- Public Advisors, LLC Dubuque /430411-13/ Sale Only GO CP LA Tax Exempt Series 2025A RESOLUTION NO. 41-25 Resolution Awarding General Obligation Corporate Purpose Bonds, Series 2025A WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, heretofore proposed to enter into a loan agreement (the "Essential Purpose Loan Agreement') pursuant to the provisions of Section 384.24A of the Code of Iowa and to borrow money thereunder in a principal amount not to exceed $6,190,000 for the purpose of paying the costs, to that extent, of (a) acquiring ambulances, fire protection vehicles, a fire protection boat, EMS equipment and fire safety radios and equipment; (b) acquiring solid waste collection vehicles and equipment; (c) undertaking improvements to the municipal airport; and (d) undertaking demolition/deconstruction of a dangerous and dilapidated property, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on January 6, 2025; and WHEREAS, the City also proposed to enter into a loan agreement (the "Exterior and Office Renovations Loan Agreement'), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $890,000 for the purpose of paying the costs, to that extent, of (a) acquiring and installing fire station generators; (b) undertaking fire station roof replacement and repairs; (c) undertaking fire station tuck pointing and related exterior repairs; and (d) undertaking fire department administrative office renovations, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Exterior and Office Renovations Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Bunk Room and Systems Improvements Loan Agreement'), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $910,000 for the purpose of paying the costs, to that extent, of (a) undertaking fire station bunk room renovations; (b) undertaking fire station mechanical and electrical systems improvements; and (c) undertaking fire station HVAC replacement, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Bunk Room and Systems Improvements Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Fire Station Improvements Loan Agreement," and together with the Exterior and Office Renovations Loan Agreement and the Bunk Room and Systems Improvements Loan Agreement, the "General Purpose Loan Agreements"), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $910,000 for the purpose of paying the costs, to that extent, of (a) undertaking fire station facilities improvements; and (b) undertaking improvements to the fire department burn tower training facility, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Tax Exempt Series 2025A petition had been filed with the City asking that the question of entering into the Fire Station Improvements Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposes to enter into a loan agreement (the "Ice Arena Loan Agreement'), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $1,185,000 for the purpose of undertaking the Ice Arena Dehumidification Project, an authorized urban renewal project of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Ice Arena Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Parking System Loan Agreement'), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $4,045,000 for the purpose of undertaking the Smart Parking System Enhancement Project and the Parking Ramp Major Maintenance Project, authorized urban renewal projects of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Parking System Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Federal Building Loan Agreement' and together with Ice Arena Loan Agreement and the Parking System Loan Agreement, the "Urban Renewal Loan Agreements"), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $870,000 for the purpose of undertaking the Federal Building Renovation Project and the Central Avenue Streetscape Improvements Project, authorized urban renewal projects of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Federal Building Loan Agreement be submitted to the registered voters of the City; and WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City combined its authority under the Urban Renewal Loan Agreements, the Essential Purpose Loan Agreement and the General Purpose Loan Agreements into a single loan agreement (the "Loan Agreement"); and WHEREAS, the City has determined to split its authority under the Loan Agreement and to enter into a tax-exempt loan agreement (the "Tax Exempt Series 2025A Loan Agreement') and