Sewer Revenue Capital Loan Notes, Not to Exceed $900,000, State Revolving Funds_HearingCity of Dubuque
City Council Meeting
Public Hearings # 3.
Copyrighted
December 6, 2021
ITEM TITLE: Proceedings for Public Hearing on the Issuance of Not to
Exceed $900,000, Sewer Revenue Capital Loan Notes (Interim
Financing) State Revolving Funds, Planning and Design Loan
Applications
SUMMARY: Proof of publication on notice of public hearing to consider City Council
approval of the suggested proceedings for a public hearing on the
issuance not to exceed $900,000 in Sewer Revenue Capital Loan Notes
(Interim Financing) State Revolving Loan Fund Program, and City
Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the
authorization of a Loan and Disbursement Agreement and the issuance
of not to exceed $900,000 Sewer Revenue Capital Loan Notes
RESOLUTION Approving and authorizing aform of Interim Loan and
Disbursement Agreement by and between the City of Dubuque and the
Iowa Finance Authority, and authorizing and providing for the issuance
and securing the payment of $465,000 Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2022A, of the City of Dubuque,
I owa, under the provisions of the Code of I owa, and providing for a
method of payment of said note
RESOLUTION Approving and authorizing a form of Interim Loan and
Disbursement Agreement by and between the City of Dubuque and the
Iowa Finance Authority, and authorizing and providing for the issuance
and securing the payment of $400,000 Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2022B, of the City of Dubuque,
I owa, under the provisions of the Code of I owa, and providing for a
method of payment of said note
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Hearing Proceedings Resolutions
Authorizing Resolution Series 2022A
Resolutions
Authorizing Resolution Series 2022B
Resolutions
Delivery Certificate 2022A
Supporting Documentation
Interim Loan and Disbursement Agreement 2022A
Supporting Documentation
Note 2022A
Supporting Documentation
Transcript Certificate Series 2022A
Supporting Documentation
Delivery Certificate 2022B
Supporting Documentation
Interim Loan and Disbursement Agreement 2022B
Supporting Documentation
Note 2022B
Supporting Documentation
Transcript Certificate Series 2022B
Supporting Documentation
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
All -America City
WJ%MLLI�'A: to Z,u:
2007-2012.2013
2017*2019
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$900,000, Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Funds, Planning and Design Loan Applications
DATE: November 29, 2021
Director of Finance and Budget Jennifer Larson is recommending City Council approval
of the suggested proceedings for a public hearing on the issuance not to exceed
$900,000 in Sewer Revenue Capital Loan Notes (Interim Financing) State Revolving
Loan Fund Program. $400,000 of the proceeds will be used to fund the planning and
design of the 42-Inch Force Main Stabilization Project. The 42-Inch Force Main
Stabilization Project includes stabilizing and protecting the existing force main that runs
along the Mississippi River which carries approximately 80% of the wastewater
generated in the city to the treatment facility. The improvements involve re-establishing
the protective envelope around the force main and stabilizing the river shoreline to
combat future erosion. $500,000 of the proceeds will be used to fund the planning and
design of the Granger Creek Interceptor Sewer Improvements Project. The Granger
Creek Interceptor Sewer Improvements Project includes extending sewer to serve the
businesses in Tamarack Business Park, extending sewer to serve the Twin Ridge
Subdivision and eliminating the existing lagoon system, and upgrading the existing
Granger Creek Lift Station to accommodate the additional flow and better serve the
service area.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three years
and have no initiation or servicing fees. The loan may be rolled into an SRF Construction
Loan or repaid when permanent financing is obtained.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the Notes
to the Iowa Finance Authority. A summary of objections received or made, if any, should
be attached to the proceedings. After all objections have been received and considered
if the Council decides to enter into the Agreement and issue the Notes, a form of
resolution follows that should be introduced and adopted, entitled "Resolution Instituting
Proceedings to Take Additional Action."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
� k�41v4j'�
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
THE C
DUUB-.'&-FE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manger
FROM: Jennifer Larson, Director of Finance and Budget
Dubuque
All-AmericaCity
2007-2012.2013
2017*2019
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$900,000, Sewer Revenue Capital Loan Notes (Interim Financing) State
Revolving Funds, Planning and Design Loan Applications
DATE: November 29, 2021
INTRODUCTION:
The purpose of this memorandum is to provide suggested proceedings for a public hearing
on the issuance of a not to exceed $900,000 Sewer Revenue Capital Loan Notes SRF
Planning and Design Loans. A letter from attorney Kristin Cooper detailing information on
the public hearing is enclosed.
DISCUSSION
$400,000 of the proceeds will be used to fund the planning and design of the 42-Inch
Force Main Stabilization Project. The 42-Inch Force Main Stabilization Project includes
stabilizing and protecting the existing force main that runs along the Mississippi River
which carries approximately 80% of the wastewater generated in the city to the treatment
facility. The improvements involve re-establishing the protective envelope around the force
main and stabilizing the river shoreline to combat future erosion.
$500,000 of the proceeds will be used to fund the planning and design of the Granger
Creek Interceptor Sewer Improvements Project. The Granger Creek Interceptor Sewer
Improvements Project includes extending sewer to serve the businesses in Tamarack
Business Park, extending sewer to serve the Twin Ridge Subdivision and eliminating the
existing lagoon system, and upgrading the existing Granger Creek Lift Station to
accommodate the additional flow and better serve the service area.
The State Revolving Capital Loan Notes will carry a 0% interest rate for up to three years
and have no initiation or servicing fees. The loan may be rolled into an SRF Construction
Loan or repaid when permanent financing is obtained.
The proceedings have been prepared to show as a first step the receipt of any oral or
written objections from any resident or property owner to the proposed action of the
Council to authorize the form of Loan and Disbursement Agreement and issue the Notes
to the Iowa Finance Authority. A summary of objections received or made, if any, should
be attached to the proceedings. After all objections have been received and considered if
the Council decides to enter into the Agreement and issue the Notes, a form of resolution
follows that should be introduced and adopted, entitled "Resolution Instituting Proceedings
to Take Additional Action."
In the event the Council decides to abandon the proposal, then the form of resolution
included in said proceedings should not be adopted. In this event, a motion merely be
adopted to the effect that such proposal is abandoned.
ACTION TO BE TAKEN
I respectfully recommend approval of the resolutions.
Attachments
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Gus Psihoyos, City Engineer
Deron Muehring, Civil Engineer
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
Not to Exceed $900,000 Sewer Revenue Capital Loan Notes.
Public hearing on the authorization of a Loan and Disbursement Agreement and the
issuance of Notes to evidence the obligation of the City thereunder.
Resolution instituting proceedings to take additional action.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
December 6, 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 o'clock 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: ___________________________________________
* * * * * * *
- 2 -
The Mayor announced that this was the time and place for the public hearing and meeting
on the matter of the authorization of a Loan and Disbursement Agreement by and between the
City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to
exceed $900,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City
under said Loan and Disbursement Agreement, in order to provide funds to pay costs of
acquisition, construction, reconstruction, extending, remodeling, improving, repairing and
equipping all or part of the Municipal Sewer System, including those costs associated with the
Granger Creek Interceptor Project and the Force Main Stabilization Project, and that notice of
the proposed action by the City Council to institute proceedings for the authorization of the Loan
and Disbursement Agreement and the issuance of the Notes had been published pursuant to the
provisions of Sections 384.24A and 384.83 of the Code of Iowa, as amended.
The Mayor then asked the Council whether any written objections had been filed by any
City resident or property owner to the proposal. The City Clerk advised the Mayor and the City
Council that zero written objections had been filed. The Mayor then called for oral objections to
the proposal and zero were made. Whereupon, the Mayor declared the time for receiving oral
and written objections to be closed.
(Attach here a summary of objections
received or made, if any)
- 3 -
The City Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Resnick introduced and delivered to the Clerk the
Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO
TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AND
DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $900,000
SEWER REVENUE CAPITAL LOAN NOTES", and moved:
that the Resolution be adopted.
to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings to the meeting to be held at __________ o'clock
_____.M. on the __________ day of _______________, 2021, at this
place.
Council Member Farber seconded the motion. The roll was called and the vote was,
AYES: Jones, Farber, Cavanagh, Sprank, Buol, Roussell, Resnick
___________________________________________
NAYS: ___________________________________________
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION NO. 422-21
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE
ISSUANCE OF NOT TO EXCEED $900,000 SEWER
REVENUE CAPITAL LOAN NOTES
WHEREAS, pursuant to notice published as required by law, this City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the authorization of a
Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority,
and the issuance to the Iowa Finance Authority of not to exceed $900,000 Sewer Revenue
Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement
Agreement, for the purpose of paying costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping all or part of the Municipal Sewer
System, including those costs associated with the Granger Creek Interceptor Project and the
Force Main Stabilization Project, and has considered the extent of objections received from
residents or property owners as to said proposal and, accordingly the following action is now
considered to be in the best interests of the City and residents thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, STATE OF IOWA:
Section 1. That this City Council does hereby institute proceedings and takes additional
action for the authorization of a Loan and Disbursement Agreement by and between the City and
the Iowa Finance Authority, and the issuance to the Iowa Finance Authority in the manner
required by law of not to exceed $900,000 Sewer Revenue Capital Loan Notes for the foregoing
purpose.
