Reimbursement Resolution - Creek Wood Park Copyright 2014
City of Dubuque Consent Items # 10.
ITEM TITLE: Reimbursement Resolution - Creek Wood Park
SUMMARY: City Manager recommending approval of a reimbursement resolution to
serve as "official intent' to reimburse the project expenditures for the Creek
Wood Park Development Project, as required under the federal tax-exempt
bond regulation.
RESOLUTION Declaring an Official Intent Under Treasury Regulation
1 .150-2 to Issue Debt to Reimburse The City for Certain Original
Expenditures Paid in Connection with the Creek Wood Park Project
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ Reimbursement Resolution-Creek Wood Park Development-MVM City Manager Memo
Memo
❑ Reimbursement Resolution-Creek Wood Park Development Staff Memo
❑ Ahlers&Cooney, P.C. Letter Supporting Documentation
❑ Resolution Supporting Documentation
THE CITY OF Dubuque
UBE I
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Reimbursement Resolution — Creek Wood Park Development
DATE: August 10, 2015
Finance Director Ken TeKippe recommends City Council approval of a reimbursement
resolution to serve as "official intent" to reimburse the project expenditures for the Creek
Wood Park Development Project, as required under the federal tax-exempt bond
regulation. The resolution will allow reimbursement of project costs from a tax-exempt
bond issued at a later date and allows the general fund to be reimbursed for all Creek
Wood Park Development Project expenditures, from bonds that will be issued in the
future.
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
Ken TeKippe, Finance Director
Jenny Larson, Budget Director
THE CITY OF Dubuque
AII11-America CiI.ty
UB E1
Masterpiece on the Mississippi 2007-2012-2013
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
SUBJECT: Reimbursement Resolution — Creek Wood Park Development
DATE: August 7, 2015
INTRODUCTION
The purpose of this memorandum is to provide a reimbursement resolution to serve as
"official intent" to reimburse project expenditures for the Creek Wood Park Development
Project, as required under the federal tax-exempt bond regulations. A letter from
attorney William Noth detailing information on the reimbursement resolution is enclosed.
DISCUSSION
The purpose of this resolution is to allow reimbursement of project costs from a tax-
exempt bond issued at a later date. The resolution allows the general fund to be
reimbursed, for all Creek Wood Park Development Project expenditures, from bonds
that will be issued in the future.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed reimbursement resolution.
Prepared by:
KT/e m I
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Jennifer Larson, Budget Director
AHLERS ;COONEY, P.C.
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
August 7, 2015
Mr. Ken TeKippe
Finance Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: Reimbursement Resolution for Creek Wood Park
Dear Mr. TeKippe:
With this letter I am enclosing a suggested form of"reimbursement resolution" to
reimburse original expenditures for the Creek Wood Project with a later issue of tax-
exempt bonds or notes. Briefly, the Reimbursement Resolution serves to document an
"official intent" to reimburse the expenditures, as required under the federal tax-exempt
bond regulations.
The Resolution describes the project to be financed with the obligations and
defines it as the "Project." Section 3 of the Resolution provides the relevant details for
the reimbursement. Please let me know if any of those need to be revised.
To be effective, this resolution must be adopted within sixty (60) days after the
original expenditure sought to be reimbursed, unless it is a "preliminary expenditure".
Preliminary expenditures, which are not subject to the reimbursement rules, include
architectural, engineering, survey costs and the like, which do not exceed twenty percent
(20°0) of the expected cost of a project. Land acquisition, demolition and construction
activities, however, may not be treated as preliminary expenditures.
WISHARO&BAILY-1888;GUERNSEY&BAILY-1893;GAILY&ETIPP-1.901;STIPP.PERRY.BANNISTER&STARZINGER-1914:BANNISTER.CARPENTER.
AHLLRS&COONEY-1950:AHLERS,COONEY,DORWEILER,ALLBEE,HAYNIE&SMITH 1974;AHLERS.COONEY,DORWEILER,HAYN!E.SMITH&ALLBEE,P.C.-1990
August 7, 2015
Page 2
Should you have any questions, please do not hesitate to contact me.
Very truly yours,
William J. Noth
WJN:dc
Encl.
cc: Barry Lindahl
Jenny Larson
Alexis Steger
01144729-1\10422-000
(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: August 17 , 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:
• Resolution declaring an official intent under Treasury Regulation 1.150-2 to issue
debt to reimburse the City for certain original expenditures paid in connection
with the Creek Wood Park Project.
Such additional matters as are set forth on the additional 4 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.
