Reallocation of General Obligation Bonds Series 2009A and Series 2010AMasterpiece on the Mississippi
Dubuque
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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
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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'