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10 24 00 Minutes this Meeting CITY COUNCIL OFFICIAL City Council Special Session, October 24, 2000 Council Met in Special Session at 4:30 P.M. in Conference Room B - City Hall Present: Council Members Buol, Cline, Nicholson, Robbins, City Manager Michael Van Milligen, Corporation Counsel Barry Lindahl. Absent: Mayor Duggan, Council Members Markham, Michalski. Council Member Nicholson read the call and stated this is a special session of the City Council called for the purpose of directing the sale of General Obligation Bonds. Buol moved adoption of Resolution No. 512-00 Directing sale of $6,265,000 General Obligation Bonds, Series 2000C. Seconded by Robbins. Motion carried 4-0. There being no further business, upon motion meeting adjourned at 4:52 P.M. d~:~~;'//L2/ City Clerk 1t 11/1 CITY COUNCIL SPECIAL SESSION, OCTOBER 24, 2000 COUNCIL MET IN SPECIAL SESSION AT 4:30 P.M. IN CONFERENCE ROOM B - CITY HALL "/,:3-5- / ,/ PRESENT: MAYOR DUGGAN, COUNCIL MEMBERS BUOL, CLINE, MARKHAM, MICHALSKI, NICHJlLSON, ROplNS / / CITY MANAGER MICHAEL VANYMILLlGEN, CORPORATION COUNSEL BARRY LINDAHL ABSENT: ~~/&~k/ Mayor DuggaR read the call and stated this is a special session of the City Council called for the purpose of acting upon such business which may properly come before the City Council. '5\~ RESOLUTION Directing sale of $6,265,000 General Obligation Bonds, Series 2000C q/D Nays Buol Cline Duggan Markham Michalski Nicholson / {} Robbins Ayey ./ (I) ,/ - ../ Adjourn ~~ ~::;cZ/ Ayes Nays @ Buol Cline Duggan Markham Michalski ~ Nicholson (sP' Robbins 1 TO: JEANNE F. SCHNEIDER CITY CLERK YOU ARE HEREBY DIRECTED TO CALL A SPECIAL SESSION OF THE CITY COUNCIL TO BE HELD ON TUESDAY, OCTOBER 24, 2000, AT 4:30 P.M., IN CONFERENCE ROOM B OF CITY HALL FOR THE PURPOSE OF DIRECTING THE SALE OF GENERAL OBLIGATION BONDS. t~~'C/~e~~ MAYOR PRO- TEM 10/24/00 WJ SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W. McCANNA PRESIDENT DAVID F. PHILLIPS SR. VICE PRESIDENT LARRY P. BURGER VICE PRESIDENT DANIEL D. FORBES BARBARA L. CHEVALIER VICE PRESIDENT VICE PRESIDENT October 24,2000 The Honorable Terrance M. Duggan, Mayor And Members of the City Council CITY OF DUBUQUE 50 West 13th Street Dubuque, IA 52001-4864 Dear Mayor Duggan and City Council Members: Bids were received today for the $6,265,000 General Obligation Bonds, Series 2000C. There were b bids received, which are listed at the bottom of this letter in accordance with the attached signed bids. ACColInt M:maeers Net Interest Rate G ffi K b k St h & Th I Ch III ,..:..'--0;7'/,550/0 ri m, u i, ep ens ompson, nc. icago, inois................... /( Harris Trust and Savings Bank & Associates, Chicago, Illinois ................ -.:;.7'. c?C? g % Legg Mason Wood Walker, Inc., Chicago, Illinois .................................... % Paine Webber, Inc., Chicago, Illinois ........................................................... ,--,"'7.;:):? y/ % b /7 J75() 0/ Ro ert W. Baird & Co., Milwaukee, Wisconsin ......................................... '- . 10 --- . ... S ~c.7j:5 0 U.S. Bancorp PIper Jaffray, Mmneapohs, Mmnesota ................................ v Yo ---;;J../;1::? William R. Hough & Co., St. Petersburg, Florida ...................................... b {,/;7"'; % % % Respectfully submitted, LB/cn SPEER FINANCIAL, INe. 4f;ge1:ep Enclosures SUITE 4100. ONE NORTH LASALLE STREET' CHICAGO, ILLINOIS 60602' (312) 346-3700' FAX (312) 346-8833 SUITE 500' 531 COMMERCIAL STREET' WATERLOO, IOWA 50701 . (319) 291-2077' FAX (319) 291-6787 rz4 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 KEVIN W. McCANNA PRESIDENT DAVID F. PHILLIPS SR. VICE PRESIDENT' LARRY P. BURGER VICE PRESIDENT DANIEL D. FORBES BARBARA L. CHEVALIER VICE PRESIDENT VICE PRESIDENT \) October 24,2000 The Honorable Terrance M. Duggan, Mayor and Members of the City Council CITY OF DUBUQUE 50 West 13th Street Dubuque, IA 52001-4864 Dear Mayor Duggan and City Council Members: Bids were received today for the $6,265,000 General Obligation Bonds, Series 2000C. There were 6 bids received, which are listed at the bottom of this letter in accordance with the attached signed bids. Upon examination, it is our opinion that the bid of U.S. Bancorp Piper Jaffray, Minneapolis, Minnesota, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that bidder at a price of $6,202,350, plus accrued interest, being at a net interest rate of 5.2215%. Net Account Managers Interest Rate U.S. Bancorp Piper Jaffray, Inc., Minneapolis, Minnesota ................... 5.2215% Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Illinois................... 5.2475% Harris Trust & Savings Bank, Chicago, Illinois ......................................... 5.2280% PaineWebber Inc., Chicago, Illinois ... ................................. ............. .......... 5.2891 % Robert W. Baird & Co., Milwaukee, Wisconsin ........................................ 5.2750% William R. Hough & Co., St. Petersburg, Florida ...................................... 5.2530% Respectfully submitted, SPEER FINANCIAL, INe. ~;! ~JAdJ rry p urg~~ - - ice esident LPB/cn Enclosures SUITE 4100. ONE NORTH LASALLE STREET. CHICAGO, ILLINOIS 60602. (312) 346-3700. FAX (312) 346-8833 SUITE 500.531 COMMERCIAL STREET. WATERLOO, IOWA 50701. (319) 291-2077. FAX (319) 291-6787 M Q) 0 0 0 M E .,"'- W 0 ..:::, > ~~ C/) (j) LU . , ::..J C' j -\-.''': i. j N : t) :5 W t- :.