Issuance of Not to Exceed $3,800,000 Water Revenue Refunding Bonds, Series 2021C_HearingCity of Dubuque
City Council Meeting
Public Hearings # 4.
Copyrighted
June 21, 2021
ITEM TITLE: Public Hearing on the Issuance of Not to Exceed $3,800,000 Water
Revenue Refunding Bonds, Series 2021 C
SUMMARY: Proof of publication on notice of public hearing to consider City Council
approval of the suggested proceedings for the public hearing on the
issuance of not to exceed $3,800,000 in Water Revenue Refunding
Bonds, Series 2021 C, and City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the
issuance of not to exceed $3,800,000 Water Revenue Refunding Bonds
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
Bond Counsel Memo Supporting Documentation
THE CITY OF
DUtB E
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
11VIAMMIll
*AmrbCftl
2007-2012-2013
2017*2019
SUBJECT: Public Hearing on the Issuance of Not to Exceed $3,800,000 Water
Revenue Refunding Bonds, Series 2021C
DATE: June 14, 2021
Director of Finance and Budget Jennifer Larson recommends City Council approval of
the suggested proceedings for the public hearing on the issuance of not to exceed
$3,800,000 in Water Revenue Refunding Bonds, Series 2021 C. $3,720,000 of the
proceeds is intended to provide funds to refund two previously issued bond series that
are now callable to realize estimated interest savings of $374,076 and $80,000 is
intended to provide funds for bond issuance costs.
Repayments of the debt will be Water user fees.
On May 12, 2021, Moody's Investors Service upgraded the City's credit rating of A2 to
All on the water enterprise revenue bonds. The report cited strong cash reserves,
strong capital and operating planning, unlimited rate setting authority, narrow but stable
debt service coverage on total debt, and long-term trend of reduced water usage which
could impact revenue performance.
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 $3,800,000
Water Revenue 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.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Ila,
Michael C. Van Milligen
MCVM/jmI
Attachment
cc: Crenna Brurnwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Director of Finance and Budget
2
THE CITY OF
D �j-7
UB TE
Masterpiece on the Mississippi'
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
Dubuque
aAmricagill
2007-2012-2013
2017*2019
SUBJECT: Public Hearing on the Issuance of Not to Exceed $3,800,000 Water
Revenue Refunding Bonds, Series 2021C
DATE: June 14, 2021
INTRODUCTION
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of Water Revenue Refunding Bonds, the proceeds of which will
be used to pay the costs of refunding outstanding Water Revenue Bonds, Series 2010D
dated September 21, 2010, and Water Revenue Bonds, Series 2008D dated November
4,2008.
BACKGROUND
The Series 201 OD Water Revenue Bonds were used to pay costs associated with water
main replacements and other water system improvements and the Series 2008D Water
Revenue Bonds were used to pay costs associated with water main replacements and
repairs, construction of water main extensions, and the acquisition and installation of
pump station radio communications equipment and facilities.
DISCUSSION
Of the bond amount:
$3,720,000 is intended to provide funds to refund previously issued bond series
2008D and 201 OD that are now callable to realize estimated interest savings of
$374,076 and
$80,000 is intended to provide funds for bond issuance costs.
Repayments of the debt will be Water user fees.
On May 12, 2021, Moody's Investors Service upgraded the City's credit rating of A2 to
Al on the water enterprise revenue bonds. The report cited strong cash reserves,
strong capital and operating planning, unlimited rate setting authority, narrow but stable
debt service coverage on total debt, and long-term trend of reduced water usage which
could impact revenue performance.
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 $3,800,000
Water Revenue 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.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolutions instituting the
proceedings to take additional action.
JML
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Cassie Ross, Assistant Finance Director
104
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
Not to exceed $3,800,000 Water Revenue Refunding Bonds
Public hearing on the issuance.
Resolution instituting proceedings to take additional action.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
June 21, 2021
The City Council of the City of Dubuque, State of Iowa, met in regular session, via
electronic means, an in person meeting being deemed impossible or impractical due to the
COVID-19 pandemic, at 6:30 P.M., on the above date. There were present Mayor Roy D. Buol,
in the chair, and the following named Council Members:
Cavanagh, Farber, Jones, Resnick, Roussell, Sprank
Absent: ___________________________________________
Vacant: ___________________________________________
* * * * * * *
- 2 -
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 $3,800,000 Water Revenue Refunding Bonds, of
the City of Dubuque, State of Iowa, to provide funds to pay the costs of refunding outstanding
revenue obligations of the City, including Water Revenue Bonds, Series 2010D dated September
21, 2010, and Water Revenue Bonds, Series 2008D dated November 4, 2008, and that notice of
the proposal to issue the Bonds had been published pursuant to the provisions of Sections 384.82
and 384.83 of the Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by any
resident or property owner of the City to the issuance of the Bonds. The Clerk advised the
Mayor and the Council that zero written objections had been filed. The Mayor then called for
oral objections to the issuance of the Bonds and zero were made. Whereupon, the Mayor
declared the time for receiving oral and written objections to be closed.
Whereupon, the Mayor declared the hearing on the issuance of the Bonds to be closed.
The Council then considered the proposed action and the extent of objections thereto.
Whereupon, Council Member Cavanagh 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 $3,800,000
WATER REVENUE REFUNDING BONDS", and moved:
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 __________
_____.M. on the __________ day of _______________, 2021, at this place.
Council Member Roussell seconded the motion. The roll was called and the vote was,
AYES: Roussell, Resnick, Sprank, Cavanagh, Jones, Farber, Buol
___________________________________________
NAYS: ___________________________________________
Whereupon, the Mayor declared the measure duly adopted.