a taxable loan agreement; and -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Tax Exempt Series 2025A WHEREAS, the City intends to issue General Obligation Corporate Purpose Bonds, Series 2025A (the "Tax Exempt Series 2025A Bonds") in evidence of its obligations under the Tax Exempt Series 2025A Loan Agreement; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared by Dorsey & Whitney LLP (the "Disclosure Counsel") as bond and disclosure counsel to the City to facilitate the sale of the Tax Exempt Series 2025A Bonds, and the City has made provision for the approval of the P.O.S. and has authorized its use by Independent Public Advisors, LLC, as municipal advisor to the City; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Tax Exempt Series 2025A Bonds were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and WHEREAS, upon final consideration of all bids, the bid of rvkP,� W� Ro.,,j -r Co,, Ir' ,, M;IWaulCee , Wisconsin (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City for the Tax Exempt Series 2025A Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa, as follows: Section 1. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Tax Exempt Series 2025A Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest, if any. Section 2. The form of agreement of sale/official bid form (the "Sale Agreement') of the Tax Exempt Series 2025A Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City. Section 3. Further action with respect to the approval of the Loan Agreement and the issuance of the Tax Exempt Series 2025A Bonds is hereby adjourned to the City Council meeting to be held on February 17, 2025. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved February 3, 2025. ayor Attest: �n , - � 7w� City Clerk -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Tax Exempt Series 2025A Upon motion and vote, the meeting was adjourned. Mayor Attest: City Clerk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Tax Exempt Series 2025A ATTESTATION CERTIFICATE STATE OF IOWA DUBUQUE COUNTY SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, do hereby certify that as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its City Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the sale of General Obligation Corporate Purpose Bonds, Series 2025A of the City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto. WITNESS MY HAND this day of l e ,ruc -\y 2025. City Clerk (Attach here a copy of the bid of the successful bidder.) -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA S & P Parity JA Wire Inbox Parity Calendar Deal List Upcoming Calendar Overview Result Excel Print Robert W. Baird & Co., Inc. - Milwaukee, WI's Bid Dubuque $6,420,000 General Obligation Corporate Purpose Bonds, Series 2025A For the aggregate principal amount of $6,420,000.00, we will pay you $6,753,283.85, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yeld % Dollar Price 06/01/2026 165M 5.0000 2,7400 102.736 06/01/2027 260M 5.0000 2.7600 104.832 06/01/2028 270M 5.0000 2.7900 106.800 06/01/2029 275M 5.0000 2.8200 108.653 06/01/2030 280M 5.0000 2.8600 110.344 06/01/2031 295M 5.0000 12.8700 112.088 06/01/2032 300M 5.0000 2.8900 113.693 06/01/2033 310M 5.0000 3.0000 114.503 06/01/2034 320M 5.0000 3.0700 113,954 06/01 /2035 330M 5.0000 3.1300 113.487 06/01/2036 345M 5.0000 3.2000 112,944 06/01/2037 360M 5.0000 3.2400 112.636 06/01/2038 370M 4.0000 3.6000 102.826 06/01/2039 385M 4.0000 3.6800 102.252 06/01/2040 400M 4.0000 3.7800 101.540 06/01/2041 415M 4.0000 3.8900 100.764 06/01/2042 430M 4.0000 3.9700 100.204 06/01/2043 445M 4.0000 4.0000 100.000 06/01/2044 F 465M 4.0000 4.0300 99.596 iota) interest cost: $3,182,342.50 Premium: $333,283.85 Net Interest Cost: $2,849,058.65 TIC: 3.790278 Time Last Bid Received On:02/03/2025 9:39:33 CST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee. WI Contact: Peter Anderson Title: Telep h one:414-765-7331 Fax: Issuer Name: City of Dubuque Company Name: Accepted Accepted By: L'�2- �a�Date: d , 7Date: loft DORSEY DORSEV i WHITNEY LLP January 28, 2025 Via Email Jenny Larson Chief Financial Officer/City Hall Dubuque, Iowa Re: Taxable General Obligation Corporate Purpose Bonds, Series 2025B Our File No. 430411-13 Dear Jenny: We have prepared and attached the necessary proceedings to be used at the February 3, 2025 City Council meeting to report the bids received and to adopt the resolution approving the sale of Taxable General Obligation Corporate Purpose Bonds, Series 2025B (the "Taxable Series 2025B Bonds") to the best bidder. The attached resolution must be completed with the name of the purchaser of the Taxable Series 2025B Bonds. Independent Public Advisors, LLC will tabulate the bid results and provide that name to you. The proceedings attached include the following items: 1. Resolution awarding the sale of the Taxable Series 2025B Bonds and providing for the adjournment of action on the Taxable Series 2025B Bonds to February 17, 2025 for adoption of the issuance resolution. 