Bonds, $140,000 Vessel SystemsMEMORANDUM
December 8, 2003
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Issuance of Not to Exceed $140,000 Urban Renewal Tax Increment
Revenue Bonds to Support Vessel Systems, Inc. Project
Economic Development Director Bill Baum is recommending the issuance of not to
exceed $140,000 in urban renewal tax increment revenue bonds to support the Vessel
Systems, Inc. project at the Dubuque Industrial Center West.
On June 2, 2003, the City Council approved a Development Agreement with Vessel
Systems, Inc. Vessel Systems has agreed to build a 31,000 square foot manufacturing
plant, retain 24 employees and hire 25 new employees within three years.
The agreement stipulates construction of a new plant facility with a minimum assessed
value for taxation purposes of not less than $1,000,000. The tax revenue stream from
that assessment will support the $140,000 borrowing over a ten-year period. The
company has worked with a local bank to pumhase the TIF bond.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C ' '
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
December 5, 2003
TO:
FROM:
SUB J:
Michael Van Milligen, City Manager
W am Baum, Economic Development Director
Issuance of Not to Exceed $14(~,000 Urban Renewal Tax Increment
Revenue Bonds to Support Vessel Systems, Inc. Project
INTRODUCTION
This memorandum presents for City Council adoption two resolutions instituting
proceedings and authorizing the issuance of not to exceed $140,000 in urban renewal
tax increment revenue bonds to support Vessel Systems Inc.'s expansion project at the
Dubuque Industrial Center West. A public hearing has been scheduled for December
15, 2003.
BACKGROUND
On December 1, 2003, the City Council set for public headng the proposed action of the
City Council to issue bonds for Vessel Systems. The City must hold a public hearing
whenever it obligates tax increment revenues. The City's Development Agreement with
Vessel Systems stipulates the amount of tax increment financing (TIF) shall not exceed
$140,000. The Development Agreement also specifies that the minimum assessed
value must not be less than $1 million. This assessment will generate sufficient tax
revenues over a ten-year period to support the $140,000 borrowing. The developer has
worked with Dubuque Bank and Trust to purchase the TIF bond.
DISCUSSION
If, after public hearing, the City Council decides to support the project with tax
increment revenue bonds, the City Council is required by statute to adopt a resolution
instituting proceedings to issue the bonds, along with a resolution authorizing the
issuance. The attached resolutions have been prepared by the City's bond counsel as
required by law.
In the event the City Council decides to abandon the proposal to issue the bonds after
the public hearing, then the resolution authorizing the issuance should not be adopted
and a motion should be adopted to the effect that such bond proposal is abandoned.
RECOMMENDATION
I recommend that the City Council adopt the attached resolutions and proceed with the
issuance of not to exceed $140,000 in urban renewal tax increment revenue bonds to
support Vessel Systems, Inc.'s expansion project at the Dubuque Industrial Center
West. As provided in the Development Agreement, the company will employ 49 people
(24 existing and 25 new positions) within 3 years.
ACTION STEP
The action step for the City Council is to adopt the attached resolutions.
attachments
F:\USERS~Pm~hre\WPDOCS%OANDOC\vesseis\TIFPHMEMQdoc
(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 $140,000 Urban Renewal Tax Increment Revenue Bonds.
Public hearing on the issuance.
Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional
(number)
page(s) attached hereto.
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
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:
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not m exceed $140,000 Urban Renewal Tax
Increment Revenue Bonds 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 Code of Iowa 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 Vessel Systems, Inc. under the terms of a Development Agreement between the City
and said developer, and that notice of the proposed action by the Council to institute
proceedings for the issuance of said Urban Renewal Tax Increment Revenue Bonds, had
been published pursuant to the provisions of Section 403.9 of the Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of said Urban Renewal Tax Increment
Revenue Bonds. The Clerk advised the Mayor and the Council that written
objections had been filed. The Mayor then called for oral objections to the issuance of
said Urban Renewal Tax Increment Revenue Bonds 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)
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member Patri c i a C 1 i ne introduced and
delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION
INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE
ISSUANCE OF NOT TO EXCEED $140,000 URBAN RENEWAL TAX INCREMENT
REVENUE BONDS," and moved its adoption. Council Member
Dan Ni chol son 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 said Resolution duly adopted as follows:
RESOLUTION NO. 518-03
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $140,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS
WHEREAS, pursuant to notice published as required by law, this Council has held
a public meeting and heating upon the proposal to institute proceedings for the issuance
of not to exceed $140,000 Urban Renewal Tax Increment Revenue Bonds for the purpose
of pay costs of aiding in the planning, undertaking and carrying out of urban renewal
project activities under the authority of Chapter 403 of the Code of Iowa 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 Vessel Systems, Inc. under the terms of a Development
Agreement between the City and said developer, and has considered the extent of
objections received from residents or property owners as to said proposed issuance; 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 takes additional
action for the sale and issuance in the manner required by taw of not to exceed $140,000
Urban Renewal Tax Increment Revenue Bonds for the foregoing purpose.
Section 2. The City Manager is authorized and directed to proceed on behalf of
the City with the negotiation of the terms of said Urban Renewal Tax Increment Revenue
Bonds, to select a date for the sale and authorization 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 sale of said Urban Renewal Tax Increment Revenue Bonds on a basis favorable to the
City and acceptable to the Council.
PASSED AND APPROVED this
ATTEST:
15th day of December .,2003.
(. ity Clerk
(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.
December 15 ,2003.
6:30 o'clock ? .M.
Auditorium, Carnegie-Stout Public Library, Dubuque, Io~va.
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 $140,000 Urban Renewal Tax Increment Revenue Bonds.
· Public hearing on the issuance.
· Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional 10 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.
Clerk, Dubuque, iowa '
December 16 .,2003
The City Council of Dubuque, Iowa, met in Regul ar session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6.' 30 o'clock P.M., on
the above date. There were present Mayor Terrance M. Dug.gan , in the chair, and the
following named Council Members:
Roy Buol, Patricia Cline, Joyce Connors,
John Markham, Ann Mlchalski, Dan Nicholson
Absent: None
The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not to exceed $140,000 Urban Renewal Tax
Increment Revenue Bonds 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 Code of Iowa 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 Vessel Systems, Inc.
