Taxable & General Obligation Bonds Series 2014C (Urban Renewal and Parking)_$8M/$7M Copyright 2014
City of Dubuque Public Hearings # 2.
ITEM TITLE: Taxable General Obligation Bond Series 2014C (Urban Renewal and
Parking)
SUMMARY: Proof of publication on notice of public hearing to consider approval of the
suggested proceedings for the public hearing on the issuance of
$8,625,000 General Obligation Capital Loan Notes, advertisement for the
sale and approval of electronic bidding procedures and the City Manager
recommending approval.
RESOLUTION Instituting proceedings to take additional action for the
authorization of a Loan Agreement and the issuance of not to exceed
$8,265,000 General Obligation Capital Loan Notes, Series 2014
RESOLUTION Directing the advertisement for sale of$7,615,000 (dollar
amount subject to change) Taxable General Obligation Capital Loan
Notes, Series 2014C, and approving Electronic Bidding Procedures and
Official Statement
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ MVM Memo City Manager Memo
❑ Staff Memo Staff Memo
❑ Resolution Instituting Proceedings to Take Additional Action Resolutions
❑ Resolution Directing Advertisement of Sale Resolutions
❑ Bond Counsel Letter-Instituting Proceedings to Take Additional Action Supporting Documentation
❑ Bond Counsel Letter-Directing Advertisement of Sale Supporting Documentation
❑ Series 2014BC Draft Preliminary Official Statement Supporting Documentation
THE CITY OF Dubuque
U E I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Proceedings for Public Hearing and to Direct Advertisement of Sale of the
Issuance of Not to Exceed $8,265,000 Taxable General Obligation Capital
Loan Notes (Urban Renewal and Parking), Series 2014C and Approval of
Electronic Bidding Procedures
DATE: October 30, 2014
Budget Director Jennifer Larson is recommending City Council approval of the
suggested proceedings for the public hearing on the issuance of General Obligation
Capital Loan Notes, advertisement for the sale and approval of electronic bidding
procedures. The proceeds of which will be used to pay costs of projects in the City
budget previously approved by the City Council including the Intermodal Facility;
Historic Millwork District Parking Improvements; Homeownership in Targeted
Neighborhoods; Downtown Housing Improvements; Downtown Rehab Loan Pool;
Industrial Park Land Acquisition; Major Parking Ramp Maintenance; Five Flags Re-
Lighting Project; and Locust Street Ramp Repairs.
Although the City is selling General Obligation Bonds to support the projects,
repayments of the debt will be from tax increment revenues of the Greater Downtown
Urban Renewal Area and Dubuque Industrial Center and Parking user fees.
It is anticipated that a general fund transfer will be required in years Fiscal Year 2015
through Fiscal Year 2017 to accommodate funding of the Greater Downtown Tax
Increment Financing projects. A significant cause of this is the impact of the State of
Iowa property tax reform on TIF revenues. The highest transfer from the general fund is
$214,834 in Fiscal Year 2016. It is anticipated that Greater Downtown Tax Increment
Financing would begin to repay the general fund transfers in Fiscal Year 2019. In
Dubuque Industrial Center West, there is capacity to fund additional projects beyond
those included in the FY 2015 debt issuance. The assumptions used by the City's
financial advisor assume annual valuation growth of 3.98% beginning in FY 2017 for
Greater Downtown Tax Increment Financing; 1% annual growth for Dubuque Industrial
Center West and continued support by the State of Iowa of the back-fill intended to
offset a portion of the budgetary impact of recent property tax changes. The Greater
Downtown Tax Increment Financing had been funding $471,000 in parking related debt
and that will be discontinued. In Fiscal Year 2016, parking fees will need to be
increased.
The borrowing is subject to the 'reverse referendum" procedures, under which petitions
may be filed prior to the hearing asking that the bond proposal be submitted to an
election. To qualify, a petition must be signed by eligible electors equal to at least ten
percent of the number who voted at the last regular municipal election (but not less than
ten persons). The proceedings have been prepared on the basis that no objections or
petitions calling for an election on the bond proposal 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 closed. Immediately following, and assuming no
petitions have been filed, a resolution is to be introduced and adopted entitled
"Resolution Instituting Proceedings to Take Additional Action for the Authorization of a
Loan Agreement and the Issuance Not to Exceed $8,265,000 General Obligation
Capital Loan Notes, Series 2014."
In the event the Council decides to abandon the proposal to issue said bonds, then the
form of resolution included in said proceeding 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.
A draft copy of the preliminary Official Statement prepared by Independent Public
Advisors and City staff is enclosed. Careful review of the draft Official Statement by
appropriate City staff and members of the City Council is an important step in the
offering of the Bonds for sale to the public. The U.S. Securities and Exchange
Commission (the "Commission") has stated that "issuers are primarily responsible for
the content of their disclosure documents and may be held liable under the federal
securities laws for misleading disclosure." In several recent enforcement proceedings,
the Commission has made clear that it expects public officials to generally review
disclosure documents in light of their unique knowledge and perspectives on the issuer
and its financial circumstances, or else to ensure that appropriate procedures are in
place to provide the necessary review.
Rule 15c2-12 of the Commission requires prospective purchasers of the Bonds to
obtain and review an official statement that has been "deemed final' by the City prior to
submitting a bid to purchase the Bonds. For this purpose, the Official Statement may
omit certain information that is dependent upon the pricing of the issue (such as interest
rates, bond maturities and redemption features), but should otherwise be accurate and
complete.
2
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
Teri Goodmann, Assistant City Manager
Jennifer Larson, Budget Director
Kenneth TeKippe, Finance Director
3
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Budget Director
SUBJECT: Proceedings for Public Hearing and to Direct Advertisement of Sale of the
Issuance of Not to Exceed $8,265,000 Taxable General Obligation Capital
Loan Notes (Urban Renewal and Parking), Series 2014C and Approval of
Electronic Bidding Procedures
DATE: October 30, 2014
INTRODUCTION
The purpose of this memorandum is to provide the suggested proceedings for the public
hearing on the issuance Taxable General Obligation Capital Loan Notes prepared by
Bond Counsel, to recommend the advertisement of sale, to present a resolution for City
Council to adopt entitled "Resolution Instituting Proceedings to Take Additional Action
for the Authorization of a Loan Agreement and the Issuance Not to Exceed $8,265,000
General Obligation Capital Loan Notes, Series 2014," and approval of electronic bidding
procedures. The proceeds of which will be used for urban renewal purposes and
general corporate purposes of the City for projects in the City budget previously
approved by the City Council. A letter from attorney Mark Cory detailing information on
the bond hearing is enclosed.
DISCUSSION
Of the bond amount:
• $3,800,000 is intended to provide funds to pay costs of Intermodal Facility
Project with repayment from the Greater Downtown TIF District.
• $400,000 is intended to provide funds to pay for Historic Millwork District Parking
Improvements with repayment from the Greater Downtown TIF District.
• $500,000 is intended to provide funds for Homeownership in Targeted
Neighborhoods with repayment from the Greater Downtown TIF District.
• $25,000 is intended to provide funds to pay costs for Downtown Housing
Improvements with repayment from the Greater Downtown TIF District.
• $55,000 is intended to provide funds for the Downtown Rehab Loan Pool with
repayment from the Greater Downtown TIF District.
• $1,500,000 is intended to provide funds for industrial park land acquisition with
repayment from the Dubuque Industrial Center TIF.
• $100,000 is intended to provide funds for Major Parking Ramp Maintenance with
repayment from the Parking Fund.
• $90,000 is intended to provide funds for Five Flags Ramp Re-Lighting with
repayment from the Parking Fund.
• $76,000 is intended to provide funds for Locust Street Ramp Repairs with
repayment from the Parking Fund.
• $119,000 is intended to provide funds for bond issuance costs and
• $1 ,600,000 to be a contingency for fluctuations in the bond market for interest
rates, bond issuance costs and change in project costs.
Although the City is selling General Obligation Bonds to support the projects,
repayments of the debt will be from tax increment revenues of the Greater Downtown
Urban Renewal Area and Dubuque Industrial Center and Parking user fees.
The City's new financial advisor, Independent Public Advisors, LLC, reviewed the work
of the former bond advisor, Piper Jaffrey, and determined that the borrowing capacity
Piper Jaffray identified for the Greater Downtown Urban Renewal District (GDTIF) was
greater than what is actually available. The impact of the State of Iowa property tax
reform is significant. It is anticipated that a general fund transfer will be required in years
Fiscal Year 2015 through Fiscal Year 2017 to accommodate funding of the GDTIF
projects (attachment I). The highest transfer from the general fund is $214,834 in Fiscal
Year 2016. In Dubuque Industrial Center West (DICW), there is capacity to fund
additional projects beyond those included in the FY 2015 debt issuance (attachment II).
The assumptions used by the City's financial advisor assume annual valuation growth of
3.98% beginning in FY 2017 for GDTIF and 1% annual growth for DICW and continued
support by the State of Iowa of the back-fill intended to offset a portion of the budgetary
impact of recent property tax changes.
The borrowing is subject to the "reverse referendum" procedures, under which petitions
may be filed prior to the hearing asking that the bond proposal be submitted to an
election. To qualify, a petition must be signed by eligible electors equal to at least ten
percent of the number who voted at the last regular municipal election (but not less than
ten persons). The proceedings have been prepared on the basis that no objections or
petitions calling for an election on the bond proposal 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 closed. Immediately following, and assuming no
petitions have been filed, a resolution is to be introduced and adopted entitled
"Resolution Instituting Proceedings to Take Additional Action for the Authorization of a
Loan Agreement and the Issuance Not to Exceed $8,265,000 General Obligation
Capital Loan Notes, Series 2014."
In the event the Council decides to abandon the proposal to issue said bonds, then the
form of resolution included in said proceeding 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
2
additional action is taken, but that the additional action is final and conclusive unless the
court finds that the Council exceeded its authority.
A draft copy of the preliminary Official Statement prepared by Independent Public
Advisors and City staff is enclosed. Careful review of the draft Official Statement by
appropriate City staff and members of the City Council is an important step in the
offering of the Bonds for sale to the public. The U.S. Securities and Exchange
Commission (the "Commission") has stated that "issuers are primarily responsible for
the content of their disclosure documents and may be held liable under the federal
securities laws for misleading disclosure." In several recent enforcement proceedings,
the Commission has made clear that it expects public officials to generally review
disclosure documents in light of their unique knowledge and perspectives on the issuer
and its financial circumstances, or else to ensure that appropriate procedures are in
place to provide the necessary review.
Rule 15c2-12 of the Commission requires prospective purchasers of the Bonds to
obtain and review an official statement that has been "deemed final' by the City prior to
submitting a bid to purchase the Bonds. For this purpose, the Official Statement may
omit certain information that is dependent upon the pricing of the issue (such as interest
rates, bond maturities and redemption features), but should otherwise be accurate and
complete.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolutions instituting the
proceedings to take additional action and the advertisement for sale of the above bonds
and approve electronic bidding procedures.
JML
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Kenneth TeKippe, Finance Director
3
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, State of Iowa.
Date of Meeting: November 3, 2014.
Time of Meeting: 63O 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 $8,265,000 General Obligation Capital Loan Notes, Series 2014.
• Public hearing on the authorization of a Loan 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 4 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 C rk, City of Dub State of Iowa
November 3, 2014
The City Council of the City of Dubuque, State of 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:
Braig, Connors, Jones, Lynch, Resnick, 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 Agreement and the issuance of not to exceed
$8,265,000 General Obligation Capital Loan Notes, Series 2014, in order to provide funds to pay
costs of aiding in the planning, undertaking and carrying out of urban renewal projects,
including, intermodal facility improvements, Millwork District parking improvements,
homeownership purchase, rehabilitation and resale program costs, riverfront leasehold
improvements, land acquisition and rehab in the Dubuque Industrial Center West Urban Renewal
Project, Transit Building roof repairs, Central Avenue Master Plan and bus storage and
maintenance facility improvements, essential corporate purposes, and that notice of the proposed
action by the Council to institute proceedings for the authorization of the Loan Agreement and
the issuance of the Notes, had been published pursuant to the provisions of Sections 384.24,
384.24A and 384.25 of the City Code of Iowa, as amended.
The Mayor then asked the City Clerk whether any petition had been filed in the Clerk's
Office, in the manner provided by Section 362.4 of the City Code of Iowa, and the Clerk
reported that no such petition had been filed, requesting that the question of issuing the notes be
submitted to the qualified electors of the City.
The Mayor then asked the Clerk whether any written objections had been filed by any
city resident or property owner to the proposal. The Clerk advised the Mayor and the Council
that -0- written objections had been filed. The Mayor then called for oral objections to the
proposal and -0- 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)
-2-
The Council then considered the proposed action and the extent of objections thereto.
Whereupon, Council Member Connors 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 AGREEMENT
AND THE ISSUANCE OF NOT TO EXCEED $8,265,000 GENERAL OBLIGATION
CAPITAL LOAN NOTES, SERIES 2014", and moved:
X that the Resolution be adopted.
❑ to ADJOURN and defer action on the Resolution and the proposal to institute
proceedings for the issuance of notes to the meeting to be held at
o'clock .M. on the day of , 2014, at this place.
Council Member Jones seconded the motion. The roll was called and the vote was,
AYES: Sutton, Braig, Buol, Connors, Jones, Lynch
NAYS: Resnick
Whereupon, the Mayor declared the measure duly adopted.
RESOLUTION NO. 344-14
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION OF A
LOAN AGREEMENT AND THE ISSUANCE OF NOT TO
EXCEED $8,265,000 GENERAL OBLIGATION CAPITAL
LOAN NOTES, SERIES 2014
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 Agreement and the issuance of not to exceed $8,265,000 General Obligation Capital Loan
Notes, Series 2014, for the purpose of paying costs of aiding in the planning, undertaking and
carrying out of urban renewal projects, including, intermodal facility improvements, Millwork
District parking improvements, homeownership purchase, rehabilitation and resale program
costs, riverfront leasehold improvements, land acquisition and rehab in the Dubuque Industrial
Center West Urban Renewal Project, Transit Building roof repairs, Central Avenue Master Plan
and bus storage and maintenance facility improvements, and has considered the extent of
objections received from residents or property owners as to the proposal, and no petition was
-3-
filed calling for a referendum thereon. 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 take additional action
for the authorization of a Loan Agreement and issuance in the manner required by law of not to
exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014, to evidence the
obligation thereof for the foregoing purpose.
Section 2. This Resolution shall serve as a declaration of official intent under Treasury
Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably
expected that moneys may be advanced from time to time for capital expenditures which are to be paid
from the proceeds of the above loan agreement. The amounts so advanced shall be reimbursed from the
proceeds of the Loan Agreement not later than eighteen months after the initial payment of the capital
expenditures or eighteen months after the property is placed in service. Such advancements shall not
exceed the loan amount authorized in this Resolution unless the same are for preliminary expenditures or
unless another declaration of intention is adopted.
PASSED AND APPROVED this 3rd day of November, 2014.
0 r
ATTEST:
Mayor
-4-
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 public hearing 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 4th day of
November , 2014.
City Cl<rk, City of Du •'• •. -. tate of Iowa
(SEAL)
01062025-1\10422-159
ROLL CALL ORDER FOR MEETING OF
November 3, 2014
Sutton, Braig, Buol, Connors, Jones, Lynch, Resnick
CITY OF DUBUQUE, IOWA
CITY COUNCIL MEETING
Historic Federal Building
350 W. 6th Street
November 3, 2014
Council meetings are video streamed live and archived at www.cityofdubuque.org/media and on Dubuque's
CityChannel on the Mediacom cable system at Channel 8 (analog) and 85.2 (digital).
SPECIAL SESSION
1. 5:30 PM - Work Session: Dubuque Metropolitan Area Solid Waste Agency
REGULAR SESSION
6:30 PM
PLEDGE OF ALLEGIANCE
PROCLAMATION(S)
1. Veterans' Day (November 11, 2014)
2. Philanthropy Day (November 15, 2014)
3. Adoption Month (November 2014)
4. Hospice Month (November 2014)
5. Hunger and Homelessness Awareness Month (November 2014)
CONSENT ITEMS
The consent agenda items are considered to be routine and non -controversial and all consent items will be normally voted
upon in a single motion without any separate discussion on a particular item. If you would like to discuss one of the Consent
Items, please go to the microphone and be recognized by the Mayor and state the item you would like removed from the
Consent Agenda for separate discussion and consideration.
1. Minutes and Reports Submitted
Arts and Cultural Affairs Advisory Commission of 8/26; City Council proceedings of 10/20; Civil Service Commission of
10/23; Housing Commission of 10/28; Investment Oversight Advisory Commission of 10/22; Library Board of Trustees of
9/25; Proof of Publication for City Council proceedings of 10/2, 10/6; Proof of Publication for List of Claims and Summary of
Revenues for Month Ended 9/30
Suggested Disposition: Receive and File
2. Notice of Claims and Suits
Area Residential Care for property damage; Michelle Green for vehicle damage; Megan Herber for vehicle damage; Kortni
Oliver for vehicle damage; Progressive Northern Insurance/Chad Parker for personal injury/vehicle damage; City of
Dubuque vs. Robert Meier, et al.
