Loading...
Proceedings to Set Public Hearing for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement - Sponsorship Project Amendment 2024 Green Alley ProjectCity of Dubuque City Council Copyrighted April 21, 2025 ITEMS SET FOR PUBLIC HEARING # 3. ITEM TITLE: Proceedings to Set Public Hearing on June 2, 2025, for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project SUMMARY: City Manager recommending that a public hearing be set for June 2, 2025, on the issuance of a not to exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment Green Alley. RESOLUTION To fix a date for a public hearing on proposal to enter into a Stormwater Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $761,000 SUGGUESTED Receive and File; Adopt Resolution(s), Set Public Hearing for DISPOSITION: June 2, 2025 ATTACHMENTS: 1. MVM Memo 2. Green Alley Sponsorship SRF Set Public Hearing_MVM memo_2025_04_15 3. Green Alley Sponsorship SRF Set Public Hearing —Staff memo_2025_04_15 4. 1st Half Set Hrg Storm Water Rev LDA (Green Alley SP) (Dubuque #21 2025)-v2 Page 285 of 1152 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-Anerin City I II 2007.2012.2013 2017*2019 SUBJECT: Proceedings to Set Public Hearing on June 2, 2025, for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project DATE: April 15, 2025 Chief Financial Officer Jennifer Larson recommends that a public hearing be set for June 2, 2025, on the issuance of a not to exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment Green Alley. The Upper Bee Branch Stormwater Management Utility Revenue Capital Loan Note, Series 2019, dated April 12, 2019, will also be amended by decreasing the interest rate to fund the 2024 Green Alley sponsorship project. This project will include the reconstruction of three alleys in the downtown area. These alleys include the reconstruction of the alleys (2) between Iowa Street and Central Avenue from 15th to 17th streets. The third alley will be reconstructed between Central Avenue and White Street from 17th to 18th streets. The project will include replacement of water and sewer utilities in the corridor, including replacing private services for water and sewer. The private water services that are lead will be replaced from the main to the buildings. The City of Dubuque was approved for partial funding for this project through the Clean Water SRF Sponsorship Project program. The SRF Sponsorship Project is related to the Upper Bee Branch Stormwater SRF loan and will provide $761,000 needed to construct the improvements associated with the three alleys in the downtown area. The funding of the $761,000 in improvements will come from interest payments of the City's Upper Bee Branch Stormwater loan which will be returned to the City to fund the 2024 Green Alley Project. In 2009, legislation was passed in Iowa that allows water utilities that issue debt through the Clean Water State Revolving Fund Program to sponsor and help finance other water quality improvement (CWSRF) projects within or outside its service limits. This new funding mechanism, called Water Resource Restoration Sponsored Projects, will provide cities, counties, local watershed organizations, watershed management Page 286 of 1152 authorities, county conservation boards, and soil and water conservation districts a funding source to construct improvements throughout a watershed that keep sediment, nutrients, chemicals and other pollutants out of streams and lakes. Repayment of a standard Clean Water SRF (CWSRF) loan includes the repayment of the original loan amount, the principal, and the cost to finance the loan, interest, and fees. On a CWSRF loan with a sponsored project, the financing costs are reduced by the amount of the cost of the sponsored project improvements. Figure 1 shows a comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. As shown, the total cost to the utility (the total of loan repayments) remains unchanged as the cost of funding for the sponsorship project is offset by a reduction in loan financing costs. In essence, two water quality projects are completed for the price of one. u Funding for Sponsorship Project c E _ ■ Loan Financing Costs aa, (Interest & Fees) c 0 `o CWSRF Project Loan Principal 0 r O�.C`ca�oac 9 ONeC� Figure 1. Loan repayment comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. The State of Iowa has discontinued the sponsored project option for future debt issuances. I concur with the recommendation and respectfully request Mayor and City Council approval. v Mich el C. Van Milligen MCVM/jml Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Gus Psihoyos, City Engineer Brian DeMoss, Finance Manager Jon Dienst, Civil Engineer Page 287 of 1152 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: Proceedings to Set Public Hearing on June 2, 2025, for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project DATE: April 15, 2025 Chief Financial Officer Jennifer Larson recommends that a public hearing be set for June 2, 2025, on the issuance of a not to exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment Green Alley. The Upper Bee Branch Stormwater Management Utility Revenue Capital Loan Note, Series 2019, dated April 12, 2019, will also be amended by decreasing the interest rate to fund the 2024 Green Alley sponsorship project. 