under the terms of a Development Agreement between the City and said developer, and
that notice of the proposed action by the Council to institute proceedings for the issuance
of said Urban Renewal Tax Increment Revenue Bonds, had been published pursuant to
the provisions of Section 403.9 of the Code of Iowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of said Urban Renewal Tax Increment
Revenue Bonds. The Clerk advised the Mayor and the Council that no written
objections had been filed. The Mayor then called for oral objections to the issuance of
said Urban Renewal Tax Increment Revenue Bonds and none 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)
,2003
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
on the above date. There were present
following named Council Members:
session, in the
o'clock .M.,
_, in the chair, and the
Absent:
RESOLUTION 519-03
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE
ISSUANCE OF $140,000 URBAN RENEWAL TAX INCREMENT
REVENUE BONDS, TAXABLE SERIES 2003, OF THE CITY OF
DUBUQUE, IOWA, AND PROVIDING FOR THE SECURING OF
SUCH BONDS FOR THE PURPOSE OF CARRY1NG OUT AN URBAN
RENEWAL PROJECT IN THE AREA OF THE CITY OF DUBUQUE,
IOWA DESIGNATED AS THE DUBUQUE INDUSTRIAL CENTER
ECONOMIC DEVELOPMENT DISTRICT
WHEREAS, the City Council of the City of Dubuque, Iowa (the "City" or the
"Issuer") did heretofore adopt an Amended and Restated Urban Renewal Plan by
Resolution No. 142-97 of this City Council approved on April 7, 1997 (the "Urban
Renewal Plan"), under which plan there is to be carded out urban renewal project
activities in an area designated as the Dubuque Industrial Center Economic Development
District (the "Project Area"); and
WHEREAS, it is presently estimated that the costs of carrying out the purposes
and provisions of the Urban Renewal Plan for the Project Area, including the purpose set
forth in Section 3 hereof, exceed $140,000, and provisions must now be made by the
City to provide for the payment of such costs by the issuance of Bonds; and
WHEREAS, the City has heretofore adopted Ordinance No. 66-97 (the
"Ordinance"), under which the taxes levied on the taxable property in the Project Area
shall be divided, and a special fund created under the authority of Section 403.19(2) of
the Code of Iowa, as amended (which special fund is hereinafter referred to as the
"Dubuque Industrial Center Urban Renewal Tax Increment Revenue Fund" or "Revenue
Fund") which fund was created in order to pay the principal of and interest on loans,
monies advanced to or indebtedness whether funded, refunded, assumed, or otherwise,
including bonds issued under the authority of Section 403.9(1) of the Code of Iowa, as
amended, incurred by the City to finance or refinance in whole or in part urban renewal
project activities undertaken within the Project Area, and pursuant to which Ordinance
such Revenue Fund may be in'evocably pledged by the City for the payment of principal
and interest on such indebtedness; and
WHEREAS, the notice of intention of Issuer to take action for the issuance of not
to exceed $140,000 Urban Renewal Tax Increment Revenue Bonds has heretofore been
duly published and no objections to such proposed action have been filed and it is now
necessary and advisable that provisions be made for the issuance of Bonds to the amount
of $140,000 pursuant to the provisions of Section 403.9(1) of the Code of Iowa, payable
-3-
from a portion of the income and proceeds of the Revenue Fund and other funds of the
City derived from or held in connection with the undertaking and carrying out of the
Urban Renewal Plan for the Project Area as described herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, 1N THE COUNTY OF DUBUQUE, STATE OF IOWA:
Section 1. Definitions. The following terms shall have the following meanings in
this Resolution unless the text expressly or by necessary implication requires otherwise:
· "Bonds" or "Bond" shall mean the $140,000 Urban Renewal Tax
Increment Revenue Bond, Taxable Series 2003, authorized to be issued by this
Resolution;
"Clerk" shall mean the City Clerk or such other officer of the
successor Governing Body as shall be charged with substantially the same duties
and responsibilities;
"Corporate Seal" shall mean the official seal of Issuer adopted by the
Governing Body;
· "Dubuque Industrial Center Urban Renewal Tax Increment Revenue
Fund" or "Revenue Fund" means the special fund of the City created under the
authority o£ Section 403.19(2) of the Code of Iowa and the Ordinance, which fund
was created in order to pay the principal of and interest on loans, monies advanced
to, or indebtedness, whether funded, refunded, assumed or otherwise, including
bonds or other obligations issued under the authority of Section 403.19 or 403.12
of the Code of Iowa, incurred by the City to finance or refinance in whole or in
part projects undertaken pursuant to the Urban Renewal Plan for the Project Area;
· "Fiscal Year" shall mean the twelve-month period begim~ing on July
1 of each year and ending on the last day of June of the following year, or any
other consecutive twelve-month period adopted by the Governing Body or by law
as the official accounting period of the Issuer;
· "Governing Body" shall mean the City Council of the City, or its
successor in fimction with respect to the operation and control of the Project Area;
· "Independent Auditor" shall mean an independent firm of certified
public accountants or the Auditor of State;
-4-
"Issuer" and "city'' shall mean the City of Dubuque, Iowa;
"Ordinance" shall mean Ordinance No. 66-97 of the City, as
amended from time to time;
· "Original Purchaser" shall mean Dubuque Bank and Trust
Company, Dubuque, Iowa, as the purchaser of the Bond from Issuer at the time of
its original issuance;
· "Paying Agent" shall be the City Treasurer, or such successor as may
be approved by Issuer as provided herein and who shall carry out the duties
prescribed herein as Issuer's agent to provide for the payment of principal of and
interest on the Bond as the same shall become due;
"Project Area" shall mean the Dubuque Industrial Center Economic
Development District of the Issuer, as amended from time to time;
· "Project Fund" or "Construction Account" shall mean the fund
required to be established by this Resolution for the deposit o£the proceeds of the
Bond;
"Registrar" shall be the City Treasurer of Dubuque, Iowa, or such
successor as may be approved by Issuer as provided herein and who shall carry
out the duties prescribed herein with respect to maintaining a register of the
owners of the Bond. Unless otherwise specified, the Registrar shall also act as
Transfer Agent for the Bond;
· "Tax Increments" means the property tax revenues divided and made
available to the City for deposit in the Dubuque Industrial Center Urban Renewal
Tax Increment Revenue Fund under the provisions of Section 403.19 of the Code
and the Ordinance;
· "Treasurer" shall mean the City Treasurer or such other officer as
shall succeed to the same duties and responsibilities with respect to the recording
and payment of the Bond issued hereunder.
Section 2. Authori _ty. The Bond authorized by this Resolution shall be issued
pursuant to Section 403.9 of the Code of Iowa, and in compliance with all applicable
provisions of the Constitution and laws of the State of Iowa.
-5-
Section 3. Authorization, Purpose and Approval of Related Documents. There
are hereby authorized to be issued, a negotiable, serial, fully registered Urban Renewal
Tax Increment Revenue Bond, Taxable Series 2003, o£the City of Dubuque, in the
County of Dubuque, State of Iowa, in the aggregate amount of $140,000 for the purpose
of paying costs of aiding in the planning, undertaking and carrying out of urban renewal
project activities under the authority of Chapter 403 of the Code of Iowa 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 Vessel Systems, Inc. under the terms of a
Development Agreement between the City and said Developer.
The Purchase Agreement between the City and the Original Purchaser (the
"Purchase Agreement") is hereby approved in substantially the form presented at this
meeting, and the Mayor and City Clerk are authorized to execute and deliver the same on
behalf of the City with such changes as shall to them, upon the advice of Corporation
Counsel, be necessary or appropriate.
As set forth in the Purchase Agreement and on the Debt Service Schedule attached
to the Bond, proceeds of the Bond shall be drawn upon by the Treasurer on the date of
issuance in the aggregate amount of $140,000 and thereafter held in the Project Fund
until applied to costs of issuance.
Section 4. Source o£Pavment. As provided and required by Chapter 403 o£the
Code of Iowa, and Section 403.9 thereof, the Bond and interest thereon shall be payable
fi:om and secured solely and only by the Tax Increments deposited and held fi:om t/me to
time in the Revenue Fund. The City hereby covenants and agrees to maintain the
Ordinance in force during the term of the Bond and to apply the Tax Increments
collected in the Revenue Fund to the payment of the principal of and interest on the
Bond. The Bond shall not be payable in any manner by general taxation or from any
other City funds.
The Bond shall not constitute an indebtedness within the meaning of any statutory
debt limitation or restriction and shall not be subject to the provisions o£any other law
relating to the authorization, issuance or sale o£bonds.
The Bond shall recite in substance that it has been issued by the City in connection
with an urban renewal project as defined in Chapter 403 of the Code of Iowa, and in any
suit, action or proceeding involving the validity or enforceability of any Bond issued
hereunder or the security therefor, such Bonds shall be conclusively deemed to have been
issued for such purpose and such project shall be conclusively deemed to have been
-6-
planned, located and carded out in accordance with the provisions of Chapter 403 of the
Code of Iowa.
Section 5. Bond Details. An Urban Renewal Tax Increment Revenue Bond of
the City in the amount o£$140,000 shall be issued pm~uant to the provisions of Section
403.9 of the Code of Iowa for the aforesaid purpose. The Bond shall be designated
"URBAN RENEWAL TAX INCREMENT REVENUE BOND, TAXABLE SERIES
2003", be dated as of the date of delivery, and bear interest from the date thereof, until
payment thereof, at the office of the Paying Agent, said interest payable on June 30, 2004
and semiannually thereafter on June 30th and December 30th of each year until maturity
at the rate hereinafter provided.
The Bond shall bear interest from the date of disbursement of the proceeds thereof
at the rate of 8.00% per annum until paid, and the Bond shall mature in the principal
amounts set forth on the Debt Service Schedule attached to the Bond as Exhibit A and
incorporated herein by this reference. As set forth on said Debt Service Schedule,
principal shall be payable on December 30, 2005 and semiannually thereafter on June
30th and December 30th of each year in the amounts set forth therein until principal and
interest are fully paid, except that the final installment of the entire balance of principal
and interest, if not sooner paid, shall become due and payable on June 30, 2015.
