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Sewer Revenue Capital Loan Notes Clean Water SRF_$3MMasterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager Dubuque bierd All-America City 1 2007 SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes (Clean Water State Revolving Fund Loan) to Refund $3,058,000 Water Revenue Capital Loan Notes (Drinking Water State Revolving Loan Fund), Series 2010C for the City Wide Water Meter Replacement and Unmeasured Flow Reducer Installation Project DATE: July 6, 2012 Budget Director Jennifer is recommending City Council approval of the suggested proceedings for the public hearing on the issuance of not to exceed $3,058,000 in Clean Water State Revolving Fund Loan Notes prepared by Bond Counsel and to present a resolution for City Council to adopt entitled "Resolution Instituting Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement Agreement and the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes." On January 20, 2010, the City authorized the issuance of Water Revenue Capital Loan Notes (Drinking Water State Revolving Fund Loan) for the City Wide Water Meter Replacement and Unmeasured Flow Reducer Installation Project. It was the intent that the project would be funded fifty percent by water revenues and fifty percent by sanitary sewer revenues since both enterprise utilities use the water meter to bill for services. For simplicity reasons, the State of Iowa and the City decided to issue one water revenue note for the project instead of issuing one water revenue note and one sanitary sewer note. It was the expectation of City staff that the sanitary sewer fund would transfer half of the debt service cost of the water revenue note for the water meter project to the water fund annually. During the Fiscal Year 2012 City audit, it was brought to the attention of City staff that the transfer of $240,594 for debt service from the sanitary sewer fund to the water fund could not be counted as revenue towards the water SRF debt covenant requirement which requires the water fund to produce net revenues in each fiscal year equal to at least 125% of the debt service requirement on all senior water revenue bonds outstanding for the year of computation. The City's auditors have concluded that this transfer is not considered operating revenue of the water fund and therefore cannot be used to increase the water fund's net income used in the SRF debt covenant test. The disallowance of treating the transfer from the sewer fund to the water fund as operating revenue severely impacts the ability for the water fund to meet the debt covenant requirement on the outstanding SRF debt. Through discussions with the City's auditors and bond counsel, it has been determined that the best course of action for the City is to refund not to exceed $3,058,000 of the Drinking Water State Revolving Loan Fund Notes and to issue not to exceed $3,058,000 Clean Water State Revolving Fund Notes. This will resolve the issue with meeting the bond covenant requirement for the water fund since transfers will no longer be required from the sanitary sewer fund and the water fund will only be paying for 50% of the total debt of the water meter project. The total amount of SRF debt for the City Wide Water Meter Replacement project will remain the same as the amount originally issued. There is not additional debt being issued for the project. This refunding will result in an equal split of SRF debt for the Water Meter Replacement project between the Water fund and the Sanitary Sewer fund. The proceedings are prepared to show as a first step the receipt of any oral or written objections from any resident or property owner to the proposed action of the Council to issue the Bonds. A summary of objections received or made, if any, should be attached to the proceedings. After all objections have been received and considered if the Council decides not to abandon the proposal to issue the Bonds, a form of resolution follows that should be introduced and adopted, entitled " Resolution Instituting Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement Agreement and the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes." Section 384.83 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the loan, to the District Court of a county in which any part of the City is located, within fifteen days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. In the event the Council decides to abandon the proposal to issue said Bonds, then the form of resolution included in said proceedings should not be adopted. In this event, a motion needs to be adopted to the effect that such Bond proposal is abandoned. I concur with the recommendation and respectfully request Mayor and City Council approval. kelt 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 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Budget Director Dubuque bierd All-America City 1 2007 SUBJECT: Proceedings for Public Hearing on the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes (Clean Water State Revolving Fund Loan) to Refund $3,058,000 Water Revenue Capital Loan Notes (Drinking Water State Revolving Loan Fund), Series 2010C for the City Wide Water Meter Replacement and Unmeasured Flow Reducer Installation Project DATE: July 6, 2012 INTRODUCTION The purpose of this memorandum is to provide the suggested proceedings for the public hearing on the issuance of Clean Water State Revolving Fund Loan Notes prepared by Bond Counsel and to present a resolution for City Council to adopt entitled "Resolution