G.O. Bond Book(s)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.
~ EVENSEN DODGE
FINAN(IAI ~ND INYFSTN4FNT ADVIS()RS
NEW ISSUE: BOOK-ENTRY ONLY RATING: APPLIED FOR (MOODY'S)*
THIS OFFICIAL STATEMENT CAN BE FOUND ON THE WORLD WIDE WEB AT: WWW. EVENSENDODGE. COM
Assuming compliance with certain covenants, in the opinion of Ahlers, Cooney, Dot~veiler, Haynie, Smith & Allbee, P.C., Bond Counsel,
interest on the Series 2001 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 Exemption ".)
OFFICIAL STATEMENT
$9,500,000
GENERAL OBLIGATION BONDS, SERIES 2001
CITY OF DUBUQUE
DUBUQUE COUNTY, 1OWA
Bonds Dated: December 15, 2001 Principal Due: June 1, 2005/2021
Minimum 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 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 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
herein.
The Series 2001
Bonds will mature on June 1 in the years and amounts as follows:
Interest
Year Amount Rate* Yield* 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
2011 545,000 % % 2020 715,000
2012 560,000 % % 2021 750,000
2013 560,000 % %
Interest
Rate*
Yield*
%
% %
% %
% %
% %
% %
% %
% %
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 QUALIFIED: 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 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 COl/ER PA GE CONTAINS CERTAIN INFOR3ZA TION FOR QUICK REFERENCE ONLY. IT IS NOT A SU3/13/iARY OF THIS ISSUE. INFESTORS MUST READ THE ENTIRE
OFFICIAL STATEMENT TO OBTAININFOR3ZATION ESSENTIAL TO THE3/iAKING OFANINFOR3/1ED INFESTMENT DECISION.)
EVENSEN DODGE
FINAl(IAI ~ND IN'vF'~T~4FNT ADVIS()RS
NEW ISSUE: BOOK-ENTRY ONLY RATING: APPLIED FOR (MOODY'S)*
THIS OFFICIAL STATEMENT CAN BE FOUND ON THE WORLD WIDE WEB AT: WWW. EVENSENDODGE. COM
Assuming compliance with certain covenants, in the opinion of Ahlers, Cooney, Dot~veiler, 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 Exemption ".)
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 Bid: $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. 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.
The Series 2002 Bonds will be issued as fi~lly 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 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 2002 Bonds as described
herein.
The Series 2002
Bonds will mature on June 1 in the years and amounts as follows:
Interest
Year Amount Rate* Yield* 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
Interest
Rate*
Yield*
%
% %
% %
% %
% %
% %
% %
% %
% %
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 QUALIFIED: 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. Central 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 COVER PA GE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SU3/13/JARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE
OFFICIAL STATEMENT TO OBTAININFORMATION ESSENTIAL TO THEMAKING OFANINFORJVfED INVESTMENT DECISION.)
EVENSEN DODGE
FINAl(IAI ~ND IN'vF'~T~4FNT ADVIS()RS
No dealer, broker, salesman or other 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 and 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 an offer to sell or solicitation of an 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 and 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 herein
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 any implication that there has been no change in the affairs
of the City or in any other information contained herein, since the date hereof.
1N CONNECTION WITH THE OFFERING OF THE OBLIGATIONS, THE UNDERWRITERS MAY OVER-ALLOT
OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN 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
Page
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 Issuer ...................................................................... 7
General Information ................................................. 7
Government and Public Services ............................. 7
Employee Relations and Pension Plans ................... 8
Community Life ....................................................... 8
Fenelon Place Elevator ............................................ 8
Eagle Point Park ...................................................... 9
Transportation ......................................................... 9
Commerce and Development ................................... 9
Manufacturing ....................................................... 10
America's River Project ........................................ 11
Economic and Demographic Information .................... 13
Population .............................................................. 13
Business and Industry ............................................ 13
Labor Force and Unemployment Rates ................. 14
Retail Sales and Buying Income ............................14
Medical Services ................................................... 14
Education ............................................................... 15
Building Permits .................................................... 15
Financial Summary ...................................................... 16
Indebtedness ................................................................ 17
General Obligation Long-Term Debt ..................... 17
Revenue Debt ........................................................ 18
Page
Tax Increment Financing Bonds ............................ 18
Notes Payable ........................................................ 19
Future Financing ................................................... 19
Debt Limitation ..................................................... 20
Overlapping Debt .................................................. 20
Financial Information .................................................. 21
Financial Reports ................................................... 21
Results of Operations ............................................ 21
Property Valuations and Taxes .................................... 23
Recent Legislation - Utility Property Tax
Replacement ....................................................... 23
Property Valuations and Tax Collection
Procedures .......................................................... 23
Property Tax Levies and 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 -
Appendix B -
Appendix C -
Appendix D -
Worksheet
Bid Forms
Financial Statements
Forms of Legal Opinion
Terms of Offering
Forms of Continuing Disclosure
Certificate
2423001s
~his page has been left blank intentionally.)