2. Attestation Certificate with respect to the validity of the transcript. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact Dave Grossklaus, Erin Regan, Cheryl Ritter or me. Best regards, John P. Danos Attachments cc: Adrienne Breitfelder Crenna Brumwell Tionna Pooler Natalie Lawless 8oi Grand Avenue I Suite 4100 1 Des Moines, IA 1 5o3og-800z 1 T 51-5.283.2-000 1 dorsey.com Page 400 of 721 Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025E MINUTES TO RECEIVE BIDS AND SELL TAXABLE SERIES 2025B BONDS 430411-13 Dubuque, Iowa February 3, 2025 The City Council of the Dubuque, Iowa, met on February 3, 2025, at 6 - 30 o'clock �.m., at the H : S}a,; C. F,-+�o.I � w (di nq � 3�0 l,J, 0' S f, , Dubuque, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: f0.4 N1 I �; Present: McVo� V0n�c�k, G0WIC,- I MAe.r,5 .5 u sm Foar6e-r• R x �lne s NVA R Louro. Rou5seil, Danny SPrvnk, Kedy Wid6d Absent: _ This being the time and place fixed by the City Council for the consideration of bids for the purchase of the City's Taxable General Obligation Corporate Purpose Bonds, Series 2025B, the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefore. Whereupon, such bids were placed on file, and the substance of such bids was noted in the minutes, as follows: Name and Address of Bidder Final Bid (interest cost) (ATTACH BID TABULATION) After due consideration and discussion, Council Member —7-C .() FS introduced the resol tion next hereinafter set out and moved its adoption, seconded by Council Member Ro,"SSe . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: FoActr, Res m-c l/, SP (^ C ,vN I< WIk cd _.5onc 5 RO USSC I I C(kd Nays: Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. 5nickj -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA THE CITY OF Dtus E Masterpiece on the Mississippi CITY OF DUBUQUE, IOWA TABULATION OF BIDS $6,420,000 General Obligation Corporate Purpose Bonds, Series 2025A Robert W. Baird & Co., Inc Milwaukee, WI $6,753,283.85 $2,849,058.65 3.790278% TDSecurities New York, NY 6,625,893.45 2,830,224.47 3.805083% Janney Montgomery Scott LLC Philadelphia, PA 6,822,274.40 2,883,892.68 3.809484% FHN Financial Capital Mkts New York, NY 6,717,167.40 2,885,175.10 3.852373% Brownstone Invest Group, LLC New York, NY 6,784,386.30 2,943,111.93 3.900032% BOK Financial Securities, INC Dallas, TX 6,635,916.60 2,922,355.90 3.933122% HilltopSecurities Dallas, TX 6,790,646.75 2,976,487.00 3.941793% $8,370,000 Taxable General Obligation Corporate Purpose Bonds, Series 2025B Northland Securities, Inc Minneapolis, MN $8,316,019.15 $5,074,701.06 5.098916% Robert W. Baird & Co., Inc Milwaukee, WI 8,370,685.80 5,129,690.64 5.172279% Piper Sandler & Co Chicago, IL 8,330,755.00 5,191,337.00 5.217727% BOK Financial Securities, INC Dallas, TX 8,306,475.25 5,261,049.98 5.297059% Janney Montgomery Scott LLC Philadelphia, PA 8,287,661.15 5,266,928.54 5.312326% $8,945,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C Northland Securities, Inc Minneapolis, MN $8,866,916.80 $5,890,342.39 5.152612% Robert W. Baird & Co., Inc Milwaukee, WI 8,919,881.90 5,930,398.04 5.183990% Piper Sandler & Co Chicago, IL 8,890,101.90 6,007,480.33 5.234130% BOK Financial Securities, INC Dallas, TX 8,865,276.90 6,085,788.29 5.310903% Janney Montgomery Scott LLC Philadelphia, PA 8,855,710.70 6,089,833.80 5.319728% y' Independent Page 1 of 1 f P- Public Advisors, LLC Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025B RESOLUTION NO. 42-25 Resolution Awarding Taxable General Obligation Corporate Purpose Bonds, Series 2025B WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, heretofore proposed to enter into a loan agreement (the "Essential Purpose Loan Agreement') pursuant to the provisions of Section 384.24A of the Code of Iowa and to borrow money thereunder in a principal amount not to exceed $6,190,000 for the purpose of paying the costs, to