G.O. Bond Sale, Support Dbq Industrial Center Project
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MEMORANDUM
March 11, 2005
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Bond Sale to Support Dubuque Industrial Center Project
The sale of General Obligation Bonds to support the Dubuque Industrial Center project
will be held Monday, March 21, 2005 at 11 :00 a.m. The results will be brought to the
March 21 City Council meeting.
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Michael C. Van Milligen --'.
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Ken TeKippe, Finance Director
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(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
, 2005.
Time of Meeting:
o'clock .M.
Place of Meeting:
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:
$4,270,000 General Obligation Urban Renewal Bonds, Series 2005B
. Resolution directing sale.
Such additional matters as are set forth on the additional page(s) attached hereto.
(number)
II
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
.. .
. .
. 2005
The Finance Director of Dubuque, Iowa, met in the office of the Finance Director,
City Hall, Dubuque, Iowa, at o'clock _.M., on the above date, to open sealed
bids received, access electronic bids and to refer the sale of the Bonds to the best and
most favorable bidder for cash, subject to approval by the City Council at
o'clock .M. on the above date.
The following persons were present:
********
-1-
.
. ,
~
This being the time and place for the opening of bids for the sale of $4,270,000
General Obligation Urban Renewal Bonds, Series 2005B, the meeting was opened for the
receipt of bids for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
"
4. The best bid was determined to be as follows:
Name & Address of Bidder:
Net Interest Cost: $
True Interest Cost:
%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
. 2005
The City Council of Dubuque, Iowa, met in
.Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
and the following named Council Members:
session, in the
o'clock _.M., on
, in the chair,
Absent:
*******
-3-
Council Member Ann Michalski introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $4,270,000 GENERAL
OBLIGATION URBAN RENEWAL BONDS, SERIES 2005B" and moved its adoption.
Council Member Joyce Connors seconded the motion to adopt. The roll
was called and the vote was,
AYES: Buol, Cl i ne / Connors / Duggan /
Markham, Michalski, Nicholson
NAYS:
None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 118-05
RESOLUTION DIRECTING SALE OF $4,270,000
GENERAL OBLIGATION URBAN RENEWAL BONDS,
SERIES 2005B
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
$4,270,000 GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2005B:
Bidder:
United Missouri Bank
of Kansas City, Missouri
the terms of said bid being:
Purchase Price: $ 4/236/694.00
True Interest Cost: 4. 1290
%
Net Interest Cost: $ 2 / 066 / 97 3 . 94
-4-
..,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That the bid for the Bonds as above set out is hereby determined to be
the best and most favorable bid received and, said Bonds are hereby awarded based on
said bid.
Section 2. That the statement of information for Bond bidders and the form of
contract for the sale of said Bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of
the Clerk done in furtherance of the sale of said Bonds are hereby ratified and approved.
PASSED AND APPROVED, this 21 s t da
,2005.
Mayor
ATTEST:
d~AJ
City Clerk
-5-
CIG-3
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 22nd
day of March ,2005.
.~
SEAL
DCORNELL\444443.1 \ WP\ 10422070
-6-
..
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
March 21
,2005.
Time of Meeting:
6:30
o'clock p.M.
Place of Meeting:
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:
$4,270,000 General Obligation Urban Renewal Bonds, Series 2005B
· Resolution directing sale.
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.
March 21, 2005
The Finance Director of Dubuque, Iowa, met in the office of the Finance Director,
City Hall, Dubuque, Iowa, at 11 :00 o'clock A.M., on the above date, to open sealed bids
received, access electronic bids and to refer the sale of the Bonds to the best and most
favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P.M. on
the above date.
The following persons were present:
Ken TeKippe, Finance Director
Dawn Lang, Budget Director
Jeanne Schneider, City Clerk
Dave Dirks, Public Financial Management
* * * * * * * *
This being the time and place for the opening of bids for the sale of $4,270,000
General Obligation Urban Renewal Bonds, Series 2005B, the meeting was opened for the
receipt of bids for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
United Missouri Bank - Kansas City, Missouri
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
J.P. Morgan Securities, Inc. - Chicago, IL
Legg Mason Wood Walker, Inc. - Minneapolis, Minnesota
Harris Trust and Savings Bank - Chicago, Illinois
Crews & Associates, Inc. - Little Rock, Arkansas
Duncan Williams - Memphis, Tennessee
Piper Jaffray - Kansas City, Missouri
Citigroup Global Markets, Inc. - Chicago, Illinois
Griffin, Kubik, Stephens & Thompson, Inc. - Chicago, Illinois
4. The best bid was determined to be as follows:
Name & Address of Bidder: United Missouri Bank of Kansas City,
Missouri
Net Interest Cost: $2,066,973.94
True Interest Cost: 4.128998%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
. .
March 21
. 2005
The City Council of Dubuque, Iowa, met in Regular session, in the
Auditorium) Carnegie-Stout Public Library, Dubuque, Iowa, at 6 : 30 o'clock ~.M., on
the above date. There were present Mayor Terrance M. Duggan , in the chair,
and the following named Council Members:
Roy Buol, patricia Cline, Joyce Connors,
John Markham, Ann Michalski, Dan Nicholson
Absent:
None
* * * * * * *
-3-
. - .
