$500,000 Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving Loan Fund Program), Planning and Design Loan, Track Line Sanitary Sewer Reconstruction ProjectCity of Dubuque
City Council
PUBLIC HEARINGS # 7.
Copyrighted
June 16, 2025
ITEM TITLE: Proceedings for Public Hearing on the Issuance of Not to
Exceed $500,000 Sewer Revenue Capital Loan Notes
(Interim Financing) State Revolving Loan Fund Program),
Planning and Design Loan, Track Line Sanitary Sewer
Reconstruction 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 $500,000
Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Loan Fund Program), Planning and Design Loan,
Track Line Sanitary Sewer Reconstruction Project, the
proceeds of which will be used to fund the Track Line
Sanitary Sewer Reconstruction Project, and City Manager
recommending approval.
RESOLUTION Taking additional action with respect to a
Sewer Revenue Loan and Disbursement Agreement and
authorizing, approving and securing the payment of a
$500,000 Sewer Revenue Loan and Disbursement
Agreement Anticipation Project Note (IFA Interim Loan and
Disbursement Agreement)
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. Track Line Sanitary Sewer SRF Public Hearing_MVM memo_2025_06_10
2. Track Line Sanitary Sewer SRF Public Hearing_Staff memo_2025_06_10
3. 2nd Half Hrg Iss Sewer Rev PD (Sewer Reconstruction) (Dubuque #23 2025)-v1
4. Project Note (Dubuque #23 2025)-v1
Page 663 of 1053
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 for Public Hearing on the Issuance of Not to Exceed
$500,000 Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Loan Fund Program), Planning and Design Loan, Track Line
Sanitary Sewer Reconstruction Project
DATE: June 10, 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 $500,000
Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving Loan Fund
Program), Planning and Design Loan, Track Line Sanitary Sewer Reconstruction
Project, the proceeds of which will be used to fund the Track Line Sanitary Sewer
Reconstruction Project.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three
years and have no initiation or servicing fees. The loan may be rolled into an SRF
Construction Loan or repaid when permanent financing is obtained.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the
Notes to the Iowa Finance Authority. A summary of objections received or made, if any,
should be attached to the proceedings. After all objections have been received and
considered if the Council decides to enter into the Agreement and issue the Notes, a
form of resolution follows that should be introduced and adopted, entitled "Resolution
taking additional action with respect to a Sewer Revenue Loan and Disbursement
Agreement and authorizing, approving and securing the payment of a $500,000 Sewer
Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA Interim
Loan and Disbursement Agreement)."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
Page 664 of 1053
I concur with the recommendation and respectfully request Mayor and City Council
approval.
�� k�4 ��.
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 665 of 1053
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 for Public Hearing on the Issuance of Not to Exceed $500,000
Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving
Loan Fund Program), Planning and Design Loan, Track Line Sanitary Sewer
Reconstruction Project
DATE: June 10, 2025
INTRODUCTION
The purpose of this memorandum is to provide suggested proceedings for a public hearing
on the issuance of a not to exceed $500,000 Sewer Revenue Capital Loan Notes (Interim
Financing) State Revolving Loan Fund Program, Planning and Design Loan, Track Line
Sanitary Sewer Reconstruction Project.
BACKGROUND
The adopted FY26 CIP budget includes funds to begin the design of this project utilizing
SRF funds.
DISCUSSION
This project provides for the phased relocation of 5,150 feet of the 12-inch diameter sanitary
sewer that runs along the railroad tracks from Hawthorne Street to Fengler Street. The
existing clay tile sewer that was installed in the 1920's still functions; however, the influx of
sand and proximity of the adjacent railroad tracks has increasingly made the sewer difficult
to maintain and indicates that groundwater is infiltrating into the pipe. The sewer has multiple
failing sections and is undersized from hydraulic modeling results. Proximity to the adjacent
railroad prohibits access for maintenance or rehabilitation activities. The sewer requires
relocation to City right of way, with redirection of private laterals. The project is located
adjacent to Consent Decree Sewershed 10. The funding request will provide for the initial
phase design, permitting, and easement acquisition for the relocation of the track line sewer
located between Hawthorne St and Roosevelt St.
Approved P&D loans are 0% interest for up to three years to cover the costs of engineering
to prepare facility plans and project plans & specifications. The loans are then typically rolled
into a SRF construction loan or repaid by another source of permanent financing.
Page 666 of 1053
ACTION TO BE TAKEN
I respectfully recommend the adoption of the enclosed resolutions.