The Bond shall be executed by the manual signature of the Mayor and attested by
the manual signature of the City Clerk, and impressed with the seal of the City and shall
be fully registered as to both principal and interest as provided in this Resolution;
principal, interest and premium, if any shall be payable at the office of the Paying Agent
by mailing ora check to the registered owner of the Bond. The Bond shall be in the
denomination of $1,000 or multiples thereof and shall, at the request of the Original
Purchaser, be issued initially as a single Bond in the principal amount of $140,000 and
numbered R- 1.
Section 6. Redemption. The principal of the Bond may be called for redemption
by the Issuer and paid before maturity on any date, from any funds regardless of source,
in whole or from time to time in part, by giving thirty days' notice of redemption by
registered mail, to the registered owner of the Bond. The terms of redemption shall be
par, plus accrued interest to date of call.
Section 7. Registration of Bonds; Appointment of Registrar; Transfer;
Ownership; Delivery; and Cancellation.
-7-
(a) Registration. The ownership of the Bond may be transferred only by
the making of an entry upon the books kept for the registration and transfer of
ownership of the Bond, and in no other way. The Treasurer is hereby appointed
as Bond Registrar under the terms of this Resolution. Registrar shall maintain the
books of the Issuer for the registration of ownership of the Bond for the payment
of principal of and interest on the Bond as provided in this Resolution. All Bonds
shall be negotiable as provided in Article 8 of the Uniform Commercial Code and
Section 384.83(5) of the Code of Iowa, subject to the provisions for registration
and transfer contained in the Bond and in this Resolution.
(b) Transfer. The ownership of any Bond may be transferred only upon
the Registration Books kept for the registration and transfer of Bonds and only
upon surrender thereof at the office of the Registrar together with an assignment
duly executed by the holder or his duly authorized attorney in fact in such form as
shall be satisfactory to the Registrar, along with the address and social security
number or federal employer identification number of such transferee (or, if
registration is to be made in the name of multiple individuals, of all such
transferees). In the event that the address of the registered owner of a Bond (other
than a registered owner which is the nominee of the broker or dealer in question)
is that of a broker or dealer, there must be disclosed on the Registration Books the
information pertaining to the registered owner required above. Upon the transfer
of any such Bond, a new fully registered Bond, of any denomination or
denominations permitted by this Resolution in aggregate principal amount equal
to the unmatured and unredeemed principal amount of such transferred fully
registered Bond, and bearing interest at the same rate and maturing on the same
date or dates shall be delivered by the Registrar.
(c) Registration of Transferred Bonds. In all cases of the transfer of the
Bond, the Registrar shall register, at the earliest practicable time, on the
Registration Books, the Bond, in accordance with the provisions of this
Resolution.
(d) Ownership. As to any Bond, the person in whose name the ownership
of the same shall be registered on the Registration Books of the Registrar shall be
deemed and regarded as the absolute owner thereof for all purposes, and payment
of or on account of the principal of any such Bond and the premium, if any, and
interest thereon shall be made only to or upon the order of the registered owner
thereof or his legal representative. All such payments shall be valid and effectual
to satisfy and discharge the liability upon such Bond, including the interest
thereon, to the extent of the sum or sums so paid.
(e) Cancellation. All Bonds which have been redeemed shall not be
reissued but shall be cancelled by the Registrar. All Bonds which are cancelled by
the Registrar shall be destroyed and a certificate of the destruction thereof shall be
furnished promptly to the Issuer; provided that if the Issuer shall so direct, the
Registrar shall forward the cancelled Bonds to the Issuer.
(f) Non-Presentment of Bonds. In the event any payment check
representing payment of principal of or interest on the Bond is returned to the
Paying Agent or is not presented for payment of principal at the maturity or
redemption date, if funds sufficient to pay such principal of or interest on Bonds
shall have been made available to the Paying Agent for the benefit of the owner
thereof, all liability of the Issuer to the owner thereof for such interest or payment
of such Bond shall forthwith cease, terminate and be completely discharged, and
thereupon it shall be the duty of the Paying Agent to hold such funds, without
liability for interest thereon, for the benefit of the owner of such Bonds who shall
thereafter be restricted exclusively to such funds for any claim of whatever nature
on his part under this Resolution or on, or with respect to, such interest or Bonds.
The Paying Agent's obligation to hold such funds shall continue for a period equal
to two years interest or principal became due, whether at maturity, or at the date
fixed for redemption thereof, or otherwise, at which time the Paying Agent, shall
sun'ender any remaining funds so held to the Issuer, whereupon any claim under
this Resolution by the owners of such interest or Bonds of whatever nature shall
be made upon the Issuer.
Section 8. Reissuance of Mutilated, Destroyed, Stolen or Lost Bonds. In case any
outstanding Bond shall become mutilated or be destroyed, stolen or lost, the Issuer shall
at the request of Registrar authenticate and deliver a new Bond of like tenor and amount
as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such
mutilated Bond to Registrar, upon surrender of such mutilated Bond, or in lieu of and
substitution for the Bond destroyed, stolen or lost, upon filing with the Registrar
evidence satisfactory to the Registrar and Issuer that such Bond has been destroyed,
stolen or lost and proof of ownership thereof, and upon furnishing the Registrar and
Issuer with satisfactory indemnity and complying with such other reasonable regulations
as the Issuer or its agent may prescribe and paying such expenses as the Issuer may incur
in connection therewith.
Section 9. Record Date. Payments of principal and interest, otherwise than upon
full redemption, made in respect of any Bond, shall be made to the registered holder
thereof or to their designated agent as the same appear on the books of the Registrar on
the 15th day of the month preceding the payment date. All such payments shall fully
-9-
discharge the obligations of the Issuer in respect of such Bond to the extent of the
payments so made. The final payment of principal shall only be made upon surrender of
the Bond to the Paying Agent.
Section 10. Execution, Authentication and Delivery of the Bonds. Upon the
adoption of this Resolution, the Mayor and Clerk shall execute and deliver the Bond to
the Registrar, who shall authenticate the Bond and deliver the same to or upon order of
the Original Purchaser. No Bond shall be valid or obligatory for any purpose or shall be
entitled to any right or benefit hereunder unless the Registrar shall duly endorse and
execute on such Bond a Certificate of Authentication substantially in the form of the
Certificate herein set forth. Such Certificate upon any Bond executed on behalf of the
Issuer shall be conclusive evidence that the Bond so authenticated has been duly issued
under this Resolution and that the holder thereof is entitled to the benefits of this
Resolution.
Section 11. Right to Name Substitute Paving Agent or Registrar. Issuer reserves
the right to name a substitute, successor Registrar or Paying Agent upon giving prompt
written notice to each registered Bondholder.
-10-
Section 12. Form of Bond. Bonds shall be printed in substantial compliance with
standards proposed by the American Standards Institute substantially in the form as
follows:
(7) ] I (8) I
(1)
I (2) I I (~) I I (4) I I (>)
(9)
(10)
(Continued on the back of this Bond)
[ {11){12){13) I I (14) [ [ {15)
FIGURE1
(Fron0
-tl-
(10)
(Continued)
(16)
FIGURE 2
(Back)
- 12-
The text of the Bonds to be located thereon at the item numbers shown shall be as
follows:
Item 1, figure 1 = "STATE OF IOWA"
"COUNTY OF DUBUQUE"
"CITY OF DUBUQUE"
"URBAN RENEWAL TAX INCREMENT
REVENUE BOND"
"TAXABLE SERIES 2003"
[TAXABLE FOR FEDERAL INCOME TAX PURPOSES]
Item 2, figure 1 = Rate: 8.00%
Item 3, figure 1 = Maturity: As described herein
Item 4, figure 1 = Bond Date: Date of Delivery
Item 5, figure 1 = Cusip No.: N/A
Item 6, figure 1 = "Registered"
Item 7, figure 1 = Certificate No. R-1
Item 8, figure 1 = Principal Amount: $140,000
Item 9, figure 1 = The City of Dubuque, Iowa, a municipal corporation organized
and existing under and by virtue of the Constitution and laws of the State of Iowa (the
"Issuer"), for value received, promises to pay from the source and as hereinafter
provided, on the maturity dates described herein, to
Item 9A, figure I = (Registration panel to be completed by Registrar or Printer
with name of Registered Owner).
