Storm Water Utility Revenue Captal Loan Notes $1mTHE CITY OF Dubuque
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Masterpiece an the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
. $1,000,000 Storm Water Utility Revenue Capital Loan Notes (State of
Iowa Revolving Fund Loan)
DATE: September 2, 2009
Finance Director Ken TeKippe recommends City Council approval of the suggested
proceedings for the public hearing on the issuance of not to exceed $1,000,000 Storm
Water Revenue Capital Loan Notes through the Iowa Water Pollution Control Works
Financing Program. The hearing called by the enclosed proceedings will permit the City
to take advantage of the 3% fixed interest for 20 years with a .25% annual
administrative fee associated with the borrowing. There is a one-time 1 % loan
origination fee for the borrowing.
The loan funds will be used to pay the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Storm Water
Management Utility System, including those costs associated with the North Fork
Catfish Creek Storm Sewer Improvements.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
M chael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF (~ Dubuque
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Masterpiece on the Mississippi
2007
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J TeKippe, Finance Director
SUBJECT: Proceedings for Public Hearing on the Issuance of not to exceed
$1,000,000 Storm Water Utility Revenue Capital Loan Notes (State of
Iowa Revolving Fund Loan)
DATE: August 24, 2009
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of not to exceed $1,000,000 Storm Water Revenue Capital
Loan Notes through the Iowa Water Pollution Control Works Financing Program. The
hearing called by the enclosed proceedings will permit the City to take advantage of the
3% fixed interest rate for 20 years with a .25% annual administrative fee associated with
the borrowing. There is a one-time 1 % loan origination fee for the borrowing.
The loan funds will be used to pay the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Storm Water
Management Utility System, including those costs associated with the North Fork
Catfish Creek Storm Sewer Improvements.
The proceedings have been prepared on the basis that no objections will be filed with
the City Clerk. If there are objections, we will need to summarize them. The Mayor will
then declare the hearing on the issuance of said Notes to be closed. Immediately
following, a resolution is to be introduced and adopted entitled "Resolution Instituting
Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement
Agreement and the Issuance of $1,000,000 Storm Water Utility Revenue Capital Loan
Notes."
The action step for City Council is to hold the public hearing and approve the resolution.
A letter from attorney William Noth detailing information on the bond hearing is
enclosed.
KJT/jmg
Enclosures
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Jeanne Schneider, City Clerk
Gus Psihoyos, City Engineer
Deron Muehring, Civil Engineer II
AHL.~RS ~GOON~Y, P.G.
ATTORNEYS AT LAW
100 COURT AVENUE • SUITE 600
DES MOINES, IOWA 50309-2231
PHONE 515-243-7611
FAX: 515-243-2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
WNOTH@AHLERSLAW.COM
July 24, 2009
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
Direct Dial:
(515)246-0332
RE: Not to exceed $1,000,000 Storm Water Utility Revenue Capital Loan Notes
(State of Iowa Revolving Fund Loan)
Dear Mr. TeKippe:
With this letter I am enclosing suggested Council proceedings for the date of the
public hearing on the proposal to issue the above Notes. The proceedings have been
prepared to show as a first step the receipt of any oral or written objections from any
resident or property owner to the proposed action of the Council to authorize the form of
Loan and Disbursement Agreement and issue the Notes to the Iowa Finance Authority.
A summary of objections received or made, if any, should be attached to the proceedings.
After all objections have been received and considered if the Council decides to enter into
the Agreement and issue the Notes, a form of resolution follows that should be
introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional
Action."
In the event the Council decides to abandon the proposal, then the form of
resolution included in said proceedings should not be adopted. We would suggest that, in
this event, a motion merely be adopted to the effect that such proposal is abandoned.
July 24, 2009
Page 2
An extra copy of the proceedings is enclosed to be completed as the original and
certified back to our office.
Should you have any questions concerning the enclosed proceedings or the SRF
Program, please don't hesitate to contact me.
Yours very truly,
William J. Noth
WJN:dc
encl.
cc: Barry Lindahl (w/encl.)
DCORNELL/ 624081.1 /MSWord\10422.093
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Kevin Lynch introduced and delivered to the Clerk
the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING
PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $1,000,000 STORM WATER UTILITY REVENUE CAPITAL LOAN NOTES",
and moved:
fiX that the Resolution be adopted.
to ADJOURN and defer action on the Resolution and
the proposal to institute proceedings to the meeting
to be held at o'clock .M. on the
day of , 2009, at this place.
