Sale of General Oblgation Bonds Series 2012 C & DMasterpiece on the Mississippi
May 25, 2012
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: $6,965,000 Taxable General Obligation Bonds, Series 2012C
$7,595,000 General Obligation Bonds, Series 2012D
Dubuque
bierd
All- America City
1
2007
The sale of $6,965,000 Taxable General Obligation Bonds, Series 2012C; and
$7,595,000 General Obligation Bonds, Series 2012D will be held Monday, June 4, 2012
at 11:00 a.m. The results will be brought to the June 4th City Council Meeting. A letter
from Attorney Mark Cory, acting as the City's bond counsel from the Ahlers and Cooney
law firm, detailing information on the bond sale and Moody's Investors Service bond
rating report are attached.
Michael C. Van Milligen
MCVM /jml
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, 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
R. MARK CORY
rcary@ahlerslaw.com
May 23, 2012
Ms. Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
RE: Taxable General Obligation Bonds, Series 2012C
General Obligation Bonds, Series 2012D
Dear Ms. Larson:
Direct Dial:
(515)246 -0378
With this letter I am enclosing proceedings for the sale date (June 4, 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.
Extra copies of the proceedings are enclosed to he 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.
WISHARD & BAILY - 1888: GUERNSEY & GAILY - 1893; GAILY & STIPP - 1901; STIPP, PERRY, BANNISTER & STARZINGER - 1914; BANNISTER, CARPENTER,
AFILERS & COONEY - 1950: AHLERS. COONEY, DORWEILER, ALLBEE, HAYNIE & SMITH - 1974: AHLERS, COONEY. DORWEILER, HAYNIE, SMITH & ALLBEE, P.C. - 1990
May 23, 2012
Page 2
Should you have any questions, please don't hesitate to contact me.
RMC:dc
encl.
cc: Ken TeKippe (w /encl.)
Tionna Pooler (w /encl.)
00868951 -1 \10422 -134
MOODY'S
INVESTORS SERVICE
New Issue Moody's Assigns Aal Rating to City of Dubuque's (IA) $7
million Taxable GO Bonds, Series 2012C and $7 6 nllion GO Bonds,
Series 2012D
Global Credit Research 23 May 2012
Aal Rating Affirmed on $88 4 mill ion of Post -sate GOULT Debt
DUBUQUE LCff Y OF) IA
Cities pnclud ing Towns Villages and Townships)
IA
Moody% Rating
ISSUE RATING
Taxable General Obligation Bonds Sertes2012C Aa1
Sala Amount Sb (AS 000
Expected Sala Data 0b.0412
Rating Description General Obligation
General Obligation Bonds Series 20120
Sale Amount S! SOS 000
Expected Sale Data (b.(14, 12
Rating Description General Obligation
Moody's Outlook WOO
M1
Opinion
NEWYORK May2d 2012 — Moodys Investors Service has assigned aAa1 rating b the Gay of Dubuques lUq S!
million Taxable General Obligation Bonds Sanes2012C and S l b nilhan General Obligation Bonds Series 20120
Conourrendy Moodys has affirmed Ole citysAal rating on as outstanding generaloblgation debt Post -sale the city
has 9384 nilhon of general obligation unlimited laxdebt
SUMMARY RATINGS RATIONALE
Both series of bondsare secured by the cilysgeneral oblionon unlimied tax pledge Proesads of Ma S41(1(4 20120
bonds will be used for urban renewal projects in the citys downtown and industrial park urban renewal areas
Proceeds of the Sarles20120 bonds wdlhe used for varauscapiul projects Assgnnent and affirmation of Ma MI
rating raleels the city s role as a vaginal serrioe and retail provider in northeastern Iowa ldsuer rating Ma stable
outlook) and Surrounding slates satisfactory reserves despite an ongoing trend of spending fund balance for capital
projects and an above average debt burden supported byalter ate ravanue sources
STRENGTI IS
- Growing economy bolstered by rote as a ragioal econom sand sernee can tar for nordeasl Iowa and surrounding
slates
- Revenue - raising ftewbility through access to additional property tax km es and franchise fees
Cl IALLENGES
- Plans to centime to span(' down financial reserves through fiscal 2012 for capital projects
- Reliance on volatile gaming revenues for general operations
- Reliance on General Fund for unbudgeted mid -year transfers to Worker's Compensation Fund and Health
Insurance Fund in 2011 and 2012
DETAILED CREDIT DISCUSSION
GROWING AND DIVERSIFYING TAX BASE EXPERIENCING ONGOING RESIDENTIAL CONSTRUCTION
Located in northeast Iowa across the Mississippi River from Wisconsin (Aa2 /stable outlook) and Illinois (A2 /stable
outlook), Dubuque serves as the trade and service center for a large tri -state region. The city also benefits from its
role as the Dubuque County seat and home to three small colleges with combined enrollment of approximately 4,000
students. We expect the city's tax base, valued at $3.6 billion in levy year 2011, to continue to exhibit a favorable rate
of growth due to expansion of the residential sector, spurred by the attraction of new employers to the region. In
2009, IBM (senior unsecured debt rated Aa3 /stable outlook) moved into a previously vacant building downtown,
adding a new technology support center, which has generated 1,300 jobs. The new IBM presence has led to
additional retail and residential development in the area, with the city seeing 25 multi - family building permits in fiscal
2010 and 89 in fiscal 2011 (compared to 14 in fiscal 2007).