Item 10, figure 1 = or registered assigns, the principal sum of (principal amount
written out) THOUSAND DOLLARS in lawful money of the United States of America,
only upon presentation and surrender hereof at the office of the City Treasurer, Paying
Agent of this issue, or his successor, with interest on said sum from the date hereof until
paid at the rate per annum specified above, payable on June 30, 2004, and semiannually
thereafter on Jm~e 30th and December 30th of each year until maturity as hereinafter
provided.
This Bond shall bear interest fi'om the date of disbursement of the proceeds hereof
at the rate of 8.00% per annum until paid, which disbursements shall be made on the
dates and in the amounts set forth on the Debt Service Schedule attached hereto as
Exhibit A and incorporated herein by this reference. As set forth on said Debt Service
Schedule, principal shall be payable on December 30, 2005 and semiannually thereafter
-13-
on June 30th and December 30th of each year in the amounts set forth therein until
principal and interest are fully paid, except that the final installment of the entire balance
of principal and interest, if not sooner paid, shall become due and payable on June 30,
2015.
Interest and principal shall be paid to the registered holder of the Bond as shown
on the records of ownership maintained by the Registrar as of the 15th day of the month
next preceding such interest payment date. Interest shall be computed on the basis of a
360-day year of twelve 30-day months.
THE ISSUER DOES NOT INTEND OR REPRESENT THAT THE INTEREST
ON THIS BOND WILL BE EXCLUDED FROM GROSS INCOME FOR FEDERAL
INCOME TAX PURPOSES UNDER SECTION 103 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, AND THE ISSUER IS NOT OBLIGATED TO
TAKE ANY ACTION TO ATTEMPT TO SECURE ANY SUCH EXCLUSION. THE
HOLDER OF THIS BOND THEREFORE SHOULD TREAT THE INTEREST
THEREON AS BEING SUBJECT TO FEDERAL INCOME TAXATION.
This Bond is issued pursuant to the provisions of Section 403.9 of the Code of
Iowa, as amended, for the purpose of paying costs of aiding in the planning, undertaking
and carrying out of urban renewal project activities under the authority of Chapter 403 of
the Code of Iowa and the Amended and Restated Urban Renewal Plan for the Dubuque
Induslrial Center Economic Development District, including those costs associated with
the funding of an economic development grant to the Vessel Systems, Inc. under the
terms of a'Development Agreement between the City and said Developer, in conformity
to a Resolution of the Council of said City duly passed and approved. This Bond is not
an indebtedness within the meaning of any statutory provisions, or a general obligation
of the City.
This Bond may be called for redemption by the Issuer and paid before maturity on
any date, from any funds regardless of source, in whole or from time to time in part, by
giving thirty days' notice of redemption by registered mail to the registered owner of the
Bond. The terms of redemption shall be par, plus accrued interest to date of call.
Ownership of this Bond may be transferred only by transfer upon the books kept
for such purpose by the City Treasurer, the Registrar. Such transfer on the books shall
occur only upon presentation and surrender of this Bond at the office of the Registrar,
together with an assignment duly executed by the owner hereof or his duly authorized
attorney in the form as shall be satisfactory to the Registrar. Issuer reserves the right to
substitute the Registrar and Paying Agent but shall, however, promptly give notice to
- 14-
registered Bondholders of such change. All Bonds shall be negotiable as provided in
Article 8 of the Uniform Commercial Code and Section 384.83(5) of the Code of Iowa,
subject to the provisions for registration and transfer contained in the Bond Resolution.
This Bond, as provided in the Bond Resolution of which notice is hereby given
and is hereby made a part hereof, is payable from and secured by a pledge of the tax
increment revenues collected in respect of properties located within the Dubuque
Industrial Center Economic Development District (the "Project Area"), as defined and
provided in said Resolution, as referred to and authorized in subsection 2 of Section
403.19 of the Code of Iowa, as amended ("incremental taxes"). There has heretofore
been established and the City covenants and agrees that it will maintain in force an
ordinance providing for the division of incremental taxes within the Project Area and for
the establishment ora sinking fund to meet the principal of and interest on this Bond as
the same becomes due. This Bond is not payable in any manner by general taxation and
under no circumstances shall the City be in any manner liable by reason of the failure of
said tax increment revenues to be sufficient for the payment hereof.
And it is hereby represented and certified that all acts, conditions and things
requisite, according to the laws and Constitution of the State of Iowa, to exist, to be had,
to be done, or to be performed precedent to the lawful isst~e of this Bond, have been
existent, had, done and performed as required by law.
1N TESTIMONY WHEREOF, said City by its City Council has caused this Bond
to be signed~by the manual signature of its Mayor and attested by the manual signature of
its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual signature of an authorized representative of the Registrar, the City Treasurer,
Dubuque, Iowa.
Item 11, figure 1 = Date ofanthentication:
Item 12, figure 1 -- This is one of the Bonds described in the within mentioned
Resolution, as registered by the City Treasurer.
CITY TREASURER
By:
Registrar
Item 13, figure 1 = Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
-15-
Item 14, figure 1 = (Seal)
Item 15, figure 1 = [Signature Block]
CITY OF DUBUQUE, IOWA
By: Mayor's manual signature
Mayor
ATTEST:
By: City Clerk's manual signature
City Clerk
Item 17, figure 2 = [Assignment Block]
[Information Required for Registration]
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within Bond
and does hereby irrevocably constitute and appoint attorney in fact to
transfer the said Bond on the books kept for registration of the within Bond, with full
power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon
- 16-
the face of the certificate(s) or bond(s) in every particular without alteration or
enlargement or any change whatever. Signature guarantee must be provided in
accordance with the prevailing standards and procedures of the Registrar and
Transfer Agent. Such standards and procedures may require signature to be
guaranteed by certain eligible guarantor institutions that participate in a
recognized signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax
Identification Number of
Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Bond is to be registered in the names of multiple individual owners, the names of
all such owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this
Bond, shall be construed as though written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
IA UNIF TRANS MIN ACT -
.......... Custodian ..........
(CusO (Minor)
under Iowa Uniform Transfers
to Minors Act ................
(State)
ADDITIONAL ABBREVIATIONS MAY ALSO BE USED THOUGH
NOT IN THE ABOVE LIST.
- 17-
Section 13. Equali _ty of Lien. The timely payment of principal of and interest on
the Bonds shall be secured equally and ratably by the Tax Increments collected and
deposited in the Revenue Fund without priority by reason of number or time of sale or
delivery; and the Tax Increments collected and deposited in the Revenue Fund are hereby
irrevocably pledged to the timely payment of both principal and interest as the same
become due.
Section 14. Application of Bond Proceeds. Proceeds of the Bond shall be drawn
upon and applied as described in Section 3 hereof. Subject to the limitations contained
in Code Section 403.9(1) any amounts on hand in the Project Fund shall be available for
the payment of the principal of or interest on the Bond at any time that other funds of the
Project shall be insufficient to the purpose, in which event such funds shall be repaid to
the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund
and not immediately required for its purposes may be invested not inconsistent with
limitations provided by law or this Resolution.
Section 15. Tax Levy_. After its adoption, a copy of this Resolution shall be filed
in the office of the County Auditor of Dubuque County to evidence the pledging of the
portion of taxes to be paid into the Revenue Fund and, pursuant to the direction of
Section 403.19 of the Code of Iowa, the Auditor shall thereafter allocate the taxes in
accordance therewith and in accordance with the Ordinance referred to in the preamble
hereof.
