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$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 1 Adrienne Breitfelder From:Newell.Megan@dorsey.com Sent:Friday, March 13, 2026 12:16 PM To:Jenny Larson Cc:Todd Irwin; Maxwell O'Brien; tpooler@independentpublicadvisors.com; Crenna Brumwell; Adrienne Breitfelder; Langer, Randy; Baker.Lauren@dorsey.com; Dholakia.Nisha@dorsey.com; hammond.emily@dorsey.com; lee.wagner@iowafinance.com; lemke.susan@DORSEY.com; Regan.Erin@dorsey.com; tony.toigo@iowafinance.com; vaught.jessica@dorsey.com; yolanda.attaway@iowafinance.com Subject:SRF Transcript (P&D) (Dubuque #23) - Sanitary Sewer Relocation (Track Line) Attachments:P&D TRANSCRIPT (Sewer Reconstruction) (Dubuque #23 2025).pdf Caution! This message was sent from outside your organization. Never give your login information and password over email! Allow sender | Block sender | Report Hello, Attached please find the closing documents for the City of Dubuque’s $500,000 SRF Sewer Revenue Planning and Design Loan, dated July 11, 2025, for the City’s records. Please let us know if you have any questions or comments. Thank you and have a great weekend ahead! Megan M. Newell Public Finance Paralegal Pronouns: She/Her DORSEY & WHITNEY LLP 801 Grand Avenue Suite 4100 | Des Moines, IA 50309-8002 P: 515.699.3294 F: 515.608.4614 Please help reduce paper and ink usage. Print only if necessary. CONFIDENTIAL COMMUNICATION E-mails from this firm normally contain confidential and privileged material, and are for the sole use of the intended recipient. Use or distribution by an unintended recipient is prohibited, and may be a violation of law. If you believe that you received this e-mail in error, please do not read this e-mail or any attached items. 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Thank you. 801 Grand Avenue | Suite 4100 | Des Moines, IA | 50309-2790 | T 515.283.1000 | dorsey.com INDEX OF BOND TRANSCRIPT $500,000 Sewer Planning & Design Loan Closing Date: July 11, 2025 City of Dubuque, Iowa 1.SRF Planning and Design Loan Application 2.Set Date Resolution (June 2, 2025), Affidavit of Publication 3.Hearing and Issuance Resolution (June 16, 2025) 4.Specimen Project Note 5.Bond Counsel Opinion 4/21/21 Iowa Finance Authority, 1963 Bell Ave, Suite 200, Des Moines, IA 50315 Planning and Design Loan Application Applicant Information Applicant: Tax ID Number: Contact Person and Title: Street Address: State: City: Zip Code: Telephone Number: County: E-Mail: Project and System Information Clean Water SRF NPDES Number: Drinking Water SRF PWSID Number: Please write a brief description of the proposed project: Is the system under any regulatory compliance order? Yes No Anticipated Construction Start Date: Anticipated Completion Date: How many people are served by the system: System Utilization for the most recent year: Number of Connections Annual Revenue Percentage of System Annual Usage Residential Commercial Industrial Other Unmetered Total City of Dubuque 42-600-4596 Jenny Larson, Director of Finance 50 W 13th Street IA Dubuque 52001 563-589-4322 Dubuque jlarson@cityofdubuque.org 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 design, permitting, and easement acquisition for the relocation of the track line sewer located between Hawthorne St and Roosevelt St. July 1, 2026 January 1, 2028 3,000 579 $88,880 3% 19 $25,711 1% --- --- --- 598 $114,591 2% 3126001 4/21/21 Iowa Finance Authority, 1963 Bell Ave, Suite 200, Des Moines, IA 50315 Anticipated Funding Information SRF construction loan? Yes No Community Development Block Grant (CDBG)? Yes No USDA-Rural Development (RD) Grant or Loan? Yes No Other Professional Consultants Project Engineer Firm: Name of Contact: Email: Phone: Bond Counsel: Name of Contact: Email: Phone: Municipal Advisor: Name of Contact: Email: Phone: This application must be accompanied by the applicants most recent financial statement. If your financial information is available online, you may just provide a link: The undersigned is duly authorized to request this loan on behalf of the Applicant. The Applicant declares under penalty of law that all facts given, and information attached are true and correct. The Applicant authorizes IFA to verify all information. Authorized Signature Date Typed Name and Title Completed application can be emailed to Iowa Finance Authority SRF Program Staff: waterquality@iowafinance.com 515 452-0400 Administrative, Financial & Legal expenses $ Engineering Planning & Design expenses $ Land (only after Environmental Review Clears) $ Archaeological/Environmental $ Equipment $ Other- $ Other- $ Total Planning and Design Costs $ Planning and Design Loan Request $ 20,000 360,000 100,000 - 20,000 - - 500,000 500,000 City of Dubuque, Engineering Department Maxwell O'Brien mobrien@cityofdubuque.org 563-589-4270 Dorsey & Whitney LLP Emily Hammond hammond.emily@dorsey.com 515-697-3636 Independent Public Advisors Tionna Pooler tpooler@independentpublicadvisors.com 515-259-8193 04/04/2025 Mike Van Milligen, City Manager   Dubuque/ 430411/1" % - Sewer Rev (Track Line Sewer Reconstruction) MINUTES TO SET DATE FOR HEARING ON ENTERING INTO A LOAN AND DISBURSEMENT AGREEMENT 430411 (N/I) 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. 