City Clerk, City of Dubuque, Iowa
August 17, 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 Roy D. Buol in the chair, and the following
named Council Members:
Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch,
David Resnick, Lynn Sutton
Absent:
Council Member Lynch introduced the following Resolution entitled
"RESOLUTION DECLARING AN OFFICIAL INTENT UNDER TREASURY
REGULATION 1.150-2 TO ISSUE DEBT TO REIMBURSE THE CITY FOR
CERTAIN ORIGINAL EXPENDITURES PAID IN CONNECTION WITH THE
CREEK WOOD PARK PROJECT" and moved that it be adopted. Council Member
Connors seconded the motion to adopt, and the roll being called thereon, the vote was as
follows:
AYES: Sutton, Braig, Lynch, Jones, Buol, Connors, Resnick
NAYS:
Whereupon, the Mayor declared the Resolution duly adopted as follows:
RESOLUTION NO. 274-15
RESOLUTION DECLARING AN OFFICIAL INTENT
UNDER TREASURY REGULATION 1.150-2 TO ISSUE DEBT
TO REIMBURSE THE CITY FOR CERTAIN ORIGINAL
EXPENDITURES PAID IN CONNECTION WITH THE
CREEK WOOD PARK PROJECT
WHEREAS, the City anticipates making cash expenditures for a capital
improvement project generally described as the Creek Wood Park Development Project
(hereinafter referred to as the "Project"); and
WHEREAS, the City reasonably expects to issue debt to reimburse the costs of the
Project; and
WHEREAS, the Council believes it is consistent with the City's budgetary and
financial circumstances to issue this declaration of official intent.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That this Resolution be and does hereby serve as a declaration of
official intent under Treasury Regulation 1.150-2.
Section 2. That it is reasonably expected that capital expenditures will be made in
respect of the Project, from time to time and in such amounts as this Council determines
to be necessary or desirable under the circumstances then and there existing, and this
Council reasonably expects to reimburse all or a portion of such expenditures with the
proceeds of bonds, notes or other indebtedness to be issued or incurred by the City in the
future.
Section 3. That the total estimated costs of the Project, the maximum principal
amount of the bonds, notes or other indebtedness to be issued for the foregoing Project
and the estimated date of completion of the Project is reasonably expected to be as
follows:
Project
Funds from which Total Amount of Estimated
Original expenditures Estimated Borrowing Date of
are to be Advanced Cost Anticipated Completion
Creek Wood
Park Development General Fund $150,000 $150,000 August 2016
Section 4. That the City reasonably expects to reimburse the above-mentioned
Project costs not later than the later of eighteen months after the capital expenditures are
paid or eighteen months after the property is placed in service.
Section 5. That this Resolution be maintained by the City Clerk and available at all
times for public inspection, subject to such revisions as may be necessary.
PASSED AND APPROVED this 17th day of August, 2015.
ATTEST:
STATE OF IOWA
COUNTY OF DUBUQUE
CERTIFICATE
).
) SS
I, the undersigned City Clerk of the City of Dubuque, 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
August, 2015.
City Clerk, ity of Dubuque, owa
(SEAL)
01144726-1\10422-000
ROLL CALL ORDER FOR MEETING OF
August 17, 2015
Sutton, Braig, Lynch, Jones, Buol, Connors, Resnick
CITY OF DUBUQUE, IOWA
CITY COUNCIL MEETING
Historic Federal Building
350 W. 6th Street
August 17, 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).
REGULAR SESSION
6:30 PM
PLEDGE OF ALLEGIANCE
PROCLAMATION(S)
1. Welcome Back Students Weeks (August 17-28)
2. Drive The Great River Road Month (September)
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
Cable TV Commission of 6-3; Civic Center Commission of 7/27; Library Board of Trustees of 7-23; Historic. Preservation
Commission of 7-16; Zoning Advisory Commission of 8/5; Zoning Board of Adjustments of 7/23; Proof of Publication for
City Council Proceedings of 7-20; Proof of Publication for City Council Proceedings of 8-3
Suggested Disposition: Receive and File
2. Notice of Claims and Suits
Claim by Applewood III (Horizon) for property damage; Claim by Brandy Breitsprecker for property damage; Claim by
Trisha Federspiel for vehicle damage; Claim by Sheryl Helling for vehicle damage; Claim by Sisters of the Visitation for
vehicle 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: Applewood III for property damage; Brandy Breitsprecker for property damage; Trisha
Federspiel for vehicle damage; Sheryl Helling for vehicle damage.
Suggested Disposition: Receive and File; Concur
4. Iowa Finance Authority (IFA) Grant - Matching Funds Request
City Manager recommending approval to commit funds from the North Cascade TIF FY 2016 receipts as a match to the
Iowa Finance Authority (IFA) grant from the State Housing Trust Funds.
RESOLUTION Approving Commitment of Matching Funds for an Application to the Iowa Finance Authority (IFA) for State
Housing Trust Funds
Suggested Disposition: Receive and File; Adopt Resolution(s)
5. Bard Materials - Grant of Temporary Construction Access Easement
City Manager recommending acceptance of a temporary construction access easement from Bard Materials to construct a
sanitary sewer interceptor as part of the Bee Branch Creek Project Contract #7 Railroad Sewer Crossing Project in Lot 1-2
Pg. 1