Loading...
Sewer Revenue Capital Loan Notes W. 32nd Street Detention Basin2007 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 $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) DATE: March 24, 2008 Finance Director Ken TeKippe is recommending approval of a resolution to take additional action following the public hearing scheduled for April 7, 2008. Future Council action to authorize issuance of the Notes will be requested once the City of Dubuque is ready to begin drawing down the loan proceeds to pay project costs. This will permit the City to take advantage of the 3% fixed interest rate for 20 years with a .25% annual administrative fee associated with the borrowing. There is a one-time 1 % loan origination fee. I concur with the recommendation and respectfully request Mayor and City Council approval. ~, 1, Mic ael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director Jennifer Larson, Budget Director THE CITY OF DuB E ~~ Memorandum TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director ~"'~' ~., C~i~ `~~ SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) DATE: March 18, 2008 The purpose of this memorandum is to provide the suggested proceedings for the public hearing on the issuance of Sewer Revenue Capital Loan Notes from the Iowa Water Pollution Control Works Financing Program under the State of Iowa Revolving Fund Loan (SRF) program. The hearing called by the enclosed proceedings will permit the City to take advantage of the 3% fixed interest rate for 20 years with a .25% annual administrative fee associated with the borrowing. There is a one-time 1 % loan origination fee for the borrowing. The loan funds will be used for the West 32"d Street Detention Basin Project. The project includes constructing a storm water detention basin to alleviate flooding and reconstructing the sanitary sewer system to prevent inflow and infiltration during and following heavy rainfall events. The proceedings have been prepared on the basis that no objections will be filed with the City Clerk. If there are objections, we will need to summarize them. The Mayor will then declare the hearing on the issuance of said Bonds to be closed. Immediately following, a resolution is to be introduced and adopted entitled "Resolution Instituting Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement Agreement and the Issuance of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes." In the event the Council decides to abandon the proposal to issue said loans, then the form of resolution included in said proceedings should not be adopted. In this event, a motion needs to be adopted to the effect that such loan proposal is abandoned. Section 384.83 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the loan, to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. The action steps for City Council are to hold the public hearing and approve the resolution. A letter from attorney William Noth detailing information on the bond hearing is enclosed. Future Council action to authorize issuance of the Notes will be requested once the City of Dubuque is ready to begin drawing down the loan proceeds to pay project costs. KT/jg Attachments cc: Barry Lindahl, City Attorney Jenny Larson, Budget Director Jeanne Schneider, City Clerk AHL~RS COON~Y, P.C. ATTORNEYS AT LAW 100 COURT AVENUE • SUITE 600 DES MOINES, IOWA 50309-2231 PHONE 515-243-7611 FAX: 515-243-2149 WWW.AHLERSLAW.COM WILLIAM J. NOTH WNOTHreTAH LERSLAW.COM March 10, 2008 Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: Not to exceed $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) Dear Mr. TeKippe: Direci Dial: (515)246-0332 With this letter I am enclosing suggested Council proceedings for the date of the public hearing on the above Notes. The proceedings have been prepared to show as a first step the receipt of any oral or written objections from any resident or property owner to the proposed action of the Council to authorize the form of Loan and Disbursement Agreement and issue the Notes to the Iowa Finance Authority. A summary of objections received or made, if any, should be attached to the proceedings. After all objections have been received and considered if the Council decides to enter into the Agreement and issue the Notes, a form of resolution follows that should be introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional Action." Section 384.83 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. In the event an appeal is filed by any resident or property owner, please see that we are notified immediately; and, as soon as available, a copy of the notice of appeal should be furnished our office for review. WI$HARD 8 GAILY - 1888; GUERNSEY 8 GAILY - 1893; GAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINOER - 1914: BANNISTER. CARPENTER. AHLERS & GOONEY - 1950: AHLERS. GOONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974; AHLERS. GOONEY, DORWEILER, HAYNIE, SMITH &ALLBEE. P.C. - 1990 March 10, 2008 Page 2 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. The Resolution taking additional action also acknowledges and approves of the terms of the SRF loan program, a general description of which is enclosed for your review. As you may know, the terms of the loan being offered to the City are established primarily by reference to two external sources: the Authority's administrative rules governing the SRF Program and, to a lesser extent, by the terms of the bonds issued by the Authority to fund the City's loan. These loan terms are not negotiable by individual borrowers, and the City's decision to participate in the SRF Program effectively commits it to accept a loan on the stated terms. Also enclosed is an extra copy of the proceedings to be filled in as the original and certified back to this office. Should you have any questions concerning the enclosed proceedings or the SRF Program, please don't hesitate to contact me. Yours very truly, William J. Noth WJN:dc encl. DCORNELL\57I401.1 \WP\10422.081 ORIGINAL (This Notice to be posted) Governmental Body Date of Meeting: Time of Meeting: Place of Meeting NOTICE AND CALL OF PUBLIC MEETING The City Council of Dubuque, Iowa. April 7, 2008, 5:30 o'clock P .M. 