Attachments
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Brian DeMoss, Finance Manager
Page 667 of 1053
DORSEY
JRSEY+WHITNEY LLP
June 10, 2025
VIA EMAIL
Jenny Larson
City Clerk/City Hall
Dubuque, Iowa
Re: $500,000 SRF Planning and Design Loan
File No. 420411-23
Dear Jenny:
We have prepared and attach proceedings to be used at the June 16, 2025, City Council meeting to enable the
Council to hold the hearing on and authorize a Sewer Revenue Loan and Disbursement Agreement (the "Agreement")
and approve the issuance of a Sewer Revenue Planning and Design Loan Project Note (the "Project Note") in connection
with the Track Line Sanitary Sewer Reconstruction Project. The proceedings attached include the following items:
1. Minutes of the June 16, 2025, meeting reflecting the hearing and providing for the adoption of a
resolution (the "Resolution") authorizing and approving the Agreement and providing for the issuance of the Project
Note.
2. Certificate attesting to the transcript.
The Project Note. Please have the Project Note signed as indicated, and return the executed Project
Note to us.
On June 16, 2025, the City Council should meet as scheduled and conduct the hearing. The minutes as drafted
assume that no objections will be filed or made. The City Council may then proceed with the adoption of the attached
Resolution.
Please return one fully executed copy of these proceedings, along with the executed Project Note, to our office
by June 23, 2025.
Please call Emily Hammond, Erin Regan, Lauren Baker, or me if you have questions.
Best regards,
John P. Danos
Attachments
cc: Crenna Brumwell
Adrienne Breitfelder
Maxwell O'Brien
Todd Irwin
Tionna Pooler
Tracy Scebold
Tony Toigo
Lee Wagner
8o3. Grand Avenue I Suite 4i00 I Des Moines, IA 150309-8002 IT 53-5.283.3-000 I dorsey.com
Page 668 of 1053
Dubuque/42041 l-23/2"`''/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
(Hearing/Issuance — Sewer Revenue)
420411-23
Dubuque, Iowa
June 16, 2025
A meeting of the City Council of the City of Dubuque, Iowa, was held on June 16, 2025,
at 6:30 p.m., at the Historic Federal Building, 350 W. 6fl' St, Second Floor Council Chambers,
Dubuque, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following Council Members present and absent: c j
Present: (1�c+ycr Crnynrnn� r Coy/1 c; f Mem6l'S ro��b�cr .ReSn�Cl\� RDUSseII� Spmok �ikTl7ce�
Absent: Coup cl! Mcrnbc r Ton e 5
• Other Business- -
PUBLIC HEARING
This being the time and place specified for holding a public hearing and taking action on
the proposal to enter into a Sewer 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 rprc\n k introduced
the following resolution and moved its adoption, se co do ed by Council Member
A p 5 01 C K . The Mayor put the question upon the adoption of said resolution, and the
roll being called, the following Council Members voted:
Ayes: We fllyd, Lavc\ncxh, Kou 5,5e 11, hP5r C
Nays:
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
-I-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/420411-23/2' Y: Hrg & Iss - P&D Sewer (Sewer Reconstruction)
RESOLUTION NO. 226-25
Resolution taking additional action with respect to a Sewer Revenue Loan and
Disbursement Agreement and authorizing, approving and securing the payment of
a $500,000 Sewer Revenue Loan and Disbursement Agreement Anticipation
Project Note (IFA Interim Loan and Disbursement Agreement)
WHEREAS, the City of Dubuque (the "City"), in Dubuque County, State of Iowa, did
heretofore establish a Municipal Sanitary Sewer System (the "Utility") in and for the City which
has continuously supplied sanitary sewer service in and to the City and its inhabitants since its
establishment; 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
Sewer Revenue bonds or notes as set forth in prior proceedings of the Council, and a portion of
such prior Sewer 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 has heretofore proposed to borrow money and enter into a Sewer
Revenue Loan and Disbursement Agreement (the "Loan and Disbursement Agreement') with the
Iowa Finance Authority (the "Lender") and to issue in accordance therewith Sewer Revenue Bonds
(the "Bonds") in a principal amount not to exceed $500,000 to provide funds to pay the costs, to
that extent, of planning, designing, and constructing improvements and extensions to the Utility
(the "Project'), and has published notice of the proposed action and has held a hearing thereon on
June 16, 2025; and
WHEREAS, it is necessary at this time to authorize and approve the issuance of a $500,000
Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA Interim Loan
and Disbursement Agreement) (the "Project Note") pursuant to the provisions of Section 76.13 of
the Code of Iowa in anticipation of the receipt of and payable from the proceeds of the Loan and
Disbursement Agreement (the "Loan Proceeds") in order to pay authorized costs in connection
with planning and designing the Project;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Dubuque, Iowa,
as follows:
Section 1. The City Council hereby covenants for the benefit of the Lender and all who
may at any time be the holder of the Project Note to enter into the Loan and Disbursement
Agreement and to issue and deliver the Bonds prior to the Maturity Date, as defined in the Project
Note, and declares that this resolution constitutes the "additional action" required by
-2-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/420411-23/2°d'/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
Section 384.24A of the Code of Iowa. The Bonds are hereby ordered to be issued at such time as
the City enters into the Loan and Disbursement Agreement.
