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General Corporate Purpose General Obligation Bonds_$600,000Masterpiece on the Mississippi April 5, 2012 Dubuque bierd All-America City 1 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $600,000 General Obligation Bonds Budget Director Jennifer Larson recommends that a public hearing be set for May 7, 2012, on the proposition of selling not to exceed $600,000 in General Obligation Bonds, the proceeds of which will be used to pay costs of City Hall exterior brick work. The borrowing is subject to the "reverse referendum" procedures, under which petitions may be filed prior to the hearing asking that the bond proposal be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted in the last regular municipal election (but not less than ten persons). I concur with the recommendation and respectfully request Mayor and City Council approval. 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 Masterpiece on the Mississippi Dubuque bierd All-America City 1 2007 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed $600,000 General Obligation Bonds DATE: April 5, 2012 INTRODUCTION The purpose of this memorandum is to recommend the setting of a public hearing on the proposal to issue General Obligation Bonds, the proceeds of which will be used for general corporate purposes of the City. A letter from attorney Mark Cory detailing information on the bond hearing is enclosed. DISCUSSION Of the bond amount: • $575,000 is intended to provide funds to pay costs of brick work on the exterior of City Hall and all brick surfaces sealed. • $8,800 is intended to provide funds for bond issuance costs and • $16,200 to be a contingency for fluctuations in the bond market for interest rates, bond issuance costs and change in project costs. The borrowing is subject to the "reverse referendum" procedures, under which petitions may be filed prior to the hearing asking that the bond proposal be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted in the last regular municipal election (but not less than ten persons). RECOMMENDATION I respectfully recommend the adoption of the enclosed resolution fixing the date of May 7, 2012 for a public hearing on the proposition of selling not to exceed $475,000 in General Obligation Bonds for general corporate purpose and providing publication of notice. JML Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager 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 R. Mark Cory rcory ©ahlerslaw.com April 5, 2012 Mr. Kevin Firnstahl City Clerk City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 -4864 RE: FY13 General Obligation Bond Proposals Dear Mr. Firnstahl: Direct Dial: (515)246 -0378 With this letter I am enclosing suggested Council proceedings to set hearings on the bond proposals required to finance the projects listed on the revised FY13 Bond List you provided to me recently. Because a variety of projects are contemplated, and because the publication requirements differ, I will address each of the proposals separately below. Each of the projects identified on the FY13 Bond List has been allocated to one of five bond proposals. To enable you to determine which projects are included in a particular proposal, I am enclosing a marked excerpt from the FY13 Bond List and an attached summary sheet indicating which projects are included under a particular bond proposal. The summary also illustrates how the hearing amounts were determined (the estimated costs of issuance amounts have been added for hearing purposes). The first Council resolution in the proceedings approves the summary and elects the proposed classifications and hearing procedures indicated, as permitted under Section 384.28 of the Iowa Code. If you have any questions or would like to revise any of these proposed classifications prior to Council action, please let me know. April 5, 2012 Page 2 Not to exceed $8,650,000 General Obligation Bonds (Misc. Essential Corporate Purpose Projects) Notice of this meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than four clear days nor more than twenty days before the date of said public meeting. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. Not to exceed $5,575,000 General Obligation Bonds - (Urban Renewal Projects) Not to exceed $700,000 General Obligation Bonds (General Corporate Purposes) Not to exceed $475,000 General Obligation Bonds (General Corporate Purposes) Not to exceed $600,000 General Obligation Bonds (General Corporate Purposes) In each case, notice of the meeting must be published at least once in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The date of publication is to be not less than ten clear days before the date of the public meeting on the issuance of the Bonds. In computing time, the date of publication should be excluded. If the last day falls on Sunday, the whole of the following Monday should be excluded. At any time before the date of the hearing, a petition may be filed with the City Clerk requesting that the issuance of bonds for the indicated purposes be submitted to an election. To qualify, a petition must be signed by eligible electors equal to at least ten percent of the number who voted in the last regular municipal election (but not less than ten persons). April 5, 2012 Page 3 Separate copies of the notices of hearing are enclosed to be completed by the City Clerk and delivered to the newspaper for publication purposes. In each instance, we would suggest that a printer's proof of the notice be obtained and reviewed prior to publication to ensure accuracy. As always, we would appreciate having certified copies of the enclosed proceedings returned to us following the Council's action for our transcript of the action taken, as well as copies of the publisher's affidavits with respect to the publication of the several notices involved once they become available. We will separately forward proceedings for the date of the public hearings. Please let me know once that date has been scheduled. If you have any questions concerning the enclosed proceedings, please don't hesitate to contact me. Very truly yours, R. Mark Cory RMC:dc encl. cc: Jenny Larson (w /encl.) Tionna Pooler (w /encl.) Ken TeKippe (w /encl.) 00859216 -1 \10422 -134 Governmental Body: Date of Meeting: Time of Meeting: (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING The City Council of the City of Dubuque, Iowa. April 16, 2012. 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: Not to exceed $600,000 General Obligation Bonds. • Resolution fixing date for a meeting on the proposition to issue. Such additional matters as are set forth on the additional 5 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 the governmental body. City lerk, City of Dubuque, Iowa April 16, 2012 The City Council of the City 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 Pro -Tem Ric W. Jones in the chair, and the following named Council Members: Karla Braig, Joyce Connors, Kevin Lynch, David Resnick, Lynn Sutton Absent: Mayor Roy D. Buol 1 Council Member Kevin Lynch introduced the following Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $600,000 OF GENERAL OBLIGATION BONDS AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF ", and moved that the same be adopted. Council Member David Resnick seconded the motion to adopt. The roll was called and the vote was, AYES: Lynch Resnick, Sutton, Braig, Connors, Jones NAYS: Whereupon, the Mayor declared the resolution duly adopted as follows: RESOLUTION NO. 94 -12 RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $600,000 OF GENERAL OBLIGATION BONDS AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, the City of Dubuque, Iowa, is in need of funds to carry out certain general corporate purpose projects as hereinafter described; and, it is deemed necessary that it should issue general obligation bonds to the amount of not to exceed $600,000 as authorized by Section 384.26(5) of the City Code of Iowa, for the purpose of providing funds to pay costs thereof; and WHEREAS, said City has a population of more than 5,000, but not more than 75,000, and the amount of said proposed bond issue is not more than $700,000; and WHEREAS, before said bonds may be issued, it is necessary to comply with the provisions of Chapter 384 of the City Code of Iowa, and to publish a notice of the proposal to issue such bonds and the right to petition for an election. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: 2 Section 1. That this Council meet in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the 7th day of May, 2012, for the purpose of taking action on the matter of the issuance of not to exceed $600,000 of General Obligation Bonds, the proceeds of which bonds will be used to provide funds to pay costs of City Hall repairs and improvements, including brick tuck- pointing, and shall bear interest at a rate not exceeding the maximum specified in the attached notice. Section 2. That the Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than ten clear days before the date of said public meeting on the issuance of said bonds. Section 3. The notice of the proposed action to issue said bonds shall be in substantially the following form: 3 NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $600,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS (FOR GENERAL CORPORATE PURPOSES), AND HEARING ON ISSUANCE OF SAID BONDS Public Notice is hereby given that the Council of the City of Dubuque, Iowa, will hold a public hearing on the 7th day of May, 2012, at 6:30 o'clock P.M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the