GO Bonds 2007B Stifel Nicolaus.~
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Oi~~GINAL
(This Notice to be posted}
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Dubuque, Iowa.
Date of Meeting: November 5 , 2007.
Time of Meeting: 5:30 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 said
meeting is as follows:
$2,985,000 General Obligation Refunding Bonds, Series 2007B
• Resolution directing sale.
Such additional matters as are set forth on the additional 11 page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
.--
ity Clerk, Dubuque, Iowa
November 6, 2007
The Finance Director of Dubuque, Iowa, .met in the office of the Finance Director,
City Hall, Dubuque, Iowa, at 11:00 o'clock A.M., on the above date, to open sealed bids
received, access facsimile bids and to refer the sale of the Bonds to the best and most
favorable bidder for cash, subject to approval by the City Council at 6:30 o'clock P.M. on
the above date.
The following persons were present:
Karla Braig, Roy Buol, Patricia Cline, Joyce Connors, Ric Jones,
Kevin Lynch, Ann Michalski
Absent: None
********
2
This being the time and place for the opening of bids for the sale of $2,985,000
General Obligation Refunding Bonds, Series 2007B, the meeting was opened for the
receipt of bids for the Bonds. The following actions were taken:
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. The Finance Officer then declared the time for filing of sealed bids to be closed
and that the sealed bids be opened. The sealed bids were opened and announced.
3. Facsimile bids received were accessed and announced as follows:
Name & Address of Bidders:
Stifel, Nicolaus & Co., Inc., Minneapolis, Minnesota
UMB Bank, n.a., Kansas City, Missouri
First Trust Portfolios, L.P, Chicago, Illinois/Stephens, Inc., Little Rock, Arkansas/
Suntrust Capital Markets, Atlanta, Georgia
Harris N.A., Chicago, Illinois/Wells Fargo Brokerage Services, LC, Minneapolis,
Minnesota/FTN Capital Markets, Memphis, Tennessee/Isaak Bond
Investments, Inc., Denver, Colorado/Wiley Brothers Investments, Nashville
Tennessee
Griffin, Kubik, Stephens & Thomason, Inc., Chicago, Illinois
RBC Capital Markets, West Des Moines, Iowa/Northland Securities, Minneapolis,
Minnesota
Natcity Investments, Inc., Cleveland, Ohio/Robert W. Baird & Co., Ross Sinclair
And Associates, Duncan-Williams, Inc.
4. The best bid was determined to be as follows:
Name & Address of Bidder: Stifel, Nicolaus & Co., Inc., Minneapolis,
Minnesota
Principal Amount: $2,985,000.00
Purchase Price: $2,999,219.20
Net Interest Cost: $682,249.55
True Interest Cost: 3.662496%
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
3
November 6, 2007
The City Council of Dubuque, Iowa, met in Regular session, in the Historic
Federal .Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above
date. There were present Mayor Roy D. Buol in the chair, and the following named
Council Members:
Karla Braig, Roy Buol, Patricia Cline, Joyce Connors, Ric Jones,
Kevin Lynch, Ann Michalski
Absent: None
*******
4
Council Member Michalski introduced the following Resolution entitled,
"RESOLUTION DIRECTING SALE OF GENERAL OBLIGATION REFUNDING
BONDS, SERIES 2007B" and moved its adoption. Council Member Cline seconded the
motion to adopt. The roll was called and the vote was,
AYES: Karla Braig, Roy Buol, Patricia Cline, Joyce Connors, Ric
Jones, Kevin Lynch, Ann Michalski
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
RESOLUTION NO. 540-07
RESOLUTION DIRECTING SALE OF GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2007B
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the Bonds described as follows and the best bid received is determined to
be the following:
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2007B:
Bidder: of Stifel, Nicolaus & Co., Inc., Minneapolis, Minnesota
the terms of said bid being:
Principal Amount: $2,985,000.00
Purchase Price: $ 2,999,219.20
True Interest Cost: 3.662496%
Net Interest Cost: $682,249.55
5
! ,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. That the bid for the Bonds as above set out is hereby determined to be
the best and most favorable bid received and, said Bonds are hereby awarded based on
said bid.
