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Agenda Packet - October 24, 2000 MeetingIliSPEER FINANCIAL, INC. KEVIN W. McCANNA DAVID F. PHILLIPS LARRY P. BURGER DANIEL D. FORBES BARBARA L. CHEVALIER PRESIDENT SR. VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT October 24, 2000 The Honorable Terrance M. Duggan, Mayor And Members of the City Council CITY OF DUBUQUE 50 West 13th Street Dubuque, IA 52001-4864 Dear Mayor Duggan and City Council Members: PUBLIC FINANCE CONSULTANTS SINCE 1954 Bids were received today for the $6,265,000 General Obligation Bonds, Series 2000C. There were , bids received, which are listed at the bottom of this letter in accordance with the attached signed bids. Account Managers Net Tnterest Rate, Griffin, Kubik, Stephens & Thompson, Inc. Chicago, Illinois Harris Trust and Savings Bank & Associates, Chicago, Illinois J`J,92 % Legg Mason Wood Walker, Inc., Chicago, Illinois PaineWebber, Inc., Chicago, Illinois % Robert W. Baird & Co., Milwaukee, Wisconsin % _ 1 U.S. Bancorp Piper Jaffray, Minneapolis, Minnesota -5 ao�/� % William R. Hough & Co., St. Petersburg, Florida % LB/cn Enclosures Respectfully submitted, SPEER FINANCIAL, INC. ger, Vice P ident SUITE 4100 • ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833 SUITE 500.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-6787 c( riSPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 DAVID F. LARRY F. PHILLIPS LARRY P. BURGER DANIEL D. FORBES BARBARA L. CHEVALIER SR. VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT October 24, 2000 The Honorable Terrance M. Duggan, Mayor and Members of the City Council CITY OF DUBUQUE 50 West 13th Street Dubuque, IA 52001-4864 Dear Mayor Duggan and City Council Members: Bids were received today for the $6,265,000 General Obligation Bonds, Series 2000C. There were 6 bids received, which are listed at the bottom of this letter in accordance with the attached signed bids. Upon examination, it is our opinion that the bid of U.S. Bancorp Piper Jaffray, Minneapolis, Minnesota, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that bidder at a price of $6,202,350, plus accrued interest, being at a net interest rate of 5.2215%. Net Account Managers Interest Rate U.S. Bancorp Piper Jaffray, Inc., Minneapolis, Minnesota 5.2215% Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Illinois 5.2475% Harris Trust & Savings Bank, Chicago, Illinois 5.2280% PaineWebber Inc., Chicago, Illinois 5.2891% Robert W. Baird & Co., Milwaukee, Wisconsin 5.2750% William R. Hough & Co., St. Petersburg, Florida 5.2530% LPB/cn Enclosures Respectfully submitted, SPEER FINANCIAL, INC. urger ice/P,fesident KEVIN W. McCANNA PRESIDENT SUITE 4100.ONE NORTH LASALLE STREET • CHICAGO, ILLINOIS 60602 • (312) 346-3700 • FAX (312) 346-8833 SUITE 500.531 COMMERCIAL STREET • WATERLOO, IOWA 50701 • (319) 291-2077 • FAX (319) 291-6787 MOODY'S ASSIGNS Aa3 RATING TO CITY OF DUBUQUE IA'S G.O. BONDS, SERIES 2000C $14.4 MILLION DEBT AFFECTED Dubuque (City of) IA Municipality Iowa Moody's Rating Issue Rating General Obligation Bonds, Series 2000C Aa3 Sale Amount $6,290,000 Expected Sale Date 10/24/00 Rating Description General Obligation Unlimited Tax NEW YORK, October 13, 2000 -- Moody's Investors Service has assigned a Aa3 rating, with a stable outlook, to the City of Dubuque IA's $6,290,000 General Obligation Bonds, Series 2000C. The bonds, which are secured by the general obligation, unlimited tax pledge of the city, will be used to finance the construction of a parking ramp located in the city's downtown urban renewal area and a new airport hanger. Moody's at this time also affirms the Aa3 rating on the city's $8.1 million in outstanding general obligation, unlimited tax debt. The Aa3 rating reflects the city's moderate tax base growth, strong General Fund balances, as well a below average level of rapidly retired debt. STABLE, DIVERSE LOCAL ECONOMY Moody's anticipates that the city's tax base will continue to grow at a moderate rate despite residential rollbacks and the phaseout of machinery and equipment due to ongoing construction in the commercial and residential sectors. Located on the Mississippi River in northeast Iowa, near the Iowa - Illinois -Wisconsin border, Dubuque serves as the trade and service center for a large tri-state region. Additionally, the city has important manufacturing, institutional and tourism sectors. Wealth indices approximate state averages and the August 2000 Dubuque County unemployment rate was low at 3.8% but above the state rate of 2.0%.,The full valuation of the city has