Loading...
General Obligation and Urban Renewal Bonds Series 2012 A and 2012B_SaleMasterpiece on the Mississippi January 18, 2012 Dubuque bierd All- America City 1 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: $4,380,000 General Obligation Urban Renewal Bonds, Series 2012A $7,495,000 General Obligation Bonds, Series 2012B The sale of $4,380,000 General Obligation Bonds, Series 2012A; and $7,495,000 General Obligation Bonds, Series 2012B will be held Monday, February 6, 2012 at 11:00 a.m. The results will be brought to the February 6th City Council Meeting. A letter from Attorney William Noth detailing information on the bond sale is attached. Michael C. Van Milligen MCVM /jml Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Jennifer Larson, Budget Director Kenneth TeKippe, Finance Director AHLERS &COONEY, P.C. 100 COURT AVENUE, SUITE 600 DES MOINES, IOWA 50309 -2231 PHONE: 515 -243 -7611 FAX: 515 -243 -2149 WWW.AHLERSLAW.COM William J. Noth wnoth @ahlerslaw.com January 18, 2012 Ms. Jenny Larson Budget Director City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 RE: General Obligation Urban Renewal Bonds, Series 2012A General Obligation Bonds, Series 2012B Dear Ms. Larson: Direct Dial: (515)246 -0332 With this letter I am enclosing proceedings for the sale date (February 6, 2012), in each case covering minutes of the reception of bids and form of resolution awarding the Bonds to the best bidder. In each case, sealed and electronic bids for the Bonds should be received by the Finance Director and listed in the minutes. After a final call for sealed bids, the bids should then be opened and the best bid recorded. Only sealed and electronic bids are permitted by the terms of sale. No other bids should be considered. All bids should then be referred to the Council for award of the Bonds. Acceptance of the best bid can be made by execution of the applicable bid form. I also am enclosing suggested proceedings to be adopted by the Council calling the principal amount of the outstanding General Obligation Capital Loan Notes, Series 2010F, dated September 20, 2010, for redemption on March 15, 2012. The resolution includes the appropriate form of Notice of Redemption. This resolution should be adopted only if the Council determines to award the 2012B Bonds to the best bidder for the same. WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; BAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914: BANNISTER. CARPENTER, AHLERS & COONEY - 1950; AHLERS, COONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974; AHLERS, COONEY. DORWEILER, HAYNIE. SMITH & ALLBEE. P.C. - 1990 January 18, 2012 Page 2 According to the provisions of the resolution authorizing issuance of the Series 2010F Notes, notice must be given to the registered holders at least 10 days prior to the redemption date by certified mail. The Notice should be given by the Finance Director, as Registrar for this issue. Extra copies of the proceedings are enclosed to be completed as the originals and returned to us for our transcript of the action taken. In addition, please return copies of the bids and particularly the accepted bid in each case. Should you have any questions, please don't hesitate to contact me. Very truly yours, ./\/ William J. Noth WJN:dc encl. cc: Ken TeKippe (w /encl.) Tionna Pooler (w /encl.) 00829677 -1 \10422 -130 NOTICE OF BOND SALE Time and Place of Sealed Bids: Sealed ' bids for the sale of Bonds of the City of Dubuque, Iowa, will be received at the office of the Finance Director, City Hall, 50 West 13th Street, in the City of Dubuque, . Iowa (the "Issuer ") at 11:00 • o'clock A.M., on the 6th day of February, 2012. The bids will then be publicly opened and referred for action to the meeting of the City .. Council" in • c'o'nformity ° with tlieiterms of- offer- ing. "' 3 Sale And tAnto0Pirlie sale ankd,jawa d,,� Bonds IIbew:' i-. ;a1 the ' •F oric Ee -ral "Gt Buildin '9'50.