Section 2. That this Council does hereby consent to the terms and conditions of the SRF
Loan Program, which terms and conditions and the disclosures provided with respect thereto are
hereby acknowledged, accepted and approved.
Section 3. That the Clerk, with the assistance of bond counsel, is hereby authorized and
directed to proceed with the preparation of such documents and proceedings as shall be
necessary to authorize the City's participation in the SRF Loan Program, to select a suitable date
for final City Council authorization of the required Loan and Disbursement Agreement and
issuance of the Note to evidence the City's obligations thereunder, and to take such other actions
as the Clerk shall deem necessary to permit the completion of a loan on a basis favorable to the
City and acceptable to this Council.
Section 4. This Resolution shall serve as a declaration of official intent under Treasury
Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is
reasonably expected that Sewer fund moneys may be advanced from time to time for capital
expenditures which are to be paid from the proceeds of the above loan agreement. The amounts
so advanced shall be reimbursed from the proceeds of the Loan Agreement not later than
eighteen months after the initial payment of the capital expenditures or eighteen months after the
property is placed in service. Such advancements shall not exceed the loan amount authorized in
this Resolution unless the same are for preliminary expenditures or unless another declaration of
intention is adopted.
PASSED AND APPROVED this 6`h day of December, 2021.
ATTEST:
r
Ct4
Mayor
-5-
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the matter at the meeting held on the date indicated in the
attachment, which proceedings remain in full force and effect, and have not been amended or
rescinded in any way; that meeting and all action thereat was duly and publicly held in
accordance with a notice of meeting and tentative agenda, a copy of which was timely served on
each member of the Council and posted on a bulletin board or other prominent place easily
accessible to the public and clearly designated for that purpose at the principal office of the
Council 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
Nce0nbCr 2021. � /� A^/ �r� �
City Clerk, City of Dubuque, State off
01970453-1110422-219
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
$465,000 Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2022A (Interim
Planning and Design) (State of Iowa Revolving Fund Loan).
Resolution approving and authorizing a form of Interim Loan and Disbursement
Agreement by and between the City of Dubuque, Iowa, and the Iowa Finance Authority,
and authorizing and providing for the issuance and securing the payment of $465,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2022A, of the City
of Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method
of payment of said Notes.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
December 6, 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 o'clock 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 -
Council Member Resnick introduced the following Resolution entitled "A
RESOLUTION APPROVING AND AUTHORIZING A FORM OF INTERIM LOAN AND
DISBURSEMENT AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND
THE IOWA FINANCE AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE
ISSUANCE AND SECURING THE PAYMENT OF $465,000 SEWER REVENUE CAPITAL
LOAN NOTES ANTICIPATION PROJECT NOTE, SERIES 2022A, OF THE CITY OF
DUBUQUE, IOWA, UNDER THE PROVISIONS OF THE CODE OF IOWA, AND
PROVIDING FOR A METHOD OF PAYMENT OF SAID NOTE", and moved its adoption.
Council Member Farber seconded the motion to adopt. The roll was called and the vote was:
AYES: Jones, Farber, Cavanagh, Sprank, Buol, Roussell, Resnick
___________________________________________
NAYS: ___________________________________________
Whereupon the Mayor declared the following Resolution duly adopted:
- 3 -
Resolution No. 423-21
A RESOLUTION APPROVING AND AUTHORIZING A FORM
OF INTERIM LOAN AND DISBURSEMENT AGREEMENT
BY AND BETWEEN THE CITY OF DUBUQUE AND THE
IOWA FINANCE AUTHORITY, AND AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE
PAYMENT OF $465,000 SEWER REVENUE CAPITAL LOAN
NOTES ANTICIPATION PROJECT NOTE, SERIES 2022A, OF
THE CITY OF DUBUQUE, IOWA, UNDER THE PROVISIONS
OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE
WHEREAS, Issuer proposes to issue its Sewer Revenue Capital Loan Notes Anticipation
Project Note, Series 2022A, to the extent of $465,000, for the purpose of defraying the costs of
the Project hereinafter described; and it is deemed necessary and advisable and in the best
interests of the City that a form of Interim Loan and Disbursement Agreement by and between
the City and the Iowa Finance Authority be approved and authorized; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not to
exceed $465,000 Sewer Revenue Capital Loan Notes has heretofore been duly published and no
objections to such proposed action have been filed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF 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:
"Additional Project Notes" shall mean any project notes or other
obligations issued on a parity with the Note in accordance with the provisions of Section
11 hereof;
"Agreement" shall mean an Interim Loan and Disbursement Agreement
dated as of the Closing between and among the City and the Original Purchaser, relating
to the Interim Loan made to the City under the Program;
"City Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties and
responsibilities;
"Closing" shall mean the date of delivery of the Note to the Original
Purchaser and the funding of the Interim Loan;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
♦ "Fiscal Year" shall mean the twelve months' period beginning on July 1 of
each year and ending on the last day of June of the following year, or any other
consecutive twelve-month period adopted by the Governing Body or by law as the
official accounting period of the System; provided, that the requirements of a fiscal year
as expressed in this Resolution shall exclude any payment of principal or interest falling
due on the first day of the fiscal year and include any payment of principal or interest
falling due on the first day of the succeeding fiscal year;
♦ "Governing Body" shall mean the Council of the City, or its successor in
function with respect to the operation and control of the System;
♦ "Interim Loan" shall mean the principal amount allocated by the Original
Purchaser and loaned to the City under the Program, equal in amount to the principal
amount of the Note;
♦ "Issuer" and "City" shall mean the City of Dubuque, Iowa;
♦ "Note" shall mean $465,000 Sewer Revenue Capital Loan Notes
Anticipation Project Note, Series 2022A, authorized to be issued by this Resolution;
♦ "Original Purchaser" shall mean the Iowa Finance Authority, as the
purchaser of the Note from Issuer at the time of its original issuance;
♦ "Paying Agent" shall be the Director of Finance and Budget, 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 Notes as the same shall become due;
♦ "Permitted Investments" shall mean:
• direct obligations of (including obligations issued or held in book
entry form on the books of) the Department of the Treasury of the United States
of America;
• cash (insured at all times by the Federal Deposit Insurance
Corporation or otherwise collateralized with obligations described in the above
paragraph);
• obligations of any of the following federal agencies which
obligations represent full faith and credit of the United States of America,
including:
Export - Import Bank
Farm Credit System Financial Assistance Corporation
USDA - Rural Development
�L
- General Services Administration
- U.S. Maritime Administration
- Small Business Administration
- Government National Mortgage Association (GNMA)
- U.S. Department of Housing & Urban Development
(PHA's)
- Federal Housing Administration
• repurchase agreements whose underlying collateral consists of the
investments set out above if the Issuer takes delivery of the collateral either
directly or through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements;
• senior debt obligations rated "AAA" by Standard & Poor's
Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued
by the Federal National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
• U.S. dollar denominated deposit accounts, federal funds and
banker's acceptances with domestic commercial banks which have a rating on
their short-term certificates of deposit on the date of purchase of "A-1" or "A-1+"
by S&P or "P-1" by Moody's and maturing no more than 360 days after the date
of purchase (ratings on holding companies are not considered as the rating of the
bank);
• commercial paper which is rated at the time of purchase in the
single highest classification, "A-1+" by S&P or "P-1" by Moody's and which
matures not more than 270 days after the date of purchase;
• investments in a money market fund rated "AAAm" or "AAAm-G"
or better by S&P;
• pre -refunded Municipal Obligations, defined as any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not callable
at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and (a) which are rated, based on an irrevocable escrow account or fund
(the "escrow"), in the highest rating category of S&P or Moody's or any
successors thereto; or (b)(i) which are fully secured as to principal and interest
and redemption premium, if any, by an escrow consisting only of cash or direct
obligations of the Department of the Treasury of the United States of America,
which escrow may be applied only to the payment of such principal of and
interest and redemption premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate; and (ii) which escrow is
-5-
sufficient, as verified by a nationally recognized independent certified public
accountant, to pay principal of and interest and redemption premium, if any, on
the bonds or other obligations described in this paragraph on the maturity date or
dates specified in the irrevocable instructions referred to above, as appropriate;
• tax exempt bonds as defined and permitted by section 148 of the
Internal Revenue Code and applicable regulations and only if rated within the two
highest classifications as established by at least one of the standard rating services
approved by the superintendent of banking by rule adopted pursuant to chapter
17A Code of Iowa;
• an investment contract rated within the two highest classifications
as established by at least one of the standard rating services approved by the
superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa;
and
Iowa Public Agency Investment Trust;
♦ "Program" shall mean the Iowa Water Pollution Control Works Financing
Program undertaken by the Original Purchaser;
♦ "Project" shall mean the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping of the System, including the
Granger Creek Interceptor Project;
♦ "Project Costs" shall mean all engineering fees, archeological surveys,
environmental studies, and fees related to a project plan preparation and submission, and
other expenses incidental thereto, and also including the costs of issuance of the Note;
♦ "Project Fund" shall mean the Project Fund established by Section 6 of
this Resolution;
♦ "Registrar" shall be the Director of Finance and Budget, 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 Note. Unless
otherwise specified, the Registrar shall also act as Transfer Agent for the Note;
♦ "System" shall mean the municipal sewer utility of the Issuer and all
properties of every nature hereinafter owned by the Issuer comprising part of or used as a
part of the System, including all wastewater treatment facilities, sanitary sewers, force
mains, pumping stations and all related property and improvements and extensions made
by Issuer while the Note remains outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles;
9 Mo
♦ "Treasurer" shall mean the Director of Finance and Budget or such other
officer as shall succeed to the same duties and responsibilities with respect to the
recording and payment of the Note issued hereunder.
