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Tax-Exempt General Obligation Bonds $3M Copyright 2014 City of Dubuque Public Hearings # 4. ITEM TITLE: Tax-Exempt General Obligation Bonds SUMMARY: Proof of publication on notice of public hearing to consider approval of the suggested proceedings for the public hearing on the issuance of Tax- Exempt General Obligation Bonds and the City Manager recommending approval. RESOLUTION Instituting proceedings to take additional action for the issuance of not to exceed $3,000,000 General Obligation Bonds RESOLUTION Authorizing the issuance of$3,000,000 General Obligation Bonds, and levying a tax for the payment thereof SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type ❑ MVM Memo City Manager Memo ❑ Staff Memo Staff Memo ❑ Resolution Resolutions ❑ Bond Counsel Letter Supporting Documentation ❑ Proof of Publication Supporting Documentation THE CITY OF Dubuque UBE 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 on the Issuance of Not to Exceed $3,000,000 Tax-Exempt General Obligation Bonds, Series 2015 DATE: April 29, 2015 Budget Director Jennifer Larson is recommending City Council approval of the suggested proceedings for the public hearing on the issuance of Tax-Exempt General Obligation Bonds. The proceeds of which will be used to pay costs of the settlement of the franchise fee litigation. The bonds will be repaid using the debt service levy beginning in Fiscal Year 2016. The debt service levy amount related to the repayment of the bonds is $0.06614 per $1,000 of assessed valuation in Fiscal Year 2016. 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 Issuance of not to Exceed $3,000,000 General Obligation Bonds." 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. This is all consistent with the City Council decisions made through the Fiscal Year 2016 budget process. I concur with the recommendation and respectfully request Mayor and City Council approval. 114� 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 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 on the Issuance of Not to Exceed $3,000,000 Tax-Exempt General Obligation Bonds, Series 2015 DATE: April 29, 2015 INTRODUCTION The purpose of this memorandum is to provide the suggested proceedings for the public hearing on the issuance of General Obligation Bonds prepared by Bond Counsel and to present to City Council to adopt entitled "Resolution Instituting Proceedings to Take Additional Action for the Issuance Not to Exceed $3,000,000 General Obligation Bonds." The proceeds of which will be used to provide funds to pay the costs of the settlement of the franchise fee litigation. A letter from attorney Mark Cory detailing information on the bond hearing is enclosed. DISCUSSION The $3,000,000 General Obligation Bond will be used to provide funds to pay the costs of the settlement of the franchise fee litigation. Since at least 1873, the Iowa Code has given Iowa cities the authority to grant franchises to utilities to use the public right-of-ways. Cities also had the authority to impose franchise fees for such use. Until 2010, the Code of Iowa did not limit the amount or basis of franchise fees. However, earlier Iowa Supreme Court cases indicated that a city's authority to impose a franchise fee was limited to reasonable costs of regulating, supervising, or enforcing the franchise. Franchise fees are typically based on a percentage of gross revenue of the franchisee. For example, the federal Cable Act of 1984 authorized cable franchise fees not to exceed 5% of gross revenue. The City of Dubuque has been collecting 5% fees on cable services based on gross revenue since at least 1984. In 1994, the City of Dubuque renewed its gas and electric franchises. Both agreements authorized the City Council to impose franchise fees no to exceed 3% of gross revenues on the sale of gas and electricity. The franchise agreements, including the right to impose franchise fees, were approved by citizens at an election. However, the City Council did not impose any franchise fees on gas and electricity sales until 2003 when it imposed a 2% fee. In 2005, Linda Kragnes filed a class action law suit against the City of Des Moines claiming that Des Moines' franchise fees were illegal taxes. The Polk County District Court agreed with Kragnes. On appeal, the Iowa Supreme Court in a 2006 opinion, agreed with the District Court and rejected Des Moines' home rule argument, holding that "any franchise fee charged by a city must be reasonably related to the city's administrative expenses in the exercise of its police power. These expenses include the reasonable costs of inspecting, licensing, supervising, or otherwise regulating the activity the city is franchising." Thus, under the Kragnes rule, "a city has the authority to assess a franchise fee expressed as a percentage of the gross receipts derived from the utility's