SRF Rate Reset and Reissuance for 2007 Water Revenue Captial Loan NotesCity of Dubuque
ITEM TITLE:
SUMMARY:
Copyrighted
October 2, 2017
Action Items # 3.
SRF Rate Reset and Reissuance for 2007 Water Revenue
Capital Loan
City Manager recommending approval of an amendment to
the City Water Revenue Drinking Water State Revolving
Fund Loan Agreement entered into as of October 18,
2007.
RESOLUTION Approving and authorizing an Amendment
to Loan and Disbursement Agreement by and between the
City of Dubuque and the Iowa Finance Authority, and
Authorizing and providing for the reissuance of the
$571,000 Water Revenue Capital Loan Note, Series 2017
(2007 — Rate Reset), of the City
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description
Water Revenue DWSRF Loan Rate Reset -MVM Memo
Memo for Rate Reset on SRF Loan
SRF Correspondence re: Interest Rate Reduction
Memo from Ahlers
8038-G
Resolution for Rate Reset and Reissuance
Supplemental Tax Certificate
Type
City Manager Memo
Staff Memo
Supporting Documentation
Supporting Documentation
Supporting Documentation
Resoluti ons
Supporting Documentation
THE CITY OF
Dui
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
bell
All -America City
'1Il1'
2007 • 2012 • 2013 • 2017
SUBJECT: Procedure to Document the City Council's Approval of an Amendment of
the City's Water Revenue Drinking Water State Revolving Fund Loan
Agreement for a Rate Reset on FS-31-08-DWSRF
DATE: September 26, 2017
Finance Director Jean Nachtman recommends City Council approval of an amendment
to the City Water Revenue Drinking Water State Revolving Fund Loan Agreement
entered into as of October 18, 2007.
The original loan was for $1,037,000 and was used for the rehabilitation of the walls,
floors, and concrete covers of two clear well reservoirs at Eagle Point Water Plant. The
outstanding loan amount is currently at $571,000 at 3% interest. This rate reset will
reduce the interest rate to 1.75% for the remaining $571,000 and will generate an
interest savings of $41,606.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jean Nachtman, Finance Director
Jenny Larson, Budget Director
THE CITY OF
DUB1bJE
Masterpiece on the Mississippi
Dubuque
kiltrill
All -America City
h r
2007 • 2012 • 2013
TO: Michael C. Van Milligen, City Manager
FROM: Jean Nachtman, Finance Director
SUBJECT: Procedure to document the Council's approval of an amendment of the City's Water
revenue DWSRF loan agreement for a rate reset on FS-31-08-DWSRF
DATE: September 21, 2017
The purpose of this memorandum is to suggest proceedings to document the Council's approval of
an amendment to the City's Water Revenue DWSRF loan agreement entered into as of October 18,
2007.
The original loan was for $1,037,000 and was used for the rehabilitation of the walls, floors, and
concrete covers of two clear well reservoirs at Eagle Point Water Plant. The outstanding loan
amount is currently at $571,000 at 3% interest. This rate reset will reduce the interest rate to 1.75%
for the remaining $571,000 and will generate an interest savings of $41,606.
The resolution approves and authorizes a form of Loan and Disbursement Agreement by and
between the City of Dubuque and the Iowa Finance Authority, and authorizes and provides for the
reissuance of the $571,000 Water Revenue Capital Loan Notes, Series 2017. A letter from attorney
Kristine Billingsley Cooper detailing information on the loan is enclosed.
Attachments
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Jenny Larson, Budget Director
�€
.�.;..Jf.I
17 SEP —7 AN 10: 0
City C. )f force
[)u1 1. Vic.... Its
September 1, 2017
Mayor Roy Buol
City of Dubuque
50 West 13th Street
Dubuque, IA 52001-4864
Dear Mayor Buol:
SRF
STATE
REVOLVING FUND
The State Revolving Fund for Clean Water and Drinking Water Program (SRF Program) reduced
its interest rate on all new 20 -year SRF loans to 1.75% several years ago. Due to growth in the
program and careful financial management, the SRF Program is able to offer this new interest
rate on all existing SRF Loans that are at least 10 years old.
That means that as of December 1, 2017, the interest rate on the City of Dubuque Water Revenue
Capital Loan Note, D0001R, will be reduced from 3% to 1.75%. Over the remaining term of
your loan, this interest rate reduction will save your community $41,606.