+ lesig6thr •.830 Street, Ddbuque, Iowa, (tee' at, a:me tlii Couneij 'on "_ o Af' Otteniiig: date .;af„, • shaJL be;in•cbnt 'The ` and th The Borvids:" The esfial'I'e in actor Bonds to *offered; are w,t15' the Terms, of'Qf- the fojlowing: , • . feri .,as.i.set forth in GENERAL OBCIOk1tON theD ial Stateme_�rar�t URBAN., • ,.Ii �ENEW, . <, •,L ...fit! Qpirlion: Srai'd BONDS;; 9�{ PES. 2012 Lion ' iilr be o d b- in the; • Biroun ' ' Ott''to -iphe opsirito�rt of $4,380;000, ,to b,e ;dated ,y hies -s'& Cooney, P:C., ' the l fdd �Jo f^'sMltporkiyiejYSsi: ,.ef,•:,.Des, GE...,.. OBt C�` :Moines° Iowa, i ., B 0 1 ` J i D S , , S E R Y I E S > 125, l`egali Waryd their opin- - in the amount, " of , Orr will be furrn hed $7,495,000, to be dated. ,. eltber with,th print- the dat of-delivery.' � s yii'thout cost ' atgether, •thew 'ta ite, purchaser and "Bonds") all bids will be so con - Adjustment of Prin. ditioned. Except to the cipal Amounts. The. extent necessary to is- Issuer ieserves,t -the ". sietFieir, opinion ,as to right to increase or de- the legality of the crease the aggregate Bonds, the attorneys will not examine or re- view or express any opinion with respect to the accuracy or com- pleteness of docu- ments, materials or statements • made or furnished in connec- tion with the sale, issu- ance or marketing ,of the Bonds. Rights Reserved: The right is reserved to reject any or all bids, and to waive any,irreg- ularities as deemed to be in the best interests of the public. By order of the City Council of the City of Dubuque, Iowa. Kevin S. Firnstahl City Clerk of the City of Dubuque, Iowa Bids: After the time for receipt of bids has passed, the close of sealed bids will be an- nounced. Sealed bids will then be publicly opened and an- nounced. Finally, .elec- tronic internet bids will be accessed and an- nounced. Official Statement The Issuer has issued an Official Statement of information pertain- ing to the Bonds to be offered, including a statement of the Terms of Offering and an Offi- cial Bid Form for each series, which is incor- porated by reference as a part of this notice. i The Official Statement may be obtained by re- qucst addressed to the City Clerk, 50 W. 13th Stre, ,• Dubuque, Iowa SZ • ctel,ep: ie: 563` -4100) or the ji- adviso'f.,to'ithe i +'iFopal e O.f a','"5 bin'esa Iowa E., ,5154487 principal amount of each series of the Bonds at the time of sale, as described in the Terms of Offering. ,Any such change will be in increments of $5,000, and may be made in any of the ma- turities. The purchase price will be adjusted proportionately to re- flect any change in is- sue size. Manner of Bidding: Open bids will not be received. Bids for each series of the Bonds will be received by any of the following methods: Sealed Bidding: Sealed bids may be submitted and will be received at the office of the Finance Director, It 1/20 -City Hall, Dubuque, to wa. Electronic Internet Bidding: Electronic in- ternet bids will be re- ceived at the office of the Finance Director, City Hall, Dubuque, Io- wa. The bids must be submitted through the PARITY competitive bidding system. Electronic Facsimile Bidding: Electronic facsimile bids will be received at the office of the Finance Director, Dubuque, Iowa (fac- simile number. 563/589 -0890 or 563/690- 6689). Elec- tronic facsimile bids will be sealed and treated as sealed bids. Consideration of STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper on the following dates: January 20, 2012, and for which the charge is $52.16. (9,4, Subscribed to before me otary Public in and for Dubuque County, Iowa, this �!p ffj day of , 20 /X., . Notary Public in and for Dubuque County, Iowa. i''1nY K. TABULATION OF BIDS City of Dubuque, Iowa $4,380,000 General Obligation Urban Renewal Bonds, Series 2012A AWARD: ROBERT W. BAIRD & CO., INC. RATINGS: Moody's Investor Services `Aal' SALE DATE: February 6, 2012 NAME OF BIDDER COUPON NET INTEREST COST RATE YEAR & TRUE INTEREST RATE PRICE ROBERT W. BAIRD & CO., INC. Milwaukee, Wisconsin C.L. KING & ASSOCIATES, INC. New York, New York FIDELITY CAPITAL MARKETS Chicago, Illinois EDWARD D. JONES & CO. Saint Louis, Missouri COASTAL