increased at an annual average rate of 3.6% over the last five years while the city's taxable value has increased 2.8% due to residential rollbacks and the phaseout of machinery and equipment, which limit the amount of property values eligible for taxation. Moody's believes that the rollbacks and phaseout will not significantly impact the city's property tax base due to new growth in the commercial, residential and industrial sectors. SOUND FINANCIAL OPERATIONS WITH HEALTHY GENERAL FUND RESERVES The city experienced large operating surpluses in FY 1997 and FY 1998, due mostly to increases in gaming revenues. In addition to steady rent payments from the gaming concerns, the city also receives payments that are tied to the business's profits. In FY 1999, the city received a total of $7.2 million, accounting for 22.4% of General Fund revenues. Concern of dependence on this vulnerable revenue stream is mitigated in that approximately $825,000 of these monies, measuring only 3% of total General Fund revenues, are used for general operations, while the remainder is used for capital projects. Sales tax also accounts for approximately 9% of General Fund revenues. Growth in sales taxes has averaged 4.7% annually in the past five years, despite a decline in sales tax receipts in 1999 due to the methodology with which the state remitted taxes. The city's strong General Fund balances alleviate concerns of general operating revenues garnered from vulnerable revenue streams. Despite a drawdown of $981,000 in FY 1999 to fund capital improvements, the undesignated General Fund balance was a healthy 37.3%. Unaudited FY 2000 financial results indicate a surplus due to strong gaming revenues and investment earnings. Although the city is taxing at its General Fund levy limit of $8.10, it has revenue raising flexibility in that approximately $2.9 million of expenditures currently covered by the levy can be taxed outside the limit. Moody's believes that the maintenance of a strong General Fund balance helps to offset the vulnerability of swings in sales tax and gaming revenues, and this will remain a key factor in future analyses. LOW DEBT BURDEN AND FASTER THAN AVERAGE PAYOUT The overall debt burden is low at 1.0%, as the city has been an infrequent .The issuer. In addition water and sewer revenues, parking fees and tax increment financing districts contribute to debt service, which mitigates pressure on property taxes. The city's general obligation debt is scheduled for faster than average payout with approximately 60% of principal retired within ten years. The city does not have plans to issue additional debt in the future. KEY STATISTICS 1998 estimated population: 56,467 FY 2001 full valuation: $2.1 billion FY 2001 full value per capita: 37,232 Debt burden: 1.0% Retirement of principal (10 years): 59.6% FY 1999 Undesignated General Fund balance: $11.9 million (37.3% of General Fund revenues) ANALYSTS: Iliana Pappas, Analyst, Public Finance Group, Moody's Investors Service David Hamburger, Backup Analyst, Public Finance Group, Moody's Investors Service CONTACTS: Journalists: (212) 553-0376 Research Clients: (212) 553-1625 SPEER FINANCIAL, INC. $6,265,000 CITY OF DUBUQUE Dubuque County, Iowa General Obligation Bonds, Series 2000C Date of Sale: October 24, 2000 Average Life: 12.071 Years Bond Buyer Index: 5.56% (Based on NIC) Investment Rating(s): Moody's Investors Service ... Aa3 Bidders* Price Maturities Rates Interest U.S. Bancorp Piper Jaffray, Minneapolis, Minnesota 99.000% 2002-2004 5.000% 5.2215% First Union Securities, Inc. 2005-2019 5.125% $3,948,787 Morgan Keegan & Co. 2020 5.250% Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL 99.000% 2002-2003 5.100% 5.2475% Dubuque Bank & Trust, Dubuque, Iowa 2004-2015 5.125% $3,968,441 Dain Rauscher 2016-2020 5.200% Harris Trust & Savings Bank, Chicago, Illinois 99.003% 2002-2007 5.100% 5.2280% Wells Fargo Brokerage Services, LLC - Co -Manager 2008 5.125% $3,953,678 First Tennessee, Kansas City, Kansas 2009-2020 5.150% The Bankers Bank, Madison, Wisconsin Kirlin Securities, Inc., Syosset, New York NBC Capital Markets Group, Inc. Ruan Securities PaineWebber, Chicago, Illinois Robert W. Baird & Co., Milwaukee, Wisconsin 99.000% 2002-2010 5.000% 5.2891% 2011-2020 5.250% $3,999,892 99.000% 2002-2004 4.750% 5.2750% 2005-2010 4.875% $3,989,239 2011-2013 5.000% 2014 5.100% 2015 5.150% 2016 5.250% 2017 5.300% 2018 5.350% 2019 5.400% 2020 5.500% William R. Hough & Co., St. Petersburg, Florida 99.000% 2002-2012 5.100% 5.2530% Nike Securities 2013 5.150% $3,972,582 Sun Trust Equitable 