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General Obligation Urban Renewal Bonds Series 200B_$11,175,000THE CITY OF Dub~uqu~e pN-Amiii~ii~ DUB E 1 Masterpiece on the Mississippi 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Procedure to Complete Action on Issuance of $11,175,000 General Obligation Urban Renewal Bonds for Construction of a Parking Ramp and Public Infrastructure Improvements within Dubuque Industrial Center West, Series 20096 (Taxable Build America Bonds) DATE: October 12, 2009 Finance Director Ken TeKippe recommends City Council approval of the suggested proceedings to complete action on the issuance of $11,175,000 General Obligation Urban Renewal Bonds for construction of a parking ramp and public infrastructure improvements within Dubuque Industrial Center West, Series 20098 (Taxable Build America Bonds). The proceeds of the Bonds will be used to pay costs of certain urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plans for the Greater Downtown Urban Renewal District and the Dubuque Industrial Center West Economic Development District, including those costs associated with the construction of a multi-story public parking ramp located at 5th and Bluff Streets, and the construction of street, sewer, sidewalk, trail and other public infrastructure improvements within Dubuque Industrial Center West. Although we are selling General Obligation Bonds to support the projects, repayment of the debt will be from parking revenue and tax increment revenues of the Greater Downtown Urban Renewal District and Dubuque Industrial Center West District. I concur with the recommendation and respectfully request Mayor and City Council approval. :~v-- Mi ael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Ken TeKippe, Finance Director THE CITY OF ~~ Dubuque ..-- ~I-AmericaCi~ D~,JB E i Masterpiece on the Mississippi zoa~ TO: Michael C. Van Milligen, City Manager FROM: Ken TeKippe, Finance Director ~ ~~ ~~ SUBJECT: Procedure to Complete Action of Issuance of $11,175,000 General Obligation Urban Renewal Bonds for Construction of a Parking Ramp and Public Infrastructure Improvements within Dubuque Industrial Center West, Series 2009B (Taxable Build America Bonds) DATE: October 12, 2009 The purpose of this memorandum is to provide suggested proceedings to complete the action required on the recent bond issue. The proceeds of the Bonds will be used to pay costs of certain urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plans for the Greater Downtown Urban Renewal District and the Dubuque Industrial Center West Economic Development District, including those costs associated with the construction of a multi-story public parking ramp located at 5th and Bluff Streets, and the construction of street, sewer, sidewalk, trail and other public infrastructure improvements within Dubuque Industrial Center West. Although we are selling General Obligation Bonds to support the projects, repayment of the debt will be from parking revenue and tax increment revenues of the Greater Downtown Urban Renewal District and Dubuque Industrial Center West District. The first resolution appoints Wells Fargo Bank, National Association of Des Moines, Iowa to serve as paying agent, bond registrar, and transfer agent, approving the paying agent and bond registrar and transfer agent agreement and authorizing the execution of the agreement. The second resolution authorizes the issuance of the bonds. The resolution also incorporates by reference the form of the Tax Certificate and Continuing Disclosure Certificate. A letter from attorney William Noth detailing information on the bond is enclosed. In addition, a letter on capital expenditure requirements for Build America Bonds is enclosed. This is the final City Council action required on the bond issue. KT/jg Enclosures (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: October 19, 2009. Time of Meeting: 6:30 o'clock P.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: $11,175,000 General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds) ® Resolution Appointing Paying Agent, Bond Registrar, and Transfer Agent, Approving the Paying Agent and Bond Registrar and Transfer Agent Agreement and Authorizing the Execution of the Agreement. Such additional matters as are set forth on the additional 9 page(s) attached hereto. 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. -c/ ity Clerk, Dubuque, Iowa -1- ®ctober 20, 2009 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol, in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David Resnick, Dirk Voetberg Absent: None -2- Council Member Lynch introduced the following resolution entitled "RESOLUTION APPOINTING WELLS FARGO BANK, NATIONAL ASSOCIATION OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, BOND REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND BOND REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT", and moved that the resolution be adopted. Council Member Voetberg seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 411-09 RESOLUTION APPOINTING WELLS FARGO BANK, NATIONAL ASSOCIATION OF DES MOINES, IOWA, TO SERVE AS PAYING AGENT, BOND REGISTRAR, AND TRANSFER AGENT, APPROVING THE PAYING AGENT AND BOND REGISTRAR AND TRANSFER AGENT AGREEMENT AND AUTHORIZING THE EXECUTION OF THE AGREEMENT WHEREAS, pursuant to the provisions of Chapter 75 of the Code of Iowa, $11,175,000 General Obligation Urban Renewal Bonds, Series 20096 (Taxable Build America Bonds), dated the date of delivery, have been sold at public sale and action should now be taken to provide for the maintenance of records, registration of certificates and payment of principal and interest in connection with the issuance of the Bonds; and WHEREAS, this Council has deemed that the services offered by Wells Fargo Bank, National Association of Des Moines, Iowa, are necessary for compliance with rules, regulations, and requirements governing the registration, transfer and payment of registered Bonds; and WHEREAS, a Paying Agent, Bond Registrar and Transfer Agent Agreement (hereafter "Agreement") has been prepared to be entered into between the City and Wells Fargo Bank, National Association. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF DUBUQUE, IOWA: -3- NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF DUBUQUE, IOWA: Section 1. That Wells Fargo Bank, National Association of Des Moines, Iowa, is hereby appointed to serve as Paying Agent, Bond Registrar and Transfer Agent in connection with the issuance of $11,175,000 General Obligation Urban Renewal Bonds, Series 20096 (Taxable Build America Bonds), dated the date of delivery. Section 2. That the Agreement with Wells Fargo Bank, National Association of Des Moines, Iowa, is hereby approved and that the Mayor and Clerk are authorized to sign the Agreement on behalf of the City. PASSED AND APPROVED this 19th day of October, 2009. ~. Mayor ATTEST: ity Clerk V ®4® CI®3 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 20t" day of October, 2009. ity Clerk, Dubuque, Iowa SEAL DCORNELL/ 633500.1 /MSWord\10422.092 _5_ (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of the City of Dubuque, State of Iowa. Date of Meeting: October 19, 2009. Time of Meeting: 6:30 o'clock P.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: $11,175,000 General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds). Approval of Tax Certificate. Approval of Continuing Disclosure Certificate. Resolution authorizing the issuance. Such additional matters as are set forth on the additional 9 page(s) attached hereto. 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 ®ctober 20, 2009 The City Council of the City of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol, in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David Resnick, Dirk Voetberg Absent: None ~',: ~ ~ * k ®1- Council Member Lynch moved that the form of Tax Certificate be placed on file and approved. Council Member Voetberg seconded the motion. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Council Member Lynch moved that the form of Continuing Disclosure Certificate be placed on file and approved. Council Member Voetberg seconded the motion. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Council Member Lynch introduced the following Resolution entitled "RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $11,175,000 GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2009B, (TAXABLE BUILD AMERICA BONDS), AND LEVYING A TAX TO PAY SAID BONDS" and moved that it be adopted. Council Member Voetberg seconded the motion to adopt, and the roll being called thereon, the vote was as follows: -2- AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared said Resolution duly adopted as follows: RESOLUTION NO. 412-09 RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $11,175,000 GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2009B, (TAXABLE BUILD AMERICA BONDS), AND LEVYING A TAX TO PAY SAID BONDS WHEREAS, the Issuer is duly incorporated, organized and exists under and by virtue of the laws and Constitution of the State of Iowa; and WHEREAS, the Issuer is in need of funds to pay costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plans for the Greater Downtown Urban Renewal District and the Dubuque Industrial Center West Economic Development District, including those costs associated with the construction of a multi-story public parking ramp located at 5th and Bluff Streets, and the construction of street, sewer, sidewalk, trail and other public infrastructure improvements within Dubuque Industrial Center West, and it is deemed necessary and advisable that the City issue general obligation urban renewal bonds for said purpose to the amount of not to exceed $13,500,000 as authorized by Sections 403.12 and 384.24(3)(q) of the Code of Iowa; and WHEREAS, pursuant to notice published as required by Sections 403.12 and 384.24(3)(q) this Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of the above described Bonds, and no petitions were filed calling for an election thereon and all objections, if any, to such Council action made by any resident or property owner of said City were received and considered by the Council; and it is the decision of the Council that additional action be taken for the issuance of said Bonds, and that such action is considered to be in the best interests of said City and the residents thereof; and WHEREAS, pursuant to the provisions of Chapter 75 of the Code of Iowa, the above mentioned Bonds in the aggregate principal amount of $11,175,000 were -3- heretofore sold at public sale and action should now be taken to issue said Bonds conforming to the terms and conditions of the best bid received at the advertised public sale: NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. Definitions. The following terms shall have the following meanings in this Resolution unless the text expressly or by necessary implication requires otherwise: "Authorized Denominations" shall mean $5,000 or any integral multiple thereof. "Beneficial Owner" shall mean the person in whose name such Bond is recorded as the beneficial owner of a Bond by a Participant on the records of such Participant or such person's subrogee. ® "Bond Fund" shall mean the fund created in Section 3 of this Resolution. "Bonds" shall mean $11,175,000 General Obligation Urban Renewal Bonds, Series 2009B (Taxable Build America Bonds), authorized to be issued by this Resolution. "Build America Bonds" shall mean the Bonds as authorized by Sections 54AA and 6431 of the Code. "Cede ~ Co." shall mean Cede & Co., the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. "Code" shall mean the Internal Revenue Code of 1986 and the Regulations thereunder and including the American Recovery and Reinvestment Act of 2009 and such guidance with respect .thereto as may be issued by the Internal Revenue Service or Department of the Treasury from time to time. "Continuing Disclosure Certificate" shall mean that certain Continuing Disclosure Certificate executed by the Issuer and dated the date of issuance and delivery of the Bonds, as originally executed and as it maybe amended from time to time in accordance with the terms thereof. "Depository Bonds" shall mean the Bonds as issued in the form of one global certificate for each maturity, registered in the Registration Books maintained by the Registrar in the name of DTC or its nominee. -4- "DTC" shall mean The Depository Trust Company, New York, New York, a limited purpose trust company, or any successor book-entry securities