Tax-Exempt General Obligation Bonds Series 2015_$3M_Initiate Copyright 2014
City of Dubuque Items to be set for Public Hearing # 5.
ITEM TITLE: Tax-Exempt General Obligation Bonds Series 2015
SUMMARY: City Manager recommending that a public hearing be set for May 4, 2015,
on the proposition of selling not to exceed $3,000,000 in Tax-Exempt
General Obligation Bonds, the proceeds of which will be used to pay the
costs of the settlement of the franchise fee litigation.
RESOLUTION Fixing date for a meeting on the proposition of the issuance
of not to exceed $3,000,000 General Obligation Bonds of the City of
Dubuque, State of Iowa (For an Essential Corporate Purpose), and
providing for publication of notice thereof
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s), Set Public
Hearing for 5/4/15
ATTACHMENTS:
Description Type
❑ MVM Memo City Manager Memo
❑ Staff Memo Staff Memo
❑ Public Notice of Public Hearing Supporting Documentation
❑ Resolution Fixing Date for Public Hearing Resolutions
❑ Bond Counsel Letter Supporting Documentation
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$3,000,000 Tax-Exempt General Obligation Bonds, Series 2015
DATE: April 14, 2015
Budget Director Jennifer Larson recommends that a public hearing be set for May 4,
2015, on the proposition of selling not to exceed $3,000,000 in Tax-Exempt General
Obligation Bonds, the proceeds of which will be used to pay costs of the settlement of
the franchise fee litigation.
The bonds will be repaid using the debt service levy beginning in Fiscal Year 2016. The
debt service levy amount related to the repayment of the bonds is $0.06614 per $1,000
of assessed valuation in Fiscal Year 2016.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Jennifer Larson, Budget Director
Kenneth TeKippe, Finance Director
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$3,000,000 Tax-Exempt General Obligation Bonds, Series 2015
DATE: April 14, 2015
INTRODUCTION
The purpose of this memorandum is to recommend the setting of a public hearing on
the proposal to issue General Obligation Bonds, the proceeds of which will be used for
essential corporate purposes of the City for projects in the City budget previously
approved by the City Council. A letter from attorney Mark Cory detailing information on
the bond hearing is enclosed.
DISCUSSION
The $3,000,000 General Obligation Bond will be used to provide funds to pay the costs
of the settlement of the franchise fee litigation.
Since at least 1873, the Iowa Code has given Iowa cities the authority to grant
franchises to utilities to use the public right-of-ways. Cities also had the authority to
impose franchise fees for such use. Until 2010, the Code of Iowa did not limit the
amount or basis of franchise fees. However, earlier Iowa Supreme Court cases
indicated that a city's authority to impose a franchise fee was limited to reasonable
costs of regulating, supervising, or enforcing the franchise.
Franchise fees are typically based on a percentage of gross revenue of the franchisee.
For example, the federal Cable Act of 1984 authorized cable franchise fees not to
exceed 5% of gross revenue. The City of Dubuque has been collecting 5% fees on
cable services based on gross revenue since at least 1984.
In 1994, the City of Dubuque renewed its gas and electric franchises. Both agreements
authorized the City Council to impose franchise fees no to exceed 3% of gross
revenues on the sale of gas and electricity. The franchise agreements, including the
right to impose franchise fees, were approved by citizens at an election. However, the
City Council did not impose any franchise fees on gas and electricity sales until 2003
when it imposed a 2% fee.
In 2005, Linda Kragnes filed a class action law suit against the City of Des Moines
claiming that Des Moines' franchise fees were illegal taxes. The Polk County District
Court agreed with Kragnes. On appeal, the Iowa Supreme Court in a 2006 opinion,
agreed with the District Court and rejected Des Moines' home rule argument, holding
that "any franchise fee charged by a city must be reasonably related to the city's
administrative expenses in the exercise of its police power. These expenses include the
reasonable costs of inspecting, licensing, supervising, or otherwise regulating the
activity the city is franchising." Thus, under the Kragnes rule, "a city has the authority to
assess a franchise fee expressed as a percentage of the gross receipts derived from
the utility's sale of its services to the public, so long as the charge is reasonable related
to the cost of the activity that is being franchised." The Supreme Court did not elaborate
on what costs a city is entitled to recover.
