HomeMy WebLinkAbout2008-09-09 ResolutionM~<~.
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Prepared by: Kevin O'Malley, Finance Director, 410 E. Washington St., Iowa City, IA 52240 (319)356-5053
RESOLUTION NO
08-272
RESOLUTION SETTING PUBLIC HEARING ON
AMENDING THE FY2009 OPERATING BUDGET.
BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a public hearing will be
held in Harvat Hall, City Hall, 410 E. Washington Street, at 7:00 p.m., September 23, 2008, or if
said meeting is cancelled, at the next meeting of the City Council thereafter as posted by the City
Clerk, to permit any citizen to be heard for or against the proposed amendment to the FY2009
Operating Budget.
The City Clerk is hereby directed to give notice of said public hearing and time and place thereof
by publication in the Iowa City Press-Citizen, a newspaper of general circulation in Iowa City, not
less than ten (10) days and not more than twenty (20) days before the time set for such hearing.
Passed and approved this 9th day of
ATTEST: fLd tI~fil./
CIT LERK
It was moved by O'Donnell and seconded by Hayek the Resolution be
adopted, and upon roll call there were:
AYES:
NAYS:
ABSENT:
x
~-
x
x
X
X
Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
fi nadm\res\operbdg4-08.doc
September , 20 08 .
M +~
Prepared by: Kevin O'Malley, Finance Director, 410 E. Washington St., Iowa City, IA 52240 (319)356-5053
RESOLUTION NO. 08-273
RESOLUTION NAMING DEPOSITORIES
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA that the
City of Iowa City, in Johnson County, Iowa, approves the following list of financial institutions to be depositories of
the City of Iowa City funds in conformance with applicable provisions of Iowa Code Chapter 12C.2. The City
Treasurer is hereby authorized to deposit the City of Iowa City funds in amounts not to exceed the maximum
approved for each respective financial institution as set out below.
Maximum Balance Maximum Balance
Depository in effect under in effect under
Name Location of Home Office Local Location prior resolution this resolution
U.S. Bank N.A. 800 Nicollet Mall 204 East Washington St. 65,000,000.00 65,000,000.00
Minneapolis, MN 55402 Iowa City, IA 52240
MidWestOne Bank 102 S. Clinton St. Same 0.00 35,000,000.00
Iowa City, IA 52244-1700
Iowa State Bank & 102 S. Clinton St. Same 35,000,000.00 0.00
Trust Co. Iowa City, IA 52244-1700
Hills Bank & Trust Co. 131 Main Street 132 E. Washington St. 25,000,000.00 25,000,000.00
Hills, IA 52235 Iowa City, IA 52240
Regions Bank P.O. Box 387 501 12th Ave, Ste 100 35,000,000.00 35,000,000.00
Memphis, TN 38147-0001 Coralville, IA 52241
West Bancorporation, Inc. 1601 22nd St., Suite 209 229 South Dubuque 35,000,000.00 35,000,000.00
West Des Moines, IA 50266 Iowa City, IA 52240
Bank of the West P.O. Box 73850 301 S. Clinton St. 75,000,000.00 75,000,000.00
Cedar Rapids, IA 52407-3850 Iowa City, IA 52240
Wells Fargo Bank, N.A. 666 Walnut St. 112 S Dubuque St 50,000,000.00 50,000,000.00
Des Moines, IA 50309 Iowa City, IA 52240
University of Iowa 500 Iowa Avenue Same 50,000,000.00 50,000,000.00
Community Credit Union Iowa City, IA 52244-2240
Freedom Security 140 Holiday Rd. Same 15,000,000.00 15,000,000.00
Bank PO Box 5880
Coralville, IA 52241
Farmers & Merchants 1550 S. Gilbert St. Same 15,000,000.00 15,000,000.00
Savings Bank Iowa City, IA 52240
Liberty Bank 6400 Westown Parkway 205 E College 25,000,000.00 25,000,000.00
Des Moines, IA 50266 Iowa City, IA 52240
First American Bank 1207 Central Avenue 640 Highway 1 West 30,000,000.00 30,000,000.00
Fort Dodge, IA 50501 Iowa City, IA 52246
American Bank & Trust 4301 East 53rd Street 805 22nd Avenue 25,000,000.00 25,000,000.00
Davenport, IA 52807 Coralville, IA 52241
Passed and approved this y L n day of
ATTEST: i~_//_~J' ~2/ T1 '
CITY CLERK
~/ ~ ~~~'
City Attorney's Office
4e(1)
Resolution No. 08-273
Page 2
It was moved by 0' Donnell and seconded by Hayek the Resolution be
adopted, and upon roll call there were:
AYES:
NAYS:
ABSENT:
x
x
X
X
X
x
x
Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
wpdata/glossary/resolution-ic. doc
~ ~ ~;~ - -
4e(2)
Prepared by: Brian Boelk, Civil Engineer, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5437
RESOLUTION NO. 08-274
RESOLUTION ACCEPTING THE WORK FOR THE GRAND AVENUE
ROUNDABOUT PROJECT.
WHEREAS, the Engineering Division has recommended that the work for construction of
the Grand Avenue Roundabout Project, as included in a contract between the City of Iowa
City and All American Concrete, Inc. of West Liberty, Iowa, dated February 5th, 2007, be
accepted; and
WHEREAS, the performance and payment bond has been filed in the City Clerk's office.
WHEREAS, the final contract price is $404,958.45.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
IOWA CITY, IOWA, THAT said improvements are hereby accepted by the City of Iowa
City, Iowa.