depository appointed for the Bonds. "Issuer" and "City" shall mean the City of Dubuque, Iowa. "Participants" shall mean those broker-dealers, banks and other financial institutions for which DTC holds Bonds as securities depository. "Paying Agent" shall mean Wells Fargo Bank, National Association, or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein as Issuer's agent to provide for the payment of principal of and interest on the Bonds as the same shall become due. ® "Project Fund" shall mean the fund required to be established by this Resolution for the deposit of the proceeds of the Bonds. "Rebate Fund" shall mean the fund so defined in and established pursuant to the Tax Certificate. "Registrar" shall mean Wells Fargo Bank, National Association of Des Moines, Iowa, or such successor as may be approved by Issuer as provided herein and who shall carry out the duties prescribed herein with respect to maintaining a register of the owners of the Bonds. Unless otherwise specified, the Registrar shall also act as Transfer Agent for the Bonds. ~ "Representation Letter" shall mean the Blanket Issuer Letter of Representations executed and delivered by the Issuer to DTC on file with DTC. "Resolution" shall mean this resolution authorizing the Bonds. "Subsidy Payments" shall mean all payments received by the Issuer as a result of the Issuer's election to designate the Bonds as Build America Bonds. "Tax Certificate" shall mean the Tax Certificate executed by the Treasurer and delivered at the time of issuance and delivery of the Bonds. "Treasurer" shall mean the Finance Director or such other officer as shall succeed to the same duties and responsibilities with respect to the recording and payment of the Bonds issued hereunder. -5- Section 2. Le and Certification of Annual Tax• Other Funds to be Used. (a) Levy of Annual Tax. That for the purpose of providing funds to pay the principal and interest of the Bonds hereinafter authorized to be issued, there is hereby levied for each future year the following direct annual tax on all" of the taxable property in Dubuque, Iowa, to-wit: AMOUNT* $274,801 $942,181 $940,431 $940,763 $939,719 $934,875 $934,113 $930,363 $929,.119 $916,381 $916,856 $909,781 $901,756 $891,256 $884,756 $882,006 $871,900 $859,625 $850,119 $844,000 FISCAL YEAR (JULY 1 TO JUNE 30) YEAR OF COLLECTION 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 2027/2028 2028/2029 * Capitalized interest will be used together with available City funds to pay the principal and interest of the Bonds coming due in 2009/2010. (NOTE: For example the levy to be made and certified against the taxable valuations of January 1, 2008 will be collected during the fiscal year commencing July 1, 2009.) (b) Resolution to be Filed With County Auditor. A certified copy of this Resolution should be filed with the County Auditor of Dubuque County, State of Iowa, and said Auditor is hereby instructed in and for each of the years as provided, to levy and assess the tax hereby authorized in Section 2 of this Resolution, in like manner as other taxes are levied and assessed, and such taxes -6- so levied in and for each of the years aforesaid be collected in like manner as other taxes of the City are collected, and when collected be used for the purpose of paying principal and interest on said Bonds issued in anticipation of said tax, and for no other purpose whatsoever. (c) Additional City Funds Available. Principal and interest coming due at any time when the proceeds of said tax on hand shall be insufficient to pay the same shall be promptly paid when due from current funds of the City available for that purpose and reimbursement shall be made from such special fund in the amounts thus advanced. (d) Subsidy Fund. All Subsidy Payments received by the Issuer shall be deposited in the Subsidy Fund, asub-fund within the Bond Fund, which is hereby established by the Issuer. The Issuer shall apply all funds in the Bond Fund as provided in the Tax Certificate, and shall adjust the levies set forth in Section 2(a) above to the extent that Subsidy Funds are available to pay principal and interest on the Bonds. Section 3. Bond Fund. Said tax shall be collected each year at the same time and in the same manner as, and in addition to, all other taxes in and for the City, and when collected they shall be converted into a special fund within the Debt Service Fund to be known as the "GENERAL OBLIGATION BOND FUND 2009B" (the "Bond Fund"), which is hereby pledged for and shall be used only for the payment of the principal of and interest on the Bonds hereinafter authorized to be issued; and also there shall be apportioned to said fund its proportion of taxes received by the City from property that is centrally assessed by the State of Iowa, and all Subsidy Payments received in connection with the Bonds. Section 4. Application of Bond Proceeds -Project Fund. Proceeds of the Bonds shall be applied as follows: An amount equal to $143,784 shall be credited to the Costs of Issuance Fund which is hereby created and expended for the costs of issuance of the Bonds including, but not limited to, underwriting discount, accounting and legal fees, printing costs, Trustee, Registrar, Paying Agent and rating agency fees and expenses, and other fees relating to the issuance of the Bonds. In no event shall an amount in excess of two percent (2%) of the sale proceeds of the Bonds be used to pay costs of issuance. An amount equal to $179,107 shall be credited to the Bond Fund as pre- construction capitalized interest and used to pay a portion of the interest coming due on the Bonds on June 1, 2010. -7- An amount equal to $10,870,438 shall be credited to the Project Fund which is hereby created, and shall be expended only for capital expenditures as defined in the Code. Any amounts on hand in the Project Fund shall be available for the payment of the principal of or interest on the Bonds at any time that other funds shall be insufficient to the purpose, in which event such funds shall be repaid to the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund and not immediately required for its purposes may be invested not inconsistent with limitations provided by law or this Resolution.. Section 5. Investments of Bond Fund Proceeds. All moneys