SECURITIES, INC. Houston, Texas DAVENPORT & CO., LLC Richmond, Virginia SAMCO CAPITAL MARKETS, INC. Houston, Texas KILDARE CAPITAL Philadelphia, Pennsylvania CREWS & ASSOCIATES, INC. Little Rock, Arkansas DUNCAN - WILLIAMS, INC. Richmond, Virginia WEDBUSH SECURITIES, INC. Phoenix, Arizona BOSC, INC. Richardson, Texas WELLS NELSON & ASSOCIATES LLC Dallas, Texas INCAPITAL LLC Chicago, Illinois WILLIAM BLAIR & COMPANY, LLC Chicago, Illinois NW CAPITAL MARKETS, INC. Jersey City, New Jersey ISAAK BOND INVESTMENTS, INC. Denver, Colorado NORTHLAND SECURITIES, INC. Minneapolis, Minnesota ROSS, SINCLAIRE & ASSOCIATES, LLC Cincinnati, Ohio CRONIN & CO., INC. Minneapolis, Minnesota CORBY CAPITAL MARKETS, INC. Boston, Massachusetts JACKSON SECURITIES, LLC Atlanta, Georgia 2.000% 2.125% 2.250% 2.375% 2.500% 2.750% 3.000% 2014 -2022 2023 2024 2025 2026 -2027 2028 2029 -2031 $1,274,992.74 2.5444% $4,360,912.95 The PFM Group PUI1!;4 Finirua! iana�,F:mSr,l br PFM As-ie1 P riagt_:rienl LLC, PFArI F \dvi5; ri ; 801 Grand Avenue, Suite 3300 Des Moines, Iowa 50309 (515) 243-2600 $4,380,000 General Obligation Urban Renewal Bonds, Series 2012A City of Dubuque, Iowa Monday, February 6, 2012 Page 2 NAME OF BIDDER COUPON NET INTEREST COST' RATE YEAR & TRUE INTEREST RATE PRICE RAYMOND JAMES & ASSOCIATES, INC. 2.000% 2014 -2022 $1,316,816.43 New York, New York 2.250% 2023 MORGAN STANLEY & CO., INC. 2.375% 2024 New York, New York 3.000% 2025 -2031 US BANCORP INVESTMENTS, INC. New York, New York HUTCHINSON, SHOCKEY, ERLEY & CO. 1.000% 2014 Chicago, Illinois 2.000% 2015 -2021 2.250% 2022 2.500% 2023 -2024 2.750% 2025 -2026 3.000% 2027 -2031 CITIGROUP GLOBAL MARKETS INC. 2.000% 2014 -2020 New York, New York 2.250% 2021 UBS 2.500% 2022 Chicago, Illinois 2.625% 2023 J.P. MORGAN SECURITIES LLC 2.750% 2024 New York, New York 3.000% 2025 -2027 3.125% 2028 3.250% 2029 -2030 3.500% 2031 2.6126% $4,396,989.20 $1,366,534.69 $4,341,581.70 2.7334% $1,471,504.40 $4,341,805.25 2.9390% TABULATION OF BIDS City of Dubuque, Iowa $7,495,000 General Obligation Bonds, Series 2012B AWARD: ROBERT W. BAIRD & CO., INC. RATINGS: Moody's Investor Services `Aal' SALE DATE: February 6, 2012 NAME OF BIDDER COUPON NET INTEREST COST RATE YEAR & TRUE INTEREST RATE PRICE ROBERT W. BAIRD & CO., INC. Milwaukee, Wisconsin C.L. KING & ASSOCIATES, INC. New York, New York FIDELITY CAPITAL MARKETS Chicago, Illinois EDWARD D. JONES & CO. Saint Louis, Missouri COASTAL SECURITIES, INC. Houston, Texas DAVENPORT & CO., LLC Richmond, Virginia SAMCO CAPITAL MARKETS, INC. Houston, Texas KILDARE CAPITAL Philadelphia, Pennsylvania CREWS & ASSOCIATES, INC. Little Rock, Arkansas DUNCAN - WILLIAMS, INC. Richmond, Virginia WEDBUSH SECURITIES, INC. Phoenix, Arizona BOSC, INC. Richardson, Texas WELLS NELSON & ASSOCIATES LLC Dallas, Texas INCAPITAL LLC Chicago, Illinois WILLIAM BLAIR & COMPANY, LLC Chicago, Illinois NW CAPITAL MARKETS, INC. Jersey City, New Jersey ISAAK BOND INVESTMENTS, INC. Denver, Colorado NORTHLAND SECURITIES, INC. Minneapolis, Minnesota ROSS, SINCLAIRE & ASSOCIATES, LLC Cincinnati, Ohio CRONIN & CO., INC. Minneapolis, Minnesota CORBY CAPITAL MARKETS, INC. Boston, Massachusetts JACKSON SECURITIES, LLC Atlanta, Georgia 2.000% 2013 -2021 2.250% 2022 -2023 2.375% 2024 2.500% 2025 -2026 3.000% 2027 -2030 3.125% 2031 $2,291,394.39 2.7031% $7,428,195.75 The PFM Group Public Financial Management, PFM Asset Management LLC REM Advisors 801 Grand Avenue, Suite 3300 Des Moines, Iowa 50309 (515) 243-2600 $7,495,000 General Obligation Bonds, Series 2012B City of Dubuque, Iowa Monday, February 6, 2012 Page 2 NAME OF BIDDER COUPON NET INTEREST COST RATE YEAR & TRUE INTEREST RATE PRICE US BANCORP INVESTMENTS, INC. 2.000% 2013 -2021 New York, New York 2.250% 2022 -2023 MORGAN STANLEY & CO., INC. 2.500% 2024 New York, New York 3.000% 2025 -2030 RAYMOND JAMES & ASSOCIATES, INC. 3.250% 2031 New York, New York HUTCHINSON, SHOCKEY, ERLEY & CO. 2.000% 2013 -2021 Chicago, Illinois 2.250% 2022 2.400% 2023 2.500% 2024 2.750% 2025 3.000% 2026 -2029 3.125% 2030 -2031 $2,337,103.00 