Passed and approved this 9th day of~september , 2008.
c
ATTEST:
ity -lerk
Approved by:
City Attorney's Office q(3~d P~
Resolution No. 08-274
Page 2
It was moved by 0' Donnell and seconded by Hayek the Resolution be
adopted, and upon roll call there were:
AYES:
x
x
x
x
x
x
x
NAYS: ABSENT:
Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
wpdata/glossary/resolution-ic.doc
""d
7
Prepared by: Terry Trueblood, Director of Parks and Recreation, 220 S. Gilbert St., Iowa City, IA 52240 (319) 356-5110
RESOLUTION NO. 08-275
_ APPROVING PLANS, SPECIFICATIONS, FORM OF
CONTRACT, AND ESTIMATE OF COST FOR THE REMOVAL OF FLOOD-
RELATED SAND AND DEBRIS FROM CITY PARK, ESTABLISHING AMOUNT
OF BID SECURITY, DIRECTING CITY CLERK TO PUBLISH ADVERTISEMENT
FOR BIDS, AND FIXING TIME AND PLACE FOR RECEIPT OF BIDS.
WHEREAS, notice of public hearing on the plans, specifications, form of contract and estimate of
cost for the above-named project was published as required by law, and the hearing thereon held.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA THAT:
1. The plans, specifications, form of contract and estimate of cost for the above-named
project are hereby approved.
2. The amount of bid security to accompany each bid for the construction of the above-
named project shall be in the amount of 10% (ten percent) of bid payable to Treasurer,
City of Iowa City, Iowa.
3. The City Clerk is hereby authorized and directed to publish notice, not less than 4 and not
more than 45 days before the date for filing the bids, for the receipt of bids for the
construction of the above-named project in a newspaper published at least once weekly
and having a general circulation in the City.
4. Sealed bids for the above-named project are to be received by the City of Iowa City, Iowa,
at the Office of the City Clerk, at the City Hall, before 2:30 p.m. on the 23rd day of
September, 2008. At that time, the bids will be opened and announced by the City
Engineer or his designee, and thereupon referred to the Council of the City of Iowa City,
Iowa, for action upon said bids at its next regular meeting, to be held at the Emma J.
Harvat Hall, City Hall, Iowa City, Iowa, at 7:00 p.m. on the 23rd day of September, 2008,
or at a special meeting called for that purpose.
Passed and approved this 9th day of S tember , 2008.
,l ~_lI
ATTEST: /` ~ C1'
CITY LERK
Ap roved by V
City Attorney's Office ~~3/v$~
Parksredres/approve specs debris.doc
Resolution No. 08-27
Page 2
It was. moved by Hayek and seconded by .Correia the Resolution be
adopted, and upon roll call there were:
AYES:
x
X
3~
-~
-~
x
x
NAYS: ABSENT:
Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
wpdata/glossary/resolution-ic. doc
l~
Prepared by: Chris O'Brien, Int. Director, Parking & Transit, 410 E. Washington St., Iowa City, IA 52240 (319) 356-5094
RESOLUTION NO. 08-276
RESOLUTION AMENDING THE BUDGETED POSITIONS IN THE PARKING AND TRANSIT
DEPARTMENT BY DELETING ONE FULL-TIME PARKING MANAGER POSITION, DELETING
ONE FULL-TIME TRANSIT MANAGER POSITION, AND ADDING ONE ASSOCIATE
DIRECTOR OF PARKING AND TRANSIT POSITION AND AMENDING THE ADMINISTRATIVE
PAY PLAN BY DELETING THE POSITIONS OF PARKING MANAGER AND TRANSIT
MANAGER, GRADE 30, AND ADDING THE POSITION ASSOCIATE DIRECTOR OF PARKING
AND TRANSIT, GRADE 31.
WHEREAS, Resolution No. 08-63, adopted by the City Council on March 4, 2008, authorized permanent
positions in the Parking and Transit Department for FY09; and
WHEREAS, Resolution No. 07-134, adopted by the City Council on April 16, 2007, established a
classification/compensation plan for Administrative employees; and
WHEREAS, the Parking and Transit Department proposes to combine its resources in the areas of
customer service, maintenance and management; and
WHEREAS, this will lead to more efficient, cost effective operations while providing better customer
service to parking and transit customers; and
WHEREAS, as a result of combining resources, it has been determined that the City will be better served
by deleting the Parking Manager and Transit Manager positions and creating an Associate Director of
Parking and Transit; and
WHEREAS, no employees will lose employment as there is a vacant Transit Manager position;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA
THAT:
The budgeted positions in the Parking and Transit Department are hereby amended by:
1. The deletion of one Parking Manager position.
2. The deletion of one Transit Manager position.
3. The addition of one Associate Director of Parking and Transit.
The Administrative pay plan is hereby amended by:
1. The deletion of the positions Parking Manager and Transit Manager, grade 30.
2. The addition of the position Associate Director of Parking and Transit, grade 31.
Passed and approved this 9th day of
ATTEST: ~~yr~~ yT - ~~~'~
CITY CLERK
Wpdata/parking/res/assocdir.doc
Resolution No. 08-276
Page 2
It was moved by Champion and seconded by O'Donnell the Resolution be
adopted, and upon roll call there were:
AYES:
NAYS:
ABSENT:
x
x
x
~-
x
x
x Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
wpdata/glossary/resolution-ic.doc
City of Iowa City ~ Vy11
MEMORANDUM
TO: Michael Lombardo, City Manager
FROM: Chris O'Brien, Interim Director of Parking & Transi~~
DATE: July 28, 2008
RE: Changes to Parking & Transit Department
This memo is a follow up to our discussion from 7/16/08 regarding proposed
changes to the Parking and Transit Department. These changes range from minor requests
to core changes to the way this department functions as a unit. Following is a summary of
all of the proposed changes, the impact of these changes and an attachment showing a
visual representation of the proposed and current organizational structure.
