Bond Sale - America's River ProjectMEMORANDUM
November 29, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Bond Sale to Support Amedca's River Project Components
The sale of General Obligation Bonds to support Amen'ca's River Project Components
will be held Monday, December 3, 2001, at 11:00 a.m. The results will be brought to the
December 3 City Council meeting.
MCVM/jh
Attachment
CC:
Mich illigen' ~
Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
December 3 ,2001
The City Finance Director of Dubuque, Iowa, met in the City Hall, Dubuque,
Iowa, at 11: 00 o'clock ~.M., on the above date, to open sealed bids received and to
refer the sale of the Bonds to the best and most favorable bidder for cash, subject to
approval by the Ci~ Council at 6:30 o'clock .__~_P.M. on the above date.
The following persons were present:
Michael Van Milligen, Kenneth TeKippe, Dawn Lang,
Jeanne Schneider
Dave Dirks and Jason Toomey
-1-
This being the time and place for the opening of bids for the sale of $9,500,000
General Obligation Bonds, Series 2001, the meeting was opened for the receipt of bids
for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
US Bancorp Piper Jaffray
RBC Dain Rauscher, Inc.
Harris Trust & Savigns Bank
Morgan Stanley Dean Witter
Stephens, Inc.
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
Whereupon the Finance Director declared the time for filing of sealed bids to be
closed.
Whereupon, the Finance Director declared the sealed bids be opened. The sealed
bids were opened and the best sealed bid was as follows:
Name&AddressofBidder: US Bancorp Piper Jaffray - Minneapolis, MN
Net Interest 1Late: 4.6852%
Net Interest Cost: $5,471,154.86
Whereupon, all bids were referred to the Council for action in accordance with the
Notice of Sale.
-2-
December 3 ,2001
The City Council of Dubuque, Iowa, met in Regul ar session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6:30 o'clock P__.M.,
on the above date. There were present Mayor Terrance lq. Duggan , in the
chair, and the following named Council Members:
Roy Buol, Patricia Cline (electronically), John Markham,
Ann Michalski, Dan Nicholson, Jo'e Robbins
Absent: None
-3-
Council Member ~,~i c ha ] s k 5 introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $9,500,000 GENERAL
OBLIGATION BONDS, SERIES 2001" and moved its adoption. Council Member
Ni cho] son seconded the motion to adopt. The roll was called and
the vote was,
AYES: Buol, Cline, Duggan, Markham, Michalski,
Nicholson, Robbins
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION No. 519-01
RESOLUTION DIRECTING SALE OF $9,500,000
GENERAL OBLIGATION BONDS, SERIES 2001
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
Bidder: US 8ancorp Piper Jaffray
$9,500,000GENERALOBLIGATIONBONDS, SERIES 2001:
of Minneapolis, MN
the terms of said bid being:
Purchase Price: $ 9, 405,000
Net Interest Rate: 4. 6852
Net Interest Cost $ 5,471,154.86
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
-4-
Section 1. That the bid for the Bonds as above set out is hereby determined to be
the best and most favorable bid received and, Said Bonds are hereby awarded based on
said bid.
Section 2. That the statement of information for Bond bidders and the form of
contract for the sale of said Bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of
the Clerk and Finance Director done in furtherance of the sale of said Bonds are hereby
ratified and approved.
PASSED AND APPROVED, this __
ATTEST:
4th day of December ,2001.
Mayor
~C~ty Clerk
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 true 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 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
4th . day of December ~ 2001.
(~4~ity Clerk, Dubuque, Iowa
SEAL
DCOP,.NELL~301755M \10422057
-6-
December 3 ,2001
The City Finance Director of Dubuque, Iowa, met in the City Hall, Dubuque,
Iowa, at 11: 00 o'clock A.M., on the above date, to open sealed bids received and to
refer the sale of the Bonds to the best and most favorable bidder for cash, subject to
approval by the City Council at 6:30 o'clock P.M. on the above date.
The following persons were present:
Michael Van Milligen, Kenneth TeKippe, Dawn Lang,
Jeanne Schneider
Dave Dirks, Jason Toomey
-1-
This being the time and place for the opening of bids for the sale of $2,860,000
General Obligation Bonds, Series 2002, the meeting was opened for the receipt of bids
for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
US Bancorp Piper Jaffray Minneapolis, MN
Morgan Stanley Dean Witter Chicago, IL
RBC Dain Rauscher, Inc, Chicago, IL
Whereupon the Finance Director declared the time for filing of sealed bids to be
closed.
Whereupon, the Finance Director declared the sealed bids be opened. The sealed
bids were opened and the best sealed bid was as follows:
Name&AddressofBidder: US Bancorp Piper Oaffray, Minneapolis, ~qN
Net Interest Rate: 4. 7251
Net Interest Cost: $1,612, 104.15
Whereupon, all bids were referred to the Council for action in accordance with the
Notice of Sale.
-2-
December 3 ,2001
The City Council of Dubuque, Iowa, met in Regul ar session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6:30 o'clock P.M.,
on the above date. There were present Mayor lerrance M. Duggan , in the
chair, and the following named Council Members:
Buol, Cline (electronically), Markham,
Michalski, Nicholson, Robbins
Absent: None
-3-
'Council Member Mi cha I ski introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $2,860,000 GENERAL
OBLIGATION BONDS, SERIES 2002" and moved its adoption. Council Member
Ni chol son seconded the motion to adopt. The roll was called and
the vote was,
AmS: Buol, Cline, Duggan, Markham,
Michalski, Nicholson, Robbins
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 520-01
RESOLUTION DIRECTING SALE OF $2,860,000
GENERAL OBLIGATION BONDS, SERIES 2002
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
$2,860,000 GENERAL OBLIGATION BONDS, SERIES 2002:
Bidder: US Bancorp Piper Jaffray
of Minneapolis, MN
the terms of said bid being:
Purchase Price: $ 2,831,400
Net Interest Rate: 4.7251 %
Net Interest Cost $ 1,612, 104, 15
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
section I. That the bid for the Bonds as above set out is hereby determined to be
the best a~.d most favorable bid received and, said Bonds are hereby awarded based on
said bid.
Section 2. That the statement 0finformation for Bond bidders and the form of
contract for the sale of said Bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale o£the Bonds heretofore given and all acts of
the Clerk and Finance Director done in furtherance of the sale o£said Bonds are hereby
ratified and approved.
PASSED AND APPROVED, this
ATTEST:
~C~ty Clerk
3rd day of December
Mayor ~~~
,2001.
-5-
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 true 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 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
4~:h day of December ,2001.
~21~ty Clerk, Dubuque, Iowa
SEAL
DCORNELL~301754\I \I 0422057
-6-
MEMORANDUM
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 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.
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
· AItLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
ATTORNEYS AT LAW KENNETH H~ HAYNIE WILLIAM J. NOTH STEVEN L SERCK OF COUNSEL
JOHN F. MCKIN NEY, IR. DAVID SW[NTON 5TEVEN M. NADEL PAUL F. AHLERS
100 COURT AVENUE, RICHARD G. SANTI LINDA L. KNIEP ELIZABETH A. GROB H. RICHARD SMITH
EDGAR H. B~fLE JOHN D. HINTZE JENNIFER A. CLENDENIN ROBERT G. ALLBEE
SUITE 600 RONALD L SUTPHIN PETER PASHLER PATRICIA A, WESTEMEYER DOUGLAS R. SMITH
DES MOiNES, IOWA LANCE A. COPPOCK [VAN T, WEBBER NATHAN J. OV£RBERG
50309-2231 DAV[D H. LUGINglLL )ANE B. MCALLISTER DANIE LLE J. LATHAM
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,
WJN:dc
encl.
cc: Ken Te Kippe (w/encl.)
Barry Lindahl (w/encl.)
David Dirks (w/encl.)
DCORNELL~300SS 1\I\104422057
William J. Noth
FOR THE FIRM
AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE, SUITE 600
DES MOiNES, IOWA 50309-2231
htlp:ZA~nvw.ah]erslaw.com
TELEPHONE 515-243 7611
TELECOPIER 515-243-2149
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
FOR THE FIRM
WJN:dc
encl.
CC:
Ken Te Kippe (w/encl.)
Barry Lindahl (w/encl.)
David Dirks (w/encl.)
BCORNELL~300881 \1\104422057
MEMORANDUM
November 29, 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 Components
The sale of General Obligation Bonds to support America's River Project Components
will be held Monday, December 3, 2001, at 11:00 a.m. The results will be brought to the
December 3 City Council meeting.
Mich/a~ i~C Van~Mi,~ '/~J~
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
City Clerk's Office
c~y HaU
50 West 13ffi Sb'eet
Dubuque, Iowa 520014864
(563) 589-4120 office
(563) 589-0890 fax
ctyde~k~ityofdubuque.org
December 4, 2001
Bill Noth
Attorney-at-Law
100 Court Avenue, Suite 600
Des Moines IA 50309-2231
RE:
City of Dubuque, Iowa
$9,500,000 General Obligation Bonds, Series 2001
$2,860,000 General Obligation Bonds, Series 2002
Dear Bill:
Enclosed find the executed documents regarding the issuance of the $9,500,000 and
$2,860,000 General Obligation Bonds. Included are:
1. Notice and call of Public Meeting (November 19, 2001) with attached
agenda.
2. Certified copy of Resolution #499-01 and Resolution #500-01 Directing the
advertisement for sale.
3. Notice of Bond Sale with publisher's affidavit attached.
4. Notice and call of Public Meeting (December 3, 2001) with attached agenda.
5. Certified copy of Resolution #519-01 and Resolution #520-01 Directing sale.
Hopefully, everything is in order. Please contact me if I have missed anything or there
are any problems wEh the attached.
Sincerely,
Jeanne F. Schneider
City Clerk
CC:
Pauline Joyce, Administrative Services Manager
Ken TeKippe, Finance Director
MEMORANDUM
November 30, 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 Components
This is to advise that the general obligation bond sale is Monday, December 3, at 11:00
a.m. We will be bringing the results and a recommendation to the City Council meeting.
Attached is the official statement being used for the issuance of the bonds.
You will see from the attached correspondence from Moody's that the City has retained
the enviable Aa3 rating.
Micl~ael'~. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
MOODY'S ASSIGNS Aa3 RATING TO THE CITY OF DUBUQUE (IA) G.O. BONDS,
SERIES 2001
AND SERIES 2002
$24.8 MILLION OF DEBT AFFECTED
Dubuque (City of) IA
Municipality
Iowa
Moody's Rating
Issue Rating
General Obligation Bonds,
Sale Amount
Expected Sale Date
Rating Description
Series 2001
$9,500,000
12/03/01
General Obligation Unlimited Tax
Aa3
General Obligation Bonds,
Sale Amount
Expected Sale Date
Rating Description
Series 2002
$2,860,000
12/03/01
General Obligation Unlimited Tax
Aa3
NEW YORK, November 30, 2001 -- Moody's Investors Service assigns a Aa3 rating,
with a stable outlook, to the City of Dubuque, Iowa's $9,500,000 General Obligation
Bonds, Sedes 2001 and $2,860,000 General Obligation Bonds, Series 2002. At this
time, we also affirm the Aa3 rating on the city's $12.4 million in general obligation padty
debt. The bonds, which are secured by the general obligation, unlimited tax pledge of
the city, will be used to finance vadous projects related to the Mississippi River National
Education and Conference Center, and public improvements in the Port of Dubuque.
The Aa3 rating reflects the city's moderate tax base growth, sound financial operations,
as well as a below average level of rapidly retired debt.
STABLE, DIVERSE LOCAL ECONOMY; AMERICA'S RIVER PROJECT EXPECTED
TO DRIVE NEAR-TERM GROW'FH
Moody's anticipates that the city's tax base will continue to grow at a moderate rate,
despite residential rollbacks and the phaseout of machinery and equipment, due to
ongoing construction in the commercial and residential sectors, including the America's
River Project. Located on the Mississippi River in northeast Iowa, near the Iowa- Illinois-
Wisconsin border, Dubuque serves as the trade and service center for a large tri-state
region. The city has important manufacturing, institutional and tourism sectors; tourism is
expected to be augmented through the America's River Project. Full valuation of the city
has increased at an annual average rate of 3.5% over the last five years while the city's
taxable value has increased at 2.5% due to residential rollbacks and the phaseout of
machinery and equipment, which limit the amount of property values eligible for taxation.
Moody's believes that the rollbacks and phaseout will not significantly impact the city's
property tax base due to new growth in the commercial, residential and industrial
sectors. Wealth indices approximate state averages and include a full value per capita of
$37,065. The September 2001 Dubuque County unemployment rate of 4.2% was above
the state average.
Future growth of the city's tax base is expected to be aided by the development of the
America's River project. The project seeks further major development of the city's
dverfront along the Mississippi River. The total project cost is $118 million and will be
funded by a combination of private sources, state and federal grants, pay-go financing,
and the current bond issue. Upon completion, the development will include a 700,000
square-foot interpretive museum, an 18-mile bike/hike trail system, and a 1,000 person
public amphitheater. In addition, the developments will be supported by a new $22
million hotel with an indoor water park as well as a new multi-million office building for
Durrant Architects. Moody's believes that the developments are likely to spur additional
toudst and economic activity, despite a national economic slowdown, given an expected
regional draw rather than a dependency on visitors ardving by air travel.
SOUND FINANCIAL OPERATIONS WITH HEALTHY RESERVES
Moody's believes that the city's financial position will remain sound given prudent fiscal
management. The city experienced large operating surpluses in the past three fiscal
years, mostly due to increases in gaming revenues. In addition to steady rent payments
from the gaming concerns, the city also receives payments that are tied to the business's
profits. In FY 2000, the city received just under $8.3 million, accounting for 23.9% of
General Fund revenues. Concern of dependence on this vulnerable revenue stream is
mitigated in that approximately 88% of these monies are devoted to capital projects. In
addition to the strong growth in gaming revenues, tight expenditure control has also
allowed the city to build its General Fund reserve to a level of $19.2 million or 55.6% of
General Fund revenues, of which almost $15 million is undesignated. Although the city is
taxing at its General Fund levy limit of $8.10, it has some revenue raising flexibility in
that approximately 1.71 mills currently covered by the levy can be taxed outside the limit.
Moody's believes that the maintenance of a strong General Fund balance helps to offset
the vulnerability of swings in vadable gaming revenues and enhances the limitation on
financial flexibility posed by tax rate caps, and thus will remain a key factor in future
analyses.
LOW DEBT BURDEN WITH AVERAGE PAYOUT; LACK OF FUTURE BORROWING
The overall debt burden is Iow at 1.5%, as the city has been an infrequent debt issuer.
Direct debt burden is slightly below average, also at 1.5%, primarily as a result of the
current issue. Water and sewer revenues, parking fees and tax increment financing
distdct revenues all contribute to debt service, mitigating the impact on the general
property tax levy. The city's general obligation debt is scheduled for approximately
average payout with 45.9% of principal retired within ten years. City administration does
not anticipate the issuance of a substantial amount of additional debt in the near-term.
KEY STATISTICS
2000 population: 57,686
FY 2001 full valuation: $2.1 billion
FY 2001 full value per capita: 37,065
Debt burden: 1.5%
Retirement of principal (10 years): 45.6%
FY 2000 Undesignated General Fund balance: $14.96 million (43.3% of General Fund
revenues)
ANALYSTS:
Patrick Williams, Analyst, Public Finance Group, Moody's Investors Service
Iliana Pappas, Backup Analyst, Public Finance Group, Moody's Investors Service
James Mintzer, Senior Credit Officer, Public Finance Group, Moody's Investors Service
CONTACTS:
Journalists: (212) 553-0376
Research Clients: (212) 553-1625
NEW ISSUES: FULL BOOK-ENTRY
OFFICIAl, STATEMENT
$9,500,000
General Obligation Bonds, Series 2001
(the "Series 2001 Bonds")
and
$2,860,000
General Obligation Bonds, Series 2002
(the "Series 2002 Bonds")
(Both issues collectively referred to as the "Obligations")
City of Dubuque, Iowa
BIDS RECEIVED:
BIDS CONSIDERED:
Monday, December 3, 2001 until 11:00 A.M. Central Time
City Hall
50 West Thirteenth Street
Dubuque, Iowa 52001-4864
Monday, December 3, 2001
Carnegie-Stout Public Library, Dubuque, Iowa
The date of this Official Statement is November 27, 2001.
NEW ISSUE: BOOK-ENTRY ONLY RATING: APPLIED FOR (MOODY'S)*
THIS OFFICIAL STATEMENT CAN BE FOUND ON THE WORLD WIDE WEB AT: ~,WvX~V'.EX,~q~NS ENqDO D G E.C O M
Assuming compliance with certain covenants, in the opinion of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Bond Counsel, interest
on the Series 2001 Bonds is not included irt gross income for purposes of present federal income taxes, to the extent and subject to certain
exemptions as described more fully under the caption "Tax Exemption ' herein. (See "Tax Exemption ".)
OFFICIAL STATEMENT
$9,500,000
GENERAL OBLIGATION BONDS, SERIES 2001
CITY OF DUBUQUE
DUBUQUE COUNTY, IOWA
Bonds Dated: December 15, 2001 Principal Due: June 1, 2005/2021
Minlmtlln Bid: $9,405,000 (99.0% of par) Good Faith Deposit: $95,000
The $9,500,000 General Obligation Bonds, Series 2001 (the "Series 2001 Bonds") of the City of Dubuque, Iowa (the "City" or
"issuer") are issued pursuant to Chapter 384 of the Code of Iowa, for the purpose of financing various projects associated with the
development of the Mississippi River National Education and Conference Center, and public improvements in the Port of
Dubuque. The Series 2001 Bonds are general obligations of the City. All taxable property in the territory of the City is subject to
ad valorem taxation without limitation as to rate or amount to pay the Series 2001 Bonds.
The Series 2001 Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of
Cede & Co, as nominee of the Depository Trust Company, New York, New York ("DTC'). DTC will act as securities depository of
the Series 2001 Bonds. Individual purchases may be made in bnnk-entry form only, in the principal amount of $5,000 and integral
multiples thereof. Purchasers will not receive certificates representing their interest in the Series 2001 Bonds purchased. Principal
payable annually on each June 1 and interest, payable semi-annually beginning December 1, 2002, will be paid to DTC, which will in
turn remit such principal and interest to its participants for subsequent dispersal to the beneficial owners of the Series 2001 Bonds
as described herafu.
The Series 2001 Bonds will mature on June 1 in the years and amounts as follows:
Interest Interest
Year Amount R~e* Yield* Year Amount R~e* Yi~d*
2005 $ 670,000 __.% % 2014 $ 550,000 % %
2006 180,000 __.% % 2015 575,000 % %
2007 410,000 % __~A 2016 590,000 % %
2008 425,000 % __~A 2017 620,000 % ___%
2009 490,000 % % 2018 650,000 % %
2010 530,000 __.% % 2019 680,000 % %
2011 545,000 % ___% 2020 715,000 ___% %
2012 560,000 __% % 2021 750,000 ___% %
2013 560,000 __% ___%
The Series 2001 Bonds maturing on June 1, 2010 and thereafter are redeemable prior to their stated date of maturity, at the option of
the City on June 1,2009 and any date thereafter at a price of par plus accrued interest to the redemption date.
BANK QUALI~'IED: The Series 2001 Bonds are "Qualified Tax-Exempt Obligations."
LEGAL OPINION: Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines, Iowa.
BIDS RECEIVED UNTIL: 11:00 A.M. Central Time on Monday, December 3,2001
City Hall
50 West Thirteenth Street
Dubuque, Iowa 52001-4864
BIDS CONSIDERED: 6:30 P.M. Central Time on Monday, December 3, 2001
Carnegie-Stout Public Library, Dubuque, Iowa
The date oft his Official Statement is November 27, 200 I.
* Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein.
(THIS COVER PA GE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONL K IrIS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ rile ENTIRE
OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DE
[~ EVENSEN DODGE[
NEW ISSUE: BOOK-ENTRY ONLY RATING: APPLIED FOR (MOODY'S)*
TillS OFFICIAL STATEMENT CAN BE FouNrD ON ~ WORLD WIDE WEB AT: WWW.EVENSENDODGE.COM
Assuming compliance with certain covenants, in the opinion of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Bond Counsel, interest
on the Series 2002 Bonds is not included in gross income for purposes of present federal income taxes, to the extent and subject to certain
exemptions as described more fully under the caption "Tax Exemption ' herein. (See "Tax Exempt'on '~)
OFFICIAL STATEMENT
$2,860,000
GENERAL OBLIGATION BONDS, SERIES 2002
CITY OF DUBUQUE
DUBUQUE COUNTY, IOWA
Bonds Dated: December 15, 2001 Principal Due: June 1, 2004/2021
Minimum Biek $2,831,400 (99.0% of par) Good Faith Deposit: $28,600
The $2,860,000 General Obligation Bonds, Series 2002 (the "Series 2002 Bonds") of the City of Dubuque, Iowa (the "City" or
"Issuer") are issued pursuant to Chapter 384 of the Code of Iowa, for the purpose of financing various projects associated with the
development of the Mississippi River National Education and Conference Center, and public improvements in the Port of
Dubuque. The Series 2002 Bonds are general obligations of the City. Ali taxable property in the territory of the City is subject to
ad valorem taxation without limitation as to rate or amount to pay the Series 2002 Bonds.
The Series 2002 Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of
Cede & Co., as nominee of the Depository Trust Company, New York, New York ("DTC'). DTC will act as securities depository of
the Series 2002 Bonds. Individual purchases may be made in book-entry form only, in the principal amount of $5,000 and integral
multiples thereof. Purchasers will not receive certificates representing their interest in the Series 2002 Bonds purchased. Principal
payable annually on each June I and interest, payable semi-annually beginning December 1, 2002, will be paid to DTC, which will in
tara remit such principal and interest to its participants for subsequent dispersal to the beneficial owners of the Series 2002 Bonds
as described herein.
The Series 2002 Bonds wi11 mature on June 1 in the years and amounts as follows:
Interest Interest
Year Amount Rat~ Yield* Year Amount Rate* Yield*
2004 $165,000 ___% % 2013 $145,000 __.% %
2005 115,000 ___% __?A 2014 160,000 __.% __%
2006 120,000 ___% __~ 2015 170,000 __% __%
2007 I25,000 ___% __~A 2016 175,000 % %
2008 130,000 ___% % 2017 185,000 % %
2009 125,000 % % 2018 195,000 % __%
2010 130,000 __2A __% 2019 205,000 % %
2011 135,000 __2/o __% 2020 215,000 % %
2012 140,000 % __% 2021 225,000 % %
The Series 2002 Bonds maturing on June 1, 2010 and thereafter are redeemable prior to their stated date of maturity, at the option of
the City on June 1,2009 and any date thereafter at a price of par plus accrued interest to the redemption date.