Dubuque has two casinos, the city -owned Mystique and the Diamond Jo Casino, which represented 2.7% of the tax
base in 2011. Diamond Jo underwent an $80 million expansion at the end of 2008, which has led to a decline in
market share at the Mystique casino and a reduction in gaming revenues to the city. Development in the historic
Millwork area downtown is ongoing with plans for $200 million in public and private investment over the next five
years, including additional retail and multi - family residential development. Officials report that the John Deere (senior
unsecured debt rated A2 /stable outlook) Dubuque Works plant, the city's largest employer with 1,800 employees, is
embarking on a $44 million expansion starting in 2012, which is expected to lead to 200 additional jobs. Positively,
while the city's unemployment rate increased during the recession, it remained around the state's levels, peaking at
about 6% in 2009 and 2010. The rate has since fallen to 5.1% in March 2012, comparing favorably to the state's
5.7% rate and the nation's 8.4% rate for the same time period. The city's population has remained stable in the last
two censuses, remaining around 57,500 between 1990 and 2010. Income indices were below state and national
levels in the 2006 -2010 American Community Survey from the U.S. Census Bureau. This is offset somewhat by a
low cost of living and relatively stable employment.
SATISFACTORY RESERVES DESPITE DRAWS ON FUND BALANCE FOR CAPITAL PROJECTS; REVENUE
RAISING FLEXIBILITY REMAINS
The city's financial position is expected to remain satisfactory due to favorable revenue raising flexibility and a
commitment to maintain a minimum reserve level, despite a planned use of reserves from fiscal 2007 to fiscal 2010
for capital projects. The city built up its reserves to $22.3 million, or 41.3% of revenues in fiscal 2007, primarily from
gambling revenues and grants for capital projects, and then began spending down reserves in fiscal 2008. Between
fiscal 2007 and fiscal 2010, the city spent approximately $8.5 million in reserves on various capital projects, including
library renovations, riverfront redevelopment, parks and recreation areas, building improvements and equipment
purchases. In fiscal 2011, the city budgeted to use $1 million of fund balance for capital projects and mid -year
transfers to the health insurance fund and worker's compensation fund due to high claims costs. However, the city
received additional unexpected grants for several capital projects and instead realized a $2 million increase in
General Fund balance, ending fiscal 2011 at $15.9 million, or 26.9% of revenues.
The fiscal 2012 budget includes a $2 million use of fund balance for additional capital projects. Currently, the city
expects to use up to an additional $1.3 million for unbudgeted transfers to the health insurance fund for high claims
costs. Should the entire amount be utilized, General Fund reserves would decline to $12.6 million, or a still
satisfactory 19.5% of projected revenues. The city has a balanced budget for fiscal 2013, which includes a 3.9%
property tax rate increase to cover employee wage and benefit increases and pension contribution increases.
The city's informal policy is to maintain a minimum of 10% of expenditures (or $4 million) in its reserves, though
management expects that reserves will not be reduced below approximately $7 million (11.8% of 2011 revenues).
