Bond Sale $3,105,000MEMORANDUM
October 31, 2002
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Bond Sale to Support Water Proiects and Bond Redemptions
The sale of General Obligation Bonds to support water projects and bond redemptions
will be held Monday, November 4, 2002, at 11:00 a.m. The results will be brought to the
November 4 City Council meeting.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of Dubuque, Iowa.
November 4, ., 2002.
6:30 o'clock P'.M.
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
$3,105,000 General Obligation Bonds, Series 2002C
Resolution directing sale.
Such additional matters as are set forth on the additional 6 (number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local roles of said governmental body.
page(s) attached hereto.
Jeanne F. Schneider,
City Clerk, Dubuque, Iowa
~ove~ber 4 ,2002
The Finance Director of Dubuque, Iowa, met in conference Room C ,
City Hall, Dubuque, Iowa, at 11:00 o'clock A..M., on the above date, to open sealed
bids received, 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 o'clock P..M. on the above date.
The following persons were present:
Kenneth TeKippe, Finance Director, City of Dubuque, Iowa
Pauline Joyce, Administrative Services Manager, City of Dubuque
David Dirks, Evenson Dodge
Karen Chesterman, Deputy City Clerk, City of Dubuque
1
This being the time and place for the opening of bids for the sale of $3,105,000
General Obligation Bonds, Series 2002C, the meeting was opened for the receipt of bids
for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
U S BANCORP PIPER JAIrItF, A.Y OF 14llqI~lPOLIS 141{'
ROBERT W. BAIRD & CO. OF MILW'AUltKE, WI
GRIFFIN, KUBIK, STEPHENS & THOMPSON OF CHICAGO, IL
SALOMON SMITH BA1LNEY OF CHICAGO, IL
WILLIAM R. HOUGH OF ST..PETERSBURG, FL
COMMERCE BANK OF KANSAS CITY, HO
WACHOVIA BANK, N.A. CHARLOTTE, NC
Whereupon the Finance Director declared the time for filing of sealed bids to be
closed.
Whereupon, the Finance Director declared the sealed bids be opened. The sealed
bids were opened and the best sealed bid was as follows:
Name & Address of Bidder: us BANCORP PIPER J/~'~'F~¥ OF HINNEAPOLIS [.ffi
Net Interest Rate: 3.8187
Net Interest Cost: $779,31o. 16
Whereupon, all bids were referred to the Council for action in accordance with the
Notice of Sale.
2
November 4
,2002
The City Council of Dubuque, Iowa, met in aegu~ar
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
on the above date. There were present Mayor Duggan
chair, and the following named Council Members:
John Harkham
Daniel Nicholson
Ann Michalski
Roy Buol
Patricia Cline
Joyce Connors
session, in the
6: 30 o'clock P.M.,
, in the
Absent:
None
3
Council Member Buol introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $3,105,000 GENERAL
OBLIGATION BONDS, SERIES 2002C" and moved its adoption. Council Member
Markham seconded the motion to adopt. The roll was called and
the vote was,
AYES:
Markham, Michalski, Nicholson
Buol, Cline, Connors, Duggan
NAYS:
None
Whereupon, the Mayor declared the following Resolution duly adOpted:
RESOLuTiON NO. 597-02
RESOLUTION DIRECTING SALE OF $3,105,000
GENERAL OBLIGATION BONDS, SERIES 2002C
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
$3,105,000 GENERAL OBLIGATION BONDS, SERIES 2002C:
Bidder: us Bancorp Piper Jaffray
of Minneapolis
the terms of said bid being:
Purchase Price: $ 3,103,851.15
Net Interest Rate: 3.8187
Net Interest Cost $
779,310,16
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, 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, said bonds are hereby awarded based on
said bid.
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Section 2. That the statement of information for bond bidders and the form of
contract for the sale of said 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 said bonds are hereby
ratified and approved.
PASSED AND APPROVED, this 4th day of November, 2002.
Terrance M. Duggan, Mayor
ATTEST:
Karen M. Chesterman
Deputy City Clerk
,2002.
CIG-3
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CERTIFICATE
STATE OF IOWA
COUNTY OF DUBUQUE
)
) SS
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a tree and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WlTNESS my hand and the seal of said Municipality hereto affixed this 5th
day of November, 2002.
Jeanne F. Schneider
City Clerk, Dubuque,Iowa
SEAL
SEAL
DCOR/qELLX341833\I\11M22060
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of Dubuque, Iowa.
November 4 ,2002.
6:30 o'clock P.M.