-J .D =J 0: u >.0 0 -P-' 0 G C) MOODY'S ASSIGNS Aa3 RATING TO CITY OF DUBUQUE lA'S G.O. BONDS, SERIES 2000C $14.4 MILLION DEBT AFFECTED Dubuque (City of) IA Municipality Iowa Moody's Rating Issue Rating General Obligation Bonds, Series 2000C Aa3 Sale Amount $6,290,000 Expected Sale Date 10/24/00 Rating Description General Obligation Unlimited Tax NEW YORK, October 13, 2000 -- Moody's Investors Service has assigned a Aa3 rating, with a stable outlook, to the City of Dubuque lA's $6,290,000 General Obligation Bonds, Series 2000C. The bonds, which are secured by the general obligation, unlimited tax pledge of the city, will be used to finance the construction of a parking ramp located in the city's downtown urban renewal area and a new airport hanger. Moody's at this time also affirms the Aa3 rating on the city's $8.1 million in outstanding general obligation, unlimited tax debt. The Aa3 rating reflects the city's moderate tax base growth, strong General Fund balances, as well a below average level of rapidly retired debt. STABLE, DIVERSE LOCAL ECONOMY Moody's anticipates that the city's tax base will continue to grow at a moderate rate despite residential rollbacks and the phaseout of machinery and equipment due to ongoing construction in the commercial and residential sectors. Located on the Mississippi River in northeast Iowa, near the Iowa- Illinois-Wisconsin border, Dubuque serves as the trade and service center for a large tri-state region. Additionally, the city has important manufacturing, institutional and tourism sectors. Wealth indices approximate state averages and the August 2000 Dubuque County unemployment rate was low at 3.8% but above the state rate of 2.0%. The full valuation of the city has increased at an .annual average rate of 3.6% over the last five years while the city's taxable value has increased 2.8% due to residential rollbacks and the phaseout of machinery and equipment, which limit the amount of property values eligible for taxation. Moody's believes that the rollbacks and phaseout will not significantly impact the city's property tax base due to new growth in the commercial, residential and industrial sectors. SOUND FINANCIAL OPERATIONS WITH HEALTHY GENERAL FUND RESERVES The city experienced large operating surpluses in FY 1997 and FY 1998, due mostly to increases in gaming revenues. In addition to steady rent payments from the gaming concerns, the city also receives payments that are tied to the business's profits. In FY 1999, the city received a total of $7.2 million, accounting for 22.4% of General Fund revenues. Concern of dependence on this vulnerable revenue stream is mitigated in that approximately $825,000 of these monies, measuring only 3% of total General Fund revenues, are used for general operations, while the remainder is used for capital projects. Sales tax also accounts for approximately 9% of General Fund revenues. Growth in sales taxes has averaged 4.7% annually in the past five years, despite a decline in sales tax receipts in 1999 due to the methodology with which the state remitted taxes. The city's strong General Fund balances alleviate concerns of general operating revenues garnered from vulnerable revenue streams. Despite a drawdown of $981,000 in FY 1999 to fund capital improvements, the undesignated General Fund balance was a healthy 37.3%. Unaudited FY 2000 financial results indicate a surplus due to strong gaming revenues and investment earnings. Although the city is taxing at its General Fund levy limit of $8.10, it has revenue raising flexibility in that approximately $2.9 million of expenditures currently covered by the levy can be taxed outside the limit. Moody's believes that the maintenance of a strong General Fund balance helps to offset the vulnerability of swings in sales tax and gaming revenues, and th~s will remain a key factor in future analyses. LOW DEBT BURDEN AND FASTER THAN AVERAGE PAYOUT The overall debt burden is low at 1.0%, as the city has been an infrequent debt issuer. In addition water and sewer revenues, parking fees and tax increment financing districts contribute to debt service, which mitigates pressure on property taxes. The city's general obligation debt is scheduled for faster than average payout with approximately 60% of principal retired within ten years. The city does not have plans to issue additional debt in the future. KEY STATISTICS 1998 estimated population: 56,467 FY 2001 full valuation: $2.1 billion FY 2001 full value per capita: 37,232 Debt burden: 1.0% Retirement of principal (10 years): 59.6% FY 1999 Undesignated General Fund balance: $11.9 million (37.3% of General Fund revenues) ANALYSTS: Iliana Pappas, Analyst, Public Finance Group, Moody'S Investors Service David Hamburger, Backup Analyst, Public Finance Group, Moody'S Investors Service CONTACTS: Journalists: (212) 553-0376 Research Clients: (212) 553-1625 SPEER FINANCIAL, INC. Investment Rating(s): Moody's Investors Service ... Aa3 $6,265,000 CITY OF DUBUQUE Dubuque County, Iowa General Obligation Bonds, Series 2000C Date of Sale: October 24,2000 Average Life: 12.071 Years Bond Buyer Index: 5.56% (Based on NIC) Bidders* U.S. Bancorp Piper Jaffiay, Minneapolis, Minnesota First Union Securities, Inc. Morgan Keegan & Co. Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL Dubuque Bank & Trust, Dubuque, Iowa Dain Rauscher Harris Trust & Savings Bank, Chicago, Illinois Wells Fargo Brokerage Services, LLC - Co-Manager First Tennessee, Kansas City, Kansas The Bankers Bank, Madison, Wisconsin Kirlin Securities, Inc., Syosset, New York NBC Capital Markets Group, Inc. Ruan Securities PaineWebber, Chicago, Illinois Robert W. Baird & Co., Milwaukee, Wisconsin William R. Hough & Co., St. Petersburg, Florida Nike Securities Sun Trust Equitable Price 99.000% 99.000% 99.003% 99.000% 99.000% 99.000% Maturities Rates Interest 2002-2004 5.000% 5.2215% 2005-2019 5.125% $3,948,787 2020 5.250% 2002-2003 5.100% 5.2475% 2004-2015 5.125% $3,968,441 2016-2020 5.200% 2002-2007 5.100% 5.2280% 2008 5.125% $3,953,678 2009-2020 5.150% 2002-2010 5.000% 2011-2020 5.250% 2002-2004 4.750% 2005-2010 4.875% 2011-2013 5.000% 2014 5.100% 2015 5.150% 2016 5.250% 2017 5.300% 2018 5.350% 2019 5.400% 2020 5.500% 2002-2012 5.100% 2013 5.150% 2014-2020 5.200% 5.2891% $3,999,892 5.2750% $3,989,239 5.2530% $3,972,582 ~ 0011001 10/20/00 14:57 '5'1 312 346 8833_ _.SPEER FINAI:JCIAL._"H~ BURGER LARRY 10: 14:42 No.001 P.01 OmCIAL BID FORM OCT 20'00 October 24. 2000 Sp'tJ,1'I,,,,"cl,,l, Jrtc. FQ~/",tle; (3/9) 191-6787 Ciry oflpllbuque SO Wali 13th SIRCt Oubvqu';,lOWl S2001-4864 Ciry Co~cil Members: For the S6,l6S,OOO Gcnenl Obliawon Bonds. ScrieI2000C, orlbe City of Dubuque. Dubuque COlmry, lowa, IS ducribed in the annexed Offil:ial Tem! afOff'erina. whidl is eKprcll1y made I pan oflhis bid. we will pay you $ t> SO. CO (no less thIn 56,202,350) plullccrued interest fi'am NQVCI'Ilber ], 2000, to the ute or cleli~ for Bonds bearing InlePe.t u follows lIeh rile a mll1tiple of 1/8 or 1120 of 1%). MATVlUTlES -JUNE I S205,OC'O....................2oo2 s./O% I~ 215.000....................2003 ~.J. 225,000....................2004 ~%S./J.b 240.0Ct0............... ...... 2005 .:i:1:!!:Y-S'.I.:l~ 250,OCIQ....................20oe L..!:?A.. /,;JS 2S5.0CiO....................2007 ~~. 1~5 L-. L1<IL S275.OO0 ...,........................2008 ~,. 285.000.........,..................2009 ~% 295,000 ............................2010 ~% 315,000............................2011 ~o/. 330,000...,.........................2012 6.I::JSDA 3-45,000........................"....2013 ~% 365,000 """ .................... ..2014 ~'/. S385.000 .....................2015 ~% >:1 t2~ ~10.000.....................2016 ~% RRF 430.000......................2017 ~% ~55.000 ..........".........2018 ~:....~..!..A .76.000....................2018 5. CilO % 510,000 .............".....2020 5. .,;20"1. "I'he Bonds arc to be el(e4;lllccl and delivered to UI in .ecotdllllcc with the lelll1ll oflhis bid .ctompUlied by the approving lepl opinion of Ahlm. Cooneyl Dorweilcr, Haynie. Smith & Allbee. P.C., Des Moines, Iowa. The Clry will pay for the legal opinion. TIle P'urchuer agrees to .ppl)' for CUSI' Dumber!s within 14 hOUri and pay the fee charicd by the CUSIP Service BUTeau. and will accept the Donds ......ilh the CUSIP numben liS enlcrccl on the Bonds. As evidence of our good failb, we enclose hercwilh I check or SurelY Hand payable 10 the order oflbe Treasurer ofthe City in the lIlT10unt oflWO PERCENT OF PAR (the "Deposit") under the lellN provided in your Official Terms of Offering. Attached hereto is R list of mcmbCl1 of our accounl on .....bose biehalfthis bid is made. l~m of DeDoslt Ciheck One: AeeOUDI Mallllller IDfarm.tloD Cen.ifiedfCashier'lI Chcck [) Fjnanclal Surety Bond r J ~.mounl: $125.300 The above CertifiedlCuhicr's Check WIlt relurned and received :~s~c~ City State/Zip e3/~ - tlt//- ~S70 r1J/~ . tit/I . ~","Dl B)' Direct Phone Cheek Number: fAX N\lDlber hIVe purchased ialurance from: (Cbeek ODe) _AMBAC -K... F'GJC 'SA MBJA Mllluriti..:(Check ODe) _ _\'.an All nle foregoing bid w~ Icceptcd IIZ1d the Bonlb sold by ~solulion of&l1e City on October 24,2000, and receipt is hereby ai:knowledied of the Sood fnilb Dc.!,OSil which is being held in accordancc with the tenns of.the IMcxed Official Terms of01I'ering. ATTES:T: Clry Clerk ~f NOT tART 01' THE 'DtD-n (Ca/clllallon Of lie I t"t,resl COsl) GToss Inlerest s s ~;l (p S{) . ,. .3, 9(,f. 441.J~ Lctl premiumIPlus Di.eounl NCl Interest Cost s Net Interest Rate - J :'). ,J, ~ Gi- ~ % 575,624.5' 12.071 YeaI'Il TOTAL BOND YEARS A VEIlAOE LIfE CITY OF DUBUQUE, DUBUQUE COUNn', IOWA MaJlO' ~ ~.?' 7du4I J" Qo5; 79/, 16- 5. ~ 1- 75b Received: 10/24/ 0 11 :02AM; 1 312 346 8833 -> CITY OF DUBUQUE; Page 2 10/24/00 11:05 ft1 312 346 8833 SPEER FINANCIAL City,ofDubuque 50 West 13" Street Dub(.lquo,lowa 52001-4864 City! Council Members; Ial 002 . r'~;.' OmClAL iuD FORM , October 24, 2000 Speer FInancial, Inc. FflUimil.: (JI9) 291.6787 For the S6,265,OOO General Obligation Bonds, Series 2000c. of the City ofDubuquo, Dubuque County, Iowa. tIS described in the _d Official Terms ofOffcring. which is expressly made a pmt oflhis bid. we will pay you $ ~ ~O:l, 42' ."0 (no less than $6,202,350) plus accrued interest from November], 2000. to the date of delivery for Bcmds bearing interest as follows'(eacl1 rate a multiple of 1/8 or 1/20 of] %). $2OMOO....................2002 ~% 21MOO....................2003 ~% 221:.000.................... 