sale of its services to the public, so long as the charge is reasonable related to the cost of the activity that is being franchised." The Supreme Court did not elaborate on what costs a city is entitled to recover. J. Thomas Zaber filed his class action lawsuit against the City of Dubuque in 2006 alleging, like Kragnes, that the City's gas, electric and cable franchise fees were illegal taxes. Very shortly after the Polk County ruling in Kragnes, the City of Dubuque retained Springsted International, a consulting firm specializing in infrastructure costs, to conduct a study to determine the city's "cost of inspecting, licensing, supervising, or otherwise regulating" the gas and electric utilities. Because the Supreme Court had not provided specific guidance in Kragnes as to what those costs were, we were left to speculate as to what costs to include in the study. Springsted's preliminary report in 2006 indicated that the city's franchise fees were roughly equivalent to the costs of regulating the utilities, based again on what we believed those costs might include. The Zaber case was essentially on hold while the Kragnes case was being litigated in the courts. In a subsequent hearing following the Kragnes appeal, the Polk County district court disallowed a number of Des Moines' costs, which included many of the costs which were part of the Springsted analysis. On appeal from the decision, the Iowa Supreme Court elaborated on the costs that could be recovered by a city as a franchise fee, allowing some of the costs that the Polk County district court had disallowed but still rejecting many of the costs that had originally been relied upon by Springsted. Following that 2012 opinion, Springsted updated its report and concluded that the City of Dubuque had collected franchise fees in excess of costs by around $2 million. While the franchise fee cases were pending, in 2010 the Iowa General Assembly authorized cities to collect cable franchise fees of 5% without regard to the cost of regulating the utilities, thus abrogating the Kragnes rule. The cable legislation also was made retroactive. Zaber challenged the constitutionality of the retroactivity provision of the law, but the District Court for Dubuque County agreed with Dubuque that the statute was constitutional. On appeal, the Iowa Supreme Court upheld that decision. As a result of that change in the law, Zaber's cable fee challenge was dismissed from the lawsuit, removing $3 million in cable fees from the lawsuit. In 2010 the Iowa General Assembly also authorized gas and electric franchise fees not to exceed 5% without the regard to the cost of regulating the utilities. However, the legislature did not make the legislation retroactive, a matter which did not go unnoticed by the Iowa Supreme Court in Kragnes. The court said that the legislature "declined to shield the City from the financial impact" of the claims like Zaber's. Had the legislature made the gas and electric legislation retroactive, a settlement would not be necessary. Based on the risks and costs of a trial, the costs and further delay of likely appeals, the City Attorney's Office and our retained counsel have concluded that it is in the best interest of the City to settle the case. The relief requested by Zaber in the lawsuit is essentially a refund to the class of gas and electric customers of the franchise fees that exceed the costs the city was authorized to collect between 2005 and 2009 when the law was changed. The parties have reached a tentative settlement of$2.6 million. A fairness hearing is yet to be scheduled to obtain Court approval of the settlement agreement and to determine what happens to unclaimed funds after the claims period is closed. The bond funds remaining after bond issuance fees are paid will be put into an escrow account by the City of Dubuque to fund the franchise fee refund process. The cost of the settlement is not covered by the City's insurance carrier, Iowa Communities Assurance Pool. Damages and expenses not covered under the City's insurance include tax activities meaning damages and expenses resulting from any wrongful act by the insured in connection with any tax assessment, fine, fee or adjustment or the collection, refund, disbursement or application of any taxes. The bonds will be repaid using the debt service levy beginning in Fiscal Year 2016. The debt service levy amount related to the repayment of the bonds is $0.06614 per $1 ,000 of assessed valuation in Fiscal Year 2016. 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 Issuance of not to Exceed $3,000,000 General Obligation Bonds." 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. RECOMMENDATION I respectfully recommend the adoption of the enclosed resolution instituting the proceedings to take additional action. JML Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Kenneth TeKippe, Finance Director (This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of the City of Dubuque, State of Iowa. Date of Meeting: May 4, 2015. Time of Meeting: o'clock M. Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for the meeting is as follows: Not to Exceed $3,000,000 General Obligation Refunding Bonds • Public hearing on the issuance. • Resolution instituting proceedings to take additional action. $3,000,000 General Obligation Bonds, Series 2015. • Resolution authorizing the issuance and levying a tax for the payment thereof. Such additional matters as are set forth on the additional page(s) attached hereto. (number) This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of the governmental body. City Clerk, City of Dubuque, State of Iowa May 4, 2015 The City Council of the City of Dubuque, State of Iowa, met in session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at o'clock M., on the above date. There were present Mayor in the chair, and the following named Council Members: Absent: - 1 - The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $3,000,000 General Obligation Bonds, in order to provide funds to pay the costs of settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or the funding or refunding of the same, whether or not such indebtedness was created for a purpose for which general obligation bonds might have been issued in the original instance,for essential corporate purposes, and that notice of the proposal to issue the Bonds had been published as provided by Section 384.25 of the Code of Iowa The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Bonds. The Clerk advised the Mayor and the Council that written objections had been filed. The Mayor then called for oral objections to the issuance of the Bonds and were made. Whereupon,the Mayor declared the time for receiving oral and written objections to be closed. (Attach here a summary of objections received or made, if any) - 2 - ORIGINAL (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: May 4, 2015. Time of Meeting: 6:30 o'clock P.M. Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque, Iowa. PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for the meeting is as follows: Not to Exceed $3,000,000 General Obligation Refunding Bonds • Public hearing on the issuance. • Resolution instituting proceedings to take additional action. $3,000,000 General Obligation Bonds, Series 2015. • Resolution authorizing the issuance and levying a tax for the payment thereof. Such additional matters as are set forth on the additional 7 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 k, City of Dubuque, tate of Iowa The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $3,000,000 General Obligation Bonds, in order to provide funds to pay the costs of settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or the funding or refunding of the same, whether or not such indebtedness was created for a purpose for which general obligation bonds might have been issued in the original instance, for essential corporate purposes, and that notice of the proposal to issue the Bonds had been published as provided by Section 384.25 of the Code of Iowa. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Bonds. The Clerk advised the Mayor and the Council that -0- written objections had been filed. The Mayor then called for oral objections to the issuance of the Bonds 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 Whereupon, the Mayor declared the hearing on the issuance of the Bonds to be closed. The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Jones introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $3,000,000 GENERAL OBLIGATION BONDS", 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 bonds to the meeting to be held at .M. on the day of , 2015, at this place. Council Member Connors seconded the motion. The roll was called and. the vote was, AYES: Jones, Braig, Lynch, Sutton NAYS: Resnick, Buol, Connors Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 156-15 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $3,000,000 GENERAL OBLIGATION BONDS WHEREAS, pursuant to notice published as required by law, the City Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $3,000,000 General Obligation Bonds, for the essential corporate purposes, in order to provide funds to pay the costs of settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or the funding or refunding of the same, whether or not such indebtedness was created for a purpose for which general obligation bonds might have been issued in the original instance, and has considered the extent of objections received from residents or property owners as to the proposed issuance of Bonds; and following action is now considered to be in the best interests of the City and residents thereof. 