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Series 2017ABC General Obligation Bond Directing Sale Copyrighted March 20, 2017 City of Dubuque Action Items # 3. ITEM TITLE: Series 2017ABC General Obligation Bond Sale SUMMARY: City Manager recommending approval of the suggested proceedings for directing sale of the $8,830,000 General Obligation Bonds, Series 2017A, $10,105,000 General Obligation Urban Renewal Refunding Bonds, Series 2017B and $2,155,000 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C. The Bond Sale is scheduled for March 20. Results will be presented at the meeting. Amounts subject to adjustment per Terms of Offering. RESOLUTION Directing the Sale of$ General Obligation Bonds, Series 2017A RESOLUTION Directing the sale of$ General Obligation Urban Renewal Refunding Bonds, Series 2017B RESOLUTION Directing the Sale of$ Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C RESOLUTION Authorizing the redemption of outstanding General Obligation Bonds, Series 2009A (Taxable Build America Bonds), of the City of Dubuque, state Of Iowa, dated November 10, 2009, and directing notice be given RESOLUTION Authorizing the redemption of outstanding General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds), of the City of Dubuque, State of Iowa, dated November 10, 2009, and directing notice be given RESOLUTION Authorizing the redemption of outstanding General Obligation Refunding Bonds, Series 2009C, of the City of Dubuque, State of Iowa, dated November 10, 2009, and directing notice be given RESOLUTION Authorizing the redemption of outstanding General Obligation Bonds, Series 2010A, of the City of Dubuque, State of Iowa, dated August 30, 2010, and directing notice be given RESOLUTION Authorizing the redemption of outstanding Taxable General Obligation Urban Renewal Bonds, Series 2010B, of the City of Dubuque, State of Iowa, dated August 30, 2010, and directing notice be given RESOLUTION Authorizing the redemption of outstanding General Obligation Urban Renewal Bonds, Series 2010C, of the City of Dubuque, State of Iowa, dated August 30, 2010, and directing notice be given SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type 2017 Series ABC Day of Bonds Sale- MVM Memo City Manager Memo Staff Memo - Updated Staff Memo Bond Counsel Letter on Issuance Supporting Documentation Bond Counsel Letter on Redemption of Bonds Supporting Documentation Series 2017A Issuance Resolution Resolutions Series 2017B Issuance Resolution Resolutions Series 2017C Issance Resolution Resolutions Series 2009A Redemption Resolution Resolutions Series 2009B Redemption Resolution Resolutions Series 2009C Redemption Resolution Resolutions Series 2010A Redemption Resolution Resolutions Series 2010B Redemption Resolution Resolutions Series 2010C Redemption Resolution Resolutions THE CITY OF Dubuque U E 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 Directing Sale of the $8,830,000 General Obligation Bonds, Series 2017A, $10,105,000 General Obligation Urban Renewal Refunding Bonds, Series 2017B and $2,155,000 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C and Awarding Bonds to Best Bidder DATE: March 7, 2017 Budget Director Jennifer Larson recommends City Council approval of the suggested proceedings for directing sale of the $8,830,000 General Obligation Bonds, Series 2017A, $10,105,000 General Obligation Urban Renewal Refunding Bonds, Series 2017B and $2,155,000 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C. The Series 2017A bonds will provide $8,450,000 to refund General Obligation Bond Series 2009A ($2,025,000); Series 2009C ($3,325,000); and Series 2010A ($3,100,000). This refunding will provide an estimated $475,187 in interest savings over the life of the bonds. In addition, the Series 2017A bonds will provide $245,000 to pay costs of an ambulance replacement with repayment from local option sales tax. The Series 2017B bonds will provide $9,945,000 to refund General Obligation Bond Series 2009B ($7,830,000) and Series 2010C ($2,115,000). This refunding will provide an estimated $596,344 in interest savings over the life of the bonds. The Series 2017C bonds will provide $2,100,000 to refund General Obligation Bond Series 2010B ($2,100,000). This refunding will provide an estimated $101,565 in interest savings over the life of the bonds. The bond sale will be held on March 20, 2017 at 11:00 a.m. The results will be brought to the March 20th City Council meeting. Moody's rated these bonds at Aa3 based on the city's sizable tax base, role as a regional economic center and significant revenue raising ability. Moody's noted that the city had relatively narrow reserves but has a strategy to increase the general fund reserve over the next five years. This strategy has been revised to adhere to Moody's calculations of the city's general fund reserve percentage. The revised general fund reserve strategy will continue to increase the general fund reserve and meet a 20% reserve by FY 2021 as previously planned. I concur with the recommendation and respectfully request Mayor and City Council approval. kWh//4N-, Mich el C. Van Milligen MCVM/jml Attachment cc: Crenna Brumwell, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Jennifer Larson, Budget Director Jean Nachtman, Finance Director 2 THE CITY OF Dubuque DU B 1 erica .1 111 Masterpiece on the Mississippi 2007-2012-2013 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director SUBJECT: Proceedings for Directing Sale of the $8,830,000 General Obligation Bonds, Series 2017A, $10,105,000 General Obligation Urban Renewal Refunding Bonds, Series 2017B and $2,155,000 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C and Awarding Bonds to Best Bidder DATE: March 7, 2017 DISCUSSION The purpose of this memorandum is to recommend directing sale of the $8,830,000 General Obligation Bonds, Series 2017A, $10,105,000 General Obligation Urban Renewal Refunding Bonds, Series 2017B and $2,155,000 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C. The Series 2017A bonds will provide $8,450,000 to refund General Obligation Bond Series 2009A ($2,025,000); Series 2009C ($3,325,000); and Series 2010A ($3,100,000). This refunding will provide an estimated $475,187 in interest savings over the life of the bonds. In addition, the Series 2017A bonds will provide $245,000 to pay costs of an ambulance replacement with repayment from local option