BANK QUALIg'IED: The Series 2002 Bonds are "Qualified Tax-Exempt Obligations."
LEGAL OPINION: Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines, Iowa.
BIDS RECEIVED UNTIL: 11:00 A.M. Central Time on Monday, December 3, 2001
City Hall
50 West Thirteenth Street
Dubuque, Iowa 52001 4864
BIDS CONSIDERED: 6:30 P.M. Cantml Time on Monday, December 3, 2001
Carnegie-Stout Public Library, Dubuque, Iowa
The date of this Official Statement is November 27, 2001.
* Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein.
(THIS CO VER PA GE CO NTAINS CERTAIN INFORMATION FOR Q U1CK REFERENCE ONL 15 IT IS NOT ~ SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE
OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INFESTMENT DECISION.)
EVENSEN D~DGE
No dealer, broker, salesman or ether person has been authorized by the City, the Financial Advisor or the
Underwriters to give any information or to make any representations other than those contained in this Official
Statement or the Final Official Statement and, if given or made, such information end representations must not be
relied upon as having been authorized by the City, the Financial Advisor or the Underwriters. This Official Statement
or the Final Official Statement does not constitute en offer to sell or solicitation of en offer to buy, nor shall there by
any sale of the Obligations by any person in any jurisdiction in which it is unlawful for such person to make such
offer, solicitation or sale. The information set forth herein has been obtained from the City end other sources which
are believed to be reliable, but it is not to be construed as a representation by the Financial Advisor or Underwriters.
The information and expressions of opinion heroin are subject to change without notice, and neither the delivery of
this Official Statement or the Final Official Statement nor any sale made thereafter shall, under any circumstances,
create eny implication that there has been no change in the affairs of the City or in any other information contained
herein, since the date hereof.
IN CONNECTiON WiTH THE OFFERING OF THE OBLIGATIONS, THE I. YNDERWRITERS MAY OVER-ALLOT OR
EFFECT TRANSACTIONS WHICH STABILIZE OR MA1NTAIN THE MARKET PRICE OF THE OBLIGATIONS AT
A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING,
IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
TABLE OF CONTENTS
Introduction to the Official Statement ............................ 1
Description of the Obligations ........................................ 3
Authorization ............................................................... 3
Purpose. ........................................................................ 3
Security ......................................................................... 3
Interest Computation .................................................. 3
Optional Redemption .................................................. 4
Book-Entry Only System ........................................... 4
Continuing Disclosure ............................................... 6
The Issuen .......................................................................... 7
General Information .................................................... 7
Government end Public Services .............................. 7
Employee Relations and Pension Plans ................... 8
Community Life ........................................................... 8
Fenelon Place Elevator ............................................... 8
Eagle Point Park ........................................................... 9
Transportation ............................................................. 9
Commerce end Development ..................................... 9
Manufacturing ........................................................... 10
America's River Project ............................................ 11
Economic and Demographic Information .................... 13
Population .................................................................. 13
Business and Industry ............................................. 13
Labor Fome end Unemployment Rates ................. 14
Retail Sales end Buying Income ............................. 14
Medical Services ....................................................... 14
Education ................................................................... i5
Building Permits ........................................................ 15
Financial SmmruaW .......................................................... 16
Indebtedness ................................................................... 17
General Obligation Long-Term Debt ...................... 17
Revenue Debt ............................................................ 18
Tax Increment Financing Bonds ............................. 18
Notes Payable ............................................................ 19
Future Financing ....................................................... 19
Debt Limitation .......................................................... 20
Overlapping Debt ...................................................... 20
Finencial Information ...................................................... 21
Financial Reports ...................................................... 21
Results of Operations ............................................... 2I
Property Valuations and Taxes ..................................... 23
Recent Legislation - Utility Property Tax
Replacement ............................................................ 23
Property Valuations and Tax Collection
Procedures .............................................................. 23
Property Tax Levies end Collections ..................... 24
Taxes Per $1,000 of Taxable Value .......................... 25
Principal Taxpayers ................................................... 26
Financial Advisor ............................................................ 26
Rating ................................................................................ 26
Tax Exemption .................................................................. 27
Litigation ........................................................................... 28
Closing Documents ......................................................... 28
Certification ...................................................................... 28
Legal Matters ................................................................... 28
Miscellaneous .................................................................. 28
Appendix A- Financial Statements
Appendix B - Forms of Legal Opinion
Appendix C - Terms of Offering
Appendix D - Forms of Confinuthg Disclosure
Certificate
Worksheet
Bid Forms
2423001s
(This page has been left blank intentionally.)
INEFRODUCTION TO THE OFFICIAL STATEMENT
The Series 2001 Bonds
The following information is furnished solely to provide limited introductory information regarding $9,500,000
General Obligation Bonds, Series 2001 (the "Bonds"), of the City of Dubuque, Iowa, (the "City"), and does not
purport to be comprehensive. All such information is qualified in its entirety by reference to the more detailed
descriptions appearing in this Official Statement, including the appendices hereto.
Security:
Authority for Issuance:
Purpose:
Interest Payment:
Maturity:
Optional Redemption:
Fornl:
Professional Consultants:
City of Dubuque, Iowa
The Bonds are general obligations of the City. All taxable property in the
territory of the City is subject to ad valorem taxation without limitation as
to rate or amount to pay the Bonds.
The Bonds are issued pursuant to Chapter 384 of the Code of Iowa.
The proceeds of the Bonds will be used for the purpose of financing
various projects associated with the development of the Mississippi River
National Education and Conference Center, and public improvements in
the Port of Dubuque.
Interest is payable June 1 and December i, beginning December l, 2002.
The Bonds mature June 1 of the years 2005 through 2021.
The Bonds maturing on June I, 2010 and thereaRer are redeemable prior to
their stated date of maturity, at the option of the City on June 1, 2009 or on
any date thereafter, in whole or in part, in multiples of $5,000 at a price of
par plus accrued interest to the redemption date.
The Bonds will be issued in fully registered form only and initially will be
in book-entry form only.
FinancialAdvisor. Evensen Dodge, Inc.
Minneapolis, Minnesota
Des Moines, Iowa
Bond Counsel: Ahlers, Cooney, Dorweiler, Haynie, Smith &
Allbee, P.C.
Des Moines, Iowa
Paying Agent: Wells Fargo Bank Iowa, N.A.
Des Moines, Iowa
The Official Statement is in a form deemed final as of its date for purposes of Securities and Exchange Commission
Rule 15c2-12(b)(1) (the "Rule"), but is subject to minor revision or amendment in accordance with the Rule. Not
later than seven business days following the award of the Series 2001 Bonds, the City shall provide copies of the
Final Official Statement, as that term is used in the Rule, to the purchaser of the Series 2001 Bonds. The Final
Official Statement will be the Official Statement dated November 27, 2001, and an addendum which includes the
maturity dates and amounts, interest rates and reoffering yields or prices, credit ratings, and any other information
required by law. Any such addendum shall, on or after the date thereof, be fully incorporated in the Final Official
Statement by reference.
The purchaser wiR be supplied with Final Official Statements in a quantity sufficient to meet its request. Up to 100
copies of the Final Official Statement will be furnished without cost.
Questions regarding the Series 200I Bonds or the Official Statement can be directed to and additional copies of the
Official Statement, the City's audited financial reports and the Resolution may be obtained from Evensen Dodge, Inc.,
650 Third Avenue South, Suite 1800, Minneapolis, Minnesota 55402, (612-338-3535, 612-338-7264 fax), the City's
Financial Advisor, or Mr. Ken TeKippe, Finance Director, City Hall, 50 West 13th Street, Dubuque, Iowa 520014864,
(563-5894133).
The Series 2002 Bonds
The following information is furnished solely to provide limited introductory information regarding $2,860,000
General Obligation Bonds, Series 2002 (the "Bonds ,), of the City of Dubuque, Iowa, (the "City"), and does not
purport to be comprehensive. All such information is qualified in its entirety by reference to the more detailed
descriptions appearing tn this Official Statement, including the appendices hereto.
Security:
Authority for Issuance:
Purpose:
Interest Payment:
Maturity:
Optional Redemption:
Foria:
Professional Consultants:
City of Dubuque, Iowa
The Bonds are general obligations of the City. All taxable property in the
territory of the City is subject to ad valorem taxation without limitation as
to rate or amount to pay the Bonds.
The Bonds are issued pursuant to Chapter 384 of the Code of Iowa.
The proceeds of the Bonds will be used for the purpose of financing
various projects associated with the development of the Mississippi River
National Education and Conference Center, and public improvements in
the Port of Dubuque.
Interest is payable June I and December 1, beginning December 1, 2002.
The Bonds mature June 1 of the years 2004 through 2021.
The Bonds maturing on June l, 2010 and thereaftar are redeemable prior to
their stated date of maturity, at the option of the City on June i, 2009 or on
any date thereafter, in whole or in part, in multiples of $5,000 at a price of
par plus accrued interest to the redemption date:
The Bonds will be issued in fully registered form only and initially will be
in book-entry form only.
Financial Advisor. Evensen Dodge, Inc.
Minneapolis, Minnesota
Des Moines, Iowa
Bond Counsel: Ahlers, Cooney, Dorweiler, Haynie, Smith &
Allbee, P.C.
Des Moines, Iowa
Paying Agent: Wells Fargo Bank Iowa, N.A.
Des Moines, Iowa
The Official Statement is in a form deemed final as of its date for purposes of Securities and Exchange Commission
Rule 15c2-J2(b)(I) (the "Rule "), but is subject to minor revision or amendment in accordance with the Rule. Not
later than seven business days following the award of the Series 2002 Bonds, the City shall provide copies of the
Final Official Statement, as that term is used in the Rule, to the purchaser of the Series 2002 Bonds. The Final
Official Statement will be the Official Statement dated November 27, 2001, and an addendum which includes the
maturity dates and amounts, interest rates and reoffering yields or prices, credit ratings, and any other information
required by law. Any such addendum shall, on or after the date thereof, be fully incorporated in the Final Official
Statement by reference.
The purchaser will be supplied with Final Official Statements in a quantity sufficient to meet its request. Up to 75
copies of the Final Official Statement will be furnished without cost.
Questions regarding the Series 2002 Bonds or the Official Statement can be directed to and additional copies of the
Official Statement, the City's audited financial reports and the Resolution may be obtained from Evensen Dodge, Inc.,
650 Third Avenue South, Suite 1800, Minneapolis, Minnesota 55402, (612-338-3535, 612-338-7264 fax), the City's
Financial Advisor or Mr. Ken TeKippe, Finance Director, City Hall, 50 West 13th Street, Dubuque, Iowa 520014864,
(563-5894133).
DESCRIPTION OF THE OBLIGATIONS
Authorization
The Obligations are issued pursuant to the authority of Chapter 384 of the Iowa Code.
Purpose
The proceeds of the Obligations will be used jointly to finance various projects associated with the development of
the Mississippi River National Education and Conference Center, and Port of Dubuque as a part of the City's
America's River pmjeet (See "America's River' herein). This project is a $188 million riverfront redevelopment plan
that will be funded by the proceeds of the issues described herein, as well as grant money from the Vision Iowa
Board, private participation, multiple federal grants, and the City's ~apital improvement budget resources. The
projects financed by the proceeds of the issues herein are presented in the table below.
Street Grade Parking
Sheet Pile Wall for Visiting Boat Docks
RiYerwalk
Ice Harbor Park
Shot Tower Exterior Rehab
Shot Tower Protective Wall
Art Elements
Parking lot at Bell and 6th (3,75 stalls)
Parking Lot S & W of Hotel (400 stalls)
Existing Parking Lot Improvements
Smart Growth Initiatives/Amenities
Smart Growth Initiatives/Amenities
West End Road~TraiI
TP Street Related Projects local share
Total Projects Funded:
$ 4,066,098
719,250
3,163,000
67,200
100,000
100,000
300,000
450,000
497,000
370,700
421,623
92,500
900,000
377.500
Security
The Obligations are valid and binding general obligations of the City. All taxable property in the territory of the City
is subject to ad valorem taxation without limitation as to rate or amount to pay the Obligations.
Interest Computation
Interest on the Obligations will be payable semi-annually commencing December 1, 2002. It will be computed on a
360-day year, 30-day month basis, to the owners of record as of the close of business on the fifteenth of the
immediately preceding month.
Optional Redemption
The Obligations maturing on June 1, 2010 and thereafter are redeemable prior to their stated date of maturity, at the
option of the City on June 1, 2009 any date thereafter, in whole or in part, at a price of par plus accrued interest to the
redemption date. Thirty days' notice of redemption shall be given by first class mail to the registered owner of the
Bond. Failure to give such notice by mail to any registered owner of the Obligations or any defect therein shall not
affect the validity of any proceedings for the redemption of the Obligations. All bonds or portions thereof called for
redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on
deposit at the place of payment. If selection by lot within a maturity is required, the Reg/strar shall designate the
bonds to be redeemed by random selection until the total amount of bonds to be called has been reached.
Book-Entry Only System
The information contained in the following paragraphs of this subsection "Book-Entry Only System" has been
extracted from a schedule prepared by Depository Trust Company ("DTC") eniitled "SAMPLE OFFERING
DOCUMENT ]MNGUAGE DESCRIBING BOOK-ENTRY ON£ Y ISSUANCE." The City makes no representation as
to the completeness or the accuracy of such information or as to the absence of material adverse changes in such
information subsequent to the date hereof.
DTC wilt act as securities depository for the Obligations. The Obligations will be issued as fully-registered securities
registered in the name of Cede & Co. (DTC's partnership nominee). One fully-registered certificate will be issued for
each annual maturity of the Obligations, each in the aggregate principal amount of such annual maturity, and such
certificates will be deposited with DTC.
DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within
the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within
the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the
provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its participants
("Participants") deposit with DTC. DTC also facilitates the settlement among Participants of securities transactions,
such as transfem and pledges, in deposited securities through electronic computerized book-entry changes in
Participants' accounts, thereby eliminating the need for physical movement of securities certificates. Drect
Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other
organizations (''Direct Participants"). DTC is owned by a number of its Direct Participants and by the New York
Stock Exchange, Inc., the American Stock Exchange, Inc., and the National Association of Securities Dealers, Inc.
Access to the DTC system is also available to others such as securities brokers and dealers, banks, and trust
companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly
("Indirect Participants"). The Rules applicable to DTC and its Participants are on file with the Securities and
Exchange Commission.
Purchases of securities under the DTC system must be made by or through Direct Participants, which will receive a
credit for the Obligations on DTC's records. The ownership interest of each actual purchaser of each Bond
("Beneficial Owner") is in mm to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will
not receive written confmnation from DTC of their purchase, but Beneficial Owners are expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Obligations are to be accomplished by entries made on the books of Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in
Obligations, except in the event that use of the book-entry system for the Obligations is discontinued.
To facilitate subsequent transfers, all Obligations deposited by Participants with DTC are registered in the name of
DTC's partnership nominee, Cede & Co. The deposit of Obligations with DTC and their registration in the name of
Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
4
Obligations; DTC's records reflect only identity of the Direct Participants to whose accounts such Obligations are
credited, which may or may not be the Beneficial Owners. The Participants will remain responsible for keeping
account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect
Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Redemption notices shall be sent to Cede & Co. If less than all of the Obligations within a maturity are being
redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such maturity
to be redeemed.
Neither DTC or Cede & Co. will consent or vote with respect to Obligations. Under its usual procedures, DTC mails
an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s
consenting or voting rights to those Direct Participants to whose accounts the Obligations are credited on the record
date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Obligations will be made to DTC. DTC's practice is to credit Direct
Participants' accounts on the payable date in accordance with their respective holdings shown on DTC's records
unless DTC has reason to believe that it will not receive payment on the payable date. Payments by Participants to
Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities
held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such
Participant and not of DTC, the Paying Agent, or the City, subject to any statutory or regulatory requirements as may
be in effect from time to time. Payment of ptincipal and interest to DTC is the responsibility of the City or the Paying
Agent, disbursements of such payments to Direct Participants shall be the responsibility of DTC, and disbursement
of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as securities depository with respect to the Obligations at any time by
giving reasonable notice to the City or the Paying Agent. Under such circumstances, in the event that a successor
securities depository is not obtained, Bond certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities
depository). In that event, Bond certificates will be printed and delivered.
NEITHER THE CITY, THE PAYING AGENT, ANY BORROWER NOR THE UNDERWRITER WILL HAVE ANY
RESPONSIBILITY OR OBLIGATION TO PARTICIPANTS, TO INDIPd3CT PARTICIPANTS OR TO ANY
BENEFICIAL OWNER. WITH RESPECT TO (1) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC, ANY
DTC PARTICIPANT OR ANY INDIRECT PARTICIPANT; (2) THE PAYMENT BY DTC, ANY DTC PARTICIPANT
OR ANY INDIRECT PARTICIPANT OF ANY AMOUNT WITH RESPECT TO THE PRINCIPAL OF, PREMIUM, IF
ANY, OR INTEREST ON THI3 OBLIGATIONS; (3) ANY NOTICE WHICH IS PERMrI'II:D OR REQUIPdED TO BE
GIVEN TO BONDHOLDERS; (4) ANY CONSENT GIVEN BY DTC OR OTHER ACTION TAKEN BY DTC AS
BONDHOLDER; OR (5) THE SELECTION BY DTC, ANY DTC PARTICIPANT OR ANY INDIRECT PARTICIPANT
OF ANY BENEFICIAL OWNER TO RECEIVE PAYMENT IN THE EVENT OF A PARTIAL REDEMPTION OF
OBLIGATIONS.
Continuing Disclosure
The Issuer has covenanted for the benefit of the holders of the Obligations to provide certain financial information
and operating data relating to the Issuer by not later than 210 days following the end of its fiscal year commencing
with its fiscal year ending June 30, 2002 (the "Annual Report"), and to provide notices of the occurrence of certain
enumerated events, if deemed by the Issuer to be material. The Annual Report will be filed by the City with each
Nationally Recognized Municipal Secufities Information Repository (and with any designated State Information
Depository). The notices of matarial events will be filed by the City with the Municipal Securities Rulemaking Board
(and with any designated State Information Depository). The specific nature of the information to be contained in
the Annual Report or the notices of material events is summarized below in the form of continuing disclosure
certificate attached as "Appendix D - Form of Continuing Disclosure Certificate." These covenants have been made
in order to assist the Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). The Issuer has never failed to comply
in ail material respects with any previous undertakings with regard to said Rule to provide annual reports or notices
of material events.
(The remainder of this page has been left blank intentionally.)
THE ISSUER
General Information
The City &Dubuque, founded in 1785 by Julien Dubuque, is the oldest city in Iowa. This area became part of the
United States under the terms of the Louisiana Purchase in 1803. The City is a unique combination of the old and
new ranging from cog cable cars, Victorian architecture, and a Civil War shot tower to an enclosed mall, riverboat
casino, and a parimutual dog track with slot machines. It is the County Seat of Dubuque County.
The City is located on the Mississippi River west of the Illinois-Wisconsin border, and is connected to both states
by bridges. It is the educational, industrial and commemial center for the adjacent counties in Iowa, Illinois and
Wisconsin. The City has a land area of 27.5 square miles, of which approximately 20% is vacant and developable.
Annexation activity in recent years has been voluntary with over 60 acres annexed in the past 5 years. The City's
2000 Census population was 57,686. The City is located approximately 16 miles northwest of Galena, Illinois, 65 miles
north of the Quad Cities (Rock Island and Moline, Illinois and Bettendorf and Davenport, Iowa), 85 miles east of
Waterloo, Iowa, 176 miles west of Chicago, Illinois and 185 miles northeast of Des Moines, Iowa.
Government and Public Services
The City has been governed by a Council-Manager form of government since 1920. Policy is established by a Mayor
and six council members, the Mayor and two of the council members being elected at large and four members elected
from wards. City Cotmcil members hold four year staggered terms. The City Clerk, City Manager, and Corporation
Counsel are appointed by the City Council. The tables listed below present the current elected officials of the City
and Council appointed officials.
MAYOR/CITY COUNCIL
Terry Duggan
Dan Nicholson
Ann Michalski
John Markham
Roy Buol
Joe Robbins
Pat Cline
Term Extfires
Mayor 2005
Council Member - At Large 2005
Council Member - A t Large 2003
Council Member- Ward One 2005
Council Member Ward Two 2003
Council Member Ward Three 2001
Council Member Ward Four 2003
OFFICIALS
Michael Van Milligen
Barry Lindahl
Jeanne Schneider
Ken TeKippe
Pauline Joyce
City Manager
Corporation Counsel
City Clerk
Finance Director
Administrative Services
Manager
The day-to-day operation of the City is the responsibility of the City Manager. City operated facilities include the
waterworks system, the sewage treatment plant, a system of on-street and off-street parking and a municipal golf
course. The quality of the municipal water system and fire department has contributed to the City's Class 3 fire
insurance rating. Fire department personnel staff the City's three ambulances and provide paramedic services.
Employee Relations and Pension Plans
On January 1, 1992, the State of Iowa set up a new centralized pension and retirement system for police and firemen,
the Municipal Fire and Police Retirement System of Iowa (the "Plan") administered by a Board of Trastees. The
City's contribution rate for the Plan is based upon an actuaxially determined normal contribution rote. The normal
contribution rate is provided by state statute to be the actuarial liabilities of the Plan less current plan assets, the total
then being cF~vided by i% of the actuarially determined present value of prospective futura compensation of all
members, farther reduced by member contributions. Legislatively appropriated contributions from the state may
further reduce the City's contribution rate. However, the City's contribution rate may not be less than 17% of
earnable compensation. The City's contributions to the Plan for the years ended June 30, 2001, 2000 and 1999 were
$1,327,178, $1,280,060, and $1,186,840 respectively, which met the minimum requirement for each year.
The City contributes to the Iowa Public Employee Retirement Systems (IPERS) which is administered by the State of
Iowa. The employer's responsibility for IPERS is limited to payment of contributions. Plan members are required to
contribute 3.70% of their annual covered salary and the City is required to contribute 5.75% of annual covered
payroll. Contribution requirements are established by State statute. The City's contribution to IPERS for the years
anded June 30, 2001, 2000 and 1999 were $828,947, $802,297, and $737,541 respectively.
Community Life
Residents of the Dubuque area make extensive use of the recreational opportunities afforded by the Mississippi
River, which are complemented by City and County park systems. These include two outdoor swimming pools,
picnic areas, ice skating rinks, baseball diamonds, tennis courts and an 18 hole public golf course. Several
recreational areas are situated on the bluffs overlooking the Mississippi. These tracts, with their wooded hills and
statuary, provide some of the most beautiful scenery in the State.