Chanae of Department Name
The first change I would like to propose is a department name change. Currently, it
is referred to as the Parking and Transit Department. While this name is a very direct
representation of the functions we perform as a department, it does not fully encompass the
unified vision I want to implement. Therefore, I would like to propose a change to
Transportation Services Department.
Relocation of Customer Service Operations
I would also like to propose a revision to the customer service that we provide to our
users by making the customer service representative more accessible. This position is
responsible for providing service to those customers that call or walk in to the office. In
addition, they perform some essential clerical functions to the transit division. Currently, we
have a customer service representative located at the transit facility at 1200 S. Riverside
Drive. I would like to propose relocating the transit customer service representative to the
transit office located at the bus interchange adjacent to the Old Capitol Mall on Washington
Street. Many of our customers are transit dependant and service to the transit office is only
provided by one route during the day. By offering a representative at the interchange office,
we will provide a higher level of service to a much larger group of our customers. This
location would also allow us to serve parking customers as well as many of our customers
work for the University of Iowa and in other businesses located in and around the Old
Capitol area.
Meraina of Maintenance Operations
The maintenance performed within the two divisions would be enhanced if the
daytime facility maintenance operations were merged together. Currently, we have a Senior
Maintenance Worker that splits time between the divisions, one Maintenance Worker II at
Transit and three Maintenance Worker II's at Parking. In merging the daytime maintenance
operations we can utilize more resources for both divisions as projects arise and provide
better coverage to all of our facilities. This is also in direct alignment with helping to create a
unified vision for our department employees.
September 3, 2008
Page 2
Restructuring of Department Management Staff
In addition to changing the name of the department, relocating customer service
operations and merging maintenance operations I would like to propose a restructuring of
the Parking and Transit Department management staff. Currently, the Parking and Transit
Department is structured with one director, two division heads, each with three operation
supervisors reporting to them. I would like to structure the management staff to efficiently
utilize the resources available to this department. I am proposing an organizational
structure with one director, one associate director and six operations supervisors. This
would remove the artificial wall that has been in place between the two divisions allowing for
more efficient operations, minimizing confusion and creating a unified management
structure. All transportation questions could be referred to the same team rather than transit
issues being reported to a Transit Manager and parking issues being reported to a Parking
Manager. All six operation supervisors would be fully trained in the areas of parking and
transit allowing them to respond to either. This provides more coverage of operations, more
access points for employees and the public and more contributions of ideas for
improvements to the department.
This change does not result in the loss of any personnel as there is currently a
vacancy for the Transit Manager position. In addition, department management staff is in
the process of major turnover as there could potentially be a new department director,
division head, two operations supervisors and two customer service representatives. This
provides the opportunity to implement the changes early in the training process before
habits have been established in our current structure.
I look forward to discussing these proposals with you at your convenience. Please
let me know if you have any questions or require additional information.
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`CITY 4F IQWA CITY -Job Description ~
JD No.
Identification
Position Title: Associate Director
Department:
Division:
Supervisor:
Job Summary
Transportation Services
Director of Transportation Services
Along with the director, directs the operational and personnel activities of the Transportation Services
Department. Provides the public with a system of clean, safe, and convenient transportation services,
in a cost effective manner.
Job Scope
Along with the director, supervises six operations supervisors directly. Indirectly responsible for
approximately one hundred employees. Oversees seven facilities, six surface parking lots, 1,200 on-
street parking spaces and all public transit routes. Monitors expenditures during the year and makes
recommendations for budget modifications.
Essential Job Duties and Responsibilities
PLANS, DIRECTS, COORDINATES, and SUPERVISES work activities of department staff;
PARTICIPATES in hiring process; ADMINISTERS discipline; EVALUATES employee's job
performance; REVIEWS and VERIFIES time records; INSTRUCTS employees in department and City
policies and procedures; SCHEDULES vacations, sick leave and other leaves; WORKS with operations
supervisors to direct activities over all operational areas.
ASSISTS in research and proposal of all service expansion.
MONITORS collection and handling of parking ramp, parking meter, and parking permit revenues;
COLLECTS and MAINTAINS various operation statistics; COMPILES reports; RECONCILES receipts;
COORDINATES monthly permit sales program, including ordering, distribution to permit holders, and
balancing of receipts.
ASSISTS in preparation of department's proposed budget; MONITORS approved expenditures;
PREPARES bids and requests for proposals for products and services.
CHAIRS City's parking ticket review panel.
ASSURES compliance with American with Disabilities Act; SERVES as head of ADA transit certification
for City.
REPRESENTS the City in meetings with the public, community groups and other government agencies.
COMPLETES administrative paperwork in timely manner, including check requests, payroll charges,
JD No. 30-17 Parking Systems ~~
invoices, and memos.
RESPONDS to and RESOLVES inquiries, requests, and complaints from the public, private
contractors, and outside agencies regarding City related policies and issues.
MEETS with potential developers to determine parking needs and assess impact of potential projects
on Transportation Services.
MEETS with federal and state elected officials related to current legislation or grant requests.
