Bonds - G.O. Refund balance 3,730,000
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MEMORANDUM
March 14,2006
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing to Partially Refund $2,750,000 General
Obligation Bonds, Series 2000B dated June 1, 2000 and $6,290,000
General Obligation Bonds, Series 2000C dated November 1, 2000
Finance Director Ken TeKippe recommends that the City Council approve the
"Resolution Instituting Proceedings to Take Additional Action for the Issuance of Not to
Exceed $3,730,000 General Obligation Refunding Bonds" to partially refund $2,750,000
General Obligation Bonds, Series 2000B dated June 1, 2000 and $6,290,000 General
Obligation Bonds, Series 2000C dated November 1, 2000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
/11J G::hi1t4
MichaJI C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Kenneth K. TeKippe, Finance Director
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Memorandum
TO: Michael C. Van Milligen, City Manager
FROM:
Kenneth J. TeKippe, Finance Director
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SUBJECT: Proceedings for Public Hearing to Partially Refund $2,750,000 General
Obligation Bonds, Series 2000B dated June 1, 2000 and $6,290,000
General Obligation Bonds, Series 2000C dated November 1, 2000
DATE: March 14,2006
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance of General Obligation Refunding Bonds to partially refund
$2,750,000 General Obligation Bonds, Series 2000B dated June 1,2000 and
$6,290,000 General Obligation Bonds, Series 2000C dated November 1, 2000 as
prepared by our Bond Counsel and to present a resolution for City Council to adopt
entitled "Resolution Instituting Proceedings to Take Additional Action for the Issuance of
Not to Exceed $3,730,000 General Obligation Refunding Bonds."
The proceedings have been prepared on the basis that no objections will be filed with
the City Clerk. If there are objections, we will need to summarize them. The Mayor will
then declare the hearing on the issuance of said Bonds to be closed. Immediately
following, a resolution is to be introduced and adopted entitled "Resolution Instituting
Proceedings to Take Additional Action for the Issuance of Not to Exceed $3,730,000
General Obligation Refunding Bonds."
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.
Section 384.25 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 Bonds, 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 Council exceeded its authority.
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Attachments
cc: Barry Lindahl, Corporation Counsel
Dawn Lang, Budget Director
Jeanne Schneider, City Clerk
AHLERS ~COONEY, P.C.
ATTORNEYS AT LAW
100 COURT AVENUE. SUITE 600
OES MOINES. IOWA 50309.2231
PHONE 515-243-7611
FAX. 515.243-2149
WWW.AHLERSLAW.COM
WILLIAM J. NOTH
WNOTHOAHLERSLAW.COM
Direct Dial:
(5151246-0332
March 7, 2006
Mr. Ken TeKippe
Finance Officer
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
RE: Not to exceed $2,900,000 General Obligation Bonds
Not to exceed $3,730,000 General Obligation Refunding Bonds
Not to exceed $910,000 General Obligation Urban Renewal Bonds
Dear Mr. TeKippe:
With this letter I am enclosing suggested proceedings to be acted upon by the
Council on March 20, 2006, the date fixed for the hearings on the issuance of the above
mentioned Bonds, pursuant to the provisions of Code Sections 384.25 and 403.12. A
total of three hearings will be held. For the sake of clarity, I will separately describe the
steps relating to each of them:
Not to exceed $2,900,000
General Obligation Bonds
(Stormwater improvements)
Not to exceed $3,730,000
General Obli~ation Refundine Bonds
In each case, the proceedings for these proposals have been prepared on the basis
that no objections will be filed with the City Clerk. If there are objections, please
summarize them in the space provided. The Mayor will then declare the hearing on the
issuance of said Bonds to be closed. Immediately following, a resolution is to be
introduced and adopted instituting proceedings to take additional action for the issuance
of the Bonds.
WISHARD & BAILY - 1888, GUERNSEY & BAllY ~ 1893: BAILY & STIPP - 1901: STIPP. Pf:RRY. BANNISTER & STARZINGER - 1914: BANNISTER. CARPENTER.
AHLERS & COONEY - 1950: AHLERS. CoONEY. DORWElLER. ALLBEE. HAYNIE & SMITH - , 974, AHLERS. CoONEY, DORWEILER. HAYNIE. SMITH & AllBEE. P.C. - 1990
March 7, 2006
Page 2
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. We would
suggest that, in this event, a motion merely be adopted to the effect that such Bond
proposal is abandoned.
The Council is required by statute to adopt the resolution instituting proceedings to
issue the Bonds at the hearing -- or an adjournment thereof. If necessary to adjourn, the
minutes are written to accommodate that action.
Not to exceed $910,000
General Obligation Urban Renewal Bonds
(Greater Downtown Urban Renewal District)
These proceedings have been prepared on the basis that no petition will be filed
with the City Clerk, asking that the question of issuing the Bonds be submitted to the
qualified electors ofthe City. Following the opportunity for objections to be made, the
Mayor will then declare the hearing on the issuance of said Bonds to be closed.
Immediately following, a resolution is to be introduced and adopted instituting
proceedings to take additional action.
If a valid petition is filed on the proposal, we should be notified immediately since
the enclosed proceedings will have to be revised to cover the action taken by the Council
in either declaring the proposal to issue the Bonds to have been abandoned or the
directions ofthe Council to the County Commissioner to call a special election upon the
question of issuing 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. If necessary to adjourn, the
minutes are written to accommodate that action.