2004 ~% 24Q.OOO....................2005 ~% 25C.OOO....................2006 t;. \0 0/0 255.000....................2007 ~% MATUIUllES - JUNE I 5275.000............................2008 ~. ru; % 285.000............................2009 S'.:.1Z-% 295.000............................2010 ~% 315.000............................2011 ~% 330.000............................2012 ~% 345,000 ............................2013 ~% 365.000............................2014 ~% $385.000 ....................2015 ~% 410.000....................2016 ~% 430.000....................2017 ~% 455.000....................2018 ~% 475.000....................2019 ~o'" 510.000 ....................2020 c;'~% The Bonds are to be executed and delivered to us in a~rdanee with the tenJlll of this bid BCeompanied by the approving legal opinion of Ahlers. Cooney. Dorweiler, Haynie, Smith &. Allbee. P.C.. Des Moines. Iowa. The City will pay for the legal opinion. The Purchaser agrees to apply for CUSIP Dllm~ers within 24 houn and pay the fee charged by the CUSIP SeMce Bureau and will accept the Bands with the CUSIP numbers as entered on the Bonds. As evidence of our good faith. we enclose herewith a cheek or Surety Bond payable to the order of the Treasurer of the City in the amount of TWO PER,CENT OF PAR. (the "Deposit") under the terms provided in your Official Terms of Offering. Attached hereto is a list of members of our account on whose behalf this bid is made. Form of Deposit Check One: CenifiedlCashier's Cheek Xl)lX Financial Surety Bond [ 1 Amount: SI25,300 The above Certified/Cashier's Check was returned and received By Cheek Number: Bidden ODtioD IDsaraace IWlRI ANK ~~ Carrie L. Neal, Vice presiden City eRgo State/Zip IL 60603 Direct Phone 3' 2-461-2861 FAXNumber 312-461-3600 We have parebased insurance from: (Cheek O.e) AMBAC ----v- FGIC FSA ~ MBIA ,201) ~ ~ Mllturitiea:(Check One) _ _Yean All The foregoing bid was accepted and the Bonds sold by resolution of tile City on October 24. 2000, and receipt is hereby acknowledged of the good faith :Deposit which is being held in accordance with the terms of the annexed omcial Terms ofOft'ering. ATI1;ST: Cily Cieri CITY OF DUBUQUE. DUBUQUE COUNTY. IOWA Mayor NOT PART OJ' THE BID- (CD/cuIation Of net interest cost) Gross Interest $ Less PremiumlPlus Discount $ Net Interest Cost $ Net Interest Rate % TOTAL BOND YEARS $75.624.S8 A VERAGB LIFE ] 2.071 Years Received: 10/24/0 11:05AM' 10/24/00 11:08 fti 312 346 10/VJ100 13:49 FAX 312 6836107" ~8:~2 346 8833 -> CITY OF DUBUQUE' SPEER FINANCIAL . PAINE WEBBER Page 5 IaJ 005 ItI001/001 --------------- -.----- ------- CiE)' vfpy?~ 50 We5l1J'" SUUI Dobuqne, Iowa S2001~864 City CQ~c:i.l McalMr.l: omCIALBID 'ORM <Xlober 24, 2000 SpeIr FJlItmdal. JIIC. Ftlcsl",U." (JI9) 291.6787 . For me $6,265,000 Gcnedl Obligltian aauds, Series 2000c. afT.be C~ ~DubU~UC ~~ CoWllY.1oIIIB. as clI:sl:ribed ill the IJ2IlCl.CllI Official T=:m5 of::>fmin&, 1lotdch is ecpressly ~ . part oftm bid. we will PI!)' you. S , .211 ~3 (no leas than S6~02.350) plus accrued intmst from Nov~bCl: 1.2000, to the da1e of ckliftry for BClllds bc:8rirlS mUftlSlIl ioUOWI (c:acb rae iIiWaiple of 1/8 or 11'20 of I %). $205.000 __...........-...... 2002 21o.oo11....--......... ..... 2003 225.00(~ ...,.., ,___....m. 2OD4 240,001).................... 2005 250,00') ................ ....2006 255,OO() ................-.. 2007 ~% ~';" ~% >0% S,f) % .~d% MATClUTIES -Jl.INI.l S27S,DOO ....._.....................2006 ~% 285.000 _........._.....M..-...2008 ~% 295.000............................2010 ..s; 0 % 315,000 ............................2011 ~% 330,000 ............_............--.2012 ~D 345,000._._..-..................2013 ..i'AS'% 365.000 ...................___.....2014 s::i;: $385.000..__...-_........2015 <5~i:. 410,ooO.__..__.....-....2011!1 -?" % 430.000......-.............2017 ~v. "56.000 ....___..........._.:t01 B · ,7')% 475.000 ....................2019 f~ 510,000 .._..............._202C ~.;. The 'BoDds are 10 hr; CKccutld and deliYl:l'!ld 10 us ~ I~" ..nUl the tams of this bid ~Cl:omp.ut:d 'gy the It'prcMnB llgU api.!l.iQD or AhlCtS. CQCIDI:)'i lJor\Wile:r. Hayuie. S=ith o!t ,&,}lblC, P.C... Des Moines, Iowa. Tal; City will PlY fDr tIsll \egal opinioll- Tne Pw'chascr.;rea to applY for cum Il\lIl1be~ within :Z4 !lol1rs lIDll pay the fee cbarBed 0)' ~ CUSIP Service Bureau II1d will accept. thll Bands wiIh the CUSIP DlPbcn as c:Il~ C1111!Ie Bonds- . Ju mde:llCC of our goad faith, 'W8 c:DcIoM" herewith I check or SUICl'Y BaDd payable ro the ~ oflbc TrP-S\1l'a' of the City iD lbe IIIDl)UDI of"IWO PER-emU OF PAll (1h.e "Deposit") Wl.der the IalIU provided in your 0flicie1 Tc:nm of OfreriDg. AUllchCli hcIeIO ~ · li.st of me:mbas of our aCCOUllt OD 'o7oIhase bel:1al!tbis bid is made. r.~r1D O{DeuOlit .::heck One; :c{1ifiedlCashier's Chcl:k [ ) finJDeiaJ Sur~ Bood [ ) AuJ,olUJ,t $12S,30D .The above CatifiedfClsbic:r's .Cbeck WI:i ~ me teeeillll! By Cl:i.e~ Number: }\.a:aUllt ~"l!'er 1aro~!i.O:&. Paille webber N8me 7Ms,. ~VsBr4de, D. v.P. l'~ 181 W. Madison 41st Fir. ~- llyV'. ._<i{ff':;f'8:f~'J:~}aJ:) City StalelZip Direct Pbane FAX Nwnbcr Bi9-den OIsdOD DJtuftBca We ban pvchased ilLsuruace [rom: (Ch<<Ic o.e) _AMBAC FGle =1SA ~MBJA Maluritics:(Chetk Oae) _ _Years _AD The fO""Bol.ng bid was accepted and the BGlLds sold by ruolulion Dflbe CitY OP Ol;tober 24. 