held in the Bond Fund, provided for by Section 3 of this Resolution shall be invested in investments permitted by Chapter 12B, Code of Iowa, 2009 (formerly Chapter 452, Code of Iowa, as amended) or deposited in fmancial institutions which are members of the Federal Deposit Insurance Corporation and the deposits in which are insured thereby and all such deposits exceeding the maximum amount insured from time to time by FDIC or its equivalent successor in any one financial institution shall be continuously secured in compliance with the State Sinking Fund provided under Chapter 12C of the Code of Iowa, 2009, as amended or otherwise by a valid pledge of direct obligations of the United States Government having an equivalent market value. All such interim investments shall mature before the date on which the moneys are required for payment of principal of or interest on the Bonds as herein provided. Section 6. Bond Details, Execution and Redemption. (a) Bond Details. General Obligation Urban Renewal Bonds of the City in the amount of $11,175,000, shall be issued pursuant to the provisions of Section 403.12 of the Code of Iowa for the aforesaid purpose. The Bonds shall be designated "GENERAL OBLIGATION URBAN RENEWAL BOND, SERIES 2009B (TAXABLE BUILD AMERICA BONDS}", be dated the date of delivery, and bear interest from the date thereof, until payment thereof, at the office of the Paying Agent, said interest payable on June 1, 2010; and semiannually thereafter on the 1st day of June and December in each year until maturity at the rates hereinafter provided. The Bonds shall be executed by the manual or facsimile signature of the Mayor and attested by the manual or facsimile signature of the Clerk, and impressed or printed with the seal of the City and shall be fully registered as to both principal and interest as provided in this Resolution; principal, interest and premium, if any, shall be payable at the office of the Paying Agent by mailing of a check to the registered owner of the Bond. The Bonds shall be in the denomination of $5,000 or multiples thereof. The Bonds shall mature and bear interest as follows: _g_ Principal Amount Interest Rate Maturity June 1st $450,000 1.500% 2011 $455,000 2.125% 2012 $465,000 2.375% 2013 $475,000 3.125% 2014 $485,000 3.250% 2015 $500,000 3.750% 2016 $515,000 4.125% 2017 $535,000 4.250% 2018 $545,000 4.500% 2019 $570,000 4.750% 2020 $590,000 4.750% 2021 $610,000 5.000% 2022 $630,000 5.000% 2023 $655,000 5.000% 2024 $685,000 5.125% 2025 $710,000 5.250% 2026 $735,000 5.375% 2027 $765,000 5.375% 2028 $800,000 5.500% 2029 (b) Redemption. Bonds maturing after June 1, 2017 may be called for redemption by the Issuer 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, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call. Thirty days' notice of redemption shall be.given by first class mail to the registered owner of the Bond. Failure to give such notice by mail to any registered owner of the Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Bonds. All bonds or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment. If selection by lot within a maturity is required, the Registrar shall designate the bonds to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of bonds to be called has been reached. -9- Section 7. Issuance of Bonds in Book-Entry Form• Replacement Bonds. (a) Notwithstanding the other provisions of this Resolution regarding registration, ownership, transfer, payment and exchange of the Bonds, unless the Issuer determines to permit the exchange of Depository Bonds for Bonds in the Authorized Denominations, the Bonds shall be issued as Depository Bonds in denominations of the entire principal amount of each maturity of Bonds (or, if a portion of said principal amount is prepaid, said principal amount less the prepaid amount); and such Depository Bonds shall be registered in the name of Cede & Co., as nominee of DTC. Payment of semi-annual interest for any Depository Bond shall be made by wire transfer or New York Clearing House or equivalent next day funds to the account of Cede & Co. on the interest payment date for the Bonds at the address indicated in or pursuant to the Representation Letter. (b) With respect to Depository Bonds, neither the Issuer nor the Paying Agent shall have any responsibility or obligation to any Participant or to any Beneficial Owner. Without limiting the immediately preceding sentence, neither the Issuer nor the Paying Agent shall have any responsibility or obligation with respect to (i) the accuracy of the records of DTC or its nominee or of any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant, any Beneficial Owner or any other person, other than DTC or its nominee, of any notice with respect to the Bonds, (iii) the payment to any Participant, any Beneficial Owner or any other person, other than DTC or its nominee, of any amount with respect to the principal of, premium, if any, or interest on the Bonds, or (iv) the failure of DTC to provide any information or notification on behalf of any Participant or Beneficial Owner. The Issuer and the Paying Agent may treat DTC or its nominee as, and deem DTC or its nominee to be, the absolute owner of each Bond for the purpose of payment of the principal of, premium, if any, and interest on such Bond, for the purpose of all other matters with respect to such Bond, for the purpose of registering transfers with respect to such Bonds, and for all other purposes whatsoever (except for the giving of certain Bond holder consents, in accordance with the practices and procedures of DTC as may be applicable thereto). The Paying Agent shall pay all principal of, premium, if any, and interest on the Bonds only to or upon the order of the Bondholders as shown on the Registration Books, and all such payments shall be valid and effective to fully satisfy and discharge the Issuer's obligations with respect to the principal of, premium, if any, and interest on the Bonds to the extent so paid. Notwithstanding the provisions of this Resolution to the contrary (including without limitation those provisions relating to the surrender of Bonds, registration thereof, and issuance in Authorized Denominations), as long as the Bonds are Depository Bonds, full effect shall be given to the