J. Thomas Zaber filed his class action lawsuit against the City of Dubuque in 2006
alleging, like Kragnes, that the City's gas, electric and cable franchise fees were illegal
taxes. Very shortly after the Polk County ruling in Kragnes, the City of Dubuque retained
Springsted International, a consulting firm specializing in infrastructure costs, to conduct
a study to determine the city's "cost of inspecting, licensing, supervising, or otherwise
regulating" the gas and electric utilities. Because the Supreme Court had not provided
specific guidance in Kragnes as to what those costs were, we were left to speculate as
to what costs to include in the study. Springsted's preliminary report in 2006 indicated
that the city's franchise fees were roughly equivalent to the costs of regulating the
utilities, based again on what we believed those costs might include. The Zaber case
was essentially on hold while the Kragnes case was being litigated in the courts.
In a subsequent hearing following the Kragnes appeal, the Polk County district court
disallowed a number of Des Moines' costs, which included many of the costs which
were part of the Springsted analysis. On appeal from the decision, the Iowa Supreme
Court elaborated on the costs that could be recovered by a city as a franchise fee,
allowing some of the costs that the Polk County district court had disallowed but still
rejecting many of the costs that had originally been relied upon by Springsted. Following
that 2012 opinion, Springsted updated its report and concluded that the City of Dubuque
had collected franchise fees in excess of costs by around $2 million.
While the franchise fee cases were pending, in 2010 the Iowa General Assembly
authorized cities to collect cable franchise fees of 5% without regard to the cost of
regulating the utilities, thus abrogating the Kragnes rule. The cable legislation also was
made retroactive. Zaber challenged the constitutionality of the retroactivity provision of
the law, but the District Court for Dubuque County agreed with Dubuque that the statute
was constitutional. On appeal, the Iowa Supreme Court upheld that decision. As a result
of that change in the law, Zaber's cable fee challenge was dismissed from the lawsuit,
removing $3 million in cable fees from the lawsuit.
In 2010 the Iowa General Assembly also authorized gas and electric franchise fees not
to exceed 5% without the regard to the cost of regulating the utilities. However, the
legislature did not make the legislation retroactive, a matter which did not go unnoticed
by the Iowa Supreme Court in Kragnes. The court said that the legislature "declined to
shield the City from the financial impact" of the claims like Zaber's. Had the legislature
made the gas and electric legislation retroactive, a settlement would not be necessary.
Based on the risks and costs of a trial, the costs and further delay of likely appeals, the
City Attorney's Office and our retained counsel have concluded that it is in the best
interest of the City to settle the case. The relief requested by Zaber in the lawsuit is
essentially a refund to the class of gas and electric customers of the franchise fees that
exceed the costs the city was authorized to collect between 2005 and 2009 when the
law was changed. The parties have reached a tentative settlement of$2.6 million.
A fairness hearing is yet to be scheduled to obtain Court approval of the settlement
agreement and to determine what happens to unclaimed funds after the claims period is
closed. The bond funds remaining after bond issuance fees are paid will be put into an
escrow account by the City of Dubuque to fund the franchise fee refund process.
The cost of the settlement is not covered by the City's insurance carrier, Iowa
Communities Assurance Pool. Damages and expenses not covered under the City's
insurance include tax activities meaning damages and expenses resulting from any
wrongful act by the insured in connection with any tax assessment, fine, fee or
adjustment or the collection, refund, disbursement or application of any taxes.
The bonds will be repaid using the debt service levy beginning in Fiscal Year 2016. The
debt service levy amount related to the repayment of the bonds is $0.06614 per $1 ,000
of assessed valuation in Fiscal Year 2016.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolution fixing the date of May
4, 2015 for a public hearing on the proposition of selling not to exceed $3,000,000 Tax-
Exempt General Obligation Bonds, Series 2015 and providing publication of notice.
JML
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Kenneth TeKippe, Finance Director
AHLERS &COONEY, P.C.
100 COURT AVENUE, SUITE 600
DES MOINES, IOWA 50309-2231
FAx: 515-243-2149
WWW.AHLERSLAW.COM
R.Mark Cory Direct Dial;
RCory@ahlerslaw.com 515.246.0378
April 10, 2015
Via E-Mail
Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Re: City of Dubuque, State of Iowa - General Obligation Bonds
Dear Jenny:
We have now prepared and are enclosing suggested proceedings to be acted upon by the
Council in fixing the date of a meeting on the proposition to issue the above mentioned bonds
and ordering publication of a notice of hearing consistent with the pfovisions of Code Section
384.25. (See publication requirement.)