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
Resolution authorizing the redemption of outstanding General Obligation
Bonds, Series 1994, dated May 1, 1994, and directing Notice of
Redemption to be given
Such additional matters as are set forth on the additional 6 page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
Jeanne F. Schneider, City Clerk
Dubuque, Iowa '
November 4 2002
The City Council of Dubuque, Iowa, met in Regular
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
6:30 P.M.
on the above date. There were present Mayor Duggan
and the following named Council Members:
John Markham
Ann Michalski
Daniel Nicholson
Roy Buol
Patricia Cline
Joyce Connors
session, in the
6: 30 o'clock P.M.,
, in the Chair,
None
Absent:
-1-
Council Member Buol introduced the following Resolution
entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION BONDS, SERIES 1994, OF TI~ CITY OF DUBUQUE,
IOWA, DATED MAY 1, 1994, AND DIRECTING NOTICE OF REDEMPTION TO BE
GIVEN," and moved its adoption. Council Member Markham seconded
the motion to adopt. The roll was called and the vote was,
AYES: Markham, Michalski, Nicholson,
Buol, Cline, Connors Duggan
NAYS: None
Whereupon, the Mayor declared the msoluti0n duly adopted as follows:
RESOLUTION NO. 598-02
RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION BONDS, SERIES 1994, OF THE CITY OF
DUBUQUE, IOWA, DATED MAY 1, 1994, AND DIRECTING NOTICE OF
REDEMPTION TO BE GIVEN
WHEREAS, the City has heretofore, by Resolution No. 135-94, approved on April
18, 1994, authorized the issuance of $3,100,000 General Obligation Bonds, Series 1994,
dated May 1, 1994 (the "Bonds"); and
.WHEREAS, principal of the Bonds maturing after May 1, 2001 may be called for
redemption and paid before maturity on said date or any date thereafter, from any funds
regardless of source, in whole or from time to time in part, upon giving notice in the
manner provided in the foregoing Resolution authorizing the issuance of the Bonds; and
WHEREAS, it is deemed necessary and advisable that the Bonds be so redeemed
and notice of redemption be given.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
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Section 1. That the outstanding General Obligation Bonds, Series 1994, dated
May 1, 1994, in the principal mount of $595,000, be and the same are hereby redeemed
as of January 1, 2003.
Section 2. The Registrar and Paying Agent for the Bonds, Wells Fargo Bank
Iowa, National Association, is hereby authorized and directed to cause notice of such
redemption to be given not less than thirty (30) days prior to the redemption date by
registered mail to the registered owners of the Bonds.
Section 3. The Finance Director is hereby authorized and directed to cause to be
· deposited with the Registrar and Paying Agent, from the proceeds of the General
Obligation Bonds, Series 2002C, dated December 1, 2002, a sum sufficient to pay all
principal and interest on the redeemed Bonds to the date of redemption.
Section 4. That the form of such notice be substantially as follows:
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NOTICE OF TI~E 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, Iowa
Original Issue Amonnt: $3,100,000
Bond Issue: General Obligation Bonds, Series 1994
Dated Date: May l, 1994
Redemption Date: January 1, 2003
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Principal Interest Maturity
Numbers* Amount Rate Date
263867 MT7 $315,000 5.125%
263867 MU4 280,000 5.125
May 1, 2003
May 1, 2004
* 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 the Registrar, Wells Fargo Bank Iowa,
National Association, 666 Walnut Street, Des Moines, Iowa 50309, telephone (515(245:
8504). This represents a full call of the outstanding obligations. All interest on the Bonds
being so redeemed will cease to accrue on the Redemption Date.
Wells Fargo Bank Iowa, National Association,
Registrar '
(End of Notice)
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2002.
ATTEST:
PASSED AND APPROVED this
4th day of November, 2002.
Terrance M. Duggan, Mayor
Karen M. Chesterman
Deputy City Clerk
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CIG-3
9/91
CERTIFICATE
STATE OF IOWA
COUNTY OF DUBUQUE
)
) ss
)
I, the undersigned City Clerk of Dubuque, iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a tree and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said law
and with members of the public present in attendance; I further certify that the individuals
named therein were on the date thereof duly and lawfully possessed of their respective
city offices as indicated therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City or the right
of the individuals named therein as officers to their respective positions.
WITleSS my l~nd and the seal of said Municipality hereto affixed this 5th
day of November, 2002.
Jeanne F. Schneicer
City Clerk, Dubuque, Iowa
SEAL
DCORaNEE~k340863\ 1\10422038
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