The City has a wide variety of cultural offerings including art galleries, several professional and amateur theater
groups and concerts by the Dubuque Symphony Orchestra. In 1985, the City completed construction of a facility for
parimutual dog racing. A gambling referendum in 1994 allowed installation of slot machines at the facility. This
facility is operated under the authority established by Iowa statutes by the nonprofit Dubuque Racing Association
Ltd., and completed its sixteenth full season of racing in 2001.
The City's Mississippi riverfront is the location of riverboat gambling and regular cruise boats. The port facilities are
located in the historic "Ice Harbor Area", which is the location of extensive development by the City, the State of
Iowa and nnmerous private enterlyrises. The Casino Belle, a riverboat gambling casino, opened April 1, 1991 and
operates out of Dubuque. In 1994, the Casino Belie was replaced by a new and larger riverboat called the Diamond
Jo, and as a result of a gambling referendum, wagering limits were removed. The Diamond Jo has a capacity of
appro:dmately 800 passengers and employs approximately 380 persons. The Dubuque Racing Association also holds
the State riverboat gambling license and has contracted with a private firm to own and operate the Diamond Jo
riverboat.
Fenelon Place Elevator
The Fanelon Place Elevator (the "Railway") is a fimicular railway on which cars axe moved on cables similar to
railways used in the Alps. The Railway is the "world's steepest, shortest scenic railway" and has been located in the
City since 1882. Originally built for private use as a elevator from Fourth Street to Fanelun Place, the Railway is a
popular tourist attraction operating from April through November. The Railway is 296 feet in length and elevates
passengers nearly 200 feet, thereby offering passengers a magnificent tri-state view of the City's business district
and the Mississippi River.
Eagle Point Park
Eagle Point Park (the "Park") is one of the most outstanding parks in the Midwest. One hundred sixty-four acres
overlook the Mississippi River, Lock and Dam Number Eleven, providing a spectacular tri-state view of Iowa,
Wisconsin and Illinois. Some of the facilities provided by the Park are pavilions, picnic areas, tennis courts, a
viewing tower, a band shell and a multipurpose green area.
The concept for a park on the "Bluffs" was conceived in 1907. A citizens committee was formed in 1908 and the land
was deeded to the City. In the 1930's the City hired Alfred Caldwell as Park Superintendent and the Part received a
$200,000 Works Progress Administration Grant. Caldwell's love of Frank Lloyd Wright's type of prairie architecture
is very recognizable in the buildings and gardens. Caldwell's exceptional use of native construction materials,
craftsmanship and unique designs make the Park one of the most beautiful in the Midwest. In August of 1999, the
Park was selected by the Iowa Chapter of the American Society of Landscape Architects (ASLA) to receive an ASLA
Centennial Medallion which recognizes the park as a national landmark for outstanding landscape architecture.
Transportation
The City is served by three railroads, the Burlington Northern, I & M Rail Link and Chicago, Central and Pacific, and
by eleven motor freight firms. Greyhound and Iowa Coaches provide bus service, and the Dubuque Regional Airport
is located 6.5 miles south of the City. The airlines serving the City include Northwest Airlink and American Eagle.
Air Freight service is provided by two airlines and charter service by Chart Aim. American Eagle provides all jet
service to Chicago.
Barge service on the Mississippi River complements truck, air and rail freight carriers in offering commodity and bulk
shipping capabilities to local industry and the area's agricultural businesses. A five mile, 33 foot high floodwall
serves to protect the entire City and in particular a City industrial park which has some 18 industries. The Public
Works Operation and Maintenance division of the City maintains the harbor channel and docking facilities which the
navigation channel is maintained by the Army Corps of Eng/neers.
Relocation of U.S. Highway 61/151 east of the downtown area was completed in 1994. The relocation eased pressure
on downtown streets and improved access to downtown stores and facilities. This $150 million roadway links the
north, south and east-west highways systems to the Iowa/Wisconsin and the Iowa/Illinois Mississippi River bridges.
U.S. Highway 20 improvements from Locust Street to Devon Drive were completed in 1996. Additional improvements
are planned for U.S. Highway 20 from Devon Drive to Centu~ Drive in 2002.
Commerce and Development
The City's central retail area services almost all of the fifteen surrounding counties in Iowa, Illinois and Wisconsin.
Public improvements in the downtown area include a four block pedestrian mall, three off-street parking ramps, and a
skywalk. The Five Flags Civic Center is owned by the City and provides facilities in the downtown ama for theater,
arena, convention, concert and ice related entertainment. As the County seat, the City has a substantial number of
office structures downtown which contribute to the business activity of the area. Cigna Corporation has completed
construction of a I00,000 square foot office building downtown to allow expansion of their work force to over 700
employees.
There is also substantial commemial activity west of the central business area along U.S. Highway 20, much of which
is highway-oriented. Hotel chains along U.S. Highway 20, and south along Highway 61/151 near the airport, include
Days Inn, Regal 8, Super 8, two Best Westerns, two Heartland Inns, a Fairfield Inn and a Comfort Inn. The City's
enclosed shopping mall is also located west along U.S. highway 20, with anchor stores including Sears, J.C. Penney,
and Younkers. Approximately 60 other retail stores are located in the mall. Several national retailers including Wag
Mart, Target, Shopko and Toys-R-Us are located near the mall.
In 2000, the City approved the construction of over one million square feet of commemial, office, industrial and
institutional space. From 1996-2000, the City issued permits for 238 multi-family residential units and 348 one and
two-family homes.
The Dubuque area economy has remained strong with unemployment at record low levels. Employment has been
strong in all sectors of the labor force with steady growth in manufacturing and construction jobs. To attract
qualified workers to support growth, a coalition of local organizations, including the Greater Dubuque Development
Corporation, the Telegraph Herald, Woodward futerNet Services, the Tri-State Human Resources Association,
Northeast Iowa Community College, Iowa Workforce Development, and the City, joined together to develop an
innovative wurkforce recruimaent program called "Come Back To Your Future, Come Home To Dubuque". This
ongoing program, based primarily on internet technology, has been very successful and has gained national media
attention including short features on CNN and ABC's Good Morning America, as well as an article in the Wall Street
Journal.
The City has continued programs to extend water and sewer utilities to promote development and provide annexation
opportunities. The two largest projects completed last year include the extension of sewer utilities to the west along
Highway 20 and a sewer line extension to the south along Highway 61-151 water utilities have also been extended to
these areas for industrial park development. These projects now make utility service available for almost 10,000 areas
ofprivataly owned land and allow for development of commercial and residential projects.
The City has joined with the Greater Dubuque Development Corporation in the acquisition, development, and
marketing of five sites for industrial growth. In 1996, the City began purchasing land and developing plans to
increase land available for future industrial development from less than 30 acres to over 800 acres. The City budgeted
$20 million over three years and have completed development of 282 of the 900 acres of newly acquired land into
industrial parks using local, county, State and Federal funds.
Retail expansion included the completion of construction on a 70,000 square foot Hy-Vee Supermarket as Asbury
Plum. The Hy-Vee store will be the anchor cfa new 500,000 square foot retail development on the City's northwest
side.
Dubuque Main Street Ltd., ("DMS") is a not-for-profit organization that began operation in 1985. DMS is dedicated
to the development cfa vibrant downtown area. DMS services five Downtown districts including Cable Car Square,
Ice Harbor, Old Main S~eet, Town Clock Plaza and Upper Main~Farmers Market. Working as a partnership between
the public and private sectors, DMS works to systematically attract new businesses and promote on-going
businesses in the City's center. In 1995 the City was recognized as one of five "Great American Main Streets" by the
National Main Street Center.
DMS in conjunction with American Trust & Savings Bank, Dubuque Bank & Trust, Firstar Bank Iowa, N.A. and
Premier Bank has established a loan pool for acquisition and rehabilitation of downtown properties. Approximately
$100,000 was loaned to the Grand Opera House from this renovation program.
Manufacturing
The City is an important manufacturing center in Iowa. Recent transportation improvements involving U.S. Highway
61/151 and U.S. Highway 20 will provide four-lane access into Dubuque, improving the City's attractiveness to
business and industry utilizing highway transportation. The Dubuque Regional Airport completed construction of
runway 18-36 at a cost of $8,225,000. Ninety percent of the funding for the runway was provided by the FAA.
Runway 18-36 now serves as the primary runway and air service will be greatly improved by reducing landing
approach angles and weather related flight cancellations. As part of the U.S. Highway 6t four-lane conversion, the
Airport received a new access road funded by the Iowa State Department of Transportation. The new access road
10
and improvements to the on-site water and sewer systems have opened approximately 50 acres for industrial
development on the Airport site.
In the Dubuque Industrial Center West, Nordstrom completed a 343,000 square foot addition to their 186,000 square
foot regional distribution center, and Walter Development completed of a 60,000 square foot warehouse and
distribution center. In the Kerper Induslrial Park, Otto A. LLC completed a 378,000 square foot facility leased to Eagle
Window. This will provide for expansion of their Dubuque operations and an additional 168 employees.
The City's two existing industrial parks have few remaining development sites. The City has undertaken an
aggressive strategy to acquire an industrial land reserve that will service the City well into the 21a century. Over 900
acres of vacant, developable land suitable for industrial development have been purchased by the City. Two new
industrial areas, located on the south and west side of Dubuque, added 285 acres available for development in the
past few years. These new areas have been annexed to the City, are fully graded, have public utilities and streets in
place and are located in tax increment financing districts. Several of the development sites are rail accessible. A
40,000 square foot spec building was completed at the new Dubuque Industrial Center West by the GDDC and
property has been sold to McGraw Hill for a new 331,000 square foot distribution facility, and Alliant Energy for a
new 40,000 square foot operations facility.
Other businesses experiencing growth include: Swiss Valley Farms Company, a farmer owned dairy cooperative, has
completed a $5.5 million expansion of their dairy plant in the City. Assisted by State Enterprise Zone incentives, the
project will increase processing capacity by over 45 percent and will add at least 20 new jobs. Dubuque Data Service,
Inc. (DDS) received a State Iowa Community Economic Betterment Account (CEBA) loan to assist in its move to a
new 18,000 square foot facility. DDS develops and markets management software for automobile, farm implement and
heavy-truck dealers and plans to add over 40 new employees to support their growing customer base. Morrison
Brothers Company, a Dubuque based manufacturer of nozzles, valves and fittings for the petroleum industry
completed construction on a new 32,000 square foot assembly and distribution facility replacing an older facility
destroyed by fire in 1996. Assisted by Urban Renewal Tax Increment Financing, Morrison Brothers was able to
improve efficiency by locating the new facility next to their existing foundry. Morrison Brothers plans to create 60
new jobs as a result of the project. The Barnstead/Thermolyne Corporation, a Dubuque maker of laboratory
equipment, acquired a California based manufacturer of sterilizers for the dental, medical and scientific markets. The
production of the acquired projects was moved to Dubuque adding approximately 35 jobs in the Dubuque
manufacturing facility.
The Dubuque Technology Park was completed on the south side of the City and sites were sold to CarteGraph
Systemsd, Inc., Advanced Data42omm, Inc., and McLeod USA. CarteGraph Systems, Inc. is a leading provider of
asset management/GIS software for the public works industry and is based in the City. Assisted by a CEBA loan,
CarteGraph Systems, Inc. expanded their business and added over 100 new employees. McLeod USA completed
construction on a digital telecommunications switching facility in the Technology Park. The McLeod facility has
added state of the art telecommunications and data transmission capabilities to the City and the surrounding area.
Advanced Data-Comm, Inc., a Dubuque based provider of tele-services, purchased a 15 acre pamel in the
Technology Park and completed construction of a new 60,000 square foot corporate headquarters in 1999 and added
approximately 50 new employees.
America's River Project
The City, the Dubuque Area Chamber of Commerce, and the Dubuque County Historical Society are working
together with private, State and Federal agencies to further develop the City's riverfront. Riverfront development has
long been a priority for the Dubuque City Council. This fits well with the Dubuque County Historical Society's work
since 1992 to develop the River Discovery Center as a parc of their Mississippi W~ver Museum.
The City has budgeted almost $6 million in its five-year capital improvement plan for riverfront projects, which are
part of an overall $188 million America's River project being developed by tlf~s partnership. In February, a committee
11
representing the City of Dubuque, the Dubuque Area Chamber of Commerce, the Dubuque County Historical
Society, and Platinum Hospitality Group, Inc. traveled to Des Moines to appear before the Vision Iowa Board to
present America's River. Vision Iowa is a state-funded program designed to provide grant money to projects that
achieve two specific goals. First, these plans should attract and retain young people to Iowa to live, work and raise
their families. Second, they should create regional and national attractions that help create a new identity for Iowa.
For those involved in America's River, Dubuque's riverfront plans seemed an obvious match with the goals of this
new state initiative. The Vision Iowa Board voted unanimously to enter into negotiations with the intent to fund the
project at a minimum of $30 million and to send a negotiating team to work out the details. The final grant award for
America's River was $40 million.
America's River is a 90-acre can'~us on Dubuque's Fourth Street peninsula (now called the "Port of Dubuque")
featuring four major components: the Mississippi River Discovery Center, the Mississippi River National Education
and Conference Center, the Riverwalk and Amenities, and the Riverfront Hotel and Indoor Waterpark. The America's
River campus will be connected to the Heritage Trail for hiking and hiking, and to the downtown with rubber-wheeled
trolleys. For special events, a shuttle service will connect city hotels to the Port of Dubuque. This campus will
become the place people across the country and around the globe learn about and experience the Mississippi River.
It will be the only place on the entire 2,400-mile stretch of the Mississippi River that captures the historical,
environmental, educational and recreational majesty of the river.
The riverfront projects include:
· Mississippi River Discovery Center - A 700,000 square-foot world-class interpretive museum with
aquariums, wetland, living history exhibits, and a historical steamboat.
Heritage Trail Riverfront System A seven and one-half mile extension of the Heritage Trail from the north
end of Dubuque through downtown to the Ice Harbor, and then south to the Mines of Spain State
Recreation Area. The complete 18-mile bflce/hike trail system will link riverfront parks and attractions.
· Star Brewery Amphitheater A public amphitheater with seating for 1,000 people and a 7,500 square-foot
plaza constructed next to the historic Star Brewery.
· Mississippi Riverwalk - A 2,000 foot promenade along the City's Fourth Street Peninsula with decorative
paxdng, landscaping, historical lighting, and river overlooks.
· River's Edge Plaza A 5,000 square-foot plaza around the floorwall gate to the historic Ice Harbor.
· Harborwalk and Boat Docks A 500 foot walkway around the Ice Harbor from the Iowa Welcome Center to
the U.S. Coast Guard station, with docks for visiting boaters, benches and historical lighting.
In addition, the City has entered into a development agreement with Platinum Holdings LLC that provides for their
construction of a $22,000,000, 200 room hotel with indoor water park and construction of a 45-50,000 square foot
corporate office building by Durrant Architects.
12
ECONOMIC AND DEMOGRAPHIC INFORMATION
Population
Table 1 shows the population of the City of Dubuque, as well as Dubuque County as recorded in the past five
Table 1
Pooulation Statistics
decennialcensuses.
City of Dubuoue Dubuaue County
2000 57,686 89,143
1990 5~546 86,403
1980 6~374 93,745
1970 62,309 90~09
1960 56,606 80,049
Source: United States Census Bureau.
Business and Industry
The major employers in the City are presented inTable 2.
Table 2
Princioal Emolovers
Nalne
John Deere Dubuque Works
Dubuque Community School District
Mercy Medical Center
Medical Associates Clinic, P.C.
Alliant Energy
Flexsteel Industries, Inc.
The Finley Hospital
City of Dubuque
Eagle Window & Door, Inc.
Advanced Data-Comm, Inc.
Product/Service
Manufacturer of farming equipment
Education
Health Care Services
Health Care Services
Utility
Manufacturer of seating products
Hospital
Govemment
Manufacturer of windows
Call Center
Som'ce: Dubuque Chamber of Commerce.
2,352
1,410
1,329
1,003
865
85O
84O
705
550
550
13
Labor Force and Unemployment Rates
Table 3 lists the annual average unemployment rates for Dubuque County as compared to the unemployment rate for
the State of Iowa for the years 1997 through 2000 and October 2001 only. The information presented in the table
below has not been seasonally adjusted.
Table 3
Unemnlovment Statistics
O)
DubuqueCounty
State of Iowa
Labor Force Unemulovment Rate Unemnlovment Rate
2001(1) 49,200 3.0o/0 2.7%
2000 48,600 2.9% 2.3%
1999 48,500 2.7% 2.5%
1998 48,700 3.2% 2.8%
1997 49,500 3.9% 3.3%
October 2001 only.
Source: Iowa Workforce Development.
Retail Sales and Buying Income
Table 4 below lists median household EBI and per capita retail sales for Dubuque County and for the State of Iowa
for the years 1996 through 2000 as reported in the Sales and Marketing Management's "Survey of Buying Power."
Table 4
Retail Sales/Buvinn Income
Effective Buying Income Per Capita Retail Sales(l)
Dubuque State of Dubuque State of
County Iowa CounW Iowa
2000 $ 37,444 $ 36,556 $14,501 $12,815
1999 35,740 34,962 13,651 12,466
1998 34,488 33,150 12,012 10,716
1997 34,034 32,694 11,441 10,196
1996 32,785 31,489 11,158 9,866
Information for the years 1999 and thereafter Per Capita Retail Sales are not directly comparable to previous years.
Statistics are now based on new North American Industry Classification System.
Medical Services
A partial listing of health care facilities located in Dubuque County includes the Finley Hospital, Mercy Medical
Center, Dubuque Internal Medicine and Medical Associates Clinic. Combined they provide a wide variety of medical
services including hospitals, clinics, physician group practices and more.
14
Education
The ptimary school districts serving Dubuque County residents are the Dubuque Community School District,
Dubuque Parochial Schools, East Dubuque Public S~hools and Western Dubuque Schools.
The Dubuque Community School District is comprised of two high schools, an alternative high school, two junior
high schools and twelve elementary schools. Table 5 shows the enrollment statistics for the Dubuque Community
School District for the past five years.
Table 5
Enrollment Statistics
2000/01 9,811
1999/00 9,783
1998/99 9,491
1997/98 9,606
1996/97 9,724
Source: Iowa Deparanent of Education, http://www.state.ia.us/educate/statistics/5year_car.hlm.
Higher education facilities within commuting distance are the Capti College, Clarke College, Emmaus Bible College,
Loras College, University of Dubuque and Wartburg Theological Seminary in the City of Dubuque, Divine Word
College in the City of Epworth, Hamilton College in the City of Cedar Falls, and Highland Community College in the
City of Freeport, and Northeast Iowa Community College in the City of Peosta.
Building Permits
Construction activity in the City as shown by its building permit records are summarized in Table 6.
Table 6
Buildin~ Permits
Number of Permits
Fiscal Year Single Family Multi-Family
2000/01 53 24
1999/00 49 I 1
1998/99 58 I2
1997/98 69 6
1996/97 55 7
1995/96 73 14
1994/95 89 19
1993/94 194 39
1992/93 118 13
1991/92 139 17
Commercial/Industrial Total Permits Total Valuation
18 1,448 $ 72,073,145
27 1,502 78,499,930
15 1,500 58,308,703
23 1,572 35,647,103
18 2,039 34,950,496
18 4,190 75,568,862
18 6,918 65,599,402
19 1,862 56,927,805
21 1,153 27,819,446
16 1,656 38,532,058
Reflects Augast I994 hail and storm damage.
Source: City of Dubuque.
15
FINANCIAL SUMMARY
(This summary is subject in ali respects to more complete information contained in this Official Statement)
Assessed 100% Value (2000 Assessment) $ 2,138,110,953°)
Assessed Taxable Value (2000 Assessment)
Direct Debt
G.O. Long-Term Debt (Includes Issues Herein)
Revenue Debt
Overlapping General Obligation Debt
Population (2000 Census)
Area
$ 1,509,803,936(~)
$ 24,770,000
$ 1,890,000
$ 3,101,018
57,686
27.5 square miles
Debt Ratios:
General Obligation Debt
Overlapping Debt
Total
24,770,000
3.101.018
28.871.01~
Per Capita
(57.686/
$ 429
54
483
Percentage of
Assessed Value
1.16%
0.15%
1 30%
Includes Increment value.
(The remainder of this page has been left blank intentionally.)
16
INDEBTEDNESS
General Obligation Long-Term Debt
Table 7 and Table 8 summarize the City's general obligation long-term debt as of the issuance of the Obligations.
Table 7
General Obligation Debt bv Issue
Dated Original Interest Final Principal
Date Issue Amount Rates Maturity Outstandin~
05/01/91 Essential Corporate Purpose $ 2,500,000 6. I0% 05/01/02 $ 410,000
06/01/93 Essential Corporate Purpose 4,615,000 4.30°/$ - 4.50% 05/01/03 875,000
05/01/94 Essential Corporate Purpose 3,100,000 5.00% - 5.125% 05/01/04 930,000
07/01/95 Essential Corporate Purpose 2,000,000 4.45°/$ - 4.90% 05/01/05 1,180,000
06/01/00 Essential Corporate Purpose 2,750,000 5.80°/$ - 5.875% 06/01/20 2,750,000
11/01/00 Essential Corporate Purpose 6,265,000 5.00% -5.25% 06/01/20 6,265,000
12/15/0I Essential Corporate Purpose 9,500,000 Issue Herein 06/01/21 9,500,000
12/15/01 Essential Corporate Purpose 2,860,000 Issue Herein 06/01/21 2.860.000
Total ~ 24 770 00o
Outstanding
Table 8
General Obligation Debt
Annual Maturitv Schedule
Series 2001 Bonds
Series 2002 Bonds
Fiscal Year
Ended June 30 Prthcinal Interest Principal Interest0) Principal Interest~) Total
2002 $ 1,720,000 $ 911,055 $ - $ - $ - $ -- $ 2,631,055
2003 t,350,000 560,130 -- 604,688 - 178,635 2,693,454
2004 1,000,000 494,651 - 413,855 165,000 122,260 2,195,766
2005 590,000 444,341 670,000 413,855 115,000 118,135 2,351,331
2006 355,000 413,991 180,000 395,095 120,000 114,915 1,579,001
2007 370,000 395,089 410,000 389,515 125,000 111,195 1,800,799
2008 395,000 375,350 425,000 375,985 130,000 107,070 1,808,405
2009 410,000 354,296 490,000 360,685 125,000 102,390 1,842,371
2010 425,000 332,440 530,000 342,065 130,000 97,640 1,857,145
2011 455,000 309,781 545,000 320,865 135,000 92,440 1,858,086
2012 475,000 285,518 560,000 297,975 140,000 86,770 1,845,263
2013 500,000 260,195 560,000 273,895 145,000 80,750 1,819,840
2014 525,000 233,524 550,000 249,255 160,000 74,370 1,792,149
2015 555,000 205,538 575,000 224,505 170,000 67,170 1,797,213
2016 590,000 175,946 590,000 198,055 175,000 59,350 1,788,35I
2017 620,000 144,494 620,000 170,325 185,000 51,125 i ,790,944
2018 655,000 111,436 650,000 140,565 195,000 42,245 1,794,246
2019 685,000 76,518 680,000 108,715 205,000 32,690 1,787,923
2020 735,000 39,994 715,000 74,715 215,000 22,440 1,802,149
2021 - -- 750.000 38.250 225.000 11,475 1.024.725
t7
Revenue Debt
The revenue bond issue listed in Table 9 and Table 10 is payable from parking revenues of the City's parking system
and is not a general obligation of the City.
