Bond Sale for Stormwater ProjecMEMORANDUM
September 4, 2003
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Bond Sale to Support Stormwater Projects
The sale of General Obligation Bonds to support stormwater projects will be held
Monday, September 15, 2003 at 11:00 a.m. The results will be brought to the
September 15 City Council meeting.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
AHLERS COONEY, P.C.
WILLIAM J. NOTH
WN 0TH@AH LERSLAW.COI~I
ATTORNEYS AT LAW
100 COURT AVENUE · SUITE 600
DES MOINES. IOWA 5~309-2231
PHONE 515,-243-7611
FAX: 515-2Z~3-21 ~9
WWW.AHLERELAW.COI~I
Direct Diat=
(515~2~=-0332
August 18, 2003
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: $2,110,000 General Obligation Bonds, Series 2003
Dear Mr. TeKippe:
The procedure for the sale date (September 15, 2003) covering minutes of the
reception of bids and form of resolution awarding the Bonds to the best bidders are
enclosed.
Sealed bids for the Bonds should be received by the City Clerk and listed in the
minutes. After a final call for sealed bids, the bids should then be opened and the best
bid recorded. Only sealed bids are permitted by the terms of sale. No other bids should
be considered. All bids should then be referred to the City 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 the issue. Each intc-rest rate must be in a multiple of one-eighth or one-
twentieth of one percent.
Acceptance of the best bid can be made by execution of the bid form.
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. I also would appreciate it if you
would return copies of the bids, particularly the accepted bid, and the published Notice of
Bond Sale.
August 18, 2003
Page 2
If any questions arise, please keep me advised.
Yours very truly,
William J. Noth
WJN:dc
encl.
Pauline Joyce (w/encl.)
Dave Dirks (w/encl.)
DCORNELL~380004\1 \10422062
(This Notice to be'posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of Dubuque, Iowa.
,2003.
o'clock .M.
Auditorium, Carnegie-Stout Public Library, 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:
$2,116,000 General Obligation Bonds. Series 2003
· Resolution directing sale.
Such additional matters as are set forth on the additional
(number)
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.
page(s) attached hereto.
City Clerk, Dubuque, Iowa
,2003
The Finance Director of Dubuque, Iowa, met in ,
City Hall, Dubuque, Iowa, at o'clock .M., on the above date, to open sealed
bids received, and tc refer the sale of the bonds to the best and most favorable bidder for
cash, subject to approval by the City Council at o'clock .M. on the above date.
The following persons were present:
-I-
This being the time and place for the opening of bids for the sale of $2,110,000
General Obligation Bonds, Series 2003, the meeting was opened for the receipt of bids
for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
Whereupon the Finance Director declared the time for filing of seated bids to be
closed.
Whereupon, the Finance Director declared the sealed bids be opened. The sealed
bids were opened and the best sealed bid was as follows:
Name & Address of Bidder:
Net Interest Rate:
Net Interest Cost:
Whereupon, all bids were referred to the Council for action in accordance with the
Notice of Sale.
-2-
.,2003
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
and the following named Council Members:
session, in the
o'clock __M., on
, in the chair,
Absent:
-3-
Council Member Cl i ne introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $2,110,000 GENERAL
OBLIGATION BONDS, SERIES 2003" and moved its adoption. Council Member
Markham seconded the motion to adopt. The roll was called and the
vote was,
AYES: Buol, Cline, Connors, Duggan,
Markham, Michalski, Nicholson
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 345-03
RESOLUTION DIRECTING SALE OF $2,110,000
GENERAL OBLIGATION BONDS, SERIES 2003
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:
Bidder:
$2,110,000 GENERAL OBLIGATION BONDS, SERIES 2003:
RBC Dain Rauscher Inc. of Clive, Iowa
the terms of said bid being:
Purchase Price: $ 2,095,230.00
Net Interest Rate: 4. 2743%
Net Interest Cost $ 1,013,780.54
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 statement of information for bond bidders and the form of
contract for the sale of said bonds are 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.
PASSED AND APPROVED, this 151:h day of September
Mayor~
ATTEST:
,2003.
-5-
' CIG-3
9/91
CERTIFICATE
STATE OF IOWA
COUNTY OF DUBUQUE
)
) 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 roles 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 16th
dayof September , 2003.
lerk, Dubuque, Iowa
SEAL
DCORNELL~380001 \1 \10422060
-6-
REPORT OF BIDS
City of Dubuque, Iowa
S2,110,000 General Obligation Bonds,
Series 2003
September 15, 2003
TO: Dubuque Mayor, City Council Members and Administration
City of Dubuque, Iowa
FROM: David Dirks
PUBLIC FINANCIAL MANAGEMENT
SUBJECT: $2,110,000 General Obligation Bonds, Series 2003
Today, September 15, 2003, the sealed bids tabulated below were received, opened
and reviewed. The bids reflect and are indicative of the current conditions in the tax-
exempt market.
BIDDER ADDRESS (%) TIR
RBC Dain Rauscher Inc. Clive, Iowa 4.2743%
Northland Securities Minneapolis, MN 4.3310%
Harris Trust & Savings Bank Chicago, IL 4.3448%
WE RECOMMEND AWARD TO:
RBC Dain Rauscher Inc.
Thank you for the opportunity to be of service to the City of Dubuque, Iowa. We are
available to answer any questions you may have on this or any other issue in the
future.
2600 Grand Avenue, Suite 214
Des Moines, IA 50312
(51 F1743-2Enfl