Stormwater Utility Revenue Capital Loan Notes $34M (Iowa Water Pollution Control) Copyright 2014
City of Dubuque Public Hearings # 5.
ITEM TITLE: Stormwater Utility Revenue Capital Loan Notes (Iowa Water Pollution
Control Works Financing Program)
SUMMARY: Proof of publication on notice of public hearing to consider the issuance of
not to exceed $34,000,000 Stormwater Utility Revenue Capital Loan
Notes, however, the City intends to issue not over $29,600,000 and the
City Manager recommending approval.
RESOLUTION Instituting Proceedings to Take Additional Action for the
Authorization of one or More Loan and Disbursement Agreements and the
Issuance of not to Exceed $34,000,000 Stormwater Utility Revenue Capital
Loan Notes
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ Stormwater Utility Revenue Capital Loan Notes$34,000,000-MVM City Manager Memo
Memo
❑ Staff Memo Stormwater Utility Revenue Capital Loan Notes Staff Memo
Resolution to hold Public Hearing on issuance of not to exceed
Resolutions
$34,000,000 Stormwater Utility Revenue Capital Loan Notes
Letter from Ahlers to Hold Public Hearing on issuance of not to exceed
$34,000,000 Stormwater Utility Revenue Capital Loan Notes Supporting Documentation
❑ Proof of Publication Bond sale 34,000,000 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 for Public Hearing on the Issuance of Not to Exceed
$34,000,000 Stormwater Utility Revenue Capital Loan Notes (State
Revolving Loan Fund Program)
DATE: May 12, 2015
Finance Director Ken TeKippe recommends City Council approval of the suggested
proceedings for a public hearing on the issuance of not to exceed $34,000,000
Stormwater Utility Revenue Capital Loan Notes, however, the City intends to issue not
over$29,600,000.
The loan funds will be used to provide funds to pay the costs of the Upper Bee Branch
Creek Restoration and was indicated to the U.S. Economic Development Administration
as local match for their grant. These notes would be payable from Stormwater Utility
fees and also the amounts deposited in the Additional Projects Account of the Flood
Project Fund, which would include sales tax increment received from the State Flood
Mitigation Program.
The State Revolving Fund Loan for the Upper Bee Branch also qualifies for the State
Revolving Fund Green Project Forgivable Program. Of the not to exceed $34,000,000
Capital Loan Notes, $4,430,100 is forgivable if the project is constructed as required.
The State Revolving Capital Loan Notes will carry an annual 1.75% interest rate for 20
years, with an annual servicing fee of 0.25%. There is also a onetime 0.5% upfront loan
origination fee.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Jennifer Larson, Budget Director
2
THE MY OF Dubuque
DUB E �il�r
Masterpiece on the Mississippi .mu.
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth TeKippe, Finance Director
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$34,000,000 Stormwater Utility Revenue Capital Loan Notes (State
Revolving Loan Fund Program)
DATE: May 13, 2015
INTRODUCTION
The purpose of this memorandum is to provide suggested proceeding for a public
hearing on the issuance of not to exceed $34,000,000 Stormwater Utility Revenue
Capital Loan Notes. A letter from attorney William Noth detailing information on the
public hearing is enclosed.
The amount of the issuance is not to exceed $34,000,000 however the city intends to
issue not over $29,600,000 in Stormwater Utility Revenue Capital Loan Notes for this
borrowing.
DISCUSSION
In September 2012, the City was informed by the U.S. Economic Development
Administration that the application for the Bee Branch Disaster Resiliency Project was
selected through EDA's competitive application review process for further consideration
for funding in the amount of $1,227,138. In order to have the EDA further consider the
application for funding, the City had to provide additional information. The additional
information required information about the local match, including what type of debt
would be issued and the timing of the issuance of any such debt for the project.