We note that should the city continue to spend down its reserves to a level at or below its fund balance policy,
reserves would be lower than many of the city's peers at the Aa1 rating category. Favorably, revenue raising flexibility
remains available to enhance operations. While the city levies the $8.10/$1,000 tax cap for operations, officials
report that $5.7 million of items levied under the cap could be moved to the city's employee benefits or trust and
agency levy. Additionally, the city is not utilizing its emergency levy, which would generate an estimated $569,000 if
fully utilized. Other flexibility comes from the ability to increase the electric franchise fee, which is currently at 3% and
can be raised up to 5 %; however, this would require a special election and council approval as the 3% cap was set
by resolution.
The majority of the funds that the city has spent from General Fund reserves over the last five years had
accumulated over time from gaming revenues. The city owns Mystique Casino, although it is operated by a nonprofit
organization, and receives 50% of the casino's profits. The profits are entirely dedicated to capital improvements and
have typically generated between $4 million and $6 million per year, although no profits were received in fiscal years
2009 and 2010 due to an agreement between the city and casino. The city also collects funds from an operating
lease with Mystique, with 86.5% of these funds dedicated to the city's general operations and the remainder to
capital. These revenues reached a high of $10.2 million in fiscal years 2007 and 2008, though they have declined to
a budgeted $6.7 million for fiscal 2012 due to a renegotiation of the lease. The city additionally receives a more
modest amount from Diamond Jo Casino, between $500,000 and $1.4 million annually, dedicating 86.5% of these
receipts for operations and the remainder for capital improvements. Property taxes are the city's largest General
Fund revenue source at 43% of 2011 revenues, followed by gaming revenues (both those dedicated to capital and
operations) at 22.5 %, and charges for services at 14.4 %. The city receives very little state aid, primarily in the form
of grants.
The Worker's Compensation Fund has continued to see declines in reserves in recent years, drawing down its cash
position to approximately $33,000 at the end of 2011 with a deficit fund balance of $954,000. City officials report that
the city has increased contributions to the fund by 16.6% in fiscal 2012 and will increase them an additional 16% for
fiscal 2013, though the deficit balance will likely not be fully eliminated. The Health Insurance Fund has also
experienced declines in reserves in recent years due to higher than budgeted claims costs. These high claims costs
have led to unbudgeted General Fund transfers in order to maintain an actuarially sound reserve amount. In
response, the city increased contributions by 9% for fiscal 2012 and will increase contributions an additional 10% for
fiscal 2013. Should these funds continue to require unbudgeted General Fund transfers, leading to additional
declines in General Fund reserves, the city's long -term credit quality could be impacted.
MANAGEABLE DEBT BURDEN WITH ANNUAL BORROWING EXPECTED TO CONTINUE
The city's debt burden is above average, with a direct debt burden at 2.4% of full value (net of $24.8 million in
sewer, water, and stormwater- supported debt) and an overall debt burden of 2.8 %. The citys debt burden includes
$24.3 million in tax increment financing (TIF) revenue bonds, which are not general obligation bonds of the city and
are supported by revenues from the city's tax increment districts. The largest TIF bond was issued for construction of
a new public parking ramp. Net of these bonds, the citys overall debt burden would be reduced to 2.2% of full value.
The city typically issues bonds annually to fund a portion of its capital improvement plan. Principal amortization on
GO and TIF debt is below average, with 55.7% of principal repaid within ten years. Al of the city's debt is fixed rate
and the city does not have exposure to any interest rate swap agreements.
WHAT COULD MAKE THE RATING GO - UP
- Strengthening of tax base and demographic profile
- Stabilization of financial operations
WHAT COULD MAKE THE RATING GO - DOWN
- Continued declines in General Fund balance to levels that are not commensurate with the citys Aa1 rating
- Continued reliance on unbudgeted General Fund transfers to Worker's Compensation and /or Health Insurance
Funds
- Substantial deterioration of tax base
KEY STATISTICS:
2010 Population: 57,637 (0.1% decline since 2000)
2011 Full valuation: $3.6 billion (4.1% average annual increase since 2006)
2011 Full value per capita: $63,040
Dubuque unemployment rate (March 2012): 5.1%
2006 -2010 Median Family Income: 88% of state
2006 -2010 Per Capita Income: 92.9% of state
Fiscal 2011 General Fund Balance: $15.9 million (26.9% of General Fund revenues)
Overall debt burden: 2.8% (2.4% direct)
Retirement of principal (10 years): 55.7%
Post -sale general obligation unlimited tax debt outstanding: $88.4 million
PRINCIPAL METHODOLOGY USED
The principal methodology used in this rating was General Obligation Bonds Issued by U.S. Local Governments
published in October 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES
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CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF DUBUQUE
NAL
I, the undersigned, do hereby certify that I am now and was at the times
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 BOND SALE
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 mailed 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:
May 25 , , 2012.
