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Sale of General Obligation Bonds Series 2010A, 2010B, 2010C, 2002BMasterpiece on the Mississippi July 21, 2010 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager Dubuque r' AN- AmericaCky 11 111! 2007 SUBJECT: $4,470,000 General Obligation Bonds, Series 2010A $2,675,000 Taxable General Obligation Urban Renewal Bonds, Series 2010B $2,825,000 General Obligation Urban Renewal Bonds, Series 2010C Bids for the sale of General Obligation Bonds, Series 2010A, Taxable General Obligation Urban Renewal Bonds, Series 2010B, and General Obligation Urban Renewal Bonds, Series 2010C, will be received on Monday, August 2, 2010 at 11:00 a.m. The results will be brought to the August 2 City Council meeting for consideration and approval of the best bids received. A letter from attorney William Noth detailing information on the bond sales is enclosed. MCVM /jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Ken TeKippe, Finance Director Jenny Larson, Budget Director Mi hael C. Van Milligen WILLIAM J. NOTH wnoth @ahlerslaw.com BY OVERNIGHT DELIVERY Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 -4864 Dear Mr. TeKippe: AHLERS GAP COONEY, P.C. 100 COURT AVENUE, SUITE 600 DES MONO IOWA 50309 -2231 PHONE 515 -2434 t1 FAX 515 -243 -2149 WWW.AHLERSLAW.COM July 20, 2010 RE: $4,470,000 General Obligation Bonds, Series 2010A $2,675,000 Taxable General Obligation Urban Renewal Bonds, Series 2010B $2,825,000 General Obligation Urban Renewal Bonds, Series 2010C WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; BAILY & STIPP - 1901: STIPP. PERRY. BANNISTER & STARZINGER - 1914: BANNISTER, CARPENTER. AHLERS & COONEY - 1950: AHLERS, COONEY. DORWEILER, ALLBEE, HAYNIE & SMITH - 1974: AHLERS, COONEY. DORWEILER, HAYNIE, SMITH & ALLBEE. P.C. - 1990 Direct Dial: (515)246 -0332 With this letter I am enclosing suggested proceedings for the sale date of August 2, 2010, awarding the above Bonds to the best bidders for the same. At the designated time, sealed, facsimile and electronic bids for the Bonds should be received by the Finance Officer and listed in a report of sale to be delivered to the City Council. After a final call for sealed bids, the bids should then be opened and the best bid recorded. Only sealed and electronic bids are permitted by the terms of sale. All bids should then be referred to the Council for award of the Bonds. The Terms of Offering set out the restrictions on the type of interest rates which may be bid. Bids must comply with the Terms of Offering. Different interest rates may be bid for each issue. Each interest rate must be in a multiple of one - eighth or one - twentieth of one percent. July 20, 2010 Page 2 Extra copies of the proceedings are enclosed to be completed as the originals and returned to us for our transcript of the action taken. We also would appreciate receiving copies of the signed bid forms for each series. WJN:dc encl. If any questions arise, please keep me advised. cc: Tionna Pooler (w /encl.) Jenny Larson (w /encl.) 662870.1 /MSWord \10422.109 Very truly yours, Witham J. Noth WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; BAILY & STIPP - 1901; STIPP, PERRY. BANNISTER & STARZINGER - 1914: BANNISTER. CARPENTER. AHLERS & COONEY - 1950: AHLERS, COONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974: AHLERS, COONEY, DORWEILER, HAYNIE. SMITH & ALLBEE. P.C. - 1990 NOTICE AND CALL OF PUBLIC MEETING (This Notice to be posted) Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: August 2, 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 said meeting is as follows: $4,47.0,000 General Obligation Bonds, Series 2010A Resolution directing sale. Such additional matters as are set forth on the additional 10 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. illy Clerk, Dubuque, Iowa The following persons were present: Tionna Pooler, Kenneth TeKippe * * * * * * ** 1 August 3, 2010 The Finance Director of Dubuque, Iowa, met in the office of the Finance Director, City Hall, Dubuque, Iowa, at 11:00 o'clock A.M., on the above date, to open sealed bids received, access facsimile bids, and access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P. M. on the above date. This being the time and place for the opening of bids for the sale of $4,470,000 General Obligation Bonds, Series 2010A, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: None Bernardi Securities, Inc. — Chicago, Illilnois Name & Address of Bidders: 2. The Finance Officer then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: BMO Capital Markets GKST, Inc. — Chicago, Illinois Robert W. Baird & Co., Inc. — Milwaukee, Wisconsin Coastal Securities, inc. — Houston, Texas C.L. King & Associates — New York, New York Davenport & Co., LLC — Richmond, Virginia Loop Capital Markets, LLC — New York, New York Kildare Capital — Philadelphia, Pennsylvania Samco Capital Markets, Inc. — Houston, Texas Wedbush Morgan Securities — Phoenix, Arizona Crews & Associates — Little Rock, Arkansas Jackson Financial Advisors — Scottsdale, Arizona Cronin & Co., Inc. — Minneapolis, Minnesota RBC Capital Markets — Minneapolis, Minnesota Edward D. Jones & Co. — Saint Louis, Missouri Country Club bank — Prairie Village, Kansas 4. The best bid was determined to be as follows: Name & Address of Bidder: BMO Capital Markets GKST, Inc., - Chicago, Illinois Principal Amount: $4,470,000 Purchase Price: $$4,473,966.40 Net Interest Cost: $1,618,287.38 True Interest Cost: 3.2828% All bids were then referred to the Council for action in accordance with the Notice of Sale. 2 August 3, 2010 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol, in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David Resnick, Dirk Voetberg Absent: None 3 Council Member Ric Jones introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS, SERIES 2010A" and moved its adoption. Council Member Joyce Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 294-10 RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS, SERIES 2010A WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the Bonds described as follows and the best bid received is determined to be the following: GENERAL OBLIGATION BONDS, SERIES 2010A: Bidder: BMO Capital Markets GKST, Inc. of Chicago, Illinois the terms of said bid being: Principal Amount: $$4,470,000 Purchase Price: $4,473,966.40 True Interest Cost: 3.2838% Net Interest Cost: $1,618,286.38 4 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, said Bonds are hereby awarded based on said bid. Section 2. That the form of contract for the sale of said Bonds is hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of said Bonds are hereby ratified and approved. ATTEST: PASSED AND APPROVED, this 2nd day of August, 2010. 5 STATE OF I.OWA COUNTY OF DUBUQUE CERTIFICATE ) SS CIG -3 I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty -four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 3 day of August, 2010. SEAL 662861.1 /MSWord \10422.109 i ty Clerk, Dubuque, Iowa 6 NOTICE AND CALL OF PUBLIC MEETING (This Notice to be posted) Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: August 2, 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 said meeting is as follows: $2,675,000 Taxable General Obligation Urban Renewal Bonds, Series 2010B Resolution directing sale. Such additional matters as are set forth on the additional 10 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. ity Clerk, Dubuque, Iowa August 3, 2010 The Finance Director of Dubuque, Iowa, met in the office of the Finance Director, City Hall, Dubuque, Iowa, at 11:00 o'clock A.M., on the above date, to open sealed bids received, access facsimile bids, and access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P. M. on the above date. The following persons were present: Tionna Pooler, Kenneth TeKippe * * * * * * ** 1 This being the time and place for the opening of bids for the sale of $2,675,000 Taxable General Obligation Urban Renewal Bonds, Series 2010B, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: None Name & Address of Bidders: 2. The Finance Officer then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: United Bankers' Bank — Bloomington, Minnesota Morgan Keegan & Co., Inc. — Memphis, Tennessee Cronin & Co., Inc. — Minneapolis, Minnesota Robert W. Baird & Co., Inc. — Milwaukee, Wisconsin Coastal Securities, inc. — Houston, Texas C.L. King & Associates — New York, New York Davenport & Co., LLC — Richmond, Virginia Loop Capital Markets, LLC — New York, New York Kildare Capital — Philadelphia, Pennsylvania Samco Capital Markets, Inc. — Houston, Texas Wedbush Morgan Securities — Phoenix, Arizona Crews & Associates — Little Rock, Arkansas Jackson Financial Advisors — Scottsdale, Arizona RBC Capital Markets — Minneapolis, Minnesota Edward D. Jones & Co. — Saint Louis, Missouri Country Club Bank — Prairie Village, Kansas Northland Securities, Inc. — Minneapolis, Minnesota Bernardi Securities, Inc. — Chicago, Illinois BMO Capital Markets GKST, Inc. — Chicago, Illinois 2 4. The best bid was determined to be as follows: Name & Address of Bidder: United Bankers' Bank — Bloomington, Minnesota Principal Amount: $2,675,000 Purchase Price: $2,648,510.00 Net Interest Cost: $1,563,537.03 True Interest Cost: 4.6650% All bids were then referred to the Council for action in accordance with the Notice of Sale. 3 August 3, 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, Dirk Voetberg Absent: None 4 Council Member Ric Jones introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010B" and moved its adoption. Council Member Joyce Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: Resolution No. 295 -10 RESOLUTION DIRECTING SALE OF TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010B WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the Bonds described as follows and the best bid received is determined to be the following: TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010B: Bidder: United Bankers' Bank of Bloomington, Minnesota the terms of said bid being: Principal Amount: $2,675,000 Purchase Price: $2,648,510.00 True Interest Cost: 4.6650% Net Interest Cost: $1,563,537.03 5 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, said Bonds are hereby awarded based on said bid. Section 2. That the form of contract for the sale of said Bonds is hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of said Bonds are hereby ratified and approved. ATTEST: PASSED AND APPROVED, this 2nd day of August, 2010. 5 STATE OF IOWA COUNTY OF DUBUQUE SEAL 662864.1 /MSWord110422.109 CERTIFICATE ) SS CIG -3 I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty -four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 3 day of August, 2010. ity Clerk, Dubuque, Iowa 7 NOTICE AND CALL OF PUBLIC MEETING (This Notice to be posted) Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: August 2, 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 said meeting is as follows: $2,825,000 General Obligation Urban Renewal Bonds, Series 2010C Resolution directing sale. Such additional matters as are set forth on the additional 10 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. ity Clerk, Dubuque, Iowa The following persons were present: Tionna Pooler, Kenneth TeKippe * * * * * * ** 1 August 3, 2010 The Finance Director of Dubuque, Iowa, met in the office of the Finance Director, City Hall, Dubuque, Iowa, at 11:00 o'clock A.M., on the above date, to open sealed bids received, access facsimile bids, and access electronic bids and to refer the sale of the Bonds to the best and most favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P. M. on the above date. This being the time and place for the opening of bids for the sale of $2,825,000 General Obligation Urban Renewal Bonds, Series 2010C, the meeting was opened for the receipt of bids for the Bonds. The following actions were taken: 1. Sealed bids were filed and listed in the minutes while unopened, as follows: None 2. The Finance Officer then declared the time for filing of sealed bids to be closed and that the sealed bids be opened. The sealed bids were opened and announced. 3. Electronic bids received were accessed and announced as follows: Name & Address of Bidders: BMO Capital Markets GKST, Inc. — Chicago, Illinois Northland Securities, inc. — Minneapolis, Minnesota Bernardi Securities, inc. — Chicago, Illinois Robert W. Baird & Co., Inc. — Milwaukee, Wisconsin Coastal Securities, inc. — Houston, Texas C.L. King & Associates — New York, New York Davenport & Co., LLC — Richmond, Virginia Loop Capital Markets, LLC — New York, New York Kildare Capital — Philadelphia, Pennsylvania Samco Capital Markets, Inc. — Houston, Texas Wedbush Morgan Securities — Phoenix, Arizona Crews & Associates — Little Rock, Arkansas Jackson Financial Advisors — Scottsdale, Arizona Cronin & Co., Inc. — Minneapolis, Minnesota RBC Capital Markets — Minneapolis, Minnesota Edward D. Jones & Co. — Saint Louis, Missouri Country Club Bank — Prairie Village, Kansas Piper Jaffray & Co. Name & Address of Bidders: Hutchinson, Shockey, Erley & Co. — Chicago, Illinois 2 4. The best bid was determined to be as follows: Name & Address of Bidder: BMO Capital Markets GKST, Inc. — Chicago, IL Principal Amount: $2,825,000 Purchase Price: $2,811,943.75 Net Interest Cost: $1,114,386.94 True Interest Cost: 3.3264% All bids were then referred to the Council for action in accordance with the Notice of Sale. 3 August 3, 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, Dirk Voetberg Absent: None 4 Council Member Ric Jones introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010C" and moved its adoption. Council Member Joyce Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 296 -10 RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010C WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the Bonds described as follows and the best bid received is determined to be the following: GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2010C: Bidder: BMO Capital Markets GKST< Inc. of Chicago, IL the terms of said bid being: Principal Amount: $2,825,000 Purchase Price: $2,811,943.75 True Interest Cost: 3.3264 Net Interest Cost: $1,114,386.94 5 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the bid for the Bonds as above set out is hereby determined to be the best and most favorable bid received and, said Bonds are hereby awarded based on said bid. Section 2. That the form of contract for the sale of said Bonds is hereby approved and the Mayor and Clerk are authorized to execute the same on behalf of the City. Section 3. That the notice of the sale of the Bonds heretofore given and all acts of the Clerk and Finance Director done in furtherance of the sale of said Bonds are hereby ratified and approved. ATTEST: PASSED AND APPROVED, this 2 nd day of August, 2010. Mayor 5 STATE OF IOWA COUNTY OF DUBUQUE CERTIFICATE ) ) SS ) CIG -3 I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty -four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 3 day of August, 2010. SEAL 662868.1 /MSWord \10422.109 ity Clerk, Dubuque, Iowa 7 NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: August 2, 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 said meeting is as follows: X Resolution Authorizing the Redemption of the Outstanding General Obligation Bonds, Series 2002B, dated March 1, 2002. Such additional matters as are set forth on the additional 10 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. 1 ity Clerk, Dubuque, Iowa (This Notice to be posted) August 3, 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, Dirk Voetberg Absent: None Council Member Ric Jones introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2002B, DATED MARCH 1, 2002, OF THE CITY OF DUBUQUE, IOWA, AND DIRECTING NOTICE OF REDEMPTION," and moved its adoption. Council Member Joyce Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 297 -10 RESOLUTION AUTHORIZING THE REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 2002B, DATED MARCH 1, 2002, OF THE CITY OF DUBUQUE, IOWA, AND DIRECTING NOTICE OF REDEMPTION WHEREAS, the City did by Resolution No. 160 -02 dated March 18, 2002, authorize the issuance of $1,000,000 General Obligation Bonds, Series 2002B, dated March 1, 2002 (the "Series 2002B Bonds "); and WHEREAS, the Series 2002B Bonds maturing after June 1, 2010 are redeemable in any order of maturity upon giving notice in the manner provided in the resolution authorizing the issuance of the Series 2002B Bonds; and WHEREAS, it is deemed necessary and advisable that the Series 2002B Bonds be so redeemed and notice of redemption be given. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: 3 Section 1. That the 2011 through 2021 principal maturities of the General Obligation Bonds, Series 2002B, dated March 1, 2002, in the aggregate amount of $690,000, be and the same are hereby redeemed as of September 2, 2010. Wells Fargo Bank, N.A., as Registrar and Paying Agent for the Refunded Bonds, is hereby authorized and directed to cause notice of such redemption to be given not less than thirty (30) days prior to the redemption date. Section 2. The Finance Director is hereby authorized and directed to cause to be deposited with Wells Fargo Bank, N.A., from the proceeds of the General Obligation Bonds, Series 2010A, an amount sufficient to pay all principal and interest on the redeemed Series 2002B Bonds to the date of redemption. Section 3. That the form of such notice be substantially as follows: NOTICE OF THE CALL OF BONDS FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS: Please take notice that the Bonds described below have been called for redemption. Owners of the Bonds should present their Bonds for payment on the Redemption Date. Issuer: City of Dubuque, Iowa Original Issue Amount: $1,000,000 Bond Issue: General Obligation Bonds, Series 2002B Dated Date: March 1, 2002 Redemption Date: September 2, 2010 Redemption Price: Par, plus accrued interest Bonds Called for Redemption Principal Interest Maturity CUSIP Amount Rate Date Numbers $50,000 4.200% June 1, 2011 263867 RQ8 50,000 4.300 June 1, 2012 263867 RR6 55,000 4.400 June 1, 2013 263867 RS4 55,000 4.500 June 1, 2014 263867 RT2 60,000 4.600 June 1, 2015 263867 RU9 60,000 4.700 June 1, 2016 263867 RV7 65,000 4.800 June 1, 2017 263867 RW5 70,000 4.900 June 1, 2018 263867 RX3 70,000 4.950 June 1, 2019 263867 RY1 75,000 5.000 June 1, 2020 263867 RZ8 80,000 5.000 June 1, 2021 263867 SA2 5 No representation is made as to the accuracy of the CUSIP numbers printed herein or on the Bonds. The above Bonds should be presented to Wells Fargo Bank, N.A., 666 Walnut Street, Des Moines, Iowa 50309, telephone (515/245- 8504). This represents a full call of the outstanding obligations. All interest will cease to accrue on the Redemption Date. Wells Fargo Bank, National Association (End of Notice) 6 ATTEST: PASSED AND APPROVED this 2 nd day of August, 2010. 7 STATE OF IOWA COUNTY OF DUBUQUE CERTIFICATE ) SS CIG -3 I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty -four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 3 day of August, 2010. SEAL comelU 663599.1 /MSWord \10422.109 ity Clerk, Dubuque, Iowa 8