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Adams Co. Proj - G.O. BondsMEMORANDUM October15, 2003 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Public Hearing on Proposal to Authorize Issuance of General Obligation Capital Loan Notes to Support Adams Company Project; Resolution Authorizing Additional Action on the issuance of the Notes Economic Development Director Bill Baum recommends City Council approval of the issuance of not to exceed $500,000 in General Obligation Capital Loan Notes to support the Adams Company expansion project at the Dubuque Industrial Center West. The Agreement stipulates the City's intention is to use the Tax Increment revenues from the Adams Company project, and other Tax Increment revenues in the Urban Renewal Economic Development District to retire debt on the General Obligation Capital Loan Note. As has been the understanding throughout these negotiations, this is not a typical Economic Development Grant project. Usually the City requires the Company execute a Minimum Assessment Agreement and the City pledges only the taxes generated from the new value of the project. There is no City guarantee involved. In this case, there was no Minimum Assessment Agreement required because of the City's desire to work with the Company on this property acquisition and relocation from the Port of Dubuque. In effect, the City becomes the guarantor of the TIF debt, backed by the property taxes paid by the property owner. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Millig~n MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Bill Baum, Economic Development Director CITY OF DUBUQUE, IOWA MEMORANDUM October 15, 2003 TO: FROM: Michael Van Milligen, City Manager Bill Baum, Economic Development Director SUBJECT: Public Hearing on proposal to authorize issuance of General Obligation Capital Loan Notes to Support Adams Company project; Resolution authorizing additional action on the issuance of the Notes INTRODUCTION This memorandum presents for City Council adoption a resolution, after public headng, to institute proceedings and take additional action for the authorization of a Loan Agreement and the issuance of up to $500,000 to support the Adams Company expansion project at the Dubuque Industrial Center West. DISCUSSION On October 6, 2003, the City Council set a date for public hearing on the proposal to issue up to $500,000 in General Obligation Capital Lean Notes to support the Adams Company expansion. Please refer to my memo of September 30, 2003, which more fully describes the terms and conditions of the May 19, 2003, Development Agreement between the City and the Company. This proposed funding will provide an Economic Development Grant to the Company in an amount estimated at $393,000, or the difference between the City's purchase price of the Company facility ($2,407,500) and the cost of the Company's new facility (estimated to be $2,800,000). The Agreement stipulates the City's intention is to use the Tax Increment revenues from the Adams Company project, and other Tax Increment revenues in the Urban Renewal Economic Development District to retire debt on the General Obligation Capital Loan Note. This is not a typical Economic Development Grant process. Usually the City requires the Company execute a Minimum Assessment Agreement, and the City pledges only the taxes generated from the new value of the project. Typically, there is no City guarantee involved. No Minimum Assessment Agreement was required because of the City's desire to work with the Company on this relocation from the Port of Dubuque. In effect, the City becomes the guarantor of this debt, backed by the new property taxes paid by the property owner. This process is subject to reverse a referendum. To date no petition for an election has been filed. The amount authorized is more than the estimated amount needed, but we will not know the final amount until the construction is near completion. Additionally, our total payment to the Adams Company for the purchase of Company property, reldcation payments, and this Economic Development Grant is capped at $3,500,000 according to the Agreement. The City must hold a public hearing whenever it agrees to carry out an Urban Renewal Project and issues debt for this purpose. The attached instructions from our bond attomey, Bill Noth of the Ahlers Law firm includes the proceedings and a resolution to be adopted after the public hearing. RECOMMENDATION I recommend that the City Council adopt the attached RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES. ACTION STEP The action step for the City Council is to review the enclosures, follow the procedures outlined by the Ahlers Law firm, and adopt the resolution. Attachment F:\USERS\WBaurn\EDA APPLICATION FOR ADAMS COMPA~emo on adopting resolution for next step in ED grant.doc WILLIAM J. NOTH WNOTH@A~LERSLAW.COM 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 Dired Dial: (515)246-0332 October 6, 2003 Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: Not to exceed $500,000 General Obligation Capital Loan Notes (Grant to Adams Company) Dear Mr. TeKippe: We enclose herewith suggested proceedings to be acted upon by the Council on the date fixed for the hearing on the proposed issuance of the above mentioned Notes, pursuant to the provisions of Code Sections 384.24 and 384.24A. The proceedings are prepared to show as a first step the receipt of any petition for election on the proposed action of the Council to issue said Notes. If no petition is filed, the Council should proceed to adopt the resolution instituting proceedings to take additional action for the issuance of the Notes. In the event the Com~cil decides to abandon the proposal to issue Notes, then the form of resolution should not be adopted. We would suggest that, in this event, a motion merely be adopted to the effect that the proposal is abandoned. If such a petition has been received and if the Council decides not to abandon the proposal to issue said Notes, a form of resolution should be introduced and adopted, to adjourn the matter to permit preparation of the resolution to call an election. Please see that we are advised immediately ifa petition is filed bearing signatures of a sufficient number of eligible electors. October 6, 2003 Page 2 Also enclosed is an extra copy of the proceedings to be filled in as the original and certified back to this office. If you have any questions, please do not hesitate to call. Yours very truly, William J. Noth WJN:dc encl. cc: Barry Lindahl Bill Baum DCORNELL~386862\l \10422043 (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEET1NG 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: Not to exceed $500,000 General Obligation Capital Loan Notes. · Public hearing on the authorization ora Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder. · Resolution instituting proceedings to take additional action. Such additional matters as are set forth on the additional page(s) attached hereto. (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. City Clerk, Dubuque, Iowa ,2003 The City Council of Dubuque, Iowa, met in Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at on the above date. There were present Mayor the following named Council Members: session, in the o'clock __.M., ., in the chair, and Absent: -1- The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the authorization ora Loan Agreement and the issuance of not to exceed $500,000 General Obligation Capital Loan Notes, in order to provide funds to pay costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer, an essential corporate purpose, and that notice of the proposed action by the Council to institute proceedings for the authorization of the Loan Agreement and the issuance of the Notes and the fight to petition for an election, had been published pursuant to the provisions of Sections 384.24 and 384.24A of the City Code of Iowa, as amended, and, the Mayor then asked the Clerk whether any petition had been filed in the Clerk's Office, as contemplated in Section 362.4 of the City Code of Iowa, and the Clerk reported that no such petition had been filed, requesting that the. question of issuing said Notes be submitted to the qualified electors of the City. The Mayor then asked the Clerk whether any written objections had been filed by any City resident or property owner to the proposal. The Clerk advised the Mayor and the Council that written objections had been filed. The Mayor then called for oral objections to the proposal and 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) -2- The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member C]i ne introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES", and moved: that the Resolution be adopted. ADJOURN and defer action on the Resolution and the proposal to institute proceedings to the meeting to be held at o'clock __.M. on the day of _, 2003, at this place. Council Member Connors roll was called and the vote was, seconded the motion. The AYES: Buol, Cline, Connors, Duggan, Markham, Michalski, Nicholson NAYS: None Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 408-03 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES 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 authorization ora Loan Agreement and the issuance of not to exceed $500,000 General Obligation Capital Loan Notes, for the purpose of paying costs of aiding in the planning, -3- undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer, and no petition was filed calling for a referendum thereon and the Council has considered the extent of objections received from residents or property owners as to said proposal 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 authorization of a Loan Agreement and issuance in the manner required by law of not to exceed $500,000 General Obligation Capital Loan Notes, to evidence the obligation thereof for the foregoing purpose. Section 2. The Clerk and Finance Officer are authorized and directed to proceed on behalf of the