INTRODUCTION TO THE OFFICIAL STATEMENT
The Series 2001 Bonds
The fo/lowing information is furnished sole/); 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. Al/such information is qualified in its' entirety by reference to the more demi/ed
descriptions appearing in this Officia/ Statement, including the appendices hereto.
Issuer:
Security:
Authority for Issuance:
Purpose:
Interest Payment:
Maturity:
Optional Redemption:
Form:
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 1, beginning December 1, 2002.
The Bonds mature June 1 of the years 2005 through 2021.
The 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
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 15c2-12(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 will be supplied with Final Official Statements' in a quantity sufficient to meet its' request. Up to
1 O0 copies of the Final Official Statement will be furnished without cost.
Questions regarding the Series 2001 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
52001-4864, (563-589-4133).
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 in this Official Statement, including the appendices hereto.
Issuer:
Security:
Authority for Issuance:
Purpose:
Interest Payment:
Maturity:
Optional Redemption:
Form:
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 1, beginning December 1, 2002.
The Bonds mature June 1 of the years 2004 through 2021.
The 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
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 15c2-12(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 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
52001-4864, (563-589-4133).
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 project (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 capital 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
Riverwalk
Ice Harbor Park
Shot Tower Exterior Rehab
Shot Tower Protective Wall
Art Elements
Parking lot at Bell and 6th (375 stalls)
Parking Lot S & W of Hotel (400 stalls)
Existing Parking Lot Improvements
Smart Growth Initiatives/Amenities
Smart Growth Initiatives/Amenities
West End Road/Trail
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
37T500
$11,624,871
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 Registrar
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") entitled "SAMPLE OFFERING
DOCUMENT LANGUAGE DESCRIBING BOOK-ENTRY ONLY 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 will 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 transfers and pledges, in deposited securities through electronic computerized book-
entry changes in Participants' accounts, thereby eliminating the need for physical movement of securities
certificates. Direct 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 turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners
will not receive written confirmation 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 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 principal 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 INDIRECT 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 THE OBLIGATIONS; (3) ANY NOTICE WHICH IS
PERMITTED OR REQUIRED 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 Securities Information Repository (and with any designated State Information
Depository). The notices of material 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 all material respects with any previous undertakings with regard to said Rule to provide
annual reports or notices of material events.
~he remainder of this page has been left blank intentionally.)
THE ISSUER
General Information
The City of 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 commercial 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 Council 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 Expires
Mayor 2005
Council Member At Large 2005
Council Member At Large 2003
Council Member Ward One 2005
Council Member Ward Two 2003
Council Member Ward Three 2001
Council Member Ward Four 2003
CITY 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
Trustees. The City's contribution rate for the Plan is based upon an actuarially determined normal contribution
rate. 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 divided by 1% of the actuarially determined present value of prospective future
compensation of all members, further 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 ended 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 numerous private enterprises. The Casino Belle, a riverboat gambling casino, opened April 1, 1991
and operates out of Dubuque. In 1994, the Casino Belle 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 approximately 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 Fenelon Place Elevator (the "Railway") is a funicular railway on which cars are 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 Fenelon 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 Aire. 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 Engineers.
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 Century 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 area 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 100,000 square foot office building downtown to allow expansion of
their work force to over 700 employees.