In the event the Council decides to abandon the proposal to issue said Bonds, then
the form ofresolution 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 Bond
proposal is abandoned.
In the case of each of the three Bond proposals, Section 384.25 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 Bonds, to the District Court of a county in which any
March 7, 2006
Page 3
part of the city is located, within 15 davs 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 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.
Resolution directing advertisement
of Bonds for sale
Also enclosed are suggested proceedings to direct the advertisement of Bonds for
sale, in the aggregate principal amount of$7,295,000, and to approve the form of Notice
of Bond Sale. Under the schedule proposed, these proceedings should be considered
immediately following the public hearings and adoption of the three (3) resolutions taking
additional action. The Notice of Bond Sale assumes that the sale will be set for 11:00
A.M. on April 3, 2006. The Notice also assumes that the Council will meet on April 3,
2006 to award the Bonds to the best bidders. If any of those details need to be revised,
please let me know.
The procedure assumes that your financial consultant has recommended to the
Council that electronic bidding procedures be utilized for this bond sale. Based upon this
recommendation, the Iowa Code requires that the Council make a finding that the
recommended procedure will provide reasonable security and maintain the integrity of the
competitive bidding process and facilitate the delivery of bids by interested parties under
the circumstances of the particular sale. The proceedings enclosed are prepared on the
basis that the Council will agree with the recommendation and make the necessary
findings.
The Notice of Bond Sale must be published at least one time. The sale may be
held at any time, but not less than four days following the date of the last publication. An
extra copy of the notice is enclosed for use by the newspaper.
As always, extra copies ofthe proceedings are enclosed to be filled in as the
originals and certified back to this office, together with publisher's affidavit covering
publication of the Notice of Bond Sale.
. .
March 7, 2006
Page 4
If any questions arise, please keep me advised.
Yours very truly,
~
William J. Noth
WJN:dc
encl.
cc: Tionna Pooler
Barry Lindahl
DCORNELL\484\17.I\WP\1042207\
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body:
The City Council of Dubuque, Iowa.
Date of Meeting:
,2006.
Time of Meeting:
o'clock .M.
Place of Meeting:
Auditorium, Carnegie-Stout Public Library, 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 said
meeting is as follows:
Not to exceed $3,730,000 General Obligation Refunding Bonds.
. Public hearing on the issuance.
· Resolution instituting proceedings to take additional action.
Such additional matters as are set forth on the additional 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 Clerk, Dubuque, Iowa
,2006
The City Council of Dubuque, Iowa; met in session, in the Auditorium,
Carnegie-Stout Public Library, Dubuque, Iowa, Dubuque, Iowa, at o'clock
_.M., on the above date. There were present Mayor , in the
chair, and the following named Council Members:
Absent:
*******
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The Mayor announced that this was the time and place for the public hearing and
meeting on the matter of the issuance of not to exceed $3,730,000 General Obligation
Refunding Bonds in order to provide funds to pay costs of refunding and refinancing of
outstanding City indebtedness, consisting of the General Obligation Bonds, Series 2000B,
dated June 1,2000, and the General Obligation Bonds, Series 2000C, dated November 1,
2000, an essential corporate purpose, and that notice of the proposed action by the
Council to institute proceedings for the issuance of said Bonds, had been published
pursuant to the provisions of Section 384.25 of the City Code ofIowa.
The Mayor then asked the Clerk whether any written objections had been filed by
any City resident or property owner to the issuance of said Bonds. The Clerk advised the
Mayor and the Council that written objections had been filed. The Mayor then
called for oral objections to the issuance of said Bonds and 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)
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The Council then considered the proposed action and the extent of objections
thereto.
Whereupon, Council Member introduced and delivered to
the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING
PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $3,730,000 GENERAL OBLIGATION REFUNDING BONDS", and
moved:
D that the Resolution be adopted.
D to ADJOURN and defer action on the Resolution and the proposal to institute
proceedings for the issuance of Bonds to the meeting to be held at
o'clock .M. on the day of , 2006, at this
place.
Council Member
called and the vote was,
seconded the motion. The roll was
AYES:
NAYS:
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT
TO EXCEED $3,730,000 GENERAL OBLIGATION
REFUNDING BONDS
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 issuance
of not to exceed $3,730,000 General Obligation Refunding Bonds for the essential
corporate purpose of paying costs of refunding and refinancing of outstanding City
indebtedness, consisting ofthe General Obligation Bonds, Series 2000B, dated June I,
2000, and the General Obligation Bonds, Series 2000C, dated November I, 2000, and has
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considered the extent of objections received from residents or property owners as to said
proposed issuance of Bonds; 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, IOWA:
Section 1. That this Council does hereby institute proceedings and take additional
action for the sale and issuance in the manner required by law of not to exceed
$3,730,000 General Obligation Refunding Bonds for the foregoing essential corporate
purpose.
PASSED AND APPROVED this
day of
2006.
Mayor
ATTEST:
City Clerk
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CIG-3
CERTIFICATE
STATE OF IOWA
)
) SS
)
COUNTY OF DUBUQUE
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings ofthe Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in fuIl 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 buIletin 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 said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code ofIowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said 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 lawfuIly possessed of their respective
city offices as indicated therein, that no Council vacancy existed except as may be stated
in said 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
ofthe individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this
day of , 2006.
City Clerk, Dubuque, Iowa
SEAL
DCORNELL\482764.1 \ WP\ 10422071
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