Section 2. Authority. The Agreement and the Note authorized by this Resolution shall
be issued pursuant to Section 76.13 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa. The Agreement shall be
substantially in the form attached to this Resolution and is authorized to be executed and issued
on behalf of the Issuer by the Mayor and attested by the City Clerk.
Section 3. Note Details, Execution, Redemption and Registration.
a. Note Details. The Note shall be designated a Sewer Revenue Capital Loan Notes
Anticipation Project Note, be dated the date of delivery, in the denomination of
$1,000 or multiples thereof, and shall at the request of the Original Purchaser be
initially issued as a single Note in the denomination of $465,000 and numbered R-
1. The Note shall not bear interest (0%) and shall mature three years from
issuance. The City Council hereby finds and determines that it is necessary and
advisable to issue said Note pursuant to Section 76.13 of the Code of Iowa, as
authorized by the Agreement and this Resolution.
b. Execution. The Note 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 imprinted 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, wire transfer or automated clearing house system transfer to the registered
owner of the Note.
Redemption. The Note may be called for redemption by the Issuer and paid
before maturity on any date, from any funds regardless of source, in whole or
from time to time in part, in order of maturity and within an annual maturity by
lot.
Notice of redemption shall be given by U.S. mail to the Original Purchaser (or
any other registered owner of the Note). The terms of redemption shall be par,
plus accrued interest to date of call. Failure to give such notice by mail to any
registered owner or any defect therein shall not affect the validity of any
proceedings for the redemption of the Note. The Note is also subject to
mandatory redemption to the extent not fully drawn upon.
d. Registration. The Note may be registered as to principal and interest on the books
of the Note Registrar in the name of the holder and such registration noted on the
Note after which no transfer shall be valid until the making of an entry upon the
books kept for the registration and transfer of ownership of the Note, and in no
other way. The Director of Finance and Budget is hereby appointed as Note
-7-
Registrar under the terms of this Resolution. Registrar shall maintain the books of
the Issuer for the registration of ownership of the Note for the payment of
principal of and interest on the Note as provided in this Resolution. The Note
shall be negotiable as provided in Article 8 of the Uniform Commercial Code
subject to the provisions for registration and transfer contained in the Note and in
this Resolution.
The ownership of any Note may be transferred only upon the Registration Books
kept for the registration and transfer of the Note and only upon 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 Note (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 Note, a new fully
registered Note, 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 Note, and bearing interest at
the same rate and maturing on the same date or dates shall be delivered by the
Registrar.
In all cases of the transfer of the Note, the Registrar shall register, at the earliest
practicable time, on the Registration Books, the Note, in accordance with the
provisions of this Resolution.
As to any Note, 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 Note 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 Note, including the interest thereon, to the
extent of the sum or sums so paid.
A Note which has been redeemed shall not be reissued but shall be cancelled by
the Registrar. A Note which is 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
Note to the Issuer.
In the event any payment check, wire, or electronic transfer of funds representing
payment of principal of or interest on the Notes is returned to the Paying Agent or
if any note is not presented for payment of principal at the maturity or redemption
date, if funds sufficient to pay such principal of or interest on Notes 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
Notes 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 Notes 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 or Notes.
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 Notes of whatever nature shall be made upon the Issuer.
Section 4. Form of Note. The form of Note shall be substantially as follows:
ll
REGISTERED
No. R-1
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2022A
Final Maturity Date
January 7, 2025
REGISTERED
$465,000
Dated Date
January 7, 2022
The City of Dubuque, 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, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of (principal amount written out) in lawful money of the
United States of America, at maturity on January 7, 2025, without interest (0%). Payment of this
Note shall at all times conform to the rules of the Iowa Water Pollution Control Works Financing
Program. Issuer pledges the Project Fund to which there has been appropriated the anticipated
receipts of certain funds held or to be received by the Issuer as well as the proceeds of certain
Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole or from time to time in part, in order of
maturity and within an annual maturity by lot.
-10-
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the Director of
Finance and Budget in the name of the holder after which no transfer shall be valid until the
making of an entry upon the books kept for the registration and transfer of ownership of the
Note, and in no other way. Registrar shall maintain the books of the Issuer for the registration of
ownership of the Note for the payment of principal of and interest on the Note as provided in the
Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the Director of Finance and Budget, City of Dubuque, Iowa, the Registrar. Such
transfer on the books shall occur only upon presentation and surrender of this Note at the office
of the Registrar, 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 Noteholders of such change. All Notes shall be negotiable as provided in Article 8 of
the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the 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 Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the Director of
Finance & Budget of the City of Dubuque, Iowa, all as of the day of
, 2022
-11-
Date of authentication:
CITY OF DUBUQUE, STATE OF IOWA
This is one of the Notes described in the within
mentioned Resolution, as registered by the By:
Director of Finance & Budget
DIRECTOR OF FINANCE & BUDGET
Registrar
Mayor
ATTEST:
By:
City Clerk
(SEAL)
Registrar and Transfer Agent: Director of Finance & Budget
Paying Agent: Director of Finance & Budget
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No.
within Note and does hereby irrevocably constitute and appoint
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED
IMPORTANT - READ CAREFULLY
the
The signature(s) to this Power must correspond with the name(s) as written upon the face
of the Certificate(s) or Note(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.
-12-
INFORMATION 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
Corporation
Trust
*If the Note 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 Note, 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 ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act ...................
(State)
(End of Note)
Section 5. Security for Note. The Note shall be payable solely from the Project Fund.
To pay the principal on the Note when it becomes due, there is hereby created a pledge of the
receipts anticipated in said Project Fund to continue until the payment in full of the principal on
the Note.
Section 6. Establishment of Project Fund. The Issuer hereby creates and establishes a
Project Fund, into which Project Fund are hereby appropriated the following:
Proceeds of not to exceed $465,000 Sewer Revenue Capital Loan
Notes, additional action on the issuance of which previously has
been taken and approved by the City Council
The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Note, from which the Issuer is
or may become obligated to pay under contracts for the construction of the Project to the extent
that proceeds of the Note are applied to the payment thereof.
-13-
Section 7. Application of Project Fund. The proceeds of the sale of the Note shall be
deposited in the Project Fund for application to payment of Project Costs and the costs of
issuance of the Note or to pay the principal of the Note when due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the City Clerk upon
receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be held
for the retirement of Note. When the Note is paid or payment is provided for, remaining moneys
in the Project Fund may be withdrawn and used for any lawful purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested, to the
extent practicable in Permitted Investments maturing at such times and in such amounts as will
make cash available for the purposes of such Project Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as any
Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the construction and
acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Note or of any moneys held in the Project Fund, except in accordance
with the provisions of this Resolution;
C. Will from time to time increase the amount of the appropriations to the
Project Fund, to the extent necessary to assure that the expected receipts thereafter
forthcoming, together with the funds appropriated and held in trust for the purpose, will
be sufficient to pay when due the Note as to both principal and interest.
d. Will obtain the collection of funds and the proceeds of the sale of sewer
revenue capital loan notes anticipated to be received in the Project Fund and, if not paid
from other sources, apply the same to the payment of the Note and interest thereon; and
e. For the prompt and full performance of the terms and provisions of this
Resolution and contract with the noteholders, the Issuer pledges its full faith and
diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Note.
Section 11. Additional Notes. The Issuer may issue Additional Project Notes of equal
standing and parity of lien with the Note for the purpose of paying Project Costs to the extent
that funds appropriated to the Project Fund are adequate to pay all notes so issued and interest
thereon.
-14-
The holder or holders of the Notes shall have all other rights and remedies given by law
for the payment and enforcement of the Notes and the security therefor.
Section 12. Severabili Clause. If any section, paragraph, clause or provision of this
Resolution be held invalid, such invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 13. Repeal of Conflicting Resolutions or Ordinances. All ordinances and
resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
Section 14. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall not be considered to be a part of this
Resolution.