There is also substantial commercial 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 Wal-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 commercial, 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 InterNet Services, the Tri-State Human Resources
Association, Northeast Iowa Community College, Iowa Workforce Development, and the City, joined together to
develop an innovative workforce recruitment 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 of privately 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
Plaza. The Hy-Vee store will be the anchor of a 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 of a vibrant downtown area. DMS services five Downtown districts including Cable
Car Square, Ice Harbor, Old Main Street, 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 61 four-
10
lane conversion, the Airport received a new access road funded by the Iowa State Department of Transportation.
The new access road 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 Industrial 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 21st 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 Data-Comm, 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 parcel 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 part of their Mississippi River Museum.
11
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 this partnership. In February, a
committee 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 campus 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 biking 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 bike/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
paving, 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
Population Statistics
decennial censuses.
Cit~ofDubuque Dubuque Count~
2000 57,686 89,143
1990 57,546 86,403
1980 62,374 93,745
1970 62,309 90,609
1960 56,606 80,049
Source: United States Census Bureau.
Business and Industry
The major employers in the City are presented in Table 2.
Table 2
Principal Employers
Name
Product/Service
Manufacturer of farming equipment
Education
Health Care Services
Health Care Services
Utility
Manufacturer of seating products
Hospital
Government
Manufacturer of windows
Call Center
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.
Source: Dubuque Chamber of Commerce.
Employees
2,352
1,410
1,329
1,003
865
850
840
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
Unemployment Statistics
Dubuque County
State of Iowa
Labor Force Unemployment Rate Unemployment Rate
2001(~) 49,200 3.0% 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."
2000
1999
1998
1997
1996
Table 4
Retail Sales/Buying Income
Effective Buying Income
Per Capita Retail Sales(1)
Dubuque StYe of Dubuque StYe of
County Iowa County Iowa
$ 37,444 $ 36,556 $14,501 $12,815
35,740 34,962 13,651 12,466
34,488 33,150 12,012 10,716
34,034 32,694 11,441 10,196
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
Educa~on
The primary school districts serving Dubuque County residents are the Dubuque Community School District,
Dubuque Parochial Schools, East Dubuque Public Schools 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 Department of Education, http://www, state.ia.us/educate/statistics/5year_enr.htm.
Higher education facilities within commuting distance are the Capri 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
Building Permits
Number of Permits
Fiscal Year Single Family Multi-Family Commercial/Industrial Total Permits
2000/01 53 24 18 1,448
1999/00 49 11 27 1,502
1998/99 58 12 15 1,500
1997/98 69 6 23 1,572
1996/97 55 7 18 2,039
1995/96 73 14 18 4,190
1994/95 89 19 18 6,918
1993/94 194 39 19 1,862
1992/93 118 13 21 1,153
1991/92 139 17 16 1,656
Total Valuation
$ 72,073,145
78,499,930
58,308,703
35,647,103
34,950,496
75,568,862
65,599,402
56,927,805
27,819,446
38,532,058
Reflects August 1994 hail and storm damage.
Source: City of Dubuque.
15
FINANCIAL SUMMARY
This summary is subject in all respects to more complete information contained in this Official Statement)
X, ssessed 100% Value (2000 Assessment)
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
$ 2,138,110,953(1)
$ 1,509,803,936(1)
$ 24,770,000
$ 1,890,000
$ 3,101,018
57,686
27.5 square miles
Debt Ratios:
General Obligation Debt
Overlapping Debt
Total
Amount
$ 24,770,000
3,101,018
$ 28,871,018
Per Capita
(57,686)
$ 429
54
$ 483
Percentage of
Assessed Value
1.16%
0.15%
1.30%
Includes Increment value.
~he 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 Maturit~ Outstanding
05/01/91 Essential Corporate Purpose $ 2,500,000 6.10% 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
12/15/01 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 $ 24,770,000
Table 8
General Obligation Debt
Annual Maturity Schedule
Outstanding Series 2001 Bonds Series 2002 Bonds
Fiscal Year
Ended June 30 Principal Interest
2002 $ 1,720,000 $ 911,055
2003 1,350,000 560,130
2004 1,000,000 494,651
2005 590,000 444,341
2006 355,000 413,991
2007 370,000 395,089
2008 395,000 375,350
2009 410,000 354,296
2010 425,000 332,440
2011 455,000 309,781
2012 475,000 285,518
2013 500,000 260,195
2014 525,000 233,524
2015 555,000 205,538
2016 590,000 175,946
2017 620,000 144,494
2018 655,000 111,436
2019 685,000 76,518
2020 735,000 39,994
2021 ....
