Bond Sale to Support Third Street Parking Ramp and Airport T-Hangars
CITY OF DUBUQUE, IOWA
MEMORANDUM
September 14, 2000
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: General Obligation Bonds for Construction of the 3rd Street
Parking Ramp
Administrative Services Manager Pauline Joyce is recommending approval of the
issuance of Not to Exceed $5,600,000 General Obligation Bonds for construction
of the 3rd Street Parking Ramp.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/dd
Attachment
cc:
Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Pauline Joyce, Administrative Services Manager
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CITY OF DUBUQUE, IOWA
MEMORANDUM
September 12, 2000
TO: Michael C. Van Milligen, City Manager
FROM: Pauline Joyce, Administrative Services Manager EX1
SUBJECT: Proceedings for Public Hearing on the Issuance of General Obligation
Bonds for Construction of the 3rd Street Parking Ramp
The purpose of this memorandum is to provide the suggested proceedings for the
public hearing on the issuance General Obligation Bonds for the 3rd Street Ramp
Construction as prepared by our Bond Counsel and to present a resolution for City
Council to adopt entitled "Resolution Instituting Proceedings to Take Additional
Action for the Issuance of Not to Exceed $5,600,000 General Obligation Bonds".
Based on Corporation Counsel's concern expressed at the meeting of September
5th regarding how many votes would be required on the above noted resolution, I
did further research and now concur with Corporation Counsel regarding the need
for a majority vote of the Council members (and not just those present). Since
only four City Council members will be present at the meeting of September 18,
passing this resolution will require a unanimous vote. If any of those present have
concerns regarding this issue, I would ask City Council to extend the public
hearing until the meeting of October 2.
Bond Counsel has prepared proceedings to show as a first step the receipt of any
petition for election on the proposed action of the Council to issue said Bonds,
followed by receipt of any oral or written objections from any resident or property
owner to the proposed action of the Council to issue the Bonds. If no petition is
filed, the Council can proceed to adopt the resolution instituting proceedings to
take additional action for the issuance of the Bonds.
In the event Council should decide to abandon the proposal to issue said Bonds,
the attached resolution should not be adopted. In this event, a motion merely
needs to be adopted to the effect that the Bond proposal is abandoned.
If a valid petition has been received and if Council decides not to abandon the
proposal to issue said bonds, a form of resolution should be introduced and
adopted, to adjourn the matter to permit preparation of the resolution to call for an
election.
The recommended action step is for City Council to adopt the attached resolution
instituting the proceedings and taking additional action for the sale and issuance of
not to exceed $5,600,000 and authorizing and directing the City Manager to
proceed on behalf of the City with the sale of said bonds.
I would also ask City Council to set a special meeting for October 18 at 4:30 p.m.
in Conference Room B of City Hall to receive the bond bids and approve the
successful bid.
Pauline Joyce
Administrative Services Manager
cc: Barry Lindahl
Ken TeKippe
Cindy Steinhauser
Tim Moerman
-"
The Council then considered the'proposed action and the extent of objections
thereto.
Whereupon, Council Member 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 $5,600,000 GENERAL OBLIGATION BONDS", and moved:
CJ that the Resolution be adopted.
CJ to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings for the issuance of Bonds to the meeting to be held at
o'clock .M. on the day of
2000, at this place.
Council Member
called and the vote was,
seconded the motion. The roll was
AYES:
NAYS:
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $5,600,000 GENERAL OBLIGATION
BONDS
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
issuance of not to exceed $5,600,000 General Obligation Bonds for the essential
corporate 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 Downtown Dubuque
Urban Renewal District, including but not limited to the construction of a structured
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parking facility located at Third and Main Street, and no petition was filed calling for a
referendum thereon, and this Council has considered the extent of objections received
from residents or property owners as to said proposed issuance of Bonds; and,
accordingly the following action is now considered to be in the best interests of the City
and residents thereof:
NOW, TIffiREFORE, 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 law of not to exceed
$5,600,000 General Obligation Bonds for the foregoing essential corporate purpose.
Section 2. That this Resolution be and does hereby serve as a declaration of
official intent under Treasury Regulation 1.150-2, because the City reasonably expects to
reimburse with the proceeds of the Bonds, all or a portion of original expenditures
incurred in connection with the above purpose.
Section 3. The City Manager is authorized and directed to proceed on behalf of
the City with the sale of said Bonds, to select a date for the sale 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 Bonds on a basis favorable to the City and acceptable
to the Council.
PASSED AND APPROVED this
day of
2000.
Mayor
ATTEST:
City Clerk
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CITY OF DUBUQUE, IOWA
MEMORANDUM
September 14, 2000
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT:
Bond Sale for Construction of Additional T-Hangars and Rehab of
Existing T-Hangars
Administrative Services Manager Pauline Joyce is recommending approval of the issuance
of Not to Exceed $690,000 in General Obligation Bonds for construction of T-Hangars at
the Airport.