Section 15. Rule of Construction. This Resolution and the terms and conditions of the
Notes authorized hereby shall be construed whenever possible so as not to conflict with the terms
and conditions of the Interim Loan and Disbursement Agreement. In the event such construction
is not possible, or in the event of any conflict or inconsistency between the terms hereof and
those of the Interim Loan and Disbursement Agreement, the terms of the Interim Loan and
Disbursement Agreement shall prevail and be given effect to the extent necessary to resolve any
such conflict or inconsistency.
PASSED AND APPROVED this 6'1' day of December, 2021.
ATTEST:
City Clerk
Mayor
-15-
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the matter at the meeting held on the date indicated in the
attachment, which proceedings remain in full force and effect, and have not been amended or
rescinded in any way; that meeting and all action thereat was duly and publicly held in
accordance with a notice of meeting and tentative agenda, a copy of which was timely served on
each member of the Council and posted on a bulletin board or other prominent place easily
accessible to the public and clearly designated for that purpose at the principal office of the
Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules
of the Council and the provisions of Chapter 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 +h day of
�ecernber ,2021.
City Clerk, City of Dubuqu , State of Iowa
01968985-1\10422-219
ITEMS TO INCLUDE ON AGENDA
CITY OF DUBUQUE, IOWA
$400,000 Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2022B (Interim
Planning and Design) (State of Iowa Revolving Fund Loan).
Resolution approving and authorizing a form of Interim Loan and Disbursement
Agreement by and between the City of Dubuque, Iowa, and the Iowa Finance Authority,
and authorizing and providing for the issuance and securing the payment of $400,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 202213, of the City
of Dubuque, Iowa, under the provisions of the Code of Iowa, and providing for a method
of payment of said Notes.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
- 1 -
December 6, 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 o'clock 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 -
Council Member Resnick introduced the following Resolution entitled "A
RESOLUTION APPROVING AND AUTHORIZING A FORM OF INTERIM LOAN AND
DISBURSEMENT AGREEMENT BY AND BETWEEN THE CITY OF DUBUQUE AND
THE IOWA FINANCE AUTHORITY, AND AUTHORIZING AND PROVIDING FOR THE
ISSUANCE AND SECURING THE PAYMENT OF $400,000 SEWER REVENUE CAPITAL
LOAN NOTES ANTICIPATION PROJECT NOTE, SERIES 2022B, OF THE CITY OF
DUBUQUE, IOWA, UNDER THE PROVISIONS OF THE CODE OF IOWA, AND
PROVIDING FOR A METHOD OF PAYMENT OF SAID NOTE", and moved its adoption.
Council Member Farber seconded the motion to adopt. The roll was called and the vote was:
AYES: Jones, Farber, Cavanagh, Sprank, Buol, Roussell, Resnick
___________________________________________
NAYS: ___________________________________________
Whereupon the Mayor declared the following Resolution duly adopted:
- 3 -
Resolution No. 424-21
A RESOLUTION APPROVING AND AUTHORIZING A FORM
OF INTERIM LOAN AND DISBURSEMENT AGREEMENT
BY AND BETWEEN THE CITY OF DUBUQUE AND THE
IOWA FINANCE AUTHORITY, AND AUTHORIZING AND
PROVIDING FOR THE ISSUANCE AND SECURING THE
PAYMENT OF $400,000 SEWER REVENUE CAPITAL LOAN
NOTES ANTICIPATION PROJECT NOTE, SERIES 2022B, OF
THE CITY OF DUBUQUE, IOWA, UNDER THE PROVISIONS
OF THE CODE OF IOWA, AND PROVIDING FOR A
METHOD OF PAYMENT OF SAID NOTE
WHEREAS, Issuer proposes to issue its Sewer Revenue Capital Loan Notes Anticipation
Project Note, Series 2022B, to the extent of $400,000, for the purpose of defraying the costs of
the Project hereinafter described; and, it is deemed necessary and advisable and in the best
interests of the City that a form of Interim Loan and Disbursement Agreement by and between
the City and the Iowa Finance Authority be approved and authorized; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not to
exceed $400,000 Sewer Revenue Capital Loan Notes has heretofore been duly published and no
objections to such proposed action have been filed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IN THE COUNTY OF DUBUQUE, STATE OF 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:
"Additional Project Notes" shall mean any project notes or other
obligations issued on a parity with the Note in accordance with the provisions of Section
11 hereof;
"Agreement" shall mean an Interim Loan and Disbursement Agreement
dated as of the Closing between and among the City and the Original Purchaser, relating
to the Interim Loan made to the City under the Program;
"City Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties and
responsibilities;
"Closing" shall mean the date of delivery of the Note to the Original
Purchaser and the funding of the Interim Loan;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
♦ "Fiscal Year" shall mean the twelve months' period beginning on July 1 of
each year and ending on the last day of June of the following year, or any other
consecutive twelve-month period adopted by the Governing Body or by law as the
official accounting period of the System; provided, that the requirements of a fiscal year
as expressed in this Resolution shall exclude any payment of principal or interest falling
due on the first day of the fiscal year and include any payment of principal or interest
falling due on the first day of the succeeding fiscal year;
♦ "Governing Body" shall mean the Council of the City, or its successor in
function with respect to the operation and control of the System;
♦ "Interim Loan" shall mean the principal amount allocated by the Original
Purchaser and loaned to the City under the Program, equal in amount to the principal
amount of the Note;
♦ "Issuer" and "City" shall mean the City of Dubuque, Iowa;
♦ "Note" shall mean $400,000 Sewer Revenue Capital Loan Notes
Anticipation Project Note, Series 2022B, authorized to be issued by this Resolution;
♦ "Original Purchaser" shall mean the Iowa Finance Authority, as the
purchaser of the Note from Issuer at the time of its original issuance;
♦ "Paying Agent" shall be the Director of Finance and Budget, 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 Notes as the same shall become due;
♦ "Permitted Investments" shall mean:
• direct obligations of (including obligations issued or held in book
entry form on the books of) the Department of the Treasury of the United States
of America;
• cash (insured at all times by the Federal Deposit Insurance
Corporation or otherwise collateralized with obligations described in the above
paragraph);
• obligations of any of the following federal agencies which
obligations represent full faith and credit of the United States of America,
including:
Export - Import Bank
Farm Credit System Financial Assistance Corporation
USDA - Rural Development
- General Services Administration
- U.S. Maritime Administration
- Small Business Administration
- Government National Mortgage Association (GNMA)
- U.S. Department of Housing & Urban Development
(PHA's)
- Federal Housing Administration
• repurchase agreements whose underlying collateral consists of the
investments set out above if the Issuer takes delivery of the collateral either
directly or through an authorized custodian. Repurchase agreements do not
include reverse repurchase agreements;
• senior debt obligations rated "AAA" by Standard & Poor's
Corporation (S&P) or "Aaa" by Moody's Investors Service Inc. (Moody's) issued
by the Federal National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
• U.S. dollar denominated deposit accounts, federal funds and
banker's acceptances with domestic commercial banks which have a rating on
their short-term certificates of deposit on the date of purchase of "A-1" or "A-1+"
by S&P or "P-1" by Moody's and maturing no more than 360 days after the date
of purchase (ratings on holding companies are not considered as the rating of the
bank);
• commercial paper which is rated at the time of purchase in the
single highest classification, "A-1+" by S&P or "P-1" by Moody's and which
matures not more than 270 days after the date of purchase;
• investments in a money market fund rated "AAAm" or "AAAm-G"
or better by S&P;
• pre -refunded Municipal Obligations, defined as any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not callable
at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and (a) which are rated, based on an irrevocable escrow account or fund
(the "escrow"), in the highest rating category of S&P or Moody's or any
successors thereto; or (b)(i) which are fully secured as to principal and interest
and redemption premium, if any, by an escrow consisting only of cash or direct
obligations of the Department of the Treasury of the United States of America,
which escrow may be applied only to the payment of such principal of and
interest and redemption premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate; and (ii) which escrow is
-5-
sufficient, as verified by a nationally recognized independent certified public
accountant, to pay principal of and interest and redemption premium, if any, on
the bonds or other obligations described in this paragraph on the maturity date or
dates specified in the irrevocable instructions referred to above, as appropriate;
• tax exempt bonds as defined and permitted by section 148 of the
Internal Revenue Code and applicable regulations and only if rated within the two
highest classifications as established by at least one of the standard rating services
approved by the superintendent of banking by rule adopted pursuant to chapter
17A Code of Iowa;
• an investment contract rated within the two highest classifications
as established by at least one of the standard rating services approved by the
superintendent of banking by rule adopted pursuant to chapter 17A Code of Iowa;
and
Iowa Public Agency Investment Trust;
♦ "Program" shall mean the Iowa Water Pollution Control Works Financing
Program undertaken by the Original Purchaser;
♦ "Project" shall mean the costs of acquisition, construction, reconstruction,
extending, remodeling, improving, repairing and equipping of the System, including the
Force Main Stabilization Project;
♦ "Project Costs" shall mean all engineering fees, archeological surveys,
environmental studies, and fees related to a project plan preparation and submission, and
other expenses incidental thereto, and also including the costs of issuance of the Note;
♦ "Project Fund" shall mean the Project Fund established by Section 6 of
this Resolution.
