$3,400,000 Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving Loan Fund Program, Planning and Design Loan, Old Mill Phase IV Project – Catfish Creek Sewershed Improvement - South ForkCity of Dubuque
City Council
PUBLIC HEARINGS # 10.
Copyrighted
June 16, 2025
ITEM TITLE: Proceedings for Public Hearing for the Issuance of Not to
Exceed $3,400,000 Sewer Revenue Capital Loan Notes
(Interim Financing) State Revolving Loan Fund Program,
Planning and Design Loan, Old Mill Phase IV Project —
Catfish Creek Sewershed Improvement - South Fork
SUMMARY: Proof of publication on notice of public hearing to consider
City Council approval on the issuance of a not to exceed
$3,400,000 Sewer Revenue Capital Loan Notes Planning and
Design Loan, State Revolving Loan Fund Program, the
proceeds of which will be used to fund the Old Mill Phase IV
Project — Catfish Creek Sewershed Improvement - South
Fork, 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
$3,400,000 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. Old MITI Rd Phase 4 South Fork SRF Public Hearing_MVM Memo_2025_06_10
2. Old MITI Rd Phase 4 South Fork SRF Public Hearing_Staff memo_2025_06_10
3. 2nd Half Hrg & Iss Sewer Rev P&D (Old Mill Phase IV - South Fork) (Dubuque #24
2025)-v1
4. Project Note (Dubuque #24 2025)-v1
Page 708 of 1053
THE CITY OF
Dubuque
DB--'*--TEAll-Anerie�Cily
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Masterpiece on the Mississippi
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing for the Issuance of Not to Exceed
$3,400,000 Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Loan Fund Program, Planning and Design Loan, Old Mill Phase
IV Project — Catfish Creek Sewershed Improvement - South Fork
DATE: June 10, 2025
Chief Financial Officer Jennifer Larson recommends City Council approval on the
issuance of a not to exceed $3,400,000 Sewer Revenue Capital Loan Notes Planning
and Design Loan, State Revolving Loan Fund Program, the proceeds of which will be
used to fund the Old Mill Phase IV Project — Catfish Creek Sewershed Improvement -
South Fork.
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 $3,400,000
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 709 of 1053
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mich el C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
Brian DeMoss, Finance Manager
Page 710 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
AhA
AI -America City
II I.,
2007 • 2012 •2013
SUBJECT: Proceedings for Public Hearing for the Issuance of Not to Exceed
$3,400,000 Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Loan Fund Program, Planning and Design Loan, Old Mill Phase IV
Project — Catfish Creek Sewershed Improvement - South Fork
DATE: June 10, 2025
INTRODUCTION
The purpose of this memorandum is to provide suggested proceedings to set a public
hearing on the issuance of a not to exceed $3,400,000 Sewer Revenue Capital Loan
Notes (Interim Financing) State Revolving Loan Fund Program, Planning and Design
Loan, Old Mill Phase IV Project — Catfish Creek Sewershed Improvement - South Fork
Project.
�T i cW01M L I ��
The adopted FY26 CIP budget includes funds to begin the design of this project utilizing
SRF funds.
DISCUSSION
This project provides for systematic upgrades to the Catfish Creek Sanitary Interceptor
Sewer system which branches out along the South Fork Catfish creek. The sewer system
will be upsized from Old Mill Road along the South Fork Catfish Creek 6.9 miles to the
Dubuque Metropolitan Solid Waste Agency. The Catfish Creek Interceptor Sewer was
constructed circa 1960. Extending westward from the Water & Resource Recovery Center,
it has allowed for the development of nearly 2,500 acres over the last two decades which
includes residential subdivisions, the Dubuque Industrial Center West, and service to the
Dubuque Metro Solid Waste Agency. The existing sanitary sewer was identified as being at
or exceeding capacity. The funding request will provide for the design, permitting, and
easement acquisition for sewer upsizing along the South Fork interceptor from Old Mill Road
to North Cascade Road.
Page 711 of 1053
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.