WITNESS my official signature at Dubuque, Iowa, this 4th
June , 2012.
(SEAL)
00865382 -1 \10422 -134
Eft a
City Cl, rk, City of Dubuq State of Iowa
day of
NOTICE OF BOND,
SALE'
Time and Plate 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 4th
day, of June, 2012. The ,
bids" ` Will . then be
publicly opened and I
referred for action to.',
the meeting ofithe City
Council in :conformity
with the terms of
offering.
Sale and Award: The
sale and award of the
Bonds will be held at
the Historic Federal,
Building, 350 West 6th
Street, Dubuque, Iowa,
at a meeting of the City
Council on the above'
date at 6:30 o'clock
P.M.
The Bonds: The
Bonds to be offered are
the following:
TAXABLE GENERAL
OBLIGATION BONDS,
SERIES 2012C, in the
amount of $6,965,000,
to be dated the date of
delivery.
GENERAL OBLIGATION
BONDS, SERIES 2012D,
in the amount of
$7,595,000, to be dated
the date of delivery.
(together, the "Bonds ")
Adjustment of
Principal Amounts.
The Issuer reserves the
right to increase or
decrease the aggre-
gate 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
maturities. The pur-
chase price will be
adjusted proportion-
ately
to reflect any
change in issue 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:
- seamen Blaamge
Sealed bids may be
submitted and will be
received at the office
of the Finance' Director,
City " Hall, . Dubuque,
" Electronic Internet
Bidding: Electronicih-
ternet bids will be
received at the office
of the Finance Director,
City .Hall, Dubuque,
Iowa. The bids must be
submitted through the
PARITY competitive
bidding system.
Electronic Facsimile
Bidding:Electronicfac-
simile bids will be
received at the office
of the Finance Director,
Dubuque,, 'Iowa'
(facsimile number:
(563) 589 -0890 or (563)
690- 6689). Electronic
facsimile bids will be
sealed and treated as
.sealed bids.
Consideration of
Bids: After the time for
receipt of bids has
passed, the close of
sealed bids will be
announced. Sealed
bids will then be
publicly opened and 1
announced. Finally,
electronic internet bids
will be accessed and
announced.
Official Statement:I
The Issuer has issued
an Official Statement
of information per-
taining to the Bonds to
be offered, including .a
statement of the Terms
of Offering and an
Official Bid Form for
each series, which is
incorporated by refer-
ence as a part of this
notice The Official
Statement may .' be
obtained by request
addressed to the. City
Clerk, 50 W. 13th
Street, Dubuque, Iowa
52001 (telephone: (563)
589 -4100) or the
financial advisor to the.
City, Public Financial
Management, Inc., 801
Grand . Avenue, Suite
3304, Des Moines, Iowa
(telephone; (515) 243-
2600).
Terms - of Offering:
All bids shall be in
conformity with and
sale shall be in
accord with the Terms
of Offering as set forth
in , the Official
Statement.
Legal Opinion: Said
Bonds will be sold
subject to the opinion
of Ahlers & Cooney,
P.C., Attorneys of Des
Moines, Iowa, as to the
legality and their
opinion will be
furnished together
with the printed Bonds
without cost to the
purchaser and all bids
will be so conditioned.
Except to the extent
necessary to issue
their opinion as to the
legality of the Bonds,
the attorneys will not
examine_ or review or
express any opinion
with respect to the
accuracy or complete-
ness of documents,
materials or state-
ments made or
furnished ,jn con-
nection with the sale,
issuance or marketing
of the Bonds.
Rights Reserved:
The right is reserved to
reject any or all bids,
and to waive any
irregularities as
deemed to be in the
best interests of the
public.
By order of the City
Council of the City of
Dubuque, Iowa.
Trish L. Gleason
Assistant City Clerk
of the City of Dubuque,
Iowa
It 5/25 --
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: May 25, 2012, and for which the charge is $53.27.
_c),
Subscribed to before me, Notary Public in and for Dubuque County, Iowa,
,20 AZ,-
this day of
MARY K. WESTERMEYER
Communion Numbsr 154885
L
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Dubuque, Iowa.
Date of Meeting: June 4, 2012.