Representation Letter and the procedures and practices of DTC thereunder; and the Paying Agent shall comply therewith. -10- (c) Upon (i) a determination by the Issuer that DTC is no longer able to carry out its functions or is otherwise determined unsatisfactory, or (ii) a determination by DTC that the Bonds are no longer eligible for its depository services or (iii) a determination by the Paying Agent that DTC has resigned or discontinued its services for the Bonds, if such substitution is authorized by law, the Issuer shall (A) designate a satisfactory substitute depository as set forth below or, if a satisfactory substitute is not found, (B) provide for the exchange of Depository Bonds for replacement Bonds in Authorized Denominations. (d) To the extent authorized by law, if the Issuer determines to provide for the exchange of Depository Bonds for Bonds in Authorized Denominations, the Issuer shall so notify the Paying Agent and shall provide the Registrar with a supply of executed unauthenticatedBnnds to be so exchanged. The Registrar shall thereupon notify the owners of the Bonds and provide for such exchange, and to the extent that the Beneficial Owners are designated as the transferee by the owners, the Bonds will be delivered in appropriate form, content and Authorized Denominations to the Beneficial Owners, as their interests appear. (e) Any substitute depository shall be designated in writing by the Issuer to the Paying Agent. Any such substitute depository shall be a qualified and registered "clearing agency" as provided in Section 17A of the Securities Exchange Act of 1934, as amended. The substitute depository shall provide for (i) immobilization of the Depository Bonds, (ii) .registration and transfer of interests in Depository Bonds by book entries made on records of the depository or its nominee and (iii) payment of principal of, premium, if any, and interest on the Bonds in accordance with and as such interests may appear with respect to such book entries. Section 8. Registration of Bonds• Appointment of Registrar Transfer Ownership; Delivery and Cancellation. (a) Re~~istration. The ownership of Bonds may be transferred only by the making of an entry upon the books kept for the registration and transfer of. ownership of the Bonds, and in no other way. Wells Fargo Bank, National Association is hereby appointed as Bond Registrar under the terms of this Resolution and under the provisions of a separate agreement with the Issuer filed herewith which is made a part hereof by this reference. Registrar shall maintain the books of the Issuer for the registration of ownership of the Bonds for the payment of principal of and interest on the Bonds as provided in this Resolution. All Bonds shall be negotiable as provided in Article 8 of the Uniform Commercial Code and Section 384.31 of the Code of Iowa, subject to the provisions for registration and transfer contained in the Bonds and in this Resolution. (b) Transfer. The ownership of any Bond may be transferred only upon the Registration Books kept for the registration and transfer of Bonds and only upon -11- surrender thereof at the office of the Registrar together with an assignment duly executed by the holder or his duly authorized attorney in fact in such form as shall be satisfactory to the Registrar, along with the address and social security number or federal employer identification number of such transferee (or, if registration is to be made in the name of multiple individuals, of all such transferees). In the event that the address of the registered owner of a Bond (other than a registered owner which is the nominee of the broker or dealer in question) is that of a broker or dealer, there must be disclosed on the Registration Books the information pertaining to the registered owner required above. Upon the transfer of any such Bond, a new fully registered Bond, of any denomination or denominations permitted by this Resolution in aggregate principal amount equal to the unmatured and unredeemed principal amount of such transferred fully registered Bond, and bearing interest at the same rate and maturing on the same date or dates shall be delivered by the Registrar. (c) Registration of Transferred Bonds. In all cases of the transfer of the Bonds, the Registrar shall register, at the earliest practicable time, on the Registration Books, the Bonds, in accordance with the provisions of this Resolution. (d) Ownership. As to any Bond, the person in whose name the ownership of the same shall be registered on the Registration Books of the Registrar shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such Bonds and the premium, if any, and interest thereon shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the interest thereon, to the extent of the sum or sums so paid. (e) Cancellation. All Bonds which have been redeemed shall not be reissued but shall be cancelled by the Registrar. All Bonds which are cancelled by the Registrar shall be destroyed and a certificate of the destruction thereof shall be furnished promptly to the Issuer; provided that if the Issuer shall so direct, the Registrar shall forward the cancelled Bonds to the Issuer. (f) Non-Presentment of Bonds. In the event any payment check representing payment of principal of or interest on the Bonds is returned to the Paying Agent or if any bond is not presented for payment of principal at the maturity or redemption date, if funds sufficient to pay such principal of or interest on Bonds shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Issuer to the owner thereof for such interest or payment of such Bonds shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds, without liability for interest thereon, for the benefit of the owner of such Bonds who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Resolution or on, or with respect to, such interest -12- or Bonds. The Paying Agent's obligation to hold such funds shall continue for a period equal to two years and six months following the date on which such interest or principal became due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall surrender any remaining funds so held to the Issuer, whereupon any claim under this Resolution by the Owners of such interest or Bonds of whatever nature shall be made upon