Instituting Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement Agreement and the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes." The proceeds of which will be used to refund $3,058,000 of Drinking Water State Revolving Loan Fund Notes which were used for the City Wide Water Meter Replacement and Unmeasured Flow Reducer Installation Project. A letter from attorney Mark Cory detailing information on the bond hearing is enclosed. DISCUSSION On January 20, 2010, the City authorized the issuance of Water Revenue Capital Loan Notes (Drinking Water State Revolving Fund Loan) for the City Wide Water Meter Replacement and Unmeasured Flow Reducer Installation Project. It was the intent that the project would be funded fifty percent by water revenues and fifty percent by sanitary sewer revenues since both enterprise utilities use the water meter to bill for services. For simplicity reasons, the State of Iowa and the City decided to issue one water revenue note for the project instead of issuing one water revenue note and one sanitary sewer note. It was the expectation of City staff that the sanitary sewer fund would transfer half of the debt service cost of the water revenue note for the water meter project to the water fund annually. During the Fiscal Year 2012 City audit, it was brought to the attention of City staff that the transfer of $240,594 for debt service from the sanitary sewer fund to the water fund could not be counted as revenue towards the water SRF debt covenant requirement which requires the water fund to produce net revenues in each fiscal year equal to at least 125% of the debt service requirement on all senior water revenue bonds outstanding for the year of computation. The City's auditors have concluded that this transfer is not considered operating revenue of the water fund and therefore cannot be used to increase the water fund's net income used in the SRF debt covenant test. The disallowance of treating the transfer from the sewer fund to the water fund as operating revenue severely impacts the ability for the water fund to meet the debt covenant requirement on the outstanding SRF debt. Through discussions with the City's auditors and bond counsel, it has been determined that the best course of action for the City is to refund not to exceed $3,058,000 of the Drinking Water State Revolving Loan Fund Notes and to issue not to exceed $3,058,000 Clean Water State Revolving Fund Notes. This will resolve the issue with meeting the bond covenant requirement for the water fund since transfers will no longer be required from the sanitary sewer fund and the water fund will only be paying for 50% of the total debt of the water meter project. The total amount of SRF debt for the City Wide Water Meter Replacement project will remain the same as the amount originally issued. There is not additional debt being issued for the project. This refunding will result in an equal split of SRF debt for the Water Meter Replacement project between the Water fund and the Sanitary Sewer fund. The proceedings are prepared to show as a first step the receipt of any oral or written objections from any resident or property owner to the proposed action of the Council to issue the Bonds. A summary of objections received or made, if any, should be attached to the proceedings. After all objections have been received and considered if the Council decides not to abandon the proposal to issue the Bonds, a form of resolution follows that should be introduced and adopted, entitled " Resolution Instituting Proceedings to Take Additional Action for the Authorization of a Loan and Disbursement Agreement and the Issuance of Not to Exceed $3,058,000 Sewer Revenue Capital Loan Notes." Section 384.83 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to issue the loan, to the District Court of a county in which any part of the City is located, within fifteen days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the Council exceeded its authority. In the event the Council decides to abandon the proposal to issue said Bonds, then the form of resolution included in said proceedings should not be adopted. In this event, a motion needs to be adopted to the effect that such Bond proposal is abandoned. The Resolution taking additional action also acknowledges and approves the terms of the SRF loan program. The terms of the loan being offered to the City are established primarily by reference to two external sources: the Iowa Finance Authority's administrative rules governing the SRF Program and, to a lesser extent, by the terms of the bonds issued by the Iowa Finance Authority to fund the City's loan. These loan terms are not negotiable by individual borrowers and the City's decision to participate in the SRF Program effectively commits it to accept a loan on the stated terms. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolution instituting the proceedings to take additional action. 