Table 9
Revenue Debt by Issue
Principal
Issue Original Interest Rate Final Outstanding
Date Puroose Amount Outstandine Mamriw as of 6/30/01
03/01/98 Parking Facilities $2,515,000 4.10%-4.75% 05/01/10 $1.890.000
Total
Table 10
Revenue Debt Annual Maturity Schedule
Fiscal Year
Ended June 30 Princinal Interest Total
2002 $ 170,000 $ 85,765 $ 255,765
2003 180,000 78,625 258,625
2004 190,000 70,885 260,885
2005 200,000 62,525 262,525
2006 210,000 53,525 263,525
2007 220,000 43,970 263,970
2008 230,000 33,850 263,850
2009 240,000 23,155 263,155
2010 250,000 11.875 261.875
Total ~ ~ 464 175 ~ 29~:4 17~
Tax Increment Financing Bonds
The City issues tax-increment financing bonds to provide funds for urban renewal projects. The City pie dges
property tax revenues from the tax-increment financing districts to pay debt service. The City's tax-increment
financing bonds outstanding at June 30, 2001 are as presented in Table 11 and Table 12.
Table 11
Tax-Increment Debt bv Issue
Issue Original Interest Rate
Date Puroose Amount Ontstandina Mataritv Dates
03/18/99 Advanced Data-Corem $900,000 6.0% - 9.0% 12/31/014)6/30/11
12/01/99 Categraph Systems 360,000 8.8% 12/31/01-12/31/10
02/15/00 Eagle Window & Door 3,168,538 9.1% 12/31/02-06/30/12
Total
Principal
Outstanding
as of 6/30/01
$ 900,000
360,000
2.898.751
18
Table l 2
Tax-Increment Annuul Maturity Schedule
Fiscal Year Principal and
Ended June 30 Interest Amount
2002 $ 456,236
2003 675,372
2004 675,372
2005 675,372
2006 - 2011 4,493,753
Total
Notes Payable
Notes payable have been issued to provide funding for economic development and for the purchase of Iand. The
City's outstanding notes payable at June 30, 2001 are presented in Table 13 and Table 14.
Table 13
Notes Payable bv Issue
Principal
Issue Original Interest Rata Outstanding
Date Purpose Amount Outstanding Matarity Dates as of 6/30/01
04/15/97 Economic Development $700,000 4.40% 05/01/03 $ 616,000
02/27/98 Economic DevelolYment 655,500 4.40% 03/01/04 655,500
07/15/99 Economic Developrrent 800,000 None 07/01/01-07/01/02 533,334
06/30/00 Land Purchase 313,445 6.00% 07/01/03 313.445
Total ~ 2 I l R 270
Table 14
Notes Payable Annual Maturlt~ Schedule
Fiscal Year Principal cud
Ended June 30 Interest Amount
2002 $ 390,843
2003 1,235,863
2004 684_342
Total ~ 2 311 0A____~__~
Future Financing
The City is currently anticipating the issuance of approximately $1 million of additional general obligation debt in
early calendar year 2002, for a main street pro.~ect.
19
Debt Limitation
The Constitution of the State of Iowa, Article XI, Section 3, provides as follows:
"Indebtedness of political or municipal corporations. No county, or other political or municipal
corporation shall be allowed to become btdebted in any manner, or for any purpose, to an
amount, in the aggregate, exceedingfive per centum on the value of taxable property within such
county or corporation-to be ascertained by the last State and County tax lists, previous to the
incurring of such indebtedness."
Table 15
Debt Limit Computation
Total Assessed Actual Valuation
Legal Debt Limit of 5% of 2000
Assessed Actual Value
Debt Chargeable Against Limit (23.2%)
(Includes the Obligations)
Legal Debt Limit Available (76.8%)
138 11005~3
106,905,548
24,770,000
82.135.54.~g
Overlapping Debt
There are two taxing jurisdictions which overlaps the City and which have general obligation debt outstanding.
Table 16 sets forth the general obligation debt for those jurisdictions and the amount of their debt allocable to the
City as of Jtme 30, 2001.
Jurisdiction
Dubuque County
Northeast Iowa Community College°)
Total Overlapping Debt
Table 16
Overlapping Debt
General % of Debt Debt
Obligation Allocable Allocable
Debt to the City to the City
$ 4,000,000 60.68% $ 2,427,366
3,085,000 21.84% 673.652
Excludes new jobs training cerdficates payable primarily from credits and incremental property tax ~'enue derived from
jobs training program. The certificates are further secured by a back-up levy of generai taxes.
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20
FINANCIAL INFORMATION
Financial Reports
The City's financial reports are audited by an independent accountant. The City maint~flns its books using the cash
basis of accounting. Its audited financial statements are issued in conformity with generally accepted accounting
principles as applicable to governmental units. Copies of the City's audited financial statements for the fiscal years
ended June 30, 1998 through June 30, 2000 are available from Evensen Dodge, Inc., the City's Financial Advisor,
upon request. See Appendix A for selected schedules and the Notes to Financial Statements for the financial
statements for fiscal year 2000. The City anticipates that the audited financial statement for the fiscal year ended
June 30, 2001 will be available in January of 2002.
Resul~ofOpera~ons
Statements of revenues and expenditures of the General Fund of the City have been compiled from the City's
financial reports. They have been organized in such a manner as to facilitate year-to-year comparisons. Table 17
summarizes the City's 2002 General Fund budget as mended by the City Council. Table 18 sets forth statements of
revenue and expenditures for the General Fund for fiscal years 1999 through 2000, and unaudited actual infomaatiun
for the fiscal year ended June 30, 2001.
Table 17
2001/02
General Fund Budeet
Revenues $ 60,878,349
Property Taxes 11,778,545
Transfers In 3,298,211
Total Revenues ~ 75 05~
Expenditures
Operating Expenses $ 30,076,993
Capital ]Expenses 43,782,899
Transfers Out 849.247
Total Expenditures 5g 74 709 1
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21
Table 18
Statements of Revenues and Exuendltures for the General Fund
(Years Ended June 30)
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and Forfeits
Miscellaneous
Interest
Total Revenues
Expenditures
Current
Policy and Administration Program
Community Protection
Home and Community Environment Program
Human Development Program
Total Expenditures
Excess (deficiency) of revenues over (under) expenditures
Other financing sources (uses)
Note Proceeds
Operating transfers in
Operating transfers from component unit
Operating transfers out
Total Other Financing Sources (uses)
Excess (deficiency) of revenues and other
financing sources over (under)
expenditures and other financing uses
Fund balances beginning of year
Fund balances end of year
0) Unaudited actual.
2001o) 2000 1999
$ 21,889,496 $ 21,121,428 $19,439,856
576,136 612,872 580,429
2,711,649 2,432,434 1,550,378
8,127,372 7,882,053 7,843,162
369,391 340,551 337,087
776,542 824,343 1,008,459
2.097.430 1.358.580 1.305.328
$ 36,548,016 $ 34,572,261 $ 32.064.699
4,977,495 $ 4,409,560 $ 3,555,128
15,064,313 13,907,034 13,295,505
6,118,157 6,536,143 7,158,938
8A75,658 7,262,308 6~420,864
34.635.623 $ 32. I 15.045 $ 30A30A35
1.912.393 $ 2.457.216 $ 1.634264
$ 60,000 $ 260,000 $ --
3,433,458 2,317,211 2,187,779
27,822 26549 26,466
(3.846.628~ (771.00D (4.829.73 D
$ (325.348~ $ 1.832.759 $ (2.615.486~
1,587,045 4,289,975 (981,222)
19,235,939 14,945,964 15.927.186
5~ 20 ~22 084 ~ 1923~ 93q~ ~ l~ q~4~; o6d
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22
PROPERTY VALUATIONS AND TAXES
Recent Legislation - Utility Property Tax Replacement
The Iowa General Assembly recently enacted Senate File 2416 ("S.F. 2416"). Beginning in 1999, this legislation
replaced current property tax assessment procedure in valuing the property of entities involved primarily in the
production, delivery, service and sale of electricity and natural gas with a replacement tax formula based upon the
delivery of energy by these entities. Under S.F. 2416, electric and natural gas utilities pay replacement taxes to local
taxing districts (calculated so as to approximate historical tax collections), and their properties are exempt from the
levy of prope.ety tax by political subdivisions. The utility property will continue to be valued by a special method as
provided in the statute and taxed at the rate of three cents per thousand dollars for the general fond of the State.
Given the wide scope of the statutory changes and the interpretive and adnfinistrative questions presented by S.F.
2416, the impact of this legislation on the Issuer is uncertain. The bill provides for the immediate creation of a task
force to study the effects of the legislation on all local taxing districts and report to the General Assembly on an
annual basis through January 1 ~ 2003, including its specific recommendations for any needed modifications to the bill.
S.F. 2416 provides for a three-year transition period (during which local taxing districts may continue to levy a
property tax for any difference between the replacement tax revenues and the property tax revenues that it would
have otherwise collected from the utilities). It is possible that the general obligation debt capacity of the City could
be adjudicated to be proportionately reduced in future years if utility property were determined to be other than
"taxable property" for purposes of computing the Issuer's debt limit under Article XI of the Constitution of the State
of Iowa. There can be no assurance that such legislation will not (i) operate to reduce the amount of debt a city can
issue or (ii) adversely affect a city's ability to levy taxes in the future for the payment of the principal of and interest
on its outstanding debt obligations, including judgment bonds.
Property Valuations and Tax Collection Procedures
All property subject to taxation is valued every year and is subject to an equalization action of the State Department
of Revenue every other year. All property except utility property is assessed at the local level. The State Department
of Revenue assesses utility property.
The Assessor establishes actual valuation (100%) as of January 1 in a calendar year for taxes payable in the
succeeding fiscal year, i.e. valuations made in 2000 are for taxes payable in the fiscal year 2001/02. The actual value
of parcels is provided by the assessor to the City Auditor who then determines the taxable value. The taxable value is
computed by adjusting the actual value of various classes of real property by percentages (roll back rates)
determined by the State Department of Revenue. The roll back rates are applied to classes of property on a statewide
basis so that the increase in actual valuation of property in the State will not exceed 4% annually. The rollback
amount for Residential property for the 2000 valuation is 0.562651, there is not a rollback amount for Commercial or
Industrial property. Table 19 outlines the Actual Value (100%) and Taxable Value of all property in the City as
assessed in the years 1996 through 2000. Table 20 lists the classes of property which comprise the City's 2000 actual
value of property.
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23
Table 19
Taxable and Actual Property
Valuations
Assessment Fiscal Actual Value
Year Year (100%~ Taxable Value
2000 2001/02 $ 2,138,110,953 $1,509,803,936
1999 2000/01 2,100,278.,358 1,449,801,405
1998 1999/00 2, I32,833,763 1,468,258,951
1997 1998/99 2,089,757,550 1,437,517,624
1996 1997/98 1,873,090,643 1,347,685,031
Included in 100% and taxable wdlue as shown.
Table 20
Actual Value by Class
Prot)ertv Tvoe Actual Value % of Total
Residential $1,436,625,623 67.19%
Agriculture Land 1,651,834 0.08%
Agriculture Buildings 489,960 0.02%
Commercial 540,507,724 25.28%
Industrial 64,872,200 3.03%
Personal Property R.E. 11,203,440 0.52%
Utilities 90,010,398 4.21%
Other 705.130 0.03%
Gross Valuation $ 2,146,066,309 10037%
Less: Milita~ Exemption 7.955.356 0.37%
Net Valuation ~g 2 13g 1 l0 05~ 100 00%
Valueo)
$ 54,022,805
42,780,985
45,160,759
59,670,866
26,822,850
Property Tax Levies and Collections
After the assessment of property taxes in a calendar year, taxes are levied for collection in the following fiscal year.
Taxes are certified to the County Auditor in March. The County Treasurer collects taxes for all taxing entities in the
County. Statutory dates for payment without penalty are September 30t~ for the first installment and March 31~ for
the second installment. Penalty rates are established by State law at 1.5% per month.
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24
Table 21 outlines the County's collections of taxes in the fiscal year following their levy for the City.
Table 21
Tax Collections
Collection Year
Ended June 30 Taxes Levied Total CollectedO) Percent Collected
2001/02 $15,636,579 $15,906,492 101.73%
2000/01 15,574,467 I5,499,068 99.52%
1999/00 15,285,754 15,614,302 102.15%
1998/99 15,332,806 15,339,831 100.05%
1997/98 15,097,209 14,551,860 96.39%
Includes delinquent collections from prior years.
Source: Dubuque County Auditor.
Taxes Per $1,000 of Taxable Value
Table 22 shows the tax rates for the City for the current and past four collection years.
Table 22
Tax Rates ($/$1,000 of Taxable Valuel
2001/02 2000/01 1999/00 1998/99 1997/98
Dubuque County 5.73669 5.60750 5.54016 5.52169 5.54113
City of Dubuque 10.76080 11.06712 10.71601 11.07340 11.40112
Dubuque Community School District 13.50444 12.17096 11.53111 11.98226 12.03974
Area School 0.57072 0.56995 0.55128 0.48592 0.49951
Other 0.54806 0.50467 0.56187 0.50368 0.52563
Total 31 12fl71 2q 92021) 2R 9004:i 2956695 3000713
Source: Dubuque County Auditor.
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25
Principal Taxpayers
A list of the ten taxpayers in the City with the highest taxable valuations on the 2000 assessment is presented in
Table 23.
Table 23
Pr/neipal Taxpayers
% of Total
Taxable Taxable
Name Valuation Valuation(~)
Kennedy Mall, Inc. $ 19,990,230 1.32%
Nordstrom, Inc. 15,532,230 1.03%
Medical Associate Realty 11,338,660 0.75%
Plaza 20,/nc. 8,733,310 0.58%
U.S. West Communications 8,574,682 0.57%
Wilmington Trust Co. 7,743,610 0.51%
McGraw-Hill Cos. Inc. 7,730,070 0.51%
American Trust & Savings Bank 7~379,420 0.49%
McDonald Mfg Co. 6,903,640 0.46%
Medical Associate Realty LP 6.547.100 0.43%
Total ~ 1 flO.472 052 6 65%
(1) Total taxable valuation of $1,509,803,936 includes tax increment value.
FINANCIAL ADVISOR
The City has retained Evensen Dodge, Inc., of Minneapolis, Minnesota, as financial advisor (the "Financial
Advisor") in connection with the issuance of the Obligations. In prepafing the Official Statement, the Financial
Advisor has relied upon governmental officials, and other sources, who have access to relevant data to provide
accurate information for the Official Statement, and the Financial Advisor has not been engaged, nor has it
undertaken, to independently verify the accuracy of such information. The Financial Advisor is not a public
accounting firm and has not been engaged by the City to compile, review, examine or audit any information in the
Official Statement in accordance with accounting standards. The Financial Advisor is an independent advisory firm
and is not engaged in the business of underwriting, trading or distributing municipal securities or other public
securities and therefore will not participate in the underwriting of the Obligations.
Requests for information concerning the City should be addressed to Evensen Dodge, Inc., 650 Third Avenue South,
Suite 1800, Minneapolis, Minnesota 55402 (612/338-3535).
RATING
A rating review has been requested from Moody's Investors Services, Inc. for the Obligations. A rating is subject to
withdrawal at any time; withdrawal ora rating may have an adverse effect on the marketability of the Obligations. For
an explanation of the significance of the rating, an investor should communicate with the rating agency.
26
TAX EXEMPTION
General: In the opinion of Bond Counsel, assuming continuing compliance with certain covenants made by the
Issuer, interest on the Obligations (a) is excluded from gross income for federal income tax purposes and (b) is not an
item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations;
however, with respect to corporations, such interest is taken into account in determining adjusted current earnings
for the purpose of computing the altamative minimum tax imposed on such corporations.
Prospective purchasers of the Obligations should be aware that (i) Section 265 of the Internal Revenue Code of 1986
(the "Code"), denies a deduction for interest on indebtedness incurred or continued to purchase or carry the
Obligations or, in the case of a financial institution, that portion of a holder's interest expense allocated to interest on
the Obligations (see however, "Qualified Tax-Exempt Obligations" below), (ii) with respect to insurance comp anies
subject to the tax imposed by Section 831 of the Code, Section 832(b)(5)(B)(i) reduces the deduction for loss reserves
by 15 percent of the sum of certain items, including interest on the Obligations, (iii) interest on the Obligations earned
by certain foreign corporations doing business in the United States could be subject to a branch profits tax imposed
by Section 884 of the Code, (iv) passive investment income including interest on the Obligations, may be subject to
federal income taxation under Section 1375 of the Code for Subchapter S corporations that have Subchapter C
earnings and profits at the close of the taxable year if more than 25% of the gross receipts of such Subchapter S
corporation is passive investment income, and (v) Section 86 of the Code requires recipients of certain Social Security
and certain Railroad Retirement benefits to take into account in determining gross income, receipts or accruals of
interest on the Obligations.
Oualified Tax, Exemm Oblieations: The Issuer will designate the Obligations as "Qualified Tax-Exempt Obligations."
A special rule is provided under Section 265(b)(5) pursuant to which any qualified tax-exempt obligation may be
treated as acquired before August 7, 1986 permitting a deduction for 80 percent of that portion of such financial
institution's interest expense allocable to interest on the Obligations.
Qualified tax-exempt obligations for this purpose include any bond which (i) is not a private activity bond, as defined
in the tax-exempt bond provisbns of the Code, and (ii) is designated by the City as a qualified tax-exempt obligation,
and provided that not more than $10,000,000 of aggregate tax-exempt governmental or Section 501(c)(3) obligations
are reasonably anticipated to be issued by the City during the calendar year. The City will represent that the
reasonably anticipated amount of its tax-exempt governmental and 501(c)(3) obligations which will be issued during
the calendar year 2001 and 2002 will not exceed $10,000,000 in either year.
In order to maintain the exemption from federal income taxes of interest on the Obligations and for no other purpose,
the Issuer covenants in the authorizing resolution to comply with the provisions of the Code. Until and unless, and
except to the extent in the opinion of Bond Counsel, the following are not necessary to maintain the tax-exempt states
of the Obligations, the Issuer makes certain covenants, representations and warranties with respect to the
Obligations. The Issuer covenants to submit in a timely manner all reports, accounting and information to the
Internal Revenue Service and w/Il take whatever action is necessary within its power to assure the continued tax
exemption on the Obligations and to take whatever action is necessary within its power to comply with the applicable
law and regulations in order to maintain tax exemption with respect to the Obligations.
The resolution authorizing the issuance of the Obligations may be amended without the consent of any owner of the
Obligations for the purpose of taking action necessary to maintain tax exemption with respect to the Obligations
under applicable federal law or regulations.
27
LITIGATION
There is no litigation now pending or, to the knowledge of City officials, threatened which questions the validity of
the Obligations or of any proceedings of the City taken with respect to the issuance or sale thereof.
It is the opinion of the City Attorney, based upon the past experience of the payment of claims and judgment
amounts, that there are presently no outstanding claims, litigation, impending litigation or contingent liabilities which
would exceed the funds accumulated for this purpose and funds currently appropriated by the City Council for these
purposes, and that outstanding claims and suits would not materially affect the financial position of the City as of the
date of this Official Statement.
CLOSING DOCUMEN~I'S
Simultaneously with the delivery of and payment for the Obligations by the original purchaser thereof, the City will
furnish to the original purchaser the customary closing documents in form satisfactory to Bond Counsel.
CERTIFICATION
The City will furnish a statement to the effect that this Official Statement, to the best of its knowledge and belief as of
the date of sale and the date of delivery, is tree and correct in all material respects and does not contain any untrue
statement of material fact or omit to state a material fact necessary in order to make the statements made herein, in
light of the circumstances under which they were made, not misleading.
LEGAL MATTERS
Legal matters incident to the authorization and issuance of the Obligations are subject to the opinion of Ahlers,
Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., of Des Mofues, Iowa, Bond Counsel, as to validity and tax
exemption. Bond Counsel has not participated in the preparation of this Official Statement.
MISCELLANEOUS
Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so
expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of
the estimates will be realized.
The execution and delivery of this Official Statement by its Finance Director has been duly authorized by the City.
CITY OF DUBUQUE, IOWA
By: /s/ Ken TeKinoe
Finance Director
28
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APPENDIX A
Financial Statements
The auditors have not performed any additional review and have not consented to the inclusion of the
repor~ or exVcacts from the repor~ in this Official Statement. The consent of the auditors was not sought by
the City.
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.APPENDIX B
Form of Legal Opinion
(This page has been left blank intentionally.)
AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
Aqq'ORNEYS AT LAW KENNETH H. HAYNIE WILLIAM J. NOTH STEVEN L EERCK OFCOUNSEL
JOHN F. MCKINNEY, JR. DAVID SWINTON STEVEN M. NADEL PAUL F. AHLERS
100 COURT AVENUE, SUITE RICHARD G. SANTI LINDA L. KNIEP ELIZABETH A. GROB H. R]CHAP. D EM]TH
ED~ H. BI3TLE JOHN D. HINTZE JENNIFER A. CLENDENIN ROBERT G. ALLBEE
We hereby certify that we have examined a certified transcript of the proceedings of
the City Council and acts of administrative officers of the City of Dubuque, Iowa (the
"Issuer"), relating to the issuance of General Obligation Bonds, Series 2001, by said Issuer,
dated December 15, 2001, in the denomination of $5,000 or multiples thereof, in the
aggregate amount of $9,500,000 (the "Bonds").
We have examined the law and such certified proceedings and other papers as we
deem necessary to render this opinion as bond counsel.
As to questions of fact material to our opinion, we have relied upon representations
of the Issuer contained in the Resolution authorizing issuance of the Bonds (the
"Resolution") and in the certified proceedings and other certifications of public officials
furnished to us, without undertaking to verify the same by independent investigation.
We have not been engaged to or undertaken to review the accuracy, completeness or
sufficiency of the Official Statement dated ,2001 or other offering
material relating to the Bonds, and we express no opinion relating thereto.