sales tax. The Series 2017B bonds will provide $9,945,000 to refund General Obligation Bond Series 2009B ($7,830,000) and Series 2010C ($2,115,000). This refunding will provide an estimated $596,344 in interest savings over the life of the bonds. The Series 2017C bonds will provide $2,100,000 to refund General Obligation Bond Series 2010B ($2,100,000). This refunding will provide an estimated $101,565 in interest savings over the life of the bonds. The bond sale will be held on March 20, 2017 at 11:00 a.m. The results will be brought to the March 20th City Council meeting. A letter from attorney Mark Cory detailing information on the bond sale is enclosed. Moody's rated these bonds at Aa3 based on the city's sizable tax base, role as a regional economic center and significant revenue raising ability. Moody's noted that the city had relatively narrow reserves but has a strategy to increase the general fund reserve over the next five years. Moody's brought it to the cities attention that they would be calculating our general fund reserve percent with different revenue numbers than the city had been using. When Moody's calculates the general fund reserve percent they include all revenue transferred into the debt service fund, regardless of what type of revenue source the transfer was from. This increases the cities yearly revenue received in the general fund and decreases the percent of general fund reserves based on that higher revenue. Therefore, the city has revised its strategy to increase general fund reserves to ensure that the city reaches a 20% general fund reserve by FY 2021 per the Moody's calculation. The table below shows the general fund reserve contributions each year per the previous calculation made by the city and then the current general fund reserve contributions per the Moody's calculation: Percent Reserves Per Year Previous Current Moody's FY 17 $ 600,000 $ 600,000 14.20% FY 18 $ 600,000 $1,050,000 15.60% FY 19 $ 500,000 $1,050,000 17.11% FY 20 $ 500,000 $1,050,000 18.54% FY 21 $ 500,000 $1,075,000 20.00% FY 22 $ 100,000 $ 100,000 20.49% Total $2,800,000 $4,925,000 With the increased contributions to the general fund reserves, the city will continue to reach its goal of 20% general fund reserves by fiscal year 2021 and continue to slowly increase that reserve in following years. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolutions directing the sale of the bonds and awarding the bonds to the best bidder. JML Attachment cc: Crenna Brumwell, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Jean Nachtman, Finance Director Ahlers&Cooney, P.C. AHLERS C 0 0 N E Y Attorneys at Law 100 Court Avenue, Suite 600 A T T R N E Y S Des Moines, Iowa 50309-2231 Phone: 515-243-7611 Fax: 515-243-2149 www.ahlerslaw.com R. Mark Cory 515.246.0378 rcory@ahlerslaw.com March 7, 2017 Via Email and UPS Overni hr Deliver Ms. Jenny Larson Budget Director 50 W. 13th Street Dubuque, Iowa 52001 Re: City of Dubuque, Iowa General Obligation Bonds, Series 2017A General Obligation Urban Renewal Refunding Bonds, Series 2017B Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C Dear Jenny: We have now prepared and are enclosing herewith procedure for each issue to cover action taken by the City Officials at 11:00 o'clock A.M. on March 20, 2017, to receive bids on the above-mentioned bond issues. A separate set is enclosed for each Issue. Sealed bids, electronic bids and facsimile bids for the bonds may be received by the Finance Director and listed in the minutes. After a final call for sealed bids, the bids should then be opened and the best bid recorded. Sealed bids, electronic bids and facsimile bids are permitted by the terms of sale. No other bids should be considered. All bids should then be referred to the Council for award of the bonds at their meeting later that day, at which time they will adopt a resolution directing the sale of the bonds. We then continue with proceedings to be acted upon by the Council covering the actual sale of the bonds received earlier by the City Officials. An extra copy of the procedure for each issue is enclosed to be filled in as the original and certified back to this office. If you have any questions pertaining to the proceedings or the Council action to be taken relating to the sale, please do not hesitate to contact our office. Very tr yours lt, ad( Cory FOR THE FIRM RMC:csm Enclosures cc: Jean Nachtman Finance Director(via e-mail w/enc.) Kevin Firnstahl, City Clerk(via e-mail w/enc.) Tionna Pooler (via e-mail w/enc.) 01336543-1\10422-177 WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; GAILY & 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 Ahlers&Cooney, P.C. A H L E R S COONEY Attorneys at Law 100 Court Avenue, Suite 600 A T T O R N E Y S Des Moines, Iowa 50309-2231 Phone: 515-243-7611 Fax: 515-243-2149 www.ahlerslaw.com R. Mark Cory 515.246.0378 rcory@ahlerslaw.com March 7, 2017 Via E-mail and overnight Deliverk Ms. Jenny Larson Budget Director 50 W. 13th Street Dubuque, Iowa 52001 Re: Prior Redemption Procedure - General Obligation Bonds, Series 2009A (Taxable Build America Bonds) - General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds) - General Obligation Refunding Bonds, Series 2009C - General Obligation Bonds, Series 2010A - Taxable General Obligation Urban Renewal Bonds, Series 2010B - General Obligation Urban Renewal Bonds, Series 2010C Dear Jenny: Enclosed are resolutions to be adopted by the Council calling the above issues. The resolutions include the form of Notice of Call. A separate set is enclosed for each issue being called. An extra copy of each resolution is enclosed to be completed and certified as an original and returned to our office. According to the provisions of the resolution authorizing issuance, notice must be given at least thirty (30) days prior to the redemption date by first class mail, as designated, to the registered bondholders. The Notices must be mailed by Wells Fargo no later than May 2, 2017. We will notify Wells Fargo that it should make the calls after notification from the City that the refunding Bonds have been sold and the call resolutions have been adopted. 