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Directing Sale of $3,720,000 Water Revenue Refunding Bonds, Series 2021C and Awarding Bonds to Best BidderCity of Dubuque City Council Meeting Action Items # 7. Copyrighted July 19, 2021 ITEM TITLE: Proceedings for Directing Sale of $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and Awarding Bonds to Best Bidder SUMMARY: City Manager recommending City Council approval of the suggested proceedings for directing sale of the $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and awarding bonds to the best bidder. RESOLUTION Directing Sale of $3,720,000* (subject to adjustment per terms of offering) Water Revenue Refunding Bonds, Series 2021 C RESOLUTION Authorizing the redemption of outstanding Water Revenue Bonds, Series 2008D, of the City of Dubuque, State of Iowa, dated November 4, 2008, and directing notice be given RESOLUTION Authorizing the redemption of outstanding Water Revenue Bonds, Series 201 OD, of the City of Dubuque, State of Iowa, dated September 21, 2010, and directing notice be given SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s) DISPOSITION: ATTACHMENTS: Description Type MVM Memo City Manager Memo Staff Memo Staff Memo Resolution for day of Sale - Award Series 2008D Redemption Resolution 2010D Redemption Resolution Moodys Rating Report Water Revenue Bonds Bond Counsel Letter Resolutions Resolutions Resolutions Supporting Documentation Supporting Documentation THE C Dubuque DUUB-.'&--FE All-America City .1 Masterpiece on the Mississippi 12-2013 2017*2019 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings for Directing Sale of $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and Awarding Bonds to Best Bidder DATE: July 14, 2021 Director of Finance and Budget Jennifer Larson recommends City Council Approval of the suggested proceedings for directing sale of the $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and awarding bonds to the best bidder. The bond sale will be held on July 19, 2021, at 10:00 a.m. The results will be brought to the July 19th City Council meeting. The City's financial advisor, Tionna Pooler, will make a virtual presentation. A letter from attorney Kristin Billingsley Cooper detailing information on the bond sale proceedings is enclosed. I concur with the recommendation and respectfully request Mayor and City Council approval. � k�4A&- Michael C. Van Milligen JML Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Cassie Ross, Assistant Director of Finance THE C Dubuque DUUB-.'&--FE All-America City .1 Masterpiece on the Mississippi 12-2013 2017*2019 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Director of Finance and Budget SUBJECT: Proceedings for Directing Sale of $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and Awarding Bonds to Best Bidder DATE: July 14, 2021 DISCUSSION The purpose of this memorandum is to recommend directing sale of $3,720,000 Water Revenue Refunding Bonds, Series 2021 C and awarding bonds to the best bidder. The bond sale will be held on July 19, 2021, at 10:00 a.m. The results will be brought to the July 19t" City Council meeting. The City's financial advisor, Tionna Pooler, will make a virtual presentation. A letter from attorney Kristin Billingsley Cooper detailing information on the bond sale proceedings is enclosed. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolutions to award the sale of the bonds and redemption of the refunded bonds. JML Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Cassie Ross, Assistant Director of Finance ITEMS TO INCLUDE ON AGENDA CITY OF DUBUQUE, IOWA $3,720,000* (Subject to Adjustment per Terms of Offering) Water Revenue Refunding Bonds, Series 2021 C Receipt of bids. Resolution directing sale. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. July 19, 2021 The Director of Finance & Budget of the City of Dubuque, State of Iowa, met in the Dubuque City Hall, Dubuque, Iowa, at 10:00 A.M., on the above date, to open sealed bids received, access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 P.M. on the above date. The following persons were present: Tionna Pooler, President, Independent Public Advisors Jennifer Larson, Director of Finance and Budget -1- This being the time and place for the opening of bids for the sale of $3,720,000* (Subject to Adjustment per Terms of Offering) Water Revenue Refunding Bonds, Series 2021 C, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: Sealed bids were filed and listed in the minutes while unopened, as follows: Name & Address of Bidders: (Attach List of Bidders) 2. The Director of Finance & Budget then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: (Attach List of Bidders) 4. The best bid was determined to be as follows: Name & Address of Bidder: Robert W. Baird & Co., Inc. — Red Bank, NJ's Bid True Interest Rate (as -bid): 1.037883% Net Interest Cost (as -bid): $195,705.32 In consultation with the Independent Public Advisors, LLC, the City considered the adjustment of the aggregate principal amount of the Bonds and each scheduled maturity thereof in accordance with the Terms of Offering and the following actions were taken: Final Par Amount as adjusted: $3,720,000.00 Purchase Price as adjusted: $3,889,881.35 All bids were then referred to the Council for action. -2- July 19, 2021 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, 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: Farber, Jones, Roussell, Sprank, Resnick, and Cavanagh Absent: None Vacant: None aim Council Member Jones introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $3,720,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) WATER REVENUE REFUNDING BONDS, SERIES 2021C," and moved its adoption. Council Member Farber seconded the motion to adopt. The roll was called and the vote was, AYES: Farber, Jones, Roussell, Sprank, Buol, Resnick, Cavanagh NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: Resolution No. 258-21 RESOLUTION DIRECTING SALE OF $3,720,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) WATER REVENUE REFUNDING BONDS, SERIES 2021C WHEREAS, bids have been received for the Bonds described as follows and the best bid received (with permitted adjustments, if any) is determined to be the following: $3,720,000* (SUBJECT TO ADJUSTMENT PER TERMS OF OFFERING) WATER REVENUE REFUNDING BONDS, SERIES 2021C Bidder: Robert W. Baird & Co., Inc. of Red Bank, NJ The terms of award: Final Par Amount as adjusted: $3,720,000.00 Purchase Price as adjusted: $3,889,881.35 True Interest Rate: 1.037883% Net Interest Cost: $195,705.32 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, the Bonds are hereby awarded as described above. Section 2. That the statement of information for Bond bidders and the form of contract for the sale of the Bonds are hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk done in furtherance of the sale of the Bonds are hereby ratified and approved. PASSED AND APPROVED this 19"' day of July, 2021. ATTEST: Assistant City Clerk ,, S1,. L- G kcr-ici$cr--, / ',�v k, lle� Mayor _5_ CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF DUBUQUE ) I, the undersigned Assistant 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 20th day of July , 2021. Assistant City Clerk, City of Dubuque, State of Iowa (SEAL) 01912128-1110422-215 ITEMS TO INCLUDE ON AGENDA CITY OF DUBUQUE, IOWA Water Revenue Bonds, Series 2008D Resolution Authorizing the Redemption of Outstanding Water Revenue Bonds, Series 20081), dated November 4, 2008. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. July 19, 2021 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, 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: Farber, Jones, Roussell., Sprank, Resnick, and Cavanagh Absent: None Vacant: None -1- Council Member Jones introduced the following Resolution entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING WATER REVENUE BONDS, SERIES 2008D, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 4, 2008, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Farber seconded the motion to adopt. The roll was called and the vote was, AYES: Farber, Jones, Roussell,Sprank, Buol, Resnick and Cavanagh NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: Resolution No. 259-21 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING WATER REVENUE BONDS, SERIES 2008D, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED NOVEMBER 4, 2008, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did by resolution dated October 20, 2008, authorize the issuance of $1,195,000 Water Revenue Bonds, Series 2008D, (the "Bonds") dated November 4, 2008; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2016 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $215,000 be so redeemed on August 23, 2021 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding Water Revenue Bonds, dated November 4, 2008, in the principal amount of $215,000, be and the same are hereby redeemed as of August 23, 2021. Section 2. The Registrar and Paying Agent, UMB Bank, N.A., as successor to Wells Fargo Bank, N.A., is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary mail, and to notify DTC. -2- Section 3. The Director of Finance & Budget is hereby authorized and directed to cause to be deposited in a separate fund such sum as is sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $1,195,000 Bond Issue: Water Revenue Bonds, Series 2008D Dated Date: November 4, 2008 Redemption Date: August 23, 2021 Redemption Price: Par, plus accrued interest Bonds Called for Redemption CUSIP Bond Principal Interest Maturity Numbers Numbers Amount Rate Date 264057 CE8 13 $105,000 4.95% June 1, 2022 264057 CF5 14 $110,000 5.00% June 1, 2023 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. The above Bonds should be presented to UMB Bank, N.A., West Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. UMB BANK, N.A., West Des Moines, Iowa (End of Notice) PASSED AND APPROVED this 19"' day of July, 2021. ATTEST: Assistant City Clerk C-a1a�c�- z r-v Mayor -5- CERTIFICATE STATE OF IOWA } ) SS COUNTY OF DUBUQUE ) I, the undersigned Assistant 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 20tti day of July , 2021. Assistant City Clerk, City of Dubuque, State of Iowa (SEAL) 01912120-1110422-215 ITEMS TO INCLUDE ON AGENDA CITY OF DUBUQUE, IOWA Water Revenue Bonds, Series 2010D Resolution Authorizing the Redemption of Outstanding Water Revenue Bonds, Series 20101), dated September 21, 2010. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. July 19, 2021 The City Council of the City of Dubuque, State of Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, 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: Farber, Jones, Roussell, Sprank, Resnick, and Cavanagh Absent: None Vacant: None Council Member .tones introduced the following Resolution entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING WATER REVENUE BONDS, SERIES 2010D, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED SEPTEMBER 21, 2010, AND DIRECTING NOTICE BE GIVEN" and moved its adoption. Council Member Farber seconded the motion to adopt. The roll was called and the vote was, AYES: Farber, Jones, Rouseell, Sprank, Buol, Resnick and Cavanagh NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: Resolution No. 260-21 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING WATER REVENUE BONDS, SERIES 201 OD, OF THE CITY OF DUBUQUE, STATE OF IOWA, DATED SEPTEMBER 21, 2010, AND DIRECTING NOTICE BE GIVEN WHEREAS, the City did authorize the issuance of $5,700,000 Water Revenue Bonds, Series 2010D, (the "Bonds") dated September 21, 2010; and WHEREAS, the Bonds are redeemable in any order of their numbering on June 1, 2017 or any date thereafter upon giving notice in the manner provided in the resolution authorizing the issuance of the Bonds; and WHEREAS, it is deemed necessary and advisable that $3,610,000 be so redeemed on August 23, 2021 and notice of redemption be given according to the terms of the resolution authorizing issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That outstanding Water Revenue Bonds, dated September 21, 2010, in the principal amount of $3,610,000, be and the same are hereby redeemed as of August 23, 2021. Section 2. The Registrar and Paying Agent, UMB Bank, N.A, as successor to Wells Fargo Bank, N.A., is hereby authorized and directed to cause notice of such redemption be given not less than thirty (30) days prior to the redemption date and to cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary mail, and to notify DTC. -2- Section 3. The Director of Finance & Budget is hereby authorized and directed to cause to be deposited in a separate fund such sum as is sufficient to pay all principal and interest on the redeemed Bonds to the date of redemption and to notify the City's dissemination agent to post the Notice of Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Bonds in accordance with the Continuing Disclosure Certificate for the Bonds. Section 4. That the form of such notice be substantially as follows: -3- NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the redemption date. Issuer: City of Dubuque, State of Iowa Original Issue Amount: $5,700,000 Bond Issue: Water Revenue Bonds, Series 2010D Dated Date: September 21, 2010 Redemption Date: August 23, 2021 Redemption Price: Par, plus accrued interest Bonds Called for Redemption CUSIP Bond Principal Interest Maturity Numbers Numbers Amount Rate Date 264057 CS7 R-11 $250,000 3.25% June 1, 2022 264057 CT5 R-12 $260,000 3.50% June 1, 2023 264057 CU2 R-13 $390,000 3.50% June 1, 2024 264057 CVO R-14 $405,000 3.50% June 1, 2025 264057 CW8 R-15 $420,000 4.00% June 1, 2026 264057 CX6 R-16 $440,000 4.00% June 1, 2027 264057 CY4 R-17 $460,000 4.00% June 1, 2028 264057 CZ1 R-18 $480,000 4.00% June 1, 2029 264057 DA5 R-19 $505,000 4.00% June 1, 2030 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. The above Bonds should be presented to UMB Bank, N.A., West Des Moines, Iowa. This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. UMB BANK, N.A., West Des Moines, Iowa (End of Notice) -5- PASSED AND APPROVED this 19"' day of July, 2021. ATTEST: Assistant City Clerk Mayor WON CERTIFICATE STATE OF IOWA ) ) SS COUNTY OF DUBUQUE ) 1, the undersigned Assistant 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 20th day of July , 2021. Assistant City Clerk, City of Dubuque, State of c Iowa (SEAL) 01912083-1110422-215 MOODY'S INVESTORS SERVICE Rating Action: Moody's assigns Al to Dubuque (City of) IA Water Enterprise's revenue bonds 13 Jul 2021 New York, July 13, 2021 -- Moody's Investors Service assigns an Al rating to Dubuque (City of) IA Water Enterprise's $3.7 million Water Revenue Refunding Bonds, Series 2021C. Following this issue and the refunding associated with it, the water enterprise will have $19.3 million in revenue bonds outstanding. RATINGS RATIONALE The Al reflects the water enterprise's very strong cash position, updated system condition, and strong capital and operational planning with unlimited rate setting authority. The rating also incorporates a moderate debt burden, strong debt service coverage on senior lien parity debt which narrows but remains adequate when considering total debt service coverage. RATING OUTLOOK Moody's typically does not assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING - Strengthened total debt service coverage - Significant system growth FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING - Material reduction of cash reserves - Narrowing of debt service coverage LEGAL SECURITY The Series 2021 C bonds are payable from a senior lien pledge on net revenue of the water enterprise. USE OF PROCEEDS The Bonds will refund the system's Series 2008D and 201 OD revenue bonds for savings and no extension of final maturity. The original bonds financed repairs, improvements and extensions to the water distribution system. PROFILE The enterprise provides water treatment for the City of Dubuque (Aa3), located in northeastern Iowa (Aaa stable) across