2000. IDd receipt is heRby acknowledged oitbe .,od failh peposit which is being held in BC(ordan~ wi1h 1l1e terms of . the aDDend ot5~ill TenDS ofQt!'.erirlg. . . . AmST: City auk CITY OF DUBUQUE. DUBUQUE coWIY.IOWA MtfjOr NOT pt\RT OF nu: BID (Calt:'I/l(tIlOll Of roD tnlen;lll -Sf) s :3 937 ;l if/I 6'7 s' ~~ 650 s .1 <J? $?/~6 7 S; ;l. r1 I % Gross h1lercst Lei!-s PreIzIjam/PllJS Disc:aunt Nlll Jnu=ral Coft N'ct mtcnlSt Bale TOTAl-BOND YEARS $'75.624.58 l~.071 Years AVERAGE1.IFE Received: 10/24/0 11:03AM; 1 312 346 6633 -> CITY OF DUBUQUE; Page 3 10/24/00 11:06 ft1 312 346 8833 SPEER FINANCIAL OCT 2~ 2000 13:43 FR RE W BAIRD-FIXED INCM4 765 7346 TO 913123468833 IaJ 003 P.02/1213 OFFICIAL BID fORM City ofDubuql.lc SO Weu 13m Street Dubuq~lc, Io.....a 520014864 October 2.4, 2000 Sp," Firrtl"eiQl. 1m:. FQCSllIIlle: (JJ9) 29J.6787 City CcW1ci\ Mcmben; For the 56,265.000 General Oblisation Bonds, Series 2000C, of the Cil)' of Dubuque. Dubuque Ccnmly, IOWI, a.s described in lIIe IMelted Officill Terms (I(OfFering, which is expressly made II part oftbis bid,.we .will pay you S ~ \~IoO~l 35'40" eo (no less thllll S6,202,:lS0) plus llccrucd m18mt from Nov~mber ].2000. Lo the date of'deJlwry tor Boncis bcanna mtereSt u follo\ll!l (each me I mwuple of 1/1 or 1~ of 1%). $205,000 .................... 2002 215,O()O.., ................. 2003 225,000.......... ..........2004 240.000...................2005 250.000....................2006 255,0(10....... .......... ...2007 % Lfl1~ % ~" 1'5 % ~1-5 % I.\,<i~ % ~. ,..,s 0;. i1. '& f5' MATIJlU'IttS - JUNE 1 5275,000 ......................,.....2008 285.000 ...........................,2009 295,000 "".................,......2010 315,000 .................... ........201 f 330,000.. ........ ............m. ..2012 345.000................... ..... ....2013 385.000 .............. ..... .........201 oil % If.1:r1S38S,OOO ...................2015 "Ioit.'i?5' 410.000....................2018 o I!JJf.~~;)O.OOO ....................2017 % 5.OQ 455,000....................2018 " % 5. Of 475,000 ....................ZO, 9 % ~ 00 5'0,000 ....................2020 _%&;.10 % 'l \ \S % .,,).., % ,,?IO % $", ~~ % !". ~llJ Q % S' . GO 4- The Bonds are {O be exatuted aDd delivered tg ~s in "cordancc \llilh !he terms oftNs bid al;QOIJlpll1icd by th~ approvina le,&I opinion of Ahlcl'5, Cooney. Dorwciler. Haynie, Smith & Allbee, p.e.. Des Mainn. Iowa. The: City will ply for Ihe lesal opinioll. The Purchascr IIlP'CC~ to apply for CUSIP numb." withill 14 ho\U'. and pay the fee ch;qcd by the CUS!P Service Bureau an.cl will Il;cept the BOIIds with the CUSIP !lumbers as entered on the Bond~, A, evidence of our ,00<1 f.lhh, _ _lax b~th , cheek or Surety Ba~ payablt to lbe order oflhc Treuura' af1he City Ib the lII!lOunlofTWO PEIlCE!NT OF PAR (lhe "Deposit") under !he tenDS provided in yoqr Oflicial Terms of Of&ring. Attac:hed hemo is a liS!; ofmcmbcn of our account on wt.05~ behalf this bid is made, f~rm or ))eOO.lI Check One: Ae:~DI MaDuer IDfor.adoD Bidderl ODnoD lullnau We lllve purcbaled iDJur IJK. i'roIIl: (Cbeck 0110) Name Certi1iedlC ashier' 3 Check [ ] FinilIlci.1 Surety Bond [ ) Addrc505 City State/Zip ~AMBAC ...i.... FGIC fS^ MBIA ^mount; $125.300 The: above CertifiedlCuhier's qhcc:k was returned and re~vtd By By Direct Pbone C,he<:k Number. FAX Number Maturitiu:(Cbedc. ODe) ::JZ"'~Yar~ The foregoing bid was SCCqlte4 and the Bands sold by resolution of the City on Qetoher 24,2000. IDd noeipl is hereby aelcnowled8ed of the ~d faith Dc.iX'Sit which is beiA& rr in acmlllel with the terms oftbe IMI:lCed Ofiil3l Terms of OfImft&. Arnsr, tfjiLw fi- /(0. :"n:~;U=~:U>m.'OWA DREW A l<ANYF~ ~ Il>'<<'p......u........ ell)' ~IOR VICE PRESIDENT . ~W1'8CONSIN ~ .. WD. WISCONSIN 6320a fr. NB:(6W"~~ --NOT PART OFTBE BI>>--..-- (COICllltllioll OfMlln'~r'lJl ernl) Gross Interest s 3, "J~ J s-~, 39 uJ. ''''0..0 Leu Premium/Plus Disl;OUIlt s Net Intcrest C.,. t s Net Interest Rate TOTAL BOND YEJ\RS AVEMGELlFE 51 S.624 ,$8 ]2.071 Years Received: 10/24/ 0 11 :04AM; 1 312 10/24/~0 11:07 ft1 312 346 8833 I '"1O<:T.24.2"""" 9'''-'''W.U"UlW FIRM . Fer*e Sli"Z6S.000 ac:a..I Obti.... ..... ....2OCIOC. of... ~Gf~ ~qIIII ~IIDM. . UIcn'1lllllID.1IIa IIZIIIIXId om~ 'IdIIlS ~'Q&riDf. 'IIb.Icb II ~l)' _de _11M Df'1!IiJ bid. .. will JlIlT)'OII , -Ip ,~"l . ~ SO loJtl en las dIan s6,.2G1.JSOl 1'1us lC=td iTI~ 60Cll N~ 1.2000,10.. Usaef deI1W!tf tar"ds ,.mr....u iIIlGWI ("ilia uaallipl& 0( VI ar ltaO.,l 'K). JU.'RIJImIS -mNI 1 SZ7S.0CIQ .___..__.........._.ZClOI ~w. 2BS.oaa.__......~-_.__..~OO9 ~% ..000__....._......_....2010 ~% ~,s,ooo_......._.............201' ~l% 3SD.aoo_.._.....__.",2D,~ ~A S4S.QDO....._.._._.__...2CI11 ~ 3..aao_.......__..'u.-...20't4 ~v. Ci~ afDpbDlt1X SO West 1.3" S:IU . I)aW~ Iawa 52001-41&4 Ci\Y CCll9Gil M_~I!ft: m5,001O ....._.............2OD2 s.~... ~"" ~'" 5,'0% ~% ~" 215.00] ...__....._._,2Dml 22.5.00' _..._ .....-_..... 2004 240.000......_..._....... 2005 dO.COD -.".........-.....,... ZQDI. 2S5.OQO ........_.....__2ClO7 346 8833 -> CITY OF DUBUQUE' SPEER FINANCIAL ' HUU~H UNU~KnK!~~U Page 4 NO. 394 141 004 P. 211 UUl omClAJ.. BID >>OM 0l:cDbcr24, :aooo s"...l'lnIrMlfll.1ru. 1'''11~ (Ill) 291,",187 1385,CICIO .._...:,_. ...ZltIfi ~~ ~% 5.42-% ~% 2.i2..~ ~% 410.DCIO._.....__..2CI16 _,aGO ...___-.-2a17 455,. -..--.-..,. "75,000.- 2011 111:1.000...