City with the negotiation of terms of a Loan Agreement and the issuance of General Obligation Capital Loan Notes, evidencing the City's obligations to a principal amount of not to exceed $500,000, to select a date for the final approval thereof, to cause to be prepared such notice and sale information as may appear appropriate, to publish and distribute the same on behalf of the City and this Council and otherwise tO take all action necessary to permit the completion of a loan on a basis favorable to the City and acceptable to the Council. PASSED AND APPROVED this 20th day of October ,2003. Terrance M. Duggan, Mayor ATTEST: Jeanne F. Schneider, City Clerk -4- 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 tree 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 day of ,2003. SEAL DCOKNELLX386860\1 \10422043 City Clerk, Dubuque, Iowa -5- MEMORANDUM September 30, 2003 TO: FROM: SUBJECT: The Honorable Mayor and City Council Members Michael C. Van Milligen, City Manager Resolution Fixing Date for Public Hearing on Proposal to Authorize a Loan Agreement and Issuance of General Obligation Capital Loan Notes to Support Adams Company Project Economic Development Director Bill Baum recommends City Council approval of the issuance of not to exceed $500,000 in General Obligation Capital Loan Notes to supPort the Adams Company expansion project at the Dubuque Industrial Center West, and setting a public hearing for October 20, 2003. As has been the understanding throughout these negotiations, this is not a typical Economic Development Grant project. Usually the City requires the Company execute a Minimum Assessment Agreement and the City pledges only the taxes generated from the new value of the project. There is no City guarantee involved. In this case, there was no Minimum Assessment Agreement required because of the City's desire to work with the Company on this property acquisition and relocation from the Port of Dubuque. In effect, the City becomes the guarantor of the TIF debt, backed by the property taxes paid by the property owner. This process is subject to a reverse referendum. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael G. Van Mi]~igen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager William Baum, Economic Development Director CITY OF DUBUQUE, IOWA MEMORANDUM September 30, 2003 TO: FROM: SUBJECT: Michael Van Milligen, City Manager Bill Baum, Economic Development Director Resolution Fixing Date for Public Hearing on proposal to authorize a loan agreement and issuance of General Obligation Capital Loan Notes to Support Adams Company project INTRODUCTION This memorandum presents for City Council adoption a resolution fixing the date for a public hearing on the issuance of not to exceed $500,000 in General Obligation Capital Loan Notes to support the Adams Company expansion project at the Dubuque Industrial Center West. The resolution sets the date of public hearing for October 20, 2003. DISCUSSION On May 19, 2003, the City Council approved a Development Agreement with the Adams Company. That Agreement set the terms for the acquisition of the Adams Company properbj in the Port of Dubuque and the Company's purchase and development of property in the Dubuque Industrial Center West. The Agreement stipulates the City will provide an Economic Development Grant to the Company in an amount estimated at $393,000, or the difference between the City's purchase price of the Company facility ($2,407,500) and the cost of the Company's new facility (estimated to be $2,800,000). The City's intention is to use the Tax Increment revenues from the Adams Company project, and other Tax Increment revenues in the Urban Renewal Economic Development District to retire debt on the General Obligation Capital Loan Note, which is being used as the tool to provide the Economic Development Grant to the Company. This is not a typical Economic Development Grant process. Usually the City requires the Company execute a Minimum Assessment Agreement, and the City pledges only the taxes generated from the new value of the project. There is no City Guarantee involved. No Minimum Assessment Agreement was required because of the City's desire to work with the Company on this relocation from the Port of Dubuque. In effect, the City becomes the guarantor of this debt, backed by the new property taxes paid by the property owner. This process is subject to reverse a referendum. The amount authorized is more than the estimated amount needed, but we will not know the final amount until the construction is near completion. Additionally, our total payment to the Adams Company for the pumhase of Company property, relocation payments, and this Economic Development Grant is capped at $3,500,000 according to the Agreement. The City must hold a public hearing whenever it agrees to carry out an Urban Renewal Project and issues debt for this purpose. The attached instructions from our bond attorney, Bill Noth of the Ahlers Law firm includes the proceedings and a resolution