Time of Meeting: 11:00 a.m. (Finance Director)
6:30 p.m. (City Council)
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 set out. The tentative agenda for said meeting
is as follows:
$6;965,000 Taxable General Obligation Bonds, Series 2012C
$7,595,000 General Obligation Bonds, Series 2012D
• Receipt of bids (11:00 a.m., Finance Director)
• Resolutions directing sale (6:30 p.m., City Council)
Such additional matters as are set forth on the additional 8 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 rk, Dubuque, Iowa
June 4, 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 present:
Budget Director Jenny Larson
Finance Director Ken TeKippe
Absent:
* * * * * * * *
This being the time and place for the opening of bids for the sale of $6,965,000
Taxable General Obligation Bonds, Series 2012C, the meeting was opened for the receipt
of bids for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
Robert W. Baird & Co., Inc. et al, Milwaukee, Wisconsin
Hutchinson, Shockey, Erley & Co., Chicago, Illinois
BMO Capital Markets GKSt. Inc., Chicago, Illinois
Morgan Keegan & Co., Inc., Memphis, Tennessee
4. The best bid was determined to be as follows:
Name & Address of Bidder: Robert W. Baird & Co., Inc. et al, Milwaukee,
Wisconsin
Principal Amount: $6,965,000.00
True Interest Cost: $2,660,654.50
True Interest Rate: 3.1971%
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 $7,595,000
General Obligation Bonds, Series 2012D, the meeting was opened for the receipt of bids
for the Bonds. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
Robert W. Baird & Co., Inc., et al, Milwaukee, Wisconsin
Hutchinson, Shockey, Erley & Co., Chicago, Illinois
UBS Financial, Services, Inc., New York, New York
J.P. Morgan Securities, LLC, New York, New York
Citigroup Global Markets, Inc., 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,
Wisconsin
Principal Amount: $7,595,000
True Interest Cost: $2,103,047.66
True Interest Rate: 2.7707 %%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
June 4, 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:
TABULATION OF BIDS
City of Dubuque, Iowa
$6,965,000 Taxable General Obligation Bonds, Series 2012C
AWARD:
ROBERT W. BAIRD & CO., INC.
RATINGS: Moody's Investor Services Vial'
SALE DATE: June 4, 2012
NAME OF BIDDER
COUPON NET INTEREST COST PURCHASER
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
LOOP CAPITAL MARKETS, LLC
New York, New York
CREWS & ASSOCIATES, INC.
Little Rock, Arkansas
DUNCAN - WILLIAMS, INC.
Richmond, Virginia
WEDBUSH SECURITIES, INC.
Phoenix, Arizona
INCAPITAL LLC
Chicago, Illinois
WILLIAM BLAIR & COMPANY, LLC
Chicago, Illinois
VINING- SPARKS IBG, LTD PARTNERSHIP
Chicago, Illinois
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
BERNARDI SERCURITIES, INC.
Chicago, Illinois
FIRST SOUTHWEST COMPANY
Dallas, Texas
FTN FINANCIAL CAPITAL MARKETS
Memphis, Tennessee
2.000% 2014 -2019
2.050% 2020
2.300% 2021
2.500% 2022
2.750% 2023
3.000% 2024
3.150% 2025
3.300% 2026
3.450% 2027
3.550% 2028
3.650% 2029
3.750% 2030
3.850% 2031
3.900% 2032
$2,660,654.50
3.1971%
$6,966,389.25
""' PFM`
The PFM Group
�— Public Financial Management, Inc.
PFM Asset Management LLC
801 Grand Avenue, Suite 3300
Des Moines, Iowa 50309
(515) 243 -2600
$6,965,000 Taxable General Obligation Bonds, Series 2012C
City of Dubuque, Iowa
Monday, June 4, 2012
Page 2
NAME OF BIDDER
COUPON NET INTEREST COST PURCHASER
RATE YEAR & TRUE INTEREST RATE PRICE
HUTCHINSON, SHOCKEY, ERLEY & CO. 2.000% 2014 -2020
2.200% 2021
2.400% 2022
2.650% 2023
2.900% 2024
3.000% 2025
3.200% 2026
3.400% 2027
3.600% 2028
3.800% 2029
4.000% 2030
4.050% 2031
4.100% 2032
Chicago, Illinois
BMO CAPITAL MARKETS GKST, INC.
Chicago, Illinois
MORGAN KEEGAN & CO., INC.