Council proposes to take action for the issuance of not to exceed $600,000 of General Obligation Bonds, bearing interest at the rate of not to exceed nine percent (9 %) per annum, said bonds to be issued for the purpose of providing funds to pay costs of City Hall repairs and improvements, including brick tuck - pointing. At any time before the date of said meeting, a petition, asking that the question of issuing such bonds be submitted to the legal voters of said City, may be filed with the Clerk of said City in the manner provided by Section 362.4 of the City Code of Iowa, pursuant to the provisions of Section 384.26(5) of the City Code of Iowa. This Notice is given by order of the Council of the City of Dubuque, Iowa, as provided by Section 384.26(5) of the City Code of Iowa. Dated this day of ,2012. City Clerk, City of Dubuque, Iowa (End of Notice) PASSED AND APPROVED this 16th day of April, 2012. ATTEST: 5 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE I, the undersigned City Clerk of the City of Dubuque, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of the City showing proceedings of the City Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of the agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty -four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective City offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of the City hereto affixed this 16th day of April, 2012. (SEAL) 00858847-'_ \10422 -134 City Cl k, City of Du uque, S ate of Iowa CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE I, the undersigned, do hereby certify that I am now and was at the tunes hereinafter mentioned, the duly qualified and acting Clerk of the City of Dubuque, in the County of Dubuque, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I have caused a NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $600,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS (FOR GENERAL CORPORATE PURPOSES), AND HEARING ON ISSUANCE OF SAID BONDS of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures a correct and complete copy, to be published as required by law in the Telegraph Herald, a legal newspaper published at least once weekly, printed wholly in the English language, published regularly and hailed through the post office of current entry for more than two years and which has had for more than two years a bona fide paid circulation recognized by the postal laws of the United States, and has a general circulation in the City, and that the Notice was published in all of the issues thereof published and circulated on the following date: April 20, , 2012. WITNESS my official signature at Dubuque, Iowa, this (SEAL) 00859187 -1 \10422 -134 , 2012. day of NOTICE OF MEETING ,OF THE COUNCIL OF ITY OF ; 4LHemA76(EIiIOETHE ., PROPOSED ISSUANCE . OF NOT4 O EXCEED ;600,000 PRINCIPAL' AMOUNTOF GENERAL•Iy ';;.. OBLIGATION.BOMDS (FORi,GENERAL "1. .i4URP AND CO. ORATE,' ",f -' ISSUANCE OF SAID +I! BONDS : y Public Notice Is, hereby given 'that the Council of ±he;,City of Dubuque, `_lowa,;..will • hold a'y public.'hearing on the..7th day -of,May, 2012;; at -6:30 o'cio.Gk ' P.M,,' in'*'the Historic Federal `Building,, 350 West -.6th Street, Dubuque„ lowao- . at which •meeting .,the: Council proposes to. • take action ..for the • issuance of, - not :to exceed $600,000 iof,. , General Obligation ' Bonds: bearing interest' at'thek[ ate of not to exceed' ,nine percent - ,(9 %) per :Annum, said - bonds• to he issued for the purpose . • of'- providing funds to pay • cgsts of City Hall: repairs and., improve - ments, •including brick tuck- pointing. , At:any time before'the' date of said; meeting, a petition, asking that the question of.issuing.: - such ' bonds • „abe submitted to the .legal ',voters of said City, may- be filed with the Clerk: of said; City in the .manner • provided by Section' 3614 of -the' ' ,Code of Iowa,. ' pursuant to . - the , provisions!. of- Section ;7,',3/44.26(5),- wos. th�., City This Notice is,given by i ,order of the Council of. - the City of Dubuque; ' Iowa, as provided. by Section 384.26(5) of the City Code of Iowa. - -' Any visual or hearing . impaired persons need ingispecial, assistance ' or persons with special adcessibility = needs •, should contact the City • Clerk's O,fMce at (563) • 589 4120 or TTY (563), ".690 -6678 at least 48 hours prior to the ` - meeting. ' Dated this �.0th.day of April,:2012. Kevin S; F,irnstahl Ctty Clerk, City of Dubuque,'Iowa 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: April 20, 2012, and for which the charge is $23.18. 3,z,,P(12p Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, this ff,0 day of ���� / , 20 /2 )/7,. AMP- Public in and for Dubuque County, 3' q Y� MARY K. WES T ERMEY ,= ..t ; Com(misalon Number i5 ',S'5