General Obligation_Refunding General Obligation Bonds $4.75M and Serieis 2002BMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$4,575,000 General Obligation Bonds for Various City Projects and
Refunding Series 2002B General Obligation Bonds
DATE: July 13, 2010
Dubuque
hail
All-America City
111 l
2007
Finance Director Ken TeKippe is recommending City Council approval of the suggested
proceedings for the public hearing on the issuance of General Obligation Bonds and
approval of a "Resolution Instituting Proceedings to Take Additional Action for the
Issuance of Not to Exceed $4,575,000 General Obligation Bonds ". The proceeds of the
bonds will be used to pay costs of improvements and extensions to the municipal
sanitary sewer and storm water drainage systems; equipping the sanitation and road
departments; improving the City airport grounds and facilities; the acquisition of land
and other costs associated with the Bee Branch storm water project; rehabilitation and
improvement of City parks; construction, reconstruction and repair of sidewalks;
improvement and installation of street lighting fixtures, connections and facilities; street
improvements, including installation of fiber optic conduit; and refunding and refinancing
of certain outstanding indebtedness of the City, including the General Obligation Bonds,
Series 2002B, dated June 1, 2002. Although the City is selling General Obligation
Bonds to support the projects, repayment of the debt will be from fees and other
available revenue sources.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Michael C. Van Milligen
Masterpiece on the Mississippi
TO: Michael C. Van Miligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director k
DATE: July 12, 2010
Dubuque
All-America City
2007
SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed
$4,575,000 General Obligation Bonds for Various City Projects and
Refunding Series 2002B General Obligation Bonds
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of General Obligation Bonds to support various City projects
and Refunding Series 2002B General Obligation Bonds prepared by our Bond Counsel
and to present a resolution for City Council to adopt entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $4,575,000
General Obligation Bonds." The project involves providing funds to pay costs of
improvements and extensions to the municipal sanitary sewer and storm water drainage
systems; equipping the sanitation and road departments; improving the City airport
grounds and facilities; the acquisition of land and other costs associated with the Bee
Branch storm water project; rehabilitation and improvement of City parks; construction,
reconstruction and repair of sidewalks; improvement and installation of street lighting
fixtures, connections and facilities;- street improvements, including installation of fiber
optic conduit; and refunding and refinancing of certain outstanding indebtedness of the
City, including the General Obligation Bonds, Series 2002B, dated June 1, 2002.
Although we are selling General Obligation Bonds to support the projects, repayment of
a portion of the debt will be from fees and other available revenue sources. A letter
from attorney William Noth detailing information on the bond hearing is enclosed.
The proceedings have been prepared on the basis that no objections will be filed with
the City Clerk. If there are objections, we will need to summarize them. The Mayor will
then declare the hearing on the issuance of said Bonds to be closed. Immediately
following, a resolution is to be introduced and adopted entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $4,575,000
General Obligation Bonds."
In the event the Council decides to abandon the proposal to issue said Bonds, then the
form of resolution included in said proceedings should not be adopted. In this event, a
motion needs to be adopted to the effect that such Bond proposal is abandoned.
Section 284.25 of the Code of Iowa provides that any resident or property owner of the
City may appeal the decision to take additional action to issue the Bonds, to the District
Court of a county in which any part of the City is located, within 15 days after such
additional action is taken, but that the additional action is final and conclusive unless the
court finds that the Council exceeded its authority.
KT /jg
Enclosures
cc: Barry Lindahl, City Attorney
Jenny Larson, Budget Director
Jeanne Schneider, City Clerk
WILLIAM J. NOTH
WNOTH@AHLERSLAW.COM
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001 -4864
Dear Mr. TeKippe:
AHLERS COONEY, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE • SUITE 600
DES MOINES, IOWA 50309 -2231
PHONE 515 - 243 -7611
FAX: 515- 243 -2149
WWW.AHLERSLAW.COM
July 7, 2010
RE: Not to exceed $4,575,000 General Obligation Bonds
Direct Dial:
(515)246 -0332
With this letter I am enclosing suggested proceedings to be acted upon by the
Council on the date fixed for the hearing on the issuance of the above mentioned Bonds,
pursuant to the provisions of Code Section 384.25.
The proceedings have been prepared on the basis that no objections will be filed
with the City Clerk. If there are objections, please summarize them in the space
provided. The Mayor will then declare the hearing on the issuance of said Bonds to be
closed. Immediately following, a resolution is to be introduced and adopted entitled
"Resolution Instituting Proceedings to Take Additional Action for the Issuance of not to
exceed $4,575,000 General Obligation Bonds ".
In the event the Council decides to abandon the proposal to issue said Bonds, then
the form of resolution included in said proceedings should not be adopted. We would
suggest that, in this event, a motion merely be adopted to the effect that such Bond
proposal is abandoned.