Because an interest rate reduction changes the terms of your original SRF Loan agreement, you
must contact your bond counsel to assist you in amending the documents related to your SRF
Loan. Please work to execute the updated documents as soon as possible. We have enclosed a
new debt service schedule for the remaining term of your SRF Loan for your convenience.
Thank you for realizing the benefit of the SRF Program and for using it to finance your
wastewater or drinking water project. We are committed to providing low-cost funds for drinking
water and wastewater infrastructure projects to the communities of Iowa. We hope you will
consider the SRF Program for all of your future water quality needs.
Sincerely,
David D. mison
Executive Director
Enclosure
CC: Jean Nachtman, Finance Director
INVESTING IN IOWA'S WATER
www.iowasrf.com
Loan ID
Dated Date
Loan Amount
Interest Savings
Date
12/1/2017
6/1/2018
12/1/2018
6/1/2019
12/1/2019
6/1/2020
12/1/2020
6/1/2021
12/1/2021
6/1/2022
12/1/2022
6/1/2023
12/1/2023
6/1/2024
12/1/2024
6/1/2025
12/1/2025
6/1/2026
12/1/2026
6/1/2027
12/1/2027
6/1/2028
Dubuque
*** Effective 12.1.17 ***
D0001R
10/18/2007
$1,037,000.00 (Unused $122,000)
$41,606.25
Current Schedule
Current Interest Servicing
Principal 3.00% Fee
8,565.00
44,000.00 8,565.00 1,427.50
7,905.00
45,000.00 7,905.00 1,317.50
7,230.00
47,000.00 7,230.00 1,205.00
6,525.00
48,000.00 6,525.00 1,087.50
5,805.00
50,000.00 5,805.00 967.50
5,055.00
52,000.00 5,055.00 842.50
4,275.00
53,000.00 4,275.00 712.50
3,480.00
55,000.00 3,480.00 580.00
2,655.00
57,000.00 2,655.00 442.50
1,800.00
59,000.00 1,800.00 300.00
915.00
61,000.00 915.00 152.50
571,000.00 108,420.00 9,035.00
New Debt Schedule
New Interest Servicing
Principal 1.75% Fee
8,565.00
44,000.00 4,996.25 1,427.50
4,611.25
45,000.00 4,611.25 1,317.50
4,217.50
47,000.00 4,217.50 1,205.00
3,806.25
48,000.00 3,806.25 1,087.50
3,386.25
50,000.00 3,386.25 967.50
2,948.75
52,000.00 2,948.75 842.50
2,493.75
53,000.00 2,493.75 712.50
2,030.00
55,000.00 2,030.00 580.00
1,548.75
57,000.00 1,548.75 442.50
1,050.00
59,000.00 1,050.00 300.00
533.75
61,000.00 533.75 152.50 62,220.00
571,000.00 66,813.75 9,035.00 646,848.75
SRF
STATE
REVOLVING FUND
New Annual
Debt Service
58,988.75
55,540.00
56,640.00
56,700.00
57,740.00
58,740.00
58,700.00
59,640.00
60, 540.00
61,400.00
AHLERS COONEY
ATTDRNEY,E
September 19, 2017
VIA ELECTRONIC MAIL
Ms. Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Ahlers & Cooney, P.C.
Attorneys at Law
100 Court Avenue, Suite 600
Des Moines, Iowa 50309-2231
Phone: 515-243-7611
Fax: 515-243-2149
www.ahlerslaw.com
Kristin Billingsley Cooper
515-246-0330
kcooper@ahlerslaw.com
Re: Dubuque, Iowa - $571,000 Water Revenue Capital Loan Notes, Series 2017 (2007
Rate -Reset)
Dear Jenny:
With this letter I am enclosing suggested City Council proceedings to document the
Council's approval of an amendment to the City's Water Revenue DWSRF loan agreement
entered into as of October 18, 2007. Attached to the resolution is the proposed Amendment. The
resolution also approves the form of Supplemental Tax Certificate confirming no changes to the
covenants and representations of the original tax certificate the City approved for the 2007 loan.
Following City Council approval of the resolution, please return all copies of the
Resolution (with attached Amendment) and Supplemental Tax Certificate to us. After the Iowa
Finance Authority has executed the Amendment, we will provide you with a complete transcript
of this action.
Finally, I also am enclosing a Form 8038-G for the amended loan to be filed with the
Internal Revenue Service, reporting the change in the interest rate. Please sign the same and
return it to us. We will complete and file the Forms with the Internal Revenue Service and
provide you with a complete copy once its receipt has been confirmed.