-_.....zaIO I ne Iiaadl lR tD llc ~ II'ld ..I1~ U11l1 in ...... vi* 1ha .....,... \W ..,.. ~'Ift by -1pfIIIIWiDI hili'" fit AldIn. CClODCf;, :oor-Ucr.1UyII.ie, SIIIitA & A~ l.e:., Du MoiItIs. loin. . ~ wiUpl1* 1Iac 1lIp1 opiDIaD. th~ !'I...-.... ... IIJIlIIfl'DrCDS'IP lam1I.rs witbbl. ~ ....,. ad psy d1. tio ch.."l "r .. CCSIP $C:rIia= B.... me!'" le"pt UlI Billa" ~ .. ctJ!JP IIUIIdIIn &I eo1Z:ftd an \he Boncis. As c-iidmce .:if l1li(" saa4!i&1~ _ encl- b=witb . ~ lIl' SurlIIY BaDlI pa~k III me mUr of~~ T,\'a5IInr at8le City ill tile IIIlDIIII& at TWO ntld2tt or 1'oUt. (me"~ __ m. __,ro\IUW. iA YOIlf 05cia1 Tcr=J orOllllrillI. ~c4 bcrttO>>. UK .mllllbctl Df'0IlIl' GCCNm oa wbaIc ~:ocbaUthil bid 11 made.. J!orm of''DeDoIi! Cbcck one: t::ctdcdlCubiI:S"1 o..ck [1 ~rIAD" SurelY Ban.d )( .i\1ZlalUlC 5125,300 '!be acCl'lll: ClnliCld/CUh.iC"lI CbcQ: '<I/lIS 'l'CIlDm .d rcc:d"lll! By Cbl:dtNumbcr.: v-'- V..._lllfamlatiDa Nae WILUAM R. HOUGH I CO. ~-~;:~~ Ci~ p/J -h s-IZip~~J DinlcdbDDe ~'"'7 ~ ~-~ ) St' FAX~f)~1 -~~:l- 'J",llb' Bid..... DftIid. :lJaanoanw VI. "on pVdI... iIJarU"fIOml (o-k Oa~ ~ _ftA _)QUA MaWri....;(Qec1c. 0",) ?'" ~'V..,. , n. :bnIIoilll bid '\l1'li ~cp_ -.ed me:&aads IUIld by IUClludaa .rlho Cil)' .. Cd- 24. 2DOD. end recAp: is benb1 ad=aftslpd Dft&t goad flli~ l>cpasit .ch.11 bciq belli ill u;emdaace _ _=- d'.ml ~ omciIl TCdIlI lJf'0AI:riaI0 . ,.:miST: CI1Y OF DtJBUQtS. DUBUQUE 001JN'IY. IOWA ~O' CJsrI: ~ MOT P AJlT 01' '1'BE aD) rcaicufcri.... 0/- u"...sf DlIIIJ CinJlti~ Leu Pn:mimnlPl\JI~ NCtJDtcrCIt COlt NelIatcrU~ ".. TOTJJ.BOMD~ A~GE.t.IFB s s (0 s ~ <f~ SJ.~OQ % S15,QA.5I 11.071 Y'am SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds I.. Final ~... 1~~~~!~~~~~gJ I Date of Bonds:1 01-Nov-OO Date I 01-Jun-01 01-Dec-01 01-Jun-02 01-Dec-02 01-Jun-03 01-Dec-03 01-Jun-04 01-Dec-04 01-Jun-05 01-Dec-05 01-Jun-06 01-Dec-06 01-Jun-07 01-Dec-07 01-Jun-08 01-Dec-08 01-Jun-09 01-Dec-09 01-Jun-10 01-Dec-10 01-Jun-11 01-Dec-11 01-Jun-12 01-Dec-12 01-Jun-13 01-Dec-13 01-Jun-14 01-Dec-14 01-Jun-15 01-Dec-15 01-Jun-16 01-Dec-16 01-Jun-17 01-Dec-17 01-Jun-18 01-Dec-18 01-Jun-19 01-Dec-19 01-Jun-20 Total 2~-OO Interest Principal , Rate 205,000 5.000% 215,000 5.000% 225,000 5.000% 240,000 5.125% 250,000 5.125% 255,000 5.125% 275,000 5.125% 285,000 5.125% 295,000 5.125% 315,000 5.125% 330,000 5.125% 345,000 5.125% 365,000 5.125% 385,000 5.125% 410,000 5.125% 430,000 5.125% 455,000 5.125% 475,000 5.125% 510,000 5.250% $6,265,000 I Net Interest Rate Bond Years Average Life Interest $187,198.96 160,456.25 160,456.25 155,331.25 155,331.25 149,956.25 149,956.25 144,331.25 144,331.25 138,181.25 138,181.25 131,775.00 131,775.00 125,240.63 125,240.63 118,193.75 118,193.75 110,890.63 110,890.63 103,331.25 103,331.25 95,259.38 95,259.38 86,803.13 86,803.13 77,962.50 77,962.50 68,609.38 68,609.38 58,743.75 58,743.75 48,237.50 48,237.50 37,218.75 37,218.75 25,559.38 25,559.38 13,387.50 13,387.50 Principal & Interest $187,198.96 160,456.25 365,456.25 155,331.25 370,331.25 149,956.25 374,956.25 144,331.25 384,331.25 138,181.25 388,181.25 131,775.00 386,775.00 125,240.63 400,240.63 118,193.75 403,193.75 110,890.63 405,890.63 103,331.25 418,331.25 95,259.38 425,259.38 86,803.13 431,803.13 77,962.50 442,962.50 68,609.38 453,609.38 58,743.75 468,743.75 48,237.50 478,237.50 37,218.75 492,218.75 25,559.38 500,559.38 13,387.50 523,387.50 $3,886,136.52 $10,151,136.52 5.221565%~ 75,624.58 12.071 File Name: Fiscal Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Premium Discount 1% This Issue $187,198.96 525,912.50 525,662.50 524,912.50 528,662.50 526,362.50 518,550.00 525,481.26 521,387.50 516,781.26 521,662.50 520,518.76 518,606.26 520,925.00 522,218.76 527,487.50 526,475.00 529,437.50 526,118.76 536,775.00 $10,151,136.52 , $62,650.00 ClientIDubuqueGOAir-Park2000C SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $5,600,000 General Obligation Bonds I I (Parking Ramp) Final I ~!E~~~~~~~~j IDate of Bonds~ 01-Nov-OO Total Interest Principal & Fiscal Principal & Interest Date I Principal I Rate Interest Interest Year Payment 01-Jun-01 $167,329.24 $167,329.24 2001 $167,329.24 01-Dec-01 143,425.06 143,425.06 01-Jun-02 185,000 5.000% 143,425.06 328,425.06 2002 471,850.12 01-Dec-02 138,800.06 138,800.06 01-Jun-03 190,000 5.000% 138,800.06 328,800.06 2003 467,600.12 o 1-Dec-03 134,050.06 134,050.06 01..Jun-04 200,000 5.000% 134,050.06 334,050.06 2004 468,100.12 01-Dec-04 129,050.06 129,050.06 01-Jun-05 215,000 5.125% 129,050.06 344,050.06 2005 473,100.12 01-Dec-05 123,540.68 123,540.68 01..Jun-06 225,000 5.125% 123,540.68 348,540.68 2006 472,081.36 01-Dec-06 117,775.05 117,775.05 01-Jun-07 230,000 5.125% 117,775.05 347,775.05 2007 465,550.10 01-Dec-07 111,881.30 111,881.30 01..Jun-08 245,000 5.125% 111,881.30 356,881.30 2008 468,762.60 01-Dec-08 105,603.17 105,603.17 01..Jun-09 255,000 5.125% 105,603.17 360,603.17 2009 466,206.34 01-Dec-09 99,068.79 99,068.79 01..Jun-10 265,000 5.125% 99,068.79 364,068.79 2010 463,137.58 01-Dec-10 92,278.16 92,278.16 01..Jun-11 280,000 5.125% 92,278.16 372,278.16 2011 464,556.32 01-Dec-11 85,103.16 85,103.16 01..Jun-12 295,000 5.125% 85,103.16 380,103.16 2012 465,206.32 01-Dec-12 77,543.78 77,543.78 01..Jun-13 310,000 5.125% 77,543.78 387,543.78 2013 465,087.56 01-Dec-13 69,600.03 69,600.03 01..Jun-14 325,000 5.125% 69,600.03 394,600.03 2014 464,200.06 