that extent, of (a) acquiring ambulances, fire protection vehicles, a fire protection boat, EMS equipment and fire safety radios and equipment; (b) acquiring solid waste collection vehicles and equipment; (c) undertaking improvements to the municipal airport; and (d) undertaking demolition/deconstruction of a dangerous and dilapidated property, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on January 6, 2025; and WHEREAS, the City also proposed to enter into a loan agreement (the "Exterior and Office Renovations Loan Agreement'), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $890,000 for the purpose of paying the costs, to that extent, of (a) acquiring and installing fire station generators; (b) undertaking fire station roof replacement and repairs; (c) undertaking fire station tuck pointing and related exterior repairs; and (d) undertaking fire department administrative office renovations, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Exterior and Office Renovations Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Bunk Room and Systems Improvements Loan Agreement'), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $910,000 for the purpose of paying the costs, to that extent, of (a) undertaking fire station bunk room renovations; (b) undertaking fire station mechanical and electrical systems improvements; and (c) undertaking fire station HVAC replacement, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Bunk Room and Systems Improvements Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Fire Station Improvements Loan Agreement," and together with the Exterior and Office Renovations Loan Agreement and the Bunk Room and Systems Improvements Loan Agreement, the "General Purpose Loan Agreements"), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $910,000 for the purpose of paying the costs, to that extent, of (a) undertaking fire station facilities improvements; and (b) undertaking improvements to the fire department burn tower training facility, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /43041 l - l 3/ Sale Only GO CP LA Taxable Series 2025B notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Fire Station Improvements Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposes to enter into a loan agreement (the "Ice Arena Loan Agreement"), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $1,185,000 for the purpose of undertaking the Ice Arena Dehumidification Project, an authorized urban renewal project of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Ice Arena Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Parking System Loan Agreement'), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $4,045,000 for the purpose of undertaking the Smart Parking System Enhancement Project and the Parking Ramp Major Maintenance Project, authorized urban renewal projects of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Parking System Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City also proposed to enter into a loan agreement (the "Federal Building Loan Agreement' and together with Ice Arena Loan Agreement and the Parking System Loan Agreement, the "Urban Renewal Loan Agreements"), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $870,000 for the purpose of undertaking the Federal Building Renovation Project and the Central Avenue Streetscape Improvements Project, authorized urban renewal projects of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Federal Building Loan Agreement be submitted to the registered voters of the City; and WHEREAS, pursuant to the provisions of Section 384.28 of the Code of Iowa, the City combined its authority under the Urban Renewal Loan Agreements, the Essential Purpose Loan Agreement and the General Purpose Loan Agreements into a single loan agreement (the "Loan Agreement'); and WHEREAS, the City has determined to split its authority under the Loan Agreement and to enter into a tax-exempt loan agreement and a taxable loan agreement, (the "Taxable Series 2025B Loan Agreement'); and -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025B WHEREAS, the City intends to issue Taxable General Obligation Corporate Purpose Bonds, Series 2025B (the "Taxable Series 2025B Bonds") in evidence of its obligations under the Taxable Series 2025B Loan Agreement; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared by Dorsey & Whitney LLP (the "Disclosure Counsel") as bond and disclosure counsel to the City to facilitate the sale of the Taxable Series 2025B Bonds, and the City has made provision for the approval of the P.O.S. and has authorized its use by Independent Public Advisors, LLC, as municipal advisor to the City; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Taxable Series 2025B Bonds were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and WHEREAS, upon final consideration of all bids, the bid of Norr6n�-r%j1%JiCS Rnn-0,0CNS , AAA°sotc\ (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City for the Taxable Series 2025B Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa, as follows: Section 1. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Taxable Series 2025B Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest, if any. Section 2. The form of agreement of sale/official bid form (the "Sale Agreement") of the Taxable Series 2025B Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City. Section 3. Further action with respect to the approval of the Loan Agreement and the issuance of the Taxable Series 2025B Bonds is hereby adjourned to the City Council meeting to be held on February 17, 2025. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved February 3, 2025. Mayor Attest: A City Clerk -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /43041 1-13/ Sale Only GO CP LA Taxable Series 2025B .. . Upon motion and vote, the meeting was adjourned. Mayor Attest: City Clerk -5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025B ATTESTATION CERTIFICATE STATE OF IOWA DUBUQUE COUNTY SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, do hereby certify that as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its City Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the sale of Taxable General Obligation Corporate Purpose Bonds, Series 2025B of the City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto. WITNESS MY HAND this Y) day of f e f0C\r , 2025. City Clerk (Attach here a copy of the bid of the successful bidder.) -6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA S & P Parity AA Wire Inbox Parity Calendar Deal List Upcoming Calendar Overview , Result Excel Print Northland Securities, Inc. - Minneapolis , MN's Bid - Dubuque $8,370,000 Taxable General Obligation Corporate Purpose Bonds, Series 2025E For the aggregate principal amount of $8,370,000.00, we will pay you $8,316,019.15, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2026 175M 4.3000 14.3000 100.000 06/01/2027 290M 4.4000 4.4000 100,000 06/01/2028 1 305M 4.4500 4.4500 100.000 06/01/2029 320M 4.5000 4.5000 100.000 06/01/2030 330M 4.5500 4.5500 100.000 06/01/2031 345M 4.6500 4.6500 100.000 06/01/2032 365M 4.7000 4.7000 14.7500 100.000 06/01/2033 385M 4.7500 100.000 06/01/2034 405M 4.8000 4.8000 100.000 06/01/2035 420M 4.8500 4.8500 100.000 06/01/2036 445M 4.9000 4.9000 100.000 06/01/2037 470M 4.9500 4.9500 100.000 06/01/2038 495M 5.0000 5.0000 100.000 06/01 /2039 52 MM 5.0500 5.0500 100.000 06/01/2040 F550M 5.1000 5.1000 100.000 06/01/2041 585M 5.1500 5.1500 100.000 06/01/2042 620M 5.2000 5.2000 100.000 06/01/2043 650M 5.2500 5.2500 100.000 06/01/2044 F695M 5.3000 5.30001 100.000 iotai interest cost: $5,020,720.21 Discount: $53,980.85 Net Interest Cost: $5,074,701.06 TIC: 5.098916 Time Last Bid Received On:02/03/2025 9:58:37 CST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Northland Securities, Inc., Minneapolis , MN Contact: Dustin Siehr Title: Telephone:414-908-0422 Fax: 414-755-1831 Issuer Name: City of Dubuque Company Name: Accepted Accepted By: Date: /��C� 5 Date: ME DORSEY DORSEV i WHITNEY LLP January 28, 2025 Via Email Jenny Larson Chief Financial Officer/City Hall Dubuque, Iowa Re: Taxable General Obligation Urban Renewal Bonds, Series 2025C Our File No. 430411-13 Dear Jenny: We have prepared and attached the necessary proceedings to be used at the February 3, 2025 City Council meeting to report the bids received and to adopt the resolution approving the sale of Taxable General Obligation Urban Renewal Bonds, Series 2025C (the "Taxable Series 2025C Bonds") to the best bidder. The attached resolution must be completed with the name of the purchaser of the Taxable Series 2025C Bonds. Independent Public Advisors, LLC will tabulate the bid results and provide that name to you. The proceedings attached include the following items: 1. Resolution awarding the sale of the Taxable Series 2025C Bonds and providing for the adjournment of action on the Taxable Series 2025C Bonds to February 17, 2025 for adoption of the issuance resolution. 