Should you have any questions, please don't hesitate to call me.
Very truly yours,
ittik
tin Billingsley Cooper
F'C�R THE FIRM
September 19, 2017
Page 2
KBC:seb
Enclosures
cc: Alexis Steger, Senior Budget Analyst, City of Dubuque
Jean Nachtman, Finance Director, City of Dubuque
Tami Lansing, Assistant Finance Director, City of Dubuque
Kevin Firnstahl, City Clerk, City of Dubuque
Denise Ihrig, Water Department Manager, City of Dubuque
Tionna Pooler, Independent Public Advisors, LLC
01406236-1\10422-079
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
$571,000 Water Revenue Capital Loan Note, Series 2017 (2007 — Rate Reset)
• Resolution approving and authorizing Amendment to Loan and Disbursement Agreement
by and between the City of Dubuque and the Iowa Finance Authority, and authorizing
and providing for the reissuance of the $571,000 Water Revenue Capital Loan Note,
Series 2017 (2007 — Rate Reset).
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
October 2, 2017
The City Council of the City of Dubuque, State of Iowa, met in regular session, in the
Council Chambers, 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 Connors introduced the following Resolution entitled "A
RESOLUTION APPROVING AND AUTHORIZING AN AMENDMENT TO LOAN AND
DISBURSEMENT AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND
THE IOWA FINANCE AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE
REISSUANCE OF THE $571,000 WATER REVENUE CAPITAL LOAN NOTE, SERIES
2017 (2007 — RATE RESET), OF THE CITY", and moved its adoption. Council Member Lynch
seconded the motion to adopt. The roll was called and the vote was:
AYES: Jones, Resnick, Buol, Rios, Lynch, Del Toro, Connors
NAYS:
Whereupon the Mayor Roy D. Buol declared the following Resolution duly adopted:
2-
RESOLUTION NO: 333-17
A RESOLUTION APPROVING AND AUTHORIZING AN
AMENDMENT TO LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE
AND THE IOWA FINANCE AUTHORITY, AND
AUTHORIZING AND PROVIDING FOR THE REISSUANCE
OF THE $571,000 WATER REVENUE CAPITAL LOAN NOTE,
SERIES 2017 (2007 — RATE RESET), OF THE CITY
WHEREAS, the City of Dubuque (hereinafter the "Issuer") previously issued its Water
Revenue Capital Loan Note, Series 2007, dated October 18, 2007, in the amount of $1,037,000
(hereinafter the "Notes") currently outstanding in the amount of $571,000, pursuant to a Loan
and Disbursement Agreement between Issuer, the Iowa Finance Authority, the Iowa Department
of Natural Resources and Wells Fargo Bank, N.A., dated of like date (the "Agreement"), for the
purpose of defraying the costs of the Project (as defined in the resolution authorizing issuance of
the same (hereinafter the "Resolution")); and
WHEREAS, the Iowa Finance Authority, as Original Purchaser and current holder of the
Notes, has authorized a reduction in the interest rate on the Notes to 1.75%; and
WHEREAS, an Amendment to the Loan and Disbursement Agreement (hereinafter the
"Amendment") has been prepared to reflect said interest rate reduction, a copy of which is
attached hereto as Exhibit A; and
WHEREAS, pursuant to IRS regulations adoption of the Amendment constitutes a
reissuance of the Notes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1.
Section 2.
Section 3.
That the Resolution is hereby amended to reflect the interest rate reduction
to 1.75% per annum on the outstanding principal amount from and after
December 1, 2017 for the remainder of the life of the Notes.
That the Amendment in substantially in the form attached to this
Resolution is hereby authorized to be executed and issued on behalf of the
Issuer by the Mayor and attested by the City Clerk.
That the Supplemental Tax Certificate regarding the uses of proceeds and
the system is hereby approved. The City Clerk is directed to execute the
same.
3
Section 4.
Except as amended herein, all of the other terms and conditions of the
Resolution and Agreement are in all respects ratified, confirmed and
approved and shall remain in full effect.
PASSED AND APPROVED this 2nd day of October, 2917.
ATTEST:
Kev `s ' irnstahl, ` ty Clerk
Roy D. Buol, Mho
4
12L/
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.
WITNESS my hand and the seal of the Council hereto of ed t is 3day of October,
2017.