setting the public hearing for this proposal. RECOMMENDATION I recommend that the City Council adopt the attached resolution fixing the date for a public hearing on the issuance of not to exceed $500,000 in General Obligation Capital Loan Notes to support the Adams Company project at the Dubuque Industrial Center West. The public headng to approve the issuance will be October 20, 2003. ACTION STEP The action step for the City Council is to review the enclosures, and adopt the attached resolution. Attachment F:~USERS~.WBa urn'~EDA APPLICATION FOR ADAMS COMPANY~Set date for hearing on the ED grant.dec WILLIAM J. NOTH WNOTH@AHLERSLAW.COM AHLERS COONEY, P.C. ATFORNEY$ AT LAW 100 COURT AVENUE · SUITE 600 DES MOINE$. IOWA 50307-2231 PHONE 515-243-2611 FAX:- 515-2~-2149 V~VW.AHLERSLAW.COM Direct Dial= (515)2~6-0332 September 26, 2003 Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001-4864 RE: Not to exceed $500,000 General Obligation Capital Loan Notes (Grant to Adams Company) Dear Mr. TeKippe: We have now prepared and are enclosing herewith suggested proceedings to be acted upon by the Council in fixing the date of a meeting on the proposition to enter into a loan agreement and issue the above mentioned Notes and ordering publication of a notice of hearing consistent with the provisions of Code Sections 384.24 and 384.24A. Notice of this meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having: general circulation in the City. The date of publication is to be not less than ten clear days before the date of said public meeting on the issuance of the Notes. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. At any time before the date of the hearing, a petition may be filed with the Clerk requesting that the issuance of the Notes for this purpose be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted at the last regular municipal election (but not less than ten pemons). September 26, 2003 page 2 At the time of hearing the Council shall receive oral or written objections from any resident or property owner to the proposed action to enter into a loan agreement andissue the Notes. After all objections have been received and considered, the Council is required, at that meeting or at any adjournment thereof, to take additional action for the authorization ora loan agreement and the issuance of the Notes or to abandon the proposal. The Council is required by statute to adopt the resolution instituting proceedings to enter into a loan agreement and issue the Notes at the heating -- or an adjournment thereof. Also enclosed is an extra copy of the proceedings to be filled in as the original and certified back to this office, together with publisher's affidavit of publication of notice of hearing. We are also enclosing an extra copy of the notice of heating to be delivered to the newspaper for publication purposes. A certificate to attest the proceedings is also enclosed. We will prepare and forward to you in the near future suggested proceedings to be acted upon on the date of hearing. If you have any questions pertaining to the enclosed proceedings, please do not hesitate to call. Yours very truly, William J. Noth WJN:dc encl. cc: Barry Lindahl Bill Baum DCORNELL~386053\l \10422043 NEWSPAPER'8 COPy NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR AN ESSENTIAL CORPORATE PURPOSE) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the day of ., 2003, at o'clock __.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $500,000. General Obligation Capital Loan Notes for an essential corporate purpose of the City, in order to pay costs of aiding in the planning; undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer: Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund, subject to abatement from other available revenue SOUrCeS. At any time before the date of said meeting, a petition asking that the question of entering into a loan agreement and issuing such Notes be submitted to the legal voters of the City, may be filed with the Clerk of the City in the manner provided by Section 362.4 of the City Code of Iowa pursuant to Section 384.24(3)(q) of the City Code of Iowa. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization ora Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of Dubuque, Iowa, as provided by Sections 384.24(3)(q), 384.24A and 384.25 of the City Code of Iowa, as amended. -4- Dated this day of .,2003. City Clerk of Dubuque, Iowa (End of Notice) -5- (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: Not to exceed $500,000 General Obligation Capital Loan Notes. · Resolution fixing date for a meeting on the proposition to authorize a Loan Agreement and the issuance of Notes to evidence the obligations of the City thereunder. Such additional matters as are set forth on the additional page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local roles of said governmental body. City Clerk, Dubuque, Iowa ..! .,2003 The City Council of Dubuque, Iowa, met in Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at