the Mississippi River from Wisconsin (Aal stable) and Illinois (Baa2 stable), serving a resident population of nearly 60,000. Raw water is drawn from four deep wells with a capacity of 8 million gallons per day and five shallow wells that provide 13 million gallons per day. Water is then treated at the Eagle Point Water Plant (rated at 20 million gallons per day) and stored in one of three of three elevated tanks, three stand pipes and an underground reservoir with a combined capacity of 17.5 million gallons. METHODOLOGY The principal methodology used in this rating was US Municipal Utility Revenue Debt published in October 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1095545 . Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx? docid=PBC 79004. For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435 . 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Attorneys at Law AHLERS COONEY 100 Court Avenue, Suite 600 A T T 0 R N E Y 5 Des Moines, Iowa 50309-2231 Phone: 515-243-7611 Fax: 515-243-2149 www.ahlerslaw.com July 14, 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 - $3,720,000* Water Revenue Refunding Bonds, Series 2021 C Dear Jenny: The procedure for the sale date (July 19, 2021) covering minutes of the reception of bids at 10:00 A.M. and the resolution awarding the Bonds to the best bidder for the Council meeting at 6:30 P.M. that evening is enclosed. Sealed bids for the above -referenced Bonds should be received by you as the Director of Finance & Budget and listed in the minutes. Any bids received by fax should be sealed in an envelope and opened with the sealed bids. After a final call for sealed bids, the bids should then be opened and the best bid recorded. Only sealed bids are permitted by the terms of sale. No oral bids should be considered. Once any sealed bids have been first opened, the PARITY® electronic bid system can be accessed and the best such bid noted. All bids should then be referred to the Council for award of the Bonds that evening. The Terms of Offering set out the restrictions on the type of interest rates which may be bid. Bids must comply with the Terms of Offering. Acceptance of the best bid can be made by execution of the bid form. Also included with this letter are resolutions to be adopted by the Council calling $215,000 outstanding Water Revenue Bonds, Series 2008D, dated November 4, 2008, and $3,610,000 outstanding Water Revenue Bonds, Series 201OD, dated September 21, 2010 (the "Refunded Bonds"). The resolutions include the form of Notices of Call. These Resolutions should be adopted only after the council approves the sale of the 2021C Water Revenue Refunding Bonds. According to the provisions of the resolutions authorizing issuance of the Refunded Bonds, which refer back to the Master Resolution adopted in 2008, notice must be given at least WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; BAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER, AHLERS & COONEY - 1950; AHLERS, COONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974; AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. - 1990 July 14, 2021 Page 2 thirty (30) days prior to the redemption date by ordinary first class mail to the registered Bond holders. UMB Bank, N.A., as successor to Wells Fargo Bank, N.A., in its capacity as Registrar and Paying Agent of the Bonds, is responsible for mailing the redemption notices for the Refunded Bonds. The Bonds are scheduled to be called on August 23, 2021 and the Notices of Call must be mailed no later than July 23, 2021. The Registrar should also send a copy of the Notice to each purchaser of record, Ruan Securities of Des Moines, Iowa for the 2008D, and Robert W. Baird & Co., of Milwaukee, Wisconsin for the 201 OD, and by e-mail to The Depository Trust Company at "redemptionnotification@dtcc. com". Finally, the Municipal Securities Rulemaking Board should be notified by sending the Notices in searchable PDF format to the Electronic Municipal Market Access website