Council Member Karla Braig seconded the motion. The roll was called and the
vote was,
AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg
NAYS: None
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION NO. 334-09
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL
ACTION FOR THE AUTHORIZATION OF A LOAN AND
DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $1,000,000 STORM WATER UTILITY REVENUE CAPITAL
LOAN NOTES
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WHEREAS, pursuant to notice published as required by law, this Council has
held a public meeting and hearing upon the proposal to institute proceedings for the
authorization of a Loan and Disbursement Agreement by and between the City and the
Iowa Finance Authority and the issuance to the Iowa Finance Authority of not to exceed
$1,000,000 Storm Water Utility Revenue Capital Loan Notes to evidence the obligations
of the City under said Loan and Disbursement Agreement, for the purpose of paying
costs of acquisition, construction, reconstruction, extending, remodeling, improving,
repairing and equipping all or part of the Storm Water Management Utility System,
including those costs associated with the North Fork Catfish Creek Storm Sewer
Improvements, and has considered the extent of objections received from residents or
property owners as to said proposal and, accordingly the following action is now
considered to be in the best interests of the City and residents thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and takes
additional action for the authorization of a Loan and Disbursement Agreement by and
between the City and the Iowa Finance Authority and the issuance to the Iowa Finance
Authority in the manner required by law of not to exceed $1,000,000 Storm Water Utility
Revenue Capital Loan Notes for the foregoing purpose.
Section 2. That the City Clerk, with the assistance of the City Attorney and
bond counsel, is hereby authorized and directed to proceed with the preparation of such
documents and proceedings as shall be necessary to authorize the City's participation
in the SRF Loan Program, to select a suitable date for final Council authorization of the
required Loan and Disbursement Agreement and issuance of the Notes to evidence the
City's obligations thereunder, and to take such other actions as the Clerk shall deem
necessary to permit the completion of a loan on a basis favorable to the City and
acceptable to this Council.
Section 3. That this Resolution be and does hereby serve as a declaration of
official intent under Treasury Regulation 1.1502, because the City reasonably expects
to reimburse with the proceeds of the Notes, all or a portion of original expenditures
incurred in connection with the above purposes.
®5-
PASSED AND APPROVED this 8t" day of September, 2009.
F
f`~> ,
l~ . -r
Mayor
ATTEST:
l ~ ~~~ - .
City Clerk
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(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.
2009.
o'clock .M.
Historic Federal Building, 350 West 6th Street, Dubuque,
Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
Not to exceed $1,000,000 Storm Water Utility Revenue Capital Loan Notes
- Public hearing on the authorization of a Loan and Disbursement Agreement
and the issuance of Notes to evidence the obligation of the City thereunder. .
- Resolution instituting proceedings to take additional action.
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
the above date. There were present Mayor
and the following named Council Members:
session, in the Historic
_ o'clock .M., on
in the chair,
Absent:
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The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the authorization of a Loan and Disbursement Agreement by
and between the City and the Iowa Finance Authority and the issuance to the Iowa
Finance Authority of not to exceed $1,000,000 Storm Water Utility Revenue.Capital
Loan Notes to evidence the obligations of the City under said Loan and Disbursement
Agreement, in order to provide funds to pay costs of acquisition, construction,
reconstruction, extending, remodeling, improving, repairing and equipping all or part of
the Storm Water Management Utility System, including those costs associated with the
North Fork Catfish Creek Storm Sewer Improvements, and that notice of the proposed
action by the Council to institute proceedings for the authorization of the Loan and
Disbursement Agreement and the issuance of the Notes had been published pursuant to
the provisions of Sections 384.24A and 384.84A of the City Code of Iowa, as amended.
The Mayor then asked the City Clerk whether any written objections had been
filed by any City resident or property owner to the proposal. The City Clerk advised the
Mayor and the Council that written objections had been filed. The Mayor
then called for oral objections to the proposal and ~ were made. Whereupon,
the Mayor declared the time for receiving oral and written objections to be closed.
(Attach here a summary of objections
received or made, if any)
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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
DCORTIELU624077.1 /MSWord~10422.093
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