Also enclosed is an extra copy of the proceedings to be filled in as the original and
certified back to this office, together with publisher's affidavit of publication of notice of hearing.
We are also enclosing an extra copy of the notice of hearing to be delivered to the
newspaper for publication purposes. A certificate to attest the proceedings is also enclosed.
At the time of hearing the Council shall receive oral or written objections from any
resident or property owner to the proposed action to issue the bonds. After all objections have
been received and considered, the Council is required, at that meeting or at any adjournment
thereof, to take additional action for the issuance of the bonds or to abandon the proposal to issue
the bonds.
The Council is required by statute to adopt the resolution instituting proceedings to issue
the bonds at the hearing--or an adjournment thereof.
Publication Requirement -Notice of Hearing.
Notice of this meeting must be published at least once in a legal newspaper, printed
wholly in the English language, published at least once weekly, and having general circulation in
the City. The date of publication is to be not less than four clear days nor more than twenty days
before the date of the public meeting on the issuance of bonds. In computing time, the date of
publication should be excluded. If the last day falls on Sunday, the whole of the following
Monday should be excluded. [See Section ICS 4.1(34)]
WISHARD&BAILY-1888;GUERNSEY&BAILY-1893;GAILY&STIPP-1901;STIPP,PERRY.BANNISTER&STARZINGER-1914;BANNISTER,CARPENTER.
AHLERS&COONEY-1950;AHLERS,COONEY,DORWEILER,ALLBEE,HAYNIE&SMITH-1974;AHLERS,COONEY,DORWEILER,HAYNIE.SMITH&ALLBEE,P.C.-1990
April 10, 2015
Page 2
We will prepare and forward to you in the near future, suggested procedure to be acted
upon on the date of hearing. If you have any questions pertaining to the proceedings enclosed or
the above instructions,please do not hesitate to either write or call.
Very tr y'yours
�44
R. Mark Cory
FOR THE FIRM
RMC:csm
Enclosures
cc: Barry Lindahl
Ken TeKippe
Kevin Firnstahl
01101577-1\10422-000
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, State of Iowa.
Date of Meeting: April 20, 2015
Time of Meeting: 6:30 o'clock P.M.
Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body
will meet at the date, time and place above set out. The tentative agenda for the meeting is as
follows:
Not to Exceed $3,000,000 General Obligation Bonds.
• Resolution fixing date for a meeting on the proposition to issue.
Such additional matters as are set forth on the additional 5 page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa,
and the local rules of the governmental body.
r•°'
.00
City Cl-rk, City of DubuqueState of Iowa
April 20, 2015
The City Council of the City of Dubuque, State of Iowa, met in regular session, in the
Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at6:30 P.M., on the above date.
There were present Mayor Pro Tem Karla Braig, in the chair, and the following named Council
Members:
David Resnick, Kevin Lynch, Roy Buol (via phone), Karla Braig,
Joyce Connors, Lynn Sutton, Ric Jones
Absent:
Council Member Lynch introduced the following Resolution entitled "RESOLUTION
FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT
TO EXCEED $3,000,000 GENERAL OBLIGATION BONDS OF THE CITY OF DUBUQUE,
STATE OF IOWA (FOR AN ESSENTIAL CORPORATE PURPOSE), AND PROVIDING
FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council
Member Jones seconded the motion to adopt. The roll was called and the vote was,
AYES: David Resnick, Kevin lynch, Roy Buol, Karla Braig
Joyce Connors, Lynn Sutton, Ric Jones
NAYS:
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 133-15
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED
$3,000,000 GENERAL OBLIGATION BONDS OF THE CITY
OF DUBUQUE, STATE OF IOWA (FOR AN ESSENTIAL
CORPORATE PURPOSE), AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque, State of
Iowa, should issue General Obligation Bonds, to the amount of not to exceed $3,000,000, as
authorized by Section 384.25, of the Code of Iowa, for the purpose of providing funds to pay
costs of carrying out an essential corporate purpose project as hereinafter described; and
WHEREAS, before the Bonds may be issued, it is necessary to comply with the
provisions of the Code, and to publish a notice of the proposal to issue such bonds and of the
time and place of the meeting at which the Council proposes to take action for the issuance of the
Bonds and to receive oral and/or written objections from any resident or property owner of the
City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
DUBUQUE, STATE OF IOWA:
Section 1. That this Council meet in the Historic Federal Building, 350 West 6th Street,
Dubuque, Iowa, at 6:30 P.M., on the 4th day of May, 2015, for the purpose of taking action on
the matter of the issuance of not to exceed $3,000,000 General Obligation Bonds, for an essential
corporate purpose, the proceeds of which bonds will be used to provide funds to pay the costs of
the settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds,
-2-
warrants, or judgments, or the funding or refunding of the same, whether or not such
indebtedness was created for a purpose for which general obligation bonds might have been
issued in the original instance.