a.k.a. "EMMA" (emma.msrb.org), by clicking on "Emma Dataport". me. If you have any questions pertaining to the resolutions please do not hesitate to contact Very truly yours, Ahlers & Cooney, P.C. Kristin Billingsley Cooper FOR THE FIRM KBC:seb cc: Adrienne N. Breitfelder, City Clerk Trish Gleason, Assistant City Clerk Tionna Pooler, Independent Public Advisors, LLC 019121� City of Dubuque Series 2021C Bid Verification TIC Caic Period Robert Baird Fifth Third KeyBanc Bernardi FHN Bank 6 Bank 7 Endin¢ Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service 08-18.21 13,889,881.35) (4,064,269.001 (3,883,020.75) (3,865,000.90( (4,027,257.901 (3,690,240.001 {3,690,240.00] 12-01-21 21,286.67 31,930.00 21,286.67 21,286.67 31,930.00 32,462.17 32,994.33 06-01-22 412,200.00 430,800.00 412,200.00 412,200.00 430,800.00 431,730.00 432,660.00 12-01-22 33,450-00 50,175.00 33,450.00 33,450.00 50,175.00 51,011.25 S1,847.50 OCr01.23 428,450.00 445.175.00 428,450.00 428,450.00 445,175.00 446,011.25 446,847.50 12-01-23 29,S00.00 44,250.00 29,500.00 29,500.00 44,250.00 44,987.50 45,725.00 06-01-24 434,500.00 449,250.00 434,500.00 434,500,00 449,250.00 449,987.50 450,725,00 12-01-24 25,450,00 38,175.00 25,450.00 25,450-00 38,175.00 38,811.25 39,447.50 06-01-25 430,450.00 443,175.00 430,450.00 430,450.00 443,175.00 443,811.25 444,447.50 12-01.25 21,400,00 32,100.00 21,400.00 21,400.00 32,100.00 32,635.00 33,170.00 06-01-26 431,400.00 442,100.00 431,400.00 431,400.00 442,100.00 442,63S.00 443,170.00 12-01-26 17,300.00 25,950.00 17,300,00 17,300.00 25,950.00 26,382.SO 26,815.00 06-01-27 437,300.00 44S,950.00 437,300.00 437,300,00 445,950.00 446,382.50 446,815.00 12-01-27 13,100.00 19,650-00 13,100A0 13,100,00 19,650.00 19,977.50 20,305.00 06-01-28 438,100.00 444,650.00 438,100.00 438,100.00 444,650.00 444,977.50 445,305.00 12-01-28 8,850.00 13,275.00 8,850.00 8,850,00 13,275.00 13,496.25 13,717.50 06-01-29 443,850.00 448,275.00 443,850,00 443,850.00 448,275.00 448,496,25 448,717.50 12-01-29 4,500.00 6,750.00 4,500,00 4,500.00 6,750.00 6,862.50 6,975.00 0&01-30 454,500.00 456,750.00 454,500.00 454,500.00 456,750.00 456,862.50 456,975.00 4,085,SS6.67 4,268,380.00 4,085,586,67 4,085,586.67 4,268,380,00 4,277,519.67 4,286,659.33 Par 3,720,000.00 3,720,000.00 3,720,000.00 3,720,000.00 3,720,000.00 3,720,000.00 3,720,000.00 Accrued None None None None None None None Discount 169,881.35 344,269.00 163,020.75 145,000.90 307,257.90 (29,760.001 (29,760.00) 3,889,881.35 4,064,269.00 3,883,020.75 3,865,000.90 4,027,257.90 3,690,240.00 3,690,240.00 TIC 1.037883% 1.049429% 1.075592% 1.175098% 1.247723% 3.231693% 3.282005% NIC 195,705.32 204,111,00 202,565.92 220,585,77 241,122.10 587,279.67 596,419.33 Bid (3,889,881.35) (4,064,269.00) (3,883,02035) (3,865,000.90) (4,027,257.90) (3,690,240.00) (3,690,240.00) Control: T Control: L Bid NIC _ Robert Baird 3,889,881.35 195,70532 1.037883% Fifth Third 4,064,269,00 204,111A0 1.049429% KeyBanc 3,883,020.75 202,565.92 1.075592% Bernardi 3,865,000.90 220,585.77 1.175099% FHN 4,027,257.90 241,122.10 1.247723% Independent Public Advisors, LLC oate: 7/19/2021; Time: 11:17 AM PARITY Bid Form https://www.newissuehome.i-deal.coni/Parity/asp/main.asp?page=parity... LI-DeaA Wire Inbox `Upcoming Calendar Overview Result Excel Robert W. Baird & Co., Inc. - Red Bank, NJ's Bid Parity Calendar Deal List Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021C For the aggregate principal amount of $3,720,000.00, we will pay you $3,889,881.35, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2022 375M 2.0000 1 0.1500 101.452 06/01/2023 395M 2.0000 0.2500 103.116 06/01/2024 405M 2.0000 0.3500 104.570 06/01/2025 405M 2.0000 0.5000 105.618 06/01/2026 410M 2.0000 0.6000 106.595 06/01/2027 420M 2.0000 0.8000 106.771 06/01/2028 425M 2.0000 1.0000 106.544 06/01/2029 435M 2.0000 1.1000 105.868 06/01/2030 E450M 2.0000 1.2000 105.198 Total Interest Cost: $365,586.67 Premium: $169,881.35 Net Interest Cost: $195,705.32 TIC: 1.037883 Time Last Bid Received On:07/19/2021 