Total: $12,410,000 $ 6,124,286
(~) Estim~ed.
Principal Interest(~) Principal Interest(~)
$ -- $ -- $ -- $ --
-- 604,688 -- 178,635
-- 413,855 165,000 122,260
670,000 413,855 115,000 118,135
180,000 395,095 120,000 114,915
410,000 389,515 125,000 111,195
425,000 375,985 130,000 107,070
490,000 360,685 125,000 102,390
530,000 342,065 130,000 97,640
545,000 320,865 135,000 92,440
560,000 297,975 140,000 86,770
560,000 273,895 145,000 80,750
550,000 249,255 160,000 74,370
575,000 224,505 170,000 67,170
590,000 198,055 175,000 59,350
620,000 170,325 185,000 51,125
650,000 140,565 195,000 42,245
680,000 108,715 205,000 32,690
715,000 74,715 215,000 22,440
750,000 38,250 225,000 11,475
$ 9,500,000 $ 5,392,863 $ 2,860,000 $1,573,065
Total
$ 2,631,055
2,693,454
2,195,766
2,351,331
1,579,001
1,800,799
1,808,405
1,842,371
1,857,145
1,858,086
1,845,263
1,819,840
1,792,149
1,797,213
1,788,351
1,790,944
1,794,246
1,787,923
1,802,149
1,024,725
$ 37,860,215
17
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
Issue Original Interest Rate Final
Date Purpose Amount Outstanding Maturity
03/01/98 Parking Facilities $ 2,515,000 4.10% - 4.75% 05/01/10
Total
Principal
Outstanding
as of 6/30/01
$1~890~000
$1,890,000
Table 10
Revenue Debt Annual Maturity
Schedule
Fiscal Year
Ended June 30 Principal 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 $1,890,000 $ 464,175 $ 2,354,175
Tax Increment Financing Bonds
The City issues tax-increment financing bonds to provide funds for urban renewal projects. The City pledges
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 by Issue
Issue Original Interest Rate
Date Purpose Amount Outstanding
03/18/99 Advanced Data-Comm $ 900,000 6.0% - 9.0%
12/01/99 Categraph Systems 360,000 8.8%
02/15/00 Eagle Window & Door 3,168,538 9.1%
Total
Maturity Dates
12/31/01-06/30/11
12/31/01-12/31/10
12/31/02-06/30/12
Principal
Outstanding
as of 6/30/01
$ 900,000
360,000
2~898~751
$ 4,158,751
18
Table 12
Tax-Increment Annual Maturity Schedule
Fiscal Year
Ended June 30
Principal and
Interest Amount
2002 $ 456,236
2003 675,372
2004 675,372
2005 675,372
2006-2011 4A93,753
Total $ 6,976,105
Notes Payable
Notes payable have been issued to provide funding for economic development and for the purchase of land. The
City's outstanding notes payable at June 30, 2001 are presented in Table 13 and Table 14.
Table 13
Notes Payable by Issue
Issue Original Interest Rate
Date Purpose Amount Outstanding Maturity Dates
04/15/97 Economic Development $ 700,000 4.40% 05/01/03
02/27/98 Economic Development 655,500 4.40% 03/01/04
07/15/99 Economic Development 800,000 None 07/01/01-07/01/02
06/30/00 Land Purchase 313,445 6.00% 07/01/03
Total
Principal
Outstanding
as of 6/30/01
$ 616,000
655,500
533,334
313,445
$ 2,118,279
Table 14
Notes Payable Annual Maturity Schedule
Fiscal Year
Ended June 30
Principal and
Interest Amount
2002 $ 390,843
2003 1,235,863
2004 684,342
Total $ 2,311,048
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 project.
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 o&er political or municipal
corporation shall be allowed to become indebted in any manner, or for any purpose, to an
amount, in the aggregate, exceeding five 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%)
$ 2,138,110,953
106,905,548
24,770,000
$ 82,135,548
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 June 30, 2001.
Table 16
Overlapping Debt
(1)
Jurisdiction
Dubuque County
Northeast Iowa Community College(1)
Total 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
$ 3,101,018
Excludes new jobs training certificates payable primarily from credits and incremental property tax revenue derived from
jobs training program. The certificates are further secured by a back-up levy of general taxes.