On June 17, 2013, the City Council held a public hearing and took additional action for
the issuance of not to exceed $14,767,000 Stormwater Utility Revenue Capital Loan
Notes (State Revolving Loan Fund Program), the proceeds of which were to be used to
pay costs associated with the construction of the Bee Branch Disaster Resiliency
Project, also known as the Upper Bee Branch Creek Restoration. This action was taken
to satisfy the Economic Development Administration grant ("EDA Grant') requirement
that the local match for the EDA Grant be fully committed and readily available.
On December 16, 2014 the City of Dubuque's proposal for a Catfish Creek Watershed
sponsored project was approved by the Environmental Protection Commission. The
Upper Bee Branch Creek State Revolving Fund financing will provide the City of
Dubuque $1,400,000 for the Catfish Creek sponsored project at no additional cost to the
City of Dubuque. The Iowa Finance Authority will provide an increase loan amount with
a reduced interest rate on the first Upper Bee Branch Creek SRF Loan, which will allow
the City to use approximately $1 ,400,000 for Catfish Creek Improvements. The semi-
annual payment for the State Revolving Funds Capital Loan Notes will remain the
same. The loan purposes now include funding for a "sponsored project', namely the
Catfish Creek Watershed Improvements.
The loan funds will be used to provide funds to pay the costs of Upper Bee Branch
Creek Restoration and satisfy the required local match requirement to receive
$1 ,227,138 for the Economic Development Administration. These notes would be
payable from Stormwater Utility fees and also the amounts deposited in the Additional
Projects Account of the Flood Project Fund, which would include sales tax increment
received from the State Flood Mitigation Program.
The State Revolving Fund Loan for the Upper Bee Branch also qualifies for the State
Revolving Fund Green Project Forgivable Program. Of the not to exceed $34,000,000
Capital Loan Notes, $4,430,100 is forgivable if the project is constructed as required.
The State Revolving Capital Loan Notes will carry an annual 1 .75% interest rate for 20
years, with an annual servicing fee of 0.25%. There is also a onetime 0.5% upfront loan
origination fee.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the
Notes to the Iowa Finance Authority. A summary of objections received or made, if any,
should be attached to the proceedings. After all objections have been received and
considered if the Council decides to enter into the Agreement and issue the Notes, a
form of resolution follows that should be introduced and adopted, entitled "Resolution
Instituting Proceedings to Take Additional Action."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
ACTION TO BE TAKEN
I respectfully recommend the holding of the public hearing and approve the resolution.
KT/eml
Attachments
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodman, Assistant City Manager
Jenny Larson, Budget Director
AHLERS &GOONEY, P.G.
100 COURT AVENUE,SUITE 600
DES MOINES,IOWA 50309-2231
PHONE:515-243-7611
FAX:515-243-2149
WWW.AHLERSLAW.COM
William J.Noth Direct Dial:
wnoth@ahlerslaw.com (515)246-0332
May 8, 2015
Ms. Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
RE: Not to exceed $34,000,000 Stormwater Utility Revenue Capital Loan
Notes (Iowa Water Pollution Control Works Financing Program)
Dear Ms. Larson:
With this letter I am enclosing suggested Council proceedings for the date of the
public hearing on the proposal to issue the above Notes. The proceedings have been
prepared to show as a first step the receipt of any oral or written objections from any
resident or property owner to the proposed action of the Council to authorize the form of
Loan and Disbursement Agreement and issue the Notes to the Iowa Finance Authority.
A summary of objections received or made, if any, should be attached to the proceedings.
After all objections have been received and considered if the Council decides to enter into
the Agreement and issue the Notes, a form of resolution follows that should be
introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional
Action."
In the event the Council decides to abandon the proposal, then the form of
resolution included in said proceedings should not be adopted. We would suggest that, in
this event, a motion merely be adopted to the effect that such proposal is abandoned.
An extra copy of the proceedings is enclosed to be completed as the original and
certified back to our office.
WISHARD&BAILY-1888;GUERNSEY&BAILY-1893;BAILY&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
May 8, 2015
Page 2
Should you have any questions concerning the enclosed proceedings or the
proposed SRF loan, please don't hesitate to contact me.
Very truly yours,
IY
William J. Noth
FOR THE FIRM
WJN:dc
Enclosures
cc: Barry Lindahl (w/encl.)