(SEAL)
Kevi ►'Firnstahll, it Clerk, RC1 T of Dubuque,
State of Iowa
EXHIBIT A
AMENDMENT TO LOAN AND DISBURSEMENT AGREEMENT
The Loan and Disbursement Agreement (Water Revenue) (the "Agreement") entered into
as of October 18, 2007 by and between the City of Dubuque, Iowa (the "City" or "Issuer"), the
Iowa Finance Authority, as lender (the "Lender"), the Iowa Department of Natural Resources and
Wells Fargo Bank, N.A., as trustee (the ATrustee@), relating to a loan from the Lender to the City
in the original amount of $1,037,000, currently outstanding in the aggregate amount of $571,000,
is hereby amended as follows:
1. The applicable interest rate for the Agreement shall be changed to 1.75%, effective
as of December 1, 2017, and the Agreement shall thereafter be payable in accordance with the debt
service schedule attached hereto and incorporated herein by this reference.
2. Except as amended herein, all of the other terms and conditions of the Agreement
are in all respects ratified, confirmed and approved and shall remain in full effect.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the day
of , 2017.
(SEAL)
By:
Attest:
Kev n rir`nstahl, ity Clerk
CITY OF BUQUE, IOWA
4,1
Roy D. , Mayor
IOWA FINANCE AUTHORITY
By:
01406478-1\10422-079
Executive Director
SUPPLEMENTAL TAX CERTIFICATE
OF
DUBUQUE, IOWA
The undersigned officers of the City of Dubuque, Iowa (the "City"), hereby certify as
follows:
1. The Council of the City of Dubuque ("Council"), acting at a meeting duly called
and held on October 2, 2017, has authorized the execution and delivery of an Amendment to the
Loan and Disbursement Agreement originally dated as of October 18, 2007 ("Agreement") by
and between the Council and the Iowa Finance Authority ("Purchaser"), and approved a
resolution ("Supplemental Resolution") amending the resolution approved by the Council on
October 1, 2007 ("Original Bond Resolution"), which Original Bond Resolution authorized the
issuance and delivery of $1,037,000 Water Revenue Capital Loan Note, Series 2007, dated
October 18, 2007, of the City ("Original Notes").
2. The officers whose name, title and signature appear below were, on the date or
dates of the execution of the instruments referred to in paragraph 1 hereof, and are on the date
hereof, the duly elected and qualified incumbents of the offices of the City set opposite their
names and the signatures appearing below are the genuine signatures of said officers.
3. We have reviewed the representations, covenants and warranties contained in the
Tax Exemption Certificate dated October 18, 2007 ("Tax Certificate") executed on behalf of the
City in connection with the issuance of the Original Notes. A true and accurate copy of the Tax
Exemption Certificate is attached hereto as Exhibit A.
4. The description of the Project set forth in Section II of the Tax Certificate
accurately describes the Project as constructed and as it exists and is used as of the date hereof,
and there has been no change in the use of the Project since the Original Note was issued.
5. The construction of the Project has been completed, and all of the proceeds of the
Original Note were expended on the costs of the Project, in the amounts and as described
Sections II and III of the Tax Certificate.
6. Not more than 10% of the proceeds of the Original Notes or the facilities financed
thereby, are to be used (directly or indirectly) or were used in a trade or business carried on by
any person (other than a governmental unit), and not more 10% of the payment of the principal
of or interest on the Original Notes are (directly or indirectly): (i) secured by any interest in
property used or to be used in such trade or business or payments in respect of such property; or
(ii) derived from payments (whether or not to the City) in respect of property or borrowed money
used or to be used in such a trade or business, all within the meaning of Section 141(a) of the
Code.
7. During the term of the Original Notes, and at all times prior to the date hereof, no
private business use will be made or has been made of the Project, and no payments or security
1
will be made or furnished or has been made or furnished that would cause the Original Notes to
be a "private activity bond" within the meaning of Section 141 of the Code and applicable
regulations.
8. The reissuance of the Notes involves outstanding obligations in the amount of
$571,000 which were previously designated by the Issuer as "qualified tax exempt obligations"
as defined in Section 265(b)(3) of the Tax Code. Pursuant to Subsection (D) of that Section, said
amount retains the prior designation.
9. The covenants of the City contained in the Tax Certificate are hereby ratified,
confirmed and approved and shall continue to be binding upon the City as if set forth fully
herein. This certificate is intended and is being delivered in order to meet the requirements of
Section 148 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1-
148(2)(b).