the Issuer. (g) Registration and Transfer Fees. The Registrar may furnish to each owner, at the Issuer's expense, one bond for each annual maturity. The Registrar shall furnish additional bonds in lesser denominations (but not less than the minimum denomination) to an owner who so requests. Section 9. Reissuance of Mutilated Destroyed, Stolen or Lost Bonds. In case any outstanding Bond shall become mutilated or be destroyed, stolen or lost, the Issuer shall at the request of Registrar authenticate and deliver a new Bond of like tenor and amount as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bond to Registrar, upon surrender of such mutilated Bond, or in lieu of and substitution for the Bond.destroyed, stolen or lost, upon filing with the Registrar evidence satisfactory to the Registrar and Issuer that such Bond has been destroyed, stolen or lost and proof of ownership thereof, and upon furnishing the Registrar and Issuer with satisfactory indemnity and complying with such other reasonable regulations as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur in connection therewith. Section 10. Record Date. Payments of principal and interest, otherwise than upon full redemption, made in respect of any Bond, shall be made to the registered holder thereof or to their designated agent as the same appear on the books of the Registrar on the 15th day preceding the payment date. All such payments shall fully discharge the obligations of the Issuer in respect of such Bonds to the extent of the payments so made. Payment of principal shall only be made upon surrender of the Bond to the Paying Agent. Section 11. Execution Authentication and Delivery of the Bonds. Upon the adoption of this Resolution, the Mayor and Clerk shall execute and deliver the Bonds to the Registrar, who shall authenticate the Bonds and deliver the same to or upon order of the Purchaser. No Bond shall be valid or obligatory for any purpose or shall be entitled to any right or benefit hereunder unless the Registrar shall duly endorse and execute on such Bond a Certificate of Authentication substantially in the form of the Certificate herein set forth. Such Certificate upon any Bond executed on behalf of the Issuer shall be conclusive evidence that the Bond so authenticated has been duly issued under this Resolution and that the holder thereof is entitled to the benefits of this Resolution. No Bonds shall be authenticated and delivered by the Registrar unless and until there shall have been provided the following: -13- 1. A certified copy of the Resolution of Issuer authorizing the issuance of the Bonds; 2. A written order of Issuer signed by the Treasurer of the Issuer directing the authentication and delivery of the Bonds to or upon the order of the Purchaser upon payment of the purchase price as set forth therein; 3. The approving opinion of Ahlers ~ Cooney, P.C., Bond Counsel, concerning the validity and legality of all the Bonds proposed to be issued. Section 12. Right to Name Substitute Paying_A~ent or Registrar. Issuer reserves the right to name a substitute, successor Registrar or Paying Agent upon giving prompt written notice to each registered bondholder. - 14- Section 13. Form of Bond. Bonds shall be printed in substantial compliance with standards proposed by the American Standards Institute substantially in the form as follows: (6) (~) (6) _ ($) (D (2~ (3)~ I_. ~4) (5) ~9) (9a) (10) (Continued on the back of this Bond) (11)(12)(13) ~ (14) ~ (15) FIGURE 1 (Front) -15- (10) (16) (Continued) PICTURE 2 (Back) -16- The text of the Bonds to be located thereon at the item numbers shown shall be as follows: Item 1, figure 1= Item 2, figure 1= Item 3, figure 1= Item 4, figure 1= Item 5, figure 1= Item 6, figure 1= Item 7, figure 1= Item 8, figure 1= "STATE OF IOWA" "COUNTY OF DUBUQUE" "CITY OF DUBUQUE" "GENERAL OBLIGATION URBAN RENEWAL BOND" "SERIES 2009B" "(TAXABLE BUILD AMERICA BONDS)" Rate: Maturity: Bond Date: November 10, 2009 CUSIP No.: "Registered" Certificate No. Principal Amount: $ Item 9, figure 1= The City of Dubuque, State of Iowa, a municipal corporation organized and existing under and by virtue of the Constitution and laws of the State of Iowa (the "Issuer"), for value received, promises to pay from the source and as hereinafter provided, on the maturity date indicated above, to Item 9A, figure 1 = (Registration panel to be completed by Registrar or Printer with name of Registered Owner). Item 10, figure 1 = or registered assigns, the principal sum of (enter principal amount in long form) THOUSAND DOLLARS in lawful money of the United States of America, on the maturity date shown above, only upon presentation and surrender hereof at the designated off ce of Wells Fargo Bank, National Association, Paying Agent of this issue, or its successor, with interest on the sum from the date hereof until paid at the rate per annum specified above; payable on June 1, 2010, and semiannually thereafter on the 1st day of June and December in each year. Interest and principal shall be paid to the registered holder of the Bond as shown on the records of ownership maintained by the Registrar as of the 15th day preceding such interest payment date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. THE ISSUER DOES NOT INTEND OR REPRESENT THAT THE INTEREST ON THE BONDS WILL BE EXCLUDED FROM GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES, AND THE ISSUER IS NOT OBLIGATED TO TAKE ANY ACTION TO ATTEMPT TO SECURE ANY SUCH EXCLUSION. THE -17- HOLDER OF THIS BOND THEREFORE SHOULD TREAT THE INTEREST THEREON AS BEING SUBJECT TO FEDERAL. INCOIi~E TAXATION. This Bond is issued pursuant to the provisions of Section 403.12 of the Code of Iowa; for the purpose of paying costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Code of Iowa and the Amended and Restated Urban Renewal Plans for the Greater Downtown Urban Renewal District and the Dubuque Industrial Center West Economic Development District, including those costs associated with the construction of a multi-story public parking ramp located at 5th and Bluff Streets, and the construction of street, sewer, sidewalk, trail and other public infrastructure improvements within Dubuque Industrial Center West, in conformity to a Resolution of the Council of said City