Ken TeKippe (w/encl.)
Alexis Steger (w/encl.)
Tionna Pooler (w/encl.)
01106326-1\10422-146
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, Iowa.
Date of Meeting: May 18 , 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 S34,000,000 Stormwater Utility Revenue Capital Loan Notes
Public hearing on the authorization of one or more Loan and Disbursement
Agreements and the issuance of Notes to evidence the obligation of the City
thereunder.
® Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional 6 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.
Aegagglaglar
City C1-.` City of Dubuq Iowa
May 18, 2015
The City Council of the City of Dubuque, Iowa, met in regular session, in the
Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on
the above date. There were present Mayor Pro Tem Lynn V. Sutton in the chair, and the
following named Council Members:
Mayor Roy D. Buol (via phone), Karla Braig, Joyce Connors,
Ric Jones, Kevin Lynch, David Resnick
Absent:
1
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the authorization of one or more. Loan and Disbursement
Agreements by and between the City and the Iowa Finance Authority, and the issuance to
the Iowa Finance Authority of not to exceed $34,000,000 Stormwater Utility Revenue
Capital Loan Notes to evidence the obligations of the City under said Loan and
Disbursement Agreement, in order to provide funds to pay costs of land acquisition,
engineering and construction of Phase 7 of the Bee Branch Watershed Flood Mitigation
Project, also known as the Upper Bee Branch Creek Restoration, the refunding and
refinancing of the outstanding General Obligation Capital Loan Notes Anticipation
Project Note, Series 2006, dated December 28, 2006, issued in respect of such costs, and
the Catfish Creek Watershed Improvements, and that notice of the proposed action by the
City Council to institute proceedings for the authorization of the Loan and Disbursement
Agreement and the issuance of the Notes had been published pursuant to the provisions
of Sections 384.24A and 384.82, as amended.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the proposal. The City Clerk advised the Mayor
and the City Council that -0- written objections had been filed. The Mayor then called
for oral objections to the proposal and -0- were made. Whereupon, the Mayor declared
the time for receiving oral and written objections to be closed.
(Attach here a summary of objections
received or made, if any)
The City Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Connors introduced and delivered to the Clerk the
Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS
TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF ONE OR
MORE LOAN AND DISBURSEMENT AGREEMENTS AND THE ISSUANCE OF
NOT TO EXCEED $34,000,000 STORMWATER UTILITY REVENUE CAPITAL
LOAN NOTES", and moved:
was,
X that the Resolution be adopted.
❑ to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings to the meeting to be held at o'clock
.M. on the day of 2015 at this
place.
Council Member Jones seconded the motion. The roll was called and the vote
AYES: Sutton, Braig, Buol, Resnick, Connors, Lynhc, Jones
NAYS:
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION NO. 174-15
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF
ONE OR MORE LOAN AND DISBURSEMENT
AGREEMENTS AND THE ISSUANCE OF NOT TO
EXCEED $34,000,000 STORMWATER UTILITY
REVENUE CAPITAL LOAN NOTES
WHEREAS, on June 17, 2013, the City Council held a public hearing and took
additional action for the issuance of not to exceed $14,767,000 Stormwater Utility
Revenue Capital Loan Notes (State Revolving Loan Fund Program), the proceeds of
3
which were to be used to pay costs of acquisition, construction, reconstruction, extending,
remodeling, improving, repairing and equipping all or part of the Stonnwater
Management Utility, including those costs associated with the construction of the Bee
Branch Disaster Resiliency Project; and
WHEREAS, the foregoing action was taken to satisfy the Economic Development
Administration grant ('VEDA Grant") requirement that the local match for the EDA Grant
be fully committed and readily available; and
WHEREAS, it was subsequently deemed necessary and advisable that, in lieu of
the above-described Stormwater Utility Revenue Capital Loan Notes, the City of
Dubuque, Iowa should issue Sales Tax Increment Revenue Bonds to the Iowa Finance
Authority under the State Revolving Fund Loan Program, to the amount of not to exceed