Section 2. To the extent any of the projects or activities described in this resolution may
be reasonably construed to be included in more than one classification under Division III of
Chapter 384 of the Code of Iowa, the Council hereby elects the "essential corporate purpose"
classification and procedure with respect to each such project or activity, pursuant to Section
384.28 of the Code of Iowa.
Section 3. That the Clerk is hereby directed to cause at least one publication to be made
of a notice of the meeting, in a legal newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in the City. The publication to be
not less than four clear days nor more than twenty days before the date of the public meeting on
the issuance of the Bonds.
Section 4. The notice of the proposed action to issue bonds shall be in substantially the
following form:
3
(To be published on or before: April 28, 2015)
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF DUBUQUE, STATE OF IOWA, ON THE MATTER
OF THE PROPOSED ISSUANCE OF NOT TO EXCEED
$3,000,000 GENERAL OBLIGATION BONDS OF THE CITY
(FOR AN ESSENTIAL CORPORATE PURPOSE), AND THE
HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, State of
Iowa, will hold a public hearing on the 4th day of May, 2015, at .M., in the
Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council
proposes to take additional action for the issuance of not to exceed $3,000,000 General
Obligation Bonds, for an essential corporate purpose, to provide funds to pay the costs of the
settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds,
warrants, or judgments, or the funding or refunding of the same, whether or not such
indebtedness was created for a purpose for which general obligation bonds might have been
issued in the original instance.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City to the above action. After all objections have been
received and considered, the Council will at the meeting or at any adjournment thereof, take
additional action for the issuance of the Bonds or will abandon the proposal to issue said Bonds.
This notice is given by order of the City Council of the City of Dubuque, State of Iowa,
as provided by Section 384.25 of the Code of Iowa.
Dated this
day of , 2015.
City Clerk, City of Dubuque, State of Iowa
(End of Notice)
4
PASSED AND APPROVED this 20th day of April, 2015.
Karla A. Braig, Mayor Pro Vm
ATTEST:
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF DUBUQUE
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the Council, and the same is a true and complete copy of the action
taken by the Council with respect to the matter at the meeting held on the date indicated in the
attachment, which proceedings remain in full force and effect, and have not been amended or
rescinded in any way; that meeting and all action thereat was duly and publicly held in
accordance with a notice of public hearing and tentative agenda, a copy of which was timely
served on each member of the Council and posted on a bulletin board or other prominent place
easily accessible to the public and clearly designated for that purpose at the principal office of
the Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local
rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance
notice to the public and media at least twenty-four hours prior to the commencement of the
meeting as required by law and with members of the public present in attendance; I further
certify that the individuals named therein were on the date thereof duly and lawfully possessed of
their respective city offices as indicated therein, that no vacancy existed except as may be stated
in the proceedings, and that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right of the
individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of the Council hereto aff ethis 22nd day of April,
2015.
(SEAL)
City
k, City of Dub
State of Iowa
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF DUBUQUE
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of
Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of the
City, I have caused a
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $3,000,000 GENERAL OBLIGATION
BONDS, OF THE CITY OF DUBUQUE, AND THE HEARING ON THE
ISSUANCE THEREOF
of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures
a correct and complete copy, to be published as required by law in the "Telegraph Herald", a
legal newspaper published at least once weekly, printed wholly in the English language,
published regularly and mailed through the post office of current entry for more than two years
and which has had for more than two years a bona fide paid circulation recognized by the postal
laws of the United States, and has a general circulation in the City, and that the Notice was
published in all of the issues thereof published and circulated on the following date:
April 24 , 2015.
WITNESS my official signature at Dubuque, Iowa, this 27 t h day of
April ,2015.