2.7481% $7,460,767.00 $2,349,631.48 $7,439,816.85 2.7683% CITIGROUP GLOBAL MARKETS INC. 2.000% 2013 -2020 $2,452,374.39 $7,424,274.50 New York, New York 2.250% 2021 -2022 UBS 2.500% 2023 2.8911% Chicago, Illinois 2.750% 2024 J.P. MORGAN SECURITIES LLC 3.000% 2025 -20208 New York, New York 3.125% 2029 3.250% 2030 3.375% 2031 r ja (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa. Date of Meeting: February 6 , 2012. Time of Meeting: 6:30 o'clock P .M. Place of Meeting: Historic Federal Building, 350 West 6th Street, 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: $4,380,000 General Obligation Urban Renewal Bonds, Series 2012A $7,495,000 General Obligation Bonds, Series 2012B Resolutions directing sale. Such additional matters as are set forth on the additional g 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. February 6, 2012 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 facsimile bids and electronic bids and to refer the sale of the Bonds to the best and most favorable bidders for cash, subject to approval by the City Council at 6:30 o'clock P.M. on the above date. The following persons were [available]: Finance Director Ken TeKippe, Assistant Finance Director Jean Nachtman, Budget Director Jennifer Larson Absent: * * * * * * * * This being the time and place for the opening of bids for the sale of $4,380,000 General Obligation Urban Renewal Bonds, Series 2012A, 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: None 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: Robert W. Baird & Co., Inc., et. al - Milwaukee, Wisconsin Raymond James & Associates, et al - New York, New York Hutchinson, Shockey, Erley & Co., - Chicago, Illinois CitiGroup Global Markets, Inc., et al - New York, New York 4. The best bid was determined to be as follows: Name & Address of Bidder: Robert W. Baird, & Co., Inc., Milwaukee, WI Principal Amount: $4,380.000 True Interest Cost: $1,274,992.74 True Interest Rate: 2.5444% All bids were then referred to the Council for action in accordance with the Notice of Sale. This being the time and place for the opening of bids for the sale of $7,495,000 General Obligation Bonds, Series 2012B, 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: None 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: Robert W. Baird & Co., Inc., et al — Milwaukee, Wisconsin US Bancorp Investments, Inc., et al — New York, New York Hutchinson, Shockey, Erley & Co. — Chicago, Illinois CitiGroup Global Markets, Inc., et al — New York, New York 4. The best bid was determined to be as follows: Name & Address of Bidder: Robert W. Baird & Co., Inc., et al — Milwaukee, WI Principal Amount: $7,495,000 True Interest Cost: $2,291,394.39 True Interest Rate: 2.7031% All bids were then referred to the Council for action in accordance with the Notice of Sale. February 6, 2012 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Karla Braig, Joyce Connor, Ric Jones, Kevin Lynch, David Resnick, Lynn Sutton Absent: Council Member Braig introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2012A" and moved its adoption. Council Member Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Connors, Jones, Lynch, Resnick, Sutton, Braig, Buol NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 32 -12 RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2012A 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: GENERAL OBLIGATION URBAN RENEWAL BONDS, SERIES 2012A: Bidder: Robert W. Baird & Co., Inc., et al of Milwaukee, Wisconsin the terms of said bid being: Purchase Price: $4,360,912.95 Principal Amount: $4,380,000 True Interest Rate: 2.5444% True Interest Cost: $1,274,992.74 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the bid for the Series 2012A Bonds as above set out is hereby determined to be the best and most favorable bid received and, said Series 2012A Bonds are hereby awarded based on said bid. Section 2. That the form of contract for the sale of said Series 2012A Bonds is hereby approved and the Mayor and City Clerk are authorized to execute and attest