General Obligation Refunding Bonds $9.5mTO: 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
$9,500,000 General Obligation Refunding Bonds
DATE: September 15, 2009
Finance Director Ken TeKippe is recommending adoption of a "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $9,500,000
General Obligation Refunding Bonds."
The proceeds of the Refunding Bonds will be used to provide funds to pay costs of
refunding and refinancing of certain City indebtedness, including General Obligation
Bonds, Series 2001, dated December 15, 2001, and the General Obligation Bonds,
Series 2002, dated December 15, 2001 (America's River Project Bond issue). The
refunding is estimated to save the City $60,000 interest annually.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
Dubuque
A~-AmericaC~y
2007
,...--
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$9,500,000 General Obligation Refunding Bonds
DATE: September 14, 2009
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of General Obligation Refunding Bonds to refund the
outstanding balance on the 2001 and 2002 General Obligation Bonds as prepared by
our Bond Counsel and to present a resolution for City Council to adopt entitled
"Resolution Instituting Proceedings to Take Additional Action for the Issuance of Not to
Exceed $9,500,000 General Obligation Refunding Bonds." The proceeds of the
Refunding Bonds will be used to provide funds to pay costs of refunding and refinancing
of certain City indebtedness, including the General Obligation Bonds, Series 2001,
dated December 15, 2001, and the General Obligation Bonds, Series 2002, dated
December 15, 2001 (America's River Project Bond Issue). The refunding is estimated
to save the City $60,000 of interest expense annually. A letter from attorney William
Noth detailing information on the bond hearing is enclosed.
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 Bonds to be closed. Immediately
following, a resolution is to be introduced and adopted entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $9,500,000
General Obligation Refunding Bonds."
In the event the Council decides to abandon the proposal to issue said Bonds, then the
form of resolution included in said proceedings should not be adopted. In this event, a
motion needs to be adopted to the effect that such Bond proposal is abandoned.
Section 384.25 of the Code of Iowa provides that any resident or property owner of the
City may appeal the decision to take additional action to issue the Bonds, to the District
Court of a county in which any part of the City is located, within 15 days after such
additional action is taken, but that the additional action is final and conclusive unless the
court finds that the Council exceeded its authority.
The action step for City Council is to hold the public hearing and approve the resolution
instituting proceedings to take additional action.
KT/jg
Enclosures
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Jeanne Schneider, City Clerk
AHL~RS ~.;000NEY, 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 ~
WILLIAM J. NOTH Direct Dial:
WNOTH@AHLERSLAW.COM (515)246-0332
September 10, 2009
BY FEDERAL EXPRESS
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: Not to exceed $9,500,000 General Obligation Refunding Bonds
Dear Mr. TeKippe:
With this letter I am enclosing suggested proceedings to be acted upon by the
Council on the date fixed for the hearing on the issuance of the above mentioned Bonds,
pursuant to the provisions of Code Section 384.25.
The proceedings have been prepared on the basis that no objections will be filed
with the City Clerk. If there are objections, please summarize theirs in the space
provided. The Mayor will then declare the hearing on the issuance of said Bonds to be
closed. Iininediately following, a resolution is to be introduced and adopted entitled
"Resohztion Instituting Proceedings to Take Additional Action for the Issuance of not to
exceed $9,500,000 General Obligation Refunding Bonds".
In the event the Council decides to abandon the proposal to issue said Bonds, 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 Bond
proposal is abandoned.
September 10, 2009
Page 2
Section 384.25 of the Code of Iowa provides that any resident or property owner
of the City inay appeal the decision to take additional action to issue the Bonds, to the
District Court of a county in which any part of the City is located, within 15 days after
such additional action is taken, but that the additional action is final and conclusive
unless the court finds that the Council exceeded its authority.
In the event an appeal is filed by any resident or property owner, please see that
we are notified iininediately; and, as soon as available, a copy of the notice of appeal
should be furnished our office for review.
An extra copy of the proceedings is enclosed to be filled in as the original and
certified back to us for our transcript of the action taken.
If any questions arise, please keep me advised.
Yours very truly,
William J. Noth
WJN:dc
encl.
cc: Jenny Larson (w/encl.)
Barry Lindahl (w/encl.)
DCORNELU 630239. l /MSWord\] 0422.092
~~~~~AL
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City 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 the
meeting is as follows:
Not to exceed $9,500,000 General Obligation Refunding Bonds
Public hearing on the issuance.
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 the governmental body.
City Clerk, City of Dubuque, Iowa
2009
The City Council of the City of Dubuque, Iowa, met in session,
in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at
o'clock .M., on the above date. There were present Mayor , in
the chair, and the following named Council Members:
Absent:
*******
-1-
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not to exceed $9,500,000 General Obligation
Refunding Bonds, in order to provide funds to pay costs of refunding and refinancing of
certain City indebtedness, including the General Obligation Bonds, Series 2001, dated
December 15, 2001, and the General Obligation Bonds, Series 2002, dated December 15,
2001, an essential corporate purpose, and that notice of the proposed action by the
Council to institute proceedings for the issuance of the Bonds, had been published
pursuant to the provisions of Section 384.25 of the City Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of the Bonds. The Clerk advised the
Mayor and the Council that written objections had been filed. The Mayor then
called for oral objections to the issuance of the Bonds 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)
-2-
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Lynch introduced and delivered to the Clerk the
Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS
TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED
$9,500,000 GENERAL OBLIGATION REFUNDING BONDS", and moved:
XX that the Resolution be adopted.
^ to ADJOURN and defer action on the Resolution and the proposal
to institute proceedings for the issuance of Bonds to the meeting
to be held at o'clock .M., on the
day of , 2009, at this place.
Council Member Braig seconded the motion. The roll was called and the vote
was,
AYES: Braig, Connors, Jones, Lynch, Resnick, Voetberg
NAYS: None
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION NO. 366-09
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $9,500,000 GENERAL OBLIGATION
REFUNDING BONDS
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
issuance of not to exceed $9,500,000 General Obligation Refunding Bonds, for the
essential corporate purpose of paying costs of refunding and refinancing of certain City
indebtedness, including the General Obligation Bonds, Series 2001, dated December
15, 2001, and the General Obligation Bonds, Series 2002, dated December 15, 2001,
and has considered the extent of objections received from residents or property owners
as to the proposed issuance of Bonds; 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:
-3®
Section 1. That this Council does hereby institute proceedings and take
additional action for the sale and issuance in the manner required by law of not to
exceed $9,500,000 General Obligation Refunding Bonds for the foregoing essential
corporate purpose.
PASSED AND APPROVED this 21St day of September, 2009.
Attest:
_~ .%
eanne F. Schneider, CMC
City Clerk
~~~
Jq`y e ~ .Connors, Mayor Pro-Tem
V
-4-
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 corporate records of
the City showing proceedings of the City 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 (a copy of the face sheet of the agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter Z 1, 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 City hereto affixed this day of
2009.
City Clerk, City of Dubuque, State of Iowa
(SEAL)
DCORNELll 629924.1 /MSWord\10422.092