$30,000,000, as authorized by Section 418.14 of the Code of Iowa, for the purpose of
providing funds to pay costs of carrying out certain flood mitigation projects and to
provide the local match for the EDA Grant; and
WHEREAS, on June 16, 2014, this Council held a public hearing and took
additional action for the issuance of not to exceed $30,000,000 Sales Tax Increment
Revenue Bonds for the foregoing purposes; and
WHEREAS, such Bonds have not been issued and it is now deemed necessary and
advisable that the City of Dubuque, Iowa should provide for the authorization of one or
more Loan and Disbursement Agreements and the issuance of Stormwater Utility
Revenue Capital Loan Notes, in the amount of not to exceed $34,000,000, as authorized
by Sections 384.24A and 384.83, Code of Iowa, as amended, for the purpose of providing
funds to pay costs as hereinafter described; and
WHEREAS, the City has applied for a loan through the Iowa Water Pollution
Control Works Financing Program pursuant to which the Iowa Finance Authority has
agreed to purchase the City's Notes and has requested that such Notes be issued as single
Notes in a denomination equal to the total amount of the issue as authorized by Chapter
384 of the Code of Iowa; and
WHEREAS, the Loan and Disbursement Agreements and Notes shall be payable
out of the net earnings of the Stormwater Management Utility and shall be a first lien on
the future net earnings of the Utility and, in the discretion of the City Council, from
amounts on deposit in the Additional Projects Account of the Flood Project Fund; and
shall not be general obligations of the City or payable in any manner by taxation and the
City shall be in no manner liable by reason of the failure of the net revenues to be
sufficient for the payment of the Loan and Disbursement Agreements and Notes; and
4
WHEREAS, before a Loan and Disbursement Agreement may be authorized and
Stormwater Utility Revenue Capital Loan Notes issued to evidence the obligation of the
City thereunder, it is necessary to comply with the provisions of the Code of Iowa, as
amended, and to publish a notice of the proposal and of the time and place of the meeting
at which the Council proposes to take action for the authorization of the Loan and
Disbursement Agreement and Notes and to receive oral and/or written objections from
any resident or property owner of the City to such action; and
WHEREAS, pursuant to notice published as required by law, this Council has held
a public meeting and hearing upon the proposal to institute proceedings for the
authorization of one or more Loan and Disbursement Agreements by and between the
City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of
not to exceed $34,000,000 Stormwater Utility Revenue Capital Loan Notes to evidence
the obligations of the City under said Loan and Disbursement Agreements, for the
purpose of paying costs of land acquisition, engineering and construction of Phase 7 of
the Bee Branch Watershed Flood Mitigation Project, also known as the Upper Bee
Branch Creek Restoration, the refunding and refinancing of the outstanding General
Obligation Capital Loan Notes Anticipation Project Note, Series 2006, dated December
28, 2006, issued in respect of such costs, and the Catfish -Creek Watershed
Improvements, and has considered the extent of objections received from residents or
property owners as to said proposal and, accordingly the following action is now
considered to be in the best interests of the City and residents thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and takes
additional action for the authorization of one or more Loan and Disbursement
Agreements by and between the City and the Iowa Finance Authority, and the issuance to
the Iowa Finance Authority in the manner required by law of not to exceed $34,000,000
Stormwater Utility Revenue Capital Loan Notes for the foregoing purposes.
Section 2. That the Finance Director, with the assistance of the City Attorney
and bond counsel, is hereby authorized and directed to proceed with the preparation of
such documents and proceedings as shall be necessary to authorize the City's
participation in the SRF Loan Program, to select a suitable date for final Council
authorization of one or more Loan and Disbursement Agreements and issuance of the
Notes to evidence the City's obligations thereunder, and to take such other actions as the
Finance Director shall deem necessary to permit the completion of the loans on a basis
favorable to the City and acceptable to this Council.
