Maturity Extensions of Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving Fund Planning and Design LoansCity of Dubuque
City Council
CONSENT ITEMS # 5.
Copyrighted
March 3, 2025
ITEM TITLE: Maturity Extensions of Sewer Revenue Capital Loan Notes
(Interim Financing) State Revolving Fund Planning and
Design Loans
SUMMARY: City Manager recommending City Council approval of the
suggested proceedings to enable the City to extend the
maturity date of the Sewer Revenue Capital Loan Notes
(Interim Financing) State Revolving Fund Planning and
Design Loans.
RESOLUTION Extending the maturity date of the City's
Sewer Revenue Capital Loan Notes Anticipation Project
Note, Series 2021
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Amendment Water SRF PD High Strength Waste - MVM
Memo_2025_02_25
2. SRF P&D Loan Extension Amendment High Strength Waste —Staff
Memo_2025_02_25
3. P&D Maturity Extension (High Strength Waste - Series 2025)-v1
4. Amendment to P&D (High Strength Waste - Series 2021) (Dubuque #9 2025)-v1
Page 77 of 629
THE C
DUUB-.'*-TE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
All-Aoerin City
wvxsiw r w- i i
2007*2012.2013
2017*2019
SUBJECT: Maturity Extensions of Sewer Revenue Capital Loan Notes (Interim
Financing) State Revolving Fund Planning and Design Loans
DATE: February 25, 2025
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 Sewer
Revenue Capital Loan Notes (Interim Financing) State Revolving Fund Planning and
Design Loans.
$290,000 State Revolving Fund Planning and Design Loans were issued. The proceeds
will be used to fund the planning and design of the High Strength Waste Receiving &
Storage Project. The High Strength Waste Receiving & Storage Project provides
receiving and storage facilities for the handling and anaerobic digestion of hauled, high -
strength organic wastes. The project improves anaerobic digestion process control by
reducing the variability in volatile solids loading to the digesters. The project will allow
for a more consistent balance of acid to alkalinity in the digesters and will allow for the
maximum production of biogas.
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from September 24, 2024, to September 24, 2026. 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.
Michael C. Van Milligen
MCVM/jml
Attachment
Page 78 of 629
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Deron Muehring, Water & Resource Recovery Center Director
Page 79 of 629
THE C
DUUB--'*--TE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Chief Financial Officer
Dubuque
All-Aoerin My
2007-2012.2013
2017*2019
SUBJECT: Maturity Extensions of Sewer Revenue Capital Loan Notes (Interim
Financing) State Revolving Fund Planning and Design Loans
DATE: February 25,2025
INTRODUCTION:
The purpose of this memorandum is to provide proceedings to enable the City to extend
the maturity date of the Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Fund Planning and Design Loans.
-7_TS]:0]:tellL 1 C,
On September 24, 2021, $290,000 State Revolving Fund Planning and Design Loans
were issued. The proceeds will be used to fund the planning and design of the High
Strength Waste Receiving & Storage Project. The High Strength Waste Receiving &
Storage Project provides receiving and storage facilities for the handling and anaerobic
digestion of hauled, high -strength organic wastes. The project improves anaerobic
digestion process control by reducing the variability in volatile solids loading to the
digesters. The project will allow for a more consistent balance of acid to alkalinity in the
digesters and will allow for the maximum production of biogas.
DISCUSSION
The Iowa Finance Authority has agreed to extend the maturity date of the planning and
design loans from September 24, 2024, to September 24, 2026. 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
Deron Muehring, Water & Resource Recovery Center Director
Page 80 of 629
DO R S EY
DORSEY+WHITNEY LLP
February 24, 2025
VIA F.MAIT.
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 2021, September
24, 2024 to September 24, 2026.
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: Deron Muehring
Crenna Brumwell
Adrienne Breitfelder
Tracy Scebold
Tony Toigo
Lee Wagner
Rick Andriano
8o3. Grand Avenue I Suite 4i00 I Des Moines, IA 150309-8002 IT 53-5.283.3-000 I dorsey.com
Page 81 of 629
Dubuque/430411 -9/Ex tend P&D Maturity (High Strength Waste — Series 2021)
INTERIM LOAN AND DISBURSEMENT
AGREEMENT MATURITY EXTENSION
Dubuque, Iowa
430411-9
March 3, 2025
The City Council of the City of Dubuque, Iowa, met on March 3, 2025, 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:o,Vn!' (_oymo411 CoUt^,C I Iticlr[�ers Farhe/t ,jort�S f�e,Sr1!C`1 �1CV5�lJ �r�nl`I►Y1a�
Absent:
The City Council took up and considered the extension of the maturity date of its
outstanding Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2021. After due
consideration and discussion, Council Member Pe51� �% introduced the resolution next
hereinafter set out and moved its adoption. The motion was seconded by Council Member
Fortier , and passed with record vote as follows:
Ayes: S n rnn k . Far 1.^e�, Cnyo,n ��I� F �� sn: � %. Ro��.sse 11, 1�1� )o)i CS
Nays:
Thereupon, the resolution was declared adopted, as follows:
-1-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/43041 l-9/Extend P&D Maturity (High Strength Waste— Series 2021)
RESOLUTION NO. 72-25
Resolution extending the maturity date of the City's Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2021
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
2021, in a principal amount not to exceed $290,000 (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 Sanitary Sewer System (the
"Utility") of the City; and
WHEREAS, the City intended to refund the Project Note by its scheduled maturity date on
September 24, 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 Note to
September 24, 2026, 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 September 24,
2026, 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 March 3, 2025.
Attest:
41�� h"v,
City Clerk
-2-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE OWA
By:
Mayor -
Attest:
City Clerk
Dubuque/43041 1-9/Extend P&D Maturity (High Strength Waste - Series 2021)
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 Note, Series
2021, as shown therein.
WITNESS MY HAND this � day of Tiarc 11 , 2024.
City Clerk
-4-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
AMENDMENT TO
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT
(SEWER REVENUE — SERIES 2021)
This Amendment (the "Amendment") to IFA Interim Loan and Disbursement Agreement
is made and entered into as of March 3, 2025, 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 2021, dated September 24, 2021, 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 March 3, 2025;
NOW, THEREFORE, the parties agree as follows:
Section 1. Notwithstanding anything to the contrary therein, the Maturity Date of the
Original Agreement shall be September 24, 2026.
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 86 of 629
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE OWA
By:
Mayor
Attest:
%
gk
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 88 of 629