GO Refunding Bonds Series 2012G_$950KTHE C
D
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
AII- America City
I I.,
2012
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$950,000 General Obligation Refunding Bonds
DATE: September 10, 2012
Budget Director Jennifer Larson recommends that a public hearing be set for October 1,
2012, on the proposition of selling not to exceed $950,000 in General Obligation
Refunding Bonds, the proceeds of which will be used to pay costs of refunding and
refinancing of certain City indebtedness, including General Obligation Bonds, Series
2002C, dated December 1, 2002 (Water Main and Water Tower Bond issue). This
refunding is estimated to save the City $77,000 in interest over the next four years.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
k�4 jlx�
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
THE C
D
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director
Dubuque
AII- America City
I I.,
2012
SUBJECT: Proceedings to Set Public Hearing on the Issuance of Not to Exceed
$950,000 General Obligation Refunding Bonds
DATE: September 10, 2012
DISCUSSION
The purpose of this memorandum is to recommend the setting of a public hearing on
the proposal to issue General Obligation Refunding Bonds, Series 2012G, the proceeds
of which will be used to provide funds to pay costs of refunding and refinancing of
certain City indebtedness, including the General Obligation Bonds, Series 2002C, dated
December 1, 2002 (Water Main and Water Tower Bond issue). This refunding is
estimated to save the City $77,000 in interest over the next four years. A letter from
attorney Mark Cory detailing information on the bond hearing is enclosed.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolution fixing the date of
October 1, 2012 for a public hearing on the proposition of selling not to exceed
$950,000 in General Obligation Refunding Bonds for essential corporate purpose and
providing publication of notice.
JML
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth TeKippe, Finance Director
THE CITY OF
D UB TE
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director
SUBJECT: Updated Statutory Debt Limit Usage Projections
DATE: September 10, 2012
INTRODUCTION
Dubuque
All- America City
II I I I.F
2012
The purpose of this memorandum is to provide updated information in regard to the projected
statutory debt limit usage over the next ten years.
DISCUSSION
During the budget process, a ten year projection of the statutory debt limit usage was
presented at the public hearing to adopt the Fiscal Year 2013 budget. The following was the
ten year projection that was previously shown:
FY13
I FY14
1 FY15
1 FY16
1 FY17
1 FY18
1 FY19
1 FY20
I FY21
I FY22
86.15%
184.89%
181.90%
177.16%
174.55%
171.32%
168.20%
164.92%
161.84%
159.42%
These statutory debt limit usage projections have changed slightly due to being advised that
the $4.5 million dollar Iowa Finance Authority loan for the Caradco project in the Historic
Millwork District is subject to the City's statutory debt limit due to the debt being issued by the
City instead of by the developer.
As of December 2012, the City will be at 93.80% of the statutory debt limit if all planned
borrowings are issued. However, there will be scheduled principal payments made on June 1,
2013 that will reduce the amount of debt limit used to 87.03 %.
The following is a revised ten year projection of the statutory debt limit usage:
FY13
IFY14
IFY15
IFY16
IFY17
IFY18
IFY19
IFY20
IFY21
IFY22
87.03%
185.87%
182.86%
178.08%
175.42%
172.14%
169.34%
166.64%
164.35%
163.07%
90.00%
87.03%
85.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
Statutory Debt Limit Used
61.66%
FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23
RECOMMENDATION
This memorandum is for informational purposes only.
JML
2
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
September 6, 2012
Ms. Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Re: Not to exceed $950,000 General Obligation Refunding Bonds
Series 2012G
Dear Ms. Larson:
Direct Dial:
(515)246 -0378
We have now prepared and are enclosing suggested proceedings to be acted upon
by the Council in fixing the date of a meeting on the proposition to issue the above
mentioned bonds and ordering publication of a notice of hearing consistent with the
provisions of Code Section 384.25.
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 the public meeting on the issuance of
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 the time of hearing the Council shall receive oral or written objections from any
resident or property owner to the proposed action to issue the bonds. After all objections
have been received and considered, the Council is required, at that meeting or at any
adjournment thereof, to take additional action for the issuance of the bonds or to abandon
the proposal to issue the bonds.
The Council is required by statute to adopt the resolution instituting proceedings to
issue the bonds at the hearing - -or an adjournment thereof.
WISHARD & BAILY - 1888; GUERNSEY & BAILY - 1893; GAILY & 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
September 6, 2012
Page 2
Also enclosed is an extra copy of the proceedings to be filled in as the original and
certified back to this office, 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. A certificate to attest the proceedings is
also enclosed.
We will prepare and forward to you in the near future, suggested procedure to be
acted upon on the date of hearing. If you have any questions pertaining to the proceedings
enclosed or the above instructions, please do not hesitate to either write or call.
Very ly rs,
R: M rk Cory
FOR THE FIRM
RMC:dc
Encl.
cc: Ken TeKippe
Tim Oswald
00891814 -1 \10422 -141
CPr\ !I \I
(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: September 17 , 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:
Not to exceed $950,000 General Obligation Refunding Bonds, Series 2012G.
• 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
erk, City of Dubu
u-S, Iowa
Sept. 17 ,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 • �o
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
David Resnick, Lynn Sutton
Absent: Kevin Lynch
1
Council Member Jones introduced the following
Resolution entitled "RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $950,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2012G, (FOR AN ESSENTIAL
CORPORATE PURPOSE) OF THE CITY OF DUBUQUE, IOWA, AND PROVIDING
FOR PUBLICATION OF NOTICE THEREOF ", and moved that the same be adopted.
