Taxable General Obligation Bonds Series 2012C AmendmentMasterpiece 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 Amending Resolution Number 160 -12 Authorizing
Issuance of $6,965,000 Taxable General Obligation Bonds, Series 2012C,
Adopted June 18, 2012
DATE: July 9, 2012
Budget Director Jennifer is recommending City Council approval of the suggested
proceedings for amending resolution number 160 -12 authorizing issuance of
$6,965,000 taxable general obligation bonds, Series 2012C, adopted June 18, 2012.
The City of Dubuque issued taxable General Obligation Bonds, Series 2012C on June
18, 2012. The bond issuance was resized by the City's financial advisors, Public
Financial Management (PFM), post -sale to match funding sources. There were two
maturity schedules for the retirement of the bonds prepared by PFM, one prior to the
resizing and one afterwards; however both of these maturity schedules were marked
final when sent to the City's bond counsel, Ahlers & Cooney. Bond counsel adopted the
first maturity schedule that was received with the indication at the top that it was final.
The correct maturity schedule was the second one marked final sent by PFM.
Since the incorrect maturity schedule for the retirement of bonds was used in resolution
number 160 -12, it is necessary to amend sections 2 and 6 of the resolution for the
correct maturity schedule.
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
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director
Dubuque
bierd
All-America City
1
2007
SUBJECT: Proceedings for Amending Resolution Number 160 -12 Authorizing
Issuance of $6,965,000 Taxable General Obligation Bonds, Series 2012C,
Adopted June 18, 2012
DATE: July 9, 2012
INTRODUCTION
The purpose of this memorandum is to provide suggested proceedings for amending
resolution number 160 -12 authorizing issuance of $6,965,000 taxable general obligation
bonds, Series 2012C, adopted June 18, 2012.
DISCUSSION
The City of Dubuque issued taxable General Obligation Bonds, Series 2012C on June
18, 2012. The bond issuance was resized by the City's financial advisors, Public
Financial Management (PFM), post -sale to match funding sources. There were two
maturity schedules for the retirement of the bonds prepared by PFM, one prior to the
resizing and one afterwards; however both of these maturity schedules were marked
final when sent to the City's bond counsel, Ahlers & Cooney. Bond counsel used the
first maturity schedule that was received with the indication at the top that it was final.
The correct maturity schedule was the second one marked final sent by PFM.
Since the incorrect maturity schedule for the retirement of bonds was used in resolution
number 160 -12, it is necessary to amend sections 2 and 6 of the resolution for the
correct maturity schedule.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolution amending resolution
number 160 -12.
JML
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth TeKippe, Finance Director
(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 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:
$6,965,000 Taxable General Obligation Bonds, Series 2012C
• Resolution Amending Resolution No. 160 -12 authorizing the issuance, adopted
June 18, 2012.
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.
u �' , State of 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
Council Member Jones introduced the following Resolution entitled
"RESOLUTION AMENDING RESOLUTION NO. 160 -12 AUTHORIZING
ISSUANCE OF $6,965,000 TAXABLE GENERAL OBLIGATION BONDS, SERIES
2012C, ADOPTED JUNE 18, 2012" and moved that it be adopted. Council Member
Braig seconded the motion to adopt, and the roll being called thereon, the vote was as
follows:
AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Sutton
NAYS:
Whereupon, the Mayor declared said Resolution duly adopted as follows:
RESOLOUTION NO. 202-12
RESOLUTION AMENDING RESOLUTION NO. 160 -12
AUTHORIZING ISSUANCE OF $6,965,000 TAXABLE GENERAL
OBLIGATION BONDS, SERIES 2012C, ADOPTED JUNE 18, 2012
WHEREAS, the Council adopted Resolution No. 160 -12, a Resolution
Authorizing and Providing for the Issuance of $6,965,000 Taxable General Obligation
Bonds, Series 2012C, and Levying a Tax to Pay Said Bonds, on June 18, 2012; and
WHEREAS, Section 2 of Resolution No. 16 -012 provides for the levy of an
annual tax to pay principal and interest on the Bonds; and
WHEREAS, Section 6 of Resolution No. 160 -12 sets forth a maturity schedule for
retirement of the Bonds; and
WHEREAS, the Official Statement, dated June 7, 2012, also contains maturity
schedule for retirement of the Bonds and this schedule is different than that set out in
Section 6 of Resolution No. 160 -12; and
WHEREAS, it is necessary to conform the Resolution No. 160 -12 to that as stated
in the Official Statement, and action should now be taken to amend Sections 2 and 6 of
said Resolution to so conform.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
2
Section 1. Section 2 of Resolution No. 160 -12 shall be amended to read as
follows:
Section 2. Levy and Certification of Annual Tax; Other Funds to be Used.
(a) Levy of Annual Tax. That for the purpose of providing funds to pay
the principal and interest of the Bonds hereinafter authorized to be issued, there is
hereby levied for each future year the following direct annual tax on all of the
taxable property in Dubuque. Iowa, to -wit:
FISCAL YEAR (JULY 1 TO JUNE 30)
AMOUNT YEAR OF COLLECTION
$187.544 2012/2013
$467.750 2013/2014
$497.450 2014/2015
$501.450 2015/2016
$495.250 2016/2017
$494.050 2017/2018
$497.750 2018/2019
$496.250 2019/2020
$504.485 2020/2021
$506.550 2021/2022
$492.675 2022/2023
$493.050 2023/2024
$497.250 2024/2025
$495.438 2025/2026
$497.733 2026/2027
$498.933 2027/2028
$499.200 2028/2029
$498.505 2029/2030
$501.818 2030/2031
$503.915 2031 /2032
-3-
Section 2. The principal amount as set forth in Section 6 of Resolution No. 160 -12
shall be amended to read as follows:
Principal
Amount
Interest Maturity
Rate June 1st
$265,000 2.000 °o 2014
$300,000 2.000 °o 2015
$310,000 2.000 °o 2016
$310,000 2.000 °o 2017
$315,000 2.000 °o 2018
$325,000 2.000 °o 2019
$330,000 2.050 °o 2020
$345,000 2.300 °o 2021
$355.000 2.500° o 2022
$350,000 2.750 °o 2023
$360,000 3.000 °o 2024
$375,000 3.150 °o 2025
$385,000 3.300 °o 2026
$400,000 3.450 °o 2027
$415,000 3.550° o 2028
$430,000 3.650 °o 2029
$445,000 3.750 °o 2030
$465,000 3.850 °o 3031
$485,000 3.900 °o 3032
Section 3. That all other provisions of Resolution No. 160 -12 be and the same
hereby are ratified, confirmed and approved.
Section 4. That the Mayor and City Clerk are hereby authorized to execute such
documents as are necessary to effectuate the amendments provided for in this resolution.
-4-
PASSED AND APPROVED this 16 t h
ATTEST:
day of July,
, 2012.
5
STATE OF IOWA
COUNTY OF DUBUQUE
CERTIFICATE
) SS
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.
(SEAL)
00868641 -1 \10422 -132
City Cler , City of Dubuque, to of Iowa