01-Dec-14 61,271.90 61,271.90 01..Jun-15 345,000 5.125% 61,271.90 406,271.90 2015 467,543.80 01-Dec-15 52,431.27 52,431.27 01..Jun-16 365,000 5.125% 52,431.27 417,431.27 2016 469,862.54 01-Dec-16 43,078.14 43,078.14 01..Jun-17 385,000 5.125% 43,078.14 428,078.14 2017 471,156.28 01-Dec-17 33,212.51 33,212.51 01..Jun-18 405,000 5.125% 33,212.51 438,212.51 2018 471,425.02 01-Dec-18 22,834.38 22,834.38 01..Jun-19 425,000 5.125% 22,834.38 447,834.38 2019 470,668.76 01-Dec-19 11,943.75 11,943.75 01..Jun-20 455,000 5.250% 11,943.75 466,943.75 2020 478,887.50 Total $5,600,000 I $3,472,311.86 $9,072,311.86 $9.072.311.86 I Net Interest Rate 5.221585%' Premium Bond Years 67,571.66 Discount 1% $56,000.00 Average Life 12.066 24-Oct-OO File Name: ClientJDubuqueGOPark2000C SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $665,000 General Obligation Bonds (Airport) Final I Series 2000C I nu.. un....... n..... un......... ... .....". un ............ n. un..... n. n.... n......... .............................................. . .. I Date of Bonds: I 01-Nov-OO Total Interest Principal & Fiscal Principal & Interest Date I Principal ~ Rate Interest Interest Year Payment 01..Jun-01 $19,869.84 $19,869.84 2001 $19,869.84 01-Dec-01 17,031.29 17,031.29 01..Jun-02 20,000 5.000% 17,031.29 37,031.29 2002 54,062.58 01-Dec-02 16,531.29 16,531.29 01..Jun-03 25,000 5.000% 16,531.29 41,531.29 2003 58,062.58 01-De~3 15,906.29 15,906.29 01..Jun-04 25,000 5.000% 15,906.29 40,906.29 2004 56,812.58 01-Dec-04 15,281.29 15,28129 01..Jun-05 25,000 5.125% 15,281.29 40,281.29 2005 55,562.58 01-De~5 14,640.66 14,640.66 01..Jun-06 25,000 5125% 14,640.66 39,640.66 2006 54,281.32 01-Dec-06 14,000.03 14,000.03 01..Jun-07 25,000 5.125% 14,000.03 39,000.03 2007 53,000.06 01-De~7 13,359.40 13,359.40 01..Jun-08 30,000 5.125% 13,359.40 43,359.40 2008 56,718.80 01-Dec-08 12,590.65 12,590.65 01..Jun-09 30,000 5.125% 12,59065 42,590.65 2009 55,181.30 01-Dec-09 11,82190 11,821.90 01..Jun-10 30,000 5.125% 11,82190 41,821.90 2010 53,643.80 01-Dec-10 11,053.15 11,05315 01..Jun-11 35,000 5.125% 11,05315 46,053.15 2011 57,106.30 01-Dec-11 10,156.27 10,156.27 01..Jun-12 35,000 5.125% 10,156.27 45,156.27 2012 55,312.54 01-Dec-12 9,259.39 9,259.39 01..Jun-13 35,000 5.125% 9,25939 44,259.39 2013 53,518.78 01-Dec-13 8,36251 8,36251 01..Jun-14 40,000 5.125% 8,362.51 48,362.51 2014 56,725.02 01-Dec-14 7,337.51 7,337.51 01..Jun-15 40,000 5.125% 7,337.51 47,337.51 2015 54,675.02 01-Dec-15 6,312.51 6,312.51 01..Jun-16 45,000 5.125% 6,312.51 51,312.51 2016 57,625.02 01-Dec-16 5,159.38 5,159.38 01..Jun-17 45,000 5.125% 5,159.38 50,159.38 2017 55,318.76 01-Dec-17 4,006.25 4,006.25 01..Jun-18 50,000 5125% 4,006.25 54,006.25 2018 58,012.50 01-Dec-18 2,725.00 2,725.00 01..Jun-19 50,000 5.125% 2,72500 52,725.00 2019 55,450.00 01-Dec-19 1,443.75 1,44375 01..Jun-2O 55,000 5.250% 1,443.75 56,443.75 2020 57,887.50 Total $665,000 I $413,826.88 $1,078,826.88 $1,078,826.88 I Net Interest Rate 5.221424%1 Premium Bond Years 8,052.916 Discount $ 6,650.00 Average Life 12.110 24-Oct-OO SPEER FINANCIAL, INC. File Name: clienUDubuqueAirport2000CFinal AHLERS, COONEY, DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. ATTORNEYS AT LAW KENNETH H. HAYNIE WADE R. HAUSER III RONALD L. PEELER GORDON D. GRETA JOHN F. MCKINNEY, JR. WILLIAM J. NOTH ANDREW J. BRACKEN OF COUNSEL RICHARD G. SANTI DAVID SWINTON STEVEN L. SERCK 100 COURT AVENUE, SUITE 600 EDGAR H. BITTLE LINDA L. KNIEP STEVEN M. NADEL PAUL F. AHLERS DES MOINES, IOWA 50309-2231 RONALD L. SUTPHIN JOHN D. HINTZE ELIZABETH A. GROB H. RICHARD SMITH LANCE A. COPPOCK PETER PASHLER JENNIFER A. CLENDENIN ROBERT G. ALLBEE http://www.ahlerslaw.com DAVID H. LUGINBILL IVAN T. WEBBER PATRICIA A. WESTEMEYER DOUGLAS R. SMITH MARK W. BEERMAN JANE B. MCALLISTER NATHAN J. OVERBERG TElEPHONE 515-243-7611 EDWARD W. REMSBURG JAMES C. HANKS DANIELLEJ. LATHAM PHILIP J. DORWEILER, Retired TElECOPIER 515-243-2149 RANDALL H. STEFANI R. MARK CORY JAMES R. WAINWRIGHT JAMES EVANS COONEY ELIZABETH GREGG KENNEDY SERGE H. GARRISON J. ERIC BOEHLERT (1917-1998) October 10, 2000 Ms. Pauline A. Joyce Director of Administrative Services City of Dubuque 50 W. 13th Street Dubuque, Iowa 52001 RE: $6,265,000 General Obligation Bonds, Series 2000C Dear Ms. Joyce: We enclose herewith suggested proceedings for the sale date covering the reception of bids and award of the Bonds to the lowest bidder and form of resolution awarding the Bonds. Sealed bids for the Bonds, as well as any bids submitted by facsimile, should be received by the Director of Administrative Services and listed in the minutes. After a final call for sealed bids, the bids should then be opened and the best bid recorded. All bids should then be referred to the Council for award of the Bonds. The Bonds are to be sold to the best bidder. The Notice of Bond Sale sets out the restrictions on the type ofinterest rates which may be bid, as well as the number of rates. Each bid should be reviewed for compliance with the terms of sale. Different interest rates may be bid for each maturity and each interest rate must be in a multiple of one-eighth/one-twentieth of one percent. Each bidder is required to furnish a bid check or financial surety bond in the amount of $125,800. A check of the successful bidder should be held uncashed as your security that the bidder will take the Bonds as agreed upon when the same have been printed and are ready for delivery. An extra copy of the procedure is enclosed to be completed as the original and certified to our office, together with a copy of the signed Official Bid Form. October 10,2000 Page 2 If any questions arise, please do not hesitate to contact me. Yours very truly, ~ William J. Noth FOR THE FIRM WJN:dc encl. cc: Barry Lindahl Larry Burger DCORNELL \248790\1 \1 0422056 SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds 1~~f?P~~!