9:57:32 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Red Bank, NJ Contact: Charles massaro Title: director Telephone:732-576-4410 Fax: 732-576-4420 Issuer Name: City of Dub que Company Name: Accepted By: Accepted By: Date: July 20, 2021 Date: Ofl 1981-2002 i-Deai LLC, M rights reserved, Trademarks 1 of 1 7/19/2021, 11:14 AM PARITY Reoffering https://www.newissuehome.i-deal.com/Parity/asp/main.asp?page—parity... � C(I-DeaAd Wire Inbox J LResult Robert W. Baird & Co., Inc.'s Reoffering Scale Parity Calendar Real List Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021 C Maturity Date 06/01/2022 Amount $ 375M Coupon % 2.0000 Yield % 0.1500 Dollar Price 101,452 Cal! Date 06/01/2023 395M 2.0000 0.2500 103.116 06/01/2024 405M 2.0000 0.3500 10.50001105.618 1 104.570 06/01/2025 405M 2.0000 06/01 /2026 410M 2.0000 0.6000 106.595 06/01/2027 420M 2.0000 ! 0.8000 106.771 06/01/2028 425M 2.0000 1.0000 106.544 06/01/2029 435M 2. 1.1000 105.868 106/01/2028 06/01/2030 450M 1 2.0000 T1.20001 105.198 06/01/2028 Accrued Interest: $0.00 Gross Production: $3,911,221.10 O 1981-20G2 i-Deal LLC. All rights reserved, Trademarks 1 of 1 7/19/2021, 11.15 AM PARITY Bid Form https://www.newissuchome.i-deal.conilParity/asp/main.asp?page—parity... fr �■ ��i1 Wire Inbox Upcoming Calendar Overview Result Excel Fifth Third Securities, Inc. - Cincinnati , OH's Bid Parity Calendar Real List . ;Z „-1 Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021C For the aggregate principal amount of $3,720,000.00, we will pay you $4,064,269.00, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2022 375M 3,0000 0.1700 102.222 06/01/2023 395M 3.0000 0.2200 104.952 06/01/2024[410M 405M 3.0000 0.3200 107.427 06/01/2025405M 3.0000 0.4700 109.482 06/01 /2026 3.0000 0.62001 111.205 06/01/2027 420M 3.0000 0.7700 112.595 06/01/2028 425M 3.0000 0.9000 113.793 06/01/2029 435M 3.0000 1.0000 113.089 06/01/2030 1 450M 3.0000 1. 15001 112,042 Total Interest Cost: $548,380.00 Premium: $344,269,00 Net Interest Cost: $204,111.00 TIC: 1.049429 Time Last Bid Received On:07/19/2021 9:54:17 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Fifth Third Securities, Inc., Cincinnati , OH Contact: Geoff Kobayashi Title: Telephone:513-534-5535 Fax: Issuer Name: City of D uque Company Name: Accepted B : N yI-XILI Accepted By: Date: July 20,2021 T_ Date: © 1981-2002 i-Deal LLG, All rights reserved, Trademarks I of 1 7/19/2021, 11:15 AM PARITY Bid Form https://www.newissueliome.i-deal.com/Parity/asp/main. asp?page=parity... (7(1-Dec-Ajd wire Inbox Upcoming Calendar Overview Re us I It Exce! KeyBanc Capital Markets - Cleveland, OH's Bid Parity Calendar Deal List '11* . 12 Air ilJ� Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021 C For the aggregate principal amount of $3,720,000.00, we will pay you $3,883,020.75, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2022 375M 2.0000 0.20001 101.413 06/01/2023 395M 2.0000 0.3000 103.025 06/01/2024 405M 2.0000 0.4000 104.428 06/01/2025 405M 2.0000 0.5000 105.618 06/01/2026 410M 2.0000 0.6000 106.595 06/01/2027 420M 2.0000 0,7500 107.064 06/01/2028 425M 2.0000 0.9000 107.225 06/01/2029 435M 2,0000 1.0000 106.544 06/01/2030 450M 2.0000 1.1000 105.868 Total Interest Cost: $365,586.67 Premium: $163,020.75 Net Interest Cost: $202,565.92 TIC: 1.075592 Time Last Bid Received On:07/19/2021 9:44:16 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: KeyBanc Capital Markets, Cleveland , OH Contact: Robert Bond Title: Managing Director Telephone:720-904-4571 Fax: Issuer Name: City of Dubyque Company Name: Accepted By: Accepted By: Date: July 20, 2021 Date: cQ 1981-2002 i-Deal LLC, All rights reserved, Trademarks 1 of 1 7/19/2021, 11:16 AM PARITY Bid Form https://www.newissuehome.i-deal.com/Parity/asp/main.asp?page=parity... LI-DeaAWire Inbox upcoming Calendar Overview Result Excel Bernardi Securities, Inc. - Chicago , IL's Bid Parity Calendar Deal List Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021 C For the aggregate principal amount of $3,720,000,00, we will pay you $3,865,000.