Section 2. The Project Note in the principal amount of $500,000 is hereby authorized
to be issued to the Lender. The Project Note shall be dated as of the date of closing, shall mature
on the Maturity Date as defined in the Project Note, and shall bear interest at the rate of 0% per
annum.
The Project Note shall be executed on behalf of the City with the official manual or
facsimile signature of the Mayor and attested with the official manual or facsimile signature of the
City Clerk and shall be a fully registered instrument without interest coupons. In case any officer
whose signature or the facsimile of whose signature appears on the Project Note shall cease to be
such officer before the delivery of the Project Note, such signature or such facsimile signature
shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained
in office until delivery.
The City Clerk is hereby designated as the Registrar and Paying Agent for the Project Note
and may be hereinafter referred to as the "Registrar" or the "Paying Agent."
The City reserves the right to prepay principal of the Project Note in whole or in part on
any date prior to the Maturity Date, as defined in the Project Note, at a prepayment price equal to
the principal amount thereof prepaid.
The Project Note shall be fully registered as to both principal and interest in the name of
the owner in the records of the City kept for such purpose, after which no transfer shall be valid
unless made on said records by the City Clerk, and then only upon a written instrument of transfer
satisfactory to the City, duly executed by the registered owner or the duly authorized attorney for
such registered owner.
The City shall maintain as confidential the record of identity of owners of the Project Note,
as provided by Section 22.7 of the Code of Iowa.
Section 3. The Project Note shall be in substantially the following form:
-3-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Page 671 of 1053
Dubuque/420411-23/2°d'/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
(Form of Project Note)
UNITED STATES OF AMERICA
STATE OF IOWA
DUBUQUE COUNTY
CITY OF DUBUQUE
SEWER REVENUE LOAN AND DISBURSEMENT AGREEMENT ANTICIPATION PROJECT NOTE
(IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT)
No. 1 MAXIMUM PRINCIPAL AMOUNT: $500,000
INTEREST RATE PROJECT NOTE DATE MATURITY DATE
0% July 11, 2025 July 11, 2028
This Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA
Interim Loan and Disbursement Agreement) (the "Project Note") is issued to the Iowa Finance
Authority (the "Lender") by the City of Dubuque, Iowa (the "City"), as of the Project Note Date.
The Lender shall loan to the City an interim amount not to exceed $500,000.
The City has adopted a resolution (the "Resolution") authorizing and approving this Project
Note pursuant to the provisions of Sections 76.13 and 384.24A of the Code of Iowa, 2025, as
amended, and providing for the issuance and securing the payment of this Project Note, and
reference is made to the Resolution for a more complete statement as to the source of payment of
this Project Note and the rights of the owners of this Project Note. This Project Note, together
with any additional obligations as may be hereafter issued and outstanding from time to time under
the conditions set forth in the Resolution, shall be payable solely and only from the proceeds (the
"Loan Proceeds") of an authorized Loan and Disbursement Agreement and the corresponding
future issuance of Sewer Revenue Bonds, a sufficient portion of which have been appropriated to
the payment hereof.
The proceeds of this Project Note shall be used for the purposes set forth in the Resolution
and shall be made available to the City in the form of one or more periodic disbursements.
This Project Note shall be executed and delivered to the Lender in evidence of the City's
obligation to repay the amounts payable hereunder and shall bear interest at 0%. This Project Note
shall be payable as to principal in full on the Maturity Date (hereinafter defined) and in the total
aggregate amount drawn by the City pursuant to this Project Note, shall be subject to prepayment
in whole or in part on any date at a prepayment price equal to the principal amount hereof prepaid,
and shall contain such other terms and provisions as provided in the Resolution.