duly passed and approved. Unless this certificate is presented by an authorized representative of:The Depository Trust Company, a limited purpose trust company ("DTC"), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other Issuer as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. Bonds maturing after June 1, 2017 may be called for redemption by the Issuer 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, in any order of maturity and within an annual maturity by lot. The terms of redemption shall be par, plus accrued interest to date of call. Thirty days' notice of redemption shall be given by first class mail to the registered owner of the Bond. Failure to give such notice by mail to any registered owner of the Bonds or any defect therein shall not affect the validity of any proceedings for the redemption of the Bonds. All bonds or portions thereof called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment. If selection by lot within a maturity is required, the Registrar shall designate the bonds to be redeemed by random selection of the names of the registered owners of the entire annual maturity until the total amount of bonds to be called has been reached. Ownership of this Bond may be transferred only by transfer upon the books kept for such purpose by Wells Fargo Bank, National Association, the Registrar. Such transfer - l~ - ®n the books shall occur only upon presentation and surrender of this Bond at the office of the Registrar as designated below, together with an assignment duly executed by the owner hereof or his duly authorized attorney in the form as shall be satisfactory to the Registrar. Issuer reserves the right to substitute the Registrar and Paying Agent but shall, however, promptly give notice to registered bondholders of such change. All bonds shall be negotiable as provided in Article ~ of the Uniform Commercial Code and Section 3 i~4.31 of the Code of Iowa, subject to the provisions for registration and transfer contained in the. Bond Resolution. And it is hereby represented and certified that all acts, conditions and things requisite, according to the laws and Constitution of the State of Iowa, to exist, to be had, to be done, or to be performed precedent to the lawful issue of this Bond, have been existent, had, done and performed as required by law; that provision has been made for the levy of a sufficient continuing annual tax on all the taxable property within the territory of the Issuer for the. payment of the principal and interest of this Bond as the same will respectively become due; that the faith, credit, revenues and resources and all the real and personal property of the Issuer are irrevocably pledged for the prompt payment hereof, both principal and interest; and the total indebtedness of the Issuer including this Bond, does not exceed the constitutional or statutory limitations. IN TESTIMONY WHEREOF, the Issuer by its Council, has caused this Bond to be signed by the manual signature of its Mayor and attested by the manual signature of its City Clerk, with the seal of the City impressed hereon, and to be authenticated by the manual signature of an authorized representative of the Registrar, Wells Fargo Bank, National Association, Ides Moines, Iowa. Item 1 1, figure 1 =Date of authentication: Item 12, figure 1 =This is one of the Bonds described in the within mentioned Resolution, as registered by Wells Fargo Bank, National Association. WELLS FARGO BANK, NATIONAL ASSOCIATION, Registrar By: Authorized Signature Item 13, figure 1 =Registrar and Transfer Agent: Paying Agent: Wells Fargo Bank, National Association Wells Fargo Bank, National Association ®19- SEE REVERSE FOR CERTAIN DEFINITIONS Item 14, figure 1 = (Seal) Item 15, figure 1 = (Signature Block) CITY OF DUBUQUE, STATE OF IOWA By; (manual signature) Mayor ATTEST: By; (manual signature) City Clerk Item 16, figure 1 = (Assignment Block) (Information Required for Registration) ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto (Social Security or Tax Identification No. the within Bond and does hereby irrevocably constitute and appoint attorney in fact to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. Dated: (Person(s) executing this Assignment sign(s) here) SIGNATURE ) GUARANTEED) -20- IMPORTANT -READ CAREFULLY The signature(s) to this Power must correspond with the name(s) as written upon the face of the certificate(s) or bond(s) in every particular without alteration or enlargement or any change whatever. Signature guarantee must be provided in accordance with the prevailing standards and procedures of the Registrar and Transfer Agent. Such standards and procedures may require signature to be guaranteed by certain eligible guarantor institutions that participate in a recognized signature guarantee program. INFORIvIATION REQUIRED FOR REGISTRATION OF TRANSFER Name of Transferee(s) Address of Transferee(s) Social Security or Tax Identification Number of Transferee(s) Transferee is a(n): Individual* Partnership *If the Bond is to be registered in the names of multiple individual owners, the names of all such owners and one address and social security number must be provided. The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with rights of survivorship and not as tenants in common IA UNIF TRANS MIN ACT - .......... Custodian .......... (Cost) (Minor) Under Iowa Uniform Transfers to Minors Act ................... (State) ADDITIONAL ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST Section 14. Contract Between Issuer and Purchaser. This Resolution constitutes a contract between said City and the purchaser of the Bonds. Corporation Trust -21- Section 15. Non-Arbitra.._ge Covenants. The Issuer reasonably expects and covenants that no use will be made of the proceeds from the issuance and sale of the Bonds issued hereunder which will cause any of the Bonds to be classified as arbitrage bonds within the meaning of Sections 148(a) and (b) of the Internal Revenue Code of the United States, as amended, and that throughout the term of the Bonds it will comply with the requirements of statutes and regulations issued thereunder. To the best knowledge and belief of the Issuer, there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bonds. Without limiting the generality