Suggested Disposition: Receive and File; Refer to City Attorney
3. Disposition of Claims
City Attorney advising that the following claims have been referred to Public Entity Risk Services of Iowa, the agent for the
Iowa Communities Assurance Pool: Area Residential Care for Property Damage, Megan Herber for vehicle damage, Chad
Parker/ Progressive Northern Insurance Co. for personal injury/vehicle damage
Suggested Disposition: Receive and File; Concur
4. Intelligent Communities Recognition
Pg. 1
Suggested Disposition: Receive and File; Approve
16. Alcohol Compliance Civil Penalty for Alcohol License Holders — Copper Kettle
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for the Copper Kettle, 2987 Jackson Street.
Suggested Disposition: Receive and File; Approve
17. Alcohol Compliance Civil Penalty for Alcohol License Holders — Crust Italian Kitchen and Bar
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for Crust Italian Kitchen and Bar, 299 Main Street.
Suggested Disposition: Receive and File; Approve
18. Alcohol Compliance Civil Penalty for Alcohol License Holders - Dubuque Quick Stop Mart
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for Dubuque Quick Stop Mart, 1401 Central Avenue.
Suggested Disposition: Receive and File; Approve
19. Tobacco Compliance — Civil Penalty for Tobacco License Holders - Dubuque Quick Stop Mart
City Manager recommending approval of the Acknowledgement/Settlement Agreement for a tobacco compliance violation
for Dubuque Quick Stop Mart, 1401 Central Avenue.
Suggested Disposition: Receive and File; Approve
20. Alcohol License Applications
City Manager recommending approval of annual liquor, beer, and wine licenses as submitted.
RESOLUTION Approving applications for beer, liquor, and/or wine permits, as required by City of Dubuque Code of
Ordinances Title 4 Business and License Regulations, Chapter 2 Liquor Control, Article B Liquor, Beer and Wine Licenses
and Permits
Suggested Disposition: Receive and File; Adopt Resolution(s)
ITEMS SET FOR PUBLIC HEARING
These agenda items are being scheduled for a future public hearing on the date indicated.
1. Kunkel & Associates, Inc. - Urban Revitalization Area Plan
City Manager recommending that a public hearing be set for December 15, 2014, regarding the proposed Urban
Revitalization Plan for the Kunkel & Associates, Inc. Urban Revitalization Area.
RESOLUTION Fixing the date for a public hearing on the matter of the adoption of a proposed Urban Revitalization
Plan for the Kunkel & Associates Urban Revitalization Area
Suggested Disposition
Receive and File; Adopt Resolution(s), Set Public Hearing for 12/15/14
PUBLIC HEARINGS
Citizens are invited to address the City Council regarding the following agenda items. Please come to the podium and
state your name and address when the item you wish to speak to is being considered.
SUSPEND THE RULES
1. 911 High Bluff Retaining Wall Project
Proof of publication on notice of public hearing to consider approval of the Final Schedule of Assessments for the 911
High Bluff Retaining Wall Repair Project and the City Manager recommending approval.
RESOLUTION Adopting the Final Assessment Schedule for the 911 High Bluff Retaining Wall Repair Project
Suggested Disposition: Receive and File; Adopt Resolution(s)
2. Taxable General Obligation Bond Series 2014C (Urban Renewal and Parking)
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $8,625,000 General Obligation Capital Loan Notes, advertisement for the sale and approval of
electronic bidding procedures and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014
Pg. 3
RESOLUTION Directing the advertisement for sale of $7,615,000 (dollar amount subject to change) Taxable General
Obligation Capital Loan Notes, Series 2014C, and approving Electronic Bidding Procedures and Official Statement
Suggested Disposition: Receive and File; Adopt Resolution(s)
3. Tax -Exempt General Obligation Bond Series 2014B
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $18,335,000 General Obligation Capital Loan Notes, advertisement for the sale and approval of
electronic bidding procedures and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $18,335,000 General Obligation Capital Loan Notes, Series 2014
RESOLUTION Directing the advertisement for sale of $18,815,000 (dollar amount subject to change) General
Obligation Capital Loan Notes, Series 2014B, and approving electronic bidding procedures and Official Statement
Suggested Disposition: Receive and File; Adopt Resolution(s)
4. Taxable General Obligation Bond Series 2014C
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $500,000 General Obligation Capital Loan Notes and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $500,000 General Obligation Capital Loan Notes, Series 2014
Suggested Disposition: Receive and File; Adopt Resolution(s)
5. Tax -Exempt General Obligation Bond Series 2014B
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $575,000 General Obligation Capital Loan Notes and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $575,000 General Obligation Capital Loan Notes, Series 2014
Suggested Disposition: Receive and File; Adopt Resolution(s)
REINSTATE THE RULES
This action Limits discussion to the City Council
ACTION ITEMS
These are items where discussion is held by the City Council - public comments are not allowed except as authorized
by the Mayor.
1. Dubuque Metropolitan Solid Waste Agency (DMASWA) Financing Plan
City Manager recommending authorization for the Dubuque Metropolitan Area Solid Waste Agency (DMASWA) to
borrow money and endorse the financing plan for its Cells #4-#8 closure and Cell #9 Phase II construction projects.
RESOLUTION Consenting to Financing Plan for Dubuque Metropolitan Area Solid Waste Agency
Suggested Disposition: Receive and File; Adopt Resolution(s)
2. Dubuque Racing Association and Iowa Greyhound Association Lease Agreement and Public Hearing
City Attorney recommending adoption of the resolution approving the Fifth Amendment to the Amended and Restated
Lease Agreement between Dubuque Racing Association and the City and approving the Consent to the Sublease
between the Dubuque Racing Association and Iowa Greyhound Association; and further recommending that the City
Council adopt the Resolution of Intent to Dispose of a portion of the greyhound racing facility by lease with Iowa
Greyhound Association, setting a public hearing on the lease for November 17, 2014.
The DRA-IGA Sublease document will be distributed at the meeting.
RESOLUTION Approving the Fifth Amendment to Amended and Restated Lease Agreement between the Dubuque
Racing Association and the City of Dubuque and approving the Consent to the Sublease between the Dubuque Racing
Association and Iowa Greyhound Association
RESOLUTION Intent to dispose of an interest in real property by Lease with Iowa Greyhound Association
Suggested Disposition: Receive and File; Adopt Resolution(s)
3. Code of Ordinances Amendment - Title 9 Alternate Side Street Parking
Pg. 4
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of the City of Dubuque, State of Iowa.
Date of Meeting: November 3, 2014.
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:
$7,615,000 (Dollar Amount Subject To Change) Taxable General Obligation Capital Loan
Notes, Series 2014C.
• Resolution directing the advertisement for sale and approving electronic bidding
procedures and Official Statement.
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 Cler , City of Dubuq - to of Iowa
November 3, 2014
The City Council of the City of Dubuque, State of 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:
Braig, Connors, Jones, Lynch, Resnick, Sutton
Absent:
-1-
Council Member Connors introduced the following Resolution entitled "RESOLUTION
DIRECTING THE ADVERTISEMENT FOR SALE OF $7,615,000 (DOLLAR AMOUNT
SUBJECT TO CHANGE) TAXABLE GENERAL OBLIGATION CAPITAL LOAN NOTES,
SERIES 2014C, AND APPROVING ELECTRONIC BIDDING PROCEDURES AND
OFFICIAL STATEMENT" and moved its adoption. Council Member Jones seconded the
Resolution to adopt. The roll was called and the vote was,
AYES: Sutton, Braig, Buol, Connors Jones, Lynch
NAYS: Resnick
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 345-14
RESOLUTION DIRECTING THE ADVERTISEMENT FOR
SALE OF $7,615,000 (DOLLAR AMOUNT SUBJECT TO
CHANGE) TAXABLE GENERAL OBLIGATION CAPITAL
LOAN NOTES, SERIES 2014C, AND APPROVING
ELECTRONIC BIDDING PROCEDURES AND OFFICIAL
STATEMENT
WHEREAS, the City of Dubuque, State of Iowa, is in need of funds to pay costs of
aiding in the planning, undertaking and carrying out of urban renewal projects, including,
intermodal facility improvements, Millwork District parking improvements, homeownership
purchase, rehabilitation and resale program costs, riverfront leasehold improvements, land
acquisition and improvements in the Dubuque Industrial Center West Urban Renewal Project,
and acquisition, construction, maintenance, improvement and equipping of parking ramps,
parking lots, and street parking,
and it is deemed necessary and advisable that a form of Loan Agreement be approved and
authorized and that the City issue Taxable General Obligation Capital Loan Notes for such
purposes to the amount of not to exceed $7,615,000 as authorized by Sections 384.24, 384.24A,
384.25 and 384.26 of the City Code of Iowa.
WHEREAS, pursuant to notice published as required by the City Code of Iowa, this
Council has held appropriate public meetings and hearings today, November 3, 2014, upon the
proposal to institute proceedings for the issuance of General Obligation Capital Loan Notes, no
petition was filed in the manner provided by Section 362.4 of the City Code of Iowa, and all
objections, if any, to such Council action made by any resident or property owner of the City
were received and considered by the Council; and it is the decision of the Council that additional
action be taken for the issuance of said Notes, and that such action is considered to be in the best
interests of the City and the residents thereof; and
WHEREAS, pursuant to Sections 384.24, 384.24A, and 384.28 of the City Code of Iowa,
it is deemed appropriate that the various General Obligation Capital Loan Notes hereinabove
described be combined for purposes of issuance and sale in a single issue of taxable corporate
purpose notes as hereinafter set forth; and
WHEREAS, in conjunction with its financial advisor, Independent Public Advisors, LLC,
the City has caused a Preliminary Official Statement to be prepared outlining the details of the
proposed sale of the Note; and
WHEREAS, the Council has received information from its Financial Consultant
evaluating and recommending the procedure hereinafter described for electronic, facsimile and
internet bidding to maintain the integrity and security of the competitive bidding process and to
facilitate the delivery of bids by interested parties; and
WHEREAS, the Council deems it in the best interests of the City and the residents
thereof to receive bids to purchase such Notes by means of both sealed and electronic internet
communication.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, STATE OF IOWA:
Section 1. That the receipt of electronic bids by facsimile machine and through the Parity
Competitive Bidding System described in the Terms of Offering are hereby found and
determined to provide reasonable security and to maintain the integrity of the competitive
bidding process, and to facilitate the delivery of bids by interested parties in connection with the
offering at public sale.
Section 2. That the preliminary Official Statement in the form presented to this meeting
be and the same hereby is approved as to form and deemed final for purposes of Rule 15c2-12 of
the Securities and Exchange Commission, subject to such revisions, corrections or modifications
as the Mayor and City Clerk, upon the advice of bond counsel and the City's Financial Advisor,
shall determine to be appropriate, and is authorized to be distributed in connection with the
offering of the Notes for sale.
Section 3. Bids for the sale of Taxable General Obligation Capital Loan Notes, Series
2014C, of the City of Dubuque, State of Iowa, will be received at the office of the Finance
Director, City Hall, 50 W. 13th Street, Dubuque, Iowa; Telephone: 563-589-4100 (the "Issuer")
before 11:00 o'clock A.M., on the 17th day of November, 2014. The bids will then be publicly
opened and referred for action to the meeting of the City Council in conformity with the TERMS
OF OFFERING.
3
The Notes: The notes to be offered are the following:
TAXABLE GENERAL OBLIGATION CAPITAL LOAN NOTES, SERIES
2014C, in the amount of $7,615,000*, to be dated December 8, 2014 (the
"Notes")
*Subject to principal adjustment pursuant to official terms of offering.
Section 4. Open bids will not be received. Bids will be received in any of the following
methods:
•
Sealed Bidding: Sealed bids may be submitted and will be received at the office
of the Finance Director at City Hall, 50 W. 13th Street, Dubuque, Iowa 52001.
Electronic Internet Bidding: Electronic internet bids will be received at the office
of the Finance Director at City Hall, 50 W. 13th Street, Dubuque, Iowa 52001.
The bids must be submitted through the PARITY® competitive bidding system.
Electronic Facsimile Bidding: Electronic facsimile bids will be received at the
office of the Finance Director at City Hall, 50 W. 13th Street, Dubuque, Iowa
52001 (facsimile number: 563-589-0890) or Issuer's Financial Advisor,
Independent Public Advisors, LLC, 8805 Chamberry Blvd., Suite 300 #114,
Johnston, Iowa, 50131, (facsimile number: 515-259-8193). Electronic facsimile
bids will be sealed and treated as sealed bids.
Section 5. 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 announced. Finally, electronic internet
bids will be accessed and announced.
Section 6. The sale and award of the Notes 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.
Section 7. The Issuer has issued an Official Statement of information pertaining to the
Notes to be offered, including a statement of the Terms of Offering and an Official Bid Form,
which is incorporated by reference as a part of this notice. The Official Statement may be
obtained by request addressed to the City Clerk, City Hall, 50 W. 13th Street, Dubuque, Iowa
52001; Telephone: 563-589-4100 or the Issuer's Financial Consultant, Independent Public
Advisors, LLC, 8805 Chamberry Blvd., Suite 300 #114, Johnston, Iowa, 50131, Telephone: 515-
259-8193.
Section 8. All bids shall be in conformity with and the sale shall be in accord with the
Terms of Offering as set forth in the Official Statement.
4
Section 9. The notes 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 notes 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 notes, the attorneys will not
examine or review or express any opinion with respect to the accuracy or completeness of
documents, materials or statements made or furnished in connection with the sale, issuance or
marketing of the bonds.
Section 10. 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.
PASSED AND APPROVED this 3rd day of November, 2014.
ATTEST:
5
Mayor
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 public hearing 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 4th day of November,
2014.
(SEAL)
01062025-1\10422-159
City - lerk, City of D s qui; State of Iowa
ROLL CALL ORDER FOR MEETING OF
November 3, 2014
Sutton, Braig, Buol, Connors, Jones, Lynch, Resnick
CITY OF DUBUQUE, IOWA
CITY COUNCIL MEETING
Historic Federal Building
350 W. 6th Street
November 3, 2014
Council meetings are video streamed live and archived at www.cityofdubuque.org/media and on Dubuque's
CityChannel on the Mediacom cable system at Channel 8 (analog) and 85.2 (digital).
SPECIAL SESSION
1. 5:30 PM - Work Session: Dubuque Metropolitan Area Solid Waste Agency
REGULAR SESSION
6:30 PM
PLEDGE OF ALLEGIANCE
PROCLAMATION(S)
1. Veterans' Day (November 11, 2014)
2. Philanthropy Day (November 15, 2014)
3. Adoption Month (November 2014)
4. Hospice Month (November 2014)
5. Hunger and Homelessness Awareness Month (November 2014)
CONSENT ITEMS
The consent agenda items are considered to be routine and non -controversial and all consent items will be normally voted
upon in a single motion without any separate discussion on a particular item. If you would like to discuss one of the Consent
Items, please go to the microphone and be recognized by the Mayor and state the item you would like removed from the
Consent Agenda for separate discussion and consideration.
1. Minutes and Reports Submitted
Arts and Cultural Affairs Advisory Commission of 8/26; City Council proceedings of 10/20; Civil Service Commission of
10/23; Housing Commission of 10/28; Investment Oversight Advisory Commission of 10/22; Library Board of Trustees of
9/25; Proof of Publication for City Council proceedings of 10/2, 10/6; Proof of Publication for List of Claims and Summary of
Revenues for Month Ended 9/30
Suggested Disposition: Receive and File
2. Notice of Claims and Suits
Area Residential Care for property damage; Michelle Green for vehicle damage; Megan Herber for vehicle damage; Kortni
Oliver for vehicle damage; Progressive Northern Insurance/Chad Parker for personal injury/vehicle damage; City of
Dubuque vs. Robert Meier, et al.
Suggested Disposition: Receive and File; Refer to City Attorney
3. Disposition of Claims
City Attorney advising that the following claims have been referred to Public Entity Risk Services of Iowa, the agent for the
Iowa Communities Assurance Pool: Area Residential Care for Property Damage, Megan Herber for vehicle damage, Chad
Parker/ Progressive Northern Insurance Co. for personal injury/vehicle damage
Suggested Disposition: Receive and File; Concur
4. Intelligent Communities Recognition
Pg. 1
Suggested Disposition: Receive and File; Approve
16. Alcohol Compliance Civil Penalty for Alcohol License Holders — Copper Kettle
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for the Copper Kettle, 2987 Jackson Street.
Suggested Disposition: Receive and File; Approve
17. Alcohol Compliance Civil Penalty for Alcohol License Holders — Crust Italian Kitchen and Bar
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for Crust Italian Kitchen and Bar, 299 Main Street.