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 712 of 1053
DORSEY
. JRSEY+WHITNEY LLP
June 10, 2025
VIA EMAIL
Jenny Larson
City Clerk/City Hall
Dubuque, Iowa
Re: $3,400,000 SRF Planning and Design Loan
File No. 430411-24
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 Old Mill Phase IV Project — Catfish Creek Sanitary Interceptor Sewer System South Fork. 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 713 of 1053
Dubuque/430411-24/2" % Hrg & Iss - P&D Sewer (Phase IV — South Fork)
(Hearing/Issuance — Sewer Revenue)
430411-24
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. 0 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: I�
Present: (lia covonc,,nh, coufic�' memk'er's Far6r'r, Re5nrck, RouMl� ro'nK,
Absent: (SounC i I I ' 6lyr J-oyie5
- - 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 �kjlcd introduced
the foll wing resolution and moved its adoption, seconded by Council Member
Resn; G'T . The Mayor put the question upon the adoption of said resolution, and the
roll being called, the following Council Members voted:
Ayes: GlcAcd, (0VAr)c\gh, Rou-ss 11, Resit
Nays:
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
-1-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-24/2" '/2 Hrg & Iss - P&D Sewer (Phase IV — South Fork)
RESOLUTION NO. 229-25
Resolution taking additional action with respect to a Sewer Revenue Loan and
Disbursement Agreement and authorizing, approving and securing the payment of
a $3,400,000 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 $3,400,000 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
$3,400,000 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/430411-24/2°a'/z Hrg & Iss - P&D Sewer (Phase IV — South Fork)
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 $3,400,000 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 716 of 1053
Dubuque/430411-24/2°a'/z Hrg & Iss - P&D Sewer (Phase IV — South Fork)
(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: $3,400,000
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 $3,400,000.
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 717 of 1053
Dubuque/430411-24/2°a'/z Hrg & Iss - P&D Sewer (Phase IV — South Fork)
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 718 of 1053
Dubuque/430411-24/2°a'/z Hrg & Iss - P&D Sewer (Phase IV — South Fork)
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 719 of 1053
Dubuque/43041 1-24/2" %: Hrg & Iss - P&D Sewer (Phase IV — South Fork)
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.
Mayor
Attest:
2qAei�
�t7 '
d
City Clerk
• • Other Business- -
On motion and vote, the meeting adjourned.
ayor
Attest:
a4, e�' 42aA11Pj'4-
City Clerk
-7-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-24/2"d %z Hrg & Iss - P&D Sewer (Phase IV - South Fork)
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 $3,400,000 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 _)-? ff) day of Tune 2025.
R^ �
1-,re
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: $3,400,000
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 $3,400,000.
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 722 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
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 724 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 31.35
Subscribed to efore me, a Notary Public in and for
Dubuque County, Iowa,
this 6th day of June, 2025
Notary Public i and for Dubuque County, Iowa.
0
z
/OWN
JANET K. PAPE
Commission Number 199659
My Commission Expires
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 $3,400,000
(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
$3,400,000 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
It 6/6
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
$3,400,000 Planning and Design Loan
Our File No. 430411-24
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 $3,400,000
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: $3,400,000
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 $3,400,000.
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 722 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
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 724 of 1053
1
Adrienne Breitfelder
From:Newell.Megan@dorsey.com
Sent:Friday, March 13, 2026 12:20 PM
To:Jenny Larson
Cc: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; Todd Irwin; Langer, Randy; Adrienne Breitfelder;
Crenna Brumwell; Maxwell O'Brien; tpooler@independentpublicadvisors.com
Subject:SRF Transcript (P&D) (Dubuque #24) - Old Mill Phase IV Project (Catfish Creek South
Fork)
Attachments:P&D TRANSCRIPT (Old Mill Phase IV - South Fork) (Dubuque #24 2025).pdf
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Hello again,
Attached please find the closing documents for the City of Dubuque’s $3,400,000 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.
Thank you!
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
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INDEX OF BOND TRANSCRIPT
$3,400,000 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
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 $
100,000
2,500,000
500,000
300,000
-
-
-
3,400,000
3,400,000
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"'F. -Sewer Rev (Phase IV —South Fork)
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. 6 h 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, Sprrank,
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 MINES, IOWA
Dubuque/ 43041 l/1" %: - Sewer Rev (Phase IV — South Fork)
RESOLUTION NO. 191-25
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 $3,400,000
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
3,400,000, 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. 6th St, Second Floor Council Chambers, at which time and place a
hearing will be held and proceedings will be instituted and action taken to enter into the
Agreement.