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; AfiLLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. - 1990 March 7, 2017 Page 2 If you have questions, please contact our office. VWMak yours Rory FOR THE FIRM RMC:csm Enclosure cc: Jean Nachtman Kevin Firnstahl Tionna Pooler Regina Velasquez 01317973-1\10422-177 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: March 13, 2017, and for which the charge is $55.87. ,„v4 —tA3et Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this,.,,,,,® day of 7-y,,te,,,2J , 20 / 7• Notary Public in and for Dubuque County, Iowa. MARY K WESTERMEYER ommission Number 154885 My Commission Exp. Feb. 1, 2020 , ega Totices CITY OF DUBUQUE NOTICE OF BOND SALE Time and Place , of Sealed Bids: Bids for the sate of Bonds of the ' ,City of Dubuque, State 1' of:towa, hereafter de- sCribed,;must, be re- 1 ceiVed 'at the office,of the Finance Director, City Hall; 50, W. 13th Street, Dubuque, Iowa 52001; Telephone: 563- 589-4100 (the "Issuer') before 11:00 A.M., oh the 20th. day of March, 2017. The bids will then be pUblicly opened and referred for action to the meeting of the Cit' Council in conformity with the TERMS, OF OF- FERING. The " Bonds: The Bonds to be offered are the following: GENERAL OBLIGATION BONDS, SERIES 2017A, , in the • amount of $8,830,000*, to be dat- ed APril 17, 2017;,.. GENERAL OBLIGATION • URBAN RENEWAL RE- FUNDING BONDS, SER- IES 20178, in the amount pf $10,120,000*, to be dated April 17, :2017; and TAXABLE GENERAL. OBLIGATION URBAN RENEWAL REFUNDING ' BONDS, SERIES 2017C, in the amount of $2,155,000', to be dat- ed April 17,201.7 (the "Bonds")' *Subject to principal I adjustment pursuant to official Terms of Offer- mg. Manner of Bidding: 1 Open bids will not be I received. Bids will be I cradetvadciiriany-ittfittigh foneWing Rethpds::, •'Sealled Sealed bids may be Submitted' and will be received at the office: of the Finance Director , at 'City H al I 50 'W.13th-' Street, Dubuque, Iowa 52001. • Electronic Internet Bidding:Electronicin- ternet -bids-will be re- ceived. at the office of • theFinance Director at City...Hall, :50 W. 13th Street, Dubuque, Iowa 52001. The_ bids mutt 'be .submitted- through the 'PARIT`14, tompeti; tive-bidding system.' • Electronic Facsim- ile Bidding: ElectrOpic facsimile bids will be received at'the office of -the' Finance Directer 'at City Hall, 50 W.13th.., Street, DUbuque, 52001 (facsiMile' nuni'- 'ber'56M89-4149), and/ or the City's Municipal Advisor, . Independent Public -' Advisors, LLC, - 8805 Chambery Suite 300 #114,John- ston, Iowa 50131 (fac- simile number: - 515- 259-8193). Electronic facsimile' bids- will be. treated;as Sealed -bids: r ConSIderation ' of Bids: After the time for' -reteipt bids has 11 'passed, the close 'of, sealed bids will be an nounced. :Sealed rbids' will, then be .,publicly opened • - .and an- nounced. ,Finally, elec- tronic internet bids wit be accessed and an- nounced. Sale and Award: The sale and award of the .Bonds will be held at the Historic: Federal Building, 350 West 6th Street, Dubuque, Iowa 50021, at a meeting of the City Council on the above date at 6:.90 P.M. Official Statement: The IsSUer has issued `an Official Statement of informatior4ertain- ' ing to the Bois to be offered, incl; ing a statement of the.Terms of Offering .and an Offi- .1 cial Bid Form, which- is incorporated by refer- ence as a part of this notice... The Official Statement may be ob- tained by request ad- dressed to the City Clerk, City Hall, 50 W. 13th Street, Dubuque, Iowa' 52001; Telephone:' 563-589-4100 or the Is- suer's Municipal Advi- sor, Independent Pub- lic Advisors, LLC, 8805 Chambery Blvd, :Suite 300#114, Johnston, .19- wa; 50131; Telephone: Ir 515-259-8193. TermS' of Offering: All bids shall beln con- formity with and the , sale Shan be.in after -d- ance With the Terrhs of Offering as set forth in ' the Official Statement. Legal Opinion: The Bondswill be sold sub- ject to the opinion of Ahlers & Cooney PC,, Attorneys of ' Des Moines, Iowa, as to the legality and their opin- ion will be furnished together with the print- ed Bonds without cost to the purchaser and all bids will be so Con- ditioned. Except to the extent necessary to is- sue their opinion as to the legality of the Bonds', the' attorneys will not examine or re- view or express any opinion with respect to the accuracy or com- pleteness of docu- ments, i materials or statements made or furnished in connec- tionAkith the sale, issu- ance or marketing of the Bonds. Rights Reserved: The right is reserved to reject any or alt bids, and to WaiVe any irreg- ularities as deemed to be in the best interests of the public. - By order of the City Council of the City of Dubuque, State of lo- wa; Kevin S. Firnstahl, City .State o.floWa : 1t 3/13 STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Cornmunications, 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: February 24, 2017, and for which the charge is $56.16. Subscribed to before ma Notary Public in and for Dubuque County, Iowa, this Aie day of jAdfreede., , 20 /7 . Notary Public in and for Dubuque County, Iowa. MARY K WESTERMEYER Commission Number 154885 My Commission Exp. Feb. 1, 2020 .-..g.4-07.4.17,:11Wognge..rtrir ppooroAtt\iiken Lizt,40 AvA!ti-ry.ociouciuE -,..--; NOTICE Dr BOND,1- rj, t'tonitik_.=50131--!-_,(faC:;15 .. _ ,,„ „... _ „. , q.,i-SUite, 300 firatt114x---)6ho!•V 3p-Opcjgae;?,state,Z'0_ ' i.12'':-,°7-biYh:!4i-°r-Oubeili:.e:ttiefC7tril --,;- cOilitil';OfYthe.....-Wo:„-.- .8£30,Ch4rtiljgry3(0-,7-',.. _':-•Thild:•*IC:Placc=fof -1 ... _ ':SiMjlek•!,,r.i0Mber:A515-i,;3; SealetIcidii..110SJOI 1 ''.'1.5p41930,16---a(Orii.--'. thelsale:OtkridS-Othe:,.. --,-,140.1011O,i161-610;vili •th-0-1 :04r,.,-Of. -puhuoue,-.stp.tq,:;; ',,,t cpaotrieldtataioletidib.:,4.tr ,4;1-7,,,il ,Cit 'ierk t_ theqiiiar_igejTmi (400* !:)P(*4i;ipergaftbr -:.-,,, I; elve-diAt4tikoffia6,*, --.f..sotioiii:riiii#4!-.4-Ate "I.66ipri-;af.',,':ildids',--V11A-_-1 Bid4--:,Attelthetifle for '-H, it 2/24 tate 01' p*etlir„iithe::',-t_C16$6--i;of-i - CitylFr Hall, .,,50!::It!;_?'Pth ..-1 sealed..1#4*(1:''40*.: -1 $treet,.PLihdC1160°"1-61 r,1_001.iriced.;.,Sealed., bids -4 52091;eaelbOtifili05PA ,'4,.iiii1-;lthehPhe:VtiOCIlir 589-4100 (the •-',-`1SSuee!):: ;opened, _ , before' ',11.,00=A.M.,-___: on, gingancrepxan Etn4 „plec-?; tilo.-:?o.til'id4y-ibf Vai-dh,] 0.40.6)iittrotief 1)0szwilU 2017. The willNC'S-then l . ,o-kVOOeSSed_iandri,::; Aje:l;iii1)liely':Oi).eled:::arlO-'1 • . . iiiiiiii*L.,,;,n-,, referred for action to j.i.--.40toi,AiiilIkwa The the.'„MeetikOfi.#e!•,pity,y sale'-'!'14114 •!' a a r-0-4 ofthe 4Olitibil_i,Ity:':,CbnfcififiitV 1 ••,,-Bonds-,:-.