Suggested Disposition: Receive and File; Approve
18. Alcohol Compliance Civil Penalty for Alcohol License Holders - Dubuque Quick Stop Mart
City Manager recommending approval of the Acknowledgment/Settlement Agreement for an alcohol compliance violation
for Dubuque Quick Stop Mart, 1401 Central Avenue.
Suggested Disposition: Receive and File; Approve
19. Tobacco Compliance — Civil Penalty for Tobacco License Holders - Dubuque Quick Stop Mart
City Manager recommending approval of the Acknowledgement/Settlement Agreement for a tobacco compliance violation
for Dubuque Quick Stop Mart, 1401 Central Avenue.
Suggested Disposition: Receive and File; Approve
20. Alcohol License Applications
City Manager recommending approval of annual liquor, beer, and wine licenses as submitted.
RESOLUTION Approving applications for beer, liquor, and/or wine permits, as required by City of Dubuque Code of
Ordinances Title 4 Business and License Regulations, Chapter 2 Liquor Control, Article B Liquor, Beer and Wine Licenses
and Permits
Suggested Disposition: Receive and File; Adopt Resolution(s)
ITEMS SET FOR PUBLIC HEARING
These agenda items are being scheduled for a future public hearing on the date indicated.
1. Kunkel & Associates, Inc. - Urban Revitalization Area Plan
City Manager recommending that a public hearing be set for December 15, 2014, regarding the proposed Urban
Revitalization Plan for the Kunkel & Associates, Inc. Urban Revitalization Area.
RESOLUTION Fixing the date for a public hearing on the matter of the adoption of a proposed Urban Revitalization
Plan for the Kunkel & Associates Urban Revitalization Area
Suggested Disposition
Receive and File; Adopt Resolution(s), Set Public Hearing for 12/15/14
PUBLIC HEARINGS
Citizens are invited to address the City Council regarding the following agenda items. Please come to the podium and
state your name and address when the item you wish to speak to is being considered.
SUSPEND THE RULES
1. 911 High Bluff Retaining Wall Project
Proof of publication on notice of public hearing to consider approval of the Final Schedule of Assessments for the 911
High Bluff Retaining Wall Repair Project and the City Manager recommending approval.
RESOLUTION Adopting the Final Assessment Schedule for the 911 High Bluff Retaining Wall Repair Project
Suggested Disposition: Receive and File; Adopt Resolution(s)
2. Taxable General Obligation Bond Series 2014C (Urban Renewal and Parking)
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $8,625,000 General Obligation Capital Loan Notes, advertisement for the sale and approval of
electronic bidding procedures and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $8,265,000 General Obligation Capital Loan Notes, Series 2014
Pg. 3
RESOLUTION Directing the advertisement for sale of $7,615,000 (dollar amount subject to change) Taxable General
Obligation Capital Loan Notes, Series 2014C, and approving Electronic Bidding Procedures and Official Statement
Suggested Disposition: Receive and File; Adopt Resolution(s)
3. Tax -Exempt General Obligation Bond Series 2014B
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $18,335,000 General Obligation Capital Loan Notes, advertisement for the sale and approval of
electronic bidding procedures and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $18,335,000 General Obligation Capital Loan Notes, Series 2014
RESOLUTION Directing the advertisement for sale of $18,815,000 (dollar amount subject to change) General
Obligation Capital Loan Notes, Series 2014B, and approving electronic bidding procedures and Official Statement
Suggested Disposition: Receive and File; Adopt Resolution(s)
4. Taxable General Obligation Bond Series 2014C
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $500,000 General Obligation Capital Loan Notes and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $500,000 General Obligation Capital Loan Notes, Series 2014
Suggested Disposition: Receive and File; Adopt Resolution(s)
5. Tax -Exempt General Obligation Bond Series 2014B
Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing
on the issuance of $575,000 General Obligation Capital Loan Notes and the City Manager recommending approval.
RESOLUTION Instituting proceedings to take additional action for the authorization of a Loan Agreement and the
issuance of not to exceed $575,000 General Obligation Capital Loan Notes, Series 2014
Suggested Disposition: Receive and File; Adopt Resolution(s)
REINSTATE THE RULES
This action limits discussion to the City Council
ACTION ITEMS
These are items where discussion is held by the City Council - public comments are not allowed except as authorized
by the Mayor.
1. Dubuque Metropolitan Solid Waste Agency (DMASWA) Financing Plan
City Manager recommending authorization for the Dubuque Metropolitan Area Solid Waste Agency (DMASWA) to
borrow money and endorse the financing plan for its Cells #4-#8 closure and Cell #9 Phase II construction projects.
RESOLUTION Consenting to Financing Plan for Dubuque Metropolitan Area Solid Waste Agency
Suggested Disposition: Receive and File; Adopt Resolution(s)
2. Dubuque Racing Association and Iowa Greyhound Association Lease Agreement and Public Hearing
City Attorney recommending adoption of the resolution approving the Fifth Amendment to the Amended and Restated
Lease Agreement between Dubuque Racing Association and the City and approving the Consent to the Sublease
between the Dubuque Racing Association and Iowa Greyhound Association; and further recommending that the City
Council adopt the Resolution of Intent to Dispose of a portion of the greyhound racing facility by lease with Iowa
Greyhound Association, setting a public hearing on the lease for November 17, 2014.
The DRA-IGA Sublease document will be distributed at the meeting.
RESOLUTION Approving the Fifth Amendment to Amended and Restated Lease Agreement between the Dubuque
Racing Association and the City of Dubuque and approving the Consent to the Sublease between the Dubuque Racing
Association and Iowa Greyhound Association
RESOLUTION Intent to dispose of an interest in real property by Lease with Iowa Greyhound Association
Suggested Disposition: Receive and File; Adopt Resolution(s)
3. Code of Ordinances Amendment - Title 9 Alternate Side Street Parking
Pg. 4
AHLERS COONEY, P.C.
100 COURT AVENUE, SUITE 600
DES MOINES, IOWA 50309-2231
FAx: 515-243-2149
WWW.AHLERSLAW.COM
R.Mark Cory Direct Dial;
RCory@ahlerslaw.com 515.246.0378
October 29, 2014
Sent Via E-mail & UPS Next Day Delivery
Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
RE: City of Dubuque, State of Iowa- General Obligation Capital Loan Notes,
Series 2014 (ECP/GCP/UR)
Dear Jenny:
We have now prepared and are enclosing herewith procedure to cover action taken by the
City Officials relating to the above issue. A separate set is enclosed for each type of financing.
As to the non-urban renewal essential corporate purpose portion of the issue, we have now
prepared, and are enclosing herewith, suggested proceedings to be acted upon by the Council on
the date previously fixed for the meeting covering the hearing on the issuance, pursuant to the
provisions of Section 384.25 of the City Code of Iowa. A certificate by you to attest the
proceedings and compliance by the City with the requirements of Code Chapter 21 is also
enclosed.
The proceedings are prepared to show first receipt of any oral or written objections from
any resident or property owner of the City to the proposed action of the Council to issue. A
summary of objections received or made, if any, should be attached to the proceedings. After all
objections have been received and considered by the Council, if the Council decides not to
abandon the proposal to issue, a form of resolution follows, that should be introduced and
adopted.
As to the general corporate purpose portions of the issue, we have now prepared and are
enclosing herewith suggested procedure to be acted upon by the Council on the date fixed for a
meeting on the proposition to issue. These proceedings have been prepared pursuant to the
provisions of Section 384.26 of the City Code of Iowa.
The proceedings have been prepared on the basis that no petition will be filed with you,
asking that the question of issuing be submitted to the qualified electors of the City. You will
note that these proceedings refer to the fact that the hearing was held and that no petition had
been filed. The Mayor will then declare the hearing on the issuance of said notes to be closed.
Immediately following, a resolution is to be introduced and adopted.
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
October 29, 2014
Page 2
If a valid petition is filed,however, 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 to have been abandoned or the directions of the Council to the County
Commissioner to call a special election upon the question of issuing the obligation.
As to the urban renewal purpose portion of the issue, these proceedings are prepared to
show, as a first step, the advice by the City Clerk to the Mayor that no petitions have been filed
pursuant to Section 362.4 relating thereto. The procedure then continues with the receipt of any
oral or written objections from any resident or property owner to the proposed action of the
Council to issue. 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, a form of resolution follows that should be introduced and
adopted.
The Council is required by statute to adopt the resolution instituting proceedings to issue the
notes at the hearing -- or an adjournment thereof. If necessary to adjourn, the minutes are written
to accommodate that action.
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 notes, 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.
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.
An extra copy of all the above procedure for each set is enclosed to be filled in as original
and certified back to this office.
October 29, 2014
Page 3
If you have any questions pertaining to the procedure enclosed or the above mentioned
instructions, please don't hesitate to contact our office.
Very t 1 you ,
R. Mar Cory
FOR THE FIRM
RMC:j as
Enclosure
cc: Ken TeKippe (via e-mail w/enc.)
Kevin Firnstahl (via e-mail w/enc.)
Tionna Pooler (via e-mail w/enc.)
01062202-1\10422-159
AHLERS &GOONEY, P.G.
100 COURT AVENUE, SUITE 600
DES MOINES, IOWA 50309-2231
FAx: 515-243-2149
WWW.AHLERSLAW.COM
R.Mark Cory Direct Dial:
RCory@ahlerslaw.com 515.246.0378
October 29, 2014
Sent Via E-mail & UPS Next Day DeliverX
Jenny Larson
Budget Director
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001
Re: City of Dubuque, State of Iowa
• $19,760,000 (Dollar Amount Subject To Change) General Obligation
Capital Loan Notes, Series 2014B
• $7,915,000 (Dollar Amount Subject To Change) Taxable General
Obligation Capital Loan Notes, Series 2014C
Dear Jenny:
I am enclosing the following proceedings to cover the advertisement for sale of the
General Obligation Capital Loan Notes, Series 2014B and the Taxable General Obligation
Capital Loan Notes, Series 2014C, as well as approving the Preliminary Official Statement and
approving electronic bidding procedures for each sale.
The resolution directing the advertisement of notes for sale includes the bidding
parameters of the sale. A copy of the procedure completed as the original should be certified
back to our office using the form enclosed.
The Clerk has been authorized to select a date for sale. In choosing a date for the sale, be
sure that the Council members will be available to meet.
This Resolution also approves the Official Statement and authorizes its distribution with
respect to the above-referenced issues.
Independent Public Advisors, LLC prepared a draft of the preliminary Official Statement
for the City. You should give this to the Board, and have provided comments to Independent
Public Advisors, LLC on behalf of the City for the final POS. If that has not been done prior to
the meeting, then the Official Statement should not be approved and the Resolution will need to
be modified.
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
October 29, 2014
Page 2
You should be aware that the preparation of the Official Statement is subject to Federal
Securities Law regulation, and should be certain that any facts and representations contained in
the Official Statement are both accounts in all material respects and not omitting any information
material to the City's financial conditions, to and including the date of the delivery of the above-
referenced Notes.
In the near future, we will send proceedings for the receipt of bids and award of sale.
Please let me know if you have any questions regarding these proceedings.
Very tr y your
4IZI
R. Mark Cory
FOR THE FIRM
RMC J s
Enclosures
cc: Ken TeKippe (via e-mail w/enc.)
Kevin Firnstahl (via e-mail w/enc.)
Tionna Pooler (via e-mail w/enc.)
01062201-1\10422-159
�s
E c
m o
PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER.2014
.�' . New Issues Moody's Investors Service
Assuming compliance with certain covenants, in the opinion o Alders&Coon P.C., Bond Counsel, under resent law and assuming continued compliance with the
o c g mP� P� .f e1'� P g P
o � requirements of the Internal Revenue Code of 1986,as amended(the "Code'):(i)interest on the Series 2014B Notes will be excluded from gross income for federal income
'a Z tax purposes, (ti) interest on the Series 2014B Notes is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and
'$ corporations under the Internal Revenue Code of 1986, and(iii)interest on the Series 2014B Notes WILL be taken into account in determining adjusted current earnings for
the purpose of computing the alternative minimum tax imposed on corporations. Interest on the Series 2014C Notes will be includible in the gross income of the owners
thereof for federal income tax purposes. See "TAX EXEMPTION AND RELATED CONSIDERATIONS"and "TAXABILITY OF INTEREST"herein for a more detailed
m discussion.
THECrI OF
b
DUB E
Masterpiece on the Mississippi
T�
CITY OF DUBUQUE, IOWA
o �
s $18,815,000* General Obligation Capital Loan Notes, Series 2014B
$7,615,000* Taxable General Obligation Capital Loan Notes, Series 2014C
E o BIDS RECEIVED: Monday,November 17,2014, 11:00 o'clock A.M.,Central Time
0 o AWARD: Monday,November 17,2014,6:30 o'clock P.M.,Central Time
z
.y ._ Dated: Date of Delivery(December 8, 2014) Principal Due: June 1 as shown on inside front cover
o o
c `o
o � The $18,815,000 General Obligation Capital Loan Notes, Series 2014B (the "Series 2014B Notes") and the $7,615,000 Taxable General
° uz Obligation Capital Loan Notes, Series 2014C the"Series 2014C Notes" collective) the "Notes" are bei issued pursuant to Division
I: b m g P ( ) ( Y )
o III of Chapter 384 and Chapter 403 of the Code of Iowa, and resolutions to be adopted by the City Council of the City of Dubuque,Iowa
(the "City"). Proceeds of the Notes will be used for various City projects as described fully under "AUTHORITY AND PURPOSE"
herein. The Notes will be general obligations of the City for which the City will pledge its power to levy direct ad valorem taxes to the
repayment of the Notes.
eThe Notes will be issued as fully registered Notes without coupons and, when issued, will be registered in the name of Cede & Co., as
EA nominee of The Depository Trust Company ("DTC"). DTC will act as securities depository for the Notes. Individual purchases may be
made in book-entry form only, in the principal amount of$5,000 and integral multiples thereof. Purchasers will not receive certificates
v representing their interest in the Notes purchased. Principal of the Notes payable annually on each June 1, beginning June 1, 2016 and
° interest on the Notes, payable initially on June 1, 2015 and thereafter on each December 1 and June 1, will be paid to DTC by the
City's Registrar/Paying Agent, Wells Fargo Bank, N.A., Des Moines, Iowa (the "Registrar"). DTC will in tum remit such principal
s o and interest to its participants for subsequent disbursements to the beneficial owners of the Notes as described herein. Interest and
LF w principal shall be paid to the registered holder of a Note as shown on the records of ownership maintained by the Registrar on the
.N
15" day of the month preceding said interest payment date(the"Record Date").
P
y
s ° THE NOTES WILL MATURE AS LISTED ON THE INSIDE FRONT COVER
r
o � o Series 2014B Notes Series 2014C Notes
c
MINIMUM BID: $18,626,850 $7,538,850
GOOD FAITH DEPOSIT: 1°(Required of Purchaser Only) 1% (Required of Purchaser Only)
TAX MATTERS: Federal: Tax-Exempt Federal: Taxable
w I State: Taxable State: Taxable
See"FAX EXEMPTION AND RELATED See"FAX EXEMPTION AND RELATED
y m CONSIDERATIONS"section for details. CONSIDERATIONS"section for details.
The Notes are offered for delivery, when, as and if issued and subject to the legal opinions of Adders &Cooney,P.C., Bond Counsel, of
Des Moines,Iowa,to be furnished upon delivery of the Notes. The Notes will be available for delivery through DTC in New York,New
York, on or about December 8, 2014. This Preliminary Official Statement will be further supplemented by offering prices, interest rates,
aggregate principal amount, principal amount per maturity, anticipated delivery date and underwriter, together with any other
A o information required by law, and shall constitute a "Final Official Statement" of the City with respect to the Notes, as defined in Rule
15c2-12.
Hoy
*Preliminary;subject to change.
CITY OF DUBUQUE, IOWA
$18,815,000* General Obligation Capital Loan Notes, Series 2014B
MATURITY:
June 1, Amount* June 1, Amount*
2016 $870,000 2026 $935,000
2017 875,000 2027 960,000
2018 895,000 2028 995,000
2019 910,000 2029 1,030,000
2020 925,000 2030 1,065,000
2021 935,000 2031 1,080,000
2022 965,000 2032 1,115,000
2023 945,000 2033 1,160,000
2024 965,000 203 1,195,000
2025 995,000
A
$7,615,000* General Obligation Capital Loan Notes, Series 2014C
MATURITY:
June 1, Amount* June 1, Amou
2016 $100,000 2026 $480,000
2017 100,000 2027 500,000
2018 105,000 2028 520,000
2019 130,000 2029 540,000
2020 135,000 2030 565,000
2021 160,000 2031 590,000
2022 425,000 2032 10,000
2023 440,000 2033 635,000
2024 450,000 2034 660,000
2025 470,000
* PRINCIPAL
ADJUSTMENT: Preliminary; subject to change. The City reserves the right to increase or decrease the
aggregate principal amounts of the Notes. Such change will be in increments of $5,000
and may be made in any of the maturities. The purchase prices will be adjusted
proportionately to reflect any changes in issue size.
