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Water Revenue Bonds_Advertisement for SaleTO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings to Direct Advertisement for Sale and Approve Electronic Bidding Procedures for $1,195,000 water Revenue Bonds, Series 2008D DATE: September 8, 2008 Finance Director Ken TeKippe recommends advertisement for the sale of $1,195,000 Water Revenue Bonds and approve electronic bidding procedures and the form of notice of sale. The bonds will provide funds to pay costs of water main replacements and repairs, construction of water main extensions, and the acquisition and installation of pump station radio communications equipment and facilities included in the adopted FY'09 CIP budget. The bond sale will be held on October 6, 2008. The repayment of the debt will be from water utility fees. I concur with the recommendation and respectfully request Mayor and City Council approval ~ :~ /~` Michael" C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director THE CITY OF Li ~~ I . ~ ',: G a TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director ~ ~ ~ , , "~°~_ ~~ ~ ~p f SUBJECT: Proceedings to Direct Advertisement for Sale and Approve Electronic Bidding Procedures for $1,195,000 Water Revenue Bonds, Series 2008D DATE: September 8, 2008 The purpose of this memorandum is to recommend the advertisement for the sale of the $1,195,000 Water Revenue Bonds and approve electronic bidding procedures and the form of notice of sale. The bonds will provide funds to pay costs of water main replacements and repairs, construction of water main extensions, and the acquisition and installation of pump station radio communications equipment and facilities included in the adopted FY'09 CIP budget. The bond sale will be held on October 6, 2008. The repayment of the debt will be from water utility fees. A letter from attorney William Noth detailing information on the bond advertisement is enclosed. The requested action step for City Council is to adopt the attached resolution to cover the advertisement for sale of the above bonds. KJT/jmg Enclosures cc: Barry Lindahl, City Attorney Jenny Larson, Budget Director Jeanne Schneider, City Clerk AH1~~RS :~COON~Y, P.G. 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 WNOTH~AHLERSLAW.COM September 5, 2008 Mr. Ken 1'eKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: $1,195,000 Water Revenue Bonds, SeriesL008D Dear Mr. TeKippe: Direct Dial: (515)246-0332 I am enclosing suggested Council procedure to cover the advertisement for sale of the above Bonds. It is my understanding this will be acted upon by the Council at its meeting on September 15, 2008, with the sale being held on October 6, 2008. The procedure consists of a resolution directing the advertisement of Bonds for sale and the for>n of notice of sale. The Notice of Bond Sale must be published at least one time in a nevi-~spaper published in the County where the Bonds are offered for sale. The Bond sale inay be held at any time; but not less than four clear days nor more than twenty days following the date of the last publication. An extra copy of the notice is enclosed for use by the newspaper. The procedure assumes that your financial consultant has recommended to the Council that electronic bidding procedures be utilized for this Bond sale. Based upon this recommendation, the Iowa Code requires that the Council make a finding that the recommended procedure will provide reasonable security and maintain the integrity of the competitive bidding process and facilitate the delivery of bids by interested parties under the circumstances of the particular sale. The proceedings enclosed are prepared on the basis that the Council will agree with the recommendation and make the necessary findings. WISHARD & BAILY - 1888: GUERNSEY & GAILY - 1 B93; GAILY &STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER, AHLERS ~ GOONEY - 1950; AHLERS. CODNEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974: AHLERS. GOONEY, DORWEILER. HAYNIE, SMITH &ALLBEE. P.C. - 1990 Council Member Jones introduced the following Resolution entitled "RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,195,000 WATER REVENUE BONDS, SERIES 2008D, AND APPROVING ELECTRONIC BIDDING PROCEDURES" and moved its adoption. Council Member Connors seconded the Resolution to adopt. The roll was called and the vote was, AYES: Jones, Lynch, Resnick, Braig, Connors NAYS: None Whereupon, the Mayor Pro-Tem declared the resolution duly adopted as follows: RESOLUTION NO. 336-08 RESOLUTION DIRECTING THE ADVERTISEMENT FOR SALE OF $1,195,000 WATER REVENUE BONDS, SERIES 2008D, AND APPROVING ELECTRONIC BIDDING PROCEDURES WHEREAS, the City of Dubuque, Iowa (the "City") is in need of funds to pay costs of water main replacements and repairs, construction of water main extensions; and the acquisition and installation of pump station radio communications equipment and facilities, and it is deemed necessary and advisable that the City issue water revenue bonds for such purposes to the amount of $1,195,000 as authorized by Section 384.83 of the City Code of Iowa; and WHEREAS, pursuant to notice published as required by Section 384.83 this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described Bonds, and all objections, if any, to such Council action made by any resident or property owner of the City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of Bonds, and that such action is considered to be in the best interests of the City and the residents thereof; WHEREAS, the Council has received information from its Financial Consultant recommending that sealed and electronic facsimile and internet bidding be authorized for the sale of the Bonds, and that such procedures will maintain the integrity and security of the competitive bidding process and facilitate the delivery of bids by interested parties; and WHEREAS, the Council deems it in the best interests of the City and the residents thereof to receive bids to purchase such Bonds by means of sealed and electronic facsimile and internet communication. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the receipt of electronic bids by facsimile machine and through the PARITY© competitive bidding system described in the Notice of Sale are hereby found and determined to provide reasonable security and to maintain the integrity of the competitive bidding process, and to facilitate the delivery of bids by interested parties in connection with the offering of the Bonds hereinafter described at public sale. Section 2. That the Clerk is hereby directed to publish notice of sale of the Bonds at least once, the last one of which shall be not less than four clear days nor more than twenty days before the date of the sale. Publication shall be made in the Telegraph Herald, a legal newspaper, printed wholly in the English language, published within the county in which the Bonds are to be offered for sale or an adjacent county. The notice is given pursuant to Chapter 75 of the Code of Iowa, and shall state that this Council, on the 6th day of October, 2008, at 6:30 o'clock P.M., will hold a meeting to receive and act upon bids for the Bonds; the notice to be in substantially the following form: NOTICE OF BOND SALE Time and Place of Sealed Bids: Sealed bids for the sale of Bonds of the City of Dubuque, Iowa, will be received at the office of the Finance Director, City Hall, 50 West 13th Street, Dubuque, Iowa (the "Issuer") until 11:00 o'clock A.M., on the 6th day of October, 2008. The bids will then be publicly opened and referred for action to the meeting of the City Council as stated below. Sale and Award: The sale and award of the Bonds will be held at the Historic Federal Building, 350 West 6th Street, at a meeting of the City Council on the above date at 6:30 P.M. The Bonds: The Bonds to be offered are the following: WATER REVENUE BONDS, SERIES 2008D, in the amount of $1,195,000, to be dated the date of delivery (the "Bonds"). Manner of Bidding: Open bids will not be received. Bids for each series of the Bonds will be received by any of the following methods: ® Sealed Bidding: Sealed bids may be submitted and will be received at the office of the Finance Director, Dubuque, Iowa Electronic Internet Bidding: Electronic internet bids will be received at the office of the Finance Director, Dubuque, Iowa. The bids must be submitted through the PARITY' competitive bidding system. Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the Finance Director, Dubuque, Iowa (facsimile number: 563/589-0890). Electronic facsimile bids will be sealed and treated as sealed bids. Consideration of Bids: After the time for receipt of bids has passed, the close of sealed bids will be announced. Sealed bids will then be publicly opened and announced. Finally, electronic internet bids will be accessed and announced. Official Statement: The Issuer has issued an Official Statement of information pertaining to the Bonds to be offered, including a statement of the Terms of Offering and an Official Bid Form, which is incorporated by reference as a part of this notice. The Official Statement may be obtained by request addressed to the City Clerk, 50 W. 13th Street, Dubuque, Iowa 52001 (telephone: 563/589-4100) or the financial advisor to the City, Public Financial Management, Inc., 2600 Grand Avenue, Suite 214, Des Moines, Iowa 50312 (telephone: (515) 243-2600). Terms of Offering: All bids shall be in conformity with and the sale shall be in accord with the Terms of Offering as set forth in the Official Statement. Legal Opinion: The Bonds will be sold subject to the opinion of Ahlers & Cooney, P.C., Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished together with the printed Bonds without cost to the purchaser and all bids will be so conditioned. Except to the extent necessary to issue their opinion as to the legality of the Bonds, the attorneys will not examine or review or express any opinion with respect to the accuracy or completeness of documents, materials or statements made or furnished in connection with the sale, issuance or marketing of the Bonds. Rights Reserved: The right is reserved to reject any or all bids, and to waive any irregularities as deemed to be in the best interests of the public. By order of the City Council of the City of Dubuque, Iowa. Jeanne F. Schneider, CMC City Clerk 1t 9/19 PASSED AND APPROVED this 15t" day of September, 2008. Kevin J ~ Lynch ~~/ " Mayor Pro-Tem ATTEST: ~.°~--~ lerk CIG-3 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 the Municipality 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 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 Municipality hereto affixed this 16t" day of September, 2008. ~~' >~~~ / ~~~~c- ity Clerk, Dubuque, Iowa SEAL DCORNELL/ 590940.1 /MSWord\10422.085 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: September 15, 2008. 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: $1,195,000 Water Revenue Bonds, Series 2008D. Resolution directing the advertisement for sale and approving electronic bidding procedures Such additional matters as are set forth on the additional 13 page(s) attached hereto. 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. ~~ ~i`ty Clerk, Dubuque, Iowa September 16, 2008 The City Council 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 Kevin J. Lynch in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, David Resnick Absent: Mayor Roy D. Buol, Council Member Dirk Voetberg *~*****