2014-2020 5.200% 10/20/00 14:57 $1 312 346 8833 I D : SPEER FINANCIAL -4-) BURGER LARRY f1001/001. — - OFFICIAL SID FORM OCT 20'00 14:42 No.001 P.01 Ciry of 13ubuque October 24, 2000 $0 West 13th Street Speer Financial, Inc. Dubugm;, Imva 52001-4864 Facsimile; (319) 291-6787 City Camel! Members: For the S6,265,000 General Obligation Bonds, Series 2000C, of the City of Dubuque, Dubuque County, lows, as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you S 4/ Oa, 350. oD (no Tess than S6,202,350) plus accrued interest from November 1, 2000, to the date of delivery for Bonds bearing interest as follows teach rate a multiple of 1/8 or I/20 of 1 %). MATURITIES - JUNE 1 S205,000 2002 5 /0 % /.' $275,000 2008 5 •/a9/. 6385,000.. 2016 % ,525' 215.000 2003 -h • /0 % 285,000 2009 512/SS%u 410,000 2016 5. 0;0 225,000„ 2004 -•-$ %.5*. /.1• b- 295,000 2010 5.7a5% 430,000 2017 £ • c2o % 240,000 2005 '%,5", /,2 315,600,,,,,, 2011 0 . /o55%. 455,000 2018 5• 0-10 % 250,000 2006 .S /o, . /07,5-- 330,000 2012 S • 2.5 % 476,000 2019 -5 • a0 255.000 2007 Sriq73% 5 . /.25.. 345,00D 2013 5. /n25% 510,000 2020 5 cl0 % 385,000 2014 .. /e7S% 'Ilse Bonds arc to be executed and delivered to to in accordance with the terms of this bid accompanied by the approving legal opinion of Alders, Cooney,. Darweiler, Haynie, Smith it Allbee, P.C., Des Moines, Iowa, The Ciry will pay for the legal opinion. The Purchaser agrees to apply for CUSIP cumbers within 24 hours and pay the fee charged by the CUSIP Service Bureau, and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, we enclose herewith e check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCFiNT OF PAR (the "Deposit") under the terms yrovided in your Official Terms of Offering, Attached hereto is a List of members of our account on whose behalf this bid is made, Form of_Dcoosit Check One; Certified/Cashier's Check Financial Surety Bond [1 I] Amount: S125,300 The above Certified/Cashier's Check was returned and received By Check Number: Account Manarter Ipformation N,mgRIFFINF_KUSIC STEPHENS & TH0MPSO Address By City pp State/Zip Direct Phone of /e. ' `/ T / • 0167 O FAX Number 0fo7`4111- 4.01' Jtidders Ont141LI.n,uranc.e kikehave purchased iosurattce from: (Check One) AMBAC X FCIC FSA MINA Maturities:(Check One) Years All The foregoing bid was accepted and the Bonds sold by resolution of the City on October 24, 2000, and receipt is hereby acknowledged of the good faith Deposit which is being hold in accordance with the terms of,the annexed Official Terms of Offering, ATTEST: Ciry Clerk NOT PART OF THE BID — (Calculation Of net interesi cost) CITY OF DUBUQUE, DUBUQUE COUNTY, IOWA itP Mayor Gross Interest Ste- e -ts j • Loss Premium/Plus Discount $ %a, e SD . Net Interest Cost S q 7 ' t Not interest Rate _ ,5, a 44 756' '`3 . a.5 % �. 9os, 79/. 96 8. Liy i. is TOTAL BOND YEARS AVERAGE LIFE S75,624.58 12.071 Years Received: 10/24/ 0 11:O2AM; 1 312 346 8833 -> CITY OF DUBUQUE; Page 2 10/24/00 11:05 V^1 312 346 8833 SPEER FINANCIAL ai002 OFFICIAL BID FORM City of Dubuque 50 West 13* Street Dubuque, Iowa 52001-4864 CityCouncil Members: • October 24, 2000 Speer Financial, Inc. Facsimile: (319) 291-6787 For the $6,265,000 General Obligation Bonds, Series 2000C, of the City of Dubuque, Dubuque County, Iowa, as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you $ 2O f O6 .00 (no Tess than $6,202,350) plus accrued interest from November 1, 2000, to the date of delivery for Bonds bearing interest as followst(each rate a multiple of 1/8 or 1/20 of 1%). MATURITIES — JUNE 1 $205,000 2002'j'10 % $275,000 2008 5'(25% $385,000 2015 5'15% 212,000 2003 5' 40 % 285,000 2009 S• 15 % 410,000 2016 5-5 222,000 2004 6' k0 % 295,000 2010 'j • it. "% 430,000 2017 C•1 % 24G,000 2005 _6.10 % 315,000 2011 �//' 1 % 455,000....................2018 C'15 % 25C,000 2006 ' t0 % 330,000 2012 7' 17 % 475,000 2019 c'(6% 255,000 2007 5' Cr) % 345,000 2013 CJ' 0.% 510,000 2020 S.' S % 365,000 2014 c ("% The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines, Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP numbers within 24 hours and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, we enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made. Form of Deposit Check One: Certified/Cashier's Check XD X Financial Surety Bond [ ] Amount: $125,300 The above Certified/Cashier's Check was returned and received By Cheek Number: H ISAeTRUST anag&In SAVINGS BANK Carrie L. Neal, Vice City Chgo Statelzip IL 60603 Direct Phone _ 'q 1. 