-v.vilkbe_-.•heldT,at--1 il-WithAfel-pNs,-9F.AF'' -th-vHlisrorio:;',00et741FERING..1 .Ri:il101og;335Cwest,-; 6t11.4 i-The:::,,Y.060ds:`--1-ljer.: i,5tee0WpiltioeiiXIowa't ., _ .,,.,.„ ___ ig. sotids'iCii-33Coffei-d are x.--5op.vc-4.:4-oget ng_;r of -..--ttielpIjoiniiogri,e,--,-1-7iy-' - ;,--',.-Atte:i(ltY0Oriell;ori-.4he GENEtIA(OpLial ATION-1 — OfitiVeiritia.:W4POP2PA1-1LE •--::130'40-SVSERIE-$120.17A; 1 -, ),•,..:411101611'iTU4tefriletlii,i :.-,•--;i0,•.±-, the 1-:..s..amount - of f „ .gi-Tie-'11r$.§-ilet14s 14ileOl!.:, at- -1.:-„-ecli4tili17i2017;-;.„.•:1•: ,otilif0 trng i to---, ,:!--$080.1007,fo:thk',1,1 - IAAtik---'0fficlgi!Statetieb -'t---- pertain- GENERALiOBLIGATION.r , 406;fo,:4t11-6',' Bdiii:Ki-::;i67. L:.jiiiii3AN,..,.:;.,,:-RENEWAli 7,;,r•-,offe't,eid:-,_:!ine1001-Oo.-g,,- .,REFONIDIN=6,;.-;-''--r,:3QN0;-- '-,Staterkelt-Ofthe.-Teitrit -f'";„f,:',.--'1:„::•-•--,-i,-1,••----''t•`,$E-,-f4RES--:I.2-i-i0 IC•''A#5.:.,-.1 4t10ikt.,I,5,Offering .,r.an8 ArrOf_ i giotMteV04DittbriV4hjef4414,tacotgr,j6iie44ViltortiratetliMfet*I:APO1-170917rg000-4§i0:)4ftiALthisind"00tice40heKbfficla1rAm3LE,9(NR4,, 5t4tetertl1Wde.Ohi03L16AT100-1RBAN lairedqVi-eOdeSt'ad4ENEWAi,KEcN6IN0toetttd-ahf*citS-,?„ .”30Nps;:$RIEs4OE17O,tlerk:lejtv:4all,150iWii-he-afeuot-of -;, ,.. 414ttiteeetkciocitioeo. $2:155:',060.1,10- bef1,51,,at,- Towamboliq6:00,4oroe-r, .:,ed,-.-Abr'f,170017-g.tt,-.4,,-, 1.4.5634W4-4:001:01the-':-_,IS0 (the-tBigidt7)..-T,-:,.7:-':,,4, , ,L.,-*io,(±§:=-:-:'ntiqtiie:jb-itAdka-.E. , -.-..•t.Stibleot,_,-te(Orinci principal , , „,,..-;:(itlitiOpellidii-4[?06.4 .!„•-adjuttrtierit pursuant 7 '".'- -Aid VT'SOffs;',:_1(14:-.188(t offidiallerMS'ef 'Offei;•;.. ',':••rohaiTilierlOBly-dg..:SiJite'.--.,1 i no ',,-----'.',r- ',,"-;7",::--:-•--';'' -: ,-.'i,3pc.70:4-i;'Jofjpstorv';'.31 -: lo- Manner-of--Eickgrigv: . ''-Itta;,1-591.34,:,tretepti.ofie::::::,,l, Open will,bids,-not be •:515-250•f$193;::f-.59,-,,,-T,i; '"- recef-VeP,i3[dsMir 4igi •-.•%11.eirrli;7'70-tOffering:1-1 ,,--redeiVed in -'ariy.i.ief'.1he _,1 ':Al'IiidS,•"Shaittieln--Cen-_:' foi [owing -:MethodSe:-'71 ,,--forioity''Ath'-:-_,abd_-.the - • Sealect.'-.-----Biddiri0:1 -,,;.',Salashallrbgi-la accord ,_•-iSealed7-4;id-s-„,---.M-ay : 1 ance VVIth-the-"TferrifS,Of; submitted and will be •,_,_'' _r -•:::;.Oferi,ng-aS=Setfh.io.i.:-,..! ..,' _eceifedattheoffic„tteoficiav8taflejt.:flhefinan6rtrect:r11401;00ilki1:1heat City Hall, 50'*13th - : • ,i!l3dOdS--*111okSoloitoji ',.8freet-,.-'-DahON--le;'1-1Ow.---.' ' -,,,liebt.-fo:Itie-A31040-,-,-Of:„. 52001, ---`_-- -- -- -- . . ' - - --,',-AhlerS':,-&--,'-_gbOney::pl-c.;---; ' • EleCt-rokilic•---Antethlet - —:,,-.AttOrhOY-.---,:14'-1--'----De . Ellildingf,E[eCtronicirr•-_- . Moines, IOVIla;AS.ta, the tori-iet bids will be' re- legality and their:bolo- I ceived .at theofficeOf•,,' jon-,),v.ill be furnished :-- the Finance Director at . together with the-print,-A :.rtitYHall,,•50-,•W. 13th ' - ed Bonds without costl . . Street; -.Dubuque, Iowa- [ - to:,-the-----Obrchaser•_--_and .{ . 52001. The bids mustI -,,-.:411 bids will be so con- be .-:subtnittdr..-through ' '.ditioned.T.E*Olot to theT1 the_ PARITY® Com peti- extent oecessarY to is-: -'_ IiVe:bidding system. - ' '.sue their Opinion aS to 1 -Electronic FaCsimile,„ ,Ahe.-,:regaii-bi3O'fr':4he Bidding;', Electrbpic Bond.,:the.;:atterei0s: -facsimk-,hids•-- will 213e:-''.: ;--willlipt,4arriloe'or _re.) ,z ,rebeiyed-!at the . office - ,.vjeyvj-prx=:‘4preSska.ok of the Finance Director Opinion --i- OpiniOr-wltlieUiettt.0 --Sattrteeil,-rEiDau!lal'u5q0ueW,L7-kl:4.1111 - „pleteneS8.-,•--Of..r::-::-dOcil-- 'thal'aCciiraOir-Or,Coini,1 -?-52001- .--(facsimile- num',-::, .-: mentS,::::-lilate6a1§-'-:-.2•Di= ber:563j589.4149)ar0/11 '_-'stateirriehtv.,.. IOade:or *--tri Aty.'..-'.-.mcrki-Od furnished --,-;M:1,'COonec,..j r!lie-h'i:/vith-the-Salei:sSO-,..%4 ari,Ce:4er,-,Ma*tiriO--,--o-fA AheBoOdi:6,-----,r,',„,--,--;,.._,:---i Rights .,Reserved. -,.--the, right, is-teserVed-teci! ,..reject-;;40Y.-OC--$1-bidS, -I L-Tand tO-,Waiy,e_,,any Irreg -_.'l .:iilarktf_es":la,S-:-CieeMed±to'.-1 _ . . .. . beiiithe best interests _•I ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA $8,830,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2017A • Receipt of bids. • •Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The Finance Director of the City of Dubuque, State of Iowa, met in City Hall, 50 W. 13th Street, Dubuque, Iowa, at 11:00 A.M., on the above date, to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 P.M. on the above date. The following persons were present: ,iec y JVa ciCir ‘,)-e fe L-cr►rso0 -Ttonr ct. Poo/ft ******** 1 This being the time and place for the opening of bids for the sale of $8,830,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2017A, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name & Address of Bidders: (Attach List of Bidders) 2. The Finance Director then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 2 CITY OF DUBUQUE, IOWA TABULATION OF BIDS THE CITY OF DUB Masterpiece on the Mississippi $8,830,0001- General 8,830,0001General Obligation Bonds, Series 2017A Banking Institution/ Syndicate Location Purchase Price2 Net Interest Cost3 True Interest Costa Fifth Third Securities Piper Jaffray Robert W. Baird Morgan Stanley Hutchinson, Shockey, Early & CO J.P. Morgan Securities LLC Cincinnati, OH Minneapolis, MN Milwaukee, WI New York, NY Chicago, IL New York, NY $9,086,995.50 9,079,774.65 9,034,732.70 9,070,235.10 9,044,395.50 9,453,454.95 1 Following the receipt of bids, the par amount was reduced to $8,495,000. 2 Following the receipt of bids, the purchase price was reduced to $8,737,035.01. 3 Following the receipt of bids, the net interest cost was revised to $1,144,213.32. 4 Following the receipt of bids, the true interest cost was reduced to 2.429146% Independent $1,132,881.17 1,140,102.02 1,143,421.19 1,149,641.57 1,175,481.17 1,229,713.94 2.389290% 2.406046% 2.416426% 2.428216% 2.488457% 2.512018% Page llof3 3. Electronic bids received were accessed and announced as follows: Name _& Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: 1 Name & Address of Bidder: FT h 'Third Scan 5 , CiYlGj h✓�t i 014 True Interest Rate (as -bid): a , 2)R9 v2 9 V Net Interest Cost (as -bid): $ 1) [ Q , a&S 1, 1 7 In consultation with the Municipal Advisor, the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $ , q q 5) 0 on Purchase Price as adjusted: $ 5 0 All bids were then referred to the Council for action. 