INTEREST: June 1, 2015 and semiannually thereafter.
REDEMPTION: The Notes due after June 1, 2021 will be subject to call prior to maturity in whole, or from
time to time in part, in any order of maturity and within a maturity by lot on said date or
on any date thereafter at the option of the City, upon terms of par plus accrued interest to
date of call. Notice of such call shall be given at least thirty (30) days prior to the date
fixed for redemption to the registered owners of the Notes to be redeemed at the address
shown on the registration books.
COMPLIANCE WITH S.E.C. RULE 15c2-12
Municipal obligations (issued in an aggregate amount over $1,000,000) are subject to General Rules and
Regulations, Securities Exchange Act of 1934, Rule 15c2-12 Municipal Securities Disclosure.
Preliminary Official Statement: This Preliminary Official Statement was prepared for the City for dissemination
to prospective bidders. Its primary purpose is to disclose information regarding the Notes to prospective bidders in
the interest of receiving competitive bids in accordance with the TERMS OF OFFERING contained herein. Unless
an addendum is received prior to the sale, this document shall be deemed the "Near Final Official Statement".
Review Period: This Preliminary Official Statement has been distributed to City staff as well as to prospective
bidders for an objective review of its disclosure. Comments, omissions or inaccuracies must be submitted to
Independent Public Advisors, LLC at least two business days prior to the sale. Requests for additional information
or corrections in the Preliminary Official Statement received on or before this date will not be considered a
qualification of a bid received. If there are any changes, corrections or additions to the Preliminary Official
Statement, prospective bidders will be informed by an addendum at least one business day prior to the sale.
Final Official Statement: Upon award of sale of the Notes, the legislative body will authorize the preparation of a
Final Official Statement that includes the offering prices, interest rates, aggregate principal amount, principal
amount per maturity, anticipated delivery date and other information required by law and the identity of the
underwriter (the "Syndicate Manager") and syndicate members. Copies of the Final Official Statement will be
delivered to the Syndicate Manager within seven business days following the bid acceptance.
REPRESENTATIONS
No dealer, broker, salesperson or other person has been authorized by the City to give any information or to make
any representations, other than those contained in the Preliminary Official Statement. This Preliminary Official
Statement does not constitute any offer to sell or the solicitation of an offer to buy, nor shall there be any sale of
the Notes by any person, in any jurisdiction in which it is unlawful for such person to make such offer, solicitation
or sale. The information, estimates and expressions of opinion herein are subject to change without notice and
neither the delivery of this Preliminary Official Statement nor any sale made hereunder, shall, under any
circumstances, create any implication that there has been no change in the affairs of the City since the date hereof.
This Preliminary Official Statement is submitted in connection with the sale of the securities referred to herein and
may not be reproduced or used, in whole or in part, for any other purpose.
This Preliminary Official Statement and any addenda thereto were prepared relying on information from the City
and other sources, which are believed to be reliable.
Bond Counsel has not participated in the preparation of this Preliminary Official Statement and is not expressing
any opinion as to the completeness or accuracy of the information contained therein.
Compensation of Independent Public Advisors, LLC (the "Financial Advisor") payable entirely by the City, is
contingent upon the sale of the issue.
TABLE OF CONTENTS
TERMSOF OFFERING...................................................................................................................................................i
INTRODUCTION............................................................................................................................................................. 1
AUTHORITY AND PURPOSE ........................................................................................................................................ 1
OPTIONAL REDEMPTION OF THE NOTES .................................................................................................................2
INTEREST ON THE NOTES............................................................................................................................................ 2
PAYMENT OF AND SECURITY FOR THE NOTES......................................................................................................2
BOOK-ENTRY-ONLY ISSUANCE................................................................................................................................. 3
FUTUREFINANCING ..................................................................................................................................................... 5
LITIGATION..................................................................................................................................................................... 5
DEBT PAYMENT HISTORY ........................................................................................................................................... 6
LEGALMATTERS........................................................................................................................................................... 6
TAXMATTERS ................................................................................................................................................................ 6
STATETAXABILITY...................................................................................................................................................... 8
CHANGES IN FEDERAL AND STATE TAX LAW.......................................................................................................9
RATING.............................................................................................. ....... . 9
..........................................................
INVESTMENT CONSIDERATIONS............................................ .. ........................................................... 10
FINANCIAL ADVISOR.................................................................... ........................................................................... 10
CONTINUING DISCLOSURE........................................................................................................................................ 10
CERTIFICATION............................................................................................................................................................ 11
PROPERTYVALUES.................................................................................................................................................... 12
IOWA PROPERTY VALUATIONS................................................................................................................................ 12
1/1/2013 VALUATIONS (Taxes payable July 1, 2014 through June 30, 2015)............................. ............................. 12
2013 GROSS TAXABLE VALUATION BY CLASS OF PROPERTY......................................... ............................. 12
TREND OF VALUATIONS............................................................................................................................................ 13
LARGER TAXPAYERS .................................:............................................................................................................... 13
LEGISLATION................................................................................................................................................................ 13
INDEBTEDNESS............................................................................................................................................................ 15
DEBTLIMIT...........................................................................................................'...................................................... 15
DIRECTDEBT................................................................................................................................................................ 16
ANNUAL FISCAL YEAR DEBT SERVICE PAYMENTS.......................... .............................................................. 17
OTHERDEBT................................................................................................................................................................. 19
INDIRECT DEBT........................................................................ .. 20
.............. ........................... ........................ ...........
DEBTRATIOS............................................................................... ................................................................................ 20
LEVIES AND TAX COLLECTIONS (000's).................................................................................................................20
TAXRATES.................................................................................................................................................................... 21
LEVYLIMITS................................................................................................................................................................. 21
FUNDS ON HAND (Cash and Investments as of September 30, 2014).........................................................................21
THECITY........................................................................................................................................................................22
CITYGO VERNMENT.................................................................................................................................................... 22
EMPLOYEES,PENSIONS AND OPEB.........................................................................................................................22
UNIONCONTRACTS..................................................................................................................................................... 23
INSURANCE................................................................................................................................................................... 24
GENERAL INFORMATION.........................................................................................................................................25
LOCATION AND TRANSPORTATION........................................................................................................................25
L ARGER EMPL O YER S.................................................................................................................................................. 25
BUILDING PERMITS..................................................................................................................................................... 26
USCENSUS DATA ........................................................................................................................................................ 26
UNEMPLOYMENT RATES...........................................................................................................................................26
EDUCATION................................................................................................................................................................... 27
FINANCIAL STATEMENTS..........................................................................................................................................27
APPENDIX A: FORM OF LEGAL OPINION
APPENDIX B: JUNE 30,2013 INDEPENDENT AUDITOR'S REPORTS
APPENDIX C: FORM OF CONTINUING DISCLOSURE CERTIFICATE
CITY OF DUBUQUE, IOWA
Mayor and City Council
Member Term Expiration
Roy D. Buol, Mayor 2017
Ric W. Jones-At Large 2017
David T. Resnick-At Large 2015
Kevin J. Lynch-Ward 1 2017
Karla A. Braig-Ward 2 2015
Joyce E. Connors-Ward 3 2017
Lynn V. Sutton-Ward 4 2015
Administration
Michael C. Van Milligen, City Manager
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Ken TeKippe, Finance Director
Jenny Larson, Budget Director
Kevin Firnstahl, City Clerk
City Attorney
Barry A. Lindahl
Dubuque, Iowa
Bond Counsel
Ahlers & Cooney, P.C.
Des Moines, Iowa
Financial Advisor
Independent Public Advisors, LLC
Johnston, Iowa
TERMS OF OFFERING
CITY OF DUBUQUE, IOWA
This section sets forth the description of certain terms of the Notes as well as the Terms of Offering with which all
bidders and bid proposals are required to comply, as follows:
DETAILS OF THE SERIES 2014B NOTES
General Obligation Capital Loan Notes, Series 2014B (the "Notes"), in the aggregate principal amount of$18,815,000* to
be dated December 8, 2014, in the denomination of $5,000 or any integral multiples thereof designated by the
Purchaser(s)within forty-eight hours of acceptance of the bid, will mature as follows:
June 1, Amount* June 1, Amount*
2016 $870,000 2026 $935,000
2017 875,000 2027 960,000
2018 895,000 2028 995,000
2019 910,000 2029 1,030,000
2020 925,000 2030 1,065,000
2021 935,000 2031 1,080,000
2022 965,000 2032 1,115,000
2023 945,000 2033 1,160,000
2024 965,000 2034 1,195,000
2025 995,000
DETAILS OF THE SERIES 2014C NOTES
Taxable General Obligation Capital Loan Notes, Series 2014C (the "Notes"), in the aggregate principal amount of
$18,815,000* to be dated December 8, 2014, in the denomination of$5,000 or any integral multiples thereof designated
by the Purchaser(s)within forty-eight hours of acceptance of the bid, will mature as follows:
(414June 1, Amount* June 1, Amount*
2016 $100,000 2026 $480,000
2017 100,000 2027 500,000
2018 105,000 2028 520,000
6, 2019 130,000 2029 540,000
2020 135,000 2030 565,000
2021 160,000 2031 590,000
2022 425,000 2032 610,000
2023 440,000 2033 635,000
2024 450,000 2034 660,000
2025 470,000
PRINCIPAL ADJUSTMENT OF THE NOTES
The City reserves the right to increase or decrease the aggregate principal amounts of the Notes. However, the maximum
par amount of the Series 2014B Notes will not exceed $19,760,000. The maximum par amount of the Series 2014C Notes
will not exceed $7,915,000. Such changes will be in increments of$5,000 and may be made in any of the maturities. The
purchase prices of each respective series will be adjusted proportionately to reflect any changes in issue sizes.
*Preliminary; subject to change.
i
OPTIONAL REDEMPTION OF THE NOTES
The Notes due after June 1, 2021 will be subject to call prior to maturity in whole, or from time to time in part, in any
order of maturity and within a maturity by lot on said date or on any date thereafter at the option of the City, upon terms
of par plus accrued interest to date of call. Written notice of such call shall be given at least thirty (30) days prior to the
date fixed for redemption to the registered owners of the Notes to be redeemed at the address shown on the registration
books.
INTEREST ON THE NOTES
Interest on the Notes will be payable on June 1, 2015 and semiannually on the 1" day of each December and June
thereafter until the principal on the Notes is paid in full. Interest and principal shall be paid to the registered holder of a
Note as shown on the records of ownership maintained by the Registrar as of the 15" day of the month preceding such
interest payment date (the "Record Date"). Interest will be computed on the basis of a 360-day year of twelve 30-day
months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board.
GOOD FAITH DEPOSITS
Good faith deposits in the amount of$188,150 for the Series 2014B Notes ("Series 2014B Deposit') and $76,150 for the
Series 2014C Notes ("Series 2014C Deposit'), collectively (the "Deposits") is required from the lowest bidder only.
Each lowest bidder is required to submit such respective deposit payable to the order of the City in the form of either (i) a
cashier's check provided to the City or its Financial Advisor prior to the opening of bids or (ii) a wire transfer as
instructed by the City's Financial Advisor not later than 1:00 P.M. Central Time on the day of sale of the Bonds. If not so
received, the bid of the lowest bidder may be rejected and the City may direct the second lowest bidder to submit a
deposit and thereafter may award the sale of the Notes to the same. No interest on the Deposits will accrue to the
successful bidder(s) (the "Purchaser(s)"). The Deposits will be applied to the respective purchase prices of the Notes. In
the event a Purchaser(s)fails to honor its accepted bid proposal, the Deposits will be retained by the City.
FORM OF BIDS AND AWARD
All bids shall be unconditional for each series of the Notes for a price not less than $18,626,850 for the Series 2014B
Notes and $7,538,820 for the Series 2014C Notes, plus accrued interest, if any, and shall specify the rate or rates of
interest in conformity to the limitations set forth under the "RATES OF INTEREST" section. Bids must be submitted on
or in substantial compliance with the OFFICIAL BID FORM provided by the City.
The Notes will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (the
"TIC") basis assuming compliance with the "GOOD FAITH DEPOSITS" section. The TIC shall be determined by the
present value method, i.e., by ascertaining the semiannual rate, compounded semiannually, necessary to discount to
present value as of the dated date of the Notes, the amount payable on each interest payment date and on each stated
maturity date or earlier mandatory redemption, so that the aggregate of such amounts will equal the aggregate purchase
price offered therefore. The TIC shall be stated in terms of an annual percentage rate and shall be that rate of interest,
which is twice the semiannual rate so ascertained(also known as the Canadian Method). The TIC shall be as determined
by the Financial Advisor based on the TERMS OF OFFERING and all amendments, and on the bids as submitted. The
Financial Advisor's computation of the TIC of each bid shall be controlling. In the event of tie bids for the lowest TIC,
the Notes will be awarded by lot.
The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of
bids and award of the Notes, (ii) reject all bids without cause and (iii) reject any bid which the City determines to have
failed to comply with the terms herein.
ii
RATES OF INTEREST
The rates of interest specified in the bidder's proposal must conform to the following limitations:
1. For each respective series, each annual maturity must bear the same interest rate. Each annual maturity must bear
a single rate of interest from the dated date of the Notes to the date of maturity.
2. Rates of interest bid must be in multiples of one-eighth or one-twentieth of one percent.
3. For each respective series, each rate of interest specified for Notes of any annual maturity shall not be less than a
rate of interest specified for any earlier maturity. Rates must be level or in ascending order.
RECEIPT OF BIDS
Forms of Bids: Bids must be submitted on or in substantial compliance with the TERMS OF OFFERING and
OFFICIAL BID FORM provided by the City or through PARITY® competitive bidding system (the "Internet Bid
System"). The City shall not be responsible for malfunction or mistake made by any person, or as a result of the use of
an electronic bid or the means used to deliver or complete a bid. The use of such facilities or means is at the sole risk of
the prospective bidder who shall be bound by the terms of the bid as received.
No bid will be accepted after the time specified in the Official Bid Forms as published in this Preliminary Official
Statement. The time as maintained by the Internet Bid System shall constitute the official time with respect to all bids
submitted. A bid may be withdrawn before the bid deadline using the same method used to submit the bid. If more than
one bid is received from a bidder, the last bid received shall be considered.
Sealed Bidding: Sealed bids may be submitted and will be received at the City Hall, 50 West 13" Street, Dubuque, Iowa
52001.
Electronic Internet Bidding: Electronic internet bids must be submitted through the Internet Bid System. Information
about the Internet Bid System may be obtained by calling(212)404-8102.
Each bidder shall be solely responsible for making necessary arrangements to access the Internet Bid System for purposes
of submitting its internet bid in a timely manner and in compliance with the requirements of the TERMS OF OFFERING
and OFFICIAL BID FORM. The City is permitting bidders to use the services of the Internet Bid System solely as a
communication mechanism to conduct the Internet bidding and the Internet Bid System is not an agent of the City.
Provisions of the TERMS OF OFFERING and OFFICIAL BID FORM shall control in the event of conflict with
information provided by the Internet Bid System.
Electronic Facsimile Bidding: Electronic facsimile bids will be received at City Hall, Dubuque, Iowa (facsimile number:
(563) 589-0890) or the office of the City's Financial Advisor(515) 259-8193. Electronic facsimile bids will be sealed and
treated as sealed bids.
Facsimile Transmissions received after the deadline will be rejected. Bidders electing to submit bids via facsimile
transmission bear full responsibility for the transmission of such bid. Neither the City nor its agents shall be responsible
for malfunction or mistake made by any person, or as a result of the use of the facsimile facilities or any other means used
to deliver or complete a bid. The use of such facilities or means is at the sole risk of the prospective bidder who shall be
bound by the terms of the bid as received. Neither the City nor its agents will assume liability for the inability of the
bidder to reach the above named facsimile numbers prior to the time of sale specified above. Time of receipt shall be the
time recorded by the facsimile operator receiving the bids.
iii
BOOK-ENTRY-ONLY ISSUANCE
The Notes will be issued by means of a book-entry only system with no physical distribution of note certificates made to
the public. The Notes will be issued in fully registered form and one note certificate, representing the aggregate principal
amount of the Notes maturing in each year will be registered in the name of Cede & Co. as nominee of The Depository
Trust Company ("DTC"), New York, New York, which will act as securities depository of the Notes. Individual
purchases of the Notes may be made in the principal amount of $5,000 or any multiple thereof of a single maturity
through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the
Registrar to DTC or its nominee as registered owner of the Notes. Transfer of principal and interest payments to
participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by
participants will be the responsibility of such participants and other nominees of beneficial owners. The Purchaser(s), as a
condition of delivery of the Notes, will be required to deposit the bond certificates with DTC.
MUNICIPAL BOND INSURANCE AT OPTION OF THE PURCHASER(S)
If the Notes qualify for issuance of any policy of municipal bond insurance or commitment therefore at the option of the
bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and
expense of the Purchaser(s). Any increased costs of issuance of the Notes resulting from such purchase of insurance shall
be paid by the Purchaser(s), except that, if the City has requested and received a rating on the Notes from a rating agency,
the City will pay that initial raring fee. Any other rating agency fees shall be the responsibility of the Purchaser(s).