It is hereby certified that the annual amount of Tax Increments to be collected
pursuant to Section 403.19(2) of the Code of Iowa shall be not less than the annual
requirement for principal and interest, as follows:
Amount of Principal
and Interest
Year of Collection
$16,816 2004/2005
20,608 2005/2006
20,608 2006/2007
20,608 2007/2008
20,608 2008/2009
20,608 2009/2010
20,608 2010/2011
20,608 2011/2012
20,608 2012/2013
-18-
20,608 2013/2014
20,608 2014/2015
Section 16. Application of Revenues. From and after the delivery of the Bond,
and as long as the Bond shall be outstanding and unpaid either as to principal or as to
interest, or until the Bond shall have been discharged and satisfied in the manner
provided in this Resolution, the Tax Increments collected in respect of the Project Area
shall be deposited as collected in the Revenue Fund and shall be disbursed only as
follows:
~ (a) Sinking Fund. There is hereby established and shall be maintained a
special account within the Revenue Fund fi:om which interest and principal on the
Bond will be paid. The fund shall be known as the Vessel Systems, Inc. Principal
and Interest Account (the "Sinking Fund"). The amount to be deposited in the
Sinking Fund in any year shall be an amount equal to the interest and principal
coming due on such Bond during the fiscal year. Money shall be first deposited
into the Interest Account of the Sinking Fund to an amount equal to the interest
falling due in each fiscal year. Money shall next be deposited into the Principal
Account of the Sinking Fund to an amount equal to the principal falling due in
each fiscal year. Money in the Sinking Fund shall be used solely for the purpose
of paying principal of and interest on the Bond, as the same shall become due and
payable.
(b) Surplus Revenue. All revenues thereafter remaining in the Revenue
Fund may be used to pay or reimburse the Issuer for other loans, moneys advanced
to or indebtedness incurred to finance or refinance in whole or in part projects
undertaken in the Project Area, as permitted by law, or may be used to pay or
redeem the Bond or for any other lawful purpose.
Moneys on hand in the Project Fund and all of the funds provided by this Section
may be invested only in direct obligations of the United States Government or deposited
in financial institutions which are members of the Federal Deposit Insurance Corporation
("FDIC") and the deposits in which are insured thereby and all such deposits exceeding
the maximum amount insured from time to time by FDIC or its equivalent successor in
any one financial institution shall be continuously secured by a valid pledge of direct
obligations of the United States Government having an equivalent market value.
Alternatively, such moneys may be invested in tax-exempt bonds or obligations of any
state or political subdivision thereof which are rated by Moody's Investors Service or
Standard & Poor's Corporation at a rating classification equal to or better than the rating
-19-
carded by the Bond or, in the case of short-term obligations, a rating ofMIG-1, S&P-1 or
better. All such interim investments shall mature before the date on which the moneys
are required for the purposes for which said fund was created or otherwise as herein
provided. The provisions of this Section shall not be construed to require the Issuer to
maintain separate bank accounts for the funds created by this Section; except the Sinking
Fund shall be maintained in a separate account but may be invested in conjunction with
other funds of the City but designated as a trust fund on the books and records of the
City.
Section 17. Covenants Regarding the Operation of the Project Area. The Issuer
hereby covenants and agrees with each and every holder of the Bond:
(a) Maintenance in Force. The Issuer will maintain the Urban Renewal
Plan and the Ordinance in force and will cause the incremental taxes from the
Project Area to be levied annually in an amount not less than the principal and
interest falling due within the year, and applied as provided in this Resolution,
unless the Bonds are paid or sufficient provision for their payment is made.
Provided, however, that to the extent that amounts are on hand and are sufficient
to meet the payments required to be made and to maintain a sufficient balance in
each fund as required by this Resolution, the Issuer may abate the levy of
incremental taxes in any year.
(b) Accounting and Audits. The Issuer will cause to be kept proper books
and accounts adapted to the Project Area and in accordance with generally
accepted accounting practices, and will cause the books and accounts to be
audited annually not later than 180 days after the end of each fiscal year by.an
Independent Auditor and will provide copies of the audit report to the Original
Purchaser upon request. The Original Purchaser and holders of any of the Bonds
shall have at all reasonable times the right to inspect the Issuer's records, accounts
and data of the Issuer relating to the Revenue Fund.
(c) State Laws. The Issuer will faithfully and punctually perform all duties
with reference to the Urban Renewal Plan required by the Constitution and laws
of the State of Iowa, and will segregate the revenues of the Project Area and apply
said revenues to the funds as specified in this Resolution.
(d) Amendments. The Issuer reserves the right to amend the Urban
Renewal Plan for the Project Area and the Ordinance in its lawful discretion;
provided, that in no event shall obligations resulting fi:om an amendment or
merger thereof have any priority over the Bond.
- 20 -
Section 18. Remedies of Bondholders. Except as herein expressly limited the
holder or holders of the Bonds shall have and possess all the rights of action and
remedies affOrded by the common law, the Constitution and statutes of the State of Iowa,
and of the United States of America, for the enforcement of payment of their Bonds and
interest thereon, and of the pledge of the revenues made hereunder, and of all covenants
of the Issuer hereunder.
Section 19. No Prior Lien or Parity Bonds. The Issuer will issue no other bonds
or obligations of any kind or nature payable from or enjoying a lien or claim on the
Revenue Fund having priority over the Bond or standing on a parity therewith with
respect to the lien and claim of such additional obligations to the revenues thereof and
the money on deposit in the funds created in this' Resolution, without the ~vritten consent
of the Original Purchaser or other registered holder of the Bond.
Section 20. Discharge and Satisfaction of Bonds. The covenants, liens and
pledges entered into, created or imposed pursuant to this Resolution may be fully
discharged and satisfied with respect to the Bond in any one or more of the following
ways:
(a) By paying the Bond when the same shall become due and payable; or
(b) By depositing in trust with the Treasurer, or with a corporate trustee
designated by the governing body for the payment of said obligations and
irrevocably appropriated exclusively to that purpose an amount in cash or direct
obligations of the United States the maturities and income of which shall be
sufficient to retire at maturity, or by redemption prior to maturity on a designated
date upon which said obligations may be redeemed, all of such obligations ·
outstanding at the time, together with the interest thereon to maturity or to the
designated redemption date, premiums thereon, if any that may be payable on the
redemption of the same; provided that proper notice of redemption of all such
obligations to be redeemed shall have been previously published or provisions
shall have been made for such publication.
Upon such payment or deposit of money or securities, or both, in the amount and
manner provided by this Section, all liability of the Issuer with respect to the Bonds shall
cease, determine and be completely discharged, and the holders thereof shall be entitled
only to payment out of the money or securities so deposited.
Section 21. Resolution a Contract. The provisions of this Resolution shall
constitute a contract between the Issuer and the holder or holders of the Bond, and after
-21 ~
the issuance of any of the Bond no change, variation or alteration of any kind in the
provisions of this Resolution shall be made in any manner, except as provided in the next
succeeding Section, until such time as all of the Bond, and interest due thereon, shall
have been satisfied and discharged as provided in this Resolution.
Section 22. Modification of Resolution. This Resolution may be amended from
time to time if such amendment shall have been consented to by holders of not less than
two-thirds in principal amount of the Bonds at any time outstanding (not including in any
case any Bonds which may then be held or owned by or for the account of the Issuer, but
including such Refunding Bonds as may have been issued for the purpose of refunding
any of such Bonds if such Refunding Bonds shall not then be owned by the Issuer); but
this Resolution may not be so amended in such manner as to:
(a) Make any change in the maturity or interest rate of the Bonds, or
modify the terms of payment of principal of or interest on the Bonds or any of
them or impose any conditions with respect to such payment;
(b) Materially affect the rights of the holders of less than all of the Bonds
then outstanding; and
(c) Reduce the percentage of the principal amount of Bonds, the consent of
the holders of which is required to effect a further amendment.
Whenever the Issuer shall propose to amend this Resolution under the provisions
of this Section, it shall cause notice of the proposed amendment to be filed with the
Original Purchaser or to be mailed by certified mail to any other registered owner of the
Bond as shown by the records'of the Registrar. Such notice shall set forth the nature of
the proposed amendment and shall state that a copy of the proposed amendatory
Resolution is on file in the office of the City Clerk.
Whenever at any time within one year from the date of the mailing of said notice
there shall be filed with the City Clerk an instrument or instruments executed by the
holders of at least two-thirds in aggregate principal amount of the Bonds then
outstanding as in this Section defined, which instrument or instruments shall refer to the
proposed amendatory Resolution described in said notice and shall specifically consent
to and approve the adoption thereof, thereupon, but not othe~wvise, the governing body of
the Issuer may adopt such amendatory Resolution and such Resolution shall become
effective and binding upon the holders of all of the Bonds.