3 CITY OF DUBUQUE, IOWA TABULATION OF BIDS THE CITY OF Dui JE Masterpiece on the Mississippi $8,830,0001 General Obligation Bonds, Series 2017A Banking Institution/ Syndicate Location Purchase Price2 Net Interest Cost3 True Interest Cost4 Fifth Third Securities Piper Jaffray Robert W. Baird Morgan Stanley Hutchinson, Shockey, Early & CO J.P. Morgan Securities LLC Cincinnati, OH Minneapolis, MN Milwaukee, WI New York, NY Chicago, IL New York, NY $9,086,995.50 9,079,774.65 9,034,732.70 9,070,235.10 9,044,395.50 9,453,454.95 1 Following the receipt of bids, the par amount was reduced to $8,495,000. 2 Following the receipt of bids, the purchase price was reduced to $8,737,035.01. 3 Following the receipt of bids, the net interest cost was revised to $1,144,213.32. 4 Fo►lowing the receipt of bids, the true interest cost was reduced to 2.429146% Independent $1,132,881.17 1,140,102.02 1,143,421.19 1,149,641.57 1,175,481.17 1,229,713.94 2.389290% 2.406046% 2.416426% 2.428216% 2.488457% 2.512018% Page I1of3 March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -4 Council Member Lynch introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $ $ 1.4q5,000 GENERAL OBLIGATION BONDS, SERIES 2017A," and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 107-17 RESOLUTION DIRECTING SALE OF $ ai,Liqs,000 GENERAL OBLIGATION BONDS, SERIES 2017A WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $ g , Lc15,, 0 00 GENERAL OBLIGATION BONDS, SE1fIES 2017A Bidder: P --i i-th Thi rid .crow C, ex -1 h 4r1 o 11 0 -Hv The terms of award: Final Par Amount as adjusted: $ 7,c49 5, 00 0 Purchase Price as adjusted: $ 7 37/ 05r 01 True Interest Rate: 0 Net Interest Cost: $ 'I?� ��S 17 � „ NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. 5 Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 20th day of March, 2917. ATTEST: Mayor 6 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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. WI ESS my hand and the seal of the Council hereto of ed this c:/71-- day of 2017. (SEAL) 01336516-1\10422-177 City '1e/k, Ciy of DtibuizAle, State of Iowa LdILU 'J ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA $10,105,000 (Subject to Adjustment per Terms of Offering) General Obligation Urban Renewal Refunding Bonds, Series 2017B • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The Finance Director of the City of Dubuque, State of Iowa, met in City Hall, 50 W. 13th Street, Dubuque, Iowa, at 11:00 A.M., on the above date, to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 P.M. on the above date. The following persons were present: AlochtYna p- Poolfr" * * * * * * * * This being the time and place for the opening of bids for the sale of $10,105,000 (Subject to Adjustment per Terms of Offering) General Obligation Urban Renewal Refunding Bonds, Series 2017B, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name & Address of Bidders: (Attach List of Bidders 2. The Finance Director then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 2 $10,105,0005 General Obligation Urban Renewal Refunding Bonds, Series 2017B Banking Institution/ Syndicate Location Purchase Price6 Net Interest Cost7 True Interest Cost8 Piper Jaffray Robert W. Baird Fifth Third Securities Hutchinson, Shockey, Early & CO Morgan Stanley J.P. Morgan Securities LLC Minneapolis, MN Milwaukee, WI Cincinnati, OH Chicago, IL New York, NY New York, NY $10,375,994.90 10,357,240.80 10,349,238.45 10,206,174.20 10,314,950.98 10,902,462.70 5 Following the receipt of bids, the par amount was reduced to $9,745,000. 6 Following the receipt of bids, the purchase price was reduced to $10,003,326.48. Following the receipt of bids, the net interest cost was reduced to $1,835,705.19. $ Following the receipt of bids, the true interest cost was revised to 2.583431% independent $1,867,106.77 1,885,860.87 1,893,863.22 1,917,225.80 1,928,150.69 2,053,339.52 2.572567% 2.601606% 2.614020% 2.660597% 2.667359% 2.734015% Page 12of3 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: ,, I Name & Address of Bidder: Pi Re r J c, f f,�- J A i In to pfd 1 I s �` � d True Interest Rate (as -bid): A , % Net Interest Cost (as -bid): $�_ �( `j )0(0,---77 In consultation with the Municipal Advisor, the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $ W i -7145, 000 Purchase Price as adjusted: $ ) 0) 00�J?),?&2 o �� All bids were then referred to the Council for action. 3 $10,105,0005 General Obligation Urban Renewal Refunding Bonds, Series 2017B Banking Institution/ Syndicate Location Purchase Price6 Net Interest Cost7 True Interest Cost8 Piper Jaffray Robert W. Baird Fifth Third Securities Hutchinson, Shockey, Early & CO Morgan Stanley J.P. Morgan Securities LLC Minneapolis, MN Milwaukee, WI Cincinnati, OH Chicago, IL New York, NY New York, NY $10,375,994.90 10,357,240.80 10,349,238.45 10,206,174.20 10,314,950.98 10,902,462.70 Following the receipt of bids, the par amount was reduced to $9,745,000. 6 Following the receipt of bids, the purchase price was reduced to $10,003,326.48. 7 Following the receipt of bids, the net interest cost was reduced to $1,835,705.19. 8 Following the receipt of bids, the true interest cost was revised to 2.583431% 1ride endent a J C C $1,867,106.77 1,885,860.87 1,893,863.22 1,917,225.80 1,928,150.69 2,053,339.52 2.572567% 2.601606% 2.614020% 2.660597% 2.667359% 2.734015% Page I2of3 March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -4 Council Member Lynch introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $ '�' 7Y .l ,00 ()GENERAL OBLIGATION URBAN RENEWAL REFUNDING BONDS, SERIES 2d17B," and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 108-17 RESOLUTION DIRECTING SALE OF $ 9 r7gr3/OOO GENERAL OBLIGATION URBAN RENEWAL REFUNDING BONDS, SERIES 2017B WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $9 7LS,000 GENERAL OBLIGATION URBAN RENEWAL REFUNDING BONDS, SERIES 2017B Bidder: P _) q -cf rq. of AA ) i s M l �' The terms of award: Final Par Amount as adjusted: $ Cj, 00(' . Purchase Price as adjusted: $ ) 0) ODB) , True Interest Rate: , �%� 7 Net Interest Cost: $ I✓nio % 1)0(p,T 7 - NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 20th day of March, 2017. ATTEST: Mayor 6 o CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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. WITN SS my hand