General Obligation Bonds - DICW Urban Renewal District_North Siegert FarmTHE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-American City
2007
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
$3,100,000 General Obligation Bonds for Urban Renewal Purposes
(Dubuque Industrial Center West Economic Development District)
DATE: September 8, 2008
Finance Director Ken TeKippe is recommending adoption of a "Resolution Instituting
Proceedings to Take Additional Action for the Issiance of Not to Exceed $3,100,000
General Obligation Bonds."
The project involves providing funds to pay costs associated with the North Siegert
Farm demolition and grading project which was included in the adopted FY'09 CIP
budget. Although the City is selling General Obligation Bonds, the repayment of the
debt will be tax increment revenues of the Dubuque Industrial Center West Economic
Development District.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/ems
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
THE CITY OF DUBUQUE
Memorandum
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$3,100,000 General Obligation Bonds for Urban Renewal Purposes
(Dubuque Industrial Center West Economic Development District)
DATE: September 4, 2008
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of General Obligation Bonds for Urban Renewal Purposes
(Dubuque Industrial Center West Economic Development District) prepared by our
Bond Counsel and to present a resolution for City Council to adopt entitled "Resolution
Instituting Proceedings to Take Additional Action for the Issuance of Not to Exceed
$3,100,000 General Obligation Bonds." The project involves providing funds to pay
costs associated with the North Siegert Farm demolition and grading project which was
included in the adopted FY'09 CIP budget. Although we are selling General Obligation
Bonds, the repayment of the debt will be tax increment revenues of the Dubuque
Industrial Center West Economic Development District. A letter from attorney William
Noth detailing information on the bond hearing is enclosed.
The borrowing is subject to the "reverse referendum" procedures, under which petitions
may be filed prior to the hearing asking that the particular bond proposal be submitted to
an election. 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 Issuance of Not to Exceed
$3,100,000 General Obligation Bonds."
In the event the Council decides to abandon the proposal to issue said Bonds, 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 Bond proposal is abandoned.
If a petition has been received with respect to a particular proposal and if the Council
decides not to abandon the proposal to issue said bonds for that purpose, a form of
resolution should be introduced and adopted fo adjourn the matter to permit preparation
of the resolution to call an election.
KT/jg
Enclosures
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Jeanne Schneider, City Clerk
The 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 ISSUANCE OF NOT TO EXCEED
$3,100,000 GENERAL OBLIGATION BONDS", and moved:
X that the Resolution be adopted.
to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings for the issuance of-bonds to the meeting to be held
at o'clock _.M. on the day of
2008, at this place.
Council Member Braig seconded the motion. The roll was called and the vote
was,
AYES: Jones, Lynch, Resnick, Braig, Connors
NAYS: None
Whereupon, the Mayor Pro-Tem declared the measure duly adopted.
RESOLUTION NO. 335-08
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $3,100,000 GENERAL OBLIGATION BONDS
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
issuance of not to exceed $3,100,000 General Obligation Bonds for the essential
corporate purpose of paying costs of aiding in the planning, undertaking and carrying
out of urban renewal project activities under the authority of Chapter 403 of the Code of
Iowa and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial
Center West Economic Development District, including those costs associated with the
North Siegert Farm demolition and grading project, and no petition was filed calling for a
referendum thereon, and this Council has considered the extent of objections received
from residents or property owners as to said proposed issuance of Bonds; and,
accordingly the following action is now considered to be in the best interests of the City
and residents thereof:
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NOW,. THEREFORE, BE JT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and take
additional action for the sale and issuance in the manner required by law of not to
exceed $3,100,000 General Obligation Bonds for the foregoing essential corporate
purposes.
Section 2. The Finance Officer is authorized and directed to proceed on behalf
of the City with the sale of said Bonds, to select a date for the sale thereof, to cause to
be prepared such notice and sale information as may appear appropriate, to publish
and distribute the same on behalf of the City and this Council and otherwise to take all
action necessary to permit the sale of said Bonds on a basis favorable to the City and
acceptable to the Council.
PASSED AND APPROVED this 15t" day of September, 2008.
Kevin ~ . Lynch s
Mayor Pro-Tem
ATTEST:
ity Clerk
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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 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 16t" day
of September, 2008.
~~ ~~ ~
ity Clerk, Dubuque, Iowa
SEAL
DCORNELL/ 590252.1 /MSWord\10422.084
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(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 said
meeting is as follows:
Not to exceed $3,100,000 General Obligation Bonds
X Public hearing on the issuance.
X Resolution instituting proceedings to take additional action.
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 said governmental body.
r--i~~ , ~~.-C
ity Clerk, Dubuque, Iowa
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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
*******
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The Mayor Pro-Tem announced that this was the time and place for the public
hearing and meeting on the matter of the issuance of not to exceed $3,100,000 General
Obligation Bonds in order to provide funds to pay costs of the aiding in the planning,
undertaking and carrying out of urban renewal project activities under the authority of
Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plan
for the Dubuque Industrial Center West Economic Development District, including those
costs associated with the North Siegert Farm demolition and grading project, essential
corporate purposes, and that notice of the proposed action by the Council to institute
proceedings for the issuance of said Bonds, and the right to petition for an election had
been published pursuant to the provisions of Sections 403.12 and 384.24(3)(q) of the
Code of Iowa. The Clerk reported that no such petition had been filed, requesting that
the question of issuing said Bonds be submitted to the qualified electors of the City.
The Mayor Pro-Tem then asked the Clerk whether any written objections had
been filed by any City resident or property owner to the issuance of said Bonds. The
Clerk advised the Mayor Pro-Tem and the Council that no written objections had been
filed. The Mayor then called for oral objections to the issuance of said Bonds and none
were made. Whereupon, the Mayor Pro-Tem declared the time for receiving oral and
written objections to be closed.
(Attach here a summary of objections
received or made, if any)
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