Memphis, Tennessee
$2,727,659.16
3.2796%
$6,938,831.40
0.700% 2014 $2,740,853.63 $6,888,385.00
0.900% 2015
1.150% 2016 3.3091%
1.400% 2017
1.700% 2018
2.000% 2019
2.250% 2020
2.500% 2021
2.650% 2022
2.800% 2023
3.000% 2024
3.150% 2025
3.300% 2026
3.450% 2027
3.600% 2028
3.700% 2029
3.800% 2030
3.900% 2031
4.000% 2032
2.000% 2014 -2020
2.125% 2021
2.375% 2022
2.625% 2023
2.750% 2024
3.000% 2025
3.125% 2026
3.375% 2027
3.625% 2028
4.000% 2029 -2031
4.125% 2032
$2,762,751.61 $6,901,863.55
3.3322%
RATINGS:
TABULATION OF BIDS
City of Dubuque, Iowa
$7,595,000* General Obligation Bonds, Series 2012D
AWARD:
ROBERT W. BAIRD & CO., INC.
Moody's Investor Services Vial'
SALE DATE: June 4, 2012
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & TRUE INTEREST RATE
PURCHASE
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
LOOP CAPITAL MARKETS, LLC
New York, New York
CREWS & ASSOCIATES, INC.
Little Rock, Arkansas
DUNCAN - WILLIAMS, INC.
Richmond, Virginia
WEDBUSH SECURITIES, INC.
Phoenix, Arizona
INCAPITAL LLC
Chicago, Illinois
WILLIAM BLAIR & COMPANY, LLC
Chicago, Illinois
VINING- SPARKS IBG, LTD PARTNERSHIP
Chicago, Illinois
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
FIRST SOUTHWEST COMPANY
Dallas, Texas
STERNE, AGEE & LEACH, INC.
Birmingham, Alabama
2.000% 2014 -2015
3.000% 2016 -2027
3.125% 2028 -2029
3.250% 2030 -2031
3.375% 2032
$2,103,047.66*
2.7707%*
$7,760,216.25*
* Subsequent to the receipt of bids, the City decreased the
aggregate par amount of the Bonds to $7,175,000. The
resulting Purchase Price decreased to $7,325,093.36, the True
Interest Cost increased to 2.7902% and the Net Interest Cost
decreased to $2,035,142.96.
The PFM Group
Public Financial Management. Inc.
PFM Asset Management LLC
PFM Advisors
801 Grand Avenue, Suite 3300
Des Moines, Iowa 50309
(515) 243-2600
$7,595,000* General Obligation Bonds, Series 2012D
City of Dubuque, Iowa
Monday, June 4, 2012
Page 2
NAME OF BIDDER
COUPON NET INTEREST COST PURCHASE
RATE YEAR & TRUE INTEREST RATE PRICE
HUTCHINSON, SHOCKEY, ERLEY & CO. 2.000% 2014 -2020 $2,217,170.78
2.200% 2021
2.350% 2022
2.500% 2023
3.000% 2024 -2026
3.250% 2027
4.000% 2028 -2032
Chicago, Illinois
UBS FINANCIAL SERVICES INC.
New York, New York
J.P. MORGAN SECURITIES LLC
New York, New York
CITIGROUP GLOBAL MARKETS INC.
New York, New York
2.9121%
$7,647,438.10
3.000% 2014 -2026 $2,211,823.03 $7,712,172.75
3.125% 2027 -2028
3.250% 2029 -2030 2.9288%
3.500% 2031 -2032
OPcoming,Calendar I; Overview I. Result I . Excel, I
Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid
Dubuque
$7,595,000 General Obligation Bonds, Series 2012D
For the aggregate principal amount of $7,595,000.00, we will pay you $7,760,216.25, plus accrued interest from the date of issue to the date of delivery.