- 22 -
Any consent given by the holder of a Bond pursuant to the provisions of this
Section shall be irrevocable for a period of six months from the date of the instrument
evidencing such consent and shall be conclusive and binding upon all furore holders of
the same Bond during such period. Such consent may be revoked at any time after six
months fi.om the date of such instrument by the holder who gave such consent or by a
successor in tire by filing notice of such revocation with the City Clerk.
The fact and date of the execution of any instnnnent under the provisions of this
Section may be proved by the certificate of any officer in any jurisdiction who by the
laws thereof is authorized to take acknowledgments of deeds within such jurisdiction that
the person signing such instrument acknowledged before him the execution thereof, or
may be proved by an affidavit of a witness to such execution sworn to before such
officer.
The mount and numbers of the Bonds held by any person executing such
instrument and the date of his holding the same may be proved by an affidavit by such
person or by a certificate executed by an officer of a bank or trust company showing that
on the date therein mentioned such person had on deposit with such bank or trust
company the Bonds described in such certificate.
Section 23. Severability. If any section, paragraph, or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions.
Section 24. Repeal of Conflicting Ordinances or Resolutions and Effective Date.
All other ordinances, resolutions and orders, or parts thereof, in conflict with the
provisions of this Resolution are, to the extent of such conflict, hereby repealed; and this
Resolution shall be in effect from and after its adoption.
- 23 -
(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.
December 15 ,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 wilt meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
$140,000 Urban Renewal Tax Increment Revenue Bond, Taxable Series 2003
Resolution authorizing the issuance.
Such additional matters as are set forth on the additional 10 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.
lerk, Dubuque, Iowa
~ERTIFICATE
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
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 tree 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
of December' ., 2003.
day
~_~ty Clerk, Dubu~e, Iowa
SEAL
DCOKNELL\393904\I \10422064
registered Bondholders of such change. All Bonds shall be negotiable as provided in
Article 8 of the Uniform Commercial Code and Section 384.83(5) of the Code of Iowa,
subject to the provisions for registration and transfer contained in the Bond Resolution.
This Bond, as provided in the Bond Resolution of which notice is hereby given
and is hereby made a part hereof, is payable from and secured by a pledge of the tax
increment revenues collected in respect of properties located within the Dubuque
Industrial Center Economic Development District (the "Project Area"), as defined and
provided in said Resolution, as referred to and authorized in subsection 2 of Section
403.19 of the Code of Iowa, as amended ("incremental taxes"). There has heretofore
been established and the City covenants and agrees that it will maintain in force an
ordinance providing for the division of incremental taxes within the Project Area and for
the establishment of a sinking fund to meet the principal of and interest on this Bond as
the same becomes due. This Bond is not payable in any manner by general taxation and
under no circumstances shall the City be in any manner liable by reason of the failure of
said tax increment revenues to be sufficient for the payment hereof.
And it is hereby represented and certified that all acts, conditions and things
requisite, according to the laws and Constitution of the State of Iowa, to exist, m be had,
to be done, or to be performed precedent to the lawful issue of this Bond, have been
existent, had, done and performed as required by law.
1N TESTIMONY WHEREOF, said City by its City Council has caused this Bond
to be signed by the manual signature of its Mayor and attested by the manual signature of
its City Clerk, with the seal of said City impressed hereon, and authenticated by the
manual signature of an authorized representative of the Registrar, the City Treasurer,
Dubuque, Iowa.
Item 11, figure 1 = Date of authentication:
Item 12, figure 1 = This is one of the Bonds described in the within mentioned
Resolution, as registered by the City Treasurer.
CITY TREASURER
Item 13, figure 1 =
By:
Registrar
Registrar and Transfer Agent: City Treasurer
Paying Agent: City Treasurer
-15-
Item 14, figure 1 = (Seal)
Item 15, figure 1 =- [Signature Block]
CITY OF DUBUQUE, IOWA
By: Mayor's manual signature
Mayor
ATTEST:
By:
City Clerk's manual signature
City Clerk
Item 17, figure 2 = [Assignment Block]
[Information Required for Registration]
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
(Social Security or Tax Identification No. ) the within Bond
and does hereby irrevocably constitute and appoint attorney in fact to
transfer the said Bond on the books kept for registration of the within Bond, with full
power of substitution in the premises.
Dated:
(Person(s) executing this Assignment sign(s) here)
SIGNATURE )
GUARANTEED)
IMPORTANT - READ CAREFULLY
The signature(s) to this Power must correspond with the name(s) as written upon
-16-
the face of the certificate(s) or bond(s) in every particular without alteration or
enlargement or any change whatever. Signature guarantee must be provided in
accordance with the prevailing standards and procedures of the Registrar and
Transfer Agent. Such standards and procedures may require signature to be
guaranteed by certain eligible guarantor institutions that participate in a recognized
signature guarantee program.
INFORMATION REQUIRED FOR REGISTRATION OF TRANSFER
Name of Transferee(s)
Address of Transferee(s)
Social Security or Tax
Identification Number of
Transferee(s)
Transferee is a(n):
Individual*
Partnership
Corporation
Trust
*If the Bond is to be registered in the names of multiple individual owners, the names of
all such owners and one address and social security number must be provided.
The following abbreviations, when used in the inscription on the face of this Bond,
shall be construed as though written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship
and not as tenants in common
IA UN1F TRANS MIN ACT -
.......... Custodian ..........
(Cust) (Minor)
under Iowa Uniform Transfers
to Minors Act ................
(State)
ADDITIONAL ABBREVIATIONS MAY ALSO BE USED THOUGH
NOT IN THE ABOVE LIST.
-17-
Section 13. Equality of Lien. The timely payment of principal of and interest on
the Bonds shall be secured equally and ratably by the Tax Increments collected and
deposited in the Revenue Fund without priority by reason of number or time of sale or
delivery; and the Tax Increments collected and deposited in the Revenue Fund are hereby
irrevocably pledged to the timely payment of both principal and interest as the same
become due.
Section 14. Application of Bond Proceeds. Proceeds of the Bond shall be drawn
upon and applied as described in Section 3 hereof. Subject to the limitations contained in
Code Section 403.9(1) any amounts on hand in the Project Fund shall be available for the
payment of the principal of or interest on the Bond at any time that other funds of the
Project shall be insufficient to the purpose, in which event such funds shall be repaid to
the Project Fund at the earliest opportunity. Any balance on hand in the Project Fund and
not immediately required for its purposes may be invested not inconsistent with
limitations provided by law or this Resolution.
Section 15. Tax Lew. After its adoption, a copy of this Resolution shall be filed
in the office of the County Auditor of Dubuque County to evidence the pledging of the
portion of taxes to be paid into the Revenue Fund and, pursuant to the direction of
Section 403.19 of the Code of Iowa, the Auditor shall thereafter allocate the taxes in
accordance therewith and in accordance with the Ordinance referred to in the preamble
hereof.
It is hereby certified that the annual amount of Tax Increments to be collected
pursuant to Section 403.19(2) of the Code of Iowa shall be not less than the annual
requirement for principal and interest, as follows:
Amount of Principal
and Interest
Year of Collection
$16,816 2004/2005
20,608 2005/2006
20,608 2006/2007
20,608 2007/2008
20,608 2008/2009
20,608 2009/2010
20,608 2010/2011
20,608 2011/2012
20,608 2012/2013
-18-
20,608 2013/2014
20,608 2014/2015
Section 16. Application of Revenues. From and after the delivery of the Bond,
and as long as the Bond shall be outstanding and unpaid either as to principal or as to
interest, or until the Bond shall have been discharged and satisfied in the manner
provided in this Resolution, the Tax Increments collected in respect of the Project Area
shall be deposited as collected in the Revenue Fund and shall be disbursed only as
follows:
(a) Sinking Fund. There is hereby established and shall be maintained a
special account within the Revenue Fund from which interest and principal on the
Bond will be paid. The fund shall be known as the Vessel Systems, Inc. Principal
and Interest Account (the "Sinking Fund"). The amount to be deposited in the
Sinking Fund in any year shall be an amount equal to the interest and principal
coming due on such Bond during the fiscal year. Money shall be first deposited
into the Interest Account of the Sinking Fund to an amount equal to the interest
falling due in each fiscal year. Money shall next be deposited into the Principal
Account of the Sinking Fund to an amount equal to the principal falling due in
each fiscal year. Money in the Sinking Fund shall be used solely for the purpose
of paying principal of and interest on the Bond, as the same shall become due and
payable.
