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Reallocation of General Obligation Bonds Series 2009A and Series 2010AMasterpiece on the Mississippi Dubuque hfreg All-- AmerIcaclty 11111! 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings for Reallocation of General Obligation Bonds Series 2009A and Series 2010A DATE: April 26, 2011 Budget Director Jennifer Larson recommends reallocation of $121,000 in unspent proceeds of the General Obligation Bond Series 2009A and Series 2010A to fund a portion of the local match for the purchase of the transit buses and costs associated with snow and ice control activities and improvements. I concur with the recommendation and respectfully request Mayor and City Council approval. Michel C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Jennifer Larson, Budget Director Kenneth TeKippe, Finance Director David Heiar, Economic Development Director Don Vogt, Public Works Director Barbara Morck, Director of Transit Operations Masterpiece on the Mississippi Dubuque kiltd NI- AmedcaCity 1 11! 2007 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director ...)A.- - SUBJECT: Proceedings for Reallocation of General Obligation Bonds Series 2009A and Series 2010A DATE: April 25, 2011 INTRODUCTION The purpose of this memorandum is to provide suggested proceedings for holding a public hearing on the reallocation of General Obligation Bond Series 2009A and Series 2010A proceeds to fund a portion of the local match for the purchase of transit buses and costs associated with snow and ice control activities and improvements, as permitted by Iowa Code. DISCUSSION The City of Dubuque issued General Obligation Bonds ($2,935,000) in the fall of 2009 for the purpose of acquisition of sewer pipeline inspection equipment; the inspection and certification of the flood control levee system; the construction and installation of storm water management facilities, including the Bee Branch Creek Restoration Project and the reconstruction of storm sewers; the acquisition and replacement of street lights; the acquisition and installation of fiber optic conduit in connection with street improvements and watermain extensions; the repair and improvement of the Dubuque Regional Airport, including hanger heater and terminal boiler replacements, runway and hanger painting, hanger repairs and replacements and parking area paving; the acquisition and replacement of Fire Department ladder and pumper trucks and ambulances; and water utility improvements including the construction and installation of watermain extensions, ADA improvements, back -up power supply and water consumption studies and engineering. The City of Dubuque also issued General Obligation Bonds ($4,470,000) in the fall of 2010 for the purpose of improvements and extensions to the municipal sanitary sewer and storm water drainage systems; equipping the sanitation and road departments; improving the City airport grounds and facilities; the acquisition of land and other costs associated with the Bee Branch storm water project; rehabilitation and improvement of City parks; construction, reconstruction and repair of sidewalks; improvement and installation of street lighting fixtures, connections and facilities; street improvements, including installation of fiber optic conduit; and refunding and refinancing of certain outstanding indebtedness of the City, including General Obligation Bonds, Series 2002B, dated March 1, 2002. Since the proceeds from the bond issues were not entirely used for these projects, a balance remains. Enclosed is a letter from our Bond Counsel, William Noth of Ahlers & Cooney, P.C., relative to the proceedings required to reallocate the unused bond funds ($121,000 as of March 30, 2011) to fund a portion of the local match for the purchase of transit buses and costs associated with snow and ice control activities and improvements, as permitted by Iowa Code. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolution to reallocate unspent bond proceeds of the General Obligation Series 2009A and Series 2010A to fund a portion of the local match for the purchase of transit buses and costs associated with snow and ice control activities and improvements. JML Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Kenneth TeKippe, Finance Director WILLIAM J. NOTH wnoth@ahlerslaw.com Mr. Ken TeKippe Finance Officer City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 -4864 Dear Mr. TeKippe: AHLERS G COONEY, P.C. 100 COURT AVENUE, SUITE 600 DES MOINES. IOWA 50309 -2231 PHONE 515 -243 -7611 FAX: 515- 243 -2149 WWW.AHLERSLAW.COM April 18, 2011 Direct Dial: (515)246 -0332 RE: Proposed reallocation of certain unspent proceeds of General Obligation Bonds, Series 2009A (Taxable Build America Bonds), and General Obligation Bonds, Series 2010A With this letter I am enclosing suggested proceedings to be acted upon by the City Council on the date set for the public hearing on the proposal to reallocate certain unspent proceeds of the General Obligation Bonds, Series 2009A (Taxable Build America Bonds) and General Obligation Bonds, Series 2010A, in the aggregate amount of $121,000, for the purpose of funding the local match for the purchase of transit buses (in the case of the 2009A Bonds) and costs associated with snow and ice control activities and improvements (in the case of the 2010A Bonds). The proceedings first document the receipt of any comments or objections that may be received with respect to the proposal. If the Council determines following the hearing to approve the reallocation, the resolution that follows should then be adopted. This resolution directs that the Finance Officer take such action as may be necessary to implement the reallocation and to cause the records and accounts of the City to reflect the same. As always, we would appreciate receiving a certified copy of the enclosed proceedings once the Council has acted on the same. April 18, 2011 Page 2 WJN:dc encl. Should any questions arise, please don't hesitate to call me. Yours very truly, William J. Noth cc: Jenny Larson (w /encl.) 687391.1 \10422.000 NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: J /off Time of Meeting: C/J. ' o'clock .M. Place of Meeting: Dubuque, Iowa. , 2011. Historic Federal Building, 350 West 6th Street (This Notice to be posted) 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: General Obligation Bonds, Series 2009A (Taxable Build America Bonds), and General Obligation Bonds, Series 2010A Bonds • Public hearing on the proposed reallocation of unspent proceeds. • 