This Project Note is payable as to principal three years from the Project Note Date (the
"Maturity Date"). If the City enters into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works and Drinking Water Facilities Financing
Program by the Maturity Date, the Lender may provide for the repayment in full of this Project
Note pursuant to the terms of such Loan and Disbursement Agreement and the resolution
authorizing the Loan and Disbursement Agreement.
-4-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Page 672 of 1053
Dubuque/420411-23/2°d'/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
This Project Note is executed pursuant to the provisions of Sections 76.13 and 384.24A of
the Code of Iowa and shall be read and construed as conforming to all provisions and requirements
of the statute.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Project Note, the parties acknowledge and agree that the terms of this Project
Note shall take precedence over any such terms of the Resolution.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Project Note were and have been properly existent, had, done
and performed in regular and due form and time; and that the issuance of this Project Note does
not exceed any constitutional or statutory limitations.
IN TESTIMONY WHEREOF, the City of Dubuque, Iowa has caused this Project Note to
be executed by its Mayor and attested by its City Clerk all as of the Project Note Date.
Attest:
DO NOT SIGN
City Clerk
CITY OF DUBUQUE, IOWA
By: DO NOT SIGN
Mayor
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
-5-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Page 673 of 1053
Dubuque/420411-23/2°d'/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
Section 4. The Project Note shall be executed as herein provided as soon after the
adoption of this resolution as may be possible and thereupon shall be delivered to the Registrar for
registration and delivery to the Lender, upon receipt of the Project Note proceeds.
Section 5. The Loan Proceeds are hereby appropriated to the payment of the Project
Note and may also be appropriated to the payment of other obligations issued to pay costs of the
Project, but only to the extent that full provision has been made for the payment of principal of the
Project Note.
At its sole discretion, the City Council may appropriate to the payment of the Project Note
proceeds to be received from state or federal grants and/or income or revenues from sources to be
received and expended for the Project during the period of Project construction.
The Project Note is a limited obligation of the City payable solely and only from the Loan
Proceeds and shall not constitute a general obligation of the City, nor shall it be payable in any
manner by taxation, and under no circumstances shall the City be in any manner liable by reason
of the failure of the Loan Proceeds to be sufficient for the payment in whole or in part of the Project
Note.
Section 6. Upon a breach or default of a term of the Project Note or any Parity
Obligations and this resolution, a proceeding may be brought in law or in equity by suit, action or
mandamus to enforce and compel performance of the duties required under the terms of this
resolution and Section 76.13 of the Code of Iowa.
Section 7. The City reserves the right to issue additional obligations (the "Parity
Obligations") payable from the Loan Proceeds, and ranking on a parity with, the Project Note. The
Project Note or any Parity Obligations shall not be entitled to priority or preference one over the
other in the application of the Loan Proceeds regardless of the time or times of the issuance of such
Project Note or Parity Obligations, it being the intention of the City that there shall be no priority
among the Project Note or Parity Obligations, regardless of the fact that they may have been
actually issued and delivered at different times.
Section 8. The provisions of this resolution shall constitute a contract between the City
and the owners of the Project Note and Parity Obligations as may from time to time be outstanding,
and after the issuance of the Project Note, no change, variation or alteration of any kind of the
provisions of this resolution shall be made without prior consent of the Lender which will
adversely affect the owners of the Project Note or Parity Obligations until the Project Note and
Parity Obligations and the interest thereon shall have been paid in full.
Section 9. If any section, paragraph, clause or provision of this resolution shall be held
invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this resolution.
Section 10. All resolutions and orders or parts thereof in conflict with the provisions of
this resolution are, to the extent of such conflict, hereby repealed.
-6-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Page 674 of 1053
Dubuque/420411-23/2"''/z Hrg & Iss - P&D Sewer (Sewer Reconstruction)
Section 11. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
Passed and approved June 16, 2025.