(b) Surplus Revenue. All revenues thereafter remaining in the Revenue
Fund may be used to pay or reimburse the Issuer for other loans, moneys advanced
to or indebtedness incurred to finance or refinance in whole or in part projects
undertaken in the Project Area, as permitted by law, or may be used to pay or
redeem the Bond or for any other lawful purpose.
Moneys on hand in the Project Fund and all of the funds provided by this Section
may be invested only in direct obligations of the United States Government or deposited
in fmancial institutions which are members of the Federal Deposit Insurance Corporation
("FDIC") and the deposits in which are insured thereby and all such deposits exceeding
the maximum amount insured from time to time by FDIC or its equivalent successor in
any one financial institution shall be continuously secured by a valid pledge of direct
obligations of the United States Government having an equivalent market value.
Alternatively, such moneys may be invested in tax-exempt bonds or obligations of any
state or political subdivision thereof which are rated by Moody's Investors Service or
Standard & Poor's Corporation at a rating classification equal to or better than the rating
-19-
carried by the Bond or, in the case of short-term obligations, a rating ofMIG-1, S&P-1 or
better. All such interim investments shall mature before the date on which the moneys
are required for the purposes for which said fund was created or otherwise as herein
provided. The provisions of this Section shall not be construed to require the Issuer to
maintain separate bank accounts for the funds created by this Section; except the Sinking
Fund shall be maintained in a separate account but may be invested in conjunction with
other funds of the City but designated as a trust fund on the books and records of the
City.
Section 17. Covenants Regarding the Operation of the Proiecr Area. The Issuer
hereby covenants and agrees with each and every holder of the Bond:
(a) Maintenance in Force. The Issuer will maintain the Urban Renewal
Plan and the Ordinance in force and will cause the incremental taxes from the
Project Area to be levied annually in an amount not less than the principal and
interest falling due within the year, and applied as provided in this Resolution,
unless the Bonds are paid or sufficient provision for their payment is made.
Provided, however, that to the extent that amounts are on hand and are sufficient
to meet the payments required to be made and to maintain a sufficient balance in
each fund as required by this Resolution, the Issuer may abate the levy of
incremental taxes in any year.
(b) Accounting and Audits. The Issuer will cause to be kept proper books
and accounts adapted to the Project Area and in accordance with generally
accepted accounting practices, and will cause the books and accounts to be audited
annually not later than 180 days after the end of each fiscal year by an
Independent Auditor and will provide copies of the audit report to the Original
Purchaser upon request. The Original Purchaser and holders of any of the Bonds
shall have at all reasonable times the right to inspect the Issuer's records, accounts
and data of the Issuer relating to the Revenue Fund.
(c) State Laws. The Issuer will faithfully and punctually perform all duties
with reference to the Urban Renewal Plan required by the Constitution and laws of
the State of Iowa, and will segregate the revenues of the Project Area and apply
said revenues to the funds as specified in this Resolution.
(d) Amendments. The Issuer reserves the right to amend the Urban
Renewal Plan for the Project Area and the Ordinance in its lawful discretion;
provided, that in no event shall obligations resulting from an amendment or
merger thereof have any priority over the Bond.
- 20 -
Section 18. Remedies of Bondholders. Except as herein expressly limited the
holder or holders of the Bonds shall have and possess all the rights of action and remedies
afforded by the common law, the Constitution and statutes of the State of Iowa, and of
the United States of America, for the enforcement of payment of their Bonds and interest
thereon, and of the pledge of the revenues made hereunder, and of all covenants of the
Issuer hereunder.
Section 19. No Prior Lien or Parity Bonds. The Issuer will issue no other bonds
or obligations of any kind or nature payable from or enjoying a lien or claim on the
Revenue Fund having priority over the Bond or standing on a parity therewith with
respect to the lien and claim of such additional obligations to the revenues thereof and the
money on deposit in the funds created in this Resolution, without the written consent of
the Original Purchaser or other registered holder of the Bond.
Section 20. Discharge and Satisfaction of Bonds. The covenants, liens and
pledges entered into, created or imposed pursuant to this Resolution may be fully
discharged and satisfied with respect to the Bond in any one or more of the following
ways:
(a) By paying the Bond when the same shall become due and payable; or
(b) By depositing in trust with the Treasurer, or with a corporate trustee
designated by the governing body for the payment of said obligations and
irrevocably appropriated exclusively to that purpose an amount in cash or direct
obligations of the United States the maturities and income of which shall be
sufficient to retire at maturity, or by redemption prior to maturity on a designated
date upon which said obligations may be redeemed, all of such obligations
outstanding at the time, together with the interest thereon to maturity or to the
designated redemption date, premiums thereon, if any that may be payable on the
redemption of the same; provided that proper notice of redemption of all such
obligations to be redeemed shall have been previously published or provisions
shall have been made for such publication.
Upon such payment or deposit of money or securities, or both, in the amount and
manner provided by this Section, all liability of the Issuer with respect to the Bonds shall
cease, determine and be completely discharged, and the holders thereof shall be entitled
only to payment out of the money or securities so deposited.
Section 21. Resolution a Contract. The provisions of this Resolution shall
constitute a contract between the Issuer and the holder or holders of the Bond, and after
the issuance of any of the Bond no change, variation or alteration of any kind in the
provisions of this Resolution shall be made in any manner, except as provided in the next
succeeding Section, until such time as all of the Bond, and interest due thereon, shall
have been satisfied and discharged as provided in this Resolution,
Section 22. Modification of Resolution. This Resolution may be amended from
time to time if such amendment shall have been consented to by holders of not less than
two-thirds in principal mount of the Bonds at any time outstanding (not including m any
case any Bonds which may then be held or owned by or for the account of the Issuer, but
including such Refunding Bonds as may have been issued for the purpose of refunding
any of such Bonds if such Refunding Bonds shall not then be owned by the Issuer); but
this Resolution may not be so amended in such manner as to:
(a) Make any change in the maturity or interest rate of the Bonds, or
modify the terms of payment of principal of or interest on the Bonds or any of
them or impose any conditions with respect to such payment;
(b) Materially affect the rights of the holders of less than all of the Bonds
then outstanding; and
(c) Reduce the percentage of the principal amount of Bonds, the consent of
the holders of which is required to effect a further amendment.
Whenever the Issuer shall propose to amend this Resolution under the provisions
of this Section, it shall cause notice of the proposed amendment to be filed with the
Original Purchaser or to be mailed by certified mall to any other registered owner of the
Bond as shown by the records of the Registrar. Such notice shall set forth the nature of
the proposed amendment and shall state that a copy of the proposed amendatory
Resolution is on file in the office of the City Clerk.
Whenever at any time within one year from the date of the mailing of said notice
there shall be filed with the City Clerk an instrument or insmunents executed by the
holders of at least two-thirds in aggregate principal amount of the Bonds then outstanding
as in this Section defmed, which instrument or instruments shall refer to the proposed
amendatory Resolution described in said notice and shall specifically consent to and
approve the adoption thereof, thereupon, but not otherwise, the governing body of the
Issuer may adopt such amendatory Resolution and such Resolution shall become
effective and binding upon the holders of all of the Bonds.
- 22 -
Any consent given by the holder ora Bond pursuant to the provisions of this
Section shall be irrevocable for a period of six months from the date of the instrument
evidencing such consent and shall be conclusive and binding upon all future holders of
the same Bond during such period. Such consent may be revoked at any time after six
months f~om the date of such instrument by the holder who gave such consent or by a
successor in title by filing notice of such revocation with the City Clerk.