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20
FINANCIAL INFORMATION
Financial Reports
The City's financial reports are audited by an independent accountant. The City maintains 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.
Results of Operations
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 amended 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
information for the fiscal year ended June 30, 2001.
Table 17
2001/02
General Fund Budget
Revenues
Revenues $ 60,878,349
Property Taxes 11,778,545
Transfers In 3,298,211
Total Revenues $ 75,955,105
Expenditures
Operating Expenses $ 30,076,993
Capital Expenses 43,782,899
Transfers Out 849,247
Total Expenditures $ 74,709,139
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21
Table 18
Statements of Revenues and Expenditures for the General Fund
(Years Ended June 30)
2001(1)
Revenues
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.
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
8,475,658 7,262,308 6,420,864
$ 34,635,623 $ 32,115,045 $ 30,430,435
$ 1,912,393 $ 2,457,216 $ 1,634,264
60,000 $ 260,000
3,433,458 2,317,211
27,822 26549
(3,846,628) (771,001)
(325,348) $ 1,832,759
2,187,779
26,466
(4,829,731)
$ (2,615,486)
1,587,045 4,289,975 (981,222)
19,235,939 14,945,964 15,927,186
$ 20,822,984 $ 19,235,939 $ 14,945,964
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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 property 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 fund of
the State.
Given the wide scope of the statutory changes and the interpretive and administrative 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
(1)
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 2,132,833,763 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 value as shown.
Table 20
Actual Value by Class
Property Type 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 $ 2,146,066,309 100.37%
Less: Military Exemption 7,955,356 0.37%
Net Valuation $ 2,138,110,953 100.00%
Increment
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 30th for the first installment and March 31st
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 Collected°)
Percent Collected
2001/02 $15,636,579 $15,906,492 101.73%
2000/01 15,574,467 15,499,068 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%
(1) 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 Value)
2001/02 2000/01 1999/00 1998/99 1997/98
Dubuque County 5.73669 5.60750 5.54016 5.52169 5.54113
City ofDubuque 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 31.12071 29.92020 28.90043 29.56695 30.00713
Source: Dubuque County Auditor.
~he remainder of this page has been left blank intentionally).
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
Principal Taxpayers
Name
Kennedy Mall, Inc.
Nordstrom, Inc.
Medical Associate Realty
Plaza 20, Inc.
U.S. West Communications
Wilmington Trust Co.
McGraw-Hill Cos. Inc.
American Trust & Savings Bank
McDonald Mfg Co.
Medical Associate Realty LP
Total
Taxable
Valuation
$ 19,990,230
15,532,230
11,338,660
8,733,310
8,574,682
7,743,610
7,730,070
7,379,420
6,903,640
C54T100
$100,472,952
% of Total
Taxable
Valuation(~)
1.32%
1.03%
0.75%
0.58%
0.57%
0.51%
0.51%
0.49%
0.46%
0.43%
6.65%
(~) 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 preparing 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 of a 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 alternative 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
companies 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.
Qualified Tax-Exempt Obligations: 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 provisions 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 status 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 will 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 DOCUMENTS
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 true 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 Moines, 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 TeKippe
Finance Director
28
~his page has been left blank intentionally.)
APPENDIX A
Financial Statements
The auditors have not performed any additional review and have not consented to the inclusion of the
report or extracts from the report in this Official Statement. The consent of the auditors was not sought by
the City.
~his page has been left blank intentionally.)
APPENDIX B
Form of Legal Opinion
~his page has been left blank intentionally.)
AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C.