2 _ 4 61— 2 8 61 FAXNumber 312-461-3600 Bidders Option Insurance President We have purchased insurance from: (Check One) AMBAC %' FCIC FSA 6/4 MBIA Maturities:(Check One) Years All 01 3 The foregoing bid was accepted and the Bonds sold by resolution of the City on October 24, 2000, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Terms of Offering. ATTI ST: City Clerk CITY OF DUBUQUE, DUBUQUE COUNTY, IOWA Mayor NOT PART OF THE BID------- (Calculalion OJnel interest cost) Gross Interest $ 5, O l I l 2( LI . 2--- Less Premium/Plus Discount $ IV 2., -06,,14 • 0 0 Net Interest Cost $ 3i 9 f'J 3, ib 1' , - 2-�` Net Interest Rate 7 ..)....8 TOTAL BOND YEARS $75,624.58 AVERAGE LIFE 12.071 Years Received: 10/24/ 0 11:O5AM; 1 312 346 8833 -> CITY OF DUBUQUE; Page 5 10/24/00 11:08 el 312 346 8833 SPEER FINANCIAL 10/19/00 13:49 FAX 312 683 6107 PAINE WEBBER Zoos 10001/001 OFFICIAL BIB FORM 0 City October 24, 200Cityest t l:3 th 5treet Speer Finaneiol, lac WeFacsimile: (319) 191-6787 Dubuque, Lora 52Cy01.4864 City Council Members: Dubs ue, Dubu tee County. Iowa, as described in the annexed Official For the , which i Generale1y Obligation Bands, bidSer, e'2&fl y the City of, 74 (no less than $6.202350) plus ,cued interest Toms of Offering, which is expressly trade a pan of this bid, we will pay you $ L ` - le of 1I(o iR0 of 1$6, from Nov>aabcr 1, 2000, to the data of delivery far Bonds �g inmost as follows (� rate multiple MATURITIES - NNE 1 G e 5275,000 °fo $3E5,000 2015 � �-°D° 2008 $Z05.2002 -� G e 285,000 2009 S D °D °/a 410,000 2015 •.. 7/a s� 430,000 2017% 215.000,02003 G 295,000 2010 ! p '/• �_- 2g5.DDf3 20D4°�ol 455.aD0 2016 '� 2011 ��� 240,001)............... ..... 2005 % 315,000 2019 2012°l 475,000 a 250.003 2006 S lJ of 330,0002020 ' °�° 6(345,000 2013 � l 510,000 z55,00� 2007 °� 365.000 2014 legalopinion of Ahien, toinion. The Purchaser agrees r far CUSIE The Bonds are to be executed and delivered to us in accordance with the terms of this bid auompanied by the approvingoP Cooney, Donh n Hhours, Smith & and paythe feecchsrgDes by the CUS Service BureMoines, Iowa. The City aul pay for the andwill accepts thel �Bonds with the CUSIP numbers a_s�entered an the nurrtbets within 24 Bonds. As evidence of our good faith, we enclose herewith a check or Surety Bond payable to the index of� TreazUheretoL' a oft 1e iit in the oa oor ocf TWO on PERC1:NT OF PAR (the "Deposit') under the terms provided in your Official Terms of Offering . Attachwhose behalf dais bid is shade. FeralOf DlpOstAceoun Manueee Information Bidders Qat1OOln�tne Check One; bar Naeae_ •V.P. We have purchased insurance from: FinwSed/Cashier's Check 0181 W: Madison 41st Fir. (Clack One) Financial Surety Bond [) �'. • a 60602 Amount $125,300 By 312-681-6$ - Q7.fax) AMBAC FDIC The above Certified/Cashier's Statel2ip _r Check was resumed and received City Direct Phone By Check Number: FAX Number p$A MBIA Ma turities:(Check One) Yeats AU The foregoing bid was accepted and the Bonds sold by resolution of the City on October 24, 2000, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms ofthe annexed Official Terms of Offering. CITY OF DUBUQUE, DUBUQUE COUN'TY, IOWA ATT'aST: City Clerk Gross Interest Less Premium/Plus Discount NOT PART OF TEEB7CD - (Calerdatlon Of net iniereer cast) Net Interest Cost Net interest Rate s 5,7 aL1/. o7 650 s 77 a .1P/F 6 7 Mayor TOTAL BOND YEARS $75,624.5 6 AVERAGE LIFE 12.071 Years Received: 10/24/ 0 11:O3AM; 1 312 346 8833 -} CITY OF DUBUQUE; Page 3 10/24/00 11:06 G^1 312 346 8833 SPEER FINANCIAL a1003 OCT 20 2000 13:43 FR RE W BAIRD-FIXED INCM4 765 7346 TO S13123460833 P.22iO3 OFFICIAL BID FORM City of Dubuque 50 West 13`t Street Dubugtro, Iowa 52001.4864 City Council Members: October 24, 2000 Speer Financial, Inc. Facsimile! (319) 291.6787 For the S6,265,000 General Obligation Bonds, Series 2000C, of the City of Dubuque, Dubuque County, Iowa, as described in the annexed Official Terms of Offering, which is expressly made a part of this bid, we will pay you S k0.4t 3 Sm. 0a (no less than S6,202,350) plus accrued interest from November I, 2000, to the date of delivery for Bonds bearing interest as follows (each rate a multiple of 1/8 or 1/20 of 1%). �t MATURITIES - JUNE 1 $205,000 2002 % -1 . 7$275,000 2008 215.000 2003 % 1+,'-5 285,000 2009 225,000..,.. 2004 % 4315 295,000 2010 2a0,000 2005 % 4,q 315,000 2011 250,000 2006 % 'T' €75 330,000 2012 255,000 2007 % LI• € VI'345,000 2013 365,000 2014 %1 • $ $385,000 2015 % 5- 05 % it V75. 410,000 2016 % S41 Ig' 30,000 2017 % S, % S40 455,000 2015 % T.. 3S % S' ad 475,000 2019 % r. go % Sx () 510,000 2020 0 %S . 