~J I ~~~i~.t;..~.~~~.~.......l I ........................~... Aaa .. I Date of Bond~ 01-Nov-OO Interest Principal & Fiscal This Date I Principal , Rate Interest Interest Year Issue 01..Jun-01 $180,977.71 $180,977. 71 2001 $180,977.71 01-Dec-01 155,123.75 155,123.75 01-Jun-02 205,000 4.300% 155,123.75 360,123.75 2002 515,247.50 01-Dec-02 150,716.25 150,716.25 01-Jun-03 215,000 4.350% 150,716.25 365,716.25 2003 516,432.50 01-Dec-03 146,040.00 146,040.00 01-Jun-04 225,000 4.4000k 146,040.00 371,040.00 2004 517,080.00 01-Dec-04 141,090.00 141,090.00 01-Jun-05 240,000 4.450% 141,090.00 381,090.00 2005 522,180.00 01-Dec-05 135,750.00 135,750.00 01-Jun-06 250,000 4.500% 135,750.00 385,750.00 2006 521,500.00 01-Dec-06 130,125.00 130,125.00 01-Jun-07 255,000 4.550% 130,125.00 385,125.00 2007 515,250.00 01-Dec-07 124,323.75 124,323.75 01-Jun-08 275,000 4.600% 124,323.75 399,323.75 2008 523,647.50 01-Dec-08 117,998.75 117,998.75 01-Jun-09 285,000 4.650% 117,998.75 402,998.75 2009 520,997.50 o 1-Dec-09 111,372.50 111,372.50 01-Jun-10 295,000 4.700% 111,372.50 406,372.50 2010 517,745.00 01-Dec-10 104,440.00 104,440.00 01-Jun-11 315,000 4.800% 104,440.00 419,440.00 2011 523,880.00 01-Dec-11 96,880.00 96,880.00 01-Jun-12 330,000 4.900% 96,880.00 426,880.00 2012 523,760.00 01-Dec-12 88,795.00 88,795.00 01-Jun-13 345,000 5.000% 88,795.00 433,795.00 2013 522,590.00 01-Dec-13 80,170.00 80,170.00 01-Jun-14 365,000 5.100% 80,170.00 445,170.00 2014 525,340.00 01-Dec-14 70,862.50 70,862.50 01-Jun-15 385,000 5.150% 70,862.50 455,862.50 2015 526,725.00 01-Dec-15 60,948.75 60,948.75 01-Jun-16 410,000 5.200% 60,948.75 470,948.75 2016 531,897.50 01-Dec-16 50,288.75 50,288.75 01-Jun-17 430,000 5.300% 50,288.75 480,288.75 2017 530,577.50 01-Dec-17 38,893.75 38,893.75 01-Jun-18 455,000 5.350% 38,893.75 493,893.75 2018 532,787.50 01-Dec-18 26,722.50 26,722.50 01-Jun-19 475,000 5.400% 26,722.50 501,722.50 2019 528,445.00 01-Dec-19 13,897.50 13,897.50 01-Jun-20 510,000 5.450% 13,897.50 523,897.50 2020 537,795.00 Total $6 265 000 ,134,855.21 $10 134 855.21 Net Interest Rate 5.200036%1 Premium Bond Years 75,624.58 Discount 1% $62,650.00 Average Life 12~,-LW~ 24-Oct-OO File Name: ClientIDubuqueGOAir-Park2000C Q 0 0 0'<" C> :0 n c Q -f m 0- c ~c N C) .0 -,~, .r- C ;,~., . III SD co V < -.'.i' 0 -,,,,, )> ~ ":? m o. 0 CD 0 w SPEER FINANCIAL, INC. City of Dubuque, Dubuque County, Iowa $6,265,000 General Obligation Bonds I. Proposed I I .....~.~~i~.~...~.~~~~.....1 ~ClClI!1~t.J~E!~J ....................................... I Date of Bond~ 01-Nov-OO Interest Principal & Fiscal This Date I Principal ~ Rate Interest Interest Year Issue 01..Jun-01 $185,116.46 $185,116.46 2001 $185,116.46 01-Dec-01 158,671.25 158,671.25 01-Jun-02 205,000 4.450% 158,671.25 363,671.25 2002 522,342.50 01-Dec-02 154,110.00 154,110.00 01-Jun-03 215,000 4.500% 154,110.00 369,110.00 2003 523,220.00 01-Dec-03 149,272.50 149,272.50 01-Jun-04 225,000 4.550% 149,272.50 374,272.50 2004 523,545.00 01-Dec-04 144,153.75 144,153.75 01..Jun-05 240,000 4.600% 144,153.75 384,153.75 2005 528,307.50 01-Dec-05 138,633.75 138,633.75 01-Jun-06 250,000 4.650% 138,633.75 388,633.75 2006 527,267.50 01-Dec-06 132,821.25 132,821.25 01-Jun-07 255,000 4.700% 132,821.25 387,821.25 2007 520,642.50 01-Dec-07 126,828.75 126,828.75 01-Jun-08 275,000 4.750% 126,828.75 401,828.75 2008 528,657.50 01-Dec-08 120,297.50 120,297.50 01-Jun-09 285,000 4.800% 120,297.50 405,297.50 2009 525,595.00 01-Dec-09 113,457.50 113,457.50 01-Jun-10 295,000 4.900% 113,457.50 408,457.50 2010 521,915.00 01-Dec-10 106,230.00 106,230.00 01-Jun-11 315,000 4.950% 106,230.00 421,230.00 2011 527,460.00 01-Dec-11 98,433.75 98,433.75 01-Jun-12 330,000 5.050% 98,433.75 428,433.75 2012 526,867.50 01-Dec-12 90,101.25 90,101.25 01..Jun-13 345,000 5.150% 90,101.25 435,101.25 2013 525,202.50 01-Dec-13 81,217.50 81,217.50 01-Jun-14 365,000 5.200% 81,217.50 446,217.50 2014 527,435.00 01-Dec-14 71,727.50 71,727.50 01..Jun-15 385,000 5.250% 71,727.50 456,727.50 2015 528,455.00 01-Dec-15 61,621.25 61,621.25 01-Jun-16 410,000 5.300% 61,621.25 471,621.25 2016 533,242.50 01-Dec-16 50,756.25 50,756.25 01-Jun-17 430,000 5.350% 50,756.25 480,756.25 2017 531,512.50 01-Dec-17 39,253.75 39,253.75 01-Jun-18 455,000 5.400% 39,253.75 494,253.75 2018 533,507.50 01-Dec-18 26,968.75 26,968.75 01..Jun-19 475,000 5.450% 26,968.75 501,968.75 2019 528,937.50 01-Dec-19 14,025.00 14,025.00 01-Jun-20 510,000 5.500% 14,025.00 524,025.00 2020 538,050.00 Total $6 265 000 $3,942,278.96 $10,207,278.96 $10207278.96 Net Interest Rate 5.295803%~ Premium Bond Years 75,624.58 scount 1% $62,650.00 Average Life 12.0 24-Oct-OO ClientlDubuqueGOAir -Park2000C o ;::;; 0".< (-- r-o ,.) --" e(l) -~2 ~~ (;) '''' ~ __0 )>:=-: (1 CD <::) o o o ~ N ..;::- :0 ;11 C; ;11 -0 :3' ? m o tf! c::> w