IN WITNESS WHEREOF, the undersigned has hereunto set my hand this day of
, 2017.
By:
01406296-1\10422-079
CITY OF DUBUQUE, IOWA
/("J*kg1
mance Director
2
Form 8038-G Information Return for Tax -Exempt Governmental Obligations
I. Under Internal Revenue Code section 149(e)
► See separate instructions.
Caution: If the issue price is under$100,000, use Form 8038 -GC.
Reporting Authority If Amended Return, check here ► ❑
2 Issuer's employer identification number (EIN)
(Rev. September 2011)
Department of the Treasury
Internal Revenue Service
Part I
OMB No. 1545-0720
1 Issuer's name
City of Dubuque, State of Iowa
3a Name of person (other than issuer) with whom the IRS may communicate about this return (see instructions)
4 Number and street (or P.O. box if mail is not delivered to street address)
50 W. 13th Street
6 City, town, or post office, state, and ZIP code
Dubuque, Iowa 52001
8 Name of issue
$571,000 Water Revenue Capital Loan Notes, Series 2017 (2007 Rate Reset)
10a Name and title of officer or other employee of the issuer whom the IRS may call for more information (see
instructions)
Room/suite
Jean Nachtman, Finance Director
Part II
11
12 Health and hospital
13 Transportation
14 Public safety
15 Environment (including sewage bonds)
16 Housing
17 Utilities Water
18 Other. Describe 110-
19
19 If obligations are TANs or RANs, check only box 19a
If obligations are BANs, check only box 19b
20 If obligations are in the form of a lease or installment sale, check box
42-6004596
3b Telephone number of other person shown on 3a
5 Report number (For IRS Use Only)
I3
7 Date of issue
10/02/2017
9 CUSIP number
None
10b Telephone number of officer or other
employee shown on 10a
Type of Issue (enter the issue price). See the instructions and attach schedule.
Education
563-589-4100
11
12
13
14
15
16
17 $571,000 00
18
Description of Obligations. Complete for the entire issue for which this form is being filed.
(a) Final maturity date (b) Issue price (c) Stated redemption (d) Weighted
price at maturity average maturity
06/01/2028 $ 571,000 $ 571,000
Uses of Proceeds of Bond Issue (including underwriters' discount)
22 Proceeds used for accrued interest
5.829 years
23 Issue price of entire issue (enter amount from line 21, column (b))
24 Proceeds used for bond issuance costs (including underwriters' discount) . 1 24
25 Proceeds used for credit enhancement 1 25
26 Proceeds allocated to reasonably required reserve or replacement fund 1 26
27 Proceeds used to currently refund prior issues 1 27
28 Proceeds used to advance refund prior issues 28
29 Total (add lines 24 through 28)
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) .
-0-
-0-
-0-
$571,000 00
-0-
Part V
Description of Refunded Bonds. Complete this part only for refunding bonds.
31 Enter the remaining weighted average maturity of the bonds to be currently refunded .
32 Enter the remaining weighted average maturity of the bonds to be advance refunded .
33 Enter the last date on which the refunded bonds will be called (MM/DD/YYYY)
34 Enter the date(s) the refunded bonds were issued ► (MM/DD/YYYY)
For Paperwork Reduction Act Notice, see separate instructions.
(e) Yield
1.75000 %
22 -0-
23 $571,000 00
29
. 30
$571,000 00
-0-
. ► 5.8292 vears
• 11,0.0000 vears
IP -10/02/2017
10/18/2007
Form 8038-G
Cat. No. 63773S (Rev. 9-2011)
Form 8038-G (Rev. 9-2011)
Part VI
Miscellaneous
Page 2
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . 35 I -o-
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC) (see instructions) 36a -o-
b Enter the final maturity date of the GIC ►
c Enter the name of the GIC provider►
37 Pooled financings: Enter the amount of the proceeds of. this issue that are to be used to make loans
to other governmental units 37 -o-
38a If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑✓ and ente the following information:
b Enter the date of the master pool obligation I. Unknown
c Enter the EIN of the issuer of the master pool obligation ► 52-1699886
d Enter the name of the issuer of the master pool obligation ► Iowa Finance Authority
39 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box ► ❑✓
40 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box ► ❑
41a If the issuer has identified a hedge, check here ► ❑ and enter the following information:
b Name of hedge provider 0..
c Type of hedge ►
d Term of hedge ►
42 If the issuer has superintegrated the hedge, check box ► ❑
43 If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box ► ❑✓
44 If the issuer has established written procedures to monitor the requirements of section 148, check box ► ❑✓
45a If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount
of reimbursement . . . . . . ►
b Enter the date the official intent was adopted 11 -
Signature Signature
and
Consent
Paid
Preparer
Use Only
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belie are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to
proce - this r urn, to the persgnlhat I have authorized above.
m ,' l
Sigh -at -6 of issuer's author zed representative Date
PrinUTypedpreparer's name
Kristin Billingsley Cooper
Firm's name ► Ahlers & Cooney, P.C.