Section 2. That the form of contract for the sale of said Bonds are hereby
approved and the Mayor and Clerk are authorized to execute the same on behalf of the
city.
Section 3. That the notice of the sale of the Bonds heretofore given and all acts of
the Clerk done in furtherance of the sale of said Bonds are hereby ratified and approved.
Section 4. That the preliminary Official Statement in the form presented to this
meeting be and the same hereby is approved as to form, and prior action by the Finance
Officer to deem final the same for purposes of Rule 15c2-12 of the Securities and
Exchange Commission is hereby ratified, confirmed and approved.
PASSED AND APPROVED, this-.~~~day of ~' ,~y~~t/ , 2007.
r ~.~
Mayor
ATTEST:
,(/ ~,.~
ity Clerk
6
CIG-3
CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF DUBUQUE )
I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter. at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said 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 said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this 6`" day of
November, 2007.
ity Clerk, Dubuque, Iowa
SEAL
DCORNELL/ 557476.! /MSWord\10422080
NOV-05-2007 M01~ 112"7 AM DBQ. CITY CLERK FAX N0. 563 589 0890 P. 03
Nov-o6-2007 12~OOpn From-STIFEL NICOI,AUS ~b124666920 T-840 P~001/001 F-67B
OFFICIAL BID FORM
TO: City Council of Sale Date: November 5, 2007
Cary of bubuquF, Iowa 11 COQ AM Central Time
}2E: $2,985.000'" Goueral Obligation ReRlttding Bonds, Series 2Q07B
For all or none of tIto ~t tfove Bonds, is accordance with the Terms oP OPferiag, wa will pay you
$ ~/ ~, a...a (net less thaw $2,961,000) plus accrued interest to date of delivery for hilly
regi~onds bearing intarest rates and mat~aing in tho statod y~ as follows:
Coupon Maturi C, ouoan ~ ~14~
3.Z ~ 2010 ~,~~ ~ ~~ 2Q14 ~~
3 - r?7 ~ 2011 ~. ~"f~ ~~ .x.01 S ~j '0
3 ~ / s 2012 _~. ~ ~ ~ ~?S z016 ~w t~ S
375 2013 3~'S'b 3 ~7S zo17 3.7b
" For the Series 2007E Bonds, rl~c City reserves the right ro increase or decreaeC the aggregate
principal emoxait of rho issue by an amount not co exceed 5600,000 (20% OP fire par arnotutr).
Such change will be in increments of $5,000 and tnay be Wanda Iq aAy of the maturities. The
DurcltaessG price will bA adjusttd prapomonatcly to refiecl nay cbwge (n issue size,
Ln making this offer we aco0pt all of the terms and coflditiox>9 of the Terjns of OfEeriag published iA the Official
Statement dated October 29, 2Q07_ Ln the event of fst~ure to dalivcr these Bonds in accordance with the Terms of
of~ring as prluted in the Official Stateme~ and tnadc a part hereof wa reserve the right to withdraw our offer,
whzreupon the deposit oeeompanying it will be iauaediately retUrnod. All blaulc spaces of this offer ere iatentianal and
are not to be t:onstrued as an otnissiou.
'9Ve enclose our good faith dclnsit ire the aanouat of $29,850, w be held by you ponding delivery sad paymont.
Alternatively, we have: provided a Fiaaacia[ 9uraty Bond in accordance with the Terms of Offering.
Nox as a part of our otYar, the above quoted prices being controlling, but only as ea aid For the verification of the oft.
we have mado the following co/mputatioDS; C
NL'T INTEREST COST: S ie~Z-. a ~7 ~S'~ /
TRUE TNTI;I~EST COST: ~~~ _~~"~ Dot d date cec~ba )
Account Iv1€wager: ~'~,~ ~ }V l ('Goa Ire to 4 'By: ~ .
Account Manager Stifel Nicolaus
The fotegoin$ offer is lyereby Accepted by and on bohalf of the City Co it of the City of Dubuque. Town this 5's day of
Novambor, 07. ~- , ~' ~ ~ ;~
Tltl ~,~/.G(~(~Y,~/ Title: ~ ~`/Z~'e¢~'C
SURE-BTD ~ Good l;ttith Check Subtultted