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. C Clerk, Dubuque, Iowa ,z The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the proposed reallocation of not to exceed $121,000 of the unspent proceeds on the General Obligation Bonds, Series 2009A (Taxable Build America Bonds), and General Obligation Bonds, Series 2010A Bonds in order to provide funds to pay costs of funding the local match for the purchase of transit buses (from the Series 2009A Bonds) and costs associated with snow and ice control activities and improvements (from the Series 2010A Bonds), and that notice of the proposed action by the Council to institute proceedings for the proposed reallocation had been published pursuant to the provisions of Sections 364.6 and 384,25 of the City 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 proposed reallocation. The Clerk advised the Mayor and the Council that i? written objections had been filed. The Mayor then called for oral objections to the proposed reallocation and c) 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 Ric Jones introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION AND APPROVING THE REALLOCATION OF CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), AND GENERAL OBLIGATION BONDS, SERIES 2010A OF THE CITY OF DUBUQUE, IOWA ", and moved: x that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the proposed reallocation to the meeting to be held at o'clock _.M. on the day of , 2011, at this place. Council Member • called and the vote was, AYES: NAYS: Karla Braig seconded the motion. The roll was Sutton, Braig, Buol, Connors, Jones, Resnick Ric Jones, David Resnick Absent: Kevin Lynch May 2 ,2011 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6 : 30 o'clock P .M., on the above date. There were present Mayor Roy D . Buol , in the chair, and the following named Council Members: Lynn Sutton, Karla Braig, Roy Buol, Joyce Connors Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 156 -11 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION AND APPROVING THE REALLOCATION OF CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), AND GENERAL OBLIGATION BONDS, SERIES 2010A, OF THE CITY OF DUBUQUE, IOWA 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 reallocation of certain unspent proceeds, in the amount of not to exceed $121,000 (the "Unspent Proceeds ") of the General Obligation Bonds, Series 2009A (Taxable Build America Bonds) and General Obligation Bonds, Series 2010A, of the City of Dubuque, Iowa, in order to provide funds to pay costs of funding the local match for the purchase of transit buses (from the Series 2009 Bonds) and costs associated with snow and ice control activities and improvements (from the Series 2010A Bonds), and 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 takes additional action for the reallocation of the Unspent Proceeds of the General Obligation Bonds, Series 2009A (Taxable Build America Bonds) and General Obligation Bonds, Series 2010A, for the foregoing purpose, and the reallocation of the Unspent Proceeds to pay costs of funding the local match for the purchase of transit buses (from the Series 2009 Bonds) and costs associated with snow and ice control activities and improvements (from the Series 2010A Bonds), is in all respects authorized and approved. Section 2. The Finance Director is authorized and directed to take such action as may be necessary to effect and implement the foregoing reallocation of the Unspent Proceeds to pay costs of funding the local match for the purchase of transit buses (from the Series 2009 Bonds) and costs associated with snow and ice control activities and improvements (from the Series 2010A Bonds), and to cause the records and accounts of the City to reflect the same. ATTEST: PASSED AND APPROVED this 2nd day of STATE OF IOWA COUNTY OF DUBUQUE day of May , 2011. SEAL 687389.1 \10422.000 CERTIFICATE ) SS City Cle k, Dubuq e, Iowa (Acting ) WITNESS my hand and the seal of said Municipality hereto affixed this 3 rd CIG -3 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. 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 REALLOCATION OF CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), AND THE GENERAL OBLIGATION BONDS, SERIES 2010A, OF THE CITY OF DUBUQUE, IOWA, AND THE PUBLIC HEARING THEREON 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: (SEAL) 687261.1 \10422.000 WITNESS my official signature at Dubuque, Iowa, this , 2011. day of CIG -18 NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED REALLOCATION OF CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2009A (TAXABLE BUILD AMERICA BONDS), AND THE GENERAL OBLIGATION BONDS, SERIES 2010A, OF THE CITY OF DUBUQUE, IOWA, AND THE PUBLIC HEARING THEREON PUBLIC NOTICE is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the 2nd day of May, 2011, at 6:30 o'clock P.M., in the Historic Federal Building, 350 West 6th Street, Dubu- que, Iowa, at which meeting the Council proposes to take addi- tional action for the re- allocation of certain unspent proceeds of the General Obligation Bonds, Series 2009A (Taxable Build America Bonds), and the Gener- al Obligation Bonds, Series 2010A Bonds, of the City of Dubuque, Iowa (together, the "Bonds "), in the aggre- gate amount of not to exceed $121,000, in or- der to provide funds for the purpose of funding the local match for the purchase of transit buses (in the case of the Series 2009A Bonds) and costs associated with snow and ice control activities and improve- ments (in the case of the 2010A Bonds). Any person interested may appear at the public hearing, either orally or in writing, and be heard as to the reallo- cation of said proceeds of the Bonds for the above purposes. This Notice is given by order of the Council of Dubuque, Iowa, as pro- vided by Sections 364.6 and 384.25 of the Code of Iowa, as amended. Dated this 22nd day of April, 2011. Jeanne F. Schneider, CMC, City Clerk It 4/22 STATE OF IO A {SS: DUBUQUE CO NTY I, Suzanne Pike, a Billing corporation, publisher of published in the City of certify that the attached n dates: April 22, 2011, an Subscribed to before me, this - day of CERTIFI ATION OF PUBLICATION Clerk for Woodward Communications, Inc., an Iowa he Telegraph Herald,a newspaper of general circulation ubuque, County of Dubuque and State of Iowa; hereby tice was published in said newspaper on the following for which the charge is $21.44. Notary Public in and for Dubuque County, Iowa, ,20/ . • .4 otary Public in and for Dubuque County, Iowa. MARY K. WESTERMEI Commission Number 154 6F 0'