Council Member Connors seconded the motion to adopt. The roll
was called and the vote was,
AYES: Connors, Jones, Resnick, Sutton
NAYS:
Braig, Buol
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 251 -12
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $950,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012G,
(FOR AN ESSENTIAL CORPORATE PURPOSE) OF THE CITY OF
DUBUQUE, IOWA, AND PROVIDING FOR PUBLICATION OF
NOTICE THEREOF
WHEREAS, it is deemed necessary and advisable that the City of Dubuque, State
of Iowa, should issue General Obligation Refunding Bonds, Series 2012G, to the amount
of not to exceed $950,000, as authorized by Section 384.25, of the City Code of Iowa, for
the purpose of providing funds to pay costs of carrying out an essential corporate purpose
project as hereinafter described; and
WHEREAS, before the bonds may be issued, it is necessary to comply with the
provisions of the Code, and to publish a notice of the proposal to issue such bonds and of
the time and place of the meeting at which the Council proposes to take action for the
issuance of the bonds and to receive oral and /or written objections from any resident or
property owner of the City to such action.
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 1ST day of
October , 2012, for the purpose of taking action on the matter of the issuance of
not to exceed $950,000 General Obligation Refunding Bonds, Series 2012G, for an
essential corporate purpose of the City, the proceeds of which bonds will be used to
provide funds to pay costs of refunding and refinancing of certain outstanding City
indebtedness, including the General Obligation Bonds, Series 2002C, dated December 1,
2002.
Section 2. To the extent any of the projects or activities described in this resolution
may be reasonably construed to be included in more than one classification under
Division III of the City Code of Iowa, the Council hereby elects the "essential corporate
purpose" classification and procedure with respect to each such project or activity,
pursuant to Section 384.28 of the City Code of Iowa.
Section 3. That the Clerk is hereby directed to cause at least one publication to be
made of a notice of the meeting, in a legal newspaper, printed wholly in the English
language, published at least once weekly, and having general circulation in the City. The
publication to be not less than four clear days nor more than twenty days before the date
of the public meeting on the issuance of the bonds.
Section 4. The notice of the proposed action to issue the bonds shall be in
substantially the following form:
3
NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF
NOT TO EXCEED $950,000 GENERAL OBLIGATION REFUNDING BONDS,
SERIES 2012G, (FOR AN ESSENTIAL CORPORATE PURPOSE) OF THE
CITY, AND THE HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City of Dubuque, Iowa, will hold a
public hearing on the day of , 2012, at
o'clock .M., in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa,
at which meeting the Council proposes to take additional action for the issuance of not to
exceed $950,000 General Obligation Refunding Bonds, Series 2012G , for an essential
corporate purpose of said City, in order to provide funds to pay costs of refunding and
refinancing of certain outstanding City indebtedness, including the General Obligation
Bonds, Series 2002C, dated December 1, 2002.
At the above meeting the 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 Council will at this meeting or at any adjournment thereof,
take additional action for the issuance of bonds or will abandon the proposal to issue
bonds.
This notice is given by order of the City Council of the City of Dubuque, State of
Iowa, as provided by Section 384.25 of the City Code of Iowa.
Dated this
day of , 2012.
City Clerk, City of Dubuque, Iowa
(End of Notice)
4
PASSED AND APPROVED this 17th
ATTEST:
5
day of September , 2012.
CERTIFICATE
STATE OF IOWA
) SS
COUNTY OF DUBUQUE
if 1\1
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
ISSUANCE OF NOT TO EXCEED $950,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2012G, OF THE CITY
OF DUBUQUE, AND THE HEARING ON THE 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:
September 21 ,2012.
WITNESS my official signature at Dubuque, Iowa, this day of
, 2012.
City • erk, City of ubu r7,' State of Iowa
(SEAL)
00891815 - 810422 -141
NOTICE OF MEETING
OF THE CITY
COUNCIL OF THE
CITY OF DUBUQUE,
IOWA, ON THE
MATTER OF THE
PROPOSED ISSUANCE
OF NOT TO EXCEED
$950,000 GENERAL
OBLIGATION
REFUNDING BONDS,
SERIES 2012G, (FOR
AN ESSENTIAL
CORPORATE
PURPOSE) OF THE
CITY, AND THE
HEARING ON THE
ISSUANCE THEREOF
PUBLIC NOTICE is
hereby given that the
City of Dubuque, Iowa,
will hold a public
hearing on the 1st day
of October, 2012, at
6:30 o'clock PM, in the
Historic Federal Build-
ing, 350 West. 6th
Street, Dubuque, Iowa,
at which meeting the
Council proposes to
take additional action
for the issuance of not
to exceed $950,000
General Obligation
Refunding Bonds,
Series 2012G, for an
essential corporate
purpose of said City, in
order to provide funds
to pay costs of
refunding and refi -_
nancing of certain
outstanding City
indebtedness, includ-
ing the General
Obligation Bonds,
Series 2002C, dated
December,l, 2002.
At the above meeting
the 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 '
cons' dere dole .,CRy,pfiiI
will at this meeting or
at any adjournment
thereof, take additional
action for the issuance
of bonds or will
abandon the proposal
to issue bonds.
This notice is given by
order of the City
Council of the City of
Dubuque,.. State of
Iowa, as provided by
Section 384.25 of the
City Code of Iowa.
Copies of supporting
documents for the
public hearings are on
file in the City Clerk's
Office and may be
viewed during normal
working hours.
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 TTY (563)
690 -6678 at least 48
hours prior to the
meeting.
Dated this 21st day of
September, 2012.
Kevin 5. Firnstahl,
CMC, City Clerk, City of
Dubuque, Iowa
1t 9/21
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: September 21, 2012, and for which the charge is $27.17.
Subscribed to before me, a
thie 27* day • f
in and for Dubuque County, Iowa,
,20 /ate.
MARY K. WESTERMEYER
Commission Number 154885