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)
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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
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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
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SPEER FINANCIAL, INC.
City of Dubuque, Dubuque County, Iowa
$6,265,000 General Obligation Bonds
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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
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