5
Section 3. This Resolution shall serve as a declaration of official intent under
Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such
intent. It is reasonably expected that the stormwater utility fund moneys may be
advanced from time to time for capital expenditures which are to be paid from the
proceeds of the above loan agreements. The amounts so advanced shall be reimbursed
from the proceeds of the Loan Agreements not later than eighteen months after the initial
payment of the capital expenditures or eighteen months after the property is placed in
service. Such advancements shall not exceed the loan amount authorized in this
Resolution unless the same are for preliminary expenditures or unless another declaration
of intention is adopted.
PASSED AND APPROVED this 18th day of May, 2015.
ATTEST:
6
c
MayorjPro Tem
STATE OF IOWA
COUNTY OF DUBUQUE
CERTIFICATE
)SS
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 City 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 meeting and tentative agenda, a
copy of which was timely served on each member of the Council and posted on a bulletin
board or other prominent place easily accessible to the public and clearly designated for
that purpose at the principal office of the Council (a copy of the face sheet of 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 Council 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 City hereto affixed this 18th day of May,
2015.
f
City Clerk, City o D5i.b.iqiie, Iowa
(SEAL)
01106121-1\10422-146
ROLL CALL ORDER FOR MEETING OF
May 18, 2015
Sutton, Braig, Buol, Resnick, Connors, Lynch, Jones
CITY OF DUBUQUE, IOWA
CITY COUNCIL MEETING
Historic Federal Building
350 W. 6th Street
May 18, 2015
Council meetings are video streamed live and archived at www.cityofdubuque.org/media and on Dubuque's
CityChannel on the Mediacom cable system at Channel 8 (analog) and 85.2 (digital).
WORK SESSION
1. 5:15 PM - Parks to People Presentation
REGULAR SESSION
6:30 PM
PLEDGE OF ALLEGIANCE
PROCLAMATION(S)
1. Public Works Week (May 17 - 23)
CONSENT ITEMS
The consent agenda items are considered to be routine and non -controversial and all consent items will be normally voted
upon in a single motion without any separate discussion on a particular item. If you would like to discuss one of the Consent
Items, please go to the microphone and be recognized by the Mayor and state the item you would like removed from the
Consent Agenda for separate discussion and consideration.
1. Minutes and Reports Submitted
Civil Service Commission of 4-1; Library Board of 4-1; Human Right Commission 4-13; Library Board of Trustees Report of
4-23; Parks and Recreation Commission of 4-14; Zoning Advisory Commission of 5-6; Zoning Board of Adjustments of 4-
23; Proof of Publication for City Council Proceedings of 4-20.
Suggested Disposition: Receive and File
2. Notice of Claims and Suits
Claim by Eugene Cliff for property damage; Claim by Dale Larson for property damage; Claim by Mary Leick for property
damage; Claim by Sheri Leytem for property damage and loss of revenue; Claim by Jennifer Meyer for property damage;
Claim by Rodney Miller for property damage; Claim by Stanley Schwartz for property damage;
Suggested Disposition: Receive and File; Refer to City Attorney
3. Disposition of Claims
City Attorney advising that the following claims have been referred to Public Entity Risk Services of Iowa, the agent for the
Iowa Communities Assurance Pool: Eugene Cliff for property damage; Dale Larson for property damage; Mary Leick for
property damage; Sheri Leytem for property damage and loss of revenue; Jennifer Meyer for property damage; Rodney
Miller for property damage; Stanley Schwartz for property damage;
Suggested Disposition: Receive and File; Concur
4. Mediacom Communications Company
Correspondence from Mediacom Communications Company advising the City of programming changes effective on or
about June 1, 2015.
Suggested Disposition: Receive and File
5. Iowa National Guard Usage Agreement
City Manager recommending approval of a Usage Agreement with the Iowa National Guard allowing the Guard to do
training at Roosevelt Park.
Pg. 1
I
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: May 08, 2015, and for which the charge is $49.30.
Subscribed to before me).a Notary Public in and for Dubuque County, Iowa,
this day of , 20/
otary Public in and r Dubuque County, Iowa.
,I A:L. MAR K,WESTERMEYER
x Commission Number 154855
n My Comm, END, FEE. 1,?Q1?