Firm's address ► 100 Court Avenue, Suite 600, Des Moines, Iowa 50309
Preparer's signature
Jean Nachtman, Finance Director
Type or print name and title
Date Check ❑ if PTIN
self-employed P02001942
Firm's EIN ► 421323559
Phone no. (515) 2434611 •
Form 8038-G (Rev. 9-2011)
HLERS GOONEY
ArTORNE?E;
November 20, 2017
Ms, Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Ablers & Cooney, P.C.
Attorneys at Law
100 Court Avenue, Suite 600
Des Moines, Iowa 50309-2231
Phone: 515-243-7611
Fax: 515-243-2149
www.ahlerslaw.com
Kristin Billingsley Cooper
515-246-0330
kcooperPahlerslaw.com
RE: Dubuque, Iowa Reissuance of Water Revenue Capital Loan Notes, Series 2007
Dear Jenny:
Enclosed for the files of the City, please find the following items:
1. Copy of the Amending Resolution (including Exhibit A — Amendment to Loan and
Disbursement Agreement;
2. Copy of IRS Affidavit of Mailing (including proof of delivery).
This completes this matter for the City; however, if you have any questions relating thereto,
please do not hesitate to contact me.
Very truly yours,
ristin Billingsle Cooper
FOR THE FIRM
KBC:seb CT.)
Enclosures
01406254-1\10422-079
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
$571,000 Water Revenue Capital Loan Note, Series 2017 (2007— Rate Reset)
• Resolution approving and authorizing Amendment to Loan and Disbursement Agreement
by and between the City of Dubuque and the Iowa Finance Authority, and authorizing
and providing for the reissuance of the $571,000 Water Revenue Capital Loan Note,
Series 2017 (2007 — Rate Reset).
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
October 2, 2017
The City Council of the City of Dubuque, State of Iowa, met in regular session, in the
Council Chambers, 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 Connors introduced the following Resolution entitled "A
RESOLUTION APPROVING AND AUTHORIZING AN AMENDMENT TO LOAN AND
DISBURSEMENT AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND
THE IOWA FINANCE AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE
REISSUANCE OF THE $571,000 WATER REVENUE CAPITAL LOAN NOTE, SERIES
2017 (2007 — RATE RESET), OF THE CITY", and moved its adoption. Council Member Lynch
seconded the motion to adopt. The roll was called and the vote was:
AYES: Jones, Resnick, Buol, Rios, Lynch, Del Toro, Connors
NAYS:
Whereupon the Mayor Roy D. Buol declared the following Resolution duly adopted:
2
RESOLUTION NO: 333-17
A RESOLUTION APPROVING AND AUTHORIZING AN
AMENDMENT TO LOAN AND DISBURSEMENT
AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE
AND THE IOWA FINANCE AUT HOORI T Y, AND
AUTHORIZING AND PROVIDING FOR THE REISSUANCE
OF THE $571,000 WATER REVENUE CAPITAL LOAN NOTE,
SERIES 2017 (2007 — RATE RESET), OF THE CITY
WHEREAS, the City of Dubuque (hereinafter the "Issuer") previously issued its Water
Revenue Capital Loan Note, Series 2007, dated October 18, 2007, in the amount of $1,037,000
(hereinafter the "Notes") currently outstanding in the amount of $571,000, pursuant to a Loan
and Disbursement Agreement between Issuer, the Iowa Finance Authority, the Iowa Department
of Natural Resources and Wells Fargo Bank, N.A., dated of like date (the "Agreement"), for the
purpose of defraying the costs of the Project (as defined in the resolution authorizing issuance of
the same (hereinafter the "Resolution")); and
WHEREAS, the Iowa Finance Authority, as Original Purchaser and current holder of the
Notes, has authorized a reduction in the interest rate on the Notes to 1.75%; and
WHEREAS, an Amendment to the Loan and Disbursement Agreement (hereinafter the
"Amendment") has been prepared to reflect said interest rate reduction, a copy of which is
attached hereto as Exhibit A; and
WHEREAS, pursuant to IRS regulations adoption of the Amendment constitutes a
reissuance of the Notes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1.