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 Gus Psihoyos, City Engineer Brian DeMoss, Finance Manager Jon Dienst, Civil Engineer Page 288 of 1152 THE CITY OF DUB E Masterpiece on the Mississippi TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Chief Financial Officer Dubuque AnA AI -America City II I., 2007 • 2012 •2013 SUBJECT: Proceedings to Set Public Hearing on June 2, 2025, for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project DATE: April 15, 2025 INTRODUCTION The purpose of this memorandum is to provide suggested proceedings to set a public hearing on the issuance of a not to exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment Green Alley. The Upper Bee Branch Stormwater Management Utility Revenue Capital Loan Note, Series 2019, dated April 12, 2019, will also be amended by decreasing the interest rate to fund the 2024 Green Alley sponsorship project. DISCUSSION This project will include the reconstruction of three alleys in the downtown area. These alleys include the reconstruction of the alleys (2) between Iowa Street and Central Avenue from 15th to 17th streets. The third alley will be reconstructed between Central Avenue and White Street from 17th to 18th streets. The project will include replacement of water and sewer utilities in the corridor, including replacing private services for water and sewer. The private water services that are lead will be replaced from the main to the buildings. The alley between Iowa Street and Central Avenue from 15t" to 16t" streets is planned to have special design for the pavers. Voices Studio approached the city to consider installing the pavers in this alley using a mosaic look. This mosaic pattern was developed by regional artists to pay respect to the native people of the land Dubuque occupies The City of Dubuque was approved for partial funding for this project through the Clean Water SRF Sponsorship Project program. The SRF Sponsorship Project is related to the Upper Bee Branch Stormwater SRF loan and will provide $761,000 needed to construct the improvements associated with the three alleys in the downtown area. Page 289 of 1152 The funding of the $761,000 in improvements will come from interest payments of the City's Upper Bee Branch Stormwater loan which will be returned to the City to fund the 2024 Green Alley Project. In 2009, legislation was passed in Iowa that allows water utilities that issue debt through the Clean Water State Revolving Fund Program to sponsor and help finance other water quality improvement (CWSRF) projects within or outside its service limits. This new funding mechanism, called Water Resource Restoration Sponsored Projects, will provide cities, counties, local watershed organizations, watershed management authorities, county conservation boards, and soil and water conservation districts a funding source to construct improvements throughout a watershed that keep sediment, nutrients, chemicals and other pollutants out of streams and lakes. Repayment of a standard Clean Water SRF (CWSRF) loan includes the repayment of the original loan amount, the principal, and the cost to finance the loan, interest, and fees. On a CWSRF loan with a sponsored project, the financing costs are reduced by the amount of the cost of the sponsored project improvements. Figure 1 shows a comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. As shown, the total cost to the utility (the total of loan repayments) remains unchanged as the cost of funding for the sponsorship project is offset by a reduction in loan financing costs. In essence, two water quality projects are completed for the price of one. / ■ Funding for Sponsorship Project c v E ■ Loan Financing Costs aa, (Interest & Fees) z c 0 u CWSRF Project Loan Principal `o 0 ti S�F 1°ac rya aF Sre Figure 1. Loan repayment comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. The State of Iowa has discontinued the sponsored project option for future debt issuances. ACTION TO BE TAKEN I respectfully recommend the adoption of the enclosed resolution fixing the date of June 2, 2025, for a public hearing on the proposed issuance not to exceed $761,000 in Stormwater Revenue Loan Notes (State Revolving Loan Fund Program) for the 2024 Green