The Bonds are to bear interest at the following
Maturity Date
Amount $
Coupon %
Yield %
Dollar Price
06/01/2014
525M
2.0000
0.5700
102.733
06/01/2015
535M
2.0000
0.7400
103.639
06/01/2016
535M
3.0000
0.8300
108.362
06/01/2017
545M
3.0000
1.0700
109.234
06/01/2018
565M
3.0000
1.3000
109.663
06/01/2019
360M
3.0000
1.5000
109.830
06/01/2020
375M
3.0000
1.7800
107.914
06/01/2021
375M
3.0000
2.0300
106.236
06/01/2022
390M
3.0000
2.2200
104.980
06/01/2023
370M
3.0000
2.5200
103.031
06/01/2024
390M
3.0000
2.6800
102.009
06/01/2025
390M
3.0000
2.8200
101.123
06/01/2026
410M
3.0000
2.9500
100.309
06/01/2027
420M
3.0000
3.1000
98.810
06/01/2028
265M
3.1250
3.1800
99.315
06/01/2029
270M
3.1250
3.2600
98.252
06/01/2030
280M
3.2500
3.3300
98.924
06/01/2031
295M
3.2500
3.4000
97.917
06/01/2032
300M
3.3750
3.4600
98.781
Total Interest Cost: $2,268,263.91
Premium: $165,216.25
Net Interest Cost: $2,103,047.66
TIC: 2.770787
Time Last Bid Received On:06/04/2012 10:58:54 CDST
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 D uque Company Name:
Accepted By: � l Accepted By:
Date: June 4, 2012 Date:
01981 -2002 I -Deal LLC, A9 rights reserved, Trademarks
Upcoming,Calendar Overview- Result :',Excel
Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid
Dubuque
$6,965,000 Taxable General Obligation Bonds,
Series 2012C
For the aggregate principal amount of $6,965,000.00, we will pay you $6,966,389.25, plus accrued interest from the date of issue to the date of delivery.
The Bonds are to bear interest at the following
Maturity Date
Amount $
Coupon %
Yield %
Dollar Price
06/01/2014
265M
2.0000
0.6000
102.675
06/01/2015
300M
2.0000
0.7000
103.757
06/01/2016
310M
2.0000
0.9000
104.232
06/01/2017
310M
2.0000
1.2000
103.814
06/01/2018
315M
2.0000
1.4500
103.111
06/01/2019
325M
2.0000
1.7500
101.623
06/01/2020
330M
2.0500
2.0500
100.000
06/01/2021
345M
2.3000
2.3000
100.000
06/01/2022
355M
2.5000
2.5000
100.000
06/01/2023
350M
2.7500
2.7500
100.000
06/01/2024
360M
3.0000
3.0000
100.000
06/01/2025
375M
3.1500
3.1500
100.000
06/01/2026
385M
3.3000
3.3000
100.000
06/01/2027
400M
3.4500
3.4500
100.000
06/01/2028
415M
3.5500
3.5500
100.000
06/01/2029
430M
3.6500
3.6500
100.000
06/01/2030
445M
3.7500
3.7500
100.000
06/01/2031
465M
3.8500
3.8500
100.000
06/01/2032
485M
3.9000
3.9000
100.000
Total Interest Cost: $2,662,043.75
Premium: $1,389.25
Net Interest Cost: $2,660,654.50
TIC: 3.197166
Time Last Bid Received On:06/04/2012 10:58:17 CDST
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 Dub que
Accepted By:
Date:
Juen 4, 2012
Company Name:
Accepted By:
Date:
01981 -2002 i -Deal LLC, All rights reserved, Trademarks
City of Dubuque
Recap of General Obligation Bond Issues
2005 - 2012
Non Taxable _
Bond Issues
Amount
Bond Rating
Interest Rate
Bond Sale Date_
2012A
$4,380,000
Aa1
2.5444%
February 6, 2012
2009C
8,885,000
Aa2
2.6592
October 5, 2009
2012B
7,495,000
Aal
2.7031
February 6, -2012
2012D
7,595,000
Aa1
2.7708
June 4, 2012)
2010A
4,470,000
Aa1
3.2838
August 2, 2010
2011A .