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@ahterslaw.com June 22, 2012 Ms. Jenny Larson Budget Director City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 Direct Dial: (515)246 -0378 RE: Not to exceed $3,058,000 Sewer Revenue Capital Loan Notes (Refunding Water Revenue Capital Loan Notes, Series 2010C Notes) (State of Iowa Revolving Fund Loan) Dear Ms. Larson: We have now prepared and are enclosing herewith suggested proceedings to be acted upon by the City Council in fixing the date of a meeting on the proposition to issue the above mentioned Capital Loan Note and ordering publication of a notice of hearing consistent with the provisions of Code Sections 384.24A and 384.82. Proceedings for the date of the public hearing also are enclosed. As you may know, the borrowing of loan funds by the City through the Iowa Water Pollution Control Works Financing Program involves the same procedures applicable to the issuance and sale of municipal bonds generally. In this instance, the Iowa Finance Authority (the "Authority ") has agreed to make the City a low - interest loan under the terms of a Loan and Disbursement Agreement, which will be secured and evidenced by a Sewer Revenue Capital Loan Note that will be issued to the Authority at the time the loan is closed. The Authority has advised that all Revolving Fund Loans are subject to additional procedural requirements, most notably - compliance with prevailing wage (Davis- Bacon) provisions. We'll coordinate with the Authority on your behalf to properly document this loan program, but will defer to your engineers for contract compliance requirements. 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 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 June 22, 2012 Page 2 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. Also enclosed are public hearing proceedings prepared to show as a first step the receipt of any oral or written objections from any resident or property owner to the proposed action of the City Council to authorize the form of Loan and Disbursement Agreement and issue the Notes to the Authority. A summary of objections received or made, if any, should be attached to the proceedings. After all objections have been received and considered if the City Council decides to enter into the Agreement and issue the Notes, a form of resolution follows that should be introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional Action." Section 384.83 of the Code of Iowa provides that any resident or property owner of the City may appeal the decision to take additional action to the District Court of a county in which any part of the City is located, within 15 days after such additional action is taken, but that the additional action is final and conclusive unless the court finds that the City Council exceeded its authority. In the event an appeal is filed by any resident or property owner, please see that we are notified immediately; and, as soon as available, a copy of the notice of appeal should be furnished our office for review. In the event the City Council decides to abandon the proposal then the form of resolution included in said proceedings should not be adopted. We would suggest that, in this event, a motion merely be adopted to the effect that such proposal is abandoned. The Resolution taking additional action also acknowledges and approves of the terms of the SRF loan program. As you know, the terms of the loan being offered to the City are established primarily by reference to two external sources: the Authority's administrative rules governing the SRF Program and, to a lesser extent, by the terms of the bonds issued by the Authority to fund the City's loan. These loan terms are not negotiable by individual borrowers, and the City's decision to participate in the SRF Program effectively commits it to accept a loan on the stated terms. Also enclosed are extra copies of the proceedings to be filled in as the originals and returned to us for our transcript of the action taken, together with publisher's affidavit of publication of notice of hearing. We are also enclosing an extra copy of the notice of hearing to be delivered to the newspaper for publication purposes. June 22, 2012 Page 3 Should you have any questions concerning the enclosed proceedings or the SRF Program, please don't hesitate to contact me. R. Mark Cory FOR THE FIRM RMC:dc Enclosures cc: Ken TeKippe (w /encl.) Barry Lindahl (w /encl.) David Lyons (w /encl.) 00877006 -1 \10422 -137 ORIGINAL. (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: July 16, 2012. Time of Meeting: 6:30 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 $3,058,000 Sewer Revenue Capital Loan Notes • Public hearing on the authorization of a Loan and Disbursement Agreement and the issuance of Notes to evidence the obligation of the City thereunder. • Resolution instituting proceedings to take additional action. 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 erk, City of Iubuque, Iowa July 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 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: 1 The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $3,058,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement Agreement, in order to provide funds to pay costs of refunding outstanding water obligation indebtedness of the City, consisting of the Water Revenue Capital Loan Notes, Series 2010C, dated February 12, 2010 so that the net revenues of the Municipal Sewer Utility may be used to pay 50% of the costs associated with the acquisition and installation of a fixed radio network water meter system, and that notice of the proposed action by the City Council to institute proceedings for the authorization of the Loan and Disbursement Agreement and the issuance of the Notes had been published pursuant to the provisions of Sections 384.24A and 384.82, as amended. The Mayor then asked the Clerk whether any written objections had been filed by any City resident or property owner to the proposal. The City Clerk advised the Mayor and the City Council that no written objections had been filed. The Mayor then called for oral objections to the proposal and none were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) The City Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Brait introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $3,058,000 SEWER REVENUE CAPITAL LOAN NOTES ", and moved that the Resolution be adopted. was, Council Member Connors seconded the motion. The roll was called and the vote AYES: Briag, Buol,connors, Jones, Lynch, Resnick, Sutton NAYS: Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 196 -12 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $3,058,000 SEWER REVENUE CAPITAL LOAN NOTES WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to institute proceedings for the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $3,058,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City 3 under said Loan and Disbursement Agreement, for the purpose of paying costs of refunding outstanding water obligation indebtedness of the City, consisting of the Water Revenue Capital Loan Notes, Series 2010C, dated February 12, 2010 so that the net revenues of the Municipal Sewer Utility may be used to pay 50% of the costs associated with the acquisition and installation of a fixed radio network water meter system, and has considered the extent of objections received from residents or property owners as to said proposal and, accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. That this Council does hereby institute proceedings and takes additional action for the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority in the manner required by law of not to exceed $3,058,000 Sewer Revenue Capital Loan Notes for the foregoing purpose. Section 2. That this Council does hereby consent to the terms and conditions of the SRF Loan Program, which terms and conditions and the disclosures provided with respect thereto are hereby acknowledged, accepted and approved. Section 3. That the Clerk, with the assistance of the City Attorney and bond counsel, is hereby authorized and directed to proceed with the preparation of such documents and proceedings as shall be necessary to authorize the City's participation in the SRF Loan Program, to select a suitable date for final Council authorization of the required Loan and Disbursement Agreement and issuance of the Note to evidence the City's obligations thereunder, and to take such other actions as the Clerk shall deem necessary to permit the completion of a loan on a basis favorable to the City and acceptable to this Council. 4 PASSED AND APPROVED this 16th day of July , 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 17th day of July, 2012. City Cler , City of Dubuque, Sta (SEAL) 008606414 \10422 -132 of Iowa CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE /AL 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 MEETING OF THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $3,058,000 SEWER REVENUE CAPITAL LOAN NOTES, OF THE CITY OF DUBUQUE, AND THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF 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: , 2012. WITNESS my official signature at Dubuque, Iowa, this , 2012. day of '. � %% % _l / %/ Cit C ;.r , City of Du •uque, S e of Iowa NOTICE OF MEETING OF THE CITY OF DUBUQUE, IOWA ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AND DISBURSEMENT AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $3,058,000 SEWER REVENUE CAPITAL LOAN NOTES, AND . THE PUBLIC HEARING ON THE AUTHORIZATION AND ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, Iowa, will hold a public hearing on the 16th day of July, 2012, at 6:30 P.M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at which meeting the City Council proposes to take additional action for the authorization of a Loan and Disbursement Agreement by and between the City and the Iowa Finance Authority, and the issuance to the Iowa Finance Authority of not to exceed $3,058,000 Sewer Revenue Capital Loan Notes to evidence the obligations of the City under said Loan and Disbursement Agree- ment, in order to provide funds to pay the costs of refunding outstanding water obligation indebted- ness of the City, consisting of the Water Revenue Capital Loan Notes, Series 2010C, dated February 12, 2010 so that the net revenues of the Municipal Sewer Utility may be used to pay 50% of the costs associated with the acquisition and installation of a fixed radio network water meter system. The Notes will not constitute general obligations or be payable in any manner by taxation, but will be payable from and secured by the net revenues of the Municipal Sewer System. At the above meeting the City Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the City Council will at this meeting or at any adjournment thereof, take additional action for the authorization of said Loan and Disbursement Agree- ment and the issuance of Notes or will abandon the proposal to issue the Notes. Any visual or hearing - impaired persons need- ing special assistance or persons with special accessibility needs should contact the City Clerk's office at (563) 589 -4120: or TDD at (563) 690 -6678 at least 48 hours prior to the meeting. This Notice is given by order of the City Council of the City of Dubuque, Iowa, as provided by Sections 384.24A and 384.83, as amended. Dated this 6th day of July, 2012. Kevin S. Firnstahl, City Clerk It 7/6 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: July 06, 2012, and for which the charge is $34.53. Subscribed to before me, . otary Public in and for Dubuque County, Iowa, this day of , 20/„?.. Notary Public in and for Dubuque County, Iowa. MARY K. WESTERivi EYER x ; Commisalon Number 154f385 k{