Attest:
City Clerk `
yor
- - Other Business- -
On motion and vote, the meeting adjourned.
or
Attest:
C 2r,P� 2 *J41
City Clerk
-7-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/42041 1-23/2""/2 Hrg & Iss - P&D Sewer (Sewer Reconstruction)
ATTESTATION CERTIFICATE:
STATE OF IOWA
COUNTY OF DUBUQUE SS:
CITY OF DUBUQUE
I, the undersigned, do hereby certify that I have in my possession or have access to the
complete corporate records of the aforesaid City and of its City Council and officers and that I
have carefully compared the transcript hereto attached with the aforesaid corporate records and
that the transcript hereto attached is a true, correct and complete copy of all the corporate records
in relation to the authorization and approval of a certain Sewer Revenue Loan and Disbursement
Agreement (the "Agreement") and of a certain $500,000 Sewer Revenue Loan and Disbursement
Agreement Anticipation Project Note (IFA Interim Loan and Disbursement Agreement) (the
"Project Note") 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.
I further certify that no objections were filed in my office and no objections of any kind
were made to the matter of entering into the Agreement or issuing such Project Note at the time
and place set for hearing thereon, and that no petition of protest or objections of any kind have
been filed or made, nor has any appeal been taken to the District Court from the decision of the
City Council to enter into the Agreement or to issue the Project Note.
WITNESS MY HAND this 7 day of Jai P , 2025.
a&-e4,re 41� 4/04,
City Clerk
-8-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
UNITED STATES OF AMERICA
STATE OF IOWA
DUBUQUE COUNTY
CITY OF DUBUQUE
SEWER REVENUE LOAN AND DISBURSEMENT AGREEMENT ANTICIPATION PROJECT NOTE
(IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT)
No. 1 MAXIMUM PRINCIPAL AMOUNT: $500,000
INTEREST RATE PROJECT NOTE DATE MATURITY DATE
0% July 11, 2025 July 11, 2028
This Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA
Interim Loan and Disbursement Agreement) (the "Project Note") is issued to the Iowa Finance
Authority (the "Lender") by the City of Dubuque, Iowa (the "City"), as of the Project Note Date.
The Lender shall loan to the City an interim amount not to exceed $500,000.
The City has adopted a resolution (the "Resolution") authorizing and approving this Project
Note pursuant to the provisions of Sections 76.13 and 384.24A of the Code of Iowa, 2025, as
amended, and providing for the issuance and securing the payment of this Project Note, and
reference is made to the Resolution for a more complete statement as to the source of payment of
this Project Note and the rights of the owners of this Project Note. This Project Note, together
with any additional obligations as may be hereafter issued and outstanding from time to time under
the conditions set forth in the Resolution, shall be payable solely and only from the proceeds (the
"Loan Proceeds") of an authorized Loan and Disbursement Agreement and the corresponding
future issuance of Sewer Revenue Bonds, a sufficient portion of which have been appropriated to
the payment hereof.
The proceeds of this Project Note shall be used for the purposes set forth in the Resolution
and shall be made available to the City in the form of one or more periodic disbursements.
This Project Note shall be executed and delivered to the Lender in evidence of the City's
obligation to repay the amounts payable hereunder and shall bear interest at 0%. This Project Note
shall be payable as to principal in full on the Maturity Date (hereinafter defined) and in the total
aggregate amount drawn by the City pursuant to this Project Note, shall be subject to prepayment
in whole or in part on any date at a prepayment price equal to the principal amount hereof prepaid,
and shall contain such other terms and provisions as provided in the Resolution.
This Project Note is payable as to principal three years from the Project Note Date (the
"Maturity Date"). If the City enters into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works and Drinking Water Facilities Financing
Program by the Maturity Date, the Lender may provide for the repayment in full of this Project
Note pursuant to the terms of such Loan and Disbursement Agreement and the resolution
authorizing the Loan and Disbursement Agreement.
Page 677 of 1053
This Project Note is executed pursuant to the provisions of Sections 76.13 and 384.24A of
the Code of Iowa and shall be read and construed as conforming to all provisions and requirements
of the statute.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Project Note, the parties acknowledge and agree that the terms of this Project
Note shall take precedence over any such terms of the Resolution.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Project Note were and have been properly existent, had, done
and performed in regular and due form and time; and that the issuance of this Project Note does
not exceed any constitutional or statutory limitations.
IN TESTIMONY WHEREOF, the City of Dubuque, Iowa has caused this Project Note to
be executed by its Mayor and attested by its City Clerk all as of the Project Note Date.
CITY OF DUBUQUE, IOWA
By:
ayor
2.�-�
Attest:
City Clerk
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
Page 679 of 1053
MEMORANDUM
TO: David D. Grossklaus
CC: Erin Regan; Emily Hammond; John P. Danos; City of Dubuque
FROM: Lauren Baker
DATE: July 2, 2025
RE: City of Dubuque
$500,000 Planning and Design Loan
Our File No. 430411-23
Attached please find our opinion and the executed Sewer Revenue Loan and Disbursement
Agreement Anticipation Project Note relating to the closing of the City of Dubuque’s $500,000
SRF Planning and Design Loan on July 11, 2025.