ATTORNEYS AT LAW KENNETH H. HAYNIE WILLIAM J. NOTH STEVEN L. SERCK OFCOUN$£L
JOHN F. MCKINNEY, JR. DAVID SWINTON STEVEN M. NADEL PAUL F. AHLERS
100 COURT AVENUE, SUITE 600 RICHARD G. SANTI LINDA L. KNIEP ELIZABETH A. GROB H. RICHARD SMITH
DES MOINES, IOWA 50309-2231 EDGAR H. BITTLE JOHN D. HINTZE JENNIFER A. CLENDENIN ROBERT G. ALLBEE
RONALD L. SUTPHIN PETER PASHLER PATRICIA A. WESTEMEYER DOUGLAS R. SMITH
LANCE A. COPPOCK IVAN T. WEBBER NATHAN J. OVERBERG
http://www, ahlerslaw, com DAVID H. LUGINBILL JANE B. MCALLISTER DANIELLEJ. LATHAM
MARK W. BEERMAN JAMES C. HANKS JAMES R. WAINWRIGHT
TELEPHONE 515-243-7611 EDWARD W. REMSBURG R. MARK CORY J. ERIC BOEHLERT PHILIP J. DORWEILER, Retired
TELEGOPIER 515-243-2149 RANDALL H. STEFANI SERGE H. GARRISON GORDON D. GRETA JAMES EVANS COONEY
ELIZABETH GREGG KENNEDY RONALD L. PEELER MARK W. JOHNSON (1917-1998)
WADE R. HAUSER III ANDREWJ. BRACKEN
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.
ATTORNEYS AT LAW KENNETH H. HAYNIE WILLIAM J. NOTH STEVEN L. SERCK OFCOU/¥$£L
JOHN F. MCKINNEY, JR. DAVID SWINTON STEVEN M. NADEL PAUL F. AHLERS
100 COURT AVENUE, RICHARD G. SANTI LINDA L. KNIEP ELIZABETH A. GROB H. RICHARD SMITH
SUITE 600 EDGAR H. BITTLE JOHN D. HINTZE JENNIFER A. CLENDENIN ROBERT G. ALLBEE
RONALD L. SUTPHIN PETER PASHLER PATRICIA A. WESTEMEYER DOUGLAS R. SMITH
DES MOINES, IOWA 50309- LANCE A. COPPOCK IVAN T. WEBBER NATHAN J. OVERBERG
2231 DAVID H. LUGINBILL JANE B. MCALLISTER DANIELLEJ. LATHAM
MARK W. BEERMAN JAMES C. HANKS JAMES R. WAINWRIGHT
http://www, ahlerslaw, comEDWARD W. REMSBURG R. MARK CORY J. ERIC BOEHLERT PHILIP J. DORWEILER, R~tir~d
RANDALL H. STEFANI SERGE H. GARRISON ANDREW T. TICE JAMES EVANS COONEY
TELEPHONE 515-243-7611 ELIZABETH GREGG KENNEDY RONALD L. PEELER GORDON D. GRETA (1917-1998)
TELEGOPIER 515-243-2149 WADE R. HAUSER III ANDREWJ. BRACKEN MARK W. JOHNSON
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 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:
DCORNELL\301163\1\10422057
APPENDIX C
Terms of Offering
~his page has been left blank intentionally.)
Terms of Offering
$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 of Dubuque, Iowa (the "City") on Monday, December 3, 2001 until 11:00 A.M. Central
Time, at City Hall, 50 West 13th 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.
SECURITY
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
Thc proceeds of thc Series 2001 Bonds will be used for thc purpose of financing various projects at thc Mississippi
River National Education and Conference Center.
DATE, MATURITIES, 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
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 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 2001 Bonds is payable semi-annually 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.
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 CDTC"). DTC will act as securities depository of the Series
2001 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 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.
CUSIP NUMBERS
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 2001 Bonds caused
thereby.
TYPE 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 FAITH 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 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
2001 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 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.
SETTLEMENT
Within 40 days following the date of their award, the Series 2001 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, Dorweiler,
Haynie, Smith & Allbee, P.C., and of customary closing papers, including 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 (b)(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-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.evensendodge.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") will
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 13th 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
Thc Series 2002 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 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-annually 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.
BOOK-ENTRY-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 CDTC"). 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 turn remit such principal and interest
to its participants, for subsequent disbursement to the beneficial owner of the Series 2002 Bonds.
CUSIP NUMBERS
The City will assume no obligation for the assignment of CUSIP numbers to the Series 2002 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 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 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 $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 maturity. Interest will be
computed on a 360-day-year basis.
GOOD FAITH 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
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., 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 reoffering 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, (b) certifying that a bona fide initial reoffering 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.
SETTLEMENT
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, Dorweiler,
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 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 2002 Bonds is anticipated on or about January 9, 2002.
CONTINUING 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 (b)(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, 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-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.evensendodge.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 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 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 (75) of the Final Official Statement will be furnished without cost.