the above date. There were present Mayor the following named Council Members: session, in the o'clock__.M., on ., in the chair, and · Absent: -1- Council Member introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member seconded the motion to adopt. The roll was called and the vote was~ AYES: NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa, should provide for the authorization of a Loan Agreement and the issuance of General Obligation Capital Loan Notes to the amount of not to exceed $500,000, as authorized by Sections 384.24, 384.24A and 384.25, Code of Iowa, as amended, for the purpose of providing funds to pay costs of carrying out an essential corporate purpose project as hereinafter described; and WHEREAS, the Loan Agreement and Notes shall be payable from the Debt Service Fund but will be subject to abatement from other available revenue sources; and WHEREAS, before a Loan Agreement may be authorized and General Obligation Capital Loan Notes issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City Code of Iowa, as amended, and to publish a notice of the proposal and of the time and place of the meeting at which the Council proposes to take action for the authorization of the Loan Agreement and Notes and to receive oral and/or written objections from any resident or property owner of the City to such action and the right to petition for an election. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at o'clock __.M., on the day of ~ 2003, for the purpose of taking action on the matter of the authorization ora Loan Agreement and the issuance of not to exceed $500,000 General Obligation Capital Loan Notes to evidence the obligations of the City thereunder for an essential corporate purpose of the City, the proceeds of which will be used to pay costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than ten clear days before the date of said public meeting on the issuance of said Notes. Section 3. The notice of the proposed action shall be in substantially the following form: -3- NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR AN ESSENTIAL CORPORATE PURPOSE) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the day of ,2003, at o'clock __.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $500,000. General Obligation Capital. Loan Notes for an essential corporate purpose of the City, in order to pay costs of aiding in the planning; undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer: Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund, subject to abatement from other available revenue sources. At any time before the date of said meeting, a petition asking that the question of entering into a loan agreement and issuing such Notes be subrrfitted to the legal voters of the City, may be filed with the Clerk of the City in the manner provided by Section 362.4 of the City Code of Iowa pursuant to Section 384.24(3)(q) of the City Code oftowa. At the above meeting the Council shall receive omi or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of Dubuque, Iowa, as provided by Sections 384.24(3)(q), 384.24A and 384.25 of the City Code of Iowa, as amended. -4- Dated this day of .,2003. City Clerk of Dubuque, Iowa (End of Notice) PASSED AND APPROVED this day of .,2003. ATTEST: Mayor City Clerk CIG-3 9/91 CERTIFICATE STATE OF IOWA COUNTY OF DUBUQUE ) ) ss ) t, 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 day of ,2003. SEAL DCORNELL\386049\1 \ 10422025 City Clerk, Dubuque, Iowa -7- CIG-18 STATE OF IOWA ) )SS COUNTY OF DUBUQUE ) I, the undersigned, do hereby certify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR AN ESSENTIAL CORPORATE PURPOSE) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: .,2003 WITNESS my officialsignature ~ Dubuque, Iowa, this 2003. day of (SEAL) City Clerk DCORNELL~386051 \I \10422043 AND RETURN TO' [/I,~./VO T/-/ CIG-18 STATE OF IOWA ) ) ss COUNTY OF DUBUQUE ) I, the undersigned, do hereby ~ertify that I am now and was at the times hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque,in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of said City, I have caused a NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOA_~ AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR AN ESSENTIAL CORPORATE PURPOSE) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and mailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that said Notice was published in said newspaper in all of the issues thereof published and circulated on the following date: ,2003 WlTNESS my officialsignature at Dubuque, Iowa, this ,2003. day of (SEAL) City Clerk DCORNELLk386051 \I\10422043 (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. October 6 ,2003. 6-' 30 o'clock _P.