Based on our examination and in reliance upon the certified proceedings and other
certifications described above, we are of the opinion, under existing law, as follows:
1. The Issuer is duly created and validly existing as a body corporate and politic
and political subdivision of the State of Iowa with the corporate power to adopt and perform
the Resolution and issue the Bonds.
2. The Bonds are valid and binding general obligations of the Issuer.
3. All taxable property in the territory of the Issuer is subject to ad valorem
taxation without limitation as to rate or amount to pay the Bonds. Taxes have been levied by
the Resolution for the payment of the Bonds and the Issuer is required by law to include in
its annual tax levy the principal and interest coming due on the Bonds to the extent the
necessary funds are not provided from other sources.
4. The interest on the Bonds is excluded from gross income for federal income
tax purposes and interest on the Bonds is not an item of tax preference for purposes of the
federal alternative minimum tax imposed on individuals and corporations; however, with
respect to corporations (as defined for federal income tax purposes), such interest is
included in adjusted current earnings for the purpose of determining the alternative
minimum tax imposed on such corporations. We express no opinion regarding other
federal income tax consequences caused by the receipt or accrual of interest on the Bonds.
For the purpose of rendering the opinion set forth in paragraph numbered 4 above,
we have assumed compliance by the Issuer with requirements of the Internal Revenue Code
of 1986, as amended, that must be met subsequent to the issuance of the Bonds in order that
interest thereon be and remain excluded from gross income for federal income tax
purposes. Failure to comply with such requirements could cause the interest on the Bonds
to be so included in gross income retroactive to the date of issuance of the Bonds. The
Issuer has covenanted to comply with such requirements.
It is to be understood that the rights of the holders of the Bonds and the
enforceability thereof may be subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights heretofore or hereafter
enacted to the extent constitutionally applicable and that their enforcement may also be
subject to the exercise of judicial discretion in appropriate cases.
Respectfully submitted,
AHLERS, COONEY, DORWEILER,
HAYNIE, SMITH & ALLBEE, P.C.
By:
AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
We hereby certify that we have examined a certified transcript of the proceedings of
the City Council and acts of administrative officers of the City of Dubuque, Iowa (the
"Issuer"), relating to the issuance of General Obligation Bonds, Series 2002, by said Issuer,
dated December 15,2001, in the denomination of $5,000 or multiples thereof, in the
aggregate amount of $2,860,000 (the "Bonds").
We have examined the law and such certified proceedings and other papers as we
deem necessary to render this opinion as bond counsel.
As to questions of fact material to our opinion, we have relied upon representations
of the Issuer contained in the Resolution authorizing issuance of the Bonds (the
"Resolution") and in the certified proceedings and other certifications of public officials
furnished to us, without undertaking to verify the same by independent investigation.
We have not been engaged to or undertaken to review the accuracy, completeness or
sufficiency of the Official Statement dated ,2001 or other offering
material relating to the Bonds, and we express no opinion relating thereto.
Based on our examination and in reliance upon the certified proceedings and other
certifications described above, we are of the opinion, under existing law, as follows:
1. The Issuer is duly created and validly existing as a body corporate and politic
and political subdivision of the State of Iowa with the corporate power to adopt and perform
the Resolution and issue the Bonds.
2. The Bonds are valid and binding general obligations of the Issuer.
3. All taxable property in the territory of the Issuer is subject to ad
valorem taxation without limitation as to rote or amount to pay the Bonds. Taxes
have been levied by the Resolution for the payment of the Bonds and the Issuer is
required by law to include in its annual tax levy the principal and interest coming due
on the Bonds to the extent the necessary funds are not provided from other sources.
4. The interest on the Bonds is excluded from gross income for federal
income tax purposes and interest on the Bonds is not an item of tax preference for
purposes of the federal alternative minimum tax imposed on individuals and
corporations; however, with respect to corporations (as defmed for federal income
tax purposes), such interest is included in adjusted current earnings for the purpose
of determining the alternative minimum tax imposed on such corporations. We
express no opinion regarding other federal income tax consequences caused by the
receipt or accrual of interest on the Bonds.
For the purpose of rendering the opinion set forth in paragraph numbered 4
above, we have assumed compliance by the Issuer with requirements of the Internal
Revenue Code of 1986, as amended, that must be met subsequent to the issuance of
the Bonds in order that interest thereon be and remain excluded from gross income
for federal income tax purposes. Failure to comply with such requirements could
cause the interest on the Bonds to be so included in gross income retroactive to the
date of issuance of the Bonds. The Issuer has covenanted to comply with such
requirements.
It is to be understood that the rights of the holders of the Bonds and the
enforceability thereof may be subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights heretofore or hereafter
enacted to the extent constitutionally applicable and that their enforcement may also
be subject to the exercise of judicial discretion in appropriate cases.
Respectfully submitted,
AHLERS, COONEY, DORWEILER, HAYNIE,
SMITH & ALLBEE, P.C.
DCORNELLX301 I63\1\10422057
APPENDIX C
Terms of Offering
(Tl~is page has been left blank intentionally.)
Terms of Offerin~
$9,500,000 General Obligation Bonds, Series 2001
City of Dubuque, Iowa
NOTICE IS HEREBY GIVEN that these Series 2001 Bonds will be offered for sale according to the following terms:
TIME AND PLACE
Sealed bids for the purchase of $9,500,000 General Obligation Bonds, Series 2001 (the "Series 2001 Bonds") will be
received by the City &Dubuque, Iowa (the "City") on Monday, December 3, 2001 until i 1:00 A.M. Central Time, at
City Hall, 50 West 13t~ Street, Dubuque, Iowa 52001-4864. Consideration of the award of the Series 2001 Bonds will be
by the City Council at a meeting on the same day. The bid offering to purchase the Series 2001 Bonds upon the terms
specified herein and most favorable to the City will be accepted unless all Bids are rejected. No bid may be altered or
withdrawn after the time appointed for opening Bids.
The Series 2001 Bonds are valid and binding general obligations of the City. All taxable property in the territory of
the City is subject to ad valorem taxation without limitation as to rate or amount to pay the Series 2001 Bonds.
PURPOSE
The proceeds of the Series 2001 Bonds will be used for the purpose of financing various projects at the Mississippi
River National Education and Conference Center.
DATE, MATUR1111~, AND REDEMPTION
The Series 2001 Bonds will be dated originally as of December 15, 2001, will be fully registered bonds in the
denomination of $5,000 each, unless designated otherwise by the purchaser within 48 hours after award of sale, and
will mature on June 1, in the following years in the following amounts:
Year Amount Year Amount
2005 $ 670,000 2014 $ 550,000
2006 180,000 2015 575,000
2007 410,000 2016 590,000
2008 425,000 2017 620,000
2009 490,000 2018 650,000
2010 530,000 2019 680,000
201I 545,000 2020 715,000
2012 560,000 2021 750,000
2013 560,000
The Series 2001 Bonds maturing on June 1, 2010 and thereafter are subject to redemption prior to their stated date of
maturity, at the option of the City on June 1, 2009 any date thereafter, in whole or in part, at a price of par plus
accrued interest to the redemption date.
IN I'EREST PAYABLE
Interest on the Series 2001 Bonds is payable semi-annually commencing December 1, 2002. Interest will be computed
on a 360-day year, 30~ay month basis, to the owners of record as of the close of business on the fifteenth of the
immediately preceding month. Payments coming due on a non-business day will be paid on the next business day.
BOOK-ENTRY-ONLY SYSTEM
The Series 2001 Bonds will be issued as fully registered securities in the name of Cede & Co., as nominee of the
Depository Trust Company, New York, New York ("DTC'). DTC will act as securities depository of the Series 2001
Bonds. Individual purchases will be made in book-entry form only in the principal amotmt of $5,000 and integral
multiples thereof. Purchasers will not receive certificates representing their interest in the Series 2001 Bonds
purchased. Principal and interest will be paid to DTC, which will in turn remit such principal and interest to its
participants, for subsequent disbursement to the beneficial owner of the Series 2001 Bonds.
The City will assume no obligation for the assignment of CUSIP numbers to the Series 2001 Bonds or for the
correctness of any such numbers printed thereon, but the City will permit such printing to be done at the expense of
the purchaser, if the purchaser waives any extension of the time of the delivery of the Series 200I Bonds caused
thereby.
~I(PE OF BID
Sealed bids for not less than $9,405,000 (99.0% of Par) must be mailed or delivered to the undersigned and must be
received prior to the time specified above for opening bids. Each bid must be enclosed in a sealed envelope, marked
on the outside "Bid for $9,500,000 General Obligation Bonds, Series 2001, City of Dubuque, Iowa." Rates must be in
integral multiples of 1/8 or 1/20 of 1%, in non-descending order, one rate per maturity. Interest will be computed on a
360-day-year basis.
GOOD FAHIt DEPOSIT
A Good Faith Deposit ("Deposit") in the form of a certified or a cashier's check or a Financial Surety Bond in the
amount of $95,000, payable to the order of the City, is required for each bid to be considered. If a check is used, it
must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to
issue such a bond in the State of Iowa, and such bond must be submitted to the City or its Financial Advisor prior to
the opening of the bids. The Financial Surety Bond must identify each proposer whose Deposit is guaranteed by
such Financial Surety Bond. If the Series 2001 Bonds are awarded to a proposer utilizing a Financial Surety Bond,
then that purchaser ("Purchaser") is required to submit its Deposit to the City or its Financial Advisor in the form of a
cashier's check (or wire transfer such amount as instructed by the City or its Financial Advisor) not later than 3:30
p.m., Central Time, on the next business day following the award. If such Deposit is not received by that time, the
Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. No interest on the Deposit will
accrue to the Purchaser. The Deposit will be applied to the purchase price of the Series 2001 Bonds. In the event the
Purchaser fails to honor its accepted Bid, the Deposit will be retained by the City.
AWARD
Bids will be compared on the basis of true interest cost (TIC). The bid offering the lowest tree interest cost will be
deemed most favorable. The tree interest cost is computed as the discount rate which, when used with semiannual
compounding to determine the present worth of the principal and interest payments as oftbe date of the Series 2001
Bonds, produces an amount equal to the purchase price. If two or more bids provide the same lowest tree interest
rate, the City shall determine which bid shall be accepted, and such determination shall be final.
Upon award of the Series 2001 Bonds, the successful proposer shall advise the City of the initial reoffering price to
the public of the Series 2001 Bonds. Not less than fifteen days after award of the Series 2001 Bonds, the successful
proposer shall furnish to the City a certificate in form and substance acceptable to bond counsel (a) confirming the
initial reoffering prices, (b) certifying that a bona fide initial reoffering of the Series 2001 Bonds has been made to the
public (excluding bond houses, brokers, and other intermediaries), and (c) stating the price at which a substantial
portion of the Series 2001 Bonds were sold to the public (excluding bond houses, brokers and other intermediaries).
The City Council reserves the right to reject any and all bids, to waive any informality in any Bid and to adjourn the
sale.
Within 40 days following the date of their award, the Series 2001 Bonds will be delivered without cost to the
Pumhaser. Delivery will be subject to receipt by the Purchaser of the legal opinion of Ahlers, Cooney, Dorweiler,
Haynie, Smith & Allbee, P.C., and of customary closing papers, inclucYang non-litigation certificate. On the date of
settlement, payment for the Series 2001 Bonds shall be made in federal or equivalent funds, which shall be received at
the offices of the City, or its designee, not later than 1:00 P.M. Except as compliance with the terms of payment for
the Series 2001 Bonds shall have been made impossible by action of the City or its agents, the Purchaser shall be
liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for
payment. Delivery of the Series 2001 Bonds is anticipated on or about December 27, 2001.
CONTINUING DISCLOSURE
In order to permit proposers for the Series 2001 Bonds and other participating underwriters in the primary offering of
the Series 2001 Bonds to comply with paragraph Co)(5) of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended (the "Rule"), the Issuer will covenant and agree,
for the benefit of the registered holders or beneficial owners from time to time of the outstanding Series 2001 Bonds,
in the Bond Resolution, to provide annual reports of specified information and notice of the occurrence of certain
events, if material, as hereinafter described (the "Disclosure Covenants"). The information to be provided on an
annual basis, the events as to which notice is to be given, if material, and a summary of other provisions of the
Disclosure Covenants, including termination, amendment and remedies, are set forth in Appendix D to this Official
Statement.
OFFICIAL STATEMENTS
The City has prepared an Official Statement dated November 27, 2001, which the City deems to be a preliminary or
"near-finaF' Official Statement as that term is defined in Rule 15c2-12 of the Securities and Exchange Commission (the
"Rule"). The Official Statement is available on the world wide web at www.evensendodee.com, and to prospective
proposers who request copies from the City or its financial advisor, Evensen Dodge, Inc.
Not later than seven business days following the award of the Series 2001 Bonds, the City shall provide a reasonable
number of copies of the Final Official Statement, as that term is used in the Rule, to the successful purchaser of the
Series 2001 Bonds. The Final Official Statement will be the Official Statement dated November 27, 2001, and the
addendum which includes the maturity date and amount, interest rate and reoffering yield or price, and any other
information required by law. Any such addendum shall, on or after the date thereof, be fully incorporated in the Final
Official Statement by reference.
The successful proposer will be supplied with Final Official Statements in a quantity sufficient to meet their request.
A reasonable number of copies (100) of the Final Official Statement will be furnished without cost.
Terms of Offering
$2,860,000 General Obligation Bonds, Series 2002
City of Dubuque, Iowa
NOTICE IS HEREBY GIVEN that these Series 2002 Bonds will be offered for sale according to the following terms:
TIME AND PLACE
Sealed bids for the purchase of $2,860,000 General Obligation Bonds, Series 2002 (the "Series 2002 Bonds") wiI1 be
received by the City of Dubuque, Iowa (the "City") on Monday, December 3, 2001 until 11:00 A.M. Central Time, at
City Hall, 50 West 13t~ Street, Dubuque, Iowa 52001-4864. Consideration of the award of the Series 2002 Bonds will be
by the City Council at a meeting on the same day. The bid offering to purchase the Series 2002 Bonds upon the terms
specified herein and most favorable to the City will be accepted unless all Bids are rejected. No bid may be altered or
withdrawn after the time appointed for opening Bids.
SECURITY
The Series 2002 Bonds are valid and bhading general obligations of the City. All taxable property in the territory of
the City is subject to ad valorem taxation without limitation as to rate or amount to pay the Series 2002 Bonds.
PURPOSE
The proceeds of the Series 2002 Bonds will be used for the purpose of financing various projects at the Mississippi
River National Education and Conference Center.
DATE, MATURITIES, AND REDEMPTION
The Series 2002 Bonds will be dated originally as of December 15, 2001, will be fully registered bonds in the
denomination of $5,000 each, unless designated otherwise by the purchaser within 48 hours after award of sale, and
will mature on June 1, in the following years in the following amounts:
Year Amount Year Amount
2004 $165,000 2013 $145,000
2005 115,000 2014 160,000
2006 120,000 2015 170,000
2007 125,000 2016 175,000
2008 130,000 2017 185,000
2009 125,000 2018 195,000
2010 130,000 2019 205,000
2011 135,000 2020 215,000
2012 140,000 2021 225,000
The Series 2002 Bonds maturing on June 1, 2010 and thereafter are subject to redemption prior to their stated date of
maturity, at the option of the City on June 1, 2009 any date thereafter, in whole or in part, at a price of par plus
accrued interest to the redemption date.
INTEREST PAYABLE
Interest on the Series 2002 Bonds is payable semi-armually commencing December 1, 2002. Interest will be computed
on a 360-day year, 30-day month basis, to the owners of record as of the close of business on the fifteenth of the
immediately preceding month. Payments coming due on a non-business day will be paid on the next business day.
BOO K-EaNTRY-ONLY SYSTEM
The Series 2002 Bonds will be issued as fully registered securities in the name of Cede & Co., as nominee of the
Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository of the Series 2002
Bonds. Individual purchases will be made in book-entry form only in the principal amount of $5,000 and integral
multiples thereof. Purchasers will not receive certificates representing their interest in the Series 2002 Bonds
purchased. Principal and interest will be paid to DTC, which will in tam remit such principal and interest to its
participants, for subsequent disbursement to the beneficial owner of the Series 2002 Bonds.
The City will assume no obligation for the assignment of CUSIP numbers to the Series 2002 Bonds or for the
correctaess of any such numbers printed thereon, but the City will permit such printing to be done at the expense of
the purchaser, if the purchaser waives any extension of the time of the delivery of the Series 2002 Bonds caused
thereby.
TYPE OF BID
Sealed bids for not less than $2,831,400 (99.0% of Par) must be mailed or delivered to the undersi~aed and must be
received prior to the time specified above for opening bids. Each bid must be enclosed in a sealed envelope, marked
on the outside "Bid for $2,860,000 General Obligation Bonds, Series 2002, City of Dubuque, Iowa." Rates must be in
integral multiples of 1/8 or 1/20 of 1%, in non-descending order, one rate per matority. Interest will be computed on a
360-day~year basis.
GOOD F/~rlH DEPOSIT
A Good Faith Deposit ("Deposit") in the form of a certified or a cashier's check or a Financial Surety Bond in the
amount of $28,600, payable to the order of the City, is required for each bid to be considered. If a check is used, it
must accompany each bid. If a Financial Surety Bond is used, it must be from an insurance company licensed to
issue such a bond in the State of Iowa, and such bond must be submitted to the City or its Financial Advisor prior to
the opening of the bids. The Financial Surety Bond must identify each proposer whose Deposit is guaranteed by
such Financial Surety Bond. If the Series 2002 Bonds are awarded to a proposer utilizing a Financial Surety Bond,
then that purchaser ("Purchaser") is required to submit its Deposit to the City or its Financial Advisor in the form ora
cashier's check (or wire transfer such amount as instructed by the City or its Financial Advisor) not later than 3:30
p.m., C.T., on the next business day following the award. If such Deposit is not received by that time, the Financial
Surety Bond may be drawn by the City to satisfy the Deposit requirement. No interest on the Deposit will accrue to
the Purchaser. The Deposit will be applied to the purchase price of the Series 2002 Bonds. In the event the
Purchaser fails to honor its accepted Bid, the Deposit will be retained by the City.
AWARD
Bids will be compared on the basis of true interest cost (TIC). The bid offering the lowest true interest cost will be
deemed most favorable. The true interest cost is computed as the discount rate which, when used with semiannual
compounding to determine the present worth of the principal and interest payments as of the date of the Series 2002
Bonds, produces an amount equal to the purchase price. If two or more bids provide the same lowest true interest
rate, the City shall determine which bid shall be accepted, and such determination shall be final.
Upon award of the Series 2002 Bonds, the successful proposer shall advise the City of the initial reoffefing price to
the public of the Series 2002 Bonds. Not less than fifteen days after award of the Series 2002 Bonds, the successful
proposer shall furnish to the City a certificate in form and substance acceptable to bond counsel (a) confirming the
initial reoffering prices, (O) certifying that a bona fide initial reoffefiug of the Series 2002 Bonds has been made to the
public (excluding bond houses, brokers, and other intermediaries), and (c) stating the price at which a substantial
portion of the Series 2002 Bonds were sold to the public (excluding bond houses, brokers and other intermediaries).
The City Council reserves the right to reject any and all bids, to waive any informality in any Bid and to adjourn the
sale.
Within 40 days following the date of their award, the Series 2002 Bonds will be delivered without cost to the
Purchaser. Delivery will be subject to receipt by the Purchaser of the legal opinion of Ahlers, Cooney, Donveiler,
Haynie, Smith & Allbee, P.C., and of customary closing papers, including non-litigation certificate. On the date of
settlement, payment for the Series 2002 Bonds shall be made in federal or equivalent funds, which shall be received at
the offices of the City, or its designee, not later than 1:00 P.M. Except as compliance with the terms of payment for
the Series 2002 Bonds shall have been made impossible by action &the City or its agents, the Purchaser shall be
liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for
payment. Delivery of the Series 2002 Bonds is anticipated on or about January 9, 2002.
CONTI1N~UING DISCLOSURE
In order to permit proposers for the Series 2002 Bonds and other participating underwriters in the primary offering of
the Series 2002 Bonds to comply with paragraph (o)(5) of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended (the "Rule"), the Issuer will covenant and agree,
for the benefit of the registered holders or beneficial owners from time to time of the outstanding Series 2002 Bonds,
in the Bond Resolution, to provide annual reports of specified information and notice of the occurrence of certain
events, if material, as hereinafter described (the "Disclosure Covenants"). The information to be provided on an
annual basis, the events as to which notice is to be given, if material, and a summary of other provisions of the
Disclosure Covenants, including termination, amendment and remedies, am set forth in Appendix D to this Official
Statement.
OFFICIAL STATEMENTS
The City has prepared an Official Statement dated November 27, 2001, which the City deems to be a preliminary or
"near-final" Official Statement as that term is defined in Rule 15c2-12 of the Securities and Exchange Commission (the
"Rule"). The Official Statement is available on the world wide web at www.evensendodee.con~ and to prospective
proposers who request copies from the City or its financial advisor, Evensen Dodge, Inc.
Not later than seven business days following the award of the Series 2002 Bonds, the City shall provide a reasonable
number of copies of the Final Official Statement, as that term is used in the Rule, to the successful purchaser of the
Series 2002 Bonds. The Final Official Statement will be the Official Statement dated November 27, 2001, and the
addendana which includes the maturity date and amount, interest rate and reoffefing yield or price, and any other
information required by law. Any such addendum shall, on or after the date thereof, be fully incorporated in the Final
Official Statement by reference.
The successful proposer will be supplied with Final Official Statements in a quantity sufficient to meet their request.
A reasonable number of copies (75) oftbe Final Official Statement will be furnished without cost.
(This page has been left blank intentionally.)
APPENDIX D
Form of Continuing Disclosure Certificate
(This page has been left blank intentionally.)
Members of the City Council
CPy of Dubuque, Iowa
OFFICIAL BID FORM
Sale Date: December 3, 2001
Members of the Council:
For the principal amount of $2,860,000 General Obligation Bonds, Series 2002 legally issued and as described in the
Terms of Offering, we will pay $ (not less than $2,831,400) plus accraed interest on
the total principal of $2,860,000 to date of delivery, provided the Series 2002 Bonds bear the following interest rates:
Interest Interest
Year Amount Rate Year Amount Rate
2004 $165,000 __ % 2013 $145,000 %
2005 115,000 __ % 2014 160,000 %
2006 120,000 __ % 2015 170,000 %
2007 125,000 __ % 2016 175,000 %
2008 130,000 __ % 2017 185,000 %
2009 125,000 __% 2018 195,000 __ %
2010 130,000 __% 2019 205,000 __ %
2011 135,000 __% 2020 215,000 __ %
2012 I40,000 __% 2021 225,000 __ %
The Series 2002 Bonds mature on June 1, in each of the years as indicated above and interest is payable December 1,
2002, and s~aianaually thereafter on June 1 and December 1 of each year.
In making this offer, we accept the terms and conditions as defined in the Terms of Offering published in the Official
Statement dated November 27, 2001. All blank spaces of this offer are intentional and are not to be construed as an
omission. Oar good faith deposit in the amount of $28,600 has been or will be submitted in accordance with the
Terms of Offering.
NOT PART OF THIS BID:
Explanatory Note: According to our computation,
this bid involves the following:
$
Net Interest Cost
%
True Interest Rate
Respectfully submitted,
Account Manager
By_
(A list of account members is on the reverse side of
this bid.)
The foregoing offer is hereby accepted by and on behalf of the City of Dubuque, Iowa, this this 3rdday of December,
2001.
Title Title
Members of the City Council
City of Dubuque, Iowa
OFFICIAL BID FORM
Sale Date: December 3, 2001
Members of the Council:
For the principal amount of $9,500,000 General Obligation Bonds, Series 2001 legally issued and as described in the
Terms of Offering, we will pay $ (not less than $9,405,000) plus accrued interest on
the total principal of $9,500,000 to date of delivery, provided the Series 2001 Bonds bear the following interest rates:
Interest Interest
Year Amount Rate Year Amount Rate
2005 $ 670,000 __% 2014 $ 550,000 %
2006 180,000 __% 2015 575,000 %
2007 410000 __% 2016 590,000 %
2008 425,000 __% 2017 620,000 __
2009 490,000 % 2018 650,000 __
2010 530,000 __% 2019 680,000
2011 545,000 __% 2020 715,000
2012 560,000 __% 2021 750,000 __%
2013 560,000
The Series 2001 Bonds mature on June 1, in each of the years as indicated above and interest is payable December 1,
2002, and s~miannually thereafter on June 1 and December 1 of each year.
In making this offer, we accept the terms and conditions as defined in the Terms of Offering published in the Official
Statement dated November 27, 2001. All blank spaces of this offer are intentional and are not to be construed as an
omission. Our good faith deposit i~ the amount of $95,000 has been or will be submitted in accordance with the
T~ms of Offering.
NOT PART OF THIS BID:
Explanatory Note: According to our computation,
this bid involves the following:
$
Net Interest Cost
%
True Interest Rate
Respect~lly submitted,
Account Manager
By_
(A list of account members is on the reverse side of
this bid.)
The foregoing offer is hereby accepted by and on behalf of the City of Dubuque, Iowa, this 3 day of December, 2001.
Title Title
AFILERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE~ SUITE 600
DES MO[NFS, IOWA 50309-2231
htr p'/A~vw.ah le rslaw.com
TELEPHONE 515-243-7611
TELECOPIER 515-243~2149
KIENNETH H. HAYNIE WILLIAM J. NOTH STEVEN L. S£RCK OF COUNSEL
BY OVERNIGHT DELIVERY
November 26, 2001
Ms. Pauline J. Joyce
Director of Administrative Services
City of Dubuque
50 W. 13th Street
Dubuque, Iowa 52001
$9,500,000 General Obligation Bonds, Series 2001
$2,860,000 General Obligation Bonds, Series 2002
Dear Ms. Joyce:
With this letter please find enclosed proceedings for the sale date covering the
reception of bids and award of the Bonds to the lowest bidders and forms of two
resolutions awarding the Bonds. Sealed bids for the Bonds should be received by the
Finance Director and listed in the minutes. After a final call for sealed bids, the bids
should then be opened and the best bid recorded. All bids should then be referred to the
Council for award of the Bonds. In each case, the Bonds are to be sold to the best bidder.
The Notices of Bond Sale set out the restrictions on the type of interest rates which
may be bid, as well as the number of rates. Each bid should be reviewed for compliance
with the terms of sale. Different interest rates may be bid for the issue and each interest
rate must be in a multiple of one-eighth or one-twentieth of one percent. Each bidder is
required to furnish a bid check or Financial Surety Bond in the mount described in the
appropriate Notice. The check of the successful bidders for each issue should be held
uncashed as your security that the bidder will take the Bonds as agreed upon when the
same have been printed and are ready for delivery.
Extra copies of the procedure are enclosed to be completed as the originals and
certified to our office.
November 26, 2001
Page 2
Extra copies of the procedure are enclosed to be completed as the originals and
certified to our office.
If any questions arise, please do not hesitate to call me.
Yours very truly,
William J. Noth
FOR THE FIRM
WJN:dc
encl.
cc: Ken TeKippe
Barry Lindahl
David Dirks
DCORNELL~301756~1\10422057
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed
and delivered by the City of Dubuque, Iowa (the "Issuer") in connection with the issuance of
$9,500,000 General Obligation Bonds, Series 2001 (the "Bonds") dated December 15,
2001. The Bonds are being issued pursuant to a Resolution of the Issuer approved on
December 3 ., 2001 (the "Resolution"). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is
being executed and delivered by the Issuer for the benefit of the Holders and Beneficial
Owners of the Bonds and in order to assist the Participating Underwriters in complying with
S.E.C. Rule 15c2-12(b)(5).
SECTION 2. Defmitions. In addition to the definitions set forth in the Resolution,
which apply to any capitalized term used in this Disclosure Certificate nnless otherwise
defined in this Section, the following capitalized terms shall have the following meanings:
"Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and
as described in, Sections 3 and 4 of this Disclosure Certificate.
"Beneficial Owner" shall mean any person which (a) has the power, directly or
indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds
(including persons holding Bonds through nominees, depositories or other intermediaries),
or (b) is treated as the owner of any Bonds for federal income tax purposes.
"Dissemination Agent" shall mean any Dissemination Agent designated in writing by
the Issuer and which has filed with the Issuer a written acceptance of such designation.
"Holders" shall mean the registered holders of the Bonds, as recorded in the
registration books of the Registrar.
"Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
"Municipal Securities Rulemaldng Board" or "MSRB" shall mean the Municipal
Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA 22314.
"National Repository" shall mean any Nationally Recognized Municipal Securities
Information Repository for purposes of the Rule. The National Repositories currently
approved by the Securities and Exchange Commission are set forth in Exhibit B.
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
"Repository" shall mean each National Repository and each State Repository.
"Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as the same may be amended from
time to time.
"State" shall mean the State of Iowa.
"State Repository" shall mean any public or private repository or entity designated by
the State as a state repository for the purpose of the Rule and recognized as such by the
Securities and Exchange Commission. As of the date of this Certificate, there is no State
Repository.
SECTION 3. Provision of Armual Reports.
(a)
The Issuer shall, or shall cause the Dissemination Agent to, not
later than two hundred ten (210) days after the end of the
Issuer's fiscal year (presently June 30th), commencing with the
report for the 2000/2001 fiscal year, provide to each
Repository an Annual Report which is consistent with the
requirements of Section 4 of this Disclosure Certificate. The
Annual Report may be submitted as a single document or as
separate documents comprising a package, and may cross-
reference other information as provided in Section 4 of this
Disclosure Certificate; provided that the audited financial
statements of the Issuer may be submitted separately from the
balance of the Annual Report and later than the date required
above for the filing of the Annual Report if they are not
available by that date. If the Issuer's fiscal year changes, it shall
give notice of such change in the same manner as for a Listed
Event under Section 5(c).
Not later than fifteen (15) business days prior to said date, the
Issuer shall provide the Annual Report to the Dissemination
Agent (if other than the Issuer). If the Issuer is unable to
provide to the Repositories an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the
Municipal Securities Rulemaking Board and the State
Repository, if any, in substantially the form attached as Exh/bit
(c) The Dissemination Agent shall:
(i)
determine each year prior to the date for providing the
Annual Report the name and address of each National
Repository and the State Repository, if any, and
(ii)
(if the Dissemination Agent is other than the Issuer),
file a report with the Issuer certifying that the Annual
report has been provided pursuant to this Disclosure
Certificate, stating the date it was provided and listing
all the Repositories to which it was provided.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain
or incorporate by reference the following:
1. The audited financial statements of the Issuer for the prior fiscal year,
prepared in accordance with generally accepted accounting principles promulgated by the
Financial Accounting Standards Board as modified in accordance with the governmental
accounting standards promulgated by the Governmental Accounting Standards Board or as
otherwise provided under State law, as in effect from time to time, or, if and to the extent
such financial statements have not been prepared in accordance with generally accepted
accounting principles, noting the discrepancies therefrom and the effect thereof. If the
Issuer's audited financial statements are not available by the time the Annual Report is
required to be filed pursuant to Section 3(a), the Annual Report shall contain unaudited
financial statements in a format similar to the financial statements contained in the final
Official Statement, and the audited financial statements shall be filed in the same manner as
the Annual Report when they become available.
2. A table, schedule or other information reflecting certain property tax
information, prepared as of the end of the preceding fiscal year, of the type contained in the
tables included in the fmal Official Statement under the caption "Property Tax Information."
3. A table, schedule or other information reflecting certain debt information,
prepared as of the end of the preceding fiscal year, of the type contained in the tables
included in the final Official Statement under the caption "Debt Information."
4. A table, schedule or other information reflecting certain financial
information, prepared as of the end of the preceding fiscal year, of the type contained in the
tables included in the final Official Statement under the caption "Financial Information."
Any or all of the items listed above may be included by specific reference to other
documents, including official statements of debt issues of the Issuer or related public
entities, which have been submitted to each of the Repositories or the Securities and
Exchange Commission. If the document included by reference is a final official statement,
it must be available from the Municipal Securities Rulemaking Board. The Issuer shall
clearly identify each such other document so included by reference.
SECTION 5. Reporting of Sigrdficant Events.
Pursuant to the provisions of this Section 5, the Issuer shall
give, or cause to be given, notice of the occurrence of any of
the following events with respect to the Bonds, if material:
(2)
(3)
(4)
(6)
(a)
(7)
(8)
(9)
principal and interest payment delinquencies;
non-payment related defaults;
unscheduled draws on debt service reserves
reflecting financial difficulties;
unscheduled draws on credit enhancements
reflecting financial difficulties;
substitution of credit or liquidity providers, or
their failure to perform;
adverse tax opinions or events affecting the tax-
exempt status of the security;
modifications to rights of security holders;
bond calls;
defeasances;
(10) release, substitution, or sale of property securing
repayment of the securities; and
(11) rating changes.
Whenever the Issuer obtains the knowledge of the occurrence
of a Listed Event, the Issuer shall as soon as possible determine
if such event would be material under applicable federal
securities laws.
(c)
If the Issuer determines that knowledge of the occurrence of a
Listed Event would be material under applicable federal
securities laws, the Issuer shall promptly file a notice of such
occurrence with the Municipal Securities Rulemaking Board
and the State Repository. Notwithstanding the foregoing,
notice of Listed Events described in subsections (a) (8) and (9)
need not be given under this subsection any earlier than the
notice (if any) of the underlying event is given to Holders of
affected Bonds pursuant to the Resolution.
SECTION 6. Termination of Reporting Obligation. The Issuer's obligations under
this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or
payment in full of all of the Bonds or upon the Issuer's receipt of an opinion of nationally
recognized bond counsel to the effect that, because of legislative action or final judicial
action or administrative actions or proceedings, the failure of the Issuer to comply with the
terms hereof will not cause Participating Underwriters to be in violation of the Rule or
other applicable requirements of the Securities Exchange Act of 1934, as amended. If such
termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of
such termination in the same manner as for a Listed Event under Section 5(c).
SECTION 7. Dissemination Agent. The Issuer may, from time to time, appoint or
engage a Dissemination Agent to assist it in carrying out its obligations under this
Disclosure Certificate, and may discharge any such Agent, with or without appointing a
successor Dissemination Agent. The Dissemination Agent shall not be responsible in any
manner for the content of any notice or report prepared by the Issuer pursuant to this
Disclosure Certificate. The initial Dissemination Agent shall be the Issuer.
SECTION 8. Amendment: Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision
of this Disclosure Certificate may be waived, provided that the following conditions are
satisfied:
(a)
If the amendment or waiver relates to the provisions of Section
3(a), 4, or 5(a), it may only be made in connection with a
change in circumstances that arises from a change in legal
requirements, change in law, or change in the identity, nature or
status of an obligated person with respect to the Bonds, or the
type of business conducted;
The undertaking, as amended or taking into account such
waiver, would, in the opinion of nationally recognized bond
counsel, have complied with the requirements of the Rule at the
time of the original issuance of the Bonds, after taking into
account any amendments or interpretations of the Rule, as well
as any change in circumstances; and
(c)
The amendment or waiver either (i) is approved by the Holders
of the Bonds in the same manner as provided in the Resolution
for amendments to the Resolution with the consent of Holders,
or (ii) does not, in the opinion of nationally recognized bond
counsel, materially impair the interests of the Holders or
Beneficial Owners of the Bonds.
In the event of any amendment or waiver of a provision of this Disclosure Certificate, the
Issuer shall describe such amendment in the next Annual Report, and shall include, as
applicable, a narrative explanation of the reason for the amendment or waiver and its impact
on the type (or in the case ora change of accounting principles, on the presentation) of
financial information or operating data being presented by the Issuer. In addition, if the
amendment relates to the accounting principles to be followed in preparing financial
statements, (i) notice of such change shall be given in the same manner as for a Listed Event
under Section 5(c), and (ii) the Annual Report for the year in which the change is made will
present a comparison or other discussion in narrative form (and also, if feasible, in
quantitative form) describing or illustrating the material differences between the financial
statements as prepared on the basis of the new accounting principles and those prepared on
the basis of the former accounting principles.
SECTION 9. Additional Informatior~ Nothing in this Disclosure Certificate shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Certificate or any other means of
communication, or including any other information in any Annual Report or notice of
occurrence of a Listed Event, in addition to that which is required by this Disclosure
Certificate. If the Issuer chooses to include any information in any Annual Report or notice
of occurrence of a Listed Event in addition to that which is specifically required by this
Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update
such information or include it in any future Annual Report or notice of occurrence of a
Listed Event.
SECTION 10. Default. In the event of a failure of the Issuer to comply with any
provision of this Disclosure Certificate, any Holder or Beneficial Owner of the Bonds may
take such actions as may be necessary and appropriate, including seeking mandate or
specific performance by court order, to cause the Issuer to comply with its obligations
under this Disclosure Certificate. Direct, indirect, consequential and punitive damages
shall not be recoverable by any person for any default hereunder and are hereby waived to
the extent permitted by law. A default under this Disclosure Certificate shall not be
deemed an event of default under the Resolution, and the sole remedy under this Disclosure
Certificate in the event of any failure of the Issuer to comply with this Disclosure
Certificate shall be an action to compel performance.
SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent The
Dissemination Agent shall have only such duties as are specifically set forth in this
Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination
Agent, its officers, directors, employees and agents, harmless against any loss, expense and
liabilities which it may incur arising out of or in the exercise or performance of its powers
and duties hereunder, including the costs and expenses (including attorneys fees) of
defending against any claim of liability, but excluding liabilities due to the Dissemination
Agent's negligence or willful misconduct. The obligations of the Issuer under this Section
shall survive resignation or removal of the Dissemination Agent and payment of the Bonds.
SECTION 12. Beneficiaries. This Disclosure Certificate shall inure solely to the
benefit of the Issuer, the Dissemination Agent, the Participating Underwriters and Holders
and Beneficial Owners from time to time of the Bonds, and shall create no rights in any
other person or entity.
Date: December 3 ., 2001
CITY OF DUBUQUE, IOWA
ATFEST:
By:
~Gt~ Clerk
EXIffIRIT B
Nationally Recognized Municipal Securities Information Repositories currently approved
by the Securities and Exchange Commission:
Bloomberg Municipal Repositories
P. O. Box 840
Princeton, NJ 08542-0840
E-Mall: Munis~Bloomberg.com
Phone: (609) 279-3225
FAX: (609) 279-5962
E-mail: Munis~Bloomberg.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
E-Mail: nrmsir@ dpcdata, com
Phone: (201) 346-0701
FAX: (201) 947-0107
Standard & Poor's J.J. Kenny Repository
55 Water Street, 45th Floor
New York, NY 10041
Phone: (212) 438-4595
FAX: (212) 438-3975
E-Mail: nrmsir_~sandp.com
Interactive Data
Atto: Repository
100 Williams Street
New York, NY 10038
Phone: (212) 771-6899
FAX: (212) 771-7390
E-Mail: NRMSlR~interacfivedata.com
Website:http://www. IntemctiveData.com
DCORNELLX301158\1\10422057
SENT BY: 12- 8- 1 ; 8:88P~ ; EVENSEN DODGE INC~ 808 588 0880;#
OFFICIAL BID FOR
Member~ of the City Council
City of Dubmlue~ Iowa
Sole Date: De~ember 3, 2001
Members of rig Councl/:
For be p~cipal ammmt of $9,500,000 General Obl~satk,n Bonds, $er[cs 2001 legally L~ued sad as described in the
Terms of Offering, we will pay $9,40S,000.00 (n~t less fl~au $9,405,000) plus accrued interest on the total principal
of $9,$00,000 to date of delivery, provided the geri~s 2001 Bonds bear the following ila'erest roles;
Intct~
~l'~ar A~ouut ~ate Year ~
2~ $ 670,000 4.~A 2014 $ ~s0,~
2~ 1 gO,~o 4.~% 2015 $75,0~
2007 410,~0 4.~A 2016 590,000
2008 4~,~ 4.~0% 20[7 620,~0 4.750%
20~ 490,~ 4.0~% 2018 630,0~ 4.75~
2010 530,~ 4.1~% 2019 6gO,~O 4.S00%
2011 ~5,0~ 4.25~A 2020 715.~ 4;875%
2012 5~,~0 4.350% 2021 750,0~ 4D00%
2013 560,~ 4.45~A
:eleh02S-e*'i.es 200.1B°nds mature on Jun¢ l, ln each ofth~ years as indicated ab v ' ·
,~ly~c~on]~ela~dD~lofea~. o cand~st~s~yable~l,
~ ~g ~s o~, we ac~ ~ ~ ~d ~Mifiom ~ dc~ed ~ ~e Te~ of Offing p~l~d ~ ~ O~
S~t~m ~ted Nove~ 27, 2001, All b~nk ~ces of~ off~ ~ in~fio~ and ~ ~t ~ ~ ~ ~ ~
O~n. Out good ~i~ d~o~it ~ ~ amo~t of $9~,0~ ~s ~ m ~ be ~b~d ~ a~ce wi~ ~
NOT P~T OF ~S BID:
Explanatory Note: According to our computat. Jort,
this bid involves a~c following:
$ 5,471,154.86
Net Interest Cost
4.6852 %
True Interest Rate
list of acr. ount memb~r~ is on thc rcv~w$c s'i{]~ of
t;~i$ bid.)
The foregoing offer is hereby accepted by ami on
2~~ be, all of the City of DuBuqee, Iowa, this 3tOday of December,
Klm '1 eKippe, Fi~sme Di~edor
CONTINUING DISCLOSURE CERTII~ICATE
This ContinUing Disclosure Certificate (the "Disclosure Certificate") is executed
and delivered by the City of Dubuque, Iowa (the "Issuer") in connection with the issuance of
$2,860,000 General Obligation Bonds, Series 2002 (the "Bonds") dated December 15,
2001. The Bonds are being issued pursuant to a Resolution of the Issuer approved on
December 3 ., 2001 (the "Resolution"). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is
being executed and delivered by the Issuer for the benefit of the Holders and Beneficial
Owners of the Bonds and in order to assist the Participating Underwriters in complying with
S.E.C. Rule 15c2-12(b)(5).
SECTION 2. Definitions. In addition to the definitions set forth in the Resolution,
which apply to any capitalized term used in this Disclosure Certificate unless otherwise
defined in this Section, the following capitalized terms shall have the following meanings:
"Annual Repoit" shall mean any Annual Report provided by the Issuer pursuant to, and
as described in, Sections 3 and 4 of this Disclosure Certificate~
"Beneficial Owner" shall mean any person which (a) has the power, directly or
indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds
(including persons holding Bonds through nominees, depositories or other intermediaries),
or (b) is treated as the owner of any Bonds for federal income tax purposes.
"Dissemination Agent" shall mean any Dissemination Agent designated in writing by
the Issuer and which has filed with the Issuer a written acceptance of such designation.
"Holders" shall mean the registered holders of the Bonds, as recorded in the
registration books of the Registrar.
"Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
"Municipal Securities Rulemaking Board" or "MSRB" shall mean the Municipal
Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA 22314.
'2qational Repository" shall mean any Nationally Recognized Municipal Securities
Information Repository for purposes of the Rule. The National Repositories currently
approved by the Securities and Exchange Commission are set forth in Exhibit B.
"Participating Underwriter" shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
"Repository" shall mean each National Repository and each State Repository.
"Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as the same may be amended from
time to time.
"State" shall mean the State of Iowa.
"State Repository" shall mean any public or private repository or entity designated by
the State as a state repository for the purpose of the Rule and recognized as such by the
Securities and Exchange Commission. As of the date of this Certificate, there is no State
Repository.
SECTION 3. Provision of Annual Reports.
(a)
The Issuer shall, or shall cause the Dissemination Agent to, not
later than two hundred ten (210) days after the end of the
Issuer's fiscal year (presently June 30th), commencing with the
report for the 2000/2001 fiscal year, provide to each
Repository an Annual Report which is consistent with the
requirements of Section4 of this Disclosure Certificate. The
Annual Report may be submitted as a single document or as
separate documents comprising a package, and may cross-
reference other information as provided in Section 4 of this
Disclosure Certificate; provided that the audited financial
statements of the Issuer may be submitted separately from the
balance of the Annual Report and later than the date required
above for the filing of the Annual Report if they are not
available by that date. If the Issuer's fiscal year clxanges, it shall
give notice of such change in the same manner as for a Listed
Event trader Section 5(c).
Not later than fifteen (15) business days prior to said date, the
Issuer shall provide the Annual Report to the Dissemination
Agent (if other than the Issuer). If the Issuer is unable to
provide to the Repositories an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the
Municipal Securities Rulemaking Board and the State
Repository, if any, in substantially the form attached as Exhibit
(c) The Dissemination Agent shall:
(i)
determine each year prior to the date for providing the
Annual Report the name and address of each National
Repository and the State Repository, if any, and
(ii)
(if the Dissemination Agent is other than the Issuer),
file a report with the Issuer certifying that the Annual
report has been provided pursuant to this Disclosure
Certificate, stating the date it was provided and listing
all the Repositories to which it was provided.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain
or incorporate by reference the following:
1. The audited financial statements of the Issuer for the prior fiscal year,
prepared in accordance with generally accepted accounting principles promulgated by the
Financial Accounting Standards Board as modified in accordance with the governmental
accounting standards promulgated by the Governmental Accounting Standards Board or as
otherwise provided under State law, as in effect from time to time, or, if and to the extent
such f'mancial statements have not been prepared in accordance with generally accepted
accounting principles, noting the discrepancies therefrom and the effect thereof. If the
Issuer's audited financial statements are not available by the time the Annual Report is
required to be filed pursuant to Section 3(a), the Annual Report shall contain unaudited
fmancial statements in a format similar to the financial statements contained in the final
Official Statement, and the audited financial statements shall be filed in the same maunm' as
the Annual Report when they become available.
2. A table, schedule or other information reflecting certa'm property tax
information, prepared as of the end of the preced'mg fiscal year, of the type conta'med in the
tables included in the final Official Statement under the caption "Property Tax Information."
3. A table, schedule or other information reflecting certain debt information,
prepared as of the end of the preceding fiscal year, of the type contained in the tables
included in the final Official Statement under the caption "Debt Information."
4. A table, schedule or other information reflecting certain fmancial
information, prepared as of the end of the preceding fiscal year, of the type contained in the
tables included in the final Official Statement under the caption "Financial Information."
Any or all of the items listed above may be included by specific reference to other
documents, including official statements of debt issues of the Issuer or related public
entities, which have been submitted to each of the Repositories or the Securities and
Exchange Corrunission. If the document included by reference is a final official statement,
it must be available from the Municipal Securities Rulemaking Board. The Issuer shall
clearly identify each such other document so included by reference.
SECTION 5. Reporting of Significant Events.
(a)
Pursuant to the provisions of this Section 5, the Issuer shall
give, or cause to be given, notice of the occurrence of any of
the following events with respect to the Bonds, if material:
(1) principal and interest payment delinquencies;
(2) non-payment related defaults;
(3) unscheduled draws on debt service reserves
reflecting financial difficulties;
(4) unscheduled draws on credit enhancements
reflecting financial difficulties;
(5)
substitution of credit or liquidity providers, or
their failure to perform;
(6)
adverse tax opinions or events affecting the tax-
exempt status of the security;
(7) modifications to rights of security holders;
(8) bond calls;
(9) defeasances;
(10) release, substitution, or sale of property securing
repayment of the securities; and
(11) ratingchanges.
(b)
Whenever the Issuer obtains the knowledge of the occurrence
of a Listed Event, the Issuer shall as soon as possible determine
if such event would be material under applicable federal
securities laws.
(c) If the Issuer determines that knowledge of the occurrc~nce of a
Listed Event would be material under applicable federal
securities laws, the Issuer shall promptly file a notice of such
occurrence with the Municipal Securities Rulemaking Board
and the State Repository. Notwithstanding the foregoing,
notice of Listed Events described in subsections (a) (8) and (9)
need not be given under this subsection any earlier than the
notice (if any) of the underlying event is given to Holders of
affected Bonds pursuant to the Resolution.
SECTION 6. Termination of Reporting Obligation. The Issuer's obligations under
this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or
payment in full of all of the Bonds or upon the Issuer's receipt of an opinion of nationally
recognized bond counsel to the effect that, because of legislative action or final judicial
action or administrative actions or proceedings, the failure of the Issuer to comply with the
terms hereof will not cause Participating Underwriters to be in violation of the Rule or
other applicable requirements of the Securities Exchange Act of 1934, as amended. If such
termination occurs prior to the fmal maturity of the Bonds, the Issuer shall give notice of
such termination in the same manner as for a Listed Event under Section 5(c).
SECTION 7. Dissemination Agent. The Issuer may, from time to time, appoint or
engage a Dissemination Agent to assist it in carrying out its obligations under this
Disclosure Certificate, and may discharge any such Agent, with or without appointing a
successor Dissemination Agent. The Dissemination Agent shall not be responsible in any
manner for the content of any notice or report prepared by the Issuer pursuant to this
Disclosure Certificate. The initial Dissemination Agent shall be the Issuer.
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision
of this Disclosure Certificate may be waived, provided that the following conditions are
satisfied:
If the amendment or waiver relates to the provisions of Section
3(a), 4, or 5(a), it may only be made in connection with a
change in circumstances that arises from a change in legal
requirements, change in law, or change in the identity, nature or
status of an obligated person with respect to the Bonds, or the
type of business conducted;
The undertaking, as amended or taking into account such
waiver, would, in the opinion of nationally recognized bond
counsel, have complied with the requirements of the Rule at the
time of the original issuance of the Bonds, after taking into
account any amendments or interpretations of the Rule, as well
as any change in circumstances; and
(c)
The amendment or waiver either (i) is approved by the Holders
of the Bonds in the same manner as provided in the Resolution
for amendments to the Resolution with the consent of Holders,
or (ii) does not, in the opinion of nationally recognized bond
counsel, materially impair the interests of the Holders or
Beneficial Owners of the Bonds.
In the event of any amendment or waiver of a provision of this Disclosure Certificate, the
Issuer shall describe such amendment in the next Annual Report, and shall include, as
applicable, a narrative explanation of the reason for the amendment or waiver and its impact
on the type (or in the case of a change of accounting principles, on the presentation) of
financial information or operating data being presented by the Issuer. In addition, if the
amendment relates to the accounting principles to be followed in preparing financial
statements, (i) notice of such change shall be given in the same manner as for a Listed Event
under Section 5(c), and (ii) the Annual Report for the year in which the change is made will
present a comparison or other discussion in narrative form (and also, if feasible, in
quantitative form) describing or illustrating the material differences between the f'mancial
statements as prepared on the basis of the new accounting principles and those prepared on
the basis of the former accounting principles.
SECTION 9. Additional Informatior~ Nothing in this Disclosure Certificate shall be
deemed to prevent the Issuer from disseminating any other information, using the means of
dissemination set forth in this Disclosure Certificate or any other means of
communication, or including any other information in any Annual Report or notice of
occurrence of a Listed Event, in addition to that which is required by this Disclosure
Certificate. If the Issuer chooses to include any information in any Annual Report or notice
of occurrence of a Listed Event in addition to that which is specifically required by this
Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update
such information or include it in any future Annual Report or notice of occurrence of a
Listed Event.
SECTION 10. Default. In the event of a failure of the Issuer to comply with any
provision of this Disclosure Certificate, any Holder or Beneficial Owner of the Bonds may
take such actions as may be necessary and appropriate, including seeking mandate or
specific performance by court order, to cause the Issuer to comply with its obligations
under this Disclosure Certificate. Direct, indirect, consequential and punitive damages
shall not be recoverable by any person for any default hereunder and are hereby waived to
the extent permitted by law. A default under this Disclosure Certificate shall not be
deemed an event of default under the Resolution, and the sole remedy under this Disclosure
Certificate in the event of any failure of the Issuer to comply with this Disclosure
Certificate shall be an action to compel performance.
SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent. The
Dissemination Agent shall have only such duties as are specifically set forth in this
Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination
Agent, its officers, directors, employees and agents, harmless against any loss, expense and
liabilities which it may incur arising out of or in the exercise or performance of its powers
and duties hereunder, including the costs and expenses (including attorneys fees) of
defending against any claim of liability, but excluding liabilities due to the Dissemination
Agent's negligence or willful misconduct. The obligations of the Issuer under this Section
shall survive resignation or removal of the Dissemination Agent and payment or,he Bonds.
SECTION 12. Beneficiaries. This Disclosure Certificate shall inure solely to the
benefit of the Issuer, the Dissemination Agent, the Participating Underwriters and Holders
and Beneficial Owners from time to time of the Bonds, and shall create no rights in any
other person or entity.
Date: December 3 _,2001
C1TY OF DUBUQUE, IOWA
ATIEST:
By:
EXltlBIT A
NOTICE TO REPOSITORIES OF FAILURE TO FILE ANNUAL REPORT
Name of Issuer: Dubuque, Iowa
Name of Bond Issue: $2,860,000 General Obligation Bonds, Series 2002
Dated Date of Issue: December 15, 2001
NOTICE IS HEREBY G1VEN that the Issuer has not provided an Annual Report with respect
to the above-named Bonds as required by Section 3 of the Continuing Disclosure
Certificate delivered by the Issuer in connection with said Bonds. The Issuer anticipates
that the Annual Report will be filed by
Dated:
CITY OF DUBUQUE, IOWA
Its:
EXIfl~IT B
Nationally Recogaized Municipal Securities Information Repositories currently approved
by the Securities and Exchange Commissiom
Bloomberg Municipal Repositories
P. O. Box 840
Princeton, NJ 08542-0840
E-Mail: Munis~Bloomberg.com
Phone: (609) 279-3225
FAX: (609) 279-5962
E-mail: Munis~Bloomberg.com
DPC Data Inc.
One Executive Drive
Fort Lee, NJ 07024
E-Mail: nrmsir~ dpcdata.com
Phone: (201) 346-0701
FAX: (201) 947-0107
Standard & Poor's J.J. Kenny Repository
55 Water Street, 45th Floor
New York, NY 10041
Phone: (212) 438-4595
FAX: (212) 438-3975
E-Mail: nrmsir_~sandp.com
Interactive Data
Attn: Repository
100 Williams Street
New York, NY 10038
Phone: (212) 771-6899
FAX: (212) 771-7390
E-Mail: NRMSIR~interactivedata.com
Website:http://www. IntemctiveData.com
DCOILN]ELLX301160\1\10422057
WORKSHEET
$9,500,000 General Obligation Bonds, Series 2001
City of Dubuque, Iowa
Dated: 15-Dec-01
Due: June 1, 2005/2021
Principal
year Amount
15-Dec-01
I -Jun-05 $ 670,000
1-Jun-06 180,000
1-Jtm-07 410,000
1 -Jun-08 425,000
1-Jun-09 490,000
1 -Jun-10 530,000
1-Jun-11 545,000
i-Jun-12 560,000
1-Jun-13 560,000
1-Jun-14 550,000
1-Jun-iS 575,000
1-Jun-16 590,000
1-Jun-17 620,000
l-Jun-18 650,000
1-Jtm-19 680,000
l-Jun-20 715,000
1 -Jun-21 750,000
AVERAGE MATURITY:
BID OPENING:
PRICE:
INTEREST P~TES:
CALLABILITY:
Cumulative
Run B0ndYears Bond Years
3.46 2318.94 2318.94
4.46 803.00 3121.94
5.46 2239.06 5361.00
6.46 2745.97 8106.97
7.46 3655.94 11762.92
8.46 4484.39 16247.31
9.46 5156.31 21403.61
10.46 5858.22 27261.83
11.46 6418.22 33680.06
12.46 6853.61 40533.67
13.46 7740.14 48273.81
14.46 8532.06 56805.86
15.46 9585.89 66391.75
16.46 10699.72 77091.47
17.46 11873.56 88965.03
18.46 13199.69 102164.72
19.46 14595.83 116760.56
116 ?~o q~
1 -Jun-05
I -Jtm-06
1 -Jun-07
1 -Jun-08
1-Jun-09
l-Jun-10
l-Jun-il
l-Jun-12
l=Jun=13
l-Jun-14
l=Jun-15
l-Jun-16
1 -Jun- 17
1-Jun-18
l-Jun-19
1 -Jun-20
1 -Jun-21
12.2906
11:00 A.M. Central Time on Monday, December 3, 2001.
Not less than $9,405,000 (99.0% of Par) plus accrued interest to the
delivery date.
Rates are to be in inte~al multiples of 1/8 or 1/20 of 1%, in
non-descending order.
The Bonds maturing in the years June 1, 2010 and thereafter are subject to
prior redemption on June 1,2009 at a price of par plus accrued interest
to the date of redamption~
WORKSHEET
$2,860,000 General Obligation Bonds, Series 2002
City of Dubuque, Iowa
Dated: 15-Dec-01
Due: June 1, 2004/2021
Principal Cumulative
year Amount Run Bond Years Bond Years
15-Dec-01
1-Jun-04 $ 165,000 2.46 406.08 406.08
I -Jun-05 115,000 3.46 398.03 804. I 1
1 -Jun-06 120,000 4.46 535.33 1339.44
1-Jun-07 125,000 5.46 682.64 2022.08
1-Jun-08 130,000 6.46 839.94 2862.03
I-Jun-09 125,000 7.46 932.64 3794.67
1-Jun-10 130,000 8.46 1099.94 4894.61
1-Jun~l 1 135,000 9.46 1277.25 6171.86
1-Jun-12 140,000 10.46 1464.56 7636.42
l-Jun-13 145,000 11.46 1661.86 9298.28
1-Jun-I4 160,000 12.46 1993.78 11292.06
1-Jun-15 170,000 13.46 2288.39 13580.44
1-Jun-16 175,000 14.46 2530.69 16111.14
1-Jun-17 185,000 15.46 2860.31 18971.44
l-Jtm-18 195,000 16.46 3209.92 22181.36
1-Jtm-19 205,000 17.46 3579.53 25760.89
1-Jun-20 215,000 18.46 3969.14 29730.03
1-Jun-21 225,000 19.46 4378.75 30139.64
Coupon
__%
%
%
%
%
%
%
%
%
__.%
__.%
%
%
%
%
%
Year
1 -Jun-04
1 -Jun-05
1 -Jun-06
1-Jun-07
1 -Jun-08
1 -Jun-09
1 -Jun- 10
1 -Jun- 11
1-Jun-12
1-Jun-13
1-Jun~14
1 -Jun- 15
1-Jun-16
l-Jun-17
1-Jun-18
1-Jun-19
1 -Jun-20
1-Jun-21
AVERAGE MATU1LITY:
BID OPENING:
PRICE:
INTEREST RATES:
CALLABILrlT:
11.9261
11:00 A.M. Central Time on Monday, December 3, 2001.
Not less than $2,831,400 (99.0% of Par) plus accrued interest to the
delivery date.
Rates are to be in integral multiples of 1/8 or 1/20 of 1%, in
non-descending order.
The Bonds maturing in the years June 1, 2010 and thereafter are subject to
prior redemption on June 1, 2009 at a price &par plus accrued interest
to the date of redemption.
SENT BY: 12- 8- 1 ; 4:00PM ; EVE~SEN DODGE INC-* BY 589 0880;# 8/ 3
Membara of fl~ City Counc~
City of Dubuque, Iowa
Sale Date: December 3, 2~01
Members of the Couadl:
For the principal amount of $2,860,000 General Obligation Bon&. Series 2002 legally issued and u ¢lesanq0cd in tl~
Terrm of Off~ring, we vdll pay :$2,831,400.00 (not less than $2,831,400) plus accrued intreat on me total principal
of!2.S60,OOO to tlato of dellve~y, provided the Series 2002 Bonds bear thc following interest ram:
Inter tntermt
~'esr Amount ~ ,y~r Amount R. at?
2~ $165,~0 4,~& 2013 $145,0~
2~$ 115,000 4.0~ 2014 1 ~,000 4~
2~ 120,~ 4.~% 2015 170,~ 4.~A
20~ 125,~ 4.0~% 2016 175,~ 4.7~,
2~8 130.~ 4.~ 2019 l g$~ 4,750%
2~ 125,~0 4.1~ 2018 195,~ 4.8~%
2010 130,0~ 4~% 2019 205,~ 4.850%
2011 135,~ 4.300% 2020 215,~0
2012 140,~ 4.450% 2021 225,~
Thc Series 2002 Bomb mature on June 1, in each of the years as indicated above a~d inl~ca't ia payable D~cember 1,
2002, and seraia~r.~lJy thereafter on Jxlac I and December l of each year.
In makiug this offer, we acc~t the terms and condilions ~ d~fined m the Terms of Offerlng published in thc Official
Sta~ .mcat datM November 27, 2001. All blonk spacca of this offer arc intentional and arc not to b~ cousin:cd aa aa
oration. Our good faith d~:~o$it in the amoum of $28,600 ha~ been er will be ~ubnfittcd ia a¢cordane~ with th~
Tram of Offering.
NOT PART OF TIiIS BID:
Explanatory lq'otc: According to our computation,
this bid involves the f~llowing:
1,612,104.15
Interest Cost
4.7251%
True ]Interest Pate
612-303-2116
~S tla nctlr, p_~t t0nr_ ~Ta f J:rn~,..
(A ]i~ of ~ount memb~ is o~ the reVel'~ sid~ et
The foregoing offer is hereby accepted by and on behalf of the City of Dubuqu¢, Iowa, ~ 3aday of l~ceanbzr,
2001.
EXItlBIT A
NOTICE TO REPOSITORIES OF FAILURE TO FILE ANNUAL REPORT
Name of Issuer: Dubuque, Iowa
Name of Bond Issue: $9,500,000 General Obligation Bonds, Series 2001
Dated Date of Issue: December 15, 2001
NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with respect
to the above-named Bonds as required by Section 3 of the Continuing Disclosure
Certificate delivered by the Issuer in connection with said Bonds. The Issuer anticipates
that the Annual Report will be filed by
Dated:
CITY OF DUBUQUE, IOWA
By:
Its:
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 15om 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:
200i
~~my official signature at Dubuque, Iowa, this '9/¢4'~ day of
,2001.
(s AL)
DCORNELL~300882\l\10422057
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
$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 0fthe
issues thereof published and circulated on the following date:
2OOl
~-7 WITNE.SS my official signature at Dubuque, Iowa, this ~/~'~ day of
,2OOl.
(SEAL)
Clerk
DCORNELL~300882\l\10422057
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meet'mg:
The City Council of Dubuque, Iowa.
December 3 ,2001.
6:30 o'clock P.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:
$9,500,000 General Obligation Bonds, Series 2001
· Resolution directing sale.
Such additional matters as are set forth on the additional 5 page(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.
~C*fty Clerk, Dubuque'Tiowa
CITY OF DUBUQUE, IOWA
CITY COUNCIL MEETING
MONDAY, DECEMBER 3, 2001
4:30 P.M. - DINNER - LIBRARY ROTUNDA
5:00 P.M. - SPECIAL MEETING - MASTER SITE PLANNING - PORT OF DUBUQUE
6:30 P.M. - REGULAR MEETING - LIBRARY AUDITORIUM
INVOCATION
REVEREND DR. DUANE LARSON, PRESIDENT, WARTBURG THEOLOGICAL SEMINARY
CONSENT ITEMS (See Pages 3 - 5)
The consent agenda items are considered to be routine and non-controversial and all consent
items will be normally voted upon in a single motion without any separate discussion on a
par[icular item. If you would like to discuss one of the Consent Items, please go to the
microphone and be recognized by the Mayor and state the item you would like removed from
the Consent Agenda for separate discussion and consideration.
BOARDS/COMMISSIONS
Interview for the following Board/Commission:
Environmental Stewardship Advisory Commission (One unexpired term through
10/01104)
Applicant: John Nemmers
Appointment to the following Commission:
Community Development Advisory Commission (One unexpired term through 2115/04 -
Census Tract 3 - Currently vacant)
Applicant: Richard J. Sullivan
PUBLIC HEARINGS
SUSPEND THE RULES
Vacating Petition - Congress Circle
Proof of publication on notice of public hearing and City Manager recommending the
sale of City-owned right-of-way on Congress Cimle to Mr. N.J. Yiannias, representing
Key City investment Company, in the amount of $35,750.
Communication from N. J. Yiannias, President of Key City Investment Company,
requesting to purchase Congress Circle for $35,750.
RESOLUTION Disposing of City interest in Lot 2A of Westview Shopping Center Place
No. 2, Dubuque County, Dubuque, Iowa
Suggested Disposition: Receive and File; Adopt Resolution
Ice Rinks and Murphy Tennis Courts Lighting Project
Proofs of publication on notice of hearing on plans and specifications, and notice to
bidders on the receipt of bids, and City Manager recommending award of the contract
for the Ice Rinks and Murphy Tennis Courts Lighting Project to Westphal and Company,
inc., in the amount of $108,852.34.
RESOLUTION Adopting plans and specifications for the project
RESOLUTION Awarding contract to Westphal and Company, Inc., in the amount of
$108,852.34
Suggested Disposition: Receive and File; Adopt Resolutions
REINSTATE THE RULES
ACTION ITEMS
Presentation of Vision Downtown Results
Wm. David Rusk to make verbal presentation on the results of the Vision Downtown
process.
Suggested Disposition: Receive and File
Bond Sale to Support America's River Project Components
City Manager recommending the sale of $12,360,000 General Obligation Bonds.
RESOLUTION Directing the sale of $9,500,000 General Obligation Bonds, Series 2001
RESOLUTION Directing the sale of $2,860,000 General Obligation Bonds, Series 2002
Suggested Disposition: Receive and File; Adopt Resolutions
Ward and Precinct Ordinance Modifications
City Manager recommending approval of modifications to the City's ward and precinct
plan ordinance and map as requested by the State of Iowa and Dubuque County and
approval of a revised precinct agreement with Dubuque County.
ORDINANCE Amending the City of Dubuque, Iowa Code of Ordinances by repealing
Chapter 17, Elections and adopting in lieu thereof a new Chapter 17, Elections,
establishing boundaries for four (4) wards and twenty-one (21) precincts.
Suggested Disposition: Receive and File; Motion B; Motion A
Fiscal Year 2003 Policy Guidelines
City Manager recommending adoption of the Fiscal Year 2003 Policy Guidelines for the
City of Dubuque.
Suggested Disposition: Receive and File; Approve
2
COUNCIL MEMBER REPORTS
ITEMS TO BE SET FOR PUBLIC HEARING
Dubuque Yacht Basin Lease Agreements
City Manager recommending approval of amendments to three lease agreements
between the City and Dubuque Yacht Basin to extend the termination dates.
RESOLUTION Approving Fourth Amendment to Lease Agreement (April 8, 1970)
between Dubuque Yacht Basin, Inc., and the City of Dubuque
RESOLUTION Approving Second Amendment to Lease Agreement (February 5, 1974)
between Dubuque Yacht Basin, Inc., and the City of Dubuque
RESOLUTION Approving Fourth Amendment to Lease Agreement (November 23,
1987) between Dubuque Yacht Basin, Inc., and the City of Dubuque
Suggested Disposition: Receive and File; Adopt Resolutions; Public Hearing
12/17/01
CONSENTITEMS
Minutes Submitted
Airport Commission of 10/22, 11/11 & 12; 11/15, and 11/18; Building Code Board of
Appeals of 11/13; Cable TV Regulatory Commission of 11/14; City Council Proceedings
of 11/13 and 11/19; Community Development Advisory Commission of 11/8; Enterprise
Zone Commission of 11/15; Five Flags Commission of 11/19; Housing Code Appeals
Board of 10/16; Park and Recreation Commission of 11/13
Proof of publication of City Council Proceedings of 11/5/01
Suggested Disposition: Receive and File
Notice of Claims/Suits
Carla Deutmeyer in estimated amount of $478.78 for personal injury; Dubuque Rescue
Mission in undetermined amount for property damage; Dubuque Thunderbirds in
estimated amount of $705.00 for missing property; Kenneth M..Metz in estimated
amount of $2,429.75 for vehicle damage; Gerald Runde in estimated amount of $159.00
for property damage
Suggested Disposition: Receive and File; Refer to Legal for Investigation/Report
Corporation Counsel advising that the following claims have been referred to Public
Entity Risk Services of Iowa, the agent for the Iowa Communities Assurance Pool:
Randy Gracheck for Hank's Specialties for vehicle damage
Corporation Counsel recommending settlement of the claim of Dale A. Hirsch for vehicle
damage in the amount of $175.00 and that the Finance Director be directed to issue
payment.