♦ "Registrar" shall be the Director of Finance and Budget, 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 Note. Unless
otherwise specified, the Registrar shall also act as Transfer Agent for the Note;
♦ "System" shall mean the municipal sewer utility of the Issuer and all
properties of every nature hereinafter owned by the Issuer comprising part of or used as a
part of the System, including all wastewater treatment facilities, sanitary sewers, force
mains, pumping stations and all related property and improvements and extensions made
by Issuer while the Note remains outstanding; all real and personal property; and all
appurtenances, contracts, leases, franchises and other intangibles;
well
♦ "Treasurer" shall mean the Director of Finance and Budget or such other
officer as shall succeed to the same duties and responsibilities with respect to the
recording and payment of the Note issued hereunder.
Section 2. Authority. The Agreement and the Note authorized by this Resolution shall
be issued pursuant to Section 76.13 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa. The Agreement shall be
substantially in the form attached to this Resolution and is authorized to be executed and issued
on behalf of the Issuer by the Mayor and attested by the City Clerk;
Section 3. Note Details, Execution, Redemption and Registration.
a. Note Details. The Note shall be designated a Sewer Revenue Capital Loan Notes
Anticipation Project Note, be dated the date of delivery, in the denomination of
$1,000 or multiples thereof, and shall at the request of the Original Purchaser be
initially issued as a single Note in the denomination of $400,000 and numbered R-
1. The Note shall not bear interest (0%), and shall mature three years from
issuance. The City Council hereby finds and determines that it is necessary and
advisable to issue said Note pursuant to Section 76.13 of the Code of Iowa, as
authorized by the Agreement and this Resolution.
b. Execution. The Note 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 imprinted 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, wire transfer or automated clearing house system transfer to the registered
owner of the Note.
Redemption. The Note may be called for redemption by the Issuer and paid
before maturity on any date, from any funds regardless of source, in whole or
from time to time in part, in order of maturity and within an annual maturity by
lot.
Notice of redemption shall be given by U.S. mail to the Original Purchaser (or
any other registered owner of the Note). The terms of redemption shall be par,
plus accrued interest to date of call. Failure to give such notice by mail to any
registered owner or any defect therein shall not affect the validity of any
proceedings for the redemption of the Note. The Note is also subject to
mandatory redemption to the extent not fully drawn upon.
d. Registration. The Note may be registered as to principal and interest on the books
of the Note Registrar in the name of the holder and such registration noted on the
Note after which no transfer shall be valid until the making of an entry upon the
books kept for the registration and transfer of ownership of the Note, and in no
other way. The Director of Finance and Budget is hereby appointed as Note
-7-
Registrar under the terms of this Resolution. Registrar shall maintain the books of
the Issuer for the registration of ownership of the Note for the payment of
principal of and interest on the Note as provided in this Resolution. The Note
shall be negotiable as provided in Article 8 of the Uniform Commercial Code
subject to the provisions for registration and transfer contained in the Note and in
this Resolution.
The ownership of any Note may be transferred only upon the Registration Books
kept for the registration and transfer of the Note and only upon 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 Note (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 Note, a new fully
registered Note, 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 Note, and bearing interest at
the same rate and maturing on the same date or dates shall be delivered by the
Registrar.
In all cases of the transfer of the Note, the Registrar shall register, at the earliest
practicable time, on the Registration Books, the Note, in accordance with the
provisions of this Resolution.
As to any Note, 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 Note 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 Note, including the interest thereon, to the
extent of the sum or sums so paid.
A Note which has been redeemed shall not be reissued but shall be cancelled by
the Registrar. A Note which is 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
Note to the Issuer.
In the event any payment check, wire, or electronic transfer of funds representing
payment of principal of or interest on the Notes is returned to the Paying Agent or
if any note is not presented for payment of principal at the maturity or redemption
date, if funds sufficient to pay such principal of or interest on Notes 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
Notes 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 Notes 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 or Notes.
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 Notes of whatever nature shall be made upon the Issuer.
Section 4. Form of Note. The form of Note shall be substantially as follows:
Mm
REGISTERED
No. R-1
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2022B
Final Maturity Date
January 7, 2025
REGISTERED
$400,000
Dated Date
January 7, 2022
The City of Dubuque, 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, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of (principal amount written out) in lawful money of the
United States of America, at maturity on January 7, 2025, without interest (0%). Payment of this
Note shall at all times conform to the rules of the Iowa Water Pollution Control Works Financing
Program. Issuer pledges the Project Fund to which there has been appropriated the anticipated
receipts of certain funds held or to be received by the Issuer as well as the proceeds of certain
Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above -described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole or from time to time in part, in order of
maturity and within an annual maturity by lot.
-10-
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the Director of
Finance and Budget in the name of the holder after which no transfer shall be valid until the
making of an entry upon the books kept for the registration and transfer of ownership of the
Note, and in no other way. Registrar shall maintain the books of the Issuer for the registration of
ownership of the Note for the payment of principal of and interest on the Note as provided in the
Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the Director of Finance and Budget, City of Dubuque, Iowa, the Registrar. Such
transfer on the books shall occur only upon presentation and surrender of this Note at the office
of the Registrar, 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 Noteholders of such change. All Notes shall be negotiable as provided in Article 8 of
the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the 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 Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the Director of
Finance & Budget of the City of Dubuque, Iowa, all as of the day of
, 2022
- 11 -
- 12 -
Date of authentication: ________________
This is one of the Notes described in the within
mentioned Resolution, as registered by the
Director of Finance & Budget
CITY OF DUBUQUE, STATE OF IOWA
By: _____________________________________
Mayor
DIRECTOR OF FINANCE & BUDGET
By: _________________________________
Registrar
ATTEST:
By: _____________________________________
City Clerk
(SEAL)
Registrar and Transfer Agent: Director of Finance & Budget
Paying Agent: Director of Finance & Budget
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
_________________________ (Social Security or Tax Identification No. _______________) the
within Note and does hereby irrevocably constitute and appoint _________________________
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated: __________________________________________________
__________________________________________________
__________________________________________________
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED )__________________________________________________
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 Note(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.
INFORMATION 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
Corporation
Trust
*If the Note 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 Note, 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 ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act ...................
(State)
(End of Note)
Section 5. Security for Note. The Note shall be payable solely from the Project Fund.
To pay the principal on the Note when it becomes due, there is hereby created a pledge of the
receipts anticipated in said Project Fund to continue until the payment in full of the principal on
the Note.
Section 6. Establishment of Project Fund. The Issuer hereby creates and establishes a
Project Fund, into which Project Fund are hereby appropriated the following:
Proceeds of not to exceed $400,000 Sewer Revenue Capital Loan
Notes, additional action on the issuance of which previously has
been taken and approved by the City Council
The funds so appropriated shall include in addition thereto all funds of the Issuer,
including proceeds realized on the reinvestment of proceeds of the Note, from which the Issuer is
or may become obligated to pay under contracts for the construction of the Project to the extent
that proceeds of the Note are applied to the payment thereof.
-13-
Section 7. Application of Project Fund. The proceeds of the sale of the Note shall be
deposited in the Project Fund for application to payment of Project Costs and the costs of
issuance of the Note or to pay the principal of the Note when due and for no other purpose.
Disbursements for the payment of Project Costs shall be made by the City Clerk upon
receipt of vouchers approved by the Governing Body.
After completion of the Project, any moneys remaining in the Project Fund shall be held
for the retirement of Note. When the Note is paid or payment is provided for, remaining moneys
in the Project Fund may be withdrawn and used for any lawful purpose.
Section 8. Investments. Moneys in the Project Fund shall at all times be invested, to the
extent practicable in Permitted Investments maturing at such times and in such amounts as will
make cash available for the purposes of such Project Fund as needed.
Section 9. Covenants with Noteholders. Issuer covenants and agrees, so long as any
Notes herein authorized remain unpaid, that it:
a. Will proceed to complete with all practicable dispatch the construction and
acquisition of the Project;
b. Will not make or cause or permit to be made any application of the
proceeds of the Note or of any moneys held in the Project Fund, except in accordance
with the provisions of this Resolution;
C. Will from time to time increase the amount of the appropriations to the
Project Fund, to the extent necessary to assure that the expected receipts thereafter
forthcoming, together with the funds appropriated and held in trust for the purpose, will
be sufficient to pay when due the Note as to both principal and interest.
d. Will obtain the collection of funds and the proceeds of the sale of sewer
revenue capital loan notes anticipated to be received in the Project Fund and, if not paid
from other sources, apply the same to the payment of the Note and interest thereon; and
e. For the prompt and full performance of the terms and provisions of this
Resolution and contract with the noteholders, the Issuer pledges its full faith and
diligence and the exercise of its lawful powers.