Failure of the municipal bond insurer to issue the policy after the Notes have been awarded to the Purchaser(s) shall not
constitute cause for failure or refusal by the Purchaser(s)to accept delivery on the Notes. The City reserves the right in its
sole discretion to accept or deny changes to the financing documents requested by the insurer selected by the
Purchaser(s).
DELIVERY
The Notes will be delivered to the Purchaser(s) via Fast Automated Securities Transfer ("FAST") delivery with the
Registrar holding the Notes on behalf of DTC, against full payment in immediately available cash or federal funds. The
Notes are expected to be delivered within forty-five days after the sale. Should delivery be delayed beyond sixty days
from the date of sale for any reason except failure of performance by the Purchaser(s), the Purchaser(s) may withdraw
their bid and thereafter their interest in and liability for the Notes will cease. When the Notes are ready for delivery, the
City will give the Purchaser(s) five working days notice of the delivery date and the City will expect payment in full on
that date, otherwise reserving the right at its option to determine that the Purchaser failed to comply with the offer of
purchase.
INFORMATION FROM PURCHASER(S)
The Purchaser(s) will be required to certify to the City immediately after the opening of bids: (i)the initial public offering
price of each maturity of the Notes (not including sales to bond houses and brokers or similar persons or organizations
acting in the capacity of underwriters or wholesalers) at which price a substantial amount of the Notes (not less than 10%
of each maturity)were sold to the public; or(ii) if less than 10% of any maturity has been sold, the price for that maturity
determined as of the time of the sale based upon the reasonably expected initial offering price to the public; and (iii) that
the initial public offering price does not exceed their fair market value of the Notes on the sale date. The Purchaser(s)
will also be required to provide a certificate at closing confirming the information required by this paragraph.
PRELIMINARY OFFICIAL STATEMENT
The City has authorized the preparation of a Preliminary Official Statement containing pertinent information relative to
the Notes. The Preliminary Official Statement when further supplemented with maturity dates, principal amounts, and
interest rates of the Notes, and any other information required by law or deemed appropriate by the City, shall constitute a
Final Official Statement of the City with respect to the Notes, as that term is defined in Rule 15c2-12 of the Securities and
Exchange Commission(the "Rule").
iv
By awarding the Notes to any underwriter or underwriting syndicate submitting an OFFICIAL BID FORM therefore, the
City agrees that, no more than seven (7) business days after the date of such award, it shall provide without cost to the
senior managing underwriter of the syndicate to which the Series 2014B Notes are awarded up to 30 copies of the Final
Official Statement, and to the senior managing underwriter of the syndicate to which the Series 2014C Notes are awarded
up to 20 copies of the Final Official Statement to permit each "Participating Underwriter" (as that term is defined in the
Rule) to comply with the provisions of such Rule. The City shall treat the senior managing underwriter of the syndicate
to which the Notes are awarded as its designated agent for purposes of distributing copies of the Final Official Statement
to the Participating Underwriter. Any underwriter executing and delivering an OFFICIAL BID FORM with respect to the
Notes agrees thereby that if its bid is accepted by the City, (i) it shall accept such designation and (ii) it shall enter into a
contractual relationship with all Participating Underwriters of the Notes for purposes of assuring the receipt by each such
Participating Underwriter of the Final Official Statement.
CONTINUING DISCLOSURE
In order to assist bidders in complying with paragraph (b)(5) of the Rule, the City will undertake, pursuant to the
resolution for the Notes and the Continuing Disclosure Certificate for the Notes, to provide certain annual financial
information and notices of the occurrence of certain material events. A description of these undertakings is set forth in
APPENDIX C of this Preliminary Official Statement. The City will deliver the Continuing Disclosure Certificate at
closing, and any failure on the part of the City to deliver the same shall relieve the Purchaser of its obligation to purchase
the Bonds. [Compliance Statement]
CUSIP NUMBERS
It is anticipated that Committee on Uniform Security Identification Procedures ("CUSIP")numbers will be printed on the
Notes and the Purchaser must agree in the bid proposal to pay the cost thereof. In no event will the City, Bond Counsel or
Financial Advisor be responsible for the review or express any opinion that the CUSIP numbers are correct. Incorrect
CUSIP numbers on said Notes shall not be cause for the Purchaser to refuse to accept delivery of said Notes.
BY ORDER OF THE CITY COUNCIL
City of Dubuque
50 West 13'b Street
Dubuque, IA 52001
v
PRELIMINARY OFFICIAL STATEMENT
CITY OF DUBUQUE, IOWA
$18,815,000* General Obligation Capital Loan Notes, Series 2014B
$7,615,000* Taxable General Obligation Capital Loan Notes, Series 2014C
INTRODUCTION
This Preliminary Official Statement contains information relating to the City of Dubuque, Iowa (the "City")
and its issuance of $18,815,000 General Obligation Capital Loan Notes, Series 2014B (the "Series 2014B Notes")
and the $7,615,000 Taxable General Obligation Capital Loan Notes, Series 2014C (the "Series 2014C Notes")
(collectively the "Notes"). This Official Statement has been executed on behalf of the City and its Administrator and
may be distributed in connection with the sale of the Notes authorized therein. Inquiries may be directed to
Independent Public Advisors, LLC, 8805 Chambery Blvd, Suite 300, #114, Johnston, Iowa 50131, or by telephoning
(515) 259-8193. Information can also be obtained from Ms. Jenny Larson, Budget Director, City of Dubuque, 50
West 13th Street, Dubuque, Iowa 52001, or by telephoning 563-589-4110.
AUTHORITY AND PURPOSE
The Notes are being issued pursuant to Division III of Chapter 384 of the Code of Iowa, and resolutions to be adopted
by the City Council of the City. Proceeds of the Series 2014B Notes will be used for to pay costs of acquisition of
ambulances and ambulance improvements, improvements to existing parks of the type normally found in parks;
equipping the Police Department; equipping the Street Department; improvements to the existing Municipal Airport;
opening, widening, extending, grading, and draining of the right-of-way of streets, highways, avenues, alleys and public
grounds; the construction, reconstruction, and repairing of any street improvements; the acquisition, installation, and
repair of sidewalks, storm sewers, sanitary sewers, water service lines and traffic control devices, and the acquisition of
any real estate needed for any of the foregoing purposes; acquisition, construction, improvement, and installation of
street lighting fixtures, connections, and facilities, construction, reconstruction, and repair of sidewalks and pedestrian
underpasses and overpasses, and the acquisition of real estate needed for such purposes; acquisition, construction,
reconstruction, extension, improvement, and equipping of works and facilities useful for the collection, treatment, and
disposal of sewage and industrial waste in a sanitary manner, and for the collection and disposal of surface waters and
streams; acquisition, construction, reconstruction, enlargement, improvement, and repair of bridges, culverts, retaining
walls, viaducts, underpasses, grade crossing separations, and approaches thereto; and acquisition, construction,
reconstruction, improvement, repair, and equipping of waterworks, water mains, and extensions, and real and personal
property, useful for providing potable water to residents of a city. Proceeds of the Series 2014C Notes will be used for
pay the costs of aiding in the planning, undertaking and carrying out of urban renewal projects, including, intermodal
facility improvements, Millwork District parking improvements, homeownership purchase, rehabilitation and resale
program costs, riverfront leasehold improvements, land acquisition and rehab in the Dubuque Industrial Center West
Urban Renewal Project, Transit Building roof repairs, Central Avenue Master Plan and bus storage and maintenance
facility improvements The Purchaser(s) of the Notes agrees to enter into a Loan Agreement with the City pursuant to
authority contained in Sections 384.24, 384.24A, and 384.25 of the Code of Iowa. The Notes are issued in evidence of
the City's obligations under the Loan Agreement.
1
The estimated Sources and Uses of the Notes are as follows:
Sources of Funds Series 2014B Notes Series 2014C Notes
Par Amount* $18,815,000.00 $7,615,000.00
Uses of Funds
Project Fund $18,310,326.00 $7,383,423.30
Capitalized Interest $251,677.04 $108,934.26
Underwriter's Discount 188,150.00 76,150.00
Cost of Issuance & Rounding 64,846.96 46,492.44
Total $18,815,000.00 $7,615,000.00
*Preliminary; subject to change.
OPTIONAL REDEMPTION OF THE NOTES
The Notes due after June 1, 2021 will be subject to call prior to maturity in whole, or from time to time in part, in any
order of maturity and within a maturity by lot on said date or on any date thereafter at the option of the City, upon terms
of par plus accrued interest to date of call. Written notice of such call shall be given at least thirty (30) days prior to the
date fixed for redemption to the registered owners of the Notes to be redeemed at the address shown on the registration
books.
INTEREST ON THE NOTES
Interest on the Notes will be payable on June 1, 2015 and semiannually on the ls` day of December and June
thereafter. Interest and principal shall be paid to the registered holder of a note as shown on the records of ownership
maintained by the Registrar on the 15"day of the month preceding said interest payment date (the "Record Date").
Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to
rules of the Municipal Securities Rulemaking Board.
PAYMENT OF AND SECURITY FOR THE NOTES
The Notes are general obligations of the City and the unlimited taxing powers of the City are irrevocably pledged for
their payment. Upon issuance of the Notes, the City will levy taxes for the years and in amounts sufficient to provide
100% of annual principal and interest due. The City is required to levy ad valorem taxes upon all taxable property in
the City without limit as to rate or amount sufficient to pay the debt service except to the extent that other monies are
deposited in the debt service fund for such purposes.
Nothing in the resolutions authorizing the Notes prohibits or limits the ability of the City to use legally available
moneys other than the proceeds of the general ad valorem property taxes levied as described in the preceding
paragraph to pay all or any portion of the principal of or interest on the Notes. If and to the extent such other legally
available moneys are used to pay the principal of or interest on the Notes, the City may, but shall not be required to, (a)
reduce the amount of taxes levied for such purpose, as described in the preceding paragraph; or (b) use proceeds of
taxes levied, as described in the preceding paragraph, to reimburse the fund or account from which such other legally
available moneys are withdrawn for the amount withdrawn from such fund or account to pay the principal of or
interest on the Notes.
The City's obligation to pay the principal of and interest on the Notes is on parity with the City's obligation to pay the
principal of and interest on any other of its general obligation debt secured by a covenant to levy taxes within the City,
including any such debt issued or incurred after the issuance of the Notes. The resolutions authorizing the Notes do
not restrict the City's ability to issue or incur additional general obligation debt, although issuance of additional
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general obligation debt is subject to the same constitutional and statutory limitations that apply to the issuance of the
Notes. For a further description of the City's outstanding general obligation debt upon issuance of the Notes and the
annual debt service on the Notes, see DIRECT DEBT under INDEBTEDNESS herein. For a description of certain
constitutional and statutory limits on the issuance of general obligation debt, see DEBT LIMIT under
INDEBTEDNESS herein.
BOOK-ENTRY-ONLY ISSUANCE
The information contained in the following paragraphs of this subsection `Book-Entry-Only Issuance" has been
extracted from a schedule prepared by Depository Trust Company (`DTC') entitled "SAMPLE OFFERING
DOCUMENT LANGUAGE DESCRIBING DTC AND BOOK-ENTRY-ONLY ISSUANCE." The information in this
section concerning DTC and DTC's book-entry system has been obtained,,�m sources that the City believes to be
reliable, but the City takes no responsibility for the accuracy thereof.
The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the securities (the
"Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's
partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-
registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of
such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500
million, one certificate will be issued with respect to each $500 million of principal amount, and an additional
certificate will be issued with respect to any remaining principal amount of such issue.
DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York
Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a
"clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC
holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and
municipal debt issues, and money market instruments from over 100 countries that DTC's participants (the "Direct
Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and
other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates.
Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust& Clearing
Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed
Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its
regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities
brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly (the "Indirect Participants"). DTC has Standard &
Poor's highest rating: AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange
Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org.
Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a
credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security (the
"Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will
not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the
Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants
acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership
interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.
To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name
of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative
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of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC
nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of
the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are
credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible
for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect
Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of
significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to
the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding
the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative,
Beneficial Owners may wish to provide their names and addresses to the Registrar and request that copies of notices be
provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's
practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co., nor any other DTC nominee, will consent or vote with respect to Securities unless
authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails
an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s
consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date
identified in a listing attached to the Omnibus Proxy.
Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such
other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct
Participants' accounts upon DTC's receipt of funds and corresponding detail information from the City or Agent, on
payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to
Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities
held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such
Participant and not of DTC, Agent, or the City, subject to any statutory or regulatory requirements as may be in effect
from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co., or such
other nominee as may be requested by an authorized representative of DTC, is the responsibility of the City or Agent,
disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to
Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the
Participant's interest in the Securities, on DTC's records, to Tender/Remarketing Agent. The requirement for physical
delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the
ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-
entry credit of tendered Securities to Tender/Remarketing Agent's DTC account.
DTC may discontinue providing its services as depository with respect to the Securities at any time by giving
reasonable notice to the City or Agent. Under such circumstances, in the event that a successor depository is not
obtained, Security certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor
securities depository). In that event, Security certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the
City believes to be reliable,but the City takes no responsibility for the accuracy thereof.
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FUTURE FINANCING
The City does not anticipate any additional borrowing needs within 90 days of the date of this Official Statement.
LITIGATION
The City is a defendant in an action brought in the Iowa District Court for Dubuque County (J. Thomas Zaber v. City
of Dubuque), alleging that the gas, electric and cable television franchise fees imposed by the City are illegal because
they constitute unauthorized taxes. This case has been certified as a class action with three subclasses defined as
follows:
(a) All persons or entities who paid a cable television franchise fee imposed by the City of Dubuque any
time after September 5, 2001;
(b) All persons or entities who paid a gas utility franchise fee imposed by the City of Dubuque any time
after September 5, 2001; and
(c) All persons or entities who paid an electric utility franchise fee imposed by the City of Dubuque any
time after September 5, 2001.
Plaintiffs seek a refund of all such franchise fees paid since September 5, 2001 through the date of judgment, pre-
judgment interest from the time of the alleged wrongful collection of said franchise fees, post judgment interest as
allowed by law and attorney fees as allowed by law. The claim generally is based on a 2006 decision by the Iowa
Supreme Court (Kragnes v. City of Des Moines, 714 N.W.2d 632 (Iowa 2006)). In that case, the Iowa Supreme Court
concluded that gas and electric franchise fees not reasonably related to the reasonable costs of inspecting, licensing,
supervising, or otherwise regulating the activity that is being franchised constitute a tax which has been assessed in
violation of Iowa Code Section 364.3(4). A number of other Iowa cities with similar gas, electric and/or cable
television franchise fee ordinances in effect are facing similar claims.
The Iowa General Assembly in 2007 adopted legislation which authorized a cable franchise fee not to exceed five per
cent(5%) of gross revenue without regard to a city's costs of inspecting, licensing, supervising, or otherwise regulating
the utility. The General Assembly also legalized past cable franchise fees that had been collected by cities. Plaintiffs
filed an interlocutory appeal following the District Court's dismissal of their cable franchise fee claims on the ground
that Iowa Code Section 477A.7(5)(Supp. 2007) retroactively authorized the cable franchise fees, rejecting the
plaintiffs' contention that Section 477A.7(5) violated their due process rights. On June 4, 2010, the Iowa Supreme
Court affirmed the District Court's summary judgment for the City on the plaintiffs' claim for a refund of fees paid on
cable television services, and cable television franchise fee issues have now been resolved in the City's favor. The
remaining gas and electric franchise fee claims are stayed pending resolution of the Kragnes litigation, currently
pending in the Iowa Supreme Court.
On May 26, 2009 the Governor signed Senate File 478 authorizing (prospectively) gas and electric franchise fees that
do not exceed five percent of a franchisee's gross revenues, without regard to the city's cost of inspecting, supervising,
and otherwise regulating the franchise. The City of Dubuque has ordinances in effect that impose gas and electric
franchise fees on gross sales of natural gas and electricity within the City. That part of the Zaber lawsuit relating to
past gas and electric fees remains pending but has been continued pending the outcome of further proceedings in the
Kragnes case.
The City believes it has substantial defenses to the action and intends to contest the matter vigorously. There can be no
assurance, however, that a future ruling by the Iowa Supreme Court in the litigation will not require the City and other
cities with similar ordinances to reimburse part of previously collected franchise fees. City staff would recommend use
of current franchise fee revenue as a source for such refunds.
The City is not aware of any other threatened or pending litigation affecting the validity of the Bonds or the City's
ability to meet its financial obligations.
5
DEBT PAYMENT HISTORY
The City knows of no instance in which it has defaulted in the payment of principal or interest on its debt.