and the seal of the Council hereto - ixed this day of 2017. City Clerk, City of Dubuque, State of Iowa (SEAL) 01336529-1 \10422-178 ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA $2,155,000 (Subject to Adjustment per Terms of Offering) Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C • Receipt of bids. • Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The Finance Director of the City of Dubuque, State of Iowa, met in City Hall, 50 W. 13th Street, Dubuque, Iowa, at 11:00 A.M., on the above date, to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 P.M. on the above date. The following persons were present: ,Je0 n Actc.MC Wn ren rYj Pon P ' r * * * * * * * * This being the time and place for the opening of bids for the sale of $2,155,000 (Subject to Adjustment per Terms of Offering) Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: Name & Address of Bidders: (Attach List of Bidders) 2. The Finance Director then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 2 $2,155,0009 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C Banking Institution/ Syndicate Location Purchase PricelO Net Interest Cost11 True Interest Cost12 Robert W. Baird Fifth Third Securities Piper Jaffray Bankers' Bank Raymond James PNC Capital Hutchinson, Shockey, Early & Co Milwaukee, WI Cincinnati, OH Chicago, IL Madison, WI Memphis, TN Philadelphia, PA Chicago, IL $2,166,695.70 2,165,850.15 2,146,778.05 2,146,380.00 2,124,702.25 2,122,260.65 2,136,040.60 9 Following the receipt of bids, the par amount was reduced to $2,120,000. 10 Following the receipt of bids, the purchase price was reduced to $2,131,885.56. 11 Following the receipt of bids, the net interest cost was reduced to $514,388.66. 12 Following the receipt of bids, the net interest cost was revised to 3.097565% ndependent $527,831.22 533,208.46 533,431.62 538,016.83 542,196.36 544,538.38 555,513.57 3.104732% 3.136417% 3.147325% 3.170656% 3.218655% 3.241666% 3.287674% Page I3of3 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: Name & Address of Bidder: Qo h rt �l ,r f X14 r� f AA I) t Uo LcC 7 True Interest Rate (as -bid): ,) Dq-7 % Net Interest Cost (as -bid): $ j 7 9 In consultation with the Municipal Advisor, the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $ J 1 a(Jj 00 0 Purchase Price as adjusted: $ 510 All bids were then referred to the Council for action. 3 $2,155,0009 Taxable General Obligation Urban Renewal Refunding Bonds, Series 2017C Banking Institution/ Syndicate Location Purchase Priceio Net Interest Costll True Interest Cost12 Robert W. Baird Fifth Third Securities Piper Jaffray Bankers' Bank Raymond James PNC Capital Hutchinson, Shockey, Early & Co Milwaukee, WI Cincinnati, OH Chicago, IL Madison, WI Memphis, TN Philadelphia, PA Chicago, IL $2,166,695.70 2,165,850.15 2,146,778.05 2,146,380.00 2,124,702.25 2,122,260.65 2,136,040.60 9 Following the receipt of bids, the par amount was reduced to $2,120,000. 10 Following the receipt of bids, the purchase price was reduced to $2,131,885.56. 11 Following the receipt of bids, the net interest cost was reduced to $514,388.66. 12 Following the receipt of bids, the net interest cost was revised to 3.097565% independen r LLC $527,831.22 533,208.46 533,431.62 538,016.83 542,196.36 544,538.38 555,513.57 3.104732% 3.136417% 3.147325% 3.170656% 3.218655% 3.241666% 3.287674% Page I 3 of 3 March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: r 4- Council Member Lynch introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $ ) la D0 00 TAXABLE GENERAL OBLIGATION URBAN RENEWAL REFUNDING BOND, SERIES 2017C," and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 109-17 RESOLUTION DIRECTING SALE OF $ GENERAL OBLIGATION URBAN RENE BONDS, SERIES 2017C 00 AXABLE AL REFUNDING WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $)._4 13,0)00 0 TAXABLE GENERAL OBLIGATION URBAN RENEWAL REFUNDING BONDS, SERIES 2017C Bidder: P....c)\O N ►ro of M 1 1 I)Gf U Le? WI_ The terms of award: Final Par Amount as adjusted: $ � /,� O 0 0 0 Purchase Price as adjusted: $ , I 3 e (( 1 True Interest Rate: 3 , j ().4 ?j,;, % Net Interest Cost: $ ,) % , -3 1 , a; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. 5 Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 20th day of March, 2017. ATTEST: City Clerk 6 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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 Council hereto aff thisol day of , 2017. (SEAL) 01336537-1\10422-179 City Cly k, City of Dubuque, State of Iowa ITEMS TO INCL UDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA General Obligation Bonds, Series 2009A (Taxable Build America Bonds). • Resolution Authorizing the Redemption of Outstanding General Obligation Bonds, Series 2009A (Taxable Build America Bonds), dated November 10, 2009. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 110-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated October 19, 2009, authorize the issuance of $2,935,000 General Obligation Bonds, Series 2009A (Taxable Build America Bonds) (the "Bonds") dated November 10, 2009; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $2,025,000 be so redeemed on June 1, 2017 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding General Obligation Bonds, Series 2009A (Taxable Build America Bonds), dated November 10, 2009, in the principal amount of $2,025,000, be and the same are hereby redeemed as of June 1, 2017. -2- Section 2. The Registrar and Paying Agent, Wells Fargo Bank, National Association, Minneapolis, Minnesota, is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $2,935,000 Bond Issue: Taxable General Obligation Bonds, Series 2009A Dated Date: November 10, 2009 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Principal Interest Maturity Numbers Amount Rate June 1st 263867 A60 $140,000 4.300% 2018 263867 A78 $140,000 4.500% 2019 263867 A86 $145,000 4.700% 2020 263867 A94 $150,000 4.800% 2021 263867 B28 $160,000 4.900% 2022 263867 B36 $165,000 5.000% 2023 263867 B44 $175,000 5.100% 2024 263867 B51 $175,000 5.200% 2025 263867 B69 $185,000 5.300% 2026 263867 B77 $190,000 5.400% 2027 263867 B85 $195,000 5.500% 2028 263867 B93 $205,000 5.600% 2029 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- The above Bonds should be presented to Wells Fargo Bank, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, Minneapolis, Minnesota Registrar (End of Notice) -5- PASSED AND APPROVED this 20th day of March, 2017. Mayor ATTEST: 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 records of the City 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 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. fixed thi/ day of (SEAL) NESS my hand and the seal of the Council heret , 2017. 