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 said meeting is as follows: Not to exceed $2,458,000 Sewer Revenue Capital Loan Notes Public hearing on the authorization of a Loan and Disbursement Agreement 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 9 page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa April 8 ,2008 The City Council of Dubuque, Iowa, met in Reg u 1 a r 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 . B u o 1 , in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, Dave Resnick, Dirk Voetberg Absent: None * * * * * * * * * * -2- The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $2,458,000 Sewer 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 acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with construction of the West 32nd Street Detention Basin Project, and that notice of the proposed action by the 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 of the City Code of Iowa, as amended. The Mayor then asked the City 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 Council that No written objections had been filed. The Mayor then called for oral objections to the proposal and None 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) -3- The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Joyce C o n n o r s introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,458,000 SEWER REVENUE CAPITAL LOAN NOTES", and moved: 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 , 2008, at this place. Council Member Karla B r a i g seconded the motion. The roll was called and the vote was, AYES; Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 110-08 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,458,000 SEWER REVENUE CAPITAL LOAN NOTES -4- 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 a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement Agreement, for the purpose of paying costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with construction of the West 32nd Street Detention Basin Project, 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 a Loan and Disbursement Agreement 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 $2,458,000 Sewer Revenue Capital Loan Notes for the foregoing purpose. Section 2. That this Council does hereby consent to the terms and conditions of the SRF Loan Program, which terms and conditions and the disclosures provided with respect thereto are hereby acknowledged, accepted and approved. Section 3. 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 the required Loan and Disbursement Agreement and issuance of the Note 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 a loan on a basis favorable to the City and acceptable to this Council. -5- PASSED AND APPROVED this 7th day of April, 2008. ATTEST: Jeanne F. Schneider, City Clerk -6- CIG-3 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) 1, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 8th day of April , 2008. City Clerk, Dubuque, Iowa SEAL DCORNELL\571402.1 \WP\10422.081 -7- THE CITY OF Dubuque DT T~ ~ All-AmeriaCity ~,J '~~' ,, Masterpiece on the Mississippi ~ ~ ~ r~ ;~ E 2007 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 $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) DATE: March 11, 2008 Finance Director Ken TeKippe is recommending that a public hearing be set for April 7, 2008, to consider the issuance of not to exceed $2,458,000 in Sewer Revenue Capital Loan Notes for the West 32"d Street Detention Basin Project. I concur with the recommendation and respectfully request Mayor and City Council approval. ~~til Mi hael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director ~~s I ~~/~~~ ~ THE CITY OF DuB E ~~ Memorandum TO: Michael C. Van Milligen, City Manager FROM: Kenneth J TeKippe, Finance Director "`~ ~ • '~~~Y~p SUBJECT: Proceedings to Set Public Hearing on the Issuance of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) DATE: March 6, 2008 The purpose of this memorandum is to recommend the setting of a public hearing on the authorization of a loan and disbursement agreement and the issuance of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes from the Iowa Water Pollution Control Works Financing Program. The hearing called by the enclosed proceedings will permit the City to take advantage of the 3% fixed interest rate for 20 years with a .25% annual administrative fee associated with the borrowing. There is a one-time 1 % loan origination fee for the borrowing. The loan funds will be used for the West 32"d Street Detention Basin Project. The project includes constructing a storm water detention basin to alleviate flooding and reconstructing the sanitary sewer system to prevent inflow and infiltration during and following heavy rainfall events. The requested action step for City Council is to adopt the attached resolution fixing the date of April 7, 2008 for a public hearing on the proposition of issuing not to exceed $2,458,000 in Sewer Revenue Capital Loan Notes of Dubuque, Iowa and providing for publication of notice. A letter from attorney William Noth detailing information on the bond hearing is enclosed. KJT/jmg Enclosures cc: Barry Lindahl, City Attorney Jenny Larson, Budget Director Jeanne Schneider, City Clerk AHLERS COON~Y, P.C. ATTORNEYS AT LAW 100 COURT AVENUE • SURE 600 DES MOINES, IOWA50309-2231 PHONE 515-243-7611 FAX: 515-243-2149 WWWAHLERSLAW.COM WILLIAM J. NOTH WNOTH~AHLERSLAW.COM March 5, 2008 Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: Not to exceed $2,458,000 Sewer Revenue Capital Loan Notes (State of Iowa Revolving Fund Loan) Dear Mr. TeKippe: Direct Dial: (515)246-0332 We have now prepared and aze enclosing herewith suggested proceedings to be acted upon by the Council in fixing the date of a meeting on the proposition to issue the above mentioned Capital Loan Note and ordering publication of a notice of hearing consistent with the provisions of Code Sections 384.24A and 384.82. As you may know, the borrowing of loan funds by the City through the Iowa Water Pollution Control Works Financing Program'involves the same procedures applicable to the issuance and sale of municipal bonds generally. In this instance, the Iowa Finance Authority (the "Authority") has agreed to make the City aloes-interest loan under the terms of a Loan and Disbursement Agreement, which will be secured and evidenced by a Sewer Revenue Capital Loan Note that will be issued to the Authority at the time the loan is closed. 