LEGAL MATTERS
The Notes are subject to approval as to certain matters by Ahlers & Cooney, P.C. of Des Moines, Iowa as Bond
Counsel. Bond Counsel has not participated in the preparation of this Official Statement and will not pass upon its
accuracy, completeness or sufficiency. Bond Counsel has not examined, nor attempted to examine or verify, any of the
financial or statistical statements or data contained in this Preliminary Official Statement, and will express no opinion
with respect thereto. The FORM OF LEGAL OPINION as set out in APPENDIX A to this Preliminary Official
Statement, will be delivered at closing.
The legal opinions to be delivered concurrently with the delivery of the Notes express the professional judgment of the
attorneys rendering the opinions as to legal issues expressly addressed therein. By rendering legal opinions, the opinion
giver does not become an insurer or guarantor of the result indicated by that expression of professional judgment, or of
the transaction on which the opinions are rendered, or of the future performance of parties to the transaction. Nor does
the rendering of opinions guarantee the outcome of any legal dispute that may arise out of the transaction.
There is no note trustee or similar person to monitor or enforce the provisions of the resolutions for the Notes. The
owners of the Notes should, therefore, be prepared to enforce such provisions themselves if the need to do so arises. In
the event of a default in the payment of principal of or interest on the Notes, there is no provision for acceleration of
maturity of the principal of the Notes. Consequently, the remedies of the owners of the Notes (consisting primarily of
an action in the nature of mandamus requiring the City and certain other public officials to perform the terms of the
resolutions for the Notes) may have to be enforced from year to year. The obligation to pay general ad valorem
property taxes is secured by a statutory lien upon the taxed property, but is not an obligation for which a property
owner may be held personally liable in the event of a deficiency. The owners of the Notes cannot foreclose on property
within the boundaries of the City or sell such property in order to pay the debt service on the Notes. See LEVIES AND
TAX COLLECTIONS herein, for a description of property tax collection and enforcement.
In addition, the enforceability of the rights and remedies of owners of the Notes may be subject to limitation as set
forth in Bond Counsel's opinions. The opinions will state, in part, that the obligations of the City with respect to the
Notes may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors'
rights heretofore or hereafter enacted to the extent constitutionally applicable, to the exercise of judicial discretion in
appropriate cases and to the exercise by the State and its governmental bodies of the police power inherent in the
sovereignty of the State and to the exercise by the United States of America of the powers delegated to it by the
Constitution of the United States of America.
TAX MATTERS
With Respect to the Series 2014B Notes:
Tax Exemptions and Related Considerations: Federal tax law contains a number of requirements and restrictions that
apply to the Series 2014B Notes. These include investment restrictions, periodic payments of arbitrage profits to the
United States, requirements regarding the proper use of bond proceeds and facilities financed with bond proceeds, and
certain other matters. The City has covenanted to comply with all requirements that must be satisfied in order for the
interest on the Series 2014B Notes to be excludable from gross income for federal income tax purposes. Failure to
comply with certain of such covenants could cause interest on the Series 2014B Notes to become includable in gross
income for federal income tax purposes retroactively to the date of issuance of the Series 2014B Notes.
Subject to the City's compliance with the above referenced covenants, under present law, in the opinion of Bond
Counsel, interest on the Series 2014B Notes is excludable from gross income of the owners thereof for federal income
tax purposes, and is not included as an item of tax preference in computing the federal alternative minimum tax imposed
6
on individuals and corporations. However, with respect to corporations (as defined for federal income tax purposes),
such interest is included in adjusted current earnings for the purpose of determining the federal alternative minimum tax
for such corporations.
Prospective purchasers of the Series 2014B Notes should be aware that ownership of the Series 2014B Notes may result
in collateral federal income tax consequences to certain taxpayers, including, without limitation, corporations subject to
the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of
Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued)
indebtedness to purchase or carry tax-exempt obligations. Bond Counsel will not express any opinion as to such
collateral tax consequences. Prospective purchasers of the Series 2014B Notes should consult their tax advisors as to
collateral federal income tax consequences.
Not Qualified Tax-Exempt Obligations: The City will NOT designate the Series 2014B Notes as "qualified tax- exempt
obligations" under the exception provided in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the
"Code").
Tax Accounting Treatment of Premium on Certain Series 2014B Notes: The initial public offering price of some or all
of the Series 2014B Notes may be greater than the amount of such Series 2014B Notes at maturity ("Premium Series
2014B Notes"). An amount equal to the difference between the initial public offering price of Premium Series 2014B
Notes (assuming that a substantial amount of the Premium Series 2014B Notes of that maturity are sold to the public at
such price) and the amount payable at maturity constitutes a premium to the initial purchaser of such Premium Series
2014B Notes. Purchasers of the Premium Series 2014B Notes should consult with their own tax advisors with respect to
the determination of amortizable bond premium on Premium Series 2014B Notes for federal income tax purposes and
with respect to the state and local tax consequences of owning and disposing of Premium Series 2014B Notes.
Disclaimer Reeardine Federal Tax Discussion: The federal income tax discussion set forth above is included for general
information only and may not be applicable depending upon a beneficial owner's particular situation. Beneficial owners
should consult their tax advisors with respect to the tax consequences to them of the purchase, ownership, and
disposition of the Series 2014B Notes, including the tax consequences under federal, state, local, foreign, and other tax
laws and the possible effects of changes in federal or other tax laws.
Related Tax Matters: The Internal Revenue Service (the "Service") has an ongoing program of auditing tax-exempt
obligations to determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the
gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service
will commence an audit of the Series 2014B Notes. If an audit is commenced, under current procedures the Service may
treat the City as a taxpayer and the bondholders may have no right to participate in such procedure. The commencement
of an audit could adversely affect the market value and liquidity of the Series 2014B Notes until the audit is concluded,
regardless of the ultimate outcome.
Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including the
Series 2014B Notes, are in certain cases required to be reported to the Service. Additionally, backup withholding may
apply to any such payments to any Series 2014B Note owner who fails to provide an accurate Form W-9 Request for
Taxpayer Identification Number and Certification, or a substantially identical form, or to any bond owner who is
notified by the Service of a failure to report any interest or dividends required to be shown on federal income tax returns.
The reporting and backup withholding requirements do not affect the excludability of such interest from gross income
for federal tax purposes.
Current and future legislative proposals, including some that carry retroactive effective dates, if enacted into law, or
clarification of the Code may cause interest on the Series 2014B Notes to be subject, directly or indirectly, to federal
income taxation, or otherwise prevent owners of the Series 2014B Notes from realizing the full current benefit of the tax
status of such interest. For example, Representative David Camp, Chair of the House Ways and Means Committee
released draft legislation that would subject interest on the Series 2014B Notes to a federal income tax at an effective
rate of 10% or more for individuals, trusts and estates in the highest tax bracket, and the Obama Administration
7
proposed legislations that would limit the exclusion from gross income of interest on obligations like the Series 2014B
Notes to some extent for taxpayers whose income is subject to higher marginal income tax rates. Other proposals have
been made that could significantly reduce the benefit of, or otherwise affect, the exclusion from gross income of interest
on obligations like the Series 2014B Notes. The introduction or enactment of any such legislative proposals or
clarification of the Code may also affect, perhaps significantly, the market price for, or marketability of, the Series
2014B Notes. Prospective purchasers of the Series 2014B Notes should consult their own tax advisors regarding any
pending or proposed tax legislation, as to which Bond Counsel expresses no opinion.
Opinion: Bond Counsel's opinion is not a guarantee of a result, or of the transaction on which the opinion is rendered, or
of the future performance of parties to the transaction, but represents its legal judgment based upon its review of existing
statutes, regulations, published rulings and court decisions and the representations and covenants of the City described in
this section. No ruling has been sought from the Service with respect to the matters addressed in the opinion of Bond
Counsel and Bond Counsel's opinion is not binding on the Service. Bond Counsel assumes no obligation to update its
opinion after the issue date to reflect any further action, fact or circumstance, or change in law or interpretation, or
otherwise.
With Respect to the Series 2014C Notes:
Federal Taxabilitv and Related Considerations: The following discussion is a summary of certain Federal income tax
consequences relating to the purchase, ownership, and disposition of the Series 2014C Notes, based on certain relevant
provisions of the Code. This discussion does not purport to deal with all aspects of Federal income taxation that may
affect particular investors in light of their individual circumstances, and is limited to investors who hold the Series
2014C Notes as capital assets under Section 1221 of the Code, which generally means property held for investment.
Prospective investors, particularly those subject to special rules, should consult their tax advisors regarding the
consequences of purchasing, owning, and disposing of the Series 2014C Notes for Federal income tax purposes, and for
State and local tax purposes.
In general, interest on the Series 2014C Notes is includable in the gross income of the owners thereof as ordinary
interest income for Federal income tax purposes. Except for original issue discount, which accrues under special rules,
interest income on the Series 2014C Notes is so included in the gross income of the owners when accrued or received in
accordance with the owner's regular method of Federal tax accounting.
In general, upon the sale, exchange, or redemption of a Series 2014C Note, an owner will recognize taxable gain or loss
in an amount equal to the difference between the amount realized and the owner's adjusted tax basis in the Series 2014C
Note. An owner's adjusted tax basis in a Series 2014C Note generally will equal the owner's initial cost of the Series
2014C Note, plus any accrued original issue discount and accrued market discount previously included in the owner's
taxable income. Such gain or loss generally will be capital gain or loss. Such gain or loss generally will be long-term
capital gain or loss if the owner has held the Series 2014C Note for more than one year. Subject to various special rules,
the Code currently provides preferential treatment for certain net long-term capital gains realized by individuals and
generally limits the use by any taxpayer of capital losses to reduce ordinary income.
In general, information reporting requirements will apply to non-corporate owners of Series 2014C Notes with respect to
payments of the principal of and interest on the Series 2014C Notes and proceeds of sale of such Series 2014C Notes
before maturity. Backup withholding at a rate of 28% generally will apply to such payments unless the owner: (i) is a
corporation or other exempt recipient and, when required, demonstrates that fact, or (ii) provides a correct taxpayer
identification number, certifies under penalties of perjury when required that such owner is not subject to backup
withholding, and has not been notified by the IRS that it has failed to report all interest and dividends required to be
shown on its Federal income tax returns.
STATE TAXABILITY
Interest on the Notes is not exempt from present state of Iowa income taxes. Prospective purchasers of the Notes should
consult their tax advisors regarding the applicability of such state and local taxes.
8
CHANGES IN FEDERAL AND STATE TAX LAW
From time to time, there are executive, regulatory and legislative proposals in the Congress and in the states that, if
enacted, could alter or amend the federal and state tax matters referred to herein or adversely affect the marketability or
market value of the Notes or otherwise prevent holders of the Notes from realizing the full benefit of the tax exemption
of interest on the Notes. Further, such proposals may impact the marketability or market value of the Notes simply by
being proposed. One such proposal is the American Jobs Act of 2011 (S.1549) (the "Jobs Act')which was introduced
in the Senate on September 13, 2011 at the request of President Obama. If enacted in its current form, the Jobs Act
could adversely impact the marketability and market value of the Notes and prevent certain bondholders (depending on
the financial and tax circumstances of the particular bondholder) from realizing the full benefit of the tax exemption of
interest on the Notes. In addition, on September 29, 2011, President Obama submitted to Congress a legislative
proposal entitled the "Debt Reduction Act of 2011" (the "Reduction Act'). If enacted, as proposed, the Reduction Act
would require the Office of Management and Budget to establish a steadily declining ratio for debt as a percentage of
Gross Domestic Product and would impose a penalty in the event that Congress failed to meet the requirements,
including automatic sequestration of spending and the reduction in the value of certain tax incentives, including
interest on tax-exempt municipal notes, potentially (in the extreme) eliminating the exemption from taxation that tax-
exempt municipal notes held at the time of issuance.
It cannot be predicted whether or in what form any such proposals might be enacted or whether if enacted it would
apply to notes issued prior to enactment. In addition, regulatory actions are from time to time announced or proposed
and litigation is threatened or commenced which, if implemented or concluded in a particular manner, could adversely
affect the market value, marketability or tax status of the Notes. It cannot be predicted whether any such regulatory
action will be implemented, how any particular litigation or judicial action will be resolved, or whether the Notes
would be impacted thereby. It is possible that further legislation will be proposed or introduced that could result in
changes in the way that tax exemption is calculated, or whether interest on certain securities are exempt from taxation
at all. Prospective purchasers should consult with their own tax advisors regarding the Jobs Act and/or the Reduction
Act and any other pending or proposed federal income tax legislation. The likelihood of the Jobs Act or the Reduction
Act being enacted or whether the currently proposed terms of the Jobs Act and/or the Reduction Act will be altered or
removed during the legislative process cannot be reliably predicted.
The opinions expressed by Bond Counsel are based upon existing legislation and regulations as interpreted by relevant
judicial and regulatory authorities as of the date of issuance and delivery of the Notes, and Bond Counsel has
expressed no opinion as of any date subsequent thereto or with respect to any proposed or pending legislation,
regulatory initiatives or litigation.
RATING
The Notes have an uninsured rating of by ` ' by Moody's Investors Service (Moody's). In addition, Moody's currently
rates the City's outstanding uninsured General Obligation Debt as ` _'. Such ratings reflect only the view of the rating
agency and any explanation of the significance of such rating may only be obtained from the respective rating agency.
There is no assurance that such ratings will continue for any period of time or that they will not be revised or withdrawn.
9
INVESTMENT CONSIDERATIONS
A PROSPECTIVE PURCHASER OF THE NOTES SHOULD BE AWARE THAT THERE ARE CERTAIN
INVESTMENT CONSIDERATIONS ASSOCIATED WITH THE NOTES. EACH PROSPECTIVE
PURCHASER OF THE NOTES IS ENCOURAGED TO READ THIS PRELIMINARY OFFICIAL
STATEMENT IN ITS ENTIRETY, AND TO GIVE PARTICULAR ATTENTION TO THE
CONSIDERATIONS DESCRIBED BELOW WHICH, AMONG OTHERS, COULD AFFECT THE
PAYMENT OF DEBT SERVICE AND THE MARKET PRICE ON THE NOTES. THE FOLLOWING
STATEMENTS REGARDING CERTAIN INVESTMENT CONSIDERATIONS SHOULD NOT BE
CONSIDERED A COMPLETE DESCRIPTION OF ALL CONSIDERATIONS IN THE DECISION TO
PURCHASE THE NOTES.
Additional Indebtedness: The City reserves the right to issue additional bonds payable from the same sources and
ranking on a parity with each series of the Notes.
Investment Rating: The rating assigned to the Notes by Moody's Investors Service, Inc. (the "Rating Agency") reflects
only the Rating Agency's view of the likelihood the noteholders will receive payments of interest when due and
principal on the Bonds on their respective maturity dates. There is no assurance that the rating will remain for any given
period of time or that the rating will not be lowered, suspended or withdrawn by the Rating Agency if, in the Rating
Agency's judgment, circumstances so warrant based upon factors prevailing at the time. The lowering, suspension or
withdrawal of the investment rating initially assigned to the Notes could adversely affect the market price and the
market for the Notes.
Secondary Market: Although the City anticipates that the Underwriter(s) will make a market for the Notes, such market
making may be discontinued at any time. There can be no assurance that there will be a secondary market for the Notes,
and the absence of such a market could result in investors not being able to resell their Bonds should they need or wish
to do so.
Redemption of Notes: The Notes due after June 1, 2021 will be subject to call prior to maturity in whole, or from time
to time in part, in any order of maturity and within a maturity by lot on said date or on any date thereafter at the option
of the City, upon terms of par plus accrued interest to date of call. The redemption of the Notes prior to their stated
maturity may subject noteholders to the risk of reinvestment at a time when comparable returns are not available.
FINANCIAL ADVISOR
The City has retained Independent Public Advisors, LLC, Johnston, Iowa as financial advisor (the "Financial
Advisor") in connection with the preparation of the issuance of the Notes. In preparing the Preliminary Official
Statement, the Financial Advisor has relied on government officials, and other sources to provide accurate information
for disclosure purposes. The Financial Advisor is not obligated to undertake, and has not undertaken, an independent
verification of the accuracy, completeness, or fairness of the information contained in the Preliminary Official
Statement. Independent Public Advisors, LLC is an independent advisory firm and is not engaged in the business of
underwriting, trading or distributing municipal securities or other public securities.
CONTINUING DISCLOSURE
In order to permit bidders for the Notes and other Participating Underwriters in the primary offering of the Notes to
comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the City will covenant and agree, for the benefit of the registered
holders or beneficial owners from time to time of the outstanding Bonds, in the resolution authorizing the issuance of
the Bonds and the Continuing Disclosure Certificate, to provide annual reports of specified information and notice of
the occurrence of certain material events as hereinafter described (the "Disclosure Covenants"). The information to be
provided on an annual basis, the events as to which notice is to be given, and a summary of other provisions of the
Disclosure Covenants, including termination, amendment and remedies, are set forth as APPENDIX C to this
10
Preliminary Official Statement. [Compliance Statement].
