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Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement – Sponsorship Project Amendment 2024 Green Alley Project Copyrighted June 2, 2025 City of Dubuque PUBLIC HEARINGS # 5. City Council ITEM TITLE: Proceedings to Hold Public Hearing for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement— Sponsorship Project Amendment 2024 Green Alley Project SUMMARY: Proof of Publication on notice of public hearing to consider City Council approval of the suggested proceedings for a public hearing on the issuance of not to exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement— Sponsorship Project Amendment Green Alley, and City Manager recommending approval. RESOLUTION Taking additional action on proposal to enter into a Stormwater Revenue Loan and Disbursement Agreement SUGGUESTED Receive and File; Adopt Resolution(s) DISPOSITION: ATTAC H M ENTS: 1. MVM Memo Green Alley Sponsorship SRF Public Hearing_MVM memo_2025_05_28 2. Green Alley Sponsorship SRF Public Hearing_Staff inemo_2025_05_28 3. 2nd Half Hrg Only Stormwater Rev LDA (Green Alley) (Dubuque #212025)-v1 4. Proof of Publication Page 956 of 2490 Dubuque THE CTTY O� � D F All-America Cit� U� L wcix?�LLnm�ii-n:��. ' � II ��' Maste iece on the Mississi i z°°'.z°lz.z°13 �P pp �oi�*Zo�9 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings to Hold Public Hearing for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project) DATE: May 28, 2025 Chief Financial Officer Jennifer Larson is recommending City Council approval of the suggested proceedings for a public hearing on the issuance of 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. The proceeds of which will be used to pay construction costs for the reconstruction of three alleys in the downtown area. These alleys include the reconstruction of the alleys (2) between lowa 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 lowa 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 Page 957 of 2490 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 FundingforSponsarship Project c E R o Loan Financing Costs � � , {Interest&Fees� R O J � � � CWSRF Project Eoan Principal 0 R 0 r � ��F �oar a�4� 3�`'�'�`oh��eL� p�.�°tioa° �5�0�`'Q�ol �� Figure 1.Loan repayment comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. The State of lowa has discontinued the sponsored project option for future debt issuances. I concur with the recommendation and respectfully request Mayor and City Council approval. ���1 �� 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 Page 958 of 2490 THE CTTY QF Du��que i.i.i.i.�� D�L L i-America Ci i I I� Mas te�piece on the Mississippi zoo�•zu�z•zo�s TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Chief Financial Officer SUBJECT: Proceedings to Hold Public Hearing for the Issuance of Not to Exceed $761,000 Stormwater Revenue Loan and Disbursement Agreement — Sponsorship Project Amendment 2024 Green Alley Project DATE: May 28, 2025 INTRODUCTION The purpose of this memorandum is to provide suggested proceedings for 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 lowa 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 lowa Street and Central Avenue from 15t" to 16th 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 959 of 2490 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 lowa 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. ,� r FundingforSponsorship Project l v I E i R . I o Loan Financing[osts a (Interest&Fees) � � o I J ' W CWSRF Proje[t Loan Principal o I 0 � S�� �oao '�Q 0�.�`°a�oa �5�cS Q°�� �� Figure 1_Loan repayment comparison between a standard CWSRF loan and a CWSRF loan with a sponsorship project. The State of lowa has discontinued the sponsored project option for future debt issuances. ACTION TO BE TAKEN I respectfully recommend the adoption of the enclosed resolution 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 960 of 2490 cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Brian DeMoss, Finance Manager Gus Psihoyos, City Engineer Page 961 of 2490 D4RSEY May 28,2025 VIA EMAIL Jenny Larson Chief Financial Officer Dubuque,Iowa Re: $761,000 SRF Stormwater Revenue Loan and Disbursement Agreement Our File No. 430411-21 Dear Jenny: We have prepared and attach proceedings for the June 2, 2025, City Council meeting related to the public hearing and additional action on the Stormwater Revenue Loan and Disbursement Agreement (the "Agreement")in connection with the SRF Green Alley Sponsored Project. The proceedings attached include the following items: 1. Minutes of the meeting covering the public