2. Attestation Certificate with respect to the validity of the transcript. As these proceedings are completed, please return one fully executed copy to our office. If you have any questions, please contact Dave Grossklaus, Erin Regan, Cheryl Ritter or me. Best regards, John P. Danos Attachments cc: Adrienne Breitfelder Crenna Brumwell Tionna Pooler Natalie Lawless 8oi Grand Avenue I Suite 4100 1 Des Moines, IA 1 5o3og-800z 1 T 51-5.283.2-000 1 dorsey.com Page 407 of 721 Dubuque /43041 l-l3/ Sale Only GO CP LA Taxable Series 2025C MINUTES TO RECEIVE BIDS AND SELL TAXABLE SERIES 2025C BONDS 430411-13 Dubuque, Iowa February 3, 2025 The City Council of te Dubuque, Iowa, met on Februa 3, 2025, at 630 o'clock �.m., at the �+:s}o�,% cr�er�,l BLS.; i"' 50 �J er" 5 t, , Dubuque, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: Present: Nor Brt J Covan C%;Ati I (rernbef.5 Susnn Fc,.lrr P!C erne Nall Resh:� K Absent: 6,6ro. R,1assd, bonny Spm,k, K:+y L.-Acd This being the time and place fixed by the City Council for the consideration of bids for the purchase of the City's Taxable General Obligation Urban Renewal Bonds, Series 2025C, the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefore. Whereupon, such bids were placed on file, and the substance of such bids was noted in the minutes, as follows: Name and Address of Bidder Final Bid (interest cost) (ATTACH BID TABULATION) After due consideration and discussion, Council Member introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Rri c I I . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Ferber. Rest/ iA, 3i)no,nK, (tie&-d, 3oncs. RoU55e41 Cowotic\nk Nays: Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out. -1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA THE CITY OF Dtus E Masterpiece on the Mississippi CITY OF DUBUQUE, IOWA TABULATION OF BIDS $6,420,000 General Obligation Corporate Purpose Bonds, Series 2025A Robert W. Baird & Co., Inc Milwaukee, WI $6,753,283.85 $2,849,058.65 3.790278% TDSecurities New York, NY 6,625,893.45 2,830,224.47 3.805083% Janney Montgomery Scott LLC Philadelphia, PA 6,822,274.40 2,883,892.68 3.809484% FHN Financial Capital Mkts New York, NY 6,717,167.40 2,885,175.10 3.852373% Brownstone Invest Group, LLC New York, NY 6,784,386.30 2,943,111.93 3.900032% BOK Financial Securities, INC Dallas, TX 6,635,916.60 2,922,355.90 3.933122% HilltopSecurities Dallas, TX 6,790,646.75 2,976,487.00 3.941793% $8,370,000 Taxable General Obligation Corporate Purpose Bonds, Series 2025B Northland Securities, Inc Minneapolis, MN $8,316,019.15 $5,074,701.06 5.098916% Robert W. Baird & Co., Inc Milwaukee, WI 8,370,685.80 5,129,690.64 5.172279% Piper Sandler & Co Chicago, IL 8,330,755.00 5,191,337.00 5.217727% BOK Financial Securities, INC Dallas, TX 8,306,475.25 5,261,049.98 5.297059% Janney Montgomery Scott LLC Philadelphia, PA 8,287,661.15 5,266,928.54 5.312326% $8,945,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C Northland Securities, Inc Minneapolis, MN $8,866,916.80 $5,890,342.39 5.152612% Robert W. Baird & Co., Inc Milwaukee, WI 8,919,881.90 5,930,398.04 5.183990% Piper Sandler & Co Chicago, IL 8,890,101.90 6,007,480.33 5.234130% BOK Financial Securities, INC Dallas, TX 8,865,276.90 6,085,788.29 5.310903% Janney Montgomery Scott LLC Philadelphia, PA 8,855,710.70 6,089,833.80 5.319728% y' Independent Page 1 of 1 f P- Public Advisors, LLC Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025C RESOLUTION NO. 43-25 Resolution Awarding Taxable General Obligation Urban Renewal Bonds, Series 2025C WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, heretofore proposed to enter into a loan agreement (the "Amphitheater Loan Agreement"), pursuant to the provisions of Section 384.24A and 384.24.3(q) of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $9,250,000 for the purpose of undertaking the Iowa Amphitheater on Schmitt Island Project, an authorized urban renewal project of the City in the Greater Downtown Urban Renewal Area approved by action of the City Council on December 16, 2024, and in lieu of calling an election upon such proposal, has published notice of the proposed action, including notice of the right to petition for an election, and has held a hearing thereon, and as of January 6, 2025, no petition had been filed with the City asking that the question of