REVIEWS various performance factors; PLANS, COORDINATES, and OVERSEES with director, to
improve financial performance and enhance short term and long term operations; INTERACTS with
other departments, the city manager and city council for purposes of managing and enhancing services.
MANAGES city contracts with condo owners at Tower Place Parking Facility and renters at Court Street
Transportation Center
PERFORMS other related duties as assigned.
Physical and Environmental Conditions
The physical demands described here are representative of those that must be met by an employee
to successfully perform the essential functions of this job. Reasonable accommodations may be
made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to talk or hear. The
employee frequently is required to stand; sit; and use hands to finger, handle, or feel. The employee
is occasionally required to walk and reach with hands and arms. The employee must occasionally lift
and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, color
vision, peripheral vision, depth perception, and ability to adjust focus.
The work environment characteristics described here are representative of those an employee
encounters while performing the essential functions of this job. Reasonable accommodations may be
made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is frequently exposed to fumes or airborne
particles. The employee is occasionally exposed to wet and/or humid conditions, moving mechanical
parts, toxic or caustic chemicals and outside weather conditions and vibration. The noise level in the
work environment is usually moderate.
Minimum Education, Experience and Certification
Bachelor's degree or equivalent in business administration from a DOE recognized accreditation body
or an equivalent combination of education and experience required. Five years experience as an
operations supervisor/assistant director required. Valid Iowa commercial driver's license class B with
passenger and airbrake endorsement and a good driving record required. This position is subject to
drug testing and apre-employment drug test. Background check required of position.
Preferred Education, Experience and Certification
Seven years of related experience and/or training is preferred. A master's degree from a DOE
Page 2 Updated 4/2/07
JD No 30-17 Parking Systems ~~
recognized accreditation body is preferred.
Knowledge, Skills, and Abilities
Knowledge of City codes, union contracts, and facility and equipment maintenance procedures. Skills
in oral and written communication and public relations. Ability to supervise and motivate employees.
Skill in the operation and maintenance of equipment used in the transit system. Ability to read and
understand written materials, maps and reports. Ability to settle disputes and deal effectively with the
public. Ability to perform mathematical calculations in handling receipts and billings and preparing cost
estimates. Ability to settle labor disputes and deal effectively with the public.
The above statements are intended to describe the general nature and level of work being performed by
individuals assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties,
and skills required of personnel so classified in this position.
Page 3 Updated 4/2/07
r~ ~~
12
Prepared by: Susan Dulek, Asst. City Attorney., 410 E. Washington St., Iowa City, IA 52240 (319) 356-5030
RESOLUTION NO. 08-277
RESOLUTION AUTHORIZING THE MAYOR TO SIGN THE CONSOLIDATED SUBSTANTIAL
DAMAGE DETERMINATION LISTING FOR THE HAZARD MITIGATION GRANT PROGRAM
NOTICE OF INTEREST.
WHEREAS, the federal Hazard Mitigation Grant Program (HMGP) is administered by FEMA
and the State of Iowa;
WHEREAS, it is anticipated that HMGP funds will be available for local governments in Iowa to
acquire properties that were flooded during this past summer;
WHEREAS, prior to making a formal application for HMGP funds, the State of Iowa requires
local governments to submit a Notice of Interest (NOI) that conveys the government's interest in
submitting a formal application;
WHEREAS, Resolution No. 08-269 authorized the City Manager to submit a NOI;
WHEREAS, one component of the NOI is a certification of structures that have been
substantially damaged, as that term is defined in the federal regulations; and
WHEREAS, attached to this resolution is a form entitled Consolidated Substantial Damage
Determination Listing that the chief executive officer may sign for all substantially damaged
homes on the NOI in lieu of submitting letters for each home.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA, THAT:
The Mayor is authorized to execute the Consolidated Substantial Damage Determination
Listing.
Passed and approved this 9th day of
ATTEST: / ~~2~-~t-~ yC - 7C~c~/
CITY -ERK
tember
Approved by U
City Attorney's Office
Resolution No.
Page 2
os-2~~
It was moved by o' Donnell and seconded by
adopted, and upon roll call there were:
AYES:
x
x
X
~-
x
x
X
NAYS:
Wilburn the Resolution be
ABSENT:
Bailey
Champion
Correia
Hayek
O'Donnell
Wilburn
Wright
wpdata/glossary/resolution-ic.doc
Consolidated Substantial Damage Determination Listing for HMGP
As authorized agent for LOCAL COMMUNITY NAME, I certify that the following identified structures have
been determined to be substantially damaged as defined in the Code of Federal Regulations, Volume 44,
Part 59.1.'
In accordance with FEMA policy2, the identified structures (1) are located in a FEMA identified regulatory
floodway or floodplain AND (2) were declared substantially damaged by the local authority having such
jurisdiction in accordance with criteria promulgated by the National Flood Insurance Program.
Signature of Chief Executive Officer
Date
Printed Name of Chief Executive Officer Title of Chief Executive Officer
Property Owner's Name(s) ~ Property Address
1.
2.
3.
4.
5.
i6.
7.
8.
9.
10.
' Substantially damaged means that the costs to restore the structure to pre-damage condition equals or
exceeds the 50% of market value of the structure before the damage occurred (44 CFR 59.1).
z FEMA Policy Memo: Benefit/Cost Policy Guidance on the Purchase of Structures Located in Regulatory
Riverine Floodways and Floodplains in the Hazard Mitigation Grant Program, September 27, 1996.