6° %i,10 The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Ahlers, Cooney.. Dorweiler, Haynie, Smith & Allbee, P_C„ Des Moines, Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSLP numbers within 24 hours and pay the fee charged by the CUSP Service Bureau and will accept the Bonds with the CIJSIP numbers as entered on the Bonds. As evidence of our good faith, we enclose herewith a check or Surety Band payable to the order of the Treasurer of the City In the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Terms of Otlbring. Attached hereto is a list of members of our account on whose hehalf this bid is made, germ of Deposit Check One: Account Managsr Informatiou, Bidders Option Insurance Name Cenified/Cashier's Check [ ] Financial Surety Bond (] Address Amount: S125,300 By The above Certified/Cashier's Check was returned and received City State/Zip By Direct Phone Check Number, FAX Number We have purchased insurance from: (Check Ono) AMBAC FGIC FSA MBIA Maturities:(Cheelt One) Years V'All The foregoing bid was accepted and the Bonds sold by resolution of the City on October 24, 2000, and receipt is hereby acknowledged of the good faith Deposit which is being in accordance with the terms of the annexed Official Terms of Offering. ATTEST: i ,,,_.CITY OF DUBUQUE, DUBUQUE COUNTY, IOWA F RFW A KANYFR OLAA.Ad„.94_-- C1lyhlJOR VICE PRESIDENT Robert W BaTrd & mtcAei^lxsEa 917 $.WISCONSIN Arm E, WISCONSIN 63202 ----NOT PART OF THE BID--...-- (Calculatlon Of net Interest cost) (4W 7 &.7 33 Gross Interest 5 Less PrerniwnfPlus Discount S NetlntcrcatCoet 5 -3r1. e , 3ff,-1' , Net Interest Rate s, a--35 TOTAL BOND YEARS AVERAGE LIFE S75,624,58 12.071 Years Tht V )s .3' {��, 6 a*0 Received: 10/24/ 0 1 1 :O4AM; 1 312 10/24/00 11:07 el 312 346 8833 ci+ 1.0 "OCT .24.2000t9:22RM15uzi_AW FIRM 346 8833 -> CITY OF DUBUQUE; Page 4 SPEER FINANCIAL t JUJU Utvutit<ttxt1Uu f7] 004 NO. 294 p . Dal u OFFICLSL Sin FORM t7ctab�rt�24, 2000 City ofD b ST Spec^Finanelol, las. 5o Wtst i,3 sst Papfn+;la: 019) 29J41E7 I?uL�:que;,Iawe Sl001�8b4 City Cau cil Membe s: s000C, aids, c of Dubuque, Dubuque �iy, Um, as described isms axcad Official For $so 5 ilieli is a presslCicril code a Obligation oaths, Sets w t a4 -Z3 60,.00 (eD less thin S6.202-1➢1 'cevrd interest Tmas; 4ffauiQ. w)zieL expressly snide a pars of this bid. we pry yen 5 1 from /impe:ober 1, 2000, to tbs hereof delivery fat Bonds becriag thtetist as folioed (etch rues multiple of 1/6 or I/20 of 1 %), MA RIT11s -MN/ 1 .2005 P y4 S385,000. _2015 i. [7 % 5W5,000 Zt]02 � '� 5275,000._-�.•• _•• �• • !© q6 410.OQ0.....__ ... 201B $�? !/o 215,003 .__..,2006 Ya 265,000._.....,......_�....._ 2009 2016 .i,r)tl % ,2010 5 !O % 450,000. 225,002, -,....20bs ��.�,% 208.DOD.......... -,.............. � ,,� 240.000 2005 S. _ 'A315,00D 2011 !d °.4 455,000......r-....-.,201E l5g-. , 475400..._____._,.7�i9 �J" S14 S6 ZOOS S, Id % 330.OD0.._....-......._—.•2012 '41n 255,00 .2013 S_6 510.000....--- 2020 sue. .% 25S.ot10. zD07 S• l0.$b $45,000....,-.........,..�.._,. .� 385,000 2014 yS:_Xi The Bands 1a-c to be executed and delivered vs us in maybe= %visit the teams of this bld ►asetapautd by thm sppttM g WO winkle of Milne, ATIber, P.C, Des Moines, Iowa. The City will pay the legal opin n. Titre Pturhsssr acme to ippiy o Ilse nuotse,Yr D rtthinc2. boors Smith the fee chat 4 by the CtJSIP Service B u end will ■eospt the Boo& v ptambers u catered DaunAel's within psi boors tied pay $onols. AS cvidmcc l faith, tee eucio ee herewith a cheek or Suray$ond payable re lc order of the T naa' at' the City in the mount of TWO ?moan c 2i ' OF 7.4.1t (the 'Depose) teed= the terms previdsd is yot3' Official Tetme of Offering. Attached he eta is s lift oEmetol rs of our account on -.,base behalf this bid 11 med� dt RDI QU Lpll grw�f10er91L We Ismperchab Wanner tram t Cheek one: "Name WILLAM R. HOUGH 6 CO. r;oraet3/Ce3hier'i Chock Mists 1=tnaae�itd Surety Band K. Amount: 512.5,300 By 'fhc above Cetdfied/Cu3ves'd g ;p � COaesk was Monied and received l��l ..e��� Ey _ — Direct phone _. 1 FAX Number I -u�d `.� . CbeekNumber Thu forepcia6 bid vein ecc $$d end the Bands sold by:seofuotm ad'the City an October 24, 2000, told receipt is l+eseby adoaeu+ledEed ate good £with Deposit -which le bang held is acratdas;ea with ttea tams of the annesc4 QiTieiel Terms of Offering, CITY OF DUBUQUE., DUBUQUE COLLNIY, IOWA AT'L$,ST: as Crurk .�—NOT PAli7 OF TEE (Cnlculctiaf Of tier into met cats) 1456. QQr $9� s�.g Sass % (Cluck Oue) AC FGICnik 1►'[BYA Maiuriaes:(Ctteck One) Years All Maria SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds Final Date of Bonds:l Date 01-Jun-01 01-Dec-01 01-Jun-02 01-Dec-02 01-Jun-03 01-Dec-03 01-Jun-04 01-Dec-04 01-Jun-05 01-Dec-05 01-Jun-06 01-Dec-06 01-Jun-07 01-Dec-07 01-Jun-08 01-Dec-08 01-Jun-09 01-Dec-09 01-Jun-10 01-Dec-10 01-Jun-11 01-Dec-11 01-Jun-12 01-Dec-12 01-Jun-13 01-Dec-13 01-Jun-14 01-Dec-14 01-Jun-15 01-Dec-15 01-Jun-16 01-Dec-16 01-Jun-17 01-Dec-17 01-Jun-18 01-Dec-18 01-Jun-19 01-Dec-19 01-Jun-20 Total 24-Oct-0O Series 2000C 01-Nov-00 Interest Principal Rate 205,000 5.000% 215,000 5.000% 225,000 5.000% 240,000 5.125% 250,000 5.125% 255,000 5.125% 275,000 5.125% 285,000 295,000 315,000 330,000 5.125% 5.125% 5.125% 5.125% 345,000 5.125% 365,000 5.125% 385,000 5.125% 410,000 5.125% 430,000 5.125% 455,000 5.125% 475,000 5.125% 510,000 5.250% Interest $187,198.96 160,456.25 160,456.25 155, 331.25 155,331.25 149,956.25 149, 956.25 144,331.25 144,331.25 138,181.25 138,181.25 131,775.00 131,775.00 125,240.63 125,240.63 118,193.75 118,193.75 110,890.63 110,890.63 103,331.25 103,331.25 95,259.38 95,259.38 86, 803.13 86, 803.13 77,962.50 77,962.50 68,609.38 68,609.38 58,743.75 58,743.75 48,237.50 48,237.50 37,218.75 37,218.75 25,559.38 25,559.38 13, 387.50 13,387.50 Principal & Interest $187,198.96 160,456.25 365,456.25 155, 331.25 370,331.25 149, 956.25 374, 956.25 144,331.25 384, 331.25 138,181.25 388,181.25 131, 775.00 386, 775.00 125,240.63 400,240.63 118,193.75 403,193.75 110, 890.63 405, 890.63 103,331.25 418,331.25 95,259.38 425,259.38 86,803.13 431, 803.13 77, 962.50 442,962.50 68,609.38 453,609.38 58, 743.75 468, 743.75 48,237.50 478,237.50 37,218.75 492,218.75 25,559.38 500,559.38 13, 387.50 523,387.50 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Fiscal Year 2001 This Issue $187,198.96 2002 525,912.50 525,662.50 524,912.50 528,662.50 526,362.50 518,550.00 525,481.26 521,387.50 516,781.26 521,662.50 520,518.76 518,606.26 520,925.00 522,218.76 527,487.50 526,475.00 529,437.50 526,118.76 536,775.00 $6,265,000 Net Interest Rate Bond Years Average Life $3,886,136.52 $10,151,136.52 5.221565%l 75,624.58 12.071 File Name: Premium Discount 1% $10,151,136.52 l $62,650.00 Client/DubuqueGOAir-Park2000C SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $5,600,000 General Obligation Bonds (Parking Ramp) Final Date of Bonds Series 2000C 01-Nov-00 Total Interest Principal & Fiscal Principal & Interest Date Principal J Rate Interest Interest Year Payment 01-Jun-01 $167,329.24 $167,329.24 2001 $167,329.24 01-Dec-01 143,425.06 143,425.06 01-Jun-02 185,000 5.000% 143,425.06 328,425.06 2002 471,850.12 01-Dec-02 138,800.06 138,800.06 01-Jun-03 190,000 5.000% 138,800.06 328,800.06 2003 467,600.12 01-Dec-03 134,050.06 134,050.06 01-Jun-04 200,000 5.000% 134,050.06 334,050.06 2004 468,100.12 01-Dec-04 129,050.06 129, 050.06 01-Jun-05 215,000 5.125% 129,050.06 344,050.06 2005 473,100.12 01-Dec-05 123,540.68 123, 540.68 01-Jun-06 225,000 5.125% 123,540.68 348,540.68 2006 472,081.36 01-Dec-06 117,775.05 117,775.05 01-Jun-07 230,000 5.125% 117,775.05 347,775.05 2007 465,550.10 01-Dec-07 111,881.30 111,881.30 01-Jun-08 245,000 5.125% 111,881.30 356,881.30 2008 468,762.60 01-Dec-08 105,603.17 105,603.17 01-Jun-09 255,000 5.125% 105,603.17 360,603.17 2009 466,206.34 01-Dec-09 99,068.79 99,068.79 01-Jun-10 265,000 5.125% 99,068.79 364,068.79 2010 463,137.58 01-Dec-10 92,278.16 92,278.16 01-Jun-11 280,000 5.125% 92,278.16 372,278.16 2011 464,556.32 01-Dec-11 85,103.16 85,103.16 01-Jun-12 295,000 5.125% 85,103.16 380,103.16 2012 465,206.32 01-Dec-12 77,543.78 77,543.78 01-Jun-13 310,000 5.125% 77,543.78 387,543.78 2013 465,087.56 01-Dec-13 69,600.03 69,600.03 01-Jun-14 325,000 5.125% 69,600.03 394,600.03 2014 464,200.06 01-Dec-14 61,271.90 61,271.90 01-Jun-15 345,000 5.125% 61,271.90 406,271.90 2015 467,543.80 01-Dec-15 52,431.27 52,431.27 01-Jun-16 365,000 5.125% 52,431.27 417,431.27 2016 469,862.54 01-Dec-16 43,078.14 43,078.14 01-Jun-17 385,000 5.125% 43,078.14 428,078.14 2017 471,156.28 01-Dec-17 33,212.51 33,212.51 01-Jun-18 405,000 5.125% 33,212.51 438,212.51 2018 471,425.02 01-Dec-18 22,834.38 22,834.38 01-Jun-19 425,000 5.125% 22,834.38 447,834.38 2019 470,668.76 01-Dec-19 11,943.75 11,943.75 01-Jun-20 455,000 5.250% 11,943.75 466,943.75 2020 478,887.50 Total $5,600,000 Net Interest Rate Bond Years Average Life $3,472,311.86 $9,072,311.86 5.221585%1 67,571.66 12.066 Premium Discount 1% $9,072,311.86 I $56,000.00 24-Oct-00 File Name: Client/DubuqueGOPark2000C SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $665,000 General Obligation Bonds (Airport) Final Date of Bonds: 01-Nov-00 Series 2000C Total Interest Principal & Fiscal Principal & Interest Date 1 Principal , Rate Interest Interest Year Payment 01-Jun-01 $19,869.84 $19,869.84 2001 $19,869.84 01-Dec-01 17,031.29 17, 031.29 01-Jun-02 20,000 5.000% 17,031.29 37,031.29 2002 54,062.58 01-Dec-02 16,531.29 16, 531.29 01-Jun-03 25,000 5.000% 16,531.29 41,531.29 2003 58,062.58 01-Dec-03 15,906.29 15,906.29 01-Jun-04 25,000 5.000% 15,906.29 40,906.29 2004 56,812.58 01-Dec-04 15,281.29 15,281.29 01-Jun-05 25,000 5.125% 15,281.29 40,281.29 2005 55,562.58 01-Dec-05 14,640.66 14,640.66 01-Jun-06 25,000 5.125% 14,640.66 39,640.66 2006 54,281.32 01-Dec-06 14,000.03 14,000.03 01-Jun-07 25,000 5.125% 14,000.03 39,000.03 2007 53,000.06 01-Dec-07 13,359.40 13, 359.40 01-Jun-0B 30,000 5.125% 13,359.40 43,359.40 2008 56,718.80 01-Dec-08 12,590.65 12, 590.65 01-Jun-09 30,000 5.125% 12,590.65 42,590.65 2009 55,181.30 01-Dec-09 11,821.90 11, 821.90 01-Jun-10 30,000 5.125% 11,821.90 41,821.90 2010 53,643.80 01-Dec-10 11,053.15 11,053.15 01-Jun-11 35,000 5.125% 11,053.15 46,053.15 2011 57,106.30 01-Dec-11 10,156.27 10,156.27 01-Jun-12 35,000 5.125% 10,156.27 45,156.27 2012 55,312.54 01-Dec-12 9,259.39 9,259.39 01-Jun-13 35,000 5.125% 9,259.39 44,259.39 2013 53,518.78 01-Dec-13 8,362.51 8,362.51 01-Jun-14 40,000 5.125% 8,362.51 48,362.51 2014 56,725.02 01-Dec-14 7,337.51 7,337.51 01-Jun-15 40,000 5.125% 7,337.51 47,337.51 2015 54,675.02 01-Dec-15 6,312.51 6,312.51 01-Jun-16 45,000 5.125% 6,312.51 51,312.51 2016 57,625.02 01-Dec-16 5,159.38 5,159.38 01-Jun-17 45,000 5.125% 5,159.38 50,159.38 2017 55,318.76 01-Dec-17 4,006.25 4,006.25 01-Jun-18 50,000 5.125% 4,006.25 54,006.25 2018 58,012.50 01-Dec-18 2,725.00 2,725.00 01-Jun-19 50,000 5.125% 2,725.00 52,725.00 2019 55,450.00 01-Dec-19 1,443.75 1,443.75 01-Jun-20 55,000 5.250% 1,443.75 56,443.75 2020 57,887.50 Total $665,000 Net Interest Rate Bond Years Average Life $413,826.88 $1,078,826.88 5.221424%1 8,052.916 12.110 24-Oct-00 SPEER FINANCIAL, INC. $1,078,826.88 Premium Discount $ 6,650.00 File Name: client/DubuqueAirport2000CFinal AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. ATTORNEYS AT LAW 100 COURT AVENUE, SUITE 600 DES MOINES, IOWA 50309-2231 http://www.ahlerslaw.com TELEPHONE 515-243-7611 TELECOPIER 515-243-2149 KENNETH H. HAYNIE JOHN F. MCKINNEY, JR. RICHARD G. SANTI EDGAR H. BITTLE RONALD L. SUTPHIN LANCE A. COPPOCK DAVID H. LUGINBILL MARK W. BEERMAN EDWARD W. REMSBURG RANDALL H. STEFANI ELIZABETH GREGG KENNEDY Ms. Pauline A. Joyce Director of Administrative Services City of Dubuque 50 W. 13th Street Dubuque, Iowa 52001 WADE R. HAUSER III WILLIAM J. NOTH DAVID SWINTON LINDA L. KNIEP JOHN D. HINTZE PETER PASHLER IVAN T. WEBBER JANE B. MCALLISTER JAMES C. HANKS R. MARK CORY SERGE H. GARRISON RONALD L. PEELER ANDREW J. BRACKEN STEVEN L. SERCK STEVEN M. NADEL ELIZABETH A. GROB JENNIFER A. CLENDENIN PATRICIA A. WESTEMEYER NATHAN J. OVERBERG DANIELLE). LATHAM JAMES R. WAINWRIGHT J. ERIC BOEHLERT October 10, 2000 RE: $6,265,000 General Obligation Bonds, Series 2000C Dear Ms. Joyce: GORDON D. GRETA OF COUNSEL PAUL F. AHLERS H. RICHARD SMITH ROBERT G. ALLBEE DOUGLAS R. SMITH PHILIPJ. DORWEILER, Retired JAMES EVANS COONEY (1917-1998) We enclose herewith suggested proceedings for the sale date covering the reception of bids and award of the Bonds to the lowest bidder and form of resolution awarding the Bonds. Sealed bids for the Bonds, as well as any bids submitted by facsimile, should be received by the Director of Administrative Services and listed in the minutes. After a final call for sealed bids, the bids should then be opened and the best bid recorded. All bids should then be referred to the Council for award of the Bonds. The Bonds are to be sold to the best bidder. The Notice of Bond Sale sets out the restrictions on the type of interest rates which may be bid, as well as the number of rates. Each bid should be reviewed for compliance with the terms of sale. Different interest rates may be bid for each maturity and each interest rate must be in a multiple of one-eighth/one-twentieth of one percent. Each bidder is required to furnish a bid check or financial surety bond in the amount of $125,800. A check of the successful bidder should be held uncashed as your security that the bidder will take the Bonds as agreed upon when the same have been printed and are ready for delivery. An extra copy of the procedure is enclosed to be completed as the original and certified to our office, together with a copy of the signed Official Bid Form. October 10, 2000 Page 2 If any questions arise, please do not hesitate to contact me. Yours