July 7, 2010
Page 2
Section 384.25 of the Code of Iowa provides that any resident or property owner
of the City may appeal the decision to take additional action to issue the Bonds, to the
District Court of a county in which any part of the City is located, within 15 days after
such additional action is taken, but that the additional action is final and conclusive
unless the court finds that the Council exceeded its authority.
In the event an appeal is filed by any resident or property owner, please see that
we are notified immediately; and, as soon as available, a copy of the notice of appeal
should be furnished our office for review.
An extra copy of the proceedings is enclosed to be filled in as the original and
certified back to us for our transcript of the action taken.
WJN:dc
encl.
If any questions arise, please keep me advised.
cc: Jenny Larson (w /encl.)
Tionna Pooler (w /encl.)
DCORNELU 661451.1 /MSWord \10422.109
Yours very truly,
William J. Noth
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, Iowa.
Date of Meeting: July 19, 2010.
Time of Meeting: 6:30 o'clock P.M.
Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque,
Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for the
meeting is as follows:
Not to exceed $4,575,000 General Obligation Bonds.
• Public hearing on the issuance.
• Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional 13 page(s) attached hereto.
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of the governmental body.
City Clerk, City of Dubuque, Iowa
July 20, 2010
The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal
Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date.
There were present Mayor Roy D. Buol in the chair, and the following named Council
Members:
Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David Resnick
Absent: Dirk Voetberg
* * * * * * * * * * * * * * * * **
2
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not to exceed $4,575,000 General Obligation
Bonds, in order to provide funds to pay costs of improvements and extensions to the
municipal sanitary sewer and storm water drainage systems; equipping the sanitation and
road departments; improving the City airport grounds and facilities; the acquisition of
land and other costs associated with the Bee Branch storm water project; rehabilitation
and improvement of City parks; construction, reconstruction and repair of sidewalks;
improvement and installation of street lighting fixtures, connections and facilities; street
improvements, including installation of fiber optic conduit; and refunding and
refinancing of certain outstanding indebtedness of the City, including the General
Obligation Bonds, Series 2002B, dated June 1, 2002, essential corporate purposes, and
that notice of the proposed action by the Council to institute proceedings for the issuance
of the Bonds, had been published pursuant to the provisions of Section 384.25 of the City
Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of the Bonds. The Clerk advised the
Mayor and the Council that no written objections had been filed. The Mayor then called
for oral objections to the issuance of the Bonds and none 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)
1
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Braig introduced and delivered to the Clerk the
Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS
TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED
$4,575,000 GENERAL OBLIGATION BONDS, and moved:
X that the Resolution be adopted.
❑ to ADJOURN and defer action on the Resolution and the proposal
to institute proceedings for the issuance of Bonds to the meeting to
be held at o'clock .M., on the day
of , 2010, at this place.
Council Member Jones seconded the motion. The roll was called and the vote was,
AYES: Braig, Buo, Connors, Jones, Lynch, Resnick
NAYS: None
RESOLUTION NO. 273.10 (273-10)
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $4,575,000 GENERAL OBLIGATION
BONDS
WHEREAS, pursuant to notice published as required by law, this Council has held
a public meeting and hearing upon the proposal to institute proceedings for the issuance
of not to exceed $4,575,000 General Obligation Bonds, for the essential corporate
purposes of paying costs of improvements and extensions to the municipal sanitary sewer
and storm water drainage systems; equipping the sanitation and road departments;
improving the City airport grounds and facilities; the acquisition of land and other costs
associated with the Bee Branch storm water project; rehabilitation and improvement of
City parks; construction, reconstruction and repair of sidewalks; improvement and
2
installation of street lighting fixtures, connections and facilities; street improvements,
including installation of fiber optic conduit; and refunding and refinancing of certain
outstanding indebtedness of the City, including the General Obligation Bonds, Series
2002B, dated June 1, 2002, and has considered the extent of objections received from
residents or property owners as to the proposed issuance of Bonds; and, accordingly the
following action is now considered to be in the best interests of the City and residents
thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That this Council does hereby institute proceedings and take additional
action for the sale and issuance in the manner required by law of not to exceed
$4,575,000 General Obligation Bonds for the foregoing essential corporate purposes.
Section 2. 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 the general fund moneys may be advanced from
time to time for capital expenditures which are to be paid from the proceeds of the above
Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds
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 amount authorized in this Resolution unless the same are for preliminary
expenditures or unless another declaration of intention is adopted.
ATTEST:
PASSED AND APPROVED this
4
19th day of
July
, 2010.
Mayor
STATE OF IOWA
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.
2010.
(SEAL)
CERTIFICATE
) SS
WITNESS my hand and the seal of the City hereto affixed this 20 day of July,
DCORNELL/ 661447.1 /MSWord \10422.109
ity Clerk, City of Dubuque, Iowa