NOTE: This form does not negate the community's responsibility to formally declare the structure
substantially damaged and to notify the property owner of the determination. Letters to property owners
must be maintained locally for audit purposes.
~~®~ CITY OF IOWA CITY
~ ~~~~~~~
~~~~~ A N D U M
EMC~R
M
Date: September 4, 2008
To: City Council
~~,,~ ..
From: Steve Long, Community Development ~oordinator'~/
Abbie Yoder, Flood Recovery Assistant`~/
Re: Flood Update Newsletter
The attached Flood Recovery and Buyout Information newsletter was recently mailed to
all property owners included in the Notice of Interest (NOI) buyout application.
Additional newsletters and information will be periodically mailed as the buyout process
progresses.
Also, a new page on the City's website is now available - www.icgov.org/buyout. This
web page contains information on flood recovery and the status of the buyout process,
in addition to announcements, resources, City and FEMA documents and staff contact
information. Also on this new web page, residents and other interested persons can
subscribe to e-mailed news releases concerning the specific topic of flood recovery and
buyouts.
Update
~ r ,
~~_~~
,~•~•T
~I~~VI ~eC~Ue~~ ~~VI 13~~~~1 I~~~~~al ~~~ CI YT OF IOWA CITY
September 3, 2008
The City is collecting information for the Notice of Interest (NOI) buyout application which is due to the
Iowa Homeland Security and Emergency Management office on September 12, 2008. Within two
months from the date of submission of the NOI, the City will be invited to apply for the Hazard Mitigation
Grant Program (HMGP) funds. It may take another six months after the submission of the HMGP
application before the City will know which properties qualify for buyout funds.
The City Council determined that the neighborhoods of Park View Terrace, Idyllwild, Taft Speedway and
Showers Addition should be included in the NOI. Please keep in mind that the buyout program is
completely voluntary and you can change your mind up until the date of deed transfer, which may be
many months away. It is also important to note that there is no guarantee that the City will be awarded
funds to acquire properties or that, if awarded, all property owners who express interest in being bought
out, will be bought out.
The City will be periodically updating the website (www.icgov.orq/buyout) and mailing and emailing flood
recovery information to all flood affected property owners in the four neighborhoods.
Flood Recovery/Buyout Web Page & E-Subscribe to Recovery News
Please check www.icgov.orq/buyout for current flood recovery and buyout information and updates. You
can also subscribe to City news releases regarding recovery and buyouts. To subscribe, click on
www.icgov.org/subscribe and look for the new "Buyout" category under the "Media Release" category of
e-news.
Winterizing of Structures
For dwelling units that will not be repaired or occupied prior to winter conditions occurring, it is important
to make sure precautions are made to prevent freezing of drain pipes and water lines and to prevent
structural damage that could be caused by the cold environment.
Suggested precautions to prevent winter damage:
1. Drain all pipes. If pipes are not drained, minimal heat should be maintained to prevent
freezing.
2. If minimal heat is not maintained, concrete floors and foundations should be protected with
some type of insulating blanket to prevent frost heaving.
Please refer to your private contractor(s) for specific questions on winterizing your structure.
3. The Water Division requires the water service line be shut off at the stop box to avoid frozen
pipes and meter damage if the structure is not occupied prior to cold weather. Please contact
the Water Division at 319-356-5160 to schedule a water shut-off.
Please call 319-356-5120 (City Housing & Inspection Services) with questions regarding winterizing.
(see reverse side)
Update
Flood Recovery avid 13~nyoUt Iv~forw~atiovl
Demolition
page 2
If a property owner wants to demolish a house, the owner must apply for a demolition permit from the
City Housing and Inspection Services Department. The $50 fee is waived until July 1, 2009. Staff at the
Iowa Homeland Security and Emergency Management has informed City staff that if a house is
demolished before the City receives HMGP funds, the owner will not be eligible for a buyout of the
structure unless the City demolishes the home for health and safety reasons.
Flood Insurance Policy Numbers Requested
For those who had flood insurance in force during the flood, City staff is required to compile policy
numbers as part of the buyout application. If you have not already supplied your policy number, please
contact Abbie Yoder (see contact information below).
Attached Informational Documents
1. Memo from City Attorney Eleanor Dilkes to City Council dated 8/20/08, "Buyout/Purchase
Price/Duplication of Benefits"
2. "Frequently Asked Questions concerning the Hazard Mitigation Grant Program" (Source: FEMA
8/6/08) .
3. "Purchasing Flood-Prone Property" (FEMA, 8/28/08)
Please feel free to contact either Steve Long or Abbie Yoder if you have any questions about the flood
recovery or buyout process.
Steve Long
Community Development Coordinator
City Hall
410 East Washington St.
Iowa City, IA 52240
319.356.5250
319.356.5217 fax
buyoutQiowa-city. org
Abbie Yoder
Flood Recovery Assistant
City Hall
410 East Washington St.
Iowa City, IA 52240
319.356.5479
319.356.5217 fax
buyoutQiowa-city. org
W pdata/ppdcdbg/buyouts/newsletters/9/3/08
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CITY OF IOWA CITY
MEMORANDUM
DATE: AUGUST 20, 2008
TO: CITY COUNCIL
FROM: ELEANOR M. DILKES, CITY ATTORNEY
RE: BUYOUT/PURCHASE PRICE//DUPLICATION OF BENEFITS
This memorandum addresses two questions that residents, who have expressed interest in a buy-out,
have posed to staff regarding the purchase price.
Subsequent Owner.
The first question is whether a subsequent owner will receive an offer based on the pre-flood fair
market value. Assuming that the City receives Hazard Mitigation Grant Benefits (HMGB) for property
acquisition, the City will make an offer to purchase the property. In order to receive an offer based on
the pre-flood fair market value, the person must have owned the property at the time of the flood. If the
person purchased it after the flood, the offer will be based on current fair market value. 44 C.F.R.
80.17(c)(4) provides that a person who did not own the property "at the time of the relevant event" (i.e.,
the flood) is not eligible for a purchase offer based on pre-event fair market value...." Attached to this
memorandum are pages 47-51 of a FEMA publication entitled "Hazard Mitigation Assistance (HMA)
Program Guidance/Mitigation Project Subapplication Guidance" with additional information on this
matter. On page 48, it states that pre-flood value "is only available to an owner who owned the
property during the event...."
Duplication of Benefits.
The second question is whether insurance proceeds will affect the purchase price. When making an
offer to buy the property, the City will be required to ensure that there is not a "duplication of benefits"
between HMGB and other forms of government assistance. 42 U.S.C. §5155, 44 C.F.R. 80.9, and 44
C.F.R. 206.191. The offer, assuming that the person owned the property at the time of the flood, will be
based on the fair market value of the home before the flood. The State of Iowa and FEMA will provide
to the City the amount of disaster assistance that each owner has already received, such as flood
insurance benefits. If this assistance was awarded for the purpose of making repairs to the home, the
City must reduce the purchase offer by this amount unless the property owner can verify that the funds
were expended on repairs or clean up. It is very important for homeowners to keep receipts-and other
written documentation regarding how the money is spent. If a person received an SBA loan, the offer
will be conditioned on owner paying off the SBA loan at closing. Any personal funds that the owner
spent on the property is not a duplication of benefits and thus will not affect the purchase price. Pages
49-51 of the attached "Hazard Mitigation Assistance (HMA) Program Guidance/Mitigation Project
Subapplication Guidance" contains additional information on duplication of benefits.
Enc.
Copy to:
City Manager-w/enc.
Assistant City Manager-w/enc.
City Clerk-w/enc.
Jeff Davidson-w/enc.
Steve Long-w/enc.
Tracy Hightshoe-w/enc.
Rick Fosse-w/enc.
Ron Knoche-w/ena
Doug Boothroy-w/enc.
Sue Dulek-w/enc.
If several different entities or programs are acquiring property in the same area, property owners
may find it confusing if different offers are made to area owners at different times. To avoid any
negotiation difficulties or confusion, the subgrantee should coordinate the release of property
valuation information and purchase offers to property owners for the various programs. The
subgrantee may wish to set a time limit with the property owner for the validity of a purchase
offer. The subgrantee must provide an appeal or reconsideration process for property owners
who dispute the amount of the purchase offer property valuation.
Purchase offers made under the SRL program have different requirements than those made under
FEMA's other mitigation grant programs and, in addition to the following requirements, must
comply with the offer requirements identified in the SRL FY guidance. The purchase offer of an
SRL property must be the greatest of the following amounts:
The current market value of the property or the pre-event market value of the
property;
• The original purchase amount paid by the property owner holding the flood insurance
policy as demonstrated by property closing documents; and
• The outstanding amount of any loan to the property owner, secured by a recorded
interest in the property at the time of the purchase offer.
When determining value based on the outstanding amount of loans to the property owner for the
SRL program, the loans must be secured by a recorded interest in the property at the time of the
purchase offer and the value shall not include home equity loans or lines of credit secured after
the property owner signs the Pre-Award Consultation Agreement. Any loans secured after the
property owner signs the Pre-Award Consultation Agreement are not eligible.
2.3.13.3.1.5.1. Property Valuation
For each property identified for acquisition, the subgrantee shall establish and document a
property value based on market value. Market value is generally defined as:
The amount in cash, or on terms reasonably equivalent to cash, for which in all
probability the property would have sold on the effective date of the valuation, after a
reasonable exposure time on the open competitive market, from a willing and reasonably
knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither
acting under any compulsion to buy or sell, giving due consideration to all available
economic uses of the property at the time of the valuation.
Current market value reflects the property value at the time of the fmal mitigation offer (see
Section 3.4.5, Mitigation Offer Process, for more information). Pre-event market value is defined
as the market value of the property immediately before the relevant event affecting the property.
The relevant event for assistance under the HMGP is the major disaster under which funds are
available. For the PDM program, pre-event value is the value before the most recent major
disaster, however if the project is occurring separate from or more than 12 months after a disaster
event, the current market value maybe more appropriate. For the FMA, RFC, and SRL programs
HAZARD MITIGATION ASSISTANCE (HMA) PROGRAM GUIDANCE I
MITIGATION PROJECT SUBAPP~ICATION GUIDANCE Page 47
the pre-event market value is defined as the value of the property immediately before the most
recent flood event resulting in a NFIP claim of at least $5,000.
The benefit of payment of pre-event market value is only available to an owner who owned the
property during the event and is a U.S. National or qualified alien (see below for more
information). If the current property owner purchased the disaster damaged property after the
major relevant event, or is not a U.S. National or qualified alien, then the subgrantee shall not
offer the owner more than the current market value.
Typically, acquisition projects require the valuation of the property (land and structure as a
whole). In situations where an eligible entity already owns the property but wants to deed restrict
it, valuation will be for the structure and development rights instead of for the land. Relocation
projects require the valuation of land only.