6th 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: Mayor Cavanagh, Council Members Farber, Jones, Resnick, Roussell, Sprank, Wethal Absent: Other Business- - MOTION TO APPROVE RESOLUTION Council Member Roussell introduced the resolution hereinafter next set out and moved its adoption, seconded by Council Member Sprank; 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: Cavanagh, Roussell, Wethal, Shrank, Resnick, Farber, Jones Nays: Whereupon, the Mayor declared the resolution duly adopted as follows: 1- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/ 430411/1"'/z - Sewer Rev (Track Line Sewer Reconstruction) RESOLUTION NO. 192-25 Resolution to fix a date for a public hearing on proposal to enter into a Sewer Revenue Loan and Disbursement Agreement and to borrow money thereunder in a principal amount not to exceed $500,000 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 on attached outstanding debt certificate, 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 now proposes to enter into a Sewer Revenue Loan and Disbursement Agreement (the "Agreement') and to borrow money thereunder in a principal amount not to exceed 500,000, pursuant to the provisions of Section 384.24A of the Code of Iowa, for the purpose of paying the cost, to that extent, of planning, designing and constructing improvements and extensions to the Utility (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: Section 1. This City Council shall meet on June 16, 2025, at 6:30 p.m., at the Historic Federal Building, 350 W. 6ch 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 four (4) and not more than twenty (20) 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: 2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/4304ll/ls'/z-Sewer Rev(Track Line Sewer Reconshuction) NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCII'AL 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 City's 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 3- DORSEY&WffiTNEY LLP,ATTORNEYS,DES MOINES,IOWA Page 675 of 2490 Dubuque/ 430411/t'"/a - Sewer Rev (Track Line Sewer Reconstruction) 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 $3,000,000, (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 June 2, 2025. ayor Attest: City Clerk 4./ Other Business- - On motion and vote, the meeting adjourned. Mayor Attest: Z w Sa-1,J4 Clerk 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOMES, IOWA Dubuque/ 430411/11' /2 - Sewer Rev (Track Line Sewer Reconstruction) 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 Sewer Revenue Loan and Disbursement Agreement. WITNESS MY HAND this 3 day of J y , 2025. City Clerk 5- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/ 43041 1/ 1"'/2 - Sewer Rev (Track Line Sewer Reconstruction) 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: Brad Cavanagh Mayor Michael Van Milligen City Manager Jennifer Larson Chief Financial Officer Adrienne Breitfelder City Clerk Jennifer Larson City Treasurer Danny Sprank Council Member/Mayor Pro Tem Susan Farber Council Member Ric Jones Council Member David Resnick Council Member Laura Roussell , Council Member Kgty Wethal , 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 Municipal Sanitary Sewer System (the Utility"), and that the Utility has been in continuous operation by the City since its establishment as aforesaid in supplying sanitary sewer service to the City and its inhabitants. 6- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/ 430411/1"'/z - Sewer Rev (Track Line Sewer Reconstruction) 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 day of U C' , 2025. City Clerk 7- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/ 430411/1" %z - Sewer Rev (Track Line Sewer Reconstruction) 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 Municipal Sanitary Sewer System the "Utility"), except as follows: Date Type 1/13/10 SRF Sanitary Revenue 5/31/13 SRF Sanitary Revenue 08/18/10 SRF Sanitary Revenue 04/19/ 13 SRF Sanitary Revenue 03/08/19 SRF Sanitary Revenue 06/03/ 23 WQF Sanitary Revenue 9/20/24 SRF Sanitary Revenue Principal Amount Outstandin; Maturity 285, 000.00 6/1/30 1,172,000.00 6/1/31 44,755,000.00 6/1/39 1,366,000.00 6/1/33 1,781,000.00 6/1/38 204, 650.00 6/1/43 1,134, 296.77 6/1/45 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.) h WITNESS MY HAND this day, of -Ur1 , 2025. City Clerk I- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA Dubuque/ 43041 AI %z -Sewer Rev (Track Line Sewer Reconstruction) 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. WITNESS MY HAND this U fill day of/Ui f' , 2025. City Clerk Attach here the publisher's original affidavit with clipping of the notice, as published.) 9- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, 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: 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 C S'X' /" 2"' Notary Pu ]i in and for Dubuqul County, Iowa. Q nt e JANET K. PAPE oP y Commission Number 199659 v My Commission Expiress o <v ^ 121111 025 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 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 doedbyCouncilMember 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"a'/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"a'/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 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 Proj ect Note and the rights of the owners of this Proj ect Note. This Proj ect 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. 4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Page 672 of 1053 Dubuque/420411-23/2"a'/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. CITY OF DUBUQUE, IOWA By: DO NOT SIGN Mayor Attest: DO NOT SIGN City Clerk 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"a'/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 Proj ect 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 Proj ect 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 ar 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 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 SPE C I M E N 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 SPE C I M E N 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 Chief Bond Programs Director SPE C I M E N 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