Suggested Disposition: Receive and File; Concur; Finance Director to Issue
Check
3
3. Citizen Communications
Communication from Emily Frye, Isaiah Warnake, Abbie Sudmeier and Matt
Klinkhammer of Dubuque Senior High School regarding the issue of smoking in public
facilities in Dubuque.
Communication from Walt Pregler, 2966 Shiras Avenue, regarding the plans for opening
of Main Street; and City Manager providing a response.
Communication of David S. Hartig requesting to purchase a portion of City-owned
property located on Old Mill Road.
Suggested Disposition: Receive and File; Refer to City Manager
Industrial Park Land Sales
City Manager providing a written response to questions from Bud Isenhart regarding
industrial park land sales.
Suggested Disposition: Receive and File
Sutton Pool Tank Painting - Acceptance
City Manager recommending acceptance of the Sutton Pool Tank Painting Project in the
final contract amount of $43,051.
RESOLUTION Accepting improvement
RESOLUTION Approving final contract amount of $43,051
Suggested Disposition: Receive and File; Adopt Resolutions
Oak Meadow Second Addition - Acceptance of Public Improvements
City Manager recommending acceptance of the public improvements that Jim Stock
Realty and Construction has completed in Oak Meadow Second Addition.
RESOLUTION Accepting improvements in Oak Meadow Second Addition - Phase 3
(Deerwood Circle)
Suggested Disposition: Receive and File; Adopt Resolution
National Historic Landmark Status for the Shot Tower
City Manager recommending that the Planning Services Department retain a consultant
to prepare an application for National Historic Landmark status for the Shot Tower.
Suggested Disposition: Receive and File; Approve
Environmental Stewardship Advisory Commission
John S. Bennett submitting his resignation from the Environmental Stewardship
Advisory Commission effective December 5, 2001.
Suggested Disposition: Receive and File; Accept Resignation
4
10.
Dubuque County Supervisors - Abstract of Votes
Dubuque County Board of Supervisors submitting the "Abstract of Votes" for the City's
general election held on November 6, 2001.
Suggested Disposition: Receive and File; Make a Matter of Record
U.S. Department of Housing and Urban Development
Communication from the U.S. Department of Housing and Urban Development advising
of a new policy for the Community Development Block Grant (CDBG) Program
regarding timely expenditure requirements of the program.
Follow-up communication from the U.S. Department of Housing and Urban
Development.
Suggested Disposition: Receive and File
11.
Gaming Referendum Legislation
Communication of City Manager to area legislators regarding gaming referendum
legislation.
Suggested Disposition: Receive and File; Approve.
12.
Iowa League of Cities
Communication from LaMetta K. Wynn, President of the iowa League of Cities,
appointing the City Manager to the Policy Committee of the League.
Suggested Disposition: Receive and File
'13.
Business Licenses
RESOLUTION Granting issuance of a license to sell Cigarettes and Cigarette Papers to
Bricktown Brewery/Underground Stone Wall Lounge
RESOLUTION Granting issuance of a Class "C" Beer Permit to the Big 10 Mart
RESOLUTION Granting issuance of a Class "C" Beer/Liquor License to Bowling and
Beyond and Cooper Management Company
Suggested Disposition: Adopt Resolutions
PUBLIC INPUT
At this time, anyone in the Council Chambers may address the Council on matters which are of
concern to that person and which are not an agenda item. Please take your place at the
microphone and state your name and address cleady. Proceed with your comments; however,
no formal action may be taken at this time on your comments because of the notice
requirements of the Iowa Open Meetings Law.
CLOSED SESSION
Pending Litigation - Iowa Code Chapter 21.5(1)(c)
Jeanne F. Schneider
November 29, 2001
5
December 3 ,2001
The City Finance Director of Dubuque, Iowa, met in the City Hall, Dubuque,
Iowa, at 11: 00 o'clock ~.M., on the above date, to open sealed bids received and to
refer the sale of the Bonds to the best and most favorable bidder for cash, subject to
approval by the City Council at 6:30 o'clock P.M. on the above date.
The following persons were present:
Michael Van Milligen, Kenneth TeKippe, Dawn Lang,
Jeanne Schneider
Dave Dirks and Jason Toomey
-1-
This being the time and place for the opening of bids for the sale of $9,500,000
General Obligation Bonds, Series 2001, the meeting was opened for the receipt of bids
for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
US Bancorp Piper Jaffray
RBC Dain Rauscher, Inc.
Harris Trust & Savigns Bank
Morgan Stanley Dean Witter
S%ephens, Inc.
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
Whereupon the Finance Director declared the time for filing of sealed bids to be
closed.
Whereupon, the Finance Director declared the sealed bids be opened. The sealed
bids were opened and the best sealed bid was as follows:
Name&AddressofBidder: US Bancorp Piper daffray - Minneapolis, MN
Net Interest Rate: 4.6852%
Net Interest Cost: $5,471,154.86
Whereupon, all bids were referred to the Council for action in accordance with the
Notice of Sale.
-2-
December 3 ,2001
The City Council of Dubuque, Iowa, met in Reou l ar session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6:30 o'clock P.M.,
on the above date. There were present Mayor Terrance M. Duggan , in the
chair, and the following named Council Members:
Roy Buol, Patricia Cline (electronically), John Markham,
Ann Michalski, Dan Nicholson, Jo~ Robbins
Absent: None
-3-
Council Member 1'45 c ha I ski introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $9,500,000 GENERAL
OBLIGATION BONDS, SERIES 2001" and moved its adoption. Council Member
N i c hols on seconded the motion to adopt. The roll was called and
the vote was,
AYES: Buol, Cline, Duggan, Markham, Michalski,
Nicholson, Robbins
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION No. 519-01
RESOLUTION DIRECTING SALE OF $9,500,000
GENERAL OBLIGATION BONDS, SERIES 2001
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
Bidder:
$9,500,000 GENERAL OBLIGATION BONDS, SERIES 2001:
US Bancorp Piper Jaffray of Minneapolis, MN
the terms of said bid being:
Purchase Price: $ 9, 405,000
Net Interest Rate: 4. 6852 %
Net Interest Cost $ 5,471,154.86
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
-4-
Section 1. That the bid for the Bonds as above set out is hereby determined to be
the best and most favorable bid received and, Said Bonds are hereby awarded based on
said bid.
Section 2. That the statement of information for Bond bidders and the form of
contract for the sale of said Bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of
the Clerk and Finance Director done in furtherance of the sale of said Bonds are hereby
ratified and approved.
PASSED AND APPROVED, this 4th day of December
,2001.
ATTEST:
Mayor
~C~ty Clerk ' '
-5-
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 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 December ,2001.
C.Mgity Clerk, Dubuque, Iowa
SEAL
DCORNELL~301755~I\10422057
-6-
EVENSEN DODGE
TABULATION OF BIDS
SALE DATE: December 3, 2001
Due: June 1, 2005-2021
Rating: Moody's "Aa3"
$2,860,000 General Obligation Bonds, Series 2002
City of Dubuque, IA
Bank Qualified: Yes
Dated: December 15, 2001
BBI: 5.15%
BIDDERS
US BANCORP PIPER JAFFRAY
Address
Minneapolis, MN
Year Rate Yield
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Price
NIC
TIR
%
Atlanta + Boston + Buffalo + Chicago + Dallas + Des Moines + Fargo + Hartford
LosAngeJes · Phoenix + Minneapolis + NewYork + Orlando + San Francisco + Washington
650 Third Avenue South, Suite 1800, Minneapolis, MN 55402
612/338-3535 800/328-8200 FAX 612/336-7264
BIDDERS
GRIFFIN KUBIK STEPHENS
THOMPSON
Address
Chicago, IL
Year
2004
2005
Rate
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
BIDDERS
~CDAINRAUSCHER
Address
Chicago, IL
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
202t
Rate
Price
$
NIC
$
%
Price
NIC
BIDDERS Address
HARRIS TRUST & SAVINGS BANK Chicago, IL
Year
20O4
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Rate
Price
$
NIC
$
TlR
%
BIDDERS
STEPHENS, INC.
Address Year Rate
Chicago, IL 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Price
$
NIC
$
TlR
%
BIDDERS
MORGAN STANLEY DEAN
WITTER
Address.
Ctricago, IL
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
20t7
2018
2019
2020
2021
Rate
Price
s ~ S~/~ ~/c~q
TIR
REPORT OF BIDS
City of Dubuque, Iowa
$9,500,000 General Obligation Bonds, Series 2001
and
$2,860,000 General Obligation Bonds, Series 2002
December 3, 2001
TO: Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM: David Dirks
EVENSEN DODGE~ INC.
SUBJECT: $9,500,000 General Obligation Bonds, Series 2001
Today, December 3, 2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
i US Bancorp Piper Jaff~ay
RBC Dain Rauscher, Inc.
Harris Trust & Savings Bank
Morgan Stanley Dean Witter
Stephens, Inc.
ADDRESS
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
$ NIC
$ 5,471,154.86
$ 5,481,309.89
$ 5,505,524.40
$ 5,504,429.24
$ 5,537,375.47
(%) :IR
4.6852
4.7002
4.7171
4.7185
4.7191
WE RECOMMEND AWARD TO:
-US Bancorp Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
TO: Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM: David Dirks
EVENSEN DODGE, INC.
SUBJECT: $2,860,000 General Obligation Bonds, Series 2002
Today, December 3, 2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
Morgan Stanley Dean Witter
RBC Dain Rauscher, Inc.
ADDRESS $ NIC {%) TIR
Minneapolis, MN $1,612,104.15 4.7251%
Chicago, IL $1,632,379.40 4.7837 %
Chicago, IL $1,631,335.42 4.7958 %
WE RECOMMEND AWARD TO:
US Bancorp Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, tA 50309
515/282-6138
FAX 515/282-0252
OFlq CIAL BH) ~'ORM
Ci~yd Dabs~ b~A
NOT PART OF TIIIS BID:
SENT BY: 12- 3- 1 ;II:I~A~ ; E~SEN DODOE INC-+ ~19 589 4221;# 3/12
O{~iriCi~L ~D FOI~M
Members of the City Council
City of Dubuque, Iowa
OFFICIAL BID FORM
Sale Date: December 3, 2001
Members of the Council:
For the principal amount of $9,500~00~enemt Obligation Bonds, Series 2001 legally issued and as described in the
Terms of Offering, we will pay $ ~ ~7~. ~ ~ (not less than $9,405,000) plus accrued interest on
the total principal of $9,500,000 td date o:f delivery, provided the Series 2001 Bonds bear the following interest
Interest
Year Amount Rate Year Amount
2005 $ 670,000 ~' ~- % 2014 $ 550,000
2006 180,000 ~ % 2015 575,000
2007 410,000 ~-r~% 2016 590,000
2008 425,000 ~% 2017 620,000
2009 490.000 ~/~_% 2018 650,000
2010 530,000 ~/~r°/o 2019 680,000
2011 545,000 "~,.-~9(~ % 2020 715,000
2012 560,000 _~_°/o 2021 750,000
2013 560,000
Interest
Rate
~_%
~%
,%
The Series 2001 Bonds mature on June 1, in each of the years as indicated above and interest is payable December 1,
2002, and semiannually therealter on June 1 and December 1 of each year.
In making rids offer, we accept the terms and conditions as defined in the Terms of Offering published in the Official
Statement dated November 27, 2001. All blank spaces of this offer are intentional and are not to be construed as an
omission. Our good faith deposit in the amount of $95,000 has been or will be subnfitted in accordance with the
Terms of Offering.
NOT PART OF THIS BID:
Respectfully submiRed,
Explanatory Note: According to our compu, t,?tion,
this bid involves the following: 2Y~ Z/
Tme Interest Rate
Harris Trust & Savings Bank
Account Manager
By
Carrie L. Neat
(A list of account members is on the reverse side of
this bid.)
The foregoing offer is hereby accepted by and on behalf of the City of Dubuque, Iowa, tiffs 3aday of December,
2001.
Title Title
~T ~Y:
:L~O02, ~nd ~'~-.qy tl~mr au Imm I and Decemh~ !
NOT PAl~T O~ Tl~ ~I~
The f~*e~ oflrnr i~ Im~by n~:~ed by m~d on beh~Tof ~ne L~ o~ b~mi,,~ IoW~, ~,is $%y ~ D~, 2~ |.
Members of the City Council
City of Dubuque, Iowa
OFFICIAL BID FORM
Sale Date: December 3, 2001
Members of the Council:
For the principal mount of $9,500,000~Geneml Obligation Bonds, Series 2001 legally issued and as described in
the Terms of Offering, we will pay $ 7 ~'5-?zf~'~6''fO (not less than $9,405,000) plus accrued interest
on the total principal of $9,500,005Mo ~ate of al[livery, pro~._.vid~ the Series 2001 Bonds bear the followin inter
rates: ~ g est
Interest Interest
Year Amount Rate ~Year Amount Rate
2005 $670,000 .~ ~__% 2014 $550,000
2006 180,000 ~_% 2015 575,000
2007 410,000 '~-'5 % 2016 590,000
2008 425,000 ~ ~) % 2017 620,000
2009 490,000 J ,~7-% 2018 650,000
2010 530,000 ~% 2019 680,000
2011 545,000 ~._% 2020 715,000
2012 560,000 q5"% 2021 750,000
2013 560,000 ' %
The Series 2001 Bonds mature on June 1, in each of the years as indicated above and interest is payable December
1, 2002, and semiannually thereafter on June 1 and December 1 of each year.
In making this offer, we accept the terms and conditions as defined in the Terms of Offering published in the
Official Statement dated November 27, 2001. All blank spaces of this offer are intentional and are not to be
construed as an omission. Our good faith deposit in the amount of $95,000 has been or will be submitted in
accordance with the Terms of Offering.
NOT PART OF THIS BID:
Respectfully submitted,
Explanatory Note: According to our computation,
this bid involves the following:
* ~"' ff"~ ~ 3~f ?~ ccount/t{~lan~ager
Net Inte[est Cost By
~ ~'~/7/ % (A list of account members is on the reverse side of
Tree Interest Rate this bid.)
The foregoing offer is hereby accepted by and on behalf of the City of Dubuque, Iowa, this 3rdday of December,
2001.
Title Title
t2- ~- 1 ;iI:ISAIV ; EVE~SEN DODOE INC-~ 019 889 ~t221;g ~/]2
Date: D~embsr 3, 2{~01
Mt.-~l~'~s of the Cou~lL'
21W14 $ 165,000
2005 I
~006
2t}fl7 t25,000
140,000
NOT PART OF TI, ilS BID:
R~cffully submitt~,
(A list of ~ um~mbe~ is mm the ~ {ltde of
flU~ bld.)
'i~ne ~ng of lex- iz hcu~by a~pked by und ~n buhnli'oftho C{ty of D~buque, Iowa, ~lis this 3~day~f DeceraTner,
2001.
BY: 12- ~- 1 ;11:16~ ',_. EV~S~ ~DGE INC~ ..... ~19 889r.~ 4221;~11./12 ~
2~OL
SENT BY: 12- 3- 1 ;iI:iSAM ; EVI~SEN DOPX~ INC-+ ~10 889 4221;# 8/12
$~le l~, ~em{mr :{, 2001
27, 2~1, suhmi~cd ~ ae~n~ with
T~rr~ or OtTeri~i.
NOT PAItTOFTHIS
Rcspe~fuBy SubmiUc6,
21~1.
T',dc
EVENSEN DODGE
TABULATION OF BIDS
SALE DATE: December 3, 2001
Due: June 1,2005-2021
Rating: Moody's "Aa3'
$9,500,000 General Obligation Bonds, Series 2001
City of Dubuque, IA
Bank Qualified: Yes
Dated: December 15, 2001
BBI: 5.14%
BIDDERS
Address
Year Rate Yield
US BANCORP PIPER JAg'FRAY
2005
2006
2007
2008
2009
2010
2011
20t2
2013
2014
2015
2016
2017
2018
2019
2020
2021
Price
NIC
TIR
Atlanta + Boston 4, Buffalo 4- Chicago 4, Dallas 4, OesMoines 4, Fargo 4, Hartford
LosAngdes + Phoenix 4, Minneapolis 4, NewYork 4- Orlando 4, San Francisco + Washington
650 Third Avenue South, Suite 1800, Minneapolis, MN 55402
612/338-3535 800/328-8200 FAX612/338-7264
BIDDERS
RBC DAIN RAUSCHER, INC.
Address
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Rate
BIDDERS
HARRIS TRUST & SAVINGS BANK
Address
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Rate
Price
NIC
Price
NIC
TlR
BIDDERS
MORGAN STANLEY DEAN
WITTER
Address
Year
20O5
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
20t9
2020
2021
Rate
Price
NIC
s~.~o¥ ~'~/?
TIR
REPORT OF BIDS
City of Dubuque, IA
$9,500,000 General Obligation Bonds, Series 2001
and
$2,860,000 General Obligation Bonds, Series 2002
December 3, 2001
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $9,500,000 General Obligation Bonds, Series 2001
Today, December 3, 2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
RBC Dain Ranscher, Inc.
Harris Trust & Savings Bank
Morgan Stanley Dean Witter
Stephens, Inc.
ADDRESS
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
$ NIC
$ 5,471,154.86
$ 5,481,309.89
$ 5,505,524.40
$ 5,504,429.24
$ 5,537,375.47
(%) TIR
4.6852 %
4.7002 %
4.7171%
4.7185 %
4.7191%
WE RECOMMEND AWARD TO:
US mmn'p iper affray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Cou~ Avenue, Suite 215
Des Moines, lA 50309
515/282-6138
FAX 515/282-0252
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $2,860,000 General Obligation Bonds, Series 2002
Today, December 3,2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
Morgan Stanley Dean Witter
RBC Dain Rauscher, Inc.
ADDRESS $ NIC (%) TlR
Minneapolis, MN $1,612,104.15 4.7251%
Chicago, IL $1,632,379.40 4.7837 %
Chicago, IL $1,631,335.42 4.7958 %
WE RECOMMEND AWARD TO:
US Bancorp Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
REPORT OF BIDS
City of Dubuque, IA
$9,500,000 General Obligation Bonds, Series 2001
and
$2,860,000 General Obligation Bonds, Series 2002
December 3, 2001
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $9,500,000 General Obligation Bonds, Series 2001
Today, December 3,2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
RBC Dain Rauscher, Inc.
Harris Trust & Savings Bank
Morgan Stanley Dean Witter
Stephens, Inc.
ADDRESS
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
$ NIC
$ 5,471,154.86
$ 5,481,309.89
$ 5,505,524.40
$ 5,504,429.24
$ 5,537,375.47
(%) Tm
.4.6852 %
4.7002 %
4.7171%
4.7185 %
4.7191%
WE RECOMMEND AWARD TO:
US Bancorp Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $2,860,000 General Obligation Bonds, Series 2002
Today, December 3,2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
Morgan Stanley Dean Witter
RBC Dain Rauscher, Inc.
ADDRESS $ NIC (%) TIR
Minneapolis, MN $1,612,104.15 4.7251%
Chicago, IL $1,632,379.40 4.7837 %
Chicago, IL $1,631,335.42 4.7958 %
WE RECOMMEND AWARD TO:
US Bancorp Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
REPORT OF BIDS
City of Dubuque, IA
$9,500,000 General Obligation Bonds, Series 2001
and
$2,860,000 General Obligation Bonds, Series 2002
December 3, 2001
TO: Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM: David Dirks
EVENSEN DODGE, INC.
SUBJECT: $9,500,000 General Obligation Bonds, Series 2001
Today, December 3, 2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
RBC Dain Rauscher, Inc.
Harris Trust & Savings Bank
Morgan Stanley Dean Witter
Stephens, Inc.
ADDRESS
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
$ NIC
$ 5,471,154.86
$ 5,481,309.89
$ 5,505,524.40
$ 5,504,429.24
$ 5,537,375.47
(%) TIR
.4.6852
4.7002
4.7171
4.7185
4.7191
WE RECOMMEND AWARD TO:
US Bam: rffPiperJaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $2,860,000 General Obligation Bonds, Series 2002
Today, December 3, 2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
Morgan Stanley Dean Witter
RBC Dain Rauscher, Inc.
ADDRESS $ NIC (%) TIR
Minneapolis, MN $1,612,104.15 4.7251%
Chicago, IL $1,632,379.40 4.7837 %
Chicago, IL $1,631,335.42 4.7958 %
WE RECOMMEND AWARD TO:
-- US BancorP Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252
W:~fonnXresul~dirks
REPORT OF BIDS
City of Dubuque, IA
$9,500,000 General Obligation Bonds, Series 2001
and
$2,860,000 General Obligation Bonds, Series 2002
December 3, 2001
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $9,500,000 General Obligation Bonds, Series 2001
Today, December 3,2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
RBC Dain Ranscher, Inc.
Harris Trust & Savings Bank
Morgan Stanley Dean Witter
Stephens, Inc.
ADDRESS
Minneapolis, MN
Chicago, IL
Chicago, IL
Chicago, IL
Fayatteville, AK
$ NIC
$ 5,471,154.86
$ 5,481,309.89
$ 5,505,524.40
$ 5,504,429.24
$ 5,537,375.47
(%) TIR
.4.6852 %
4.7002 %
4.7171%
4.7185 %
4.7191%
WE RECOMMEND AWARD TO:
US BancorlYPiper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, lA 50309
515/282-6138
FAX 515/282-0252
W:\formL~esults~iirks
TO:
Dubuque Mayor, City Council Members and Administration
City of Dubuque, IA
FROM:
David Dirks
EVENSEN DODGE, INC.
SUBJECT: $2,860,000 General Obligation Bonds, Series 2002
Today, December 3,2001, the sealed bids tabulated below were received, opened and
reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER
US Bancorp Piper Jaffray
Morgan Stanley Dean Witter
~BC Dain Rauscher, Inc.
ADDRESS $ NIC (%) TIR
Minneapolis, MN $1,612,104.15 4.7251%
Chicago, IL $1,632,379.40 4.7837 %
Chicago, IL $1,631,335.42 4.7958 %
WE RECOMMEND AWARD TO:
US B ncm;P Piper Jaffray
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
100 Court Avenue, Suite 215
Des Moines, IA 50309
515/282-6138
FAX 515/282-0252