Alley Sponsorship Project. Attachments Page 290 of 1152 cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Brian DeMoss, Finance Manager Gus Psihoyos, City Engineer Jon Dienst, Civil Engineer Page 291 of 1152 DORSEY DORSEY+WHITNEY LLP April 15, 2025 VIA EMAIL Jenny Larson Chief Financial Officer Dubuque, Iowa Re: $761,000 SRF Stormwater Revenue Loan and Disbursement Agreement File No. 430411-21 Dear Jenny: We have prepared and attach proceedings for use at the April 21, 2025, City Council meeting to set June 2, 2025, as the date for a hearing on the proposal to enter into the SRF Stormwater Revenue Loan and Disbursement Agreement (the "Agreement") in connection with the SRF Green Alley Sponsored Project. The documents attached include the following items: 1. Resolution fixing the date of meeting at which it is proposed to take action to enter into the Agreement. The form of notice is set out in Section 2 of the resolution. 2. Attestation Certificate with respect to the validity of the transcript. Organization and Establishment Certificate. 4. Outstanding Debt Certificate with respect to the outstanding debt of the Stormwater Management Utility. 5. Publication Certificate with respect to publication of the notice, to which must be attached the publisher's affidavit of publication with a clipping of the notice as published. The notice must be published at least once, not less than thirty (30) days before the meeting date set for the hearing, in a legal newspaper which has a general circulation in Dubuque. The last date on which this notice can be effectively published is May 3, 2025. to me. As soon as the notice appears in the newspaper, please have a copy scanned and emailed 8oi Grand Avenue I Suite 4100 1 Dubuque, IA 1 50309-2790 1 T 515.283.3.000 I dorsey.com Page 292 of 1152 Please return one fully executed copy of these proceedings to us as soon as they are available. Please call Emily Hammond or me if you have questions. Best regards, David D. Grossklaus John P. Danos Attachments cc: Crenna Brumwell Adrienne Breitfelder Jon Dienst Jason Duba Wally Wernimont Tionna Pooler Tracy Scebold Tony Toigo Lee Wagner DORSEY & WHITNEY LLP Page 293 of 1152 Dubuque/ 430411-2t/h"/2 - Stormwater Rev (Green Alley SP) MINUTES TO SET DATE FOR HEARING ON ENTERING INTO A LOAN AND DISBURSEMENT AGREEMENT 430411-21 (N/I) Dubuque, Iowa April 21, 2025 The City Council of the City of Dubuque, Iowa, met on April 21, 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 was called showing the following members of the Council present and absent: Present: Nor Co vats ' %uricd I' +- r61 -rS Fo,r, bcr Tor? 5. Re")-n-' ) Rlli 5Q'�� .� We}�n� Absent: pusfx Council Member ROu 55e ll introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member ( fie k. a l ; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of the said resolution and the roll being called, the following named Council Members voted: Ayes: gesr►"Ck, L) ml ROV �'A l; SPfcv^ K Nays: Whereupon, the Mayor declared the resolution duly adopted as follows: -1- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1"'h - Stonnwater Rev (Green Alley SP) RESOLUTION NO. 138-25 Resolution to fix a date for a public hearing on proposal to enter into a Stormwater Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $761,000 WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, did heretofore establish a Stormwater Management Utility System (the "Utility") in and for the City; and WHEREAS, the management and control of the Utility are vested in the City Council (the "Council") and no board of trustees exists for this purpose; and WHEREAS, pursuant to prior resolutions of the Council, the City has heretofore issued Stormwater Revenue bonds or notes as set forth on attached outstanding debt certificate, and a portion of such prior Stormwater Revenue debt remains outstanding (the "Outstanding Indebtedness"); and WHEREAS, pursuant to the resolutions relating to and authorizing the Outstanding Indebtedness (the "Outstanding Bond Resolutions") the City reserved the right to issue additional obligations payable from the net revenues of the Utility and ranking on a parity with the Outstanding Indebtedness under the terms and conditions set forth in the Outstanding Bond Resolutions; and WHEREAS, the City will undertake the construction of a certain water resource restoration project (the "Project"); and WHEREAS, pursuant to Section 384.84 of the Code of Iowa, the City has the authority to issue revenue bonds to pay for such qualifying water resource restoration projects; and WHEREAS, the Iowa Finance Authority (the "Lender") has agreed to provide financing for the Project by decreasing the interest rate on the City's outstanding Stormwater Management Utility Revenue Capital Loan