Although the anticipated cost to construct the T-Hangars has increased from $460,000 to
$611,000, the Airport Commission has committed to covering the anticipated annual debt
service from increased rental rates on existing T-Hangars and rentals from the 14 new
hangar units. Should the cost of the project prevent the Airport from providing sufficient
revenue to support the debt service, this portion of the issue will not be sold. There will be
no increase in property taxes required to support the T-Hangar project.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/dd
Attachment
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cc: Barry Lindahl, Corporation Counsel
Tim Moerman, Assistant City Manager
Pauline Joyce, Administrative Services Manager
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CITY OF DUBUQUE, IOWA
MEMORANDUM
September 12, 2000
TO: Michael C. Van Milligen, City Manager
FROM:
'i
Pauline Joyce, Administrative Services Manager ,,-, I
SUBJECT: Proceedings for Public Hearing on the Issuance of General Obligation
Bonds for Construction of Additional T-Hangars and Rehab of Existing
T-Hangars
The purpose of this memorandum is to provide the suggested proceedings for the
public hearing on the issuance General Obligation Bonds for the construction of
additional T-Hangars and Rehabilitation of Existing T-Hangars prepared by the
City's Bond Counsel and to present a resolution for City Council to adopt entitled
"Resolution Instituting Proceedings to Take Additional Action for the Issuance of
Not to Exceed $690,000 General Obligation Bonds".
Again, due to only four Council members being present for the September 18th
meeting, passage of the attached resolution will require a unanimous vote. If any
of those present have concerns regarding this issue, I would ask City Council to
extend the public hearing until the meeting of October 2.
Bond Counsel has prepared proceedings to show as a first step the receipt of any
oral or written objections from any resident or property owner to the proposed
action of the Council to issue the Bonds. A summary of objections received or
made, if any, should be attached to the proceedings. After all objections have
been received and considered, if Council decides not to abandon the proposal to
issue the Bonds, a form of resolution follows that should be introduced and
adopted, entitles "Resolution Instituting Proceedings to take Additional Action for
the Issuance of not to exceed $690,000 General Obligation Bonds."
In the event Council should decide to abandon the proposal to issue said Bonds,
the attached resolution should not be adopted. In this event, a motion merely
needs to be adopted to the effect that such Bond proposal is abandoned.
Section 384.25 of the Code of Iowa provides that any resident or property owner
of the City may appeal the decision to take additional action to issue the Bonds, to
the District Court of a county in which any part of the City is located, within 15
days after such additional action is taken, but that the additional action is final and
conclusive unless the court finds that the Council exceeded its authority.
The recommended action step is for City Council to adopt the attached resolution
instituting the proceedings and taking additional action for the sale and issuance of
not to exceed $690,000 and authorizing and directing the City Manager to
proceed on behalf of the City with the sale of said bonds.
I would also ask City Council to set a special meeting for October 18 at 4:30 p.m.
in Conference Room B of City Hall to receive the bond bids and approve the
successful bid.
C?~~~
Pauline Joyce
Administrative Services Manager
cc: Barry Lindahl
Ken TeKippe
Cindy Steinhauser
Tim Moerman
_1-
The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member 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 $690,000 GENERAL OBLIGATION BONDS", and moved:
Cl that the Resolution be adopted.
Cl to ADJOURN and defer action on the Resolution and the proposal to
institute proceedings for the issuance of Bonds to the meeting to be held at
o'clock _.M. on the day of
2000, at this place.
Council Member
called and the vote was,
seconded the motion. The roll was
AYES:
NAYS:
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $690,000 GENERAL OBLIGATION BONDS
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
issuance of not to exceed $690,000 General Obligation Bonds for the essential corporate
purpose of paying costs of construction of improvements at the Dubuque Regional
Airport, including those costs associated with the rehabilitation and improvement of
existing T -hangar airplane facilities and the construction of new T -hangar airplane
facilities, and has considered the extent of objections received from residents or property
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owners as to said proposed issuance of Bonds; 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 law of not to exceed
$690,000 General Obligation Bonds fQr the foregoing essential corporate purpose.
Section 2. That this Resolution be and does hereby serve as a declaration of
official intent under Treasury Regulation 1.150-2, because the City reasonably expects to
reimburse with the proceeds of the Bonds, all or a portion of original expenditures
incurred in connection with the above purpose.
Section 3. The City Manager is authorized and directed to proceed on behalf of
the City with the sale of said Bonds, to select a date for the sale 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 Bonds on a basis favorable to the City and acceptable
to the Council.
PASSED AND APPROVED this
day of
2000.
Mayor
ATTEST:
City Clerk
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