Section 2.
That the Resolution is hereby amended to reflect the interest rate reduction
to 1.75% per annum on the outstanding principal amount from and after
December 1, 2017 for the remainder of the life of the Notes.
That the Amendment in substantially in the fond attached to this
Resolution is hereby authorized to be executed and issued on behalf of the
Issuer by the Mayor and attested by the City Clerk.
Section 3. That the Supplemental Tax Certificate regarding the uses of proceeds and
the system is hereby approved. The City Clerk is directed to execute the
same.
3
Section 4.
Except as amended herein, all of the other terns and conditions of the
Resolution and Agreement are in all respects ratified, confirmed and
approved and shall remain in full effect.
PASSED AND APPROVED this 2"-d day of October, 2'17.
ATTEST:
Kev-Pimstahl,: ty Clerk
Roy D. Buol, Mho
4
EXHIBIT A
AMENDMENT TO LOAN AND DISBURSEMENT AGREEMENT
The Loan and Disbursement Agreement (Water Revenue) (the "Agreement") entered into
as of October 18, 2007 by and between the City of Dubuque, Iowa (the "City" or "Issuer"), the
Iowa Finance Authority, as lender (the "Lender"), the Iowa Department of Natural Resources and
Wells Fargo Bank, N.A., as trustee (the ATrustee@), relating to a loan from the Lender to the City
in the original amount of $1,037,000, currently outstanding in the aggregate amount of $571,000,
is hereby amended as follows:
1. The applicable interest rate for the Agreement shall be changed to 1.75%, effective
as of December 1, 2017, and the Agreement shall thereafter be payable in accordance with the debt
service schedule attached hereto and incorporated herein by this reference.
2. Except as amended herein, all of the other terms and conditions of the Agreement
are in all respects ratified, confirmed and approved and shall remain in full effect.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the 2, day
of l7ki,2017.
(SEAL)
By:
Attest:
CITY OF BUQUE, IOWA
tO
Roy D. s , Mayor
IOWA FINANCE AUTHORITY
By:
01406478-1\10422-079
xecutive'ctor
Form 8038-G
(Rev. September 2011)
Department of the Treasury
Internal Revenue Service
Part I
Information Return for Tax -Exempt Governmental Obligations
► Under Internal Revenue Code section 149(e)
► See separate instructions.
Caution: If the issue price is under $100,000, use Form 8038 -GC.
Reporting Authority
1 Issuer's name
City of Dubuque, State of Iowa
3a Name of person (other than issuer) with whom the IRS may communicate about this return (see instructions)
4 Number and street (or P.O. box if mail is not delivered to street address) Room/suite
50 W. 13th Street
6 City, town, or post office, state, and ZIP code
Dubuque, Iowa 52001
8 Name of issue
Reissuance of Water Revenue Capital Loan Notes, Series 2007
10a Name and title of officer or other employee of the issuer whom the IRS may call for more information (see
instructions)
Jean Nachtman, Finance Director
Part -11
1
1
OMB No. 1545-0720
If Amended Return, check here ► ❑
2 Issuer's employer identification number (EIN)
42-6004596
3b Telephone number of other person shown on 3a
5 Report number (For IRS Use Only)
151
7 Date of issue
10/02/2017
9 CUSIP number
None
10b Telephone number of officer or other
employee shown on 10a
Type of issue (enter the issue price). See the instructions ailed attach schedule.
Education
563-589-4100
11
12 Health and hospital 12
13 Transportation 13
14 Public safety 14
15 Environment (including sewage bonds) 15
16 Housing 16
17 Utilities Water 17
18 Other. Describe ► 18
19 If obligations are TANs or RANs, check only box 19a ► ❑
If obligations are BANs, check only box 19b ► ❑
20 If obligations are in the form of a lease or installment sale, check box ► ❑
Part III
$571,000 00
Description of Obligations. Complete for the entire issue for which this form is being filed.