Section 10. Contract Between Issuer and Purchaser. This Resolution constitutes a
contract between the Issuer and the purchaser of the Note.
Section 11. Additional Notes. The Issuer may issue Additional Project Notes of equal
standing and parity of lien with the Note for the purpose of paying Project Costs to the extent
that funds appropriated to the Project Fund are adequate to pay all notes so issued and interest
thereon.
-14-
The holder or holders of the Notes shall have all other rights and remedies given by law
for the payment and enforcement of the Notes and the security therefor.
Section 12. Severability Clause. If any section, paragraph, clause or provision of this
Resolution be held invalid, such invalidity shall not affect any of the remaining provisions
hereof, and this Resolution shall become effective immediately upon its passage and approval.
Section 13. Repeal of Conflicting Resolutions or Ordinances. All ordinances and
resolutions and parts of ordinances and resolutions in conflict herewith are hereby repealed.
Section 14. Paragraph Headings. The paragraph headings in this Resolution are
furnished for convenience of reference only and shall not be considered to be a part of this
Resolution.
Section 15. Rule of Construction. This Resolution and the terms and conditions of the
Notes authorized hereby shall be construed whenever possible so as not to conflict with the terms
and conditions of the Interim Loan and Disbursement Agreement. In the event such construction
is not possible, or in the event of any conflict or inconsistency between the terms hereof and
those of the Interim Loan and Disbursement Agreement, the terms of the Interim Loan and
Disbursement Agreement shall prevail and be given effect to the extent necessary to resolve any
such conflict or inconsistency.
PASSED AND APPROVED this 61h day of December, 2021.
r:11wr96"
City Clerk
J" P k /
Mayor
-15-
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the corporate records of the City
showing proceedings of the City Council, and the same is a true and complete copy of the action
taken by the Council with respect to the matter at the meeting held on the date indicated in the
attachment, which proceedings remain in full force and effect, and have not been amended or
rescinded in any way; that meeting and all action thereat was duly and publicly held in
accordance with a notice of meeting and tentative agenda, a copy of which was timely served on
each member of the Council and posted on a bulletin board or other prominent place easily
accessible to the public and clearly designated for that purpose at the principal office of the
Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules
of the Council and the provisions of Chapter 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.
q WITNESS my hand and the seal of the City hereto affixed this / +h day of
DeCe rnb'e /' , 2021.
City Clerk, City of Dubuque, S ate of Iowa
(SEAI3r''
01970227-1%10422-220
DELIVERY CERTIFICATE
We, the undersigned City officials, do hereby certify that we are the officers, respectively
below indicated, of a municipal corporation in the State of Iowa, known as the City of Dubuque,
Iowa•, that in pursuance of the provisions of Section 76.13, Code of Iowa, there have been
heretofore lawfully authorized and this day by us lawfully executed, issued, caused to be
registered and authenticated and delivered one fully registered Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2022A, of the City of Dubuque, Iowa, in the amount of
$465,000, dated the date of delivery, bearing no interest, and maturing three years from the date
of issuance.
The Note has been executed with the manual signature of the Mayor and the manual
signature of the City Clerk of said City.
The Note has been delivered to:
Iowa Finance Authority of Des Moines, Iowa,
and has been paid for in accordance with the terms of the contract of sale and at a price of par.
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
undersigned officers to their respective positions, or the validity of the Note, or the power of the
City to provide and apply adequate funds, including proceeds of Notes heretofore authorized for
the purpose and appropriated to the Project Fund from which the Note is made payable, for the
full and prompt payment of the principal and interest of the aforesaid Note, and that no measure
or provision for the authorization or issuance either of said Note or any source of moneys
appropriated or pledged to the project construction fund from which the Note are made payable
has been repealed or rescinded.
We further certify that each of the officers whose signatures appear on the Note were in
occupancy and possession of their respective offices at the time the Note was executed and do
hereby adopt and affirm their signatures appearing in the Note.
We further certify that the present financial condition of the City is as follows:
Total Sewer Revenue bonded indebtedness,
including above -mentioned Project Note
All other indebtedness of any kind, payable
from Sewer Revenues $
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa, as of
this 7th day of January, 2022.
Mayor
City Clerk G
�`�. ' r`"'`. '• 1 t r of Finance and Budget
(SEAS,) .
01969051-1\10422-219
INTERIM LOAN AND DISBURSEMENT AGREEMENT
This Interim Loan and Disbursement Agreement (the "Agreement") is entered into as of
January 7, 2022, by and between the City of Dubuque, Iowa (the "City"), and the Iowa Finance
Authority, as lender (the "Lender"). The parties agree as follows:
1. The Lender shall loan to the City an interim amount not to exceed $465,000, without
interest.
2. The City has adopted a resolution (the "Resolution") authorizing and approving this
Agreement pursuant to the provisions of Section 76.13 of the Code of Iowa, 2021, as amended,
and providing for the issuance and securing the payment of this Agreement, and the Resolution is
incorporated herein by reference, and the parties agree to abide by the terms and provisions of
the Resolution. This Agreement and the interest thereon, if any, together with any additional
obligations as may be hereafter issued and outstanding from time to time under the conditions set
forth in the Resolution, shall be payable from (i) proceeds of an authorized loan agreement
corresponding to the anticipated issuance of capital loan notes previously authorized by action of
the City Council or (ii) such other funds as may be lawfully available for such purpose and
appropriated by the City.
3. The loan proceeds (the "Loan Proceeds") shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements as provided for in this section. Prior to disbursement the City shall provide to the
Lender a payment request on a form provided by the Lender and evidence that the costs for
which the disbursement is requested have been incurred. Disbursements to the City will be made
on or about the second and fourth Tuesday of each month. Submission of the completed
information required by this section shall be made by the City not less than eight (8) days prior to
the disbursement date. Funds shall be disbursed to the City at the address specified in the
disbursement request in the form of a check, wire transfer or automated clearinghouse system
transfer, as requested by the City.
4. This Agreement shall be executed and delivered to the Lender in evidence of the
City's obligation to repay the amounts payable hereunder. Amounts disbursed hereunder shall
not bear interest (0%), and shall be payable as to principal in full on the date and in the total
aggregate amount drawn by the City as set forth in the Resolution. This Agreement shall be
subject to prepayment prior to maturity and shall contain such other terms and provisions as
provided in the Resolution.
5. The City understands and agrees this Agreement may be terminated at the option of
the Lender if the City has not entered into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works Financing Program within three years of the
date of this Agreement. If the City enters into a Loan and Disbursement Agreement with the
Lender pursuant to the Iowa Water Pollution Control Works Financing Program within three
years of the date of this Agreement, the Lender shall permit the City to repay this Agreement in
full pursuant to the terms of the Loan and Disbursement Agreement executed between the City
and the Lender under the Iowa Water Pollution Control Works Financing Program.
- 1 -
6. This Agreement is executed pursuant to the provisions of Section 76.13 of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the
statutes. The parties hereto agree this Agreement and all documents related thereto and
referenced herein may be entered into and provided for pursuant to and in accordance with
Chapter 554D of the Code of Iowa.
7. This Agreement may be amended, supplemented or modified as agreed to in writing
by both the City and the Lender.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Agreement, the parties acknowledge and agree that the terms of this
Agreement shall take precedence over any such terms of the Resolution.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF DUBUQUE, IOWA
Mayor
ATTEST:
City Clerk
� � k •
L
-2-
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
01969025-1\10422-219
IOWA FINANCE AUTHORITY
Its:
-3-
REGISTERED
No. R-1
REGISTERED
$465,000
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2022A
Final Maturi . Date
January 7, 2025
Dated Date
January 7, 2022
The City of Dubuque, 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, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of FOUR HUNDRED SIXTY-FIVE THOUSAND
DOLLARS in lawful money of the United States of America, at maturity on January 7, 2025,
without interest (0%). Payment of this Note shall at all times conform to the rules of the Iowa
Water Pollution Control Works Financing Program. Issuer pledges the Project Fund to which
there has been appropriated the anticipated receipts of certain funds held or to be received by the
Issuer as well as the proceeds of certain Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole or from time to time in part, in order of
maturity and within an annual maturity by lot.
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the Director of
Finance and Budget in the name of the holder after which no transfer shall be valid until the
making of an entry upon the books kept for the registration and transfer of ownership of the
Note, and in no other way. Registrar shall maintain the books of the Issuer for the registration of
ownership of the Note for the payment of principal of and interest on the Note as provided in the
Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the Director of Finance and Budget, City of Dubuque, Iowa, the Registrar. Such
transfer on the books shall occur only upon presentation and surrender of this Note at the office
of the Registrar, 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 Noteholders of such change. All Notes shall be negotiable as provided in Article 8 of
the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the 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 Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the Director of
Finance & Budget of the City of Dubuque, Iowa, all as of the day of
.2022
Date of authentication:
CITY OF DUBUQUE, STATE OF IOWA
This is one of the Notes described in the within
mentioned Resolution, as registered by the By:
Director of Finance & Budget Mayor
DIRECTOR OF FINANCE & BUDGET ATTEST:
By:. By: G/O' .. /
egistrar City Clerk
Registrar and Transfer Agent: Director of Finance & Budget
Paying Agent: Director of Finance & Budget
40
`1.... r
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within
Note and does hereby irrevocably constitute and appoint attorney in fact
to transfer the said Note on the books kept for registration of the within Note, with full power of
substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED
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 Note(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.