hearing, followed by the resolution taking additional action in connection with the Agreement. This resolution simply sets forth the City Council's determination to enter into the Agreement in the future and its adoption constitutes the "additional action" required by the Iowa Code. 2. Attestation Certificate with respect to the validity of the transcript. On June 2, 2025, the Ciry Council should meet as scheduled and hold the hearing on its intenrion to enter into the Agreement. The minutes as drafted assume that no objections will be filed or made. Please return one fully executed copy of these proceedings to our office as soon as possible. Please call 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 8oi Grand Avenue�Suite 4100�Des Moines,IA I 5o3�9-HOOz I T 515•z83•1o00�dorsey.com Page 962 of 2490 Dubuque / 430411-21 / 2nd'A Hrg Only Stomwater Rev (Green Alley) (Hearing — Stormwater Revenue) 430411-21 Dubuque, Iowa June 2, 2025 The City Council of the City of Dubuque, Iowa, met on June 2, 2025, at 6:30 p.m., at the Historic Federal Building, 350 W. 6t" St, Second Floor Council Chambers, Dubuque, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following members of the Council present and absent: Present: Mayor Cavanagh: Council Members Farber, Jones, Resnick, Roussell, S rank, Wethal Absent: • • Other Business- PUBLIC HEARING This being the time and place specified for holding the public hearing and taking action on the proposal to enter into a Stormwater Revenue Loan and Disbursement Agreement, the City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor declared the public hearing closed. MOTION TO APPROVE RESOLUTION After due consideration and discussion, Council Member Roussell introduced the following resolution and moved its adoption, seconded by Council Member Wethal. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted: Ayes: Cavanagh, Roussell, Wethal, Sprank, Resnick, Farber, Jones Nays: Whereupon, the Mayor declared the resolution duly adopted, as follows: DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque / 430411-21 / 2nd'h Hrg Only Stonnwater Rev (Green Alley) RESOLUTION NO. 198-25 Resolution taking additional action on proposal to enter into a Stormwater Revenue Loan and Disbursement Agreement 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 in prior proceedings of the Council, 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 and providing a 0% interest loan to the City for the Project; and WHEREAS, the City has heretofore proposed to contract indebtedness and enter into a certain 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 has published notice of the proposed action and has held a hearing thereon on June 2, 2025; NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa, as follows: Section 1. The City Council hereby determines to enter into the Agreement in the future and orders that Stormwater Revenue Bonds be issued at such time in evidence thereof. The City Council further declares that this resolution constitutes the "additional action" required by Section 384.24A of the Code of Iowa. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque / 430411-21 / 2nd %a Hrg Only Stonnwater Rev (Green Alley) Section 2. All resolutions or parts thereof in conflict herewith are hereby repealed, to the extent of such conflict. Section 3. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved June 2, 2025. Attest: City Clerk • • Other Business- - On motion and vote, the meeting adjourned. Attest: City Clerk ayor -3- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque / 430411-21 / 2nd Yz Hrg Only Stonnwater Rev (Green Alley) 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 attached hereto is a true and correct copy of the proceedings of the City Council relating to the hearing on the City Council's intention to enter into a Stormwater Revenue Loan and Disbursement Agreement in a principal amount not to exceed $761,000. WITNESS MY HAND this.? day of a1 t City Clerk 2025. -4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA STATE OF IQWA SS: DUBUQUE C4UNTY CERTIFICATE OF PUBLICATION I, KatlZy Goetzinger, a Billing Clerk Por Woodward Communieations, Inc., an Iowa corporation, publisher o€the Telegra�h Herald, a newspaper of general circulation published in the City of Dubuque, Cotlnty of Dubuque and State of Iowa; hereby cert�fy that the attached notice was published in said newspaper on the followira� dates: 04/25/2025 and foa' w�ich the charge is 38.19 ��'�! /�_—��/'����,--�.__ _ .-=���'L=C��L'CL-�[ �� � � � `_ Subscribed to befo�'e me, a Nota�y Public in and for Dubttque County, Iowa, tlzis 25th day of April, 2025 Notary P�E 1' in and for Dubuque C unty, Iowa. �q��'t�L s� a�A��l Y�.