the same on behalf of the City. Section 3. That the notice of the sale of the Series 2012A Bonds heretofore given and all acts of the City Clerk and Finance Officer done in furtherance of the sale of said Series 2012A Bonds are hereby ratified and approved. PASSED AND APPROVED, this 6th February , 2012. day of ATTEST: / v Mayor Council Member Braig introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS, SERIES 2012B" and moved its adoption. Council Member Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Connors, Jones, Lynch, Resnick, Sutton, Braig, Buol NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION NO. 33-12 RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS, SERIES 2012B 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: GENERAL OBLIGATION BONDS, SERIES 2012B: Bidder: Robert W. Baird & Co, Inc. et al of Milwaukee, Wisconsin the terms of said bid being: Purchase Price: $ $7,428,195.75 Principal Amount: $7,495,000 True Interest Rate: 2.7031% True Interest Cost: $2,291,394.39 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the bid for the Series 2012B Bonds as above set out is hereby determined to be the best and most favorable bid received and, said Series 2012B Bonds are hereby awarded based on said bid. Section 2. That the form of contract for the sale of said Series 2012B Bonds is hereby approved and the Mayor and City Clerk are authorized to execute and attest the same on behalf of the City. Section 3. That the notice of the sale of the Series 2012B Bonds heretofore given and all acts of the City Clerk and Finance Officer done in furtherance of the sale of said Series 2012B Bonds are hereby ratified and approved. PASSED AND APPROVED, this 6 t h february , 2012. day of Mayor ATTEST: e(This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of the City of Dubuque, Iowa. Date of Meeting: Fehrua ry 6 , 2012. Time of Meeting: 6:30 o'clock P .M. Place of Meeting: Historic Federal Building, 350 West 6th Street, 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 the meeting is as follows: Resolution Authorizing the Redemption of Outstanding General Obligation Capital Loan Notes, Series 2010F, dated September 20, 2010 Such additional matters as are set forth on the additional 7 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. City C erk, Dubuqu-, Iowa February 6 2012 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol, in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Ric Jones, Kevin Lynch, David Resnick Lynn Sutton Absent: * * * * * * * * 2 Council Member Braig introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2010F, DATED SEPTEMBER 20, 2010, OF THE CITY OF DUBUQUE, IOWA, AND DIRECTING NOTICE OF REDEMPTION," and moved its adoption. Council Member Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Connors, Jones, Lynch, Resnick, Sutton, Braig, Buol NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 34 -12 RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES 2010F, DATED SEPTEMBER 20, 2010, OF THE CITY OF DUBUQUE, IOWA, AND DIRECTING NOTICE OF REDEMPTION WHEREAS, the City has heretofore authorized the issuance of $2,850,000 General Obligation Capital Loan Notes, Series 2010F, dated September 20, 2010 (the "Series 2010F Notes "); and WHEREAS, the Series 2010F Notes may be called for redemption and paid before maturity on said date or any date thereafter, from any funds regardless of source, in whole or from time to time in part, upon giving notice in the manner provided in the foregoing resolution authorizing the issuance of the Series 2010F Notes; and WHEREAS, it is deemed necessary and advisable that the Series 2010F Notes be so redeemed and notice of redemption be given. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the outstanding General Obligation Capital Loan Notes, Series 2010F, dated September 20, 2010, in the principal amount of $1,900,000, be and the same are hereby redeemed as of March 15, 2012. 