entering into the Amphitheater Loan Agreement be submitted to the registered voters of the City; and WHEREAS, the City Council previously determined to enter into the Amphitheater Loan Agreement in the future and ordered that Taxable General Obligation Urban Renewal Bonds, Series 2025C (the "Taxable Series 2025C Bonds") be issued at such time, in evidence of the City's obligations thereunder; and WHEREAS, a Preliminary Official Statement (the "P.O.S.") has been prepared by Dorsey & Whitney LLP (the "Disclosure Counsel") as bond and disclosure counsel to the City to facilitate the sale of the Taxable Series 2025C Bonds, and the City has made provision for the approval of the P.O.S. and has authorized its use by Independent Public Advisors, LLC, as municipal advisor to the City; and WHEREAS, pursuant to advertisement of sale, bids for the purchase of the Taxable Series 2025C Bonds were received and canvassed on behalf of the City and the substance of such bids noted in the minutes; and WHEREAS, upon final consideration of all bids, the bid of N041110v1d Inc, M111nMock,5 Rnne 5J6, (the "Purchaser"), is the best, such bid proposing the lowest interest cost to the City for the Taxable Series 2025C Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa, as follows: Section 1. The bid of the Purchaser referred to in the preamble is hereby accepted, and the Taxable Series 2025C Bonds are hereby awarded to the Purchaser at the price specified in such bid, together with accrued interest, if any. Section 2. The form of agreement of sale/official bid form (the "Sale Agreement") of the Taxable Series 2025C Bonds to the Purchaser is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the Sale Agreement for and on behalf of the City. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /43041 1-13/ Sale Only GO CP LA Taxable Series 2025C Section 3. Further action with respect to the approval of the Loan Agreement and the issuance of the Taxable Series 2025C Bonds is hereby adjourned to the City Council meeting to be held on February 17, 2025. Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved February 3, 2025. 40r�� 61,9 Attest: City Clerk Upon motion and vote, the meeting was adjourned. or Attest: - City Clerk -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque /430411-13/ Sale Only GO CP LA Taxable Series 2025C ATTESTATION CERTIFICATE STATE OF IOWA DUBUQUE COUNTY SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, do hereby certify that as such City Clerk I have in my possession or have access to the complete corporate records of the City and of its City Council and officers and that I have carefully compared the transcript hereto attached with those corporate records and that the transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the sale of Taxable General Obligation Urban Renewal Bonds, Series 2025C of the City evidencing the City's obligation under a certain Loan Agreement and that the transcript hereto attached contains a true, correct and complete statement of all the measures adopted and proceedings, acts and things had, done and performed up to the present time with respect thereto. WITNESS MY HAND this q day of Fe b✓'t,lo�ry , 2025. City Clerk (Attach here a copy of the bid of the successful bidder.) -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA S&P Parity AA wire Inbox Upcoming Calendar Overview Result I Excel Print Northland Securities, Inc. - Minneapolis, MN's Bid Parity Calendar Deal List Dubuque $8,945,000 Taxable General Obligation Urban Renewal Bonds, Series 2025C For the aggregate principal amount of $8,945,000.00, we will pay you $8,866,916.80, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date[Amount $ Coupon % Yield % Dollar Price 06/01/2029 375M 4.5000 4.5000 100.000 06/01/2030 390M 4.5500 4.5500 100.000 06/01/2031 410M 4.6500 4.6500 100.000 06/01/2032 430M 6.0000 4.7000 107.893_ �06/01/2033 450M 6.0000 14.7500 108.434 06/01/2034 475M 4.8000 4.8000 100.000 06/01/2035 500M 4.8500 4.8500 100.000 06/01/2036 525M 4.9000 4.90001 100.000 06/01/2037 550M 4.9500 14.9500 100.000 06/01/2038 580M 1 5.0000 15.00001 100.000 06/01/2039 615M 5.0000 15.05001 99.488 06/01/2040 650M 5.0000 5.10001 98.941 06/01/2041 685M 5.0000 5.15001 98.354 06/01 /2042 725M 5.1250 5.2000 99.144 06/01/2043 770M F 5.1250 5.2500 98.535 06/01/2044 815M F 5.1250 5.3000 97.896 total Interest Cost: $5,812,259.19 Discount: $78,083.20 Net Interest Cost: $5,890,342.39 TIC: 5.152612 Time Last Bid Received On:02/03/2025 9:59:18 CST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Northland Securities, Inc.. Minneapolis , MN Contact: Dustin Siehr Title: Telep ho ne:414-908-0422 Fax: 414-755-1831 Issuer Name: City of Dubuque Acce to Date: Company Name: Accepted By: Date: © 1981-2023 Ipreo. Ail rights reserved, Trademarks I of I MOODY'S RATINGS Rating Action: Moody's Ratings assigns Aa2 to City of Dubuque, IA's GO Bonds 23 Jan 2025 New York, January 23, 2025 -- Moody's Ratings (Moody's) has assigned Aa2 ratings to the City of Dubuque, IA's General Obligation Corporate Purpose Bonds, Series 2025A, Taxable General Obligation Corporate Purpose Bonds, Series 2025B, and Taxable General Obligation Urban Renewal Bonds, Series 2025C, with an estimated par amounts of $6.4 million, $8.4 million and $8.9 million respectively. We maintain the city's Aa2 issuer rating and Aa2 rating on the outstanding general obligation unlimited tax (GOULT) debt. Following the sale, the city will have about $218 million of total debt outstanding. d_1111►M� 2;L'�11010F_110 The Aa2 issuer rating reflects the city's healthy economic base, which serves as a regional economic center. Full value per capita and adjusted resident income are solid at around $109,000 and 98% respectively, though weaker than Aa peers, in part because of a large student population. Available fund balance was strong at around 60% of revenue at the close of fiscal 2023 (year-end June 30), and cash was stronger at 85% of revenue. The city's available fund balance will likely remain well over 45%, despite some planned draws in fiscal 2024 and fiscal 2025 to spend down federal funds from the pandemic. Despite the state adopting new property tax restrictions, revenue raising flexibility remains strong because the city maintains significant margin in its employee benefits fund and is not utilizing its emergency levy. The long-term liabilities ratio will likely remain well under 300% inclusive of the current issuances and future borrowing plans, and fixed -costs ratio will remain well below 20%. The Aa2 rating on the GOULT bonds is at the same level as the city's Aa2 issuer rating because the city has pledged its full faith, credit and taxing power for repayment of the bonds. GL'1111►1:tK0111I110Z0111 We do not assign outlooks to local governments with this amount of debt. Page 412 of 721 FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Decrease in long-term liabilities ratio nearing 150% of revenue - Significant strengthening of resident income and full value per capita in line with peers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Increase in the long-term liabilities ratio to above 350% of revenue - Substantial declines in available fund balance levels below 35% of revenue LEGAL SECURITY Debt service on the city's outstanding GOULT debt, as well as the 2025A, 2025B and 2025C bonds, is backed by a dedicated property tax levy, unlimited as to rate and amount. A6*1We] 0w:;[0y2121916*1 The bonds will finance various infrastructure projects within the city, including fire station facility improvements (Series 2025A), parking ramp and ice arena projects (Series 2025B), and the Schmitt Island Amphitheater project (Series 2025C). PROFILE The City of Dubuque is located in northeastern Iowa, bounded by Wisconsin on the northeast and Illinois on the southeast. The city is roughly 63 miles northeast of Cedar Rapids and has a population of around 60,000. Governmental services include public safety (police and fire), community development, culture and recreation, regional airport, and other governmental services. The city's business -type activities include sewage disposal, water, stormwater, solid waste and parking facilities. METHODOLOGY The principal methodology used in these ratings was US Cities and Counties published in July 2024 and available at https://ratings.moodys.com/rmc- documents/425429. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions. Page 413 of 721 For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions. For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating Announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Jennifer Bernhardt Lead Analyst Gera McGuire Additional Contact Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Page 414 of 721 © 2025 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. 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