���{�� _�� ° �; , r Coinmission Nurni�er 199659 ���� , My Carpmission �x.pires "J'�--_=` �o���a 12I11/2Q?5 Page 967 of 2490 Ad text : NOTICE OF PROPOSED ACTI4N TO INSTITUTE PROCEEDiNGS TO ENTER iNTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINC3PAL AMOUNT NOT TO EXCEED $761,U00 (STORMWA'FER REVENUE) Tlle City Cotincil af the City of Dubaique, Iows, will meet oi� June 2, 2025, at 6:30 p.m., at the Historic Federal Buildiiig, 3S0 W. 6th St, Second Floor Council Chambers, for the puG�pase of instituting proceedings and taking action to enter into a loan and disburs�ment agreen�ent {the ?Agreentent?} and to borrow money thereunder in a pY�incipal amaunt not to exceed $761,000 for the pEupose of paying tlae cost, to that extent, of constructing a certain water resaurce resto�•ation praject to the bene�t of the Stormwate�� Management Utility System {t�le ?Utility?) of the City. The Agreenlent �vil] not constituCe a general obli�ation of the City, nor will it be �ayable in any mayuier by taxation, but to�ether with the Citys outstanding Storaivvater R.eve�iue Indebtedness and any additional such obligations of the City as ntay be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and oi�ly from the net revenues of the Utility. The Agreement 'ss proposed to be entered into pursuant to authority contained in Sectio�fs 3$424A 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 w�licl7 rates are determined far us�rs of the Utiiiry is set out in the City of Dubuc�ue Code of Oi'dinances Section 13-4-5. Such rates will be in�reased as necessary 6y oedinance af the City Co��ncil to make the required payments undea� the Agreement. At that tifnc and place, ora] o�� written objections n}ay be iiled or made to the proposal to entee i�lto the Agreeme�it. After receivin� objections, tlfe Ciry may determine to enter into the A�reement, in which case, the decision will be final unless appealed to the District Court within i'ifteen {15) days thereafter. By ocder of tlte City Coun�i] o€tl�e City of DubuqLEe, Ic�wa. Ada'iesl�ie Breitfelder City Clerk 1 t 4/25 Page 968 of 2490 Dubuque / 430411.21 ► Under Internal Revenue Code section 149(e) (Rev. October 2021) ► See separate Instructions. OMB No. 1545-0347 Department of the Treasury Caution: If the Issue price Is under $f 00,000, use Form 8038-GC, IntPrnPl RPVP,IIIP SPW CP ► Go to www.1m.gov/F80380 for Instructions and the latest information. If Amended Return 1 Issuer's name 2 Issuer's employer Identl8catioe number (EIN) City of Dubuque, Iowa 42.6004596 3a Name of person (other than Issuer) with whom the IRS may communicate about this return (see Instructions) 3b Telephone number of other person shown on 3a 4 Number and street (or P.O. box If mail Is not delivered to street address) Room/suite 5 Report number (For IRS Use Only) 50 W. 13th Street 13 6 City, town, or past office, state, and ZIP code 7 Date of issue Dubuque, Iowa 52001 July 25, 2025 8 Name of Issue 9 CUSIP number Stormwater Management Utility Revenue Capital Loan Note No. R•1 Series 2019 NONE 10a Name and title of officer or other employee of the Issuer whom the IRS may call for more Information 10b Telephone number of officer or other employee shown on 10a Jenny Larson, Chief Financial Officer 563589-4100 IM Type of Issue (Enter the issue price.) See the Instructions and attach schedule. 11 -Education . . . . . . . . . .. . . . . . . . . . . . . . . . . . I , 12 Health and hospital . . ... . . . . . . . . . . . . .. . . . . . . 12 13 Transportation . . . . . . .. . . . . . . . . . . . . . . . . . 13 14 Public safety . . . . . . . . . . . . . . . . . . . . . . . . .. . . 14 15 Environment (including sewage bonds) . . . . . . . . . . . . . . . . . . 15 16 Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Utilities . . . . . . . . . . . . . . .. . . . . . . . . . . "17 18 Other. Describe ► refunding 18 12 873 000 19a If bonds are TANS or RANs, check only box 19a . . . . . . . . . . . . ► ❑Mlltll b If bonds are BANS, check only box 19b . . . . . . . . . . . . . . . ► ❑ ` 20 Ifbonds are in the form of a lease or installment sale, check box► ❑ (a) Final maturity date 1b) Issue price(0) Stated redemption pflde at maturity (d) Weighted I average maturity (a) Yield 21 , 06/01/2040 $ 12,873,000 It 12,873,0001 8.093 years 1 1.0600 °/n Uses of Proceeds of Bond Issue (including underwriters' discount) 22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . . 23 Issue price of entire Issue (enter amount from line 21, column (b)) . . . . . . . 