~his page has been left blank intentionally.)
APPENDIX D
Form of Continuing Disclosure Certificate
~his page has been left blank intentionally.)
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
_, 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 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 Rulemaking 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 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 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).
(b)
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 A.
(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 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 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 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) rating changes.
(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 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;
(b)
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 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 Information. 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: ,2001
CITY OF DUBUQUE, IOWA
ATTEST:
By:
Mayor
By:
City Clerk
EXHIBIT 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:
EXHIBIT 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-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. InteractiveData. com
DCORNELL\301158\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
$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
,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 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 Rulemaking 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 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 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).
(b)
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 A.
(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 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 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 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) rating changes.
(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 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;
(b)
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 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 Information. 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: ,2001
CITY OF DUBUQUE, IOWA
ATTEST:
By:
Mayor
By:
City Clerk
EXHIBIT 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 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:
EXHIBIT 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-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. InteractiveData. com
DCORNELL\301160\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
1-Jun-05 $ 670,000
1-Jun-06 180,000
1-Jun-07 410,000
1-Jun-08 425,000
1-Jun-09 490,000
1-Jun-10 530,000
1-Jun-11 545,000
1-Jun-12 560,000
1-Jun- 13 560,000
1-Jun-14 550,000
1-Jun- 15 575,000
1-Jun-16 590,000
1-Jun-17 620,000
1-Jun- 18 650,000
1-Jun- 19 680,000
1 -Jun-20 715,000
1-Jun-21 750,000
$ 9,500,000
AVERAGE MATURITY:
BID OPENING:
PRICE:
INTEREST RATES:
CALLABILITY:
Cumulative
Run Bond Years Bond Years
Coupon
Year
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
116,760.56
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
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
1 -Jun- 17
1-Jun- 18
1-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 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 of par plus accrued interest
to the date of redemption.
WORKSHEET
$2,860,000 General Obligation Bonds, Series 2002
City of Dubuque, Iowa
Dated: 15-Dec-01
Due: June 1, 2004/2021
Principal
Year Amount
15 -Dec-01
1-Jun-04 $ 165,000
1-Jun-05 115,000
1-Jun-06 120,000
1-Jun-07 125,000
1-Jun-08 130,000
1-Jun-09 125,000
1-Jun- 10 130,000
1-Jun- 11 135,000
1-Jun-12 140,000
1-Jun- 13 145,000
1-Jun-14 160,000
1-Jun-15 170,000
1-Jun-16 175,000
1 -Jun- 17 185,000
1-Jun- 18 195,000
1-Jun- 19 205,000
1 -Jun-20 215,000
1-Jun-21 225,000
$ 2,860,000
Run
2.46
3.46
4.46
5.46
6.46
7.46
8.46
9.46
10.46
11.46
12.46
13.46
14.46
15.46
16.46
17.46
18.46
19.46
Cumulative
Bond Years Bond Years Coupon
406.08 406.08 %
398.03 804.11 %
535.33 1339.44 %
682.64 2022.08 %
839.94 2862.03 %
932.64 3794.67 %
1099.94 4894.61 %
1277.25 6171.86 %
1464.56 7636.42 %
1661.86 9298.28 %
1993.78 11292.06 %
2288.39 13580.44 %
2530.69 16111.14 %
2860.31 18971.44 %
3209.92 22181.36 %
3579.53 25760.89 %
3969.14 29730.03 %
4378.75 30139.64 %
34,108.78
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
1 -Jun- 17
1-Jun- 18
1-Jun- 19
1-Jun-20
1-Jun-21
AVERAGE MATURITY:
BID OPENING:
PRICE:
INTEREST RATES:
CALLABILITY:
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 of par plus accrued interest
to the date of redemption.
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
Year Amount Rate 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
2011 545,000 % 2020 715,000
2012 560,000 % 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 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:
$
Net Interest Cost
%
True Interest Rate
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~'dday 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 $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 accrued
interest on the total principal of $2,860,000 to date of delivery, provided the Series 2002 Bonds bear the following
interest rates:
Interest
Year Amount Rate 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
Interest
Rate
The Series 2002 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 $28,600 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:
$
Net Interest Cost
%
True Interest Rate
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 3~'dday of December,
2001.
Title Title