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 said public meeting. 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. WISHARD 8 BAILY - 1888: GUERNSEY R BAH.Y - 1893; GAILY 8 $71PP- 1901; $71PP. PERRY. BANNISTER 8 STARZRIGER - 1914; BANNISTER, CARPENTER, AHLERS b~O~NEY- 1950: AHLERS. GOONEY. UDRWFTLlR. ALLBEE. HAYNHi •E SMITH - 1974; AHLERS, GOONEY, DORWEILER. HAYNIE. SMITH 6 ALLBEE. P.C. - 1990 March 5, 2008 Page 2 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. Should you have any questions concerning the enclosed proceedings or the SRF Program, please don't hesitate to contact me. Yours very truly, William J. Noth WJN:dc encl. DCORNELL1571258.1 \WP110422.08I (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: , 2008. Time of Meeting: o'clock .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 said meeting is as follows: Not to exceed $2,458,000 Sewer Revenue Capital Loan Notes - Resolution fixing date for a meeting on the proposition to authorize a Loan and Disbursement Agreement and the issuance of Notes to evidence the obligations of the City thereunder. Such additional matters as are set forth on the additional page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa -1- 2008 The City Council of Dubuque, Iowa, met in Federal Building, 350 West 6th Street, Dubuque, Iowa, at the above date. There were present Mayor and the following named Council Members: session, in the Historic _ o'clock .M., on in the chair, Absent: ****************** -2- Council Member introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,458,000 SEWER REVENUE CAPITAL LOAN NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member vote was, AYES: NAYS: seconded the motion to adopt. The roll was called and the Whereupon, the Mayor declared the Resolution duly adopted as follows: RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,458,000 SEWER REVENUE CAPITAL LOAN NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa should provide for the authorization of a Loan and Disbursement Agreement and the issuance of Sewer Revenue Capital Loan Notes, in the amount of not to exceed $2,458,000, as authorized by Sections 384.24A and 384.82, 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 a single Note in a denomination equal to the total amount of the issue as authorized by Chapter 384 of the City Code of Iowa; and WHEREAS, the Loan and Disbursement Agreement and Note shall be payable solely and only out of the net earnings of the Municipal Sewer System and shall be a first lien on the future net earnings of the Utility; 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 -3- reason of the failure of the net revenues to be sufficient for the payment of the Loan and Disbursement Agreement and Note; and WHEREAS, before a Loan and Disbursement Agreement may be authorized and Sewer Revenue Capital Loan Notes issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City 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. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council meet in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at o'clock .M., on the day of 2008, for the purpose of taking action on the matter of the authorization of a Loan and Disbursement Agreement and the issuance of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City thereunder, the proceeds of which will be used to .provide funds to pay the costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with construction of the West 32nd Street Detention Basin Project. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than four clear days nor more than twenty days before the date of said public meeting on the issuance of the Notes. Section 3. The notice of the proposed action shall be in substantially the following form -4- NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $2,458,000 SEWER REVENUE CAPITAL LOAN NOTES, AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the day of , 2008, at o'clock .M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $2,458,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement Agreement, in order to provide funds to pay the costs of acquisition, construction, reconstruction, extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer System, including those costs associated with construction of the West 32nd Street Detention Basin Project. The Notes will not constitute general obligations or be payable in any manner by taxation, but will be payable from and secured by the net revenues of the Municipal Sewer System. 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 this meeting or at any adjournment thereof, take additional action for the authorization of said Loan and Disbursement Agreement and the issuance of Notes or will abandon the proposal to issue the Notes. This Notice is given by order of the Council of Dubuque, Iowa, as provided by Sections 384.24A and 384.83 of the City Code of Iowa, as amended. Dated this day of , 2008. City Clerk of Dubuque, Iowa (End of Notice) -5- PASSED AND APPROVED this day of Mayor ATTEST: City Clerk 2008. -6- CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this day of , 2008. City Clerk, Dubuque, Iowa SEAL DCORNELL\571262. I \W P\ 10422.081 - 7 -