24 Proceeds used for bond issuance costs (Including underwriters' discount) 24 25 Proceeds used for credit enhancement . . . . . . . . . . 25 26 Proceeds allocated to reasonably required reserve or replacement fund 27 Proceeds used to refund prior tax-exempt bonds. Complete Part V . 27 12,873,000 28 Proceeds used to refund prior taxable bonds. Complete Part V 28 29 Total (add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . . 30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) 22 23 12,873,000 12,873,000 av! , 29 30 0 irF.lM oescriptfon of ltetunaea Isonas. complete tnis part only Tor refunuing uonus. 31 Enter the remaining weighted average maturity of the tax-exempt bonds to be refunded . . . ► 8.093 years 32 Enter the remaining weighted average maturity of the taxable bonds to be refunded . . . . ► years 33 Enter the last date on which the refunded tax-exempt bonds will be called (MM/DDNYYY) ► 07/25/2025 34 Enter the dates) the refunded bonds were Issued ► (MM/DDNYYY) 04/12/2019 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 037738 Form 6038-G (Rev. 10-2021) Form 8038-G (Rev. 10-2021) Page 2 Miscellaneous 35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) 35 36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (GIC). See instructions . . . . . . . . . . . . . . . . . . . . . . . • . 36a b Enter the final maturity date of the GIC ► (MM/DD/YYYY) c Enter the name of the GIC provider ► 37 Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans to other governmental units . . . . . . . . . . . . . . • • • • . . • 37 38a If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑✓ and enter the following information: b Enter the date of the master pool bond ► (MM/DD/YYYY) c Enter the EIN of the issuer of the master pool bond Po- d Enter the name of the issuer of the master pool bond ► See attached Schedule 1 39 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box . . . . ► ❑ 40 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . . ► ❑ 41a If the issuer has identified a hedge, check here ► ❑ and enter the following information: b Name of hedge provider ► c Type of hedge ► d Term of hedge ► 42 If the issuer has superintegrated the hedge, check box . . . . . . . . . . . . . . . . . . ► ❑ 43 If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated according to the requirements under the Code and Regulations (see instructions), check box . . . . . . . . ► ❑✓ 44 If the issuer has established written procedures to monitor the requirements of section 148, check box . . . . . ► ❑✓ 45a If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount of reimbursement . . . . . . . . . . . . . . ► b Enter the date the official intent was adopted to. (MM/DD/YYYY) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge Signature and belief, they are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to g process this return, to the person that I have authorized above. and Consent % _� ' JennyLarson CFO ' Sig'ature of Issuer's authorized representative Date Type or print name and title Paid Print/type preparer's name Pre re r s sig a Date Check El if PTIN David Drake Grossklaus ,,/(Z— 7-� -,t self-employed P01346244 Preparer Firm's name ►Dorse & Whitne LL Firm's EIN ► 41-0223337 Use Only Firm'saddress►801 Grand Avenue, Suite 4100, Des Moines, Iowa 50309 Phone no. 515-283-1000 Form 8038-G (Rev. 10-2021) SCHEDULEI TO 8038-G City of Dubuque, Iowa Stormwater Management Utility Revenue Capital Loan Note No. R-1, Series 2019 ("Series 2019 Note") EIN: 42-6004596 PART VI, Line 38d The Iowa Finance Authority (the "Authority") is the bondholder with respect to the Series 2019 Note. The Authority has agreed to reduce the interest rate on the loan, and the Issuer has amended the Series 2019 Note to reflect the lower interest rate. The modification of the Series 2019 Note resulted in a "reissuance" or current refunding of the Series 2019 Note. The Issuer has not received any new loan proceeds as a result of the current refunding. The loan to the Issuer by the Authority was made from the proceeds of another tax-exempt issue of the Authority. The Authority may determine in the future to issue tax-exempt bonds that are master pool obligations and reimburse itself for the loan of the proceeds of the above referenced bonds. To the extent that the Authority issues such master pool obligations and reimburses itself from the proceeds of such master pool obligations for the loan of the proceeds of the above referenced bonds, such reimbursement will be made on the date of issue of such master pool obligations. The EIN of the Iowa Finance Authority is 52-1699886.