6,330,000
Aa1
3.3045
August 1, 2011
2010C
2,825,000
Aa1
3.3265
August 2, 2010
20076
2,965,000
Aa2
3.6624
November 7, 2007
2007A
1,055,000
Aa2
3.6703
November 7, 2007
2006C
. 3,525,000
Aa2
4.0399
April 3, 2006
2006B
910,000
Aa2
4.1081
April 3, 2006
2005B
4,270,000
Aa2
4.1290
March 22, 2005
2006A
2,900,000
Aa2
4.1650
April 3, 2006
2008B
3,290,000
Aa2
4.2334
October 6, 2008
2005A
1,750,000
Aa2
4.2383
March 22, 2005
2008A
3,885,000
Aa2
4.5702
October 6, 2008
2008D
1,195,000
Aa2
4.7020
October 6, 2008
12005C
2,995,000
Aa2
4.9508
March 22, 2005
• Taxable •
Bond Issues
Amount
Bond Rating
Interest Rate
Bond Sale Date
2012C
$6,965,000
Aa1
3.1972%
June 4, 2012
2009B
11,175,000
Aa2
3.2325
• October 5, 2009
2009A
2,935,000
Aa2
3.2913
October 5, 2009
2011B
1,590,000
Aa1
3.5863
August 1, 2011
2,675,000
Aal
4.6650
August 2, 2010
I20106
2008C
2,465,000
Aa2
5.5369
October 6, 2008
City of Dubuque
Recap of General Obligation Bond Bids
June 4, 2012
2012C $6,965,000
Bidders •
Office
True Interest Cost
Robert W. Baird & Co.
Milwaukee
3.197166%
Hutchinson, Schockey, Erley & Co.
Chicago
3.279642
BMO Capital Markets
Chicago
3.309186
Morgan Keegan & Co. Inc. '
Memphis
3.332237.
2012D $7,595,000
Bidders
Office
True Interest Cost
Robert W. Baird & Co.
Milwaukee
2.770787%
Hutchinson, Schockey, Erley & Co.
Chicago
2.912124
UBS Financial Services Inc.
New York
2.928835
•
ter. -��. err. �+- r�r. ��r. 4, �- ��r ��r�rm.-.. rro, �, �-., �-., r�u-+ nwv��, �w-.-.-.-.-.-. �- �.,.- .•.r�.��.�,�,�- .,�.w•�� :_ _ ,,...���.
Council Member Connors introduced the following Resolution entitled
"RESOLUTION DIRECTING SALE OF TAXABLE GENERAL OBLIGATION
BONDS, SERIES 2012C" and moved its adoption. Council Member Jones seconded the
motion to adopt. The roll was called and the vote was,
AYES: Sutton, Braig, Buol, Connors, Jones, Lynch, Resnick
NAYS:
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 148 -12
RESOLUTION DIRECTING SALE OF TAXABLE
GENERAL OBLIGATION BONDS, SERIES 2012C
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:
TAXABLE GENERAL OBLIGATION BONDS, SERIES 2012C:
Bidder: Robert W. Baird & Co, Inc. of Milwaukee, Wisconsin the terms of said bid
being:
Purchase Price: $6,966,389.25
Principal Amount: $6,965,000
True Interest Cost: $2,660,654.50
True Interest Rate: 3.1971%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That the bid for the Taxable Series 2012C Bonds as above set out is
hereby determined to be the best and most favorable bid received and, said Taxable
Series 2012C Bonds are hereby awarded based on said bid.
Section 2. That the form of contract for the sale of said Taxable Series 2012C
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 Taxable Series 2012C Bonds
heretofore given and all acts of the City Clerk and Finance Officer done in furtherance of
the sale of said Taxable Series 2012C Bonds are hereby ratified and approved.
PASSED AND APPROVED, this 4th day, of June, 2012.
ATTEST:
Mayor !7
411/ 001/ ar
Council Member Connors introduced the following Resolution entitled
"RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION BONDS, SERIES
2012D" and moved its adoption. Council Member Jones seconded the motion to adopt.
The roll was called and the vote was,
AYES: Sutton, Braig, Buol, Connors, Jones, Lynch, Resnick
NAYS:
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 149 -12
RESOLUTION DIRECTING SALE OF GENERAL
OBLIGATION BONDS, SERIES 2012D
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 2012D:
Bidder: Robert W. Baird & Co., Inc., et al of Milwaukee, Wisconsin, the terms of said
bid being:
Purchase Price: $7,760,216.25
Principal Amount: $7,595,000
True Interest Cost: $2,103,047.66
True Interest Rate: 2.7707 %%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That the bid for the Series 2012D Bonds as above set out is hereby
determined to be the best and most favorable bid received and, said Series 2012D Bonds
are hereby awarded based on said bid.
Section 2. That the form of contract for the sale of said Series 2012D 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 2012D Bonds heretofore given
and all acts of the City Clerk and Finance Officer done in furtherance of the sale of said
Series 2012D Bonds are hereby ratified and approved.
PASSED AND APPROVED, this 4th day of June, 2012.
Mayor
ATTEST: