Fiscal Year 2010 Bond ProjectsDubuque
THE CITY OF
DUB E ~"~~~~'
1 -
Masterpiece on the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Declaration of Official Intent to Reimburse Expenses Relating to Certain
Fiscal Year 2010 Bond Projects
DATE: September 2, 2009
Budget Director Jennifer Larson recommends City Council approval of a resolution
declaring the City's official intent to reimburse from bond proceeds for prior
expenditures made for the Bee Branch Creek Restoration, Downtown Public Parking
Ramp and Water Vacuum Filter Building Back-up Power Supply capital projects.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Jennifer Larson, Budget Director
THE CITY OF ~ Dubuque
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Masterpiece an the Mississippi ~ F ~:~ ~~
~
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2007
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director~~-~`'
SUBJECT: Declaration of Official Intent to Reimburse Expenses Relating to Certain Fiscal
Year 2010 Bond Projects
DATE: August 17, 2009
INTRODUCTION
The City's Bond Counsel has advised that a resolution needs to be passed declaring the City's
official intent to reimburse from bond proceeds for prior expenditures made for the Bee Branch
Creek Restoration, Downtown Public Parking Ramp and Water Vacuum Filter Building Back-up
Power Supply capital projects.
DISCUSSION
Passage of the Declaration of Official Intent Resolution will allow the City to reimburse itself from
bond proceeds for expenditures incurred prior to the actual sale of the bonds. This is a typical
and customary action to be taken in anticipation of the issuance of general obligation bonds.
The tentative schedule for issuing general obligation bonds for FY 2010 projects is to set a
public hearing at the September 8, 2009 City Council meeting, hold the public hearing at the
September 21, 2009 City Council meeting, and to sell the bonds in October/November 2009.
The Declaration of Official Intent to reimburse from the proceeds of debt is necessary due to the
previous bonds that were issued for the Bee Branch Creek Restoration property acquisitions
have been expended and property continues to be acquired; the Downtown Public Parking
Ramp is currently under design and construction could begin prior to when the bond proceeds
are received for the project; and the Water Vacuum Filter Building Back-Up Power Supply
project is currently underway.
ACTION STEP
respectfully recommend the approval of the Declaration of Official Intent Resolution.
JML
Attachments
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Ken TeKippe, Finance Director
Council Member Kevin Lynch introduced the following Resolution
entitled "RESOLUTION DECLARING AN OFFICIAL INTENT UNDER TREASURY
REGULATION 1.150-2 TO ISSUE DEBT TO REIMBURSE THE CITY FOR CERTAIN
ORIGINAL EXPENDITURES PAID IN CONNECTION WITH SPECIFIED PROJECTS"
and moved that it be adopted. Council Member xic Jones seconded the
motion to adopt, and the roll being called thereon, the vote was as follows:
AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg
NAYS: None
Whereupon, the Mayor declared said Resolution duly adopted as follows:
RESOLUTION NO. 314-09
RESOLUTION DECLARING AN OFFICIAL INTENT UNDER
TREASURY REGULATION 1.150-2 TO ISSUE DEBT TO
REIMBURSE THE CITY FOR CERTAIN ORIGINAL EXPENDITURES
PAID IN CONNECTION WITH SPECIFIED PROJECTS
WHEREAS, the City of Dubuque, Iowa ("City") anticipates making cash
expenditures for one or more of the approved capital improvement projects, generally
described on Exhibit A attached hereto and made a part hereof (which shall hereinafter
be referred to as the "Reimbursement Projects"); and
WHEREAS, the City reasonably expects to issue debt to reimburse the costs of
the Reimbursement Projects; and
WHEREAS, the Council believes it is consistent with the City's budgetary and
financial circumstances to issue this declaration of official intent.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA, AS FOLLOWS:
Section 1. This Resolution shall serve as a declaration of official intent under
Treasury Regulation 1.150-2.
Section 2. It is reasonably expected that capital expenditures will be made in
respect of the Reimbursement Projects, from time to time and in such amounts as this
Council determines to be necessary or desirable under the circumstances then and
there existing, and this Council reasonably expects to reimburse all or a portion of such
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expenditures with the proceeds of bonds, notes or other indebtedness to be issued or
incurred by the City in the future.
Section 3. The maximum principal amount of the bonds, notes or other
indebtedness to be issued for the Reimbursement Projects, and the name of the fund or
account from which the original expenditures will be paid are reasonably expected to be
as set forth on Exhibit A attached and made a part hereof.
Section 4. The City reasonably expects to reimburse the Reimbursement Project
costs not later than the later of eighteen months after the capital expenditures are paid
or eighteen months after the applicable property is placed in service.
Section 5. This Resolution shall be maintained by the City Clerk and available at
all times for public inspection, subject to such revisions as may be necessary.
PASSED AND APPROVED this 8t"day of Se `tember, 2009.
,~
Roy D. B ol, Mayor
ATTEST:
A
i
eanne F. Schneider, CMC
City Clerk
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.~
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Dubuque, Iowa.
Date of Meeting: ~ , 2009.
Time of Meeting: o'clock _.M.
Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque,
Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
• Resolution declaring an official intent under Treasury Regulation 1.150-2
to issue debt to reimburse the City for certain original expenditures paid in
connection with specified Projects.
Such additional matters as are set forth on the additional 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.
City Clerk, Dubuque, Iowa
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2009
The City Council of Dubuque, Iowa, met in
Federal Building, 350 West 6th Street, Dubuque, Iowa, at
above date. There were present Mayor
the following named Council Members:
session, in the Historic
_ o'clock .M., on the
in the chair, and
Absent:
***~***
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CIG-3
9/91
CERTIFICATE
STATE OF IOWA }
SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
day of , 2009.
City Clerk, Dubuque, Iowa
SEAL
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. ~
EXHIBIT A
Name of
Reimbursement
Project
Bee Branch Creek
Restoration Project
Downtown Public Parking
Ramp - 5th & Bluff
Water Vacuum Filter
Building Back-up Power
Supply
Name of fund or
Anticipated account from which
amount of bonds original expenditures
to be issued for relating to the
the project project will be paid
$4,267,235* Stormwater Fund
$11,169,003 Greater Downtown
Urban Renewal TIF Fund
$28,000 Water Revenue Fund
* Includes both bonds and SRF loan.
DCORNELL 627220.1 /MSWord\10422.092
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