3 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: That this Council does hereby institute proceedings and take additional action for the authorization and issuance in the manner required by law of not to exceed $3,000,000 General Obligation Bonds, for the foregoing essential corporate purposes. PASSED AND APPROVED this 4th day of May, 2015. ATTEST: Council Member Jones introduced the following Resolution entitled "RESOLUTION AUTHORIZING THE ISSUANCE OF $3,000,000 GENERAL OBLIGATION BONDS, AND LEVYING A TAX FOR THE PAYMENT THEREOF", and moved that the same be adopted. Council Member Connors seconded the motion to adopt. The roll was called and the vote was, AYES: Jones, Braig, Lynch, Sutton NAYS: Resnick, Buol, Connors Whereupon, the Mayor declared the Resolution duly adopted as follows: RESOLUTION NO. 157-15 RESOLUTION AUTHORIZING THE ISSUANCE OF $3,000,000 GENERAL OBLIGATION BONDS, AND LEVYING A TAX FOR THE PAYMENT THEREOF WHEREAS, the City of Dubuque, State of Iowa ("Issuer"), is a municipal corporation, organized and existing under the Constitution and laws of the State of Iowa, and is not affected by any special legislation; and WHEREAS, the Issuer is in need of funds to pay costs of settlement of any part or all of the legal indebtedness of a city, whether evidenced by bonds, warrants, or judgments, or the funding or refunding of the same, whether or not such indebtedness was created for a purpose for which general obligation bonds might have been issued in the original instance (the "Project"), and it is deemed necessary and advisable that General Obligation Bonds, in the amount of $3,000,000 be issued; and WHEREAS, the City Council has taken such acts as are necessary to authorize issuance of the Bonds; and WHEREAS, the City Council has taken additional action to authorize issuance of the Bonds. NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, STATE OF IOWA: Section 1. Authorization of the Issuance. General Obligation Bonds, in the amount of $3,000,000 shall be issued pursuant to the provisions of Iowa Code Section 384.25 for the purposes covered by the hearing. 5 Section 2. Levy of Annual Tax. For the purpose of providing funds to pay the principal and interest as required under Chapter 76.2, there is levied for each future year the following direct annual tax upon all the taxable property in the City of Dubuque, State of Iowa, to wit: FISCAL YEAR (JULY 1 TO JUNE 30) AMOUNT YEAR OF COLLECTION $185,089* 2015/2016 $184,197 2016/2017 $204,326 2017/2018 $203,652 2018/2019 $202,871 2019/2020 $202,987 2020/2021 $203,961 2021/2022 $202,762 2022/2023 $202,456 2023/2024 $203,012 2024/2025 $203,391 2025/2026 $202,597 2026/2027 $203,661 2027/2028 $203,517 2028/2029 $203,196 2029/2030 $203,702 2030/2031 $202,996 2031/2032 $204,117 2032/2033 $202,991 2033/2034 $493,591 2034/2035 *$11 will be paid from funds on hand Principal and interest coming due at any time when the proceeds of the tax on hand are insufficient to pay the amount due shall be promptly paid when due from current funds available for that purpose and reimbursement must be made. Section 3. Amendment of Levy of Annual Tax. Based upon the terms of the future sale of the Bonds to be issued, this Council will file an amendment to this Resolution ("Amended Resolution") with the County Auditor. Section 4. Filing. A certified copy of this Resolution shall be filed with the County Auditor of County of Dubuque, State of Iowa, who shall, pursuant to Iowa Code Section 76.2, levy, assess and collect the tax in the same manner as other taxes and, when collected, these taxes shall be used only for the purpose of paying principal and interest on the Bonds. 6 PASSED AND APPROVED this 4th day of May, 2015. //fi Mayor ATTEST: 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 s 4th day of May, 2015. City drk, City of ISubu°c ue, State of Iowa (SEAL) CITY CLERK'S CERTIFICATION TO COUNTY AUDITOR Pursuant to the provisions of Section 76.2 of the Code of Iowa, I do hereby certify that attached hereto is a true and correct copy of the Resolution authorizing the issuance of not to exceed $3,000,000 General Obligation Bonds, Series 2015, and levying a tax therefor adopted by the City Council of the City of Dubuque, State of Iowa, on the date thereof, the original of which is on file in the records of the undersigned. Dated this 4th day of May , 2015. City Clerk/City of Dubuque, tate of Iowa COUNTY AUDITOR'S CERTIFICATE 412.e ���� , County Auditor of Dubuque County, State of Iowa, hereby certify that on the day of,d� , 2015 there was filed in my office the Resolution of the Ci y Council of the Chi/of Dubuque, State of Iowa, adopted on the 4th day of May, 2015, said Resolution authorizing the issuance of not to exceed $3,000,000 General Obligation Bonds, Series 2015, and levying a tax therefor, all duly certified upon the form attached above. ounty Auditoro 1j* Duque ounty, Sate df Iowa 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 April 29, 2015 Via E-mail