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: Not to exceed $500,000 General Obligation Capital Loan Notes. Resolution fixing date for a meeting On the proposition to authorize a Loan Agreement and the issuance of Notes to evidence the obligations of the City thereunder. Such additional matters as are set forth on the additional ,/~ page(s) attached hereto. (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. ~ity Clerk, Dubuque, Iowa October 7 .,2003 The City Council of Dubuque, Iowa, met in Reqular Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at the above date. There were present Mayor Terrance M. Du§gan the following named Council Members: 6:30 session, in the o'clock P.M., on in the chair, and Roy Buol, Patriciai Cline, Joyce Connors, John Markham, Ann Michalski, Dan Nicholson · Absent: None -1- Council Member Patricia A. CLine introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF DUBUQLrE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member JoTce Connors secofided 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 resolution duly adopted as follows: RESOLUIION //374-03 RESOLUTION FIXING DATE FOR A MEETING ON THE AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES OF DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa, should provide for the authorization of a Loan Agreement and the issuance of General Obligation Capital Loan Notes to the amount of not to exceed $500,000, as authorized by Sections 384.24, 384.24A and 384.25, Code of Iowa, as amended, for the purpose of providing funds to pay costs of cm-rying out an essential corporate purpose project as hereinafter described; and WHEREAS, the Loan Agreement and Notes shall be payable from the Debt Service Fund but will be subject to abatement from other available revenue sources; and WHEREAS, before a Loan Agreement may be authorized and General Obligation Capital Loan Notes issued to evidence the obligation of the City thereunder, it is necessary to comply with the provisions of the City Code of Iowa, as amended, and to publish a notice of the proposal and of the time and place of the meeting at which the -2- Council proposes to take action for the authorization of the Loan Agreement and Notes and to receive oral and/or written objections from any resident or property owner of the City to sUch action and the right to petition for an election. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That this Council meet in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6:30 o'clock__P.M., on the 20th day of October ,2003, for the purpose of taking action on the matter of the authorization of a Loan Agreement and the issuance of not to exceed $500,000 General Obligation Capital Loan Notes to evidence the obligations of the City thereunder for an essential corporate purpose of the City, the proceeds of which will be used to pay costs of aiding in the planning, undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than ten clear days before the date of said public meeting on the issuance of said Notes. Section 3. The notice of the proposed action shall be in substantially the following form: NOTICE OF MEETING OF THE CITY COLrNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $500,000 GENERAL OBLIGATION CAPITAL LOAN NOTES (FOR AN ESSENTIAL CORPORATE PURPOSE) AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the 20th day of October ,2003, at 6:30 o'clock P.M., in the Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $500,000. General Obligation Capital Loan Notes for an essential corporate purpose of the City, in order to pay costs of aiding in the planning; undertaking and carrying out of urban renewal project activities under the authority of Chapter 403 of the Iowa Code and the Amended and Restated Urban Renewal Plan for the Dubuque Industrial Center Economic Development District, including those costs associated with the funding of an economic development grant to the Adams Company under the Development Agreement dated May 19, 2003 between the City and said developer: Principal and interest on the proposed Loan Agreement will be payable from the Debt Service Fund, subject to abatement from other available revenue sources. At any time before the date of said meeting, a petition asking that the question of entering into a loan agreement and issuing such Notes be submitted to the legal voters of the City, may be filed with the Clerk of the City in the manner provided by Section 362.4 of the City Code of Iowa pursuant to Section 384.24(3)(q) of the City Code of Iowa. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of Notes to evidence the obligation of the City thereunder or will abandon the proposal. This Notice is given by order of the Council of Dubuque, Iowa, as provided by Sections 384.24(3)(q), 384.24A and 384.25 of the City Code of Iowa, as amended. -4- Dated this 7th day of October ,2003. ~ty Clerk of Dubuque, Iowa (End of Notice) -5- PASSED AND APPROVED this day of (/~c"/7~'~'.'2C---~, 2003. ATTEST: -6- CIC~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 tree 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 o£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. WlTNES. S my hand and the seal of said Municipality hereto affixed this day of ~.~'~/ ,2003. ~>~ty Clerk, Dubuque, Iowa SEAL DCO R.N ELLX386049\ 1 \ 10422025 -7-