INFORMATION 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
Corporation
Trust
*If the Note 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 Note, 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 ..........
(Cult) (Minor)
Under Iowa Uniform Transfers to Minors Act ...................
01970275-1\10422-219
(State)
TRANSCRIPT CERTIFICATE
I, the undersigned, being first duly sworn, do hereby depose and certify that I am the duly
appointed, qualified and acting Clerk of the City of Dubuque, Iowa, and that as such Clerk I have
in my possession or have access to the complete corporate records of said Clerk and of its
Council and officials, and that I have carefully compared the transcript hereto attached with the
aforesaid corporate records and that said transcript hereto attached is a true and complete copy of
all the corporate records in relation to the authorization, issuance and disposition of a $465,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2022A, of said City dated
the date of delivery, and that said transcript hereto attached contains a true and complete
statement of all the measures adopted and proceedings, acts and things had, done and performed
up to the present time, in relation to the authorization, issuance and disposition of said Note, and
that said Council consists of a Mayor and six (6) Council Members, and that said offices were
duly and lawfully filled by the individuals listed in the attached transcript as of the dates and
times referred to therein.
I further certify that said City is and throughout the period of said proceedings has been
governed under the Mayor/Council form of municipal government authorized by Chapter 372,
Code of Iowa, under the provisions of its charter as recorded with the Secretary of State.
I further certify that all meetings of the City Council of said City at which action was
taken in connection with said Note were open to the public at all times in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and was duly given at least twenty-four hours prior to the commencement of the
meeting by notification of the communications media having requested such notice and posted
on a bulletin board or other prominent place designated for the purpose and easily accessible to
the public at the principal office of the Council, all pursuant to the provisions and in accordance
with the conditions of the local rules of the Council and Chapter 21, Code of Iowa.
I further certify that no City officer or employee has any interest in the contract for the
sale of the Note or any matter incidental thereto, according to my best knowledge and belief.
WITNESS my hand and the seal of the City hereto attached this Th day of
heCe- mile./` , 2021, at Dubuque, Iowa.
City Clerk, City of Dubuque, State of Iowa
-I-
Finally, the below stated officers whose signatures appear hereafter are now the duly
qualified and acting officials of the City, possessed of the offices as designated below, to -wit:
Mayor Roy Buol
Zai
(Original Signature)
City Clerk
Director of Finance and Budget
STATE OF IOWA
COUNTY OF DUBUQUE
Adrienne Breitfelder
Jennifer Larson
(Original Signature)
) SS
Subscribed and sworn to before me by Roy Buol, Adrienne Breitfelder and Jennifer
Larson on this 4l day of , , �y , 2021.
01969023-1\10422-219
Notary Public in and for Dubuque County,
Iowa
-2-
DELIVERY CERTIFICATE
We, the undersigned City officials, do hereby certify that we are the officers, respectively
below indicated, of a municipal corporation in the State of Iowa, known as the City of Dubuque,
Iowa•, that in pursuance of the provisions of Section 76.13, Code of Iowa, there have been
heretofore lawfully authorized and this day by us lawfully executed, issued, caused to be
registered and authenticated and delivered one fully registered Sewer Revenue Capital Loan
Notes Anticipation Project Note, Series 2022B, of the City of Dubuque, Iowa, in the amount of
$400,000, dated the date of delivery, bearing no interest, and maturing three years from the date
of issuance.
The Note has been executed with the manual signature of the Mayor and the manual
signature of the City Clerk of said City.
The Note has been delivered to:
Iowa Finance Authority of Des Moines, Iowa,
and has been paid for in accordance with the terms of the contract of sale and at a price of par.
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
undersigned officers to their respective positions, or the validity of the Note, or the power of the
City to provide and apply adequate funds, including proceeds of Notes heretofore authorized for
the purpose and appropriated to the Project Fund from which the Note is made payable, for the
full and prompt payment of the principal and interest of the aforesaid Note, and that no measure
or provision for the authorization or issuance either of said Note or any source of moneys
appropriated or pledged to the project construction fund from which the Note are made payable
has been repealed or rescinded.
We further certify that each of the officers whose signatures appear on the Note were in
occupancy and possession of their respective offices at the time the Note was executed and do
hereby adopt and affirm their signatures appearing in the Note.
We further certify that the present financial condition of the City is as follows:
Total Sewer Revenue bonded indebtedness,
including above -mentioned Project Note
All other indebtedness of any kind, payable
from Sewer Revenues $
IN WITNESS WHEREOF, we have hereunto affixed our hands at Dubuque, Iowa, as of
this 7th day of January, 2022.
Mayor
*i�!/%L2 d i<
City Clerk
'.Di`r ` or of Finance and Budget
01970187-1\10422-220
INTERIM LOAN AND DISBURSEMENT AGREEMENT
This Interim Loan and Disbursement Agreement (the "Agreement") is entered into as of
January 7, 2022, by and between the City of Dubuque, Iowa (the "City"), and the Iowa Finance
Authority, as lender (the "Lender"). The parties agree as follows:
1. The Lender shall loan to the City an interim amount not to exceed $400,000, without
interest.
2. The City has adopted a resolution (the "Resolution") authorizing and approving this
Agreement pursuant to the provisions of Section 76.13 of the Code of Iowa, 2021, as amended,
and providing for the issuance and securing the payment of this Agreement, and the Resolution is
incorporated herein by reference, and the parties agree to abide by the terms and provisions of
the Resolution. This Agreement and the interest thereon, if any, together with any additional
obligations as may be hereafter issued and outstanding from time to time under the conditions set
forth in the Resolution, shall be payable from (i) proceeds of an authorized loan agreement
corresponding to the anticipated issuance of capital loan notes previously authorized by action of
the City Council or (ii) such other funds as may be lawfully available for such purpose and
appropriated by the City.
3. The loan proceeds (the "Loan Proceeds") shall be used for the purposes set forth in the
Resolution and shall be made available to the City in the form of one or more periodic
disbursements as provided for in this section. Prior to disbursement the City shall provide to the
Lender a payment request on a form provided by the Lender and evidence that the costs for
which the disbursement is requested have been incurred. Disbursements to the City will be made
on or about the second and fourth Tuesday of each month. Submission of the completed
information required by this section shall be made by the City not less than eight (8) days prior to
the disbursement date. Funds shall be disbursed to the City at the address specified in the
disbursement request in the form of a check, wire transfer or automated clearinghouse system
transfer, as requested by the City.
4. This Agreement shall be executed and delivered to the Lender in evidence of the
City's obligation to repay the amounts payable hereunder. Amounts disbursed hereunder shall
not bear interest (0%), and shall be payable as to principal in full on the date and in the total
aggregate amount drawn by the City as set forth in the Resolution. This Agreement shall be
subject to prepayment prior to maturity and shall contain such other terms and provisions as
provided in the Resolution.
5. The City understands and agrees this Agreement may be terminated at the option of
the Lender if the City has not entered into a Loan and Disbursement Agreement with the Lender
pursuant to the Iowa Water Pollution Control Works Financing Program within three years of the
date of this Agreement. If the City enters into a Loan and Disbursement Agreement with the
Lender pursuant to the Iowa Water Pollution Control Works Financing Program within three
years of the date of this Agreement, the Lender shall permit the City to repay this Agreement in
full pursuant to the terms of the Loan and Disbursement Agreement executed between the City
and the Lender under the Iowa Water Pollution Control Works Financing Program.
-1-
6. This Agreement is executed pursuant to the provisions of Section 76.13 of the Code of
Iowa and shall be read and construed as conforming to all provisions and requirements of the
statutes. The parties hereto agree this Agreement and all documents related thereto and
referenced herein may be entered into and provided for pursuant to and in accordance with
Chapter 554D of the Code of Iowa.
7. This Agreement may be amended, supplemented or modified as agreed to in writing
by both the City and the Lender.
In the event of any inconsistency or conflict between the terms and conditions of the
Resolution and this Agreement, the parties acknowledge and agree that the terms of this
Agreement shall take precedence over any such terms of the Resolution.
IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
ATTEST:
City Clerk
CITY OF DUBUQUE, IOWA
Mayor
-2-
IN WITNESS WHEREOF, I have hereunto affixed my signature all as of the date first
above written.
