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Bond Sale America's River ProjMEMORANDUM November 15, 2001 TO: FROM: SUBJECT: The Honorable Mayor and City Council Members Michael C. Van Milligen, City Manager Bond Sale to Support America's River Project Administrative Services Manager Pauline Joyce recommends the sale of twenty-year General Obligation Bonds to support the America's River project in the amount of $12,360,000, and that a public hearing be set for December 3, 2001. The Vision Iowa Board made their $40 million grant contingent on the entire project being built and the City issuing $12,360,000 in debt. The public hearing for the issuance of the General Obligation Bonds was held May 7, 2001. The $12,360,000 for the America's River project can be sold as essential corporate purpose General Obligation Bonds. The debt will be paid with a combination of tax increment financing and gaming revenues, with no property tax increase. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Pauline Joyce, Administrative Services Manager CITY OF DUBUQUE, IOWA MEMORANDUM November 15, 2001 TO: FROM: SUBJECT: Michael C. Van Milligen, City Manager Pauline Joyce, Administrative Services Manager Bond Sale to Support America's River Project The purpose of this memorandum is to recommend the sale of twenty year General Obligation Bonds to support the America's River Project in the amount of $12,360,000. The Vision Iowa Board made their $40 million grant contingent on the entire project being built and the City issuing $12,360,000 in debt. The public hearing for the issuance of the General Obligation Bonds was held May 7, 2001. The $12,360,000 for the Amedca's River Project can be sold as essential corporate purpose General Obligation Bonds. The debt will be paid with a combination of tax increment financing and gaming revenues, with no property tax increase. The bonds will be issued with two series. One series will close on or about December 27, 2001 in the amount of $9,500,000 which will provide for bank qualification. The second series in the amount of $2,860,000 will close on or about January 9, 2002 and will also be bank qualified. Bank qualified bonds should provide more favorable interest rates for the City. The requested action steps for City Council are: (1) to adopt the attached resolution fixing the date for December 3, 2001 for a meeting on the proposition of selling $9,500,000 in General Obligation Bonds (for an essential corporate purpose) of Dubuque, Iowa, closing on the bonds will be on or about December 27, 2001, and providing for publication of notice thereof; and (2) to adopt the attached resolution fixing the date for December 3, 2001 for a meeting on the proposition of selling $2,860,000 in General Obligation Bonds (for an essential corporate purpose) of Dubuque, Iowa, closing on the bonds will be on or about January 9, 2002, and providing for publication of notice thereof. cc: Ken TeKippe, Finance Director AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. ATTORNEYS AT LAW KENNETH H. HAYNIE WILLIAM J. NOTH JOHN F. MCKiN NEY, IR. DAVID SWJNTON 100 COURT AVENUE, RICHARD G. SANTI LINDA L KNIEP EDGAR H. BITTLE JOHN D. HINTZE SUITE 600 RONALD L. SUTPHIN PETER. PASHLER DES MOINES, IOWA LANCE A. COPPOCK IVAN T. WEBgER 50309-2231 DAVID H. LUGINBILL JANE B. MCALDSTER STEVEN L. 5ERCK OF COUNSEL STEV£N M. NADEL PAUL F. AHLER5 ELIZABETH A. GROB H. RICHARD SMITH IENN~FER A. CLENDENIN ROBERT G. ALLBEE PATRICIA A. WESTEMEYER DOUGLAS R, SMITH NATHAN ]. OVERBERG DANIELLE I. LATHAM lAMES R. WAINWR]GHT November 15, 2001 Ms. Pauline J. Joyce Director of Administrative Services City of Dubuque 50 W. 13th Street Dubuque, Iowa 52001 RE: $9,500,000 General Obligation Bonds, Series 2001 $2,860,000 General Obligation Bonds, Series 2002 Dear Ms. Joyce: With this letter I am enclosing two resolutions directing the advertisement of the above Bonds for sale, and the forms of Notice of Sale. The Notices of Bond Sale must be published at least one time. The sale may be held at any time; but not less than four nor more than twenty days following the date of the last publication. An extra copy of each Notice is enclosed for use by the newspaper. Extra copies of the proceedings are enclosed to be filled in as the original and certified back to this office, together with publisher's affidavit covering publication of the Notices of Bond Sale. A certificate to attest the proceedings is also enclosed. If any questions arise, please keep me advised. Yours very truly, William J. Noth WJN:dc encl. cc: Ken Te Kippe (w/encl.) Barry Lindahl (~v/encl.) David Dirks (w/encl.) DCORNELLL300881\1\ 104422057 William J. Noth FOR THE FIRM CIG-18 2-91 STATE OF IOWA ) )ss COUNTY OF DUBUQUE ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF BOND SALE $9,500,000 GENERAL OBLIGATION BONDS, SERIES 2001 of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: ,2001 WITNESS my officialsignature a Dubuque, Iowa, this .,2001. day of (SEA ) DCORNELL~300§§2\ 1 \ 10422057 City Clerk CIG-18 2-91 STATE OF IOWA ) )ss COUNTY OF DUBUQUE ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF BOND SALE $9,500,000 GENERAL OBLIGATION BONDS, SERIES 2001 of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: ,2001 WITNESS my officialsignature ~ Dubuque, Iowa, this .2001. day of (SEAL) DCORNELL~300882\I \ 10422057 City Clerk (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: ,2001. Time of Meeting: o'clock .M. Place of Meeting: Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: $9,500,000 General Obligation Bonds, Series 2001 · Resolution directing the advertisement for sale. Such additional matters as are set forth on the additional (number) page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa ,2001 The City Council of Dubuque, Iowa, met in Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at __ the above date. There were present Mayor following named Cotmcil Members: session, in the o'clock __.M., on , in the chair, and the Absent: Council Member Datri c i a C l i ne introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $9,500,000 GENERAL OBLIGATION BONDS, SERIES 2001" and moved its adoption. Council Member Dan Nicholson seconded the Resolution to adopt. The roll was called and the vote was, AYES: Robbins, Buol, Cline, Duggan, Markham, Michalski, N~cholson NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 499-01 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $9,500,000 GENERAL OBLIGATION BONDS, SERIES 2001 WHEREAS, the City of Dubuque, Iowa, is in need of funds to pay costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public infrastructure improvements in support of the America's River project, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of $9,500,000 as authorized by Section 384.25 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.24 this Council has held a public meeting and hearing on May 7, 2001, upon the proposal to institute proceedings for the issuance of not to exceed $12,500,000 General Obligation Bonds; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26 of said Code; and it is the decision of the Council that additional action be taken for the issuance of $9,500,000 General Obligation Bonds, Series 2001, and that such action is considered to be in the 2 best interests of said City and the residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Bonds hereinafter described be offered at public sale, pursuant to advertisement as required by law. Section 2. That the Clerk is hereby directed to publish notice of sale of said Bonds at least once, the last one of which shall be not less than four nor more than twenty days before the date of the sale. Publication shall be made in the Telegraph Herald, a legal newspaper, printed wholly in the English language, published within the county in which the Bonds are to be offered for sale or an adjacent county. Said notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 3rd day of December ,2001, at 6:30 o'clock __~P.M., will hold a meeting to receive and act upon bids for said Bonds; said notice to be in substantially the following form: NOTICE OF BOND SALE Time and Place of Sealed Bids: Sealed bids for the sale of Bonds of the City of Dubuque, Iowa, will be received at the office of the Finance Director, in the City of Dubuque, Iowa (the "Issuer") at o'clock .M., on the day of ,2001. The bids will then be publicly opened and referred for action to the meeting of the City Council as stated below. Sale and Award: The sale and award of the Bonds will be held at the Auditorium, Carnegie-Stout Public Library at a meeting of the City Council on the above date at o'clock .M. The Bonds: The Bonds to be offered are the following: GENERAL OBLIGATION BONDS, SERIES 2001, in the amount of $9,500,000, to be dated December 15, 2001 (the "Bonds"). Official Statement: The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid Form, which is incorporated by reference as a part of this notice. The Official Statement may be obtained by request addressed to the City Clerk, 50 W. 13th Street, Dubuque, Iowa 52001 (telephone: 563/589-4100) or the financial advisor to the City, Evensen-Dodge, Inc., 100 Court Avenue, Suite 203, Des Moines, Iowa 50309 (telephone: 515/282-6138). Terms of Offering: All bids shall be in conformity with and the sale shall be in accord with the Terms of Offering as set forth in the Official Statement. Legal Opinion: Said Bonds will be sold subject to the opinion ofAhlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not examine or review or express any opinion with respect to the accuracy or completeness of documents, materials or statements made or furnished in connection with the sale, issuance or marketing of the Bonds. Rights Reserved: The right is reserved to reject any or all bids, and to waive any irregularities as deemed to be in the best interests of the public. By order of the City Council of the City of Dubuque, Iowa. 4 City Clerk of the City of Dubuque, Iowa (End of Notice) 5 PASSED AND APPROVED this 19th day of November ,2001. /s/ Terrance M. Duggan, Mayor ATTEST: /s/ Jeanne F. Schneider, City Clerk 6 CIG-3 9/91 CERTIFICATE STATE OF IOWA COUNTY OF DUBUQUE ) )ss I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a tree and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a tree and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local roles of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and ,vith members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this day of ~ 2001. SEAL DCORNELL~300877~i\10422057 City Clerk, Dubuque, Iowa 7 CIG-18 2-91 STATE OF IOWA ) )SS COUNTY OF DUBUQUE ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF BOND SALE $2,860,000 GENERAL OBLIGATION BONDS, SERIES 2002 of which the clipping annexed to the publisher's affidavit hereto attached is in wo~ds and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed ,vholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: ,2001 WlTNESS my official signature ~ Dubuque, Iowa, this _,2001. day of (SEAL) City Clerk DCORNELLX300882\i\10422057 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: Date of Meeting: Time of Meeting: Place of Meeting: The City Council of Dubuque, Iowa. , 2001. o'clock .M. Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: $2,860,000 General Obligation Bonds, Series 2002 · Resolution directing the advertisement for sale. Such additional matters as are set forth on the additionalpage(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa ,2001 The City Council of Dubuque, Iowa, met in Auditorium, Carnegie-Stout Public Library, Dubuque, Io~va, at __ the above date. There were present Mayor following named Council Members: session, in the o'clock __.m., on ~ in the chair, and the Absent: Council Member Patri cia C 1 i ne introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $2,860,000 GENERAL OBLIGATION BONDS, SERIES 2002" and moved its adoption. Council Member Dan Ni chol son seconded the Resolution to adopt. The roll was called and the vote was, AYES: Robbins, Buol, Cline, Duggan, Markham, Michalski, Nicholson NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 500-01 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $2,860,000 GENERAL OBLIGATION BONDS, SERIES 2002 WHEREAS, the City of Dubuque, Iowa, is in need of funds to pay costs of the aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Ice Harbor Urban Renewal District, including those costs associated with the acquisition and construction of parking improvements and site development for the Mississippi River National Education and Conference Center, and the construction, development, improvement and beautification of the banks and other areas adjacent to flood control improvements in said District, including construction of riverwalk, streetscape and lighting improvements, rehabilitation and conservation of historic structures, and construction of boat docking, harbor, parking and related public in~astmcmre improvements in support of the America's River project, essential corporate purpose projects, and it is deemed necessary and advisable that the City issue general obligation bonds for said purpose to the amount of $2,860,000 as authorized by Section 384.25 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.24 this Council has held a public meeting and hearing on May 7, 2001, upon the proposal to institute proceedings for the issuance of not to exceed $12,500,000 General Obligation Bonds; and no petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26 of said Code; and it is the decision of the Council that additional action be taken for the issuance of $2,860,000 General Obligation Bonds, Series 2002, and that such action is considered to be in the best interests of said City and the residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the Bonds hereinafter described be offered at public sale, pursuant to advertisement as required by law. Section 2. That the Clerk is hereby directed to publish notice of sale of said Bonds at least once, the last one of which shall be not less than four nor more than twenty days before the date of the sale. Publication shall be made in the Telegraph Herald, a legal newspaper, printed wholly in the English language, published within the county in which the Bonds are to be offered for sale or an adjacent county. Said notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 3rd . day of December ,2001, at 6:30 o'clock ?~.M., will hold a meeting to receive and act upon bids for said Bonds; said notice to be in substantially the following form: NOTICE OF BOND SALE Time and Place of Sealed Bids: Sealed bids for the sale of Bonds of the City of Dubuque, Iowa, will be received at the office of the Finance Director, in the City of Dubuque, Iowa (the "Issuer") at o'clock .M., on the day of ,2001. The bids will then be publicly opened and referred for action to the meeting of the City Council as stated below. Sale and Award: The sale and award of the Bonds will be held at the Auditorium, Carnegie-Stout Public Library at a meeting of the City Council on the above date at o'clock .M. The Bonds: The Bonds to be offered are the following: GENERAL OBLIGATION BONDS, SERIES 2002, in the amount of $2,860,000, to be dated December 15, 2001 (the "Bonds"). Official Statement: The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid Form, which is incorporated by reference as a part of this notice. The Official Statement may be obtained by request addressed to the City Clerk, 50 W. 13th Street, Dubuque, Iowa 52001 (telephone: 563/589-4100) or the financial advisor to the City, Evensen-Dodge, Inc., 100 Court Avenue, Suite 203, Des Moines, Iowa 50309 (telephone: 515/282-6138). Terms of Offering: All bids shall be in conformity with and the sale shall be in accord with the Terms of Offering as set forth in the Official Statement. Legal Opinion: Said Bonds will be sold subject to the opinion ofAhlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys ~vill not examine or review or express any opinion with respect to the accuracy or completeness of documents, materials or statements made or furnished in connection with the sale, issuance or marketing of the Bonds. Rights Reserved: The right is reserved to reject any or all bids, and to waive any irregularities as deemed to be in the best interests of the public. By order of the City Council of the City of Dubuque, Iowa. City Clerk of the City of Dubuque, Iowa (End of Notice) PASSED AND APPROVED this 19th day of November, 2001. /s/ Terrance M. Duggan, Mayor ATTEST: /s/ Jeanne F. Schneider, City Clerk Clerk 19th day of November ,2001. 6 CIG-3 9/91 CERTIFICATE STATE OF IOWA COUNTY OF DUBUQUE ) )ss I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a tree and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a hue and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meet'mg and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this day of ,2001. SEAL DCORNELLX300880\l\ 10422057 City Clerk, Dubuque, Iowa CIGq8 2-91 STATE OF IOWA ) ) ss COUNTY OF DUBUQUE ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF BOND SALE $2,860,000 GENERAL OBLIGATION BONDS, SERIES 2002 of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: ,2001 WITNESS my officialsignamre at Dubuque, Iowa, this ~ 2001. day of (SEAL) City Clerk DCORNELLX300882\ 1\l 0422057