. -
This being the time and place for the opening of bids for the sale of $2,995 ,000
General Obligation Urban Renewal Bonds, Taxable Series 2005C, the meeting was
opened for the receipt of bids for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. The Finance Officer then declared the time for filing of sealed. bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
II
4. The best bid was determined to be as follows:
Name & Address of Bidder:
Net Interest Cost: $
True Interest Cost:
%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
. - .
. 2005
The City Council of Dubuque, Iowa, met in
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at
the above date. There were present Mayor
and the following named Council Members:
session, in the
o'clock _.M., on
, in the chair,
Absent:
*******
-3-
. . .
Council Member introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $2,995,000 GENERAL
OBLIGATION URBAN RENEWAL BONDS, TAXABLE SERIES 2005C" and moved
its adoption. Council Member seconded the motion to
adopt. The roll was called and the vote was,
AYES:
NAYS:
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION DIRECTING SALE OF $2,995,000
GENERAL OBLIGATION URBAN RENEWAL BONDS,
TAXABLE SERIES 2005C
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
$2,995,000' GENERAL OBLIGATION URBAN RENEWAL BONDS,
TAXABLE SERIES 2005C:
Bidder:
of
the terms of said bid being:
Purchase Price: $
True Interest Cost:
%
Net Interest Cost: $
-4-
.' ,
Council Member Ann Michalski introduced the following
Resolution entitled "RESOLUTION DIRECTING SALE OF $2,995,000 GENERAL
OBLIGATION URBAN RENEWAL BONDS, TAXABLE SERIES 2005C" and moved
its adoption. Council Member Joyce Connors seconded the motion to
adopt. The roll was called and the vote was,
A)1ES: Buol, Cline, Connors, Duggan,
Markham, Michalski, Nicholson
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 119-05
RESOLUTION DIRECTING SALE OF $2,995,000
GENERAL OBLIGATION URBAN RENEWAL BONDS,
TAXABLE SERIES 2005C
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
$2,995,000 GENERAL OBLIGATION URBAN RENEWAL BONDS,
TAXABLE SERIES 2005C:
Bidder: Northland Securities
of Minneapolis, MN
the terms of said bid being:
Purchase Price: $ 2,969,818.75
True Interest Cost: 4 . 9508
%
Net Interest Cost: $ 988,713 . 21
-4-
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That the bid for the Bonds as above set out is hereby determined to be
the best and most favorable bid received and, said Bonds are hereby awarded based on
said bid.
Section 2. That the statement of information for Bond bidders and the form of
contract for the sale of said Bonds are hereby approved and the Mayor and Clerk are
authorized to execute the same on behalf of the City.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of
the Clerk done in furtherance of the sale of said Bonds are hereby ratified and approved.
PASSED AND APPROVED, this 21st day of March
, 2005.
May~9!LJ;
ATTEST:
~ --s;k~
/:
i1y Clerk
-5-
,. I,
CIG-3
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 pn 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 22nd
day of March ,2005.
~r~~d
City Clerk, Dubuque, Iowa
SEAL
DCORNELL\444444.I\WP\10422070
-6-
.
.
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
March 21 ,2005.
Time of Meeting:
6: 30 o'clock p.M.
Place of Meeting:
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:
$2,995,000 General Obligation Urban Renewal Bonds, Taxable Series 2005C
· Resolution directing sale.
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.
...--.:
/""
ity Clerk, Dubuque, Iowa
March 21, 2005
The Finance Director of Dubuque, Iowa, met in the office of the Finance Director,
City Hall, Dubuque, Iowa, at 11 :00 o'clock A.M., on the above date, to open sealed bids
received, access electronic bids and to refer the sale of the Bonds to the best and most
favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P.M. on
the above date.
The following persons were present:
Ken TeKippe, Finance Director
Dawn Lang, Budget Director
Jeanne Schneider, City Clerk
Dave Dirks, Public Financial Management
********
This being the time and place for the opening of bids for the sale of $2,995,000
General Obligation Urban Renewal Bonds, Taxable Series 2005C, the meeting was
opened for the receipt of bids for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
Northland Securities - Minneapolis, Minnesota
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
BB&T Capital Markets - Richmond, Virginia
Piper Jaffray - Minneapolis, Minnesota
Citigroup Global Markets, Inc. - Chicago, Illinois
Duncan- Williams, Inc. - Memphis, Tennessee
Morgan Keegan & Company, Inc. - Memphis, Tennessee
Legg Mason Wood Walker, Inc. - Minneapolis, Minnesota
Davenport & Company LLC - Richmond, Virginia
Griffin, Kubik, Stephens & Thompson, Inc. - Chicago, Illinois
4. The best bid was determined to be as follows:
Name & Address of Bidder: Northland Securities of Minneapolis, MN
Net Interest Cost: $988,713.21
True Interest Cost: 4.9508%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
March 21
. 2005
The City Council of Dubuque, Iowa, met in Regular session, in the
Auditorium, Carnegie-Stout Public Library, Dubuque, Iowa, at 6: 30 o'clock ~.M., on
the above date. There were present Mayor Terrance M. Duggan , in the chair,
and the following named Council Members:
Roy Buol, patricia Cline, Joyce Connors,
John Markham, Ann Michalski, Dan Nicholson
Absent:
None
*******
-3-