(a) Final maturity date (b) Issue price (c) Stated redemption (d) Weighted
price at maturity average maturity
21 06/01/2028 $ 571,000 $ 571,000 5.829 vears
Ligaga Uses of Proceeds of Bond Issue (including underwriters' discount)
22 Proceeds used for accrued interest
23 Issue price of entire issue (enter amount from line 21, column (b))
24 Proceeds used for bond issuance costs (including underwriters' discount) . . 1 24 -0-
25 Proceeds used for credit enhancement 1 25 -0-
26 Proceeds allocated to reasonably required reserve or replacement fund 1 26 -0-
27 Proceeds used to currently refund prior issues 1 27 $571,000 00
28 Proceeds used to advance refund prior issues 1 28 -0- ( .
29 Total (add lines 24 through 28) 29 $571,000 00
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) • 1 30 -0-
Description of Refunded Bonds. Complete this part only for refunding bonds.
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . ► 5.8292 vears
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . ► 0.0000 vears
33 Enter the last date on which the refunded bonds will be called (MM/DD/YYYY) 10-10/02/2017
34 Enter the date(s) the refunded bonds were issued ► (MM/DD/YYYY) 10/18/2007
For Paperwork Reduction Act Notice, see separate instructions: Cat. No. 63773S Form 8038-G (Rev. 9-2011)
(e) Yield
1.75000 %
22 -0-
23 $571,000 00
Part V
Form 8038-G (Rev. 9-2011)
Part VI
Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . 1 35 -0-
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC) (see instructions) 36a -0-
b Enter the final maturity date of the GIC ►
c Enter the name of the GIC provider ►
37 Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans
to other governmental units 37 -0-
38a If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑✓ and enter the following information:
b Enter the date of the master pool obligation ► Unknown
c Enter the EIN. of the issuer of the master pool obligation ► 52-1699886
d Enter the name of the issuer of the master pool obligation ► Iowa Finance Authority
39 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box
40 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box
41a If the issuer has identified a hedge, check here ► ❑ and enter the following information:
b Name of hedge provider ►
c Type of hedge ►
d Term of hedge ►
42 If the issuer has superintegrated the hedge, check box ► 0
43 If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box ►
44 If the issuer has established written procedures to monitor the requirements of section 148, check box ►
45a If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount
Page 2
of reimbursement ►
b Enter the date the official intent was adopted ►
Signature
and
Consent
Paid
Preparer
Use Only
❑✓
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belief, they are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to
process ibis -return, to the pp on that I have authorized above.
1 L 'Y( //. l-1�z 2'07 1/-10 l0 -17
Signa re of issuer's authorized representative Date
Print/Type preparer's name Pr arer's signature
Kristin Billingsley Cooper / +
Firm's name ► Ahlers & Cooney, P.C. i
Firm's address ► 100 Court Avenue, Sfite 600, Des Moines, Iowa 50309
111 Jean Nachtman, Finance Director
Type or print name and title
DateCheck if PTIN
//—/? -17 self-employed P02001942
Firm's EIN ►
Phone no.
42-1323559
(515) 243-7611
Form 8038-G (Rev. 9-2011)
AFFIDAVIT OF MAILING
STATE OF IOWA )
(�
) SS:
COUNTY OF POLK
I, Kristin B. Cooper, do hereby certify that at the request of the City of Dubuque, State of
Iowa, I caused to be mailed a copy of the foregoing Form 8038-G, Information Return for Tax -
Exempt Governmental Obligations, (re: Dubuque, Iowa — Reissuance of Water Revenue Capital
Loan Notes, Series 2007), by mailing via United Parcel Service, properly addressed to:
Department of the Treasury
Internal Revenue Service Center
1973 Rulon White Blvd
Ogden, UT 84201
such mailing being by United Parcel Service, 2"d Day Air®, Tracking Number
1Z5E21760298562379, the date of certification being November 20, 2017, all as shown
by the attached Proof of Delivery.
Dated at Des Moines, Iowa, this 20th day of November, 2017.
istin B. Cooper
Subscribed and sworn to by the aforementioned Kristin 13. Cooper, before me a Notary
Public in and for the State of Iowa, this 20th day of November, 2017.
Notary Public
(SEAL)
01427161-1 \ 10422-079
DEBBI CORNELL
11 Commission Number 173921
Mymii io t /Pins
Tracking: [JPS Page 1 of 1
Proof of Delivery
Dear Customer,
This notice serves as proof of delivery for the shipment listed below.
Tracking Number:
Service:
Shipped/Billed On:
Delivered On:
Delivered To:
Received By:
Left At:
125E21760298562379
UPS 2nd Day Alt
11/16/2017
11/20/2017 20:43 A.M.
OGDEN, 11T, DS
LIZZA
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