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the followinq rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2022 375M 2.0000 0.2500 101.373 06/01/2023 395M 2.0000 10.3500 102.935 06/01/2024 405M 2.0000 0.5000 10-6500 104.144 06/01/2025 405M 2.0000 105.040 06/01/2026 410M 2.0000 0.7500 105.865 06/01/2027 420M 2,0000 0.9000 106.187 06/01/2028 425M 2.0000 1.0000 106.544 06/01/2029 435M 2.0000 1.1000 105.868 06/01/2030 450M 2.0000 1.1500 105.532 Total Interest Cost: $365,586.67 Premium: $145,000.90 Net Interest Cost: $220,585.77 TIC: 1.175088 Time Last Bid Received On:07/19/2021 9:53:44 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Bernardi Securities, Inc., Chicago , IL Contact: Lou Lamberti Title: Sr. VP Telephone!312-281-2022 Fax: 312-281-2039 Issuer Name: City of Dubu ue Company Name: Ll- Accepted By: ', Accepted By: Date: -July 2 0 2 0 21 Date: OO 1981-2002 i-Deaf LLC. Al rights reserved, Trademarks 1 of 1 7/19/2021, 11:16 AM PARITY Bid Form https://www.newissuehome.i-deal.com/Parity/asp/main.asp?page=parity 9 ` ���'''""" r^ -Dearr wire Inbox zzv Upcoming Calendar Overview Re lsu t Fxcel Parity Calendar Deal List FHN Financial Capital Markets - New York, NY's Bid j �' sN Asj s E- Dubuque $3,720,000 Water Revenue Refunding Bonds, Series 2021 C For the aggregate principal amount of $3,720,000.00, we will pay you $4,027,257.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % Yield % Dollar Price 06/01/2022 375M 3.0000 0,2700 102.142 06/01/2023 395M 3.0000 0.3200 104.769 06/01/2024 405M 3.0000 0.4200 107.138 06/01/2025 405M 3.0000 0.5700 109.088 06/01/2026 410M 3.0000 10.7200 110.706 06/01/2027 420M 3.0000 0.8700 111.993 06/01/2028 J 425M 3.0000 1.0000 113,089 06/01/2029 435M 3.0000 1.1500 112.042 06/01/2030 450M 1 3.0000 1.3000 111.006 Total Interest Cost: $548,380.00 Premium: $307,257.90 Net Interest Cost: $241,122.10 TIC: 1.247723 Time Last Bid Received On:0711912021 9:59:11 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: FHN Financial Capital Markets, New York, NY Contact: Robert McCraw Title: Telephone:212-418-5020 Fax: Issuer Name: City of Dubuque Company Name: Accepted By: , /,J Accepted By: Date: J u 1 Y 2 0, 2 0 21 Date: © 1981-2Oo2 i-Deal LLC, Al rights reserved, Trademarks I or 1 7/19/2021, 11:16 AM CITY OF DUBUQUE, IOWA TABULATION OF BIDS THE CM OF DUB E Masterpiece on the Mississippi $3,720,0001 Waiver Revenue Refunding Bonds, Series 2021C Robert W Baird & Co, Inc Red Bank, NJ C.L. King Hoboken, NJ Collier Securities Minneapolis, MN Fidelity Capital Boston, MA Loop Capital New York, NY Crews & Associates, Little Rock, AR Davenport & Co. L.L. Richmond, VA SumRidge Partners Jersey City, NJ Northland Securities Minneapolis, MN Country Club Bank Leawood, KS Wayne Hummer & Co. Chicago, IL D.A. Davidson Denver, CO Fifth Third Securities, Inc Cincinnati, OH KeyBanc Capital Markets Cleveland, OH Bernardi Securities, INC Chicago, IL FHN Financial Capital Markets New York, NY Morgan Stanley Purchase, NY Raymond James St. Petersburg, FL UBS Securities New York, NY Benchmark Securities Winter Park, FL $3,889,881.35 Sierra Pacific Secs STIFEL Midland Securities FMS Bonds Inc. Commerce Bank, N.A. Isaak Bond Investments First Southern LLC Dinosaur Sec First Bankers' Banc $195,705.32 1.037883% Los Angeles, CA St, Louis, MO Montclair, NJ North Miami Beach, FL Kansas City, MO Denver, CO Alphretta, GA New York, NY St. Louis, MO Mountainside Sec Summit, NJ StoneX Financial Inc Mobile, AL 4,064,269.00 204,111X0 1.049429% 3,883,020.75 202,565.92 1.075592% 3,865,000.90 220,585.77 1.175088% 4,027,257.90 241,122.10 1.247723% Ramirez & Co Wiley Brothers Ziegler Advisors Assets Management New York, NY Nashville, TN Chicago, IL Augusta, GA 1 Following the receipt of bids, the par amount was revised to $3,505,000, the purchase price was revised to $3,666,198.92, the net interest was revised to $187,507.47, and the true interest cost was revised to 1.042531%. Independent Page 11of1 Public Advisors, LLC