Valuation Methodologies
The property value, either current or pre-event, must be derived from a methodology that results
in a reasonable determination of market value. The subgrantee must coordinate with the Grantee
to determine the methodology that will be used for property valuation determinations. This
methodology must be applied consistently throughout the project area, using the same
methodology for all properties to be acquired.
When practicable, the appraisal methodology shall be used. Appraisals must be conducted by an
appraiser in accordance with the Uniform Standards of Professional Appraisal Practice
(USPAP). The appraiser must comply with relevant State laws and requirements, and shall have
the appropriate certification, qualifications, and competencies based on the type of property
being appraised.
When determining value for a large number of structures, the subgrantee may choose to perform
appraisals to establish a statistical sampling of property values, and develop an adjustment factor
to apply to tax assessed values so that they reasonably reflect each property's market value.
2.3.13.3.1.5.2. Purchase Offer and Nationality
A property owner who is not a National of the United States or a qualified alien is not eligible for
a pre-event market value determination of property value. The property value must be based on
current market value.
The term "National of the United States" is defined at 8 U.S.C. § 1101 and means a citizen of the
United States or a person who is not a citizen but who owes permanent allegiance to the United
States. The term "qualified alien" is defined at 8 U.S.C. § 1641 and means an alien who, at the
time the alien applies for, receives, or attempts to receive a Federal public benefit, is:
1) An alien who is lawfully admitted for permanent residence under the Immigration and
Nationality Act [8 U.S.C. § 1101 et seq.];
2) An alien who is granted asylum under Section 208 of such Act [8 U.S.C. § 1158];
HAZARD MITIGATION ASSISTANCE (HMA) PROGRAM GUIDANCE
MITIGATION PROJECT SUBAPPLICATION GUIDANCE Page 48
3) A refugee who is admitted to the United States under Section 207 of such Act [8 U.S.C. §
l 157];
4) An alien who is paroled into the United States under Section 212(d)(5) of such Act [8
U.S.C. § 1182 (d)(5)] for a period of at least 1 year;
5) An alien whose deportation is being withheld under Section 243(h) of such Act [8 U.S.C.
§ 1253] (as in effect immediately before the effective date of Section 307 of division C of
Public Law 104-208) or Section 241(b)(3) of such Act [8 U.S.C. § 1231 (b)(3)] (as
amended by Section 305(a) of division C of Public Law 104-208);
6) An alien who is granted conditional entry pursuant to Section 203(a)(7) of such Act [8
U.S.C. § 1153 (a)(7)] as in effect prior to April 1, 1980; or
7) An alien who is a Cuban and Haitian entrant (as defined in Section 501(e) of the Refugee
Education Assistance Act of 1980).
Subgrantees will ask all acquisition project participants (property owners) to certify that they are
either a National of the United States or a qualified alien. Subgrantees will offer participants who
refuse to certify, or who are not Nationals of the United States or qualified aliens, no more than
the appraised current market value for their property. Participants who refuse to certify, or are
not Nationals of the United States or qualified aliens, also may not receive supplemental housing
payments as described in Section 2.3.13.3.1.7 (Additions to Purchase Offer).
Subgrantees may wish to use FEMA Form 90-69B to obtain certification from participating
property owners. At the time of certification, the subgrantee will ask the property owner to show
a form of identification (any identification displaying the signer's name will suffice). If the
property owner applied for FEMA disaster assistance, a Form 90-69B will already be on file at
FEMA and the subgrantee will instead request verification from FEMA through the
State/Grantee that a certification is on file.
2.3.13.3.1.6 Deductions from Purchase Offer
Duplication of Benefits
FEMA mitigation grant program funding is supplemental to other funding sources and must be
reduced by amounts reasonably available (even if not sought or received) from other sources to
address the same purpose or loss. Insurance payments, FEMA housing needs assistance,
property-related legal claims and/or funds from any other sources that are available for the
purpose of making repairs to or replacing a structure, or other compensation for the value of the
real property, are considered duplicated amounts. In this case, the eligible project costs are
reduced by the duplicative amount. This has the effect of reducing both the Federal and non-
Federal shares of the project, and ensures that mitigation grant funds do not duplicate benefits
available to owners and tenants from another source for the same purpose.
The Grantees, subgrantees and project participants (including property owners and tenants) must
take reasonable steps to recover all such amounts. Amounts that are reasonably available to the
individual or entity shall be treated as benefits available for the same purpose, even if he/she/it
HAZARD MITIGATION ASSISTANCE (HMA) PROGRAM GUIDANCE
MITIGATION PROJECT SUBAPPLICATION GUIDANCE Page 49
did not seek them. Duplications can occur at any time in such cases, and if amounts for these
purposes are received subsequent to the property settlement they must be reimbursed to FEMA.
Some examples when DOB occurs include the following:
If the subgrantee decides to offer pre-event market value, duplication may occur if
homeowners have insurance, loans, repair grants, or other assistance available to them
to help address the damage to the structure. This is because paying full pre-event
market value also compensates the owner for the loss of value that occurs due to
damage. The subgrantee must make the deductions from the established pre-event
market value purchase offer before making a final mitigation offer to the property
owner;
• Duplication may occur when insurance benefits are available to the property owner
under an existing policy, whether they submitted a claim or not. (If insurance paid a
claim that included reimbursement for the property owner's own labor for clean up,
this is• not a DOB and it should not be deducted);
• Duplication may occur where legal claims are appropriate or legal obligations arise
(e.g., to comply with a law or court order) that may provide a benefit to the property
owner on the basis of that property. Parties involved in pending legal disputes must
take reasonable steps to recover benefits available to them; and
Duplications may also occur when relocated tenants receive relocation assistance and
rental assistance if they have received payments for the same purposes as part of the
disaster assistance provided by FEMA and other agencies, or payments from any
other source, as described in Section 2.3.13.3.1.8 (Tenants). Any acquisition-related
assistance provided to tenants must be reduced accordingly. This also affects the total
eligible costs allowable for the project (Tenant-related DOB deductions do not affect
amounts available to the property owner).