01336595-1\10422-177 Ci lerk, City 6f Dubuque, State of Iowa 12 7�,n !'J�WI1 11 ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds). • Resolution Authorizing the Redemption of Outstanding General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds), dated November 10, 2009. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2009B (TAXABLE BUILD AMERICA BONDS), OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 111-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2009B (TAXABLE BUILD AMERICA BONDS), OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated October 19, 2009, authorize the issuance of $11,175,000 General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds), (the "Bonds") dated November 10, 2009; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $7,830,000 be so redeemed on June 1, 2017, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds), dated November 10, 2009, in the principal amount of $7,830,000, be and the same are hereby redeemed as of June 1, 2017. -2- Section 2. The Registrar and Paying Agent, Wells Fargo, National Association, is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $11,175,000 Bond Issue: General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds) Dated Date: November 10, 2009 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Principal Interest Maturity Numbers Amount Rate Date 263867 C92 $535,000 4.250% 2018 263867 D26 $545,000 4.500% 2019 263867 D34 $570,000 4.750% 2020 263867 D42 $590,000 4.750% 2021 263867 D59 $610,000 5.000% 2022 263867 D67 $630,000 5.000% 2023 263867 D75 $655,000 5.000% 2024 263867 D83 $685,000 5.125% 2025 263867 D91 $710,000 5.250% 2026 263867 E25 $735,000 5.375% 2027 263867 E33 $765,000 5.375% 2028 263867 E41 $800,000 5.500% 2029 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- The above Bonds should be presented to Wells Fargo, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO, NATIONAL ASSOCIATION, Minneapolis, Minnesota Registrar (End of Notice) -5- PASSED AND APPROVED this 20th day of March, 2017. ATTEST: Mayor -6- CERTIFICATE STATE OF IOWA ) SS COUNTY OF' DUBUQUE 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 records of the City 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 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 Council hereto of i ed thi , day of , 2017. (SEAL) 01336615-1\10422-178 City L'1erk, City orDub e, State of Iowa ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA General Obligation Refunding Bonds, Series 2009C. • Resolution Authorizing the Redemption of Outstanding General Obligation Refunding Bonds, Series 2009C, dated November 10, 2009. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS, SERIES 2009C, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 112-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS, SERIES 2009C, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 10, 2009, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated October 19, 2009, authorize the issuance of $8,885,000 General Obligation Refunding Bonds, Series 2009C, (the "Bonds") dated November 10, 2009; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $3,325,000 be so redeemed on June 1, 2017 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding General Obligation Refunding Bonds, dated November 10, 2009, in the principal amount of $3,325,000, be and the same are hereby redeemed as of June 1, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank, National Association, is hereby authorized and directed to cause notice of such redemption be given not less than thirty -2- (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest 011 the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $8,885,000 Bond Issue: General Obligation Refunding Bonds, Series 2009C Dated Date: November 10, 2009 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Principal Interest Maturity Numbers Amount Rate June 1st 263867 F57 $780,000 4.000% 2018 263867 F65 $815,000 4.000% 2019 263867 F73 $850,000 4.000% 2020 263867 F81 $880,000 4.000% 2021 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. The above Bonds should be presented to Wells Fargo Bank, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, Minneapolis, Minnesota Registrar (End of Notice) -4- PASSED AND APPROVED this 20th day of March, 2017. Mayor ATTEST: 0 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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, (SEAL) ESS my hand and the seal of the Council hereto ed thi , 2017. 01336603-1 \10422-177 City Clerk, City o Dubuue, State of Iowa day of ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA General Obligation Bonds, Series 2010A. • Resolution Authorizing the Redemption of Outstanding General Obligation Bonds, Series 2010A, dated August 30, 2010. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2010A, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was,, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 113-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2010A, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated August 16, 2010, authorize the issuance of $4,470,000 General Obligation Bonds, Series 2010A, (the "Bonds") dated August 30, 2010; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $3,100,000 be so redeemed on June 1, 2017, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding General Obligation Bonds, dated August 30, 2010, in the principal amount of $3,100,000, be and the same are hereby redeemed as of June 1, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank, National Association, is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. -2- Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF. THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $4,470,000 Bond Issue: General Obligation Bonds, Series 2010A Dated Date: August 30, 2010 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Principal Interest Maturity Numbers Amount Rate June 1st 263867 G80 $240,000 2.625% 2018 263867 G98 $250,000 2.750% 2019 263867 H22 $255,000 3.000% 2020 263867 H30 $265,000 3.000% 2021 263867 H48 $200,000 3.000% 