very truly, William J. Noth FOR THE FIRM WJN:dc encl. cc: Barry Lindahl Larry Burger DCORNELL\248790\ I \l 0422056 SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds Proposed 'Date of Bonds' Date 01-Jun-01 01-Dec-01 01-Jun-02 01-Dec-02 01-Jun-03 01-Dec-03 01-Jun-04 01-Dec-04 01-Jun-05 01-Dec-05 01-Jun-06 01-Dec-06 01-Jun-07 01-Dec-07 01-Jun-08 01-Dec-08 01-Jun-09 01-Dec-09 01-Jun-10 01-Dec-10 01-Jun-11 01-Dec-11 01-Jun-12 01-Dec-12 01-Jun-13 01-Dec-13 01-Jun-14 01-Dec-14 01-Jun-15 01-Dec-15 01-Jun-16 01-Dec-16 01-Jun-17 01-Dec-17 01-Jun-18 01-Dec-18 01-Jun-19 01-Dec-19 01-Jun-20 Total 24-Oct-0O 01-Nov-00 Series 2000C Interest Principal , Rate 205,000 4.300% 215,000 4.350% 225,000 4.400% 240,000 4.450% 250,000 4.500% 255,000 4.550% 275,000 4.600% 285,000 4.650% 295,000 4.700% 315,000 4.800% 330,000 4.900% 345,000 5.000% 365,000 5.100% 385,000 5.150% 410,000 5.200% 430,000 5.300% 455,000 5.350% 475,000 5.400% 510,000 5.450% Net Interest Rate Bond Years Average Life Interest $180,977.71 155,123.75 155,123.75 150,716.25 150,716.25 146, 040.00 146,040.00 141,090.00 141,090.00 135, 750.00 135,750.00 130,125.00 130,125.00 124, 323.75 124,323.75 117, 998.75 117,998.75 111,372.50 111, 372.50 104,440.00 104,440.00 96, 880.00 96,880.00 88,795.00 88, 795.00 80,170.00 80,170.00 70,862.50 70,862.50 60, 948.75 60, 948.75 50,288.75 50,288.75 38, 893.75 38,893.75 26,722.50 26,722.50 13,897.50 13,897.50 5.200036%11 75,624.58 12.071 File Name Principal & Interest $180,977.71 155,123.75 360,123.75 150, 716.25 365,716.25 146,040.00 371,040.00 141,090.00 381,090.00 135,750.00 385,750.00 130,125.00 385,125.00 124, 323.75 399,323.75 117, 998.75 402,998.75 111,372.50 406,372.50 104,440.00 419,440.00 96, 880.00 426,880.00 88,795.00 433, 795.00 80,170.00 445,170.00 70,862.50 455,862.50 60, 948.75 470,948.75 50,288.75 480,288.75 38,893.75 493,893.75 26, 722.50 501, 722.50 13, 897.50 523,897.50 ,134,855.21 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Premium Discount 1% Fiscal Year 2001 Aaa This Issue $180,977.71 2002 515,247.50 516,432.50 517,080.00 522,180.00 521,500.00 515,250.00 523,647.50 520,997.50 517,745.00 523,880.00 523,760.00 522,590.00 525, 340.00 526,725.00 531,897.50 530,577.50 532,787.50 528,445.00 537, 795.00 $10,134,855.21 I $62,650.00 Cl ient/Du b uqueGOAi r-Pa rk2000C co.) 0 ) cp JJ FT1 0 rn SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds Proposed Date of Bonds' 01-Nov-00 Series 2000C Interest Date Principal 1 Rate 01-Jun-01 01-Dec-01 01-Jun-02 205,000 4.450% 01-Dec-02 01-Jun-03 215,000 4.500% 01-Dec-03 01-Jun-04 225,000 4.550% 01-Dec-04 01-Jun-05 240,000 4.600% 01-Dec-05 01-Jun-06 250,000 4.650% 01-Dec-06 01-Jun-07 255,000 4.700% 01-Dec-07 01-Jun-08 275,000 4.750% 01-Dec-08 01-Jun-09 285,000 4.800% 01-Dec-09 01-Jun-10 295,000 4.900% 01-Dec-10 01-Jun-11 315,000 4.950% 01-Dec-11 01-Jun-12 330,000 5.050% 01-Dec-12 01-Jun-13 345,000 5.150% 01-Dec-13 01-Jun-14 365,000 5.200% 01-Dec-14 01-Jun-15 385,000 5.250% 01-Dec-15 01-Jun-16 410,000 5.300% 01-Dec-16 01-Jun-17 430,000 5.350% 01-Dec-17 01-Jun-18 455,000 5.400% 01-Dec-18 01-Jun-19 475,000 5.450% 01-Dec-19 01-Jun-20 510,000 5.500% Total 24-Oct-0O Interest $185,116.46 158,671.25 158,671.25 154,110.00 154,110.00 149,272.50 149,272.50 144,153.75 144,153.75 138,633.75 138,633.75 132,821.25 132,821.25 126, 828.75 126,828.75 120,297.50 120,297.50 113,457.50 113,457.50 106,230.00 106,230.00 98, 433.75 98,433.75 90,101.25 90,101.25 81,217.50 81,217.50 71, 727.50 71,727.50 61,621.25 61,621.25 50,756.25 50,756.25 39,253.75 39,253.75 26,968.75 26,968.75 14,025.00 14,025.00 Principal & Interest $185,116.46 158,671.25 363,671.25 154,110.00 369,110.00 149,272.50 374,272.50 144,153.75 384,153.75 138,633.75 388,633.75 132,821.25 387,821.25 126,828.75 401,828.75 120,297.50 405,297.50 113,457.50 408,457.50 106,230.00 421,230.00 98,433.75 428,433.75 90,101.25 435,101.25 81,217.50 446,217.50 71, 727.50 456,727.50 61,621.25 471,621.25 50, 756.25 480, 756.25 39,253.75 494,253.75 26,968.75 501, 968.75 14,025.00 524,025.00 Fiscal Year 2001 Aaa Insured This Issue $185,116.46 2002 522,342.50 2003 523,220.00 2004 523,545.00 2005 528,307.50 2006 527,267.50 2007 520,642.50 2008 528,657.50 2009 525,595.00 2010 521,915.00 2011 527,460.00 2012 526,867.50 2013 525,202.50 2014 527,435.00 2015 528,455.00 2016 533,242.50 2017 531,512.50 2018 533,507.50 2019 528,937.50 2020 538,050.00 $6,265,000 Net Interest Rate Bond Years Average Life $3,942,278.96 )$10,207,278.96 5.295803%I 75,624.58 12.0 File Name: Premium Discount 1% $10,207,278.96 I $62,650.00 Client/DubuqueGOAir-Park2000C rn 0