Please notify us when closing has been completed and return a copy of the executed Project
Note to us.
UNITED STATES OF AMERICA
STATE OF IOWA
DUBUQUE COUNTY
CITY OF DUBUQUE
SEWER REVENUE LOAN AND DISBURSEMENT AGREEMENT ANTICIPATION PROJECT NOTE
IFA INTERIM LOAN AND DISBURSEMENT AGREEMENT)
No. 1 MAXIMUM PRINCIPAL AMOUNT: $500,000
INTEREST RATE PROJECT NOTE DATE MATURITY DATE
0% July 11,2025 July 11,2028
This Sewer Revenue Loan and Disbursement Agreement Anticipation Project Note (IFA
Interim Loan and Disbursement Agreement) (the "Project Note") is issued to the Iowa Finance
Authority (the "Lender") by the City of Dubuque, Iowa (the "City"), as of the Project Note Date.
The Lender shall loan to the City an interim amount not to exceed $500,000.
The City has adopted a resolution(the"Resolution")authorizing and approving this Proj ect
Note pursuant to the provisions of Sections 76.13 and 384.24A of the Code of Iowa, 2025, as
amended, and providing for the issuance and securing the payment of this Project Note, and
reference is made to the Resolution for a more complete statement as to the source of payment of
this Project Note and the rights of the owners of this Project Note. This Project Note, together
with any additional obligations as may be hereafter issued and outstanding from time to time under
the conditions set forth in the Resolution, shall be payable solely and only from the proceeds (the
Loan Proceeds") of an authorized Loan and Disbursement Agreement and the corresponding
future issuance of Sewer Revenue Bonds, a sufficient portion of which have been appropriated to
the payment hereof.
The proceeds of this Project Note shall be used for the purposes set forth in the Resolution
and shall be made available to the City in the form of one or more periodic disbursements.
This Project Note shall be executed and delivered to the Lender in evidence of the City's
obligation to repay the amounts payable hereunder and shall bear interest at 0%. This Proj ect Note
shall be payable as to principal in full on the Maturity Date (hereinafter defined) and in the total
aggregate amount drawn by the City pursuant to this Project Note, shall be subject to prepayment
in whole or in part on any date at a prepayment price equal to the principal amount hereof prepaid,
and shall contain such other terms and provisions as provided in the Resolution.
This Project Note is payable as to principal three years from the Project Note Date (the
Maturity Date"). If the City enters into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works and Drinking Water Facilities Financing
Program by the Maturity Date, the Lender may provide for the repayment in full of this Project
Note pursuant to the terms of such Loan and Disbursement Agreement and the resolution
authorizing the Loan and Disbursement Agreement.
Page 677 of 1053
This Project Note is executed pursuant to the provisions of Sections 76.13 and 384.24A of
the Code of Iowa and shall be read and construed as conforming to all provisions and requirements
of the statute.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Project Note, the parties acknowledge and agree that the terms of this Project
Note shall take precedence over any such terms of the Resolution.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Project Note were and have been properly existent, had, done
and performed in regular and due form and time; and that the issuance of this Project Note does
not exceed any constitutional or statutory limitations.
IN TESTIMONY WHEREOF, the City of Dubuque, Iowa has caused this Project Note to
be executed by its Mayor and attested by its City Clerk all as of the Project Note Date.
CITY OF DUBUQUE, IOWA
By:
ayor 2.-
Attest:
City Clerk
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
Page 679 of 1053
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:
06/06/2025
and for which the charge is 30.21
Subscribed to before me, a Notary Public in and for
Dubuque County, Iowa,
this 6th day of June, 2025
Notary Pu in and for Dubuqu County, Iowa.
Pinc JANET K. PAPE
op y Commission Number 199659
z My Commission Expires
` owls 12/11/2025
Ad text :
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT
IN A PRINCIPAL AMOUNT NOT TO EXCEED $500,000
(SEWER REVENUE)
The City Council of the City of Dubuque, Iowa, will meet on
June 16, 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
$500,000 for the purpose of paying the cost, to that extent,
of planning, designing and constructing improvements and
extensions to the Municipal Sanitary Sewer 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 Sewer Revenue
Indebtedness and any additional 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.
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 6/6