City Clerk, ity of Dub que
(SEAL)
of Iowa
STATE OF IOWA {SS:
DUBUQUE COUNTY
CERTIFICATION OF PUBLICATION
I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper
on the following dates: April 24, 2015, and for which the charge is $24.07.
Subscribed to before me, a Notary Public in and for Dubuque County, Iowa,
this ,,,Pfz day of
(j ,20/5 .
otary Public in and for Dubuque County, Iowa.
A K. YESFERtMEYER
Commission Number 154&e.
v Comm. 1. Exp. FEB. 1, 2017
CITY OF DUBUQUE,
IOWA
OFFICIAL NOTICE
NOTICE OF MEETING
OF THE CITY
COUNCIL, OF THE
'CITY OF DUBUQUE,
STATE OF IOWA, ON
THE MATTER OF THE
PROPOSED ISSUANCE'.
OF NOT TO EXCEED
$3,000,000 GENERAL
OBLIGATION BONDS
OF THE CITY (FOR AN
ESSENTIAL CORPOR-
ATE PURPOSE), AND
THE HEARING ON THE
ISSUANCE THEREOF_
PUBLIC NOTICE is
hereby given that the 1
City Council of the City
of Dubuque, State of
Iowa, will hold a public
hearing on the 4th day
of May, 2015, at 6:30
R.M., in the Historic
Federal Building, 350
West 6th Street, Dubu-
que, Iowa, at which
meeting the Council
proposes to take
additional action for
the issuance of not to
exceed $3,000,000 Gen-
eral Obligation Bonds,
for an essential cor-
porate purpose, to
providefunds to pay
the costs of the
settlement, of any part
or all of the legal.
indebtedness of a city,
whether evidenced by
bonds, warrants, or
judgments, or the
funding or refunding of
the same, whether or
not such indebtedness
was created for a pur-
pose for which general
obligation, bonds might
have been issued in the.!
original instance.
At the above meeting
the Council shall re-
ceive oral or written
objections from any
resident or property
owner of the City to
the above action. After
all objections have
been received and
considered, the Council
will at the meeting or
at any adjournment
thereof, take additional
action for the issuance
of the Bonds or will
abandon the proposal
to issue said Bonds.
This notice is given by
order of the City
Council of the City of
Dubuque, State of I
Iowa, as provided by
Section 384.25 of the
Code of Iowa.
Dated this 24th day of
April, 2015.
Kevin S. Firnstahl
City Clerk, City of
Dubuque, State of Iowa,
It 4/24
CERTIFICATE of the CITY CLERK
STATE OF IOWA )
SS:
COUNTY OF DUBUQUE )
I, Kevin S. Firnstahl, do hereby certify that I am the duly appointed, qualified, City Clerk
of the City of Dubuque, Iowa, in the County aforesaid, and as such City Clerk, I have in
my possession or have access to the records of the proceedings of the City Council. I
do further state that the hereto attached Resolution No. 133-15 is a true and correct
copy of the original.
In Testimony Whereof, I hereunto set my hand and official seal of the City of Dubuque,
Iowa.
Dated at Dubuque, Iowa, on this 22nd day of April, 2015.
Kevi r S. Firnstahl, CMCJ; City Clerk
(SEAL)
CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE
OF IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED
$3,000,000 GENERAL OBLIGATION BONDS OF THE CITY (FOR AN ESSENTIAL
CORPORATE PURPOSE), AND THE HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, State of
Iowa, will hold a public hearing on the 4th day of May, 2015, at 6:30 P.M., in the Historic
Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council
proposes to take additional action for the issuance of not to exceed $3,000,000 General
Obligation Bonds, for an essential corporate purpose, to provide funds to pay the costs
of the settlement of any part or all of the legal indebtedness of a city, whether evidenced
by bonds, warrants, or judgments, or the funding or refunding of the same, whether or
not such indebtedness was created for a purpose for which general obligation bonds
might have been issued in the original instance.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City to the above action. After all objections have
been received and considered, the Council will at the meeting or at any adjournment
thereof, take additional action for the issuance of the Bonds or will abandon the
proposal to issue said Bonds.
This notice is given by order of the City Council of the City of Dubuque, State of Iowa,
as provided by Section 384.25 of the Code of Iowa.
Dated this 24th day of April, 2015.
Kevin S. Firnstahl
City Clerk, City of Dubuque, State of Iowa