CITY OF DUBUQUE, to Chapter 44,Article V'
10—WA of the;Dubuque'City
OFFICIAL NOTICE Code,stormwater man-
NOTICE OF MEETING i agement chargesare
OF THE CITY COON-t imposed upon : and
CIL OF THE CITY OF' collected from the
DUBUQUE,-IOWA ON owners or occupants of
THE MATTER OF THE all lots,parcels,of,real
PROPOSED'AUTHORI- estate and buildings
ZATION OF,ONE OR that discharge storm-
MORE L LOAN,„ AND water sor surface or
D I S B U RS EVE N T subsurface waters to
AGREEMENTS AND 'the City's Stbrmwater
THE`.ASSUQNCE OF Managements` Utility'
NOT;11 TO EXCEED System.— Separate
$34,00'000 STORM- charges, based on a
WATER '
UTILITY >'single:" ;family ;�unit
REVENUE CAPITAL ("SFU") ? rate, I are`_I
LOAN NOTES; .AND imposed on single- .'
THE PUBLIC HEARING family residential pro-
ON I THE AUTHOR- l perty, non-single fam-
IZATION AND r IS- ily residentW.property,
SUANCETHEREOF and nonresidential pro-
PUBLIC NOTICE is perty. The SFU rate is
hereby given that the' the'
dollar , -value
City Council of the City I periodically deter-
of Dubuque, Iowa, will 'mined and.assigned to
hold a public'hearing each single family unit j
on the 18th day of May, (being the average
2of5, at"6:30 o'clo(k I impervious area .of a
P.M.,"in the Historic single-family resided-
Federal Building 350 dial property located 1
West` 6th Street, within the City,,cur-
Dubuque, Iowa, at -gently ,2,917 square
which meeting the.City I :,feet), as a charge,for
Council proposes to i st6r'water manage
take' additional actionen Iservices,"and is
for the authorization of expressed as$X.XX per
one or more Loan and SFU.The SFU rates'are'i
Disbursement Agree- described in 1 said
ments by and between I Chapter 44 and may be
the City and the Iowa 1 adjusted froml time,to
Finanee Authority, and time as set .forth;
the issuance to the `therein.
Iowa Finance Authority,, At the above meeting
of not Jo lexceea .the City Council Ishall
$34,000,000 Stormwa- receive oralor written
ter Utility Revenue" `objections from Iany
Capital,Loan Notes to >resident or property
evidence •the obliga= -'owner;of the City'to i
tions of the City under the above action: After I
said,,;'Loan. and Dis- ,I all objections have
:been received -.``and-
I considered the City'
ment me In order to Council will 'rat this
provide funds to .pay meeting or gat :any`;
the costs of land adjournment thereof;
acquisition, engineer- take additional"action
ing and construction of "for the,authorization of
Phase 7 of' the Bee said Loan and Dis--=
Branch watershed bursement Agreement
Flood Mitigation Pro- and the issuance' of,
ject,also known'as the Notes or.will abaridon
Upper. Bee Branch the proposal to issue
Creek':Restoration, the the Notes. "
refunding and refinanc- This Notice is given by
ing of the outstanding, order of the City'
General Obligation Cap- .Council of the City of
ital,• "toan Notes Dubuque, Iowa, as
Anticipation. Project provided by Sections
Note Serres .'^2006, I 384.24A and 384.83' of
dated 'December 28,' the Code'of Iowa, as
2006issued in respect amended.
uc
of Sh costs, and the Dated this 8th day of
Catfish; Creek Water ,May,2015.
shed Improvements. Kevin S.Firnstahl
The Notes will not City Clerk,city Of
constitute general obli- Dubuque,low,
gations or be payable It 5/8
in any; manner by
taxation, but will be"I
payable from and
secured by the: net
revenues of the
Storrnwater Manage-
ment,Utility and,:in the ,
discretion of the City
Council, from.:amounts
on ,;deposit in; the
Additional .Projects
Account of the Flood
Project;Fund. Pursuant