Jenny Larson Budget Director City of Dubuque 50 West 13th Street Dubuque, Iowa 52001 Re: City of Dubuque, State of Iowa. Not to Exceed $3,000,000 General Obligation Bonds Dear Jenny: We enclose suggested proceedings to be acted upon by the Council on the date fixed for the hearing on the issuance of the above mentioned bonds, pursuant to the provisions of Code Section 384.25. A certificate to attest the proceedings is also enclosed. The proceedings are prepared to show as a first step the receipt of any oral or written objections from any resident or property owner to the proposed action of the Council to issue the bonds. A summary of objections received or made, if any, should be attached to the proceedings. After all objections have been received and considered if the Council decides not to abandon the proposal to issue the bonds, a form of resolution follows that should be introduced and adopted, entitled "Resolution Instituting Proceedings to Take Additional Action for the Issuance of Not to Exceed $3,000,000 General Obligation Bonds." Action Must Be Taken At The Hearing. The Council is required by statute to adopt the resolution instituting proceedings to issue the bonds at the hearing, or an adjournment thereof. If necessary to adjourn, the minutes are written to accommodate that action. In the event the Council decides to abandon the proposal to issue said bonds, then the form of resolution included in said proceedings should not be adopted. We would suggest that, in this event, a motion merely be adopted to the effect that such bond proposal is abandoned. WISHARO&GAILY-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 April 29, 2015 Page 2 Appeal to District Court. 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. 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. The procedure then continues with proceedings to certify the tax levy for the payment of General Obligation Bonds to be issued after the budget filing deadline. The "pre-levy" resolution imposes a levy for the Fiscal Year beginning July 1, 2015 and ending June 30, 2016. The amount should be included in the budget or in an amended budget. This resolution will satisfy the requirements for the resolution and levy as required by Iowa Code Chapter 76. When the Bonds are issued (the sizing of which may change as directed by the Council), the authorizing resolution will incorporate this levy and will include the levy based on actual rates at the sale. A copy of this Resolution must be filed with the Dubuque County Auditor. Also enclosed is the Certificate for the Auditor to verify that this Resolution was filed. Also enclosed is an extra copy of the proceedings to be filled in as the original and certified back to this office. If you have any questions pertaining to the proceedings enclosed or this letter, please do not hesitate to either write or call. Very t 1 your R. Ma Cory FOR THE FIRM RMC:csm Enclosures cc: Barry Lindahl Ken TeKippe Kevin Firnstahl 01107015-1\10422-165 i STATE OF IOWA {SS: DUBUQUE COUNTY CERTIFICATION OF PUBLICATION i I 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: April 24, 2015, and for which the charge is $24.07. j CITY OF-0UBUOUE, IOWA. OFFICIAL NOTICE NOTICE OF MEETINGi OF THE. CITY, COUNCIL OF.. THE CITY O,F OF. 1 f STATE OF IOWA„ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EMCEED $3,000,000 GENERAL. OBLIGATION BONDS OF THE CITY(FOR AN ESSENTIAL CORPOR� ATE PURPOSE), AND THE HEARING ON THE ISSUANCETHEREOF Subscribed to before me, a Notary Public in and for Dubuque County, Iowa, PUBLIC NOTICE is hereby given that the this day of , 20 /_-5- City Council of the City of Dubuque, State of Iowa,,will hold a public hearing on the 4th day of May, 2015, at 630 P.M., in ;the Historic Federal Building, 350 West 6th Street,Dubu- que, 'Iowa, at;which it meeting the. Council .proposes to take a0tary Public in and for Dubuque County, Iowa. additional action for the issuance of not to exceed$3,000,000 Gen- eral Obligation Bonds, for an essential cor- porate purpose, to provide.funds to pay the costs of ,the settlement of any part or all of the ,legal indebtedness of a city, whether evidenced by bonds, warrants, or v omn+��+on vurphor#g4gS judgments, or the o v{, SSB FES 1Qf? funding or refunding of the same, whether or f not such indebtedness was created fora pur- pose for which general oblgation,bonds_might i have been issued in the original instance. 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 considered,the Council ; will-at the meeting or at any adjournment thereof,take additional action for the issuance of the Bonds or will abandon the proposal to issue said Bonds. .This notice is given by order of. the City Council of the City of Dubuque, State -of h Iowa, as provided by Section 384.25 of the Code of Iowa. Dated this 24th day of April,2015. Kevin S.Firnstahl City Clerk,City of Dubuque,State of Iowa 1t 4/24