CERTIFICATION
The City has authorized the distribution of this Preliminary Official Statement for use in connection with the initial
sale of the Notes. I have reviewed the information contained within the Preliminary Official Statement prepared on
behalf of the City of Dubuque, Iowa, by Independent Public Advisors, LLC., Johnston, Iowa, and said Preliminary
Official Statement does not contain any material misstatements of fact nor omission of any material fact regarding the
issuance of $18,815,000* General Obligation Capital Loan Notes, Series 2014B, or $7,615,000 Taxable General
Obligation Capital Loan Notes, Series 2014C.
CITY OF DUBUQUE,IOWA
/s/Jenny Larson,Budget Director
*Preliminary; subject to change.
11
PROPERTY VALUES
IOWA PROPERTY VALUATIONS
In compliance with Section 441.21 of the Code of Iowa, the State Director of Revenue annually directs all County
Auditors to apply prescribed statutory percentages to the assessments of certain categories of real property. The
assessments finalized as of January 1 of each year are applied to the following fiscal year. The 2013 final Actual
Values were adjusted by the Dubuque County Auditor. The reduced values, determined after the application of
rollback percentages, are the Taxable Values subject to tax levy. For assessment year 2013, the Taxable Value
rollback rate was 54.4002% of Actual Value for residential property; 43.3997% of Actual Value for agricultural
property; 95% of Actual Value for commercial, industrial, and railroad property, and 100% of Actual Value for utility
property. A
The Legislature's intent has been to limit the growth of statewide taxable valuations for most classes of property to 4%
annually; utility taxable valuation growth is limited to 8%. Political subdivisions whose taxable values are thus
reduced or are unusually low in growth are allowed to appeal the valuations to the State Appeal Board, in order to
continue to fund present services.
1/1/2013 VALUATIONS(Taxes payable July 1,2014 through June 30,2015)
100% Taxable Value
Actual Value (With Rollback)
Residential $2,397,450,876 $1,304,228,970
Commercial 833,015,182 791,364,507
Industrial 76,979,020 73,130,082
Railroad 2,913,414 2,767,743
Utilities w/o Gas & Electric 9,076,071 9,076,071
Other 691,095 656,541
Gross valuation $3,320,125,658 $2,181,223,914
Less military exemption (5,754,162) (5,754,162)
Net valuation $3,314,371,496 $2,175,469,752
TIF increment(used to compute debt
service levies and constitutional debt limit) $368,297,270 $346,925,191
Taxed separately
Ag. Land&Buildings $6,855,023' 2,975,049
Utilities—Gas & Electric 172,750,627 $74,630,158
2013 GROSS TAXABLE VALUATION BY CLASS OF PROPERTYz
Taxable Percent
Valuation Total
Residential $1,304,228,970 57.739%
Ag. Land& Ag. Buildings 2,975,049 0.132%
Commercial, Industrial, Other, Railroad&Utility 876,994,944 38.825%
Utilities—Gas & Electric 74,630,158 3.304%
Excludes $151,646 of TIF ag land.
2 Before military exemption, and exclusive of taxable TIF increment.
12
Total Gross Taxable Valuation $2,258,829,121 100.00%
TREND OF VALUATIONS
The 100% Actual Valuations, before rollback and after reduction of military exemption, include Ag. Land, Ag.
Buildings, TIF Increment, and Gas & Electric Utilities. The Taxable Valuations, with the rollback and after the
reduction of military exemption, exclude the Taxable TIF Increment, Ag. Land and Ag Buildings. Iowa cities certify
operating levies against Taxable Valuation excluding the Taxable TIF Increment and debt service levies are certified
against Taxable Valuations including the Taxable TIF Increment.
Taxable
Assessment Payable 100% Valuation Taxable
Year Fiscal Year Actual Valuation (With Rollback) TIF Increment
2009 2010-11 $3,486,704,735 $1,980,445,335 $249,501,324
2010 2011-12 3,553,386,961 2,034,470,780 279,611,679
2011 2012-13 3,633,462,506 2,108,760,803 299,591,318
2012 2013-14 3,672,620,304 2,171,073,899 300,503,112
2013 2014-15 3,862,426,062 2,250,099,910 346,925,191
LARGER TAXPAYERS
Property 1/1/2013
Taxpayer Type Taxable Valuation
Interstate Power&Light Utility $110,088,117
Peninsula Gaming Company Commercial 61,326,990
Black Hills Energy Corp Utility 51,291,285
Kenney Mall, INC Commercial 35,312,608
Progressive Processing LLC Commercial 21,397,890
Medical Associates Reality Commercial 21,307,839
Nordstrom, INC Commercial 18,599,295
Walter Development LLC Commercial 16,639,474
McGraw-Hill Global Education Commercial 15,907,747
Otto A LLC Industrial 14,100,000
LEGISLATION
From time to time, legislative proposals are pending in Congress and the Iowa General Assembly that would, if enacted,
alter or amend one or more of the property tax matters described herein. It cannot be predicted whether or in what forms
any of such proposals, either pending or that may be introduced, may be enacted, and there can be no assurance that
such proposals will not apply to valuation, assessment or levy procedures for taxes levied by the City or have an adverse
impact on the future tax collections of the City. Purchasers of the Notes should consult their tax advisors regarding any
pending or proposed federal or state tax legislation. The opinions expressed by Bond Counsel are based upon existing
legislation as of the date of issuance and delivery of the Notes and Bond Counsel has expressed no opinion as of any
date subsequent thereto or with respect to any pending federal or state tax legislation.
Iowa Code section 76.2 provides that when an Iowa political subdivision issues general obligation debt: "The governing
authority of these political subdivisions before issuing bonds shall, by resolution, provide for the assessment of an
annual levy upon all the taxable property in the political subdivision sufficient to pay the interest and principal of the
bonds within a period named not exceeding the applicable period of time specified in section 76.1. A certified copy of
this resolution shall be filed with the county auditor or the auditors of the counties in which the political subdivision is
located; and the filing shall make it a duty of the auditors to enter annually this levy for collection from the taxable
13
property within the boundaries of the political subdivision until funds are realized to pay the bonds in full." Iowa Code
section 76.1 provides that the annual levy shall be sufficient to pay the interest and approximately such portion of the
principal of the bonds as will retire them in a period not exceeding twenty years from the date of issue, except for certain
bonds issued for disaster purposes and bonds issued to refund or refinance bonds issued for such disaster purposes which
may mature and be retired in a period not exceeding thirty years from date of issue.
2013 Property Tax Legislation: During its 2013 session the Iowa Legislature enacted, and the Governor signed, Senate
File 295 ("SF 295'). Among other things, SF295 limits annual assessed value growth with respect to residential and
agricultural property (from 4% to 3%), reduces the taxable value applicable to commercial, industrial and railroad
property to 95% for the 2013 assessment year and 90% for the 2014 assessment year and all years thereafter, and
provides a partial exemption on telecommunications property. SF295 also creates a new classification for
multiresidential properties (which were previously taxed as commercial properties), and assigns an incremental rollback
percentage over several years for such multiresidential properties, such that the rollback determination will match that
for residential properties in the 2022 assessment year. As a result of SF 295, local governments expect to experience
reductions in property tax revenues over the next several fiscal years. SF 295 includes state-funded replacement for a
portion of the expected reduction in property tax revenues to the local governments, but such replacement funding is
limited in both amount and duration of availability. The City does not expect the state replacement funding to fully
address the property tax reductions resulting from SF 295.
414#
14
INDEBTEDNESS
DEBT LIMIT
Article XI, Section 3 of the State of Iowa Constitution limits the amount of debt outstanding at any time of any county,
municipality or other political subdivision to no more than 5% of the actual value of all taxable property within the
corporate limits, as taken from the last state and county tax list. The debt limit for the City, based on its 2013 Actual
Valuations applicable to fiscal year 2014-15 the is as follows:
1/1/2013
(Fiscal Year 2014-15)
Actual Valuation of Property 1F$3,868,180,224
Less Military Exemption (5,754,162)
Net Valuation $3,862,426,062
Constitutional Debt Percentage5.00%
Constitutional Debt Limit 193,121,303
Less: Applicable General Obligation Debt (118,605,000)
Less: Urban Renewal Debt (22,792,464)
Less: Rebate Agreements (26,036,073)
Less: General Fund Lease13( 5.000)
Constitutional Debt Margin $25,552,766
15
DIRECT DEBT
First Lien General Obligation Debt(Includes the Notes)
Principal
Date Original Final Outstanding
of Issue Amount Pumose Maturity As of 11/07/14
10/03 $2,110,000 Corporate Purpose 06/23 $1,130,000
04/05A 1,750,000 Corporate Purpose 06/24 1,080,000
04/05B 4,270,000 Urban Renewal 06/21 3,195,000
05/06A 2,900,000 Corporate Purpose 06/25 1,970,000
11/07A 1,055,000 General Obligation Sewer 06/17 390,000
10/08A 3,885,000 General Obligation Stormwater 06/28 3,040,000
10/08B 3,290,000 Urban Renewal 06/23 2,215,000
10/08C 2,465,000 Taxable Urban Renewal 06/18 1,560,000
11/09A 2,935,000 Corporate Purpose 06/29 2,430,000
11/09B 11,175,000 Corporate Purpose 06/29 9,330,000
11/09C 8,885,000 Refunding 06/21 5,500,000
08/10A 4,470,000 Corporate Purpose &Refunding 06/30 3,780,000
08/10B 2,675,000 Taxable Urban Renewal 06/30 2,400,000
08/10C 2,825,000 Urban Renewal 06/30 2,480,000
09/11A 6,330,000 Corporate Purpose 06/31 5,805,000
09/1113 1,590,000 Corporate Purpose 06/26 1,390,000
03/12A 4,380,000 Urban Renewal 06/31 4,175,000
03/12B 7,495,000 Corporate Purpose 06/31 7,075,000
06/12C 6,965,000 Taxable Urban Renewal 06/32 6,700,000
06/12D 7,175,000 Corporate Purpose 06/32 6,705,000
12/12E 3,640,000 Corporate Purpose 06/32 3,445,000
12/12F 1,035,000 Taxable Urban Renewal 06/22 1,035,000
11/12G 950,000 Refunding 06/17 575,000
12/12H 2,385,000 Urban Renewal 06/32 2,385,000
12/1 7,285,000 Taxable Refunding 06/21 5,195,000
12/ 18,815,000* Corporate Purpose 06/34 18,815,000
12/ 7,615,000* Taxable Corporate Purpose 06/34 7,615,000
Total $111,415,000
Second Lien Sales Tax Increment General Obligation Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 11/07/14
06/14 $7,190,000 Flood Mitigation 06/29 $7,190,000
Total First& Second Lien General Obligation Debt Subject to the Debt Limit $118,605,000
16
ANNUAL FISCAL YEAR DEBT SERVICE PAYMENTS
First Lien General Obligation Debt(Includes the Notes)
Current Outstanding Total
G.O. Debt The Series 2014B Notes The Series 2014C Notes G.O. Debt
Fiscal Principal and Principal and Principal and Principal and
Year Principal Interest Principal* Interest Principal* Interest Principal Interest
FY 2014-15 $6,560,000 $9,413,281 $251,677 $134,919 $6,560,000 9,799,877
FY 2015-16 6,685,000 9,371,726 $870,000 1,393,721 $100,000 380,756 7,655,000 11,146,203
FY 2016-17 6,920,000 9,419,396 875,000 1,391,326 100,000 379,676 7,895,000 11,190,398
FY 2017-18 6,790,000 9,079,169 895,000 1,401,789 105,000 383,246 7,790,000 10,864,203
FY 2018-19 6,290,000 8,363,150 910,000 1,404,527 130,000 406,335 7,330,000 10,174,012
FY 2019-20 6,360,000 8,236,180 925,000 1,404,421 135,000 408,384 7,420,000 10,048,985
FY 2020-21 5,950,000 7,616,723 935,000 1,396,476 160,000 429,941 7,045,000 9,443,140
FY 2021-22 4,485,000 5,943,091 965,000 1,404,878 425,000 690,429 5,875,000 8,038,398
FY 2022-23 4,440,000 5,744,140 45,000 1,360,270 440,000 692,594 5,825,000 7,797,004
FY 2023-24 4,080,000 5,226,489 965,000 1,354,755 450,000 688,690 5,495,000 7,269,934
FY 2024-25 4,080,000 5,080,878 995,000 1,357,928 470,000 693,840 5,545,000 7,132,646
FY 2025-26 4,020,000 4,871,841 935,000 1,267,581 480,000 687,437 5,435,000 6,826,859
FY 2026-27 4,010,000 4,711,159 960,000 1,263,315 500,000 689,677 5,470,000 6,664,151
FY 2027-28 4,010,000 4,554,843 995,000 1,267,499 520,000 690,577 5,525,000 6,512,919
FY 2028-29 3,865,000 4,248,941 1,030,000 1,269,863 540,000 690,037 5,435,000 6,208,841
FY 2029-30 2,975,000 3,201,766 1,065,000 1,270,358 565,000 693,491 4,605,000 5,165,615
FY 2030-31 2,355,000 2,474,324 1,080,000 1,247,657 590,000 695,552 4,025,000 4,417,533
FY 2031-32 1,110,000 1,148,790 1,115,000 1,243,777 610,000 691,244 2,835,000 3,083,811
FY 2032-33 1,160,000 1,247,968 635,000 690,624 1,795,000 1,938,592
FY 2033-34 1,195,000 F1,239,932 660,000 688,446 1,855,000 1,928,378
Total $84,985,000 $18,815,000 $7,615,000 $111,415,000
*Preliminary, subject to change.
17
Second Lien General Obligation Debt
Current Outstanding
G.O. Debt
Fiscal Principal and
Year Principal Interest
FY 2014-15 99,228
FY 2015-16 91,043
FY 2016-17 80,543
FY 2017-18 76,343
FY 2018-19 71,993
FY 2019-20 67,493
FY 2020-21 62,618
FY 2021-22 57,193
FY 2022-23 $115,000 166,593
FY 2023-24 1,075,000 1,120,570
FY 2024-25 1,125,000 1,164,195
FY 2025-26 1,125,000 1,344,250
FY 2026-27 1,200,000 1,363,000
FY 2027 1,250,000 1,365,000
FY 2021-111,300,000 365,000
Total $7,190,000
Urban Renewal Revenue Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 11/07/14
12/03 $140,000 Vessel Systems 06/15 $19,433
02/04 500,000 Adams Company 06/15 45,456
06/04 182,000 Lower Main Development 06/16 48,302
11/06 810,323 TWesen Supply 06/18 401,194
10/07 25,000 Port of Dubuque Parking Ramp 06/37 21,750,000
08/09 529 40 Main LLC 06/37 528,079
Total $22,792,464
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OTHER DEBT
The City has debt payable solely from the net water revenues of the City's water system as follows:
Water Revenue Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 11/07/14
10/07 $915,000 Water Improvements (SRF) 06/28 $695,000
11/08D 1,195,000 Water Improvements 06/23 835,000
11/09 6,394,000 Water Improvements (SRF) 06/31 5,633,000
09/1 OD 5,700,000 Water Improvements 06/30 5,135,000
Total $12,298,000
b&
The City has debt payable solely from the net sewer revenues of the City's sewer system as follows:
Sewer Revenue Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturitv As of 11/07/14
12/06 $688,371 Sewer Improvements (SRF) 06/31 $581,879
08/10 74,285,000 Sewer Improvements (SRF) 06/29 67,853,578
Total $68,435,457
The City has debt payable solely from the net sewer revenues of the City's stormwater system as follows:
Stormwater Revenue Debt
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 11/07/14
12/06 $769,024 Stormwater Improvements (SRF) 06/29 $657,039
01/09 1,847,000 Stormwater Improvements (SRF) 06/28 1,402,000
12/10 5,836,613 Stormwater Improvements (SRF) 06/41 5,182,106
Total $7,241,145
19
INDIRECT DEBT
1/1/2013 Portion of City's
Taxable Taxable Value Percent Indirect
Taxine District Valuation In the Citv Applicable GO DeW Portion
Dubuque CSD $3,456,718,086 $2,597,025,101 75.13% $0 $0
Dubuque County 4,563,534,916 2,597,025,101 56.91% 0 0
Northeast Iowa Comm College 10,699,385,455 2,597,025,101 24.27% 57,245,000 13,894,882
TOTAL $13,894,882
DEBT RATIOS
Debt/2013 Actual
Market Value Debt/57,532
G.O. Debt $3,862,426,062 Population
Direct General Obligation Debt $118,605,000 3.07% $2,061.55
Indirect General Obligation Debt 13,894,882 0.36% $241.52
Combined Debt $132,499,882 03% $2,303.06
LEVIES AND TAX COLLECTIONS(000'*1
Taxes Current %of
Year Levied Collections Taxes of
2010-11 19,906 19,793 99.43%
2011-12 21,313 21,339 100.12%
2012-13 22,789 22,749 99.82%
2013-14 23,993 23,907 99.64%
2014-15 24,866 In process of collection
After the assessment of property in a calendar year, taxes are levied for collection in the following fiscal year. Taxes are
certified to the County Auditor in March. The County Treasurer collects taxes for all taxing entities in the County.