Note No. R-1, Series 2019, dated April 12, 2019 (the "Series 2019 Note") and providing a 0% interest loan to the City for the Project; and WHEREAS, the City now proposes to enter into a Stormwater Revenue Loan and Disbursement Agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed $761,000, pursuant to the provisions of Sections 384.24A and 384.84A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, designing and constructing the Project, and it is necessary to fix a date of meeting of the Council at which it is proposed to take action to enter into the Agreement and to give notice thereof as required by such law; NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa, as follows: -2- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1st''/2 — Stormwater Rev (Green Alley SP) Section 1. This City Council shall meet on June 2, 2025, at 6:30 p.m., at the Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Agreement. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held, by publication at least once, not less than thirty (30) days before the meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -3- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Page 296 of 1152 Dubuque/ 430411-21/1st''/2 - Stormwater Rev (Green Alley SP) NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $761,000 (STORMWATER REVENUE) The City Council of the City of Dubuque, Iowa, will meet on June 2, 2025, at 6:30 p.m., at the Historic Federal Building, 350 W. 61h St, Second Floor Council Chambers, for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed $761,000 for the purpose of paying the cost, to that extent, of constructing a certain water resource restoration project to the benefit of the Stormwater Management Utility System (the "Utility") of the City. The Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation, but together with the City's outstanding Stormwater Revenue Indebtedness and any additional such obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the net revenues of the Utility. The Agreement is proposed to be entered into pursuant to authority contained in Sections 384.24A and 384.84A of the Code of Iowa. The maximum rate of interest to be paid on the Agreement is 8% per annum. The formula by which rates are determined for users of the Utility is set out in the City of Dubuque Code of Ordinances Section 13-4-5. Such rates will be increased as necessary by ordinance of the City Council to make the required payments under the Agreement. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Dubuque, Iowa. Adrienne Breitfelder City Clerk -4- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Page 297 of 1152 Dubuque/ 430411-21/1"'/2 - Stonnwater Rev (Green Alley SP) Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake the Project which is reasonably estimated to cost approximately $1,202,512, (b) that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations (the "Bonds"), or (ii) expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City, or (iii) expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1.150-2(f)(2) of the Regulations, no expenditures for the Project have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations. Section 4. All resolutions or parts of resolutions 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 April 21, 2025. Attest: (/n /6", City Clerk On motion and vote, the meeting adjourned. Attest: 411 k City Clerk yor .y o L -5- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 43041 1-21/1"'/z - Stormwater Rev (Green Alley SP) ATTESTATION CERTIFICATE: STATE OF IOWA COUNTY OF DUBUQUE SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, Iowa, do hereby certify that attached hereto is a true and correct copy of the proceedings of the City Council relating to fixing a date for hearing on the City Council's proposal to take action in connection with a Stormwater Revenue Loan and Disbursement Agreement. h WITNESS MY HAND this day of , 2025. City Clerk -6- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1" %z - Stormwater Rev (Green Alley SP) ORGANIZATION AND ESTABLISHMENT CERTIFICATE: STATE OF IOWA COUNTY OF DUBUQUE SS: CITY OF DUBUQUE I, the undersigned City Clerk, do hereby certify that the aforementioned City is organized and operating under the provisions of Title IX of the Code of Iowa and not under any special charter and that such City is operating under the Council -manager -ward form of government and that there is not pending or threatened any question or litigation whatsoever touching the incorporation of the City, the inclusion of any territory within its limits or the incumbency in office of any of the officials hereinafter named. And I do further certify that the following named parties are officials of the City as indicated: &,,\A C AVanckgh , Mayor m dloge l An rn; l � �} en , City Manager La,rsoo , Chief Financial Officer Ajr,enne &-c dde-r , City Clerk 1 L-ar.scfl , City Treasurer 5o Sc1 o Fc\-- hey , Council Member/Mayor Pro Tern RAG Tene-5 , Council Member bc1Vlj Rcsn-A , Council Member Logro, Rou-, Se d l , Council Member Daps, V Council Member Council Member And I do further certify that the City has provided for the office of Treasurer, and the Council has selected the Treasurer. I further certify that the City established the Stormwater Management Utility System (the "Utility"), and that the Utility has been in continuous operation by the City since its establishment as aforesaid. -7- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1" % - Stormwater Rev (Green Alley SP) I further certify that the management and control of the Utility are vested in the City Council of the City, and that no board of trustees exists which has any part of the control and management of such Utility. /} WITNESS MY HAND this,`h day of CI . T1 92025. City Clerk V -8- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1' % - Stormwater Rev (Green Alley SP) OUTSTANDING DEBT CERTIFICATE: STATE OF IOWA COUNTY OF DUBUQUE SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, Iowa (the "City"), do hereby certify that the City has no bonds or other obligations of any kind now outstanding which are secured by and payable from the revenues derived from the operation of the Stormwater Management Utility System (the "Utility"), except as follows: Date Type 01/14/09 SRF Clean Water 01/13/10 SRF Clean Water 10/27/10 SRF Clean Water 02/28/14 SRF Clean Water 04/30/21 SRF Clean Water 04/12/19 SRF Clean Water Principal Amount Outstandin>; Maturity $466,000 01/01/28 $295,000 01/01/30 $5,337,000 06/01/41 $168,000 06/01/33 $17,356,397 06/01/37 $13,598,000 06/01/40 (Attach here a separate sheet listing any outstanding obligations of the City secured by and payable from the revenues of the Utility, excluding the proposed issue.) WITNESS MY HAND this q day of ff/-f�, 2025. City Clerk -1- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA Dubuque/ 430411-21/1" %z - Stormwater Rev (Green Alley SP) PUBLICATION CERTIFICATE: STATE OF IOWA COUNTY OF DUBUQUE SS: CITY OF DUBUQUE I, the undersigned, City Clerk of the City of Dubuque, Iowa, do hereby certify that pursuant to the resolution of its City Council fixing a date of meeting at which it is proposed to take action to enter into a loan and disbursement agreement, the notice, of which the printed slip attached to the publisher's affidavit hereto attached is a true and complete copy, was published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City. W m WITNESS MY HAND this day of I ' � A , 2025. City Clerk (Attach here the publisher's original affidavit with clipping of the notice, as published.) -10- DORSEY & WHITNEY LLP, ATTORNEYS, DUBUQUE, IOWA STATE OF IOWA SS: DUBUQUE COUNTY CERTIFICATE OF PUBLICATION I, Kathy Goetzinger, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald, a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: 04/25/2025 and for which the charge is 38.19 Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this 25th day of April, 2025 Notary Pu 1' in and for Dubuque C unty, Iowa. O �p1AL 3 JANET K. PAPE Z Commission Number 199659 ' My Commission Expires Iowa 12/11/2025 Ad text NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $761,000 (STORMWATER REVENUE) The City Council of the City of Dubuque, Iowa, will meet on June 2, 2025, at 6:30 p.m., at the Historic Federal Building, 350 W. 6th St, Second Floor Council Chambers, for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the ?Agreement?) and to borrow money thereunder in a principal amount not to exceed $761,000 for the purpose of paying the cost, to that extent, of constructing a certain water resource restoration project to the benefit of the Stormwater Management Utility System (the ?Utility?) of the City. The Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation, but together with the Citys outstanding Stormwater Revenue Indebtedness and any additional such obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the net revenues of the Utility. The Agreement is proposed to be entered into pursuant to authority contained in Sections 384.24A and 384.84A of the Code of Iowa. The maximum rate of interest to be paid on the Agreement is 8 % per annum. The formula by which rates are determined for users of the Utility is set out in the City of Dubuque Code of Ordinances Section 13-4-5. Such rates will be increased as necessary by ordinance of the City Council to make the required payments under the Agreement. At that time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Dubuque, Iowa. Adrienne Breitfelder City Clerk It 4/25