3 Section 2. The Finance Director, as Registrar and Paying Agent for the Series 2010F Notes, is hereby authorized and directed to cause notice of such redemption to be given not less than ten (10) days prior to the redemption date. Section 3. The Finance Director is hereby authorized and directed to cause to be deposited in a separate fund, from the proceeds of the General Obligation Bonds, Series 2012B, an amount sufficient to pay all principal and interest on the redeemed Series 2010F Notes to the date of redemption. Section 4. That the form of such notice be substantially as follows: 4 NOTICE OF THE CALL OF NOTES FOR REDEMPTION TO THE HOLDERS OF THE FOLLOWING DESCRIBED NOTES: Please take notice that the Notes described below have been called for redemption. Owners of the Notes should present their Notes for payment on the Redemption Date. Issuer: City of Dubuque, Iowa Original Issue Amount: $2,850,000 Bond Issue: General Obligation Capital Loan Notes, Series 2010F Dated Date: September 20, 2010 Redemption Date: March 15, 2012 Redemption Price: Par, plus accrued interest Notes Called for Redemption Interest Principal Maturity Rate Amount Date 1.49% $950,000 June 1, 2012 1.49% 950,000 June 1, 2013 5 The above Series 2010F Notes should be presented to the Register, Finance Director, City of Dubuque, 50 West 13th Street, Dubuque, Iowa 52001 (telephone: 563/589- 4133). This represents a full call of the outstanding obligations. All interest on the Series 2010F Notes being so redeemed will cease to accrue on the Redemption Date. Finance Director, City of Dubuque, Iowa (End of Notice) 6 PASSED AND APPROVED this 6th day of February , 2012. ATTEST: 1 u L, Mayor ?— PARITY Bid Form Page 1 of 1 Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid Dubuque $4,380,000 General Obligation Urban Series 2012A For the aggregate principal amount of $4,380,000.00, we will pay you $4,360,912. the date of delivery. The Bonds are to bear inter Renewal Bonds, 95, plus accrued interest from the date of issue to Maturity Date Amount $ Coupon % 06/01/2014 205M 2.0000 06/01/2015 205M 2.0000 06/01/2016 210M 2.0000 06/01/2017 210M 2.0000 06/01/2018 215M 2.0000 06/01/2019 220M 2.0000 06/01/2020 225M 2.0000 06/01/2021 225M 2.0000 06/01/2022 230M 2.0000 06/01/2023 240M 2.1250 06/01/2024 245M 2.2500 06/01/2025 250M 2.3750 06/01/2026 260M 2.5000 06/01/2027 270M 2.5000 06/01/2028 275M 2.7500 06/01/2029 285M 3.0000 06/01/2030 300M 3.0000 06/01/2031 310M 3.0000 Total Interest Cost: $1,255,905.69 Discount: $19,087.05 Net Interest Cost: $1,274,992.74 TIC: 2.544429 Time Last Bid Received On:02/06/2012 10:53:22 CST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee , WI Contact: Drew Kanyer Title: Telephone:414- 765 -7331 Fax: Issuer Name: City of Dubuque Accepted By: Date: 2/8/12 Company Name: Accepted By: Date: https: / /www. newissuehome. i -deal. com /Parity/ asp/ main. asp ?frame= content &page= parityB id... 2/6/2012 PARITY Bid Form Page 1 of 1 Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid Dubuque $7,495,000 General Obligation Bonds, Series 2012B For the aggregate principal amount of $7,495,000.00, we will pay you $7,428,195.75, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear inter Maturity Date Amount $ Coupon % 06/01/2013 75M 2.0000 06/01/2014 345M 2.0000 06/01/2015 350M 2.0000 06/01/2016 355M 2.0000 06/01/2017 360M 2.0000 06/01/2018 365M 2.0000 06/01/2019 370M 2.0000 06/01/2020 375M 2.0000 06/01/2021 385M 2.0000 06/01/2022 395M 2.2500 06/01/2023 400M 2.2500 06/01/2024 415M 2.3750 06/01/2025 425M 2.5000 06/01/2026 440M 2.5000 06/01/2027 455M 3.0000 06/01/2028 470M 3.0000 06/01/2029 485M 3.0000 06/01/2030 505M 3.0000 06/01/2031 525M 3.1250 Total Interest Cost: $2,224,590.14 Discount: $66,804.25 Net Interest Cost: $2,291,394.39 TIC: 2.703118 Time Last Bid Received On:02/06/2012 10:53:37 CST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee , WI Contact: Drew Kanyer Title: Te l e p h o n e:414 -765 -7 331 Fax: Issuer Name: City of DDu.uque Accepted By: Date: 2/8/12 Company Name: Accepted By: Date: https:// www .newissuehome.i- deal.com/Parity /asp /main. asp ?frame= content &page = parityBid... 2/6/2012