01970213-1\10422-220
IOWA FINANCE AUTHORITY
Its:
-3-
REGISTERED
No. R-I
Interest Rate
0.00%
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF DUBUQUE
CITY OF DUBUQUE, IOWA
SEWER REVENUE CAPITAL LOAN NOTES
ANTICIPATION PROJECT NOTE
SERIES 2022B
Final Maturitv Date
January 7, 2025
REGISTERED
$400,000
Dated Date
January 7, 2022
The City of Dubuque, 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, to
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of FOUR HUNDRED THOUSAND DOLLARS in
lawful money of the United States of America, at maturity on January 7, 2025, without interest
(0%). Payment of this Note shall at all times conform to the rules of the Iowa Water Pollution
Control Works Financing Program. Issuer pledges the Project Fund to which there has been
appropriated the anticipated receipts of certain funds held or to be received by the Issuer as well
as the proceeds of certain Capital Loan Notes to be issued.
This Note is payable solely from said Project Fund.
This Note is issued pursuant to an Interim Loan and Disbursement Agreement and the
Resolution, duly adopted and under and in substantial compliance with the Constitution and
statutes of the state of Iowa, including specifically Section 76.13 of the Code of Iowa, as
amended, for the purpose of defraying part of the cost of acquiring the Project. For a complete
statement of the revenues and funds from which, and the conditions, under which this Note is
payable, a statement of conditions under which additional notes of equal standing may hereafter
be issued, and the general covenants and provisions pursuant to which this Note is issued,
reference is made to the above -described Resolution and Interim Loan and Disbursement
Agreement. This Note is not payable in any manner by taxation and under no circumstances
shall the City be in any manner liable by reason of the failure of said Project Fund to be
sufficient for the payment hereof.
The Note may be called for redemption by the Issuer and paid before maturity on any
date, from any funds regardless of source, in whole or from time to time in part, in order of
maturity and within an annual maturity by lot.
Notice of redemption shall be given by ordinary mail to the Original Purchaser (or any
other registered owner of the Note). The terms of redemption shall be par, plus accrued interest
to date of call. Failure to give such notice by mail to any registered owner or any defect therein
shall not affect the validity of any proceedings for the redemption of the Note. The Note is also
subject to mandatory redemption to the extent not fully drawn upon.
If selection by lot within a maturity is required, the Registrar shall designate the Notes to
be redeemed by random selection of the names of the registered owners of the entire annual
maturity until the total amount of Notes to be called has been reached.
The Note may be registered as to principal and interest on the books of the Director of
Finance and Budget in the name of the holder after which no transfer shall be valid until the
making of an entry upon the books kept for the registration and transfer of ownership of the
Note, and in no other way. Registrar shall maintain the books of the Issuer for the registration of
ownership of the Note for the payment of principal of and interest on the Note as provided in the
Resolution.
Ownership of this Note may be transferred only by transfer upon the books kept for such
purpose by the Director of Finance and Budget, City of Dubuque, Iowa, the Registrar. Such
transfer on the books shall occur only upon presentation and surrender of this Note at the office
of the Registrar, 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 Noteholders of such change. All Notes shall be negotiable as provided in Article 8 of
the Uniform Commercial Code and subject to the provisions for registration and transfer
contained in the 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 Note, have been existent, had, done and
performed as required by law.
IN TESTIMONY WHEREOF, said City by its City Council has caused this Note to be
signed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile
signature of its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual or facsimile signature of an authorized representative of the Registrar, the Director of
Finance & Budget of the City of Dubuque, Iowa, all as of the day of
, 2022
Date of authentication:
This is one of the Notes described in the within
mentioned Resolution, as registered by the
Director of Finance & Budget
DIRECTOR OF FINANCE & BUDGET
CITY OF DUBUQUE, STATE OF IOWA
ATTEST:
�W'-
WFORME
By. _ By:
egistrar City Clerk ' N
Registrar and Transfer Agent: Director of Finance & Budget
-
Paying Agent: Director of Finance & Budget
r : C JV
w. .•r� i
ASSIGNMENT i J fll ® '\�� • f J
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No.
within Note and does hereby irrevocably constitute and appoint
attorney in fact to transfer the said Note on the books kept for registration of the within Note,
with full power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE)
GUARANTEED
IMPORTANT -READ CAREFULLY
the
The signature(s) to this Power must correspond with the names) as written upon the face
of the Certificate(s) or Note(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.
INFORMATION 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
Corporation
Trust
*If the Note 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 Note, 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 ..........
(Cust) (Minor)
Under Iowa Uniform Transfers to Minors Act ...................
(State)
TRANSCRIPT CERTIFICATE
I, the undersigned, being first duly sworn, do hereby depose and certify that I am the duly
appointed, qualified and acting Clerk of the City of Dubuque, Iowa, and that as such Clerk I have
in my possession or have access to the complete corporate records of said Clerk and of its
Council and officials, and that I have carefully compared the transcript hereto attached with the
aforesaid corporate records and that said transcript hereto attached is a true and complete copy of
all the corporate records in relation to the authorization, issuance and disposition of a $400,000
Sewer Revenue Capital Loan Notes Anticipation Project Note, Series 2022E, of said City dated
the date of delivery, and that said transcript hereto attached contains a true and complete
statement of all the measures adopted and proceedings, acts and things had, done and performed
up to the present time, in relation to the authorization, issuance and disposition of said Note, and
that said Council consists of a Mayor and six (6) Council Members, and that said offices were
duly and lawfully filled by the individuals listed in the attached transcript as of the dates and
times referred to therein.
I further certify that said City is and throughout the period of said proceedings has been
governed under the Mayor/Council form of municipal government authorized by Chapter 372,
Code of Iowa, under the provisions of its charter as recorded with the Secretary of State.
I further certify that all meetings of the City Council of said City at which action was
taken in connection with said Note were open to the public at all times in accordance with a
notice of meeting and tentative agenda, a copy of which was timely served on each member of
the Council and was duly given at least twenty-four hours prior to the commencement of the
meeting by notification of the communications media having requested such notice and posted
on a bulletin board or other prominent place designated for the purpose and easily accessible to
the public at the principal office of the Council, all pursuant to the provisions and in accordance
with the conditions of the local rules of the Council and Chapter 21, Code of Iowa.
I further certify that no City officer or employee has any interest in the contract for the
sale of the Note or any matter incidental thereto, according to my best knowledge and belief.
WITNESS my hand and the seal of the City hereto attached this*h day of
DeCe m be r , 2021, at Dubuque, Iowa.
aArP�W, x A44*
City Clerk, City of Dubuque, State of Iowa
-1-
Finally, the below stated officers whose signatures appear hereafter are now the duly
qualified and acting officials of the City, possessed of the offices as designated below, to -wit:
Mayor Roy Buol
16)' i&"/
Original Signature)
City Clerk
Director of Finance and Budget
STATE OF IOWA
COUNTY OF DUBUQUE
Adrienne Breitfelder
i
/ I / /''
V
Jennifer Larson
(Original Signature)
) SS
Subscribed and sworn to before me by Roy Buol, Adrienne Breitfelder and Jennifer
Larson on this -74�' day of JZ) V_-.c,l 2021.
O1969023-1\10422-219
_7s
Notary Public in and for Dubuque County,
Iowa
Wa
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:
11/19/2021
and for which the charge is 39.93
Subscribed to before me, a Notary Public C2for
Dubuque County, Iowa,
this 19th day of November, 2021
�I
Notary P bl c in and for Dubuque Co nty, Iowa.
JANET Y,, PAP@
Cemmislo-n Number 199859
�'-' �.M7y Comm, cxp, DEC 11, 2022
Ad text : CITY OF DUBUQUE, IOWA
OFFICIAL NOTICE
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A
LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $900,000 SEWER REVENUE CAPITAL LOAN NOTES, AND THE
PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Council of the City
of Dubuque, Iowa, will hold a public hearing on the 6th day of
December, 2021, at 6:30 o'clock P.M., in the Historic Federal
Building, 350 West 6th Street, Dubuque, Iowa, City of Dubuque,
Iowa, at which meeting the Council proposes to take additional
action for the authorization of a Loan and Disbursement
Agreement by and between the City and the Iowa Finance
Authority, and the issuance to the Iowa Finance Authority of
not to exceed $900,000 Sewer Revenue Capital Loan Notes to
evidence the obligations of the City under said Loan and
Disbursement Agreement, in order to provide funds to pay the
costs of acquisition, construction, reconstruction, extending,
remodeling, improving, repairing and equipping all or part of
the Municipal Sewer System, including the Granger Creek
Interceptor Project and the Force Main Stabilization Project.
The Notes 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 Sewer System.
The proceeds of the Sewer Revenue Capital Loan Notes may be
applied to pay project costs directly or as interim financing
which the City will issue in anticipation of the future
receipt of funds or Note proceeds applicable to the foregoing
project and purpose.
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 this meeting or
at any adjournment thereof, take additional action for the
authorization of said Loan and Disbursement Agreement and the
issuance of Notes or will abandon the proposal to issue the
Notes.
This Notice is given by order of the Council of City of
Dubuque, Iowa, as provided by Sections 384.24A and 384.83 of
the City Code of Iowa, as amended.
Dated this 19th day of November, 2021.
Adrienne N. Breitfelder
City Clerk, City of Dubuque, State of Iowa
It 11/19