Section 2. The City Clerk is hereby directed to give notice of the proposed action on
the Agreement setting forth the amount and purpose thereof, the time when and place where the
said meeting will be held, by publication at least once, not less than 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(Phase IV—South Fork)
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT
IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,400,000
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 $3,400,000
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 660 of 2490
Dubuque/ 430411/1 "/z - Sewer Rev (Phase IV — South Fork)
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 $14,000,000, (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.
Attest:
City Clerk
Other Business- -
On motion and vote, the meeting adjourned.
Attest:
City Clerk
ayor
4-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOMES, IOWA
Dubuque/ 430411/1'" h - Sewer Rev (Phase IV — South Fork)
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 13 day of L /), f 52025.
City Clerk
5-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/ 430411/1/1 % -Sewer Rev (Phase IV — South Foric)
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 S rpankCouncilMember/Mayor Pro Tem
Susan Farber Council Member
Ric Jones Council Member
David Resnick Council Member
Laura Roussell Council Member
Katy 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" % a - Sewer Rev (Phase IV — South Fork)
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 ` (J O C , 2025.
City Clerk
7-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/ 430411/1" '/z - Sewer Rev (Phase IV — South Fork)
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.)
I/,fm
WITNESS MY HAND this day of ,TLt , 2025.
IK41
City Clerk `
1-
DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/ 430411 /1" '/ -Sewer Rev (Phase 1V —South Fork)
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 (t7 day of Z l ' 52025.
A44 _
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 31.35
Subscribed to Zore me, a Notary Public in and for
Dubuque County, Iowa,
this 6th day of June, 2025
c." Z' Paau
Notary Publ' and for Dubuque County, Iowa.
JANET K. PAPE
Commission Number 199659
My Commission Expiresvs
ow 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 $3,400,000
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
3,400,000 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
It 6/6
Dubuque/430411-24/2" % Hrg & Iss - P&D Sewer (Phase IV — South Fork) Hearing/Issuance —
Sewer Revenue) 430411-24
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. 0 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: I Present: (
lia
covonc,,nh, coufic' memk'er's Far6r'r, Re5nrck, RouMl ro'nK, Absent: (SounC
i I I ' 6lyr J-oyie5 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 kjlcd introduced the foll wing
resolution and moved its adoption, seconded by Council Member Resn; G'T .
The Mayorput the question upon the adoption of said resolution, and the roll being called,
the following Council Members voted: Ayes: GlcAcd, (0VAr)
c\gh, Rou-ss 11, Resit Nays: Whereupon, the
Mayor
declared the resolution duly adopted as hereinafter set out. 1- DORSEY & WHITNEY
LLP,
ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-24/2" '/2 Hrg & Iss - P&D Sewer (Phase IV — South Fork)
RESOLUTION NO. 229-25
Resolution taking additional action with respect to a Sewer Revenue Loan and
Disbursement Agreement and authorizing, approving and securing the payment of
a $3,400,000 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 $3,400, 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
3,400,000 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
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DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-24/2"a'/z Hrg&Iss-P&D Sewer(Phase IV—South Fork)
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 $3,400, 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:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Page 716 of 1053
Dubuque/430411-24/2"a'/z Hrg&Iss-P&D Sewer(Phase IV—South Fork)
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 PRWCIPAL AMOUNT: $3,400,000
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 $3,400, 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.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Page 717 of 1053
Dubuque/430411-24/2"a'/z Hrg&Iss-P&D Sewer(Phase IV—South Fork)
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:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Page 718 of 1053
Dubuque/430411-24/2"a'/z Hrg&Iss-P&D Sewer(Phase IV—South Fork)
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 ar 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 Proj ect Note ar Parity Obligations until the Proj ect 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.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Page 719 of 1053
Dubuque/43041 1-24/2" %: Hrg & Iss - P&D Sewer (Phase IV — South Fork) 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. Mayor
Attest:
2qAei
t7 ' d City
Clerk Other
Business- - On
motion and vote, the meeting adjourned. ayor
Attest:
a4,
e' 42aA11Pj'4- City
Clerk 7-
DORSEY &
WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA
Dubuque/430411-24/2"d %z Hrg & Iss - P&D Sewer (Phase IV - South Fork) 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 $3,400,000 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 _)-? ff) day
of
Tune 2025. R^ 1-,
re
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: $3,400,000
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 $3,400,000.
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.
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SPE
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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
Attest:
City Clerk
SPE
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IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
IOWA FINANCE AUTHORITY
By:
Its:
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Chief Bond Programs Director
SPE
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