Statutory dates for payment without penalty are September 30 for the first installment and March 31 for the second
installment. Penalty rates are established by State law at 1%per month.
School district figures exclude Sale and Service Tax Revenue Bonds.
20
TAX RATES
Taxing FY2010/11 FY2011/12 FY2012/13 FY2013/14 FY2014/15
District $/$L000 $/$L000 $/$L000 $/$L000 $/$L000
City of Dubuque 10.02741 10.45111 10.78477 11.02586 11.02588
Dubuque County 6.50193 6.49167 6.43124 6.43124 6.43124
Dubuque CSD 16.88349 16.87685 15.40388 14.60281 13.99630
County Hospital 0.26409 0.26040 0.26961 0.26975 0.26974
City Assessor 0.25772 0.33842 0.36188 0.39028 0.29320
Ag. Extension 0.03219 0.07564 0.08174 0.08941 0.09731
Northeast Iowa CC 1.03532 1.07379 0.98407 0.90455 0.90807
State of Iowa 0.00340 0.00320 0.00330 0.00330 0.00330
Consolidated Rate 35.00555 35.57108 34.32049 33.71720 33.02504
LEVY LIMITS
A city's general fund tax levy is limited to $8.10 per $1,000 of taxable value, with provision for an additional $0.27 per
$1,000 levy for an emergency fund which can be used for general fund purposes (Code of Iowa, Chapter 384, Division
I). Cities may exceed the $8.10 limitation upon authorization by a special levy election. Further, there are limited special
purpose levies, which may be certified outside of the above-described levy limits (Code of Iowa, Section 384.12). The
amount of the City's general fund levy subject to the $8.10 limitation is $8.10 for FY 2014-15 In addition, the City has
certified special purpose levies outside of the above described levy limits for liability, property and self insurance costs,
as well as debt service. The City will not use the emergency levy in FY 2014-15. Debt service levies are not limited.
FUNDS ON HAND(Cash and Investments as of September 30,2014) ID
Agency $11,474
Capital 30,921,946
Component Unit 6,111,839
Debt Service° (2,669)
Enterprise 11,669,977
General 1,678,361
Internal Service 3,506,789
Permanent 70,392
Special 11,264,976
Total Cash and Investments 66,333,085
Deficit to be eliminated with transfers.
21
THE CITY
CITY GOVERNMENT
The City has been governed by a Council-Manager-Ward form of government since 1920. Policy is established by a
Mayor and six council members, the mayor and two of the council members being elected at large and four
members elected from wards. City Council members hold four year staggered terms. The City Clerk, City Manager
and City Attorney are appointed by the City Council.
EMPLOYEES,PENSIONS AND OPEB
The City has 569 full and 82.3 full time equivalent part-time employees and 55.225 full time equivalent seasonal
employees, including a police force of 109 sworn personnel and a fire department of 89 fire fighters. Of the City's
842 employees, 544 are currently enrolled in the Iowa Public Employees Retirement System (the "IPERS")pension
plan administered by the State of Iowa.
The City contributes to the Iowa Public Employees' Retirement System ("IPERS"), which is a state-wide multiple-
employer cost-sharing defined benefit pension plan administered by the State of Iowa. IPERS provides retirement
and death benefits which are established by State statute to plan members and beneficiaries. All full-time employees
of the Issuer are required to participate in IPERS. IPERS plan members are required to contribute a percentage of
their annual salary, in addition to the Issuer being required to make annual contributions to IPERS. Contribution
amounts are set by State statute. The IPERS Comprehensive Annual Financial Report for its fiscal year ended June
30, 2013 (the "IPERS CAFR") indicates that as of June 30, 2013, the date of the most recent actuarial valuation for
IPERS, the funded ratio of IPERS was 81.02%, and the unfunded actuarial liability was $5.787 billion. The IPERS
CAFR is available on the IPERS website, or by contacting IPERS at 7401 Register Drive, Des Moines, IA 50321.
See "APPENDIX B INDEPENDENT AUDITOR'S STATEMENTS" for additional information on IPERS.
In fiscal year 2013, the Issuer's IPERS contribution totaled approximately $2,078,735, compared to a contribution in
fiscal year 2012 of$1,964,764. See note 12 of the audited financial statements of the City attached as Appendix B
for further information.
The following table sets forth certain information about the funding status of IPERS that has been extracted from the
IPERS CAFR. According to IPERS, as of the end of fiscal year 2013, there were approximately 342,652 total
members participating in IPERS, including Issuer employees.
Unfunded UAAL as a
Actuarial %of
Accrued Covered
Liability Funded Payroll
Fiscal Year Actuarial Value Actuarial Accrued (UAAL) Ratio Covered Payroll ([b]-[a])
Ended June 30 of Assets [a] Liability[b] [b]—[a] [a]/[b] [c] /[c]
2010 $21,537,458,560 $26,468,419,650 $4,930,961,090 81.37% $6,571,182,005 75.04%
2011 22,575,309,199 28,257,080,114 5,681,770,915 79.89% 6,574,872,719 86.42%
2012 23,530,094,461 29,446,197,486 5,916,103,025 79.91% 6,786,158,720 87.18%
2013 24,711,096,187 30,498,342,320 5,787,246,133 81.02% 6,880,131,134 84.12%
Source: IPERS Comprehensive Annual Financial Report (Fiscal Year 2013)
When calculating the funding status of IPERS for fiscal year 2013, the following assumptions were used: (1) the
amortization period for the total unfunded actuarial liability is 30 years (which is consistent with the maximum
acceptable amortization period set forth by the Governmental Accounting Standards Board ("GASB") in GASB
Statement No. 25); (2) the rate of return on investments is assumed to be 7.5%; (3) salaries are projected to increase
4.0-17%for IPERS, depending on years of service; and (4) the rate of inflation is assumed to be 3.25%for prices and
4.0%for wages.
Bond Counsel, the City, and the Financial Advisor undertake no responsibility for and make no representations as to
the accuracy or completeness of the information available from the IPERS discussed above or included on the IPERS
website, including, but not limited to, updates of such information on the State Auditor's website or links to other
Internet sites accessed through the IPERS website.
Consistent with Iowa Code section 509A.13, the Issuer offers post-retirement health and dental benefits ("OPEB") to
all full-time employees of the Issuer who retire before attaining age 65. The group health insurance plan provided to
full-time Issuer employees allows retirees to continue medical coverage until they reach age 65. Although retirees pay
100% of the "cost of coverage", the pre-age 65 group of retirees is grouped with the active employees when
determining the cost of coverage. The computation creates an implicit rate subsidy that would not exist if the cost of
the coverage for this group (pre-age 65 retirees)was computed separately and paid 100%by that group.
As described in its audited financial statements, as of June 30, 2013, the City has an unfunded actuarial accrued
liability relating to its OPEB in an amount of$5,720,577. The Issuer's end of year (as of June 30, 2013) net OPEB
obligation is $3,363,982. See note 11 of the audited financial statements of the City attached as Appendix B for
further information on OPEB obligations of the City.
In addition, the City contributes to the Municipal Fire and Police Retirement System of Iowa (the "MFPRSI"), a
benefit plan administered by a Board of Trustees. MFPRSI provides retirement, disability and death benefits that are
established by State statute to plan members and beneficiaries. Plan members are required to contribute 9.40% of their
earnable compensation and the City's contribution rate is 30.12% of earnable compensation. The City is current in its
obligation to MFPRSI, their contributions to MFPRSI for the last three years has been: $3,177,159 in Fiscal Year
2011-12, $3,334,793 in Fiscal Year 2012-13 and $3,906,483 in Fiscal Year 2013-14.
UNION C ONTRACT S
City employees are represented by the following bargaining units:
Bargaining Unit Contract Expiration Date
Teamsters Local Union No 421 June 30, 2017
Teamsters Local Union No 421 Bus Operators June 30, 2017
Dubuque Professional Firefighters Association June 30, 2015
Dubuque Police Protective Association 5 June 30, 2015
International Union of Operating Engineers June 30, 2017
5 Currently under negotiation.
23
INSURANCE
The City's insurance coverage is as follows:
Type of Insurance Limits
General Liability 15,000,000
Automobile Liability 15,000,000
Public Officials 15,000,000
Police Professional Liability 15,000,000
Boiler&Machinery 25,000,000
Property Blanket 492,563,640
Employees Crime Policy 1,000,000
Airport Commission 5,000,000
Airport Liability 20,000,000
24
GENERAL INFORMATION
LOCATION AND TRANSPORTATION
The City is located in northeast Iowa and serves as the county seat for Dubuque County. The City, with a 2010
Census population of 57,637, has a land area of 31.6 square miles. Annexation activity in recent years has been
voluntary with over 760 acres annexed in the past five years. The City lies at the intersection of Highways 61/151
and 20. The City is located approximately 22 miles southwest of Platteville, Wisconsin; 92 miles southwest of
Madison, Wisconsin; 84 miles northeast of Iowa City, Iowa; 65 miles north of the Quad Cities (Rock Island and
Moline, Illinois and Bettendorf and Davenport, Iowa); 175 miles west of Chicago, Illinois and 185 miles northeast of
Des Moines. Dubuque Regional Airport provides jet service to Chicago via American Airlines. Railroad service to
the City is provided by the Iowa, Chicago & Eastern Railroad Corp, Canadian National/Illinois Central, and
Burlington Northern Santa Fe Railroad Company (BNSF), as well as bus service being provided by Greyhound and
Burlington Trailways.
LARGEREMPLOYERS 40
A representative list of larger employers and employees in the City is as follows:
Employer Type of Business Approximate # of Employees
John Deere Dubuque Works Agriculture Equipment 2,400
Dubuque Community School District Education 1,946
Mercy Medical Center Healthcare 1,313
IBM Corp. Technology 1,300
University of Wisconsin-Platteville Education 1,105
Medical Associates Clinic, P.C. Healthcare 1,011
UnityPoint Health-Finley Hospital Healthcare 859
The City of Dubuque City Government 569
Eagle Window &Door Windows 550
Sedgwick Claims Processing 550
Diamond Jo Casino Gaming 510
Western Dubuque School District Education 501
Prudential Retirement Financial Services 500
Dubuque County County Government 472
Mystique Casino Gaming 454
Loras College Education 415
Flexsteel Industries Manufacturing 413
Cottingham&Butler Insurance 410
Northeast Iowa Community College Education 410
McGraw-Hill Higher Education Education Content 400
McKesson Data Processing 400
Medline Industries, Inc. Health Care Equipment 400
Hartig Drug Retail 393
Holy Family Catholic Schools Education 381
University of Dubuque Education 363
Mi-T-M Corporation Manufacturing 360
AY McDonald Manufacturing Company Manufacturing 358
Nordstrom Distribution& Retail 336
Source: Greater Dubuque Development Corporation,the City..
25
BUILDING PERMITS6
City officials report the following construction activity as of September 30, 2014. Permits for the City are reported on
a calendar basis.
Fiscal Year Single Multi-Family Commercial Total Total Valuation
2010-11 88 89 15 3,020 134,246,328
2011-12 97 8 14 4,183 224,053,472
2012-13 20 3 2 464 16,898,273
2013-14 65 0 11 1,095 88,105,521
2014-15 28 0 4 481 17,572,816
US CENSUS DATA
1980 US Census 62,374
1990 US Census 57,546
2000 US Census 57,686
2010 US Census 57,63
Source: U.S.Census Bureau website. + ,
UNEMPLOYMENT RATES
Calendar
Year City of Dubuque 4
Average Dubuque'- CountV7 ofIowa-
2010 6.0% 6.2% 'RFMV6 3%
2011 5.3% 5.4% 5.8%
2012 4.6% 4.7% 5.2%
2013 4.5% 4.5% 4.6%
20149 4.3% 4.4% 4.4%
Source: Iowa Workforce Development Center;revised May 2,2014.
1
6 Totals include single family, multi-family, commercial/industrial, remodeling, roofing, siding, decks, additions
and other miscellaneous residential and commercial permits.
Not seasonally adjusted.
s Seasonally adjusted.
9 Average January through September.
26
EDUCATION
Public education to the City is provided by the Dubuque Community School District, with certified enrollment for the
2013-2014 school year of 10,579. The Dubuque School District has two high schools, an alternative high school,
three middle schools and thirteen elementary schools. The Archdiocese of Dubuque operates four Catholic elementary
facilities, one middle school and one high school within the City. Higher education opportunities within the County
include Loras College, Clarke University, University of Dubuque, and Northeast Iowa Community College, with local
facilities in downtown Dubuque and Peosta(15 minutes west of Dubuque on Highway 20).
FINANCIAL STATEMENTS
The City's INDEPENDENT AUDITOR'S REPORTS for the fiscal year ended June 30, 2013 is reproduced
in APPENDIX B. The City's certified public accountant has not consented to distribution of the audited
financial statements and has not undertaken added review of their presentation. Further information regarding
financial performance and copies of the City's prior Independent Auditor's Reports may be obtained from the City's
Financial Advisor,Independent Public Advisors, LLC.
b6
27
APPENDIX A: FORM OF LEGAL OPINION
APPENDIX B: JUNE 30, 2013 INDEPENDENT AUDITOR'S REPORTS
APPENDIX C: FORM OF CONTINUING DISCLOSURE CERTIFICATE
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: October 23, 2014, and for which the charge is $39.15.
Subscribed to before me, a Notary Public in and for Dubuque County, Iowa,
this /41 day of 0-Kom4,.„/ , 20 /$4 .
Notary Public in and for Dubuque County, Iowa.
MARY IC WESTERMEYER
pptivirkisticir1 Number 154885
My Comm': Expl,i FEB: 1_,10_11_
CITY OF'DUB(IQUE,
IOWA
OFFICIAL NOTICE
NOTICE OFMEETING
OF THE, CITY COUN-
CIL OF THE CITY OF
DUBUQUE, STATE OF
IOWA, ON THE MAT-
TER OF THE PRO-
POSED :AUTHORIZA-
TION OF A LOAN
AGREEMENT AND
THE ISSUANCE OF
NOT. ;TO ,` EXCEED;
$8,265,000 GENERAL
OBLIGATION CAPITAL
LOAN NOTES, SERIES
2014, (FOR ESSEN.'
TIAL xy -CORPORATES
PURPOSES) ANDD THE
PUBLIC `HEARING ON
THE AUTHORIZATION
AND ISSUANCE
THEREOF:.
PUBLIC NOTICE is
hereby given that the
Council of'theCity", of
Dubuque, State ,of:=10-
wa, will hold a public
hearing on'the 3rd day
of November, 20,14, at
6:30 o'clock P M., in the
Historic Federal Build -1
ing, 350 West " 6th
Street, Dubuque, Iowa,
at which meeting the
1 Council proposes to
take additional action
for the authorization of I
a Loan Agreement and
the issdance, of not to fi
exceed .$8,265,000 "Gen-
eral Obligation Capital
Loan Notes Series
2014;,for essential cor-
porate
or porate purposes of the ,
City morder to pays:
costs of :aiding • in the
planning, undertaking I
and carrying out of ur-
ban renewal projects,
including, intermodal
facility improvements,
Millwork District park-
ing improvements,
homeownership pur-
chase, rehabilitation
and resale program
costs, riverfront lease-
hold improvements,
land acquisition and
rehab in the Dubuque
Industrial Center West
Urban Renewal. Project,
Transit Building roof
repairs, . Central Ave-
nue Master Plan and
bus storage `andmain-
tenance facility im-
provements. Principal
and interest on the
proposed (Lean, Agree-
ment will be payable
from the Debt Service
Fund.
At any time.before the,
date of said meeting, a
petition, asking " that
the question of issuing
such Notes 'be .'subnlit-:'�
ted to the legal voters''!
of said City,, may, be
' ! filed with the Clerk of
said City in the manner
provided by Section
362.4 of the City Code
of Iowa, as amended at
50 W. 13th Street or cty
clerk® cityofdubuque.o
rg.
At the above meeting ',
the Council shall re-
ceive oral or written
objections from any ;'
resident or property
owner of the City, to
the above action. After
all objections have
been received and con-
sidered, the Council
will at this meeting or
at. any adjournment
thereof, take additional
action for the <authori-
zation.of a Loan Agree-
ment and the issuance
of, Notes to . evidence
the obligationof the
City thereunder or will
abandon the proposal.
This Notice is given by
order .of the Council of
the City of Dubuque,
'State of Iowa, as pro
vided by Sections
384.24, 384.24A and
384.25 of the City Code
of Iowa, as amended.
Any visual or hearing
impaired persons
needing special assis-
tance or persons with
special accessibility
needs should contact
the City Clerk's Office.
at (563) 589.4100 or
TDD (563) 556-9948 at
least 48 hours prior to
the meeting.
Dated this 23th day of
October, 2014.
Kevin 5,Firnstahl
City Clerk,;City of
Dubuque, State of Iowa
It 10/23