The fact and date of the execution of any instrument under the provisions of this
Section may be proved by the certificate of any officer in any jurisdiction who by the
laws thereof is authorized to take acknowledgments of deeds within such jurisdiction that
the person signing such instrument acknowledged before him the execution thereof,, or
may be proved by an affidavit of a witness to such execution sworn to before such
officer.
The amount and numbers of the Bonds held by any person executing such
instrument and the date of his holding the same may be proved by an affidavit by such
person or by a certificate executed by an officer of a bank or trust company showing that
on the date therein mentioned such person had on deposit with such bank or trust
company the Bonds described in such certificate.
Section 23. SeverabiliW. If any section, paragraph, or provision of this
Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions.
Section 24. Repeal of Conflicting Ordinances or Resolutions and Effective Date.
All other ordinances, resolutions and orders, or parts thereof, in conflict with the
provisions of this Resolution are, to the extent of such conflict, hereby repealed; and this
Resolution shall be in effect from and after its adoption.
~ 23 -
ATTEST:
Passed and approved this 15th
day of December ,2003.
(~/(2ity Clerk
~ 24 -
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Govermnental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of Dubuque, Iowa.
December 15 ,2003.
6:30 D'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:
$140,000 Urban Renewal Tax Increment Revenue Bond, Taxable Series 2003
Resolution authorizing the issuance.
Such additional matters as are set forth on the additional ] 0 page(s) attached
hereto. (number)
This notice is given at the direction of the ~4ayor pursuant to Chapter 21,
Code of Iowa, and the local roles of said governmental body.
Clerk, Dubuque, Iowa
CERTIFICATE
STATE OF IOWA )
)SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a
true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
of ,2003.
day
City Clerk, Dubuque, Iowa
SEAL
DCOKNELLk393904\ 1 \10422064
- 25 -
MEMORANDUM
November 25, 2003
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Resolution Fixing Date for Public Hearing on Tax Increment Revenue
Bonds to Support Vessel Systems, I nc.
Economic Development Director Bill Baum is recommending the issuance of not to
exceed $140,000 in urban renewal tax increment revenue bonds to support the Vessel
Systems, Inc. project at the Dubuque Industrial Center West, and that a public hearing
be set for December 15, 2003.
On June 2. 2003, the City Council adopted Resolution 191-03 that approved a
Development Agreement by and between the City of Dubuque and Vessel Systems,
Inc. That agreement set the terms for the acquisition and development of property ,n
the Dubuque Industrial Center West by Vessel Systems, Inc. and included the use of
tax increment financing (TIF) to support the project. Vessel Systems has agreed to
build a 31,000 square foot manufacturing plant, retain 24 employees and hire 25 new
employees within three years.
The agreement stipulates construction of a new plant facility with a minimum assessed
value for taxation purposes of not less than $1,000,000. The tax revenue stream from
that assessment will support the $140,000 borrowing over a ten-year period. The
company has worked with a local bank to purchase the TIF bond.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
William Baum, Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
November 25, 2003
TO:
FROM:
SUB J:
Michael Van Milligen, City Manager
William Baum, Economic Development Director ~
Resolution Fixing Date for Public Hearing on['a/x1 Increment Revenue
Bonds to Support Vessel Systems, Inc.
INTRODUCTION
This memorandum presents for City Council adoption a resolution fixing the date for a
public hearing on the issuance of not to exceed $140,000 in urban renewal tax
increment revenue bonds to support Vessel Systems, Inc.'s relocation and expansion
project at the Dubuque Industrial Center West. The resolution sets the date of public
hearing for December 15, 2003.
DISCUSSION
On June 2, 2003, the City Council adopted Resolution 191-03 that approved a
Development Agreement by and between the City of Dubuque and Vessel Systems,
Inc. That agreement set the terms for the acquisition and development of property in
the Dubuque Industrial Center West by Vessel Systems, Inc. and included the use of
tax increment financing (TIF) to support the project; Vessel Systems has agreed to
build a 31,000 square foot manufacturing plant, retain 24 employees and hire 25 new
employees within 3 years.
The agreement stipulates construction of a new plant facility with a minimum assessed
value for taxation purposes of not less than $1 000,000. The tax revenue stream from
that assessment will support the $140,000 borrowing over a ten-year period. The
company has worked with a local bank to purchase the TIF bond.
The City must hold a public hearing whenever it agrees to obligate tax increment
revenues. The attached resolution sets the public hearing for this proposal to issue not
to exceed $140,000 in urban renewal tax increment revenue bonds for the Vessel
Systems, Inc. project.
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 $140,000 in urban renewal tax
increment revenue bonds to support the Vessel Systems, Inc. project at the Dubuque
Industrial Center West. The employer will expand its operation to 49 jobs within 3 years
and create $1 million m new assessed value.
The City's bond attorney has prepared the attached documents to set the issuance for
public hearing on December 15, 2003.
ACTION STEP
The action step for the City Council is to adopt the attached resolution.
attachments
F:\USERS\Pm~hre\WPDOCS~LOANDOC\vessels\TIFDATEMEMQdoc
(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 $140,000 Urban Renewal Tax Increment Revenue Bonds.
· Resolution fixing date for a meeting on the proposition to issue.
Such additional matters as are set forth on the additionalpage(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
and the following named Council Members:
session, in the
o'clock __.M.,
, in the chair,
Absent:
-1-
Council Member introduced the following Resolution
entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION
OF THE ISSUANCE O1: NOT TO EXCEED $140,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS OF DUBUQUE, IOWA, AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted.
Council Member seconded the morion 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
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $140,000
URBAN RENEWAL TAX INCREMENT REVENUE BONDS OF
DUBUQUE, IOWA, AND PROVIDING FOR pUBLICATION OF
NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque, Iowa,
should issue Urban Renewal Tax Increment Revenue Bonds to the amount of not m
exceed $140,000, as authorized by Section 403.9 of the Code of Iowa, for the purpose of
providing funds to pay costs of carrying out a project as hereinafter described; and
WHEREAS, Section 403.9 sets forth the procedural acrion required to be taken
before said Urban Renewal Tax Increment Revenue Bonds may be issued, and it is
therefore necessary that the action hereinafter described be taken and that the Clerk
publish a notice of the proposal and of the rime and place of the meeting at which the
Council proposes to take action thereon and to receive oral and/or written objections from
any resident or property owner of said City to such action.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCI~L O1: TI-[E
CITY OF DUBUQUE, IOWA:
-2-
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 issuance
of not to exceed $140,000 Urban Renewal Tax Increment Revenue Bonds, the proceeds
of which will be used 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 Code of Iowa 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 Vessel Systems, Inc. under the
terms of a Development Agreement 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 new~paper, 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 four clear days nor more than twenty days before the date
of said public meeting on the issuance of said obligations.
Section 3. The notice of the proposed action to issue said Urban Renewal Tax
Increment Revenue Bonds shall be in substantially the following form:
-3-
NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED
ISSUANCE OF NOT TO EXCEED $140,000 URBAN RENEWAL TAX
INCREMENT REVENUE BONDS OF SAID CITY, AND THE
HEARING ON THE 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, Camegie-St-----~ut Public Library, Dubuque, Iowa, at which
m--eeting the Council proposes to take additional action for the issuance of not to exceed
$140,000 Urban Renewal Tax Increment Revenue Bonds 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 Code of Iowa 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 Vessel Systems, Inc. under the terms of a Development Agreement between
the City and said developer.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of said 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 issuance of said Urban Renewal Tax Increment
Revenue Bonds or will abandon the proposal to issue said obligations. Said hearing and
appeals therefrom shall be held in accordance with and governed by the provisions of
Section 403.9 of the Code of Iowa.
This notice is given by order of the Council of Dubuque, Iowa, as provided by
Section 403.9 of the Code of Iowa. Code Section 403.9 shall govern this meeting and
action taken thereat.
Dated this day of ,2003.
City Clerk of Dubuque, Iowa
(End of Notice)
-4-
PASSED AND APPROVED this __
day of
,2003.
ATTEST:
Mayor
City Clerk
-5-
CICa3
9/91
CERTIFICATE
STATE OF IOWA )
) ss
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
day of ,2003.
City Clerk, Dubuque, Iowa
SEAL
DCORNELL~393067~ 1 \ 10422043
-6-