X
Resolution No. 215-21
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $3,800,000 WATER REVENUE REFUNDING
BONDS
WHEREAS, pursuant to notice published as required by law, the City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the issuance of not to
exceed $3,800,000 Water Revenue Refunding Bonds, in order to provide funds to pay the costs
of refunding outstanding revenue obligations of the City, including Water Revenue Bonds, Series
201 OD dated September 21, 20 10, and Water Revenue Bonds, Series 2008D dated November 4,
2008, 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, STATE OF IOWA:
Section 1. That this Council does hereby institute proceedings and take additional action
for the authorization and the issuance in the manner required by law of not to exceed $3,800,000
Water Revenue Refunding Bonds, for the foregoing purposes.
PASSED AND APPROVED this 21st day of June, 2021.
ATTEST: Mayor P r0em
City Clerk
-3 -
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 records of the City showing
proceedings of the 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 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 Council hereto affixed this nd day of
2021.
City Clerk, City of Dubuque, State of Iowa
Ahlers & Cooney, P.C.
Attorneys at Law
AHLERS COONEY 100 Court Avenue, Suite 600
A T T 0 R N E Y S Des Moines, Iowa 50309-2231
Phone: 515-243-7611
Fax: 515-243-2149
www.ahlerslaw.com
June 9, 2021
VIA EMAIL
Ms. Jenny Larson
Director of Finance & Budget
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Kristin B. Cooper
515.246.0330
kcooper@ahlerslaw.com
Re: Dubuque, Iowa - Not to Exceed $3,800,000 Water Revenue Refunding Bonds
Dear Jenny:
We have prepared and are including with this letter 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 384.83.
The proceedings are 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 issue the
Bonds. 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 not
to abandon the proposal to issue the Bonds, a form of resolution follows that should be
introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional Action
for the Issuance of not to exceed $3,800,000 Water Revenue Refunding Bonds."
Action Must Be Taken At The Hearin .
The Council is required by statute to adopt the resolution instituting proceedings to issue
the Bonds at the hearing, or an adjournment thereof. If necessary to adjoum, the minutes are
written to accommodate that action.
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.
WsHARD & BAiLY - 1888; GuERNsEY & BAiLY - 1893; BAiLy & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER,
AtRERS & COONEY - 1950; AHLERs, COONEY, DoRwEIIER, AuBEE, HAYNIE & Smnu - 1974; AHLERs, COONEY, DoRwEILER, HAYNIE, Skm & ALIBEE, P.C. - 1990
June 9, 2021
Page 2
Appeal to District Court.
Section 384.83 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. Please let us know as soon as possible in the event an appeal is filed by
any resident or property owner.
If you have any questions, please let us know.
Very truly yours,
Ahlers & Cooney, P.C.
Kristin Billingsley Cooper
FOR THE FIRM
KBC:sb
cc: Adrienne N. Breitfelder, City Clerk
Trish Gleason, Assistant City Clerk
Tionna Pooler, Independent Public Advisors, LLC
01893229-1\10422-215
STATE OF IOWA SS:
DUBUQUE COUNTY
CERTIFICATE OF PUBLICATION
I, Kathy Goetzinger, a Billing Clerk for Woodward
Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald, a newspaper of general
circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the
attached notice was published in said newspaper on the
following dates:
06/11/2021
and for which the charge is 35.49
Subscribed to be ore me, a Notary is in and for
Dubuque County, Iowa,
this 1Ith day of June, 2021
Not Qublic in and for Dubuq e County, Iowa.
h"• . JANET K. PAPE
4 `r' = Canmlaslon Number 199669
�a�- Ny Comm. Ezp. DEC 11, =2
Ad text : NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE,
STATE OF IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT
TO EXCEED $3,800,000 WATER REVENUE REFUNDING BONDS, AND THE
HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the
City of Dubuque, State of Iowa, will hold a public hearing on
the 21st day of June, 2021, at 6:30 P.M., at which meeting the
Council proposes to take additional action for the issuance of
not to exceed $3,800,000 Water Revenue Refunding Bonds, to
provide funds to pay the costs of refunding outstanding
revenue obligations of the City, including Water Revenue
Bonds, Series 2010D dated September 21, 2010, and Water
Revenue Bonds, Series 2008D dated November 4, 2008. The Bonds
will not constitute general obligations or be payable in any
manner by taxation, but will be payable from and secured by
the Net Revenues of the Municipal Water System.
Due to public health concerns related to COVID-19, this
meeting of the City Council will be conducted electronically,
pursuant to Iowa Code Section 21.8, as holding the meeting in
person is impossible or impractical. Interested persons may
attend or participate in the meeting by the following method:
https://global.gotomeeting.com/joirV337661181
You can also dial in using your phone.
United States (Toll Free): 1 877 568 4106
United States: + 1 (571) 317-3129
Access Code: 337-661-181
Please check the posted agenda in advance of the meeting for
any updates to the manner in which the public may access the
meeting.
At the above meeting the Council shall receive oral or
written objections from any resident or property owner of the
City to the above action. After all objections have been
received and considered, the Council will at the meeting or at
any adjournment thereof, take additional action for the
issuance of the Bonds or will abandon the proposal to issue
said Bonds.
This notice is given by order of the City Council of the
City of Dubuque, State of Iowa, as provided by Sections 384.82
and 384.83 of the Code of Iowa.
Dated this I Ith day of June, 2021.
Adrienne N. Breitfelder
City Clerk, City of Dubuque, State of Iowa
It 6/I1