2022 263867 H55 $205,000 3.125% 2023 263867 H63 $215,000 3.250% 2024 263867 H71 $220,000 3.375% 2025 263867 H89 $230,000 3.500% 2026 263867 H97 $240,000 4.000% 2027 263867 J20 $250,000 4.000% 2028 263867 J38 $260,000 4.000% 2029 263867 J46 $270,000 4.000% 2030 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- The above Bonds should be presented to Wells Fargo Bank, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, Minneapolis, Minnesota (End of Notice) -5- PASSEL AND APPROVED this 20th day of March, 2017. ATTEST: Mayor -6- 1 to L, CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 011 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 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. WI ESS my hand and the seal of the Council hereto afed thi day of ��. ,2017. (SEAL) 01336618-1\10422-177 City 1efk, City of Dubuque, State of Iowa ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA Taxable General Obligation Urban Renewal Bonds, Series 2010B • Resolution Authorizing the Redemption of Outstanding Taxable General Obligation Urban Renewal Bonds, Series 2010B, dated August 30, 2010. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010B, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 114-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010B, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated August 16, 2010, authorize the issuance of $2,675,000 Taxable General Obligation Urban Renewal Bonds, Series 2010B, (the "Bonds") dated August 30, 2010; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $2,100,000 be so redeemed on June 1, 2017, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding Taxable General Obligation Urban Renewal Bonds, dated August 30, 2010, in the principal amount of $2,100,000, be and the same are hereby redeemed as of June 1, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank, National Association, is hereby authorized and directed to cause notice of such redemption be given not less than thirty -2- (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the fonti of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $2,675,000 Bond Issue: Taxable General Obligation Urban Renewal Bonds, Series 2010B Dated Date: August 30, 2010 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Principal Interest Maturity Numbers Amount Rate Date 263867 K36 $110,000 3.400% 2018 263867 K44 $115,000 3.650% 2019 263867 K51 $125,000 3.950% 2020 263867 K69 $130,000 4.150% 2021 263867 K77 $140,000 4.350% 2022 263867 K85 $145,000 4.500% 2023 263867 K93 $155,000 4.650% 2024 263867 L27 $165,000 4.800% 2025 263867 L35 $180,000 4.900% 2026 263867 L43 $190,000 5.000% 2027 263867 L50 $200,000 5.150% 2028 263867 L68 $215,000 5.250% 2029 263867 L76 $230,000 5.350% 2030 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- The above Bonds should be presented to Wells Fargo Bank, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, Minneapolis, Minnesota Registrar (End of Notice) -5- PASSED AND APPROVED this 20th day of March, 2017. Mayor ATTEST: CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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. M/PW/1ESS my hand and the seal of the Council hereto)xed thi day of , 2017. Citi erk, City o (SEAL) 01336636-1\10422-179 ubuque, State of Iowa ITEMS TO INCLUDE ON AGENDA FOR MARCH 20, 2017 CITY OF DUBUQUE, IOWA General Obligation Urban Renewal Bonds, Series 2010C. • Resolution Authorizing the Redemption of Outstanding General Obligation Urban Renewal Bonds, Series 2010C, dated August 30, 2010. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. March 20, 2017 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:00 P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Joyce Connors, Luis Del Toro, Ric Jones, Kevin Lynch, David Resnick, Jake Rios Absent: Vacant: -1- Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010C, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Del Toro, Lynch, Jones, Connors, Resnick, Buol, Rios NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 115-17 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010C, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED AUGUST 30, 2010, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated August 16, 2010, authorize the issuance of $2,825,000 General Obligation Urban Renewal Bonds, Series 2010C, (the "Bonds") dated August 30, 2010; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $2,115,000 be so redeemed on June 1, 2017, and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding General Obligation Urban Renewal Bonds, dated August 30, 2010, in the principal amount of $2,115,000, be and the same are hereby redeemed as of June 1, 2017. Section 2. The Registrar and Paying Agent, Wells Fargo Bank, National Association, is hereby authorized and directed to cause notice of such redemption be given not less than thirty -2- (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by first class mail, and to notify DTC. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $2,825,000 Bond Issue: General Obligation Urban Renewal Bonds, Series 2010C Dated Date: August 30, 2010 Redemption Date: June 1, 2017 Redemption Price: At par, plus accrued interest Bonds Called for Redemption CUSIP Numbers 263867 M67 263867 M75 263867 M83 263867 M91 263867 N25 263867 N33 263867 N41 263867 N58 263867 N66 263867 N74 263867 N82 263867 N90 263867 P23 Principal Amount $130,000 $135,000 $140,000 $145,000 $150,000 $155,000 $160,000 $165,000 $170,000 $180,000 $185,000 $195,000 $205,000 Interest Maturity Rate Date 2.625% 2018 2.750% 2019 3.000% 2020 3.000% 2021 3.000% 2022 3.125% 2023 3.250% 2024 3.375% 2025 3.500% 2026 3.625% 2027 3.625% 2028 3.750% 2029 4.000% 2030 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. -4- The above Bonds should be presented to Wells Fargo Bank, National Association, Minneapolis, Minnesota. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, Minneapolis, Minnesota Registrar (End of Notice) -5- PASSED AND APPROVED this 20th day of March, 2017. Mayor ATTEST: CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE 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 records of the City 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 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. W ITTESS my hand and the seal of the Council hereto a ed this day of , 2017. (SEAL) 01336650-1\10422-179 City r lerk, City of Du.uque, State of Iowa