of the foregoing, the Issuer hereby agrees to comply with the provisions of the Tax Certificate and the provisions of the Tax Certificate are hereby incorporated by reference as part of this Resolution. The Treasurer is hereby directed to make and insert all calculations and determinations necessary to complete the Tax Certificate in all respects and to execute and deliver the Tax Certificate at issuance of the Bonds to certify as to the reasonable expectations and covenants of the Issuer at that date. Section 16. Build America Bonds -Authorization and Additional Covenants Representations and Warranties of Issuer. (a) The Issuer authorizes and makes an irrevocable election designating the Bonds as Build America Bonds (Direct Payment), pursuant to Section 54AA(g)(2) of the Code. The Treasurer is authorized and directed to apply for a refundable direct pay credit as provided in section 6431 of the Code and to complete the form of Tax Certificate to be placed on file and which is hereby approved. The Treasurer or authorized designee is authorized and directed to prepare and file IRS Form 8038-CP no earlier than 90 days and not later than 45 days prior to each of the interest payment dates for the Bonds. (b) The Issuer covenants that one hundred percent of the available Project - Proceeds, as defined in the Code, are to be used for "capital expenditures", as defined in the Code. Proceeds will not be used to reimburse capital expenditures incurred or expended prior to September 11, 2009, except for those projects described in Resolution No. 314-09, approved September 8, 2009. (c) To the best knowledge and belief of the Issuer, (i) interest on the Bonds would be excludable from gross income under section 103 of the Code, but for the election to designate and issue the Bonds as Build America Bonds, and (ii) there are no facts or circumstances that would materially change the foregoing statements or the conclusion that it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bonds. The execution and delivery by the Mayor, Clerk, Treasurer or other authorized officer, acting on behalf of the City of any documents, instruments, certifications and opinions, or the doing by them of any act in connection -22- with any of the matters which are the subject of this Resolution shall constitute conclusive evidence of approval of the terms, provisions and contents thereof and all changes, modif cations, amendments, revisions and alterations made therein and shall conclusively establish their absolute, unconditional and irrevocable authority with respect thereto and the authorization, approval and ratification of the documents, instructions, certifications and opinions so executed in the actions taken. Section 17. Continuing Disclosure. The Issuer hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate, and the provisions of the Continuing Disclosure Certificate are hereby. incorporated by reference as part of this Resolution and made a part hereof. Notwithstanding any other provision of this Resolution, failure of the Issuer to comply with the Continuing Disclosure Certificate shall not be considered an event of default under this Resolution; however, any holder of the Bonds or Beneficial Owner may take such actions as may be necessary and appropriate, including seeking specific performance by court order, to cause the Issuer to comply with its obligations under the Continuing Disclosure Certificate. For purposes of this section, "Beneficial Owner" means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bond (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. Section 18. Additional Covenants, Representations and Warranties of the Issuer. The Issuer certifies and covenants with the purchasers and holders of the Bonds from time to time outstanding that the Issuer through its officers, (a) will make such further specific covenants, representations and assurances as may be necessary or advisable; (b) comply with all representations, covenants and assurances contained in the Tax Certificate, which Tax Certificate shall constitute a part of the contract between the Issuer and the owners of the Bonds;(c) consult with bond counsel (as defined in the Tax Certificate); (d) pay to the United States, as necessary, such sums of money representing required rebates of excess arbitrage profits relating to the Bonds;(e) file such forms, statements and supporting documents as may be required and in a timely manner; and (f) if deemed necessary or advisable by its officers, to employ and pay fiscal agents, financial advisors, attorneys and other persons to assist the Issuer in. such compliance. Section 19, Amendment of Resolution to Maintain Tax Exemption. This Resolution maybe amended without the consent of any owner of the Bonds if, in the opinion of bond counsel, such amendment is necessary to maintain the Bonds as Build America Bonds under the Code and applicable Federal law or regulations. Section 20. Severability Clause. If any section, paragraph, clause or provision of this Resolution be held invalid, such invalidity shall not affect any of the remaining - 23 - provisions hereof, and this Resolution shall become effective immediately upon its passage and approval. Section 21. Repeal of Conflictin~¢ Resolutions or Ordinances. That all ordinances and resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed. PASSED AND APPROVED this 19th day of o c t o b e r , 2009. ATTEST: City Clerk -24- CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) I, the undersigned City Clerk ofthe City of Dubuque, 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 off ce 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 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 City hereto affixed this `~~~~ day of 2009. City Clerk, City of Dubuque, Iowa (SEAL) DCORNELll633396.1 /MSWord\10422.092 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) I, the undersigned City Clerk of the City of Dubuque, 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 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 nfl 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. TNES my hand and the seal of the City hereto affixed this ~~~~ da of ~~ y 2009. ity Clerk, City of Dubuque, Iowa (SEAL) DCORNELL/ 633396.1 /MSWord\10422.092