For property valuations based on pre-event market value, the following procedures assist in
preventing mitigation grant funds from duplicating benefits available from other sources:
• For property owners, the subgrantee establishes the purchase offer property value as
of a certain date;
• The subgrantee provides the State/Grantee with a list of property owners who are
participating in the property acquisition project, and with a list of tenants that will
potentially be affected by acquisition of the property they occupy;
The State/Grantee and FEMA inform the subgrantee of the amount of repair or
replacement assistance available to each property owner, and rental or relocation
assistance available to tenants from FEMA and the State. FEMA shall provide to the
State/Grantee and subgrantee NFIP coverage information, including the amount paid
on a claim and the amount of coverage available;
HAZARD MITIGATION ASSISTANCE (HMA) PROGRAM GUIDANCE
MITIGATION PROJECT SUBAPPLICATION GUIDANCE Page 50
The subgrantee shall coordinate with property owners who shall disclose all potential
amounts available to them for the same purpose, as described above, including repair
or replacement assistance received, all insurance benefits available to them under an
existing policy (whether they submitted a claim or not), and any potential recovery
based on litigation or other legal obligations. The property owner must take
reasonable steps to recover such amounts. Amounts that are reasonably available to
the property owner shall be treated as benefits available for the same purpose, even if
the property owner did not seek them. The subgrantee shall coordinate with tenants
who shall disclose any amounts received from rental or relocation assistance;
Property owners who have a U.S. Small Business Administration loan are required to
repay the loan or roll it over to a new property at closing;
• The subgrantee shall identify any other potential sources of benefits to the subgrantee,
property owner, or tenant; and
• The subgrantee shall reduce the purchase offer by the amount of any duplicating
benefits. Deductions are not taken, however, for amounts the owner can verify with
receipts that were expended on repairs or cleanup (Subgrantees may not credit
homeowners for the homeowners' own labor hours for repair work).
2.3.13.3.1.7 Additions to Purchase Offer
Supplemental Housing Payments
If a purchase offer for a property is less than the cost for the property owner to purchase a
comparable replacement dwelling in anon-hazard-prone site in the same community, the
State/Grantee and subgrantee may choose to make available a supplemental payment of up to
$22,500 for the property owner to apply to the difference. Subgrantees should consider the cost
of relocating to a permanent residence that is of comparable value and that is functionally
equivalent. The State/Grantee and subgrantee must demonstrate that all of the following
circumstances exist:
• Decent, safe, and sanitary housing of comparable size and capacity is not available in
non-hazard-prone sites within the community at the anticipated acquisition price of the
property being vacated; and/or
• The project would otherwise have a disproportionately high adverse effect on low income
or minority populations because project participants within those populations would not
be able to secure comparable decent, safe, and sanitary housing; and
• Funds cannot be secured from other more appropriate sources such as housing agencies
or voluntary groups.
For SRL on1V: Property owners that receive additional amounts of SRL program funds to cover
the original purchase price of the property, or to cover second mortgages or other loans, are
generally not eligible to receive supplemental housing payments.
HAZARD MITIGATION ASSISTANCE (HMA) PROGRAM GUIDANCE
MITIGATION PROJECT SUBAPPLICATION GUIDANCE Page 51
Hazard Mitigation Grant Program Voluntary Property Acquisition
Frequently Asked Questions
Introduction
The Hazard Mitigation Grant Program (HMGP) provides grants to State and local
governments to implement long-term hazard mitigation measures after a major disaster
declaration. Authorized under Section 404 of the Stafford Act and administered by
FEMA, HMGP was created to reduce the loss of life and property due to natural
disasters. The program enables mitigation measures to be implemented during the
immediate recovery from a disaster.
Your community may be considering participating in an HMGP Property Acquisition
Project. To avoid the hardship and loss of future damages to your property, you may
want to consider participating.
We hope these Frequently Asked Questions (FAQs) will help you better assess your
options to recover from the flooding you have endured and to avoid future damages.
Who is eligible to apply?
HMGP funding is only available to eligible applicants after a Presidential disaster
declaration. Eligible applicants are:
• State and local governments
Tribal Nations or other tribal organizations
• Certain non-profit organizations
Individual property owners may not apply directly to the program; however a community
may apply on their behalf.
What is an HMGP Property Acquisition Project?
An eligible City or County voluntarily applies for, is awarded, and accepts a federal grant
to purchase flood-damaged property in the City or County through a voluntary property
acquisition program.
Properties that meet the voluntary acquisition requirements may be purchased by the City
or County, typically at their pre-flood fair market value (FMV).
Once property is purchased by the City or County, all structures are removed, the utilities
are capped, the ground is leveled, and the property is deed-restricted to green space. The
land is usually allowed to return to its natural state, and it must remain green space.
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
Under the post-disaster Hazard Mitigation Grant Program (HMGP), seventy-five percent
(75%) of eligible costs for a project are funded by a