Sale of Water Revenue Bonds Series 2010D $5.7M
August 4, 2010
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT:
$5,700,000 Water Revenue Bonds, Series 2010D
Bids for the sale of Water Revenue Bonds, Series 2010D, will be received on Monday,
August 16, 2010 at 11:00 a.m. The results will be brought to the August 16 City Council
meeting for consideration and approval of the best bid received. A letter from attorney
William Noth detailing information on the bond sale is enclosed.
___________________________
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Ken TeKippe, Finance Director
Jenny Larson, Budget Director
AHLERS &COONEY, P.C.
100 CCU RT AVEN U E, SU ITE 600
DES MOINES, IOWA 50309 -2231
PHONE: 515- 243 -7611
FAX: 515 -243 -2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
wnvth @ahlerstaw.cam
August 4, 2 010
BY OVERNNIGHT DELIVERY
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: $5,700,000 Water Revenue Bonds, Series 2010D
Dear Mr. TeK.ippe:
Direct Dial;
(515) 246 -0332
With this letter I am enclosing suggested proceedings for the sale date of August
16, 2010, awarding the above Bonds to the best bidder 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.
WISHARQ & BAILY - 1888; GUERNSEY & BAILY - 1893: BAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER,
AHLERS & COONEY - 1950: AHLERS, COONEY, DGRWEILER, ALLBEE, HAYNIE & SMITH -1974: AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. -1990
August 4, 2010
Page 2
An extra copy of the proceedings is enclosed to be completed as the original and
returned to us for our transcript of the action taken. We also Would appreciate receiving a
copy of the signed bid form.
If any questions arise, please keep me advised.
Very truly yours,
'"N
William J. Noth
WJN:dc
encl.
cc: Tionna Pooler (w /encl.)
Jenny Larson (w /encl.)
comelll 663464.1 IMSWord\1 0422.109
WISHARQ & BAILY - 1888; GUERNSEY & BAILY - B AILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1 914; BANNISTER, C ARPENTER,
AHLERS & COO NEY - 19 50; A HLERS. COO NEY, ❑ ORWEILER, ALL BEE, HAYNIE & SMITH -1974; AHLERS, GO ONEY, D ORWEILER, H AYNIE, SMITH & A LLBEE. P.G. -1990
NOTICE AND CALL OF PUBLIC MEETING
(This Notice to be posted)
Governmental Body: The City Council of Dubuque, Iowa.
Date of Meeting: August 16, 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:
$5,700,000 Water Revenue Bonds, Series 2010D
Resolution directing sale.
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 said governmental body.
.------- �l
ity Clerk, Dubuque, Iowa
August 17, 2010
The Finance Director of Dubuque, Iowa, met in the office of the Finance Director,
City Hall, Dubuque, Iowa, at 11:00 o'clock AM., 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: Finance Director Ken TeKippe
Absent:
* * * * * * **
1
This being the time and place for the opening of bids for the sale of $5,700,000
Water Revenue Bonds, Series 2010D, 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:
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:
Robert W. Baird & Co., Inc., Milwaukee, Wisconsin (et al)
BMO Capital Markets GKST, Inc., Chicago, Illinois
Piper Jaffray & Co., Minneapolis, Minnesota
Hutchinson, Shockey, Erley & Co., Chicago, Illinois
4. The best bid was determined to be as follows:
Name & Address of Bidder: Robert W. Baird & Co., Inc., Milwaukee,
Wisconsin (et al)
Principal Amount: $5,700,000
Purchase Price: $5,732,114.45
Net Interest Cost: $2,580,420.97
True Interest Cost: 3.5352%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
2
August 17, 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
3
Council Member Joyce Connors introduced the following Resolution entitled
"RESOLUTION DIRECTING SALE OF WATER REVENUE BONDS, SERIES
2010D" and moved its adoption. Council Member Karla Braig seconded the motion to
adopt. The roll was called and the vote was,
AYES: Braig, Buol, Connors, Jones, Lynch, Resnick
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 334 -10
RESOLUTION DIRECTING SALE OF WATER REVENUE
BONDS, SERIES 2010D
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:
WATER REVENUE BONDS, SERIES 2010D:
Bidder: Robert W. Baaird & Co., Inc. of Milwaukee, Wisconsin
the terms of said bid being:
Principal Amount: $5,700,000.00
Purchase Price: $5,732,114.45
True Interest Cost: 3.5352%
Net Interest Cost: $2,580,420.97
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 done in furtherance of the sale of said Bonds are hereby ratified and approved.
ATTEST:
PASSED AND APPROVED, this 16 day of August, 2010.
5
STATE OF IOWA
COUNTY OF DUBUQUE
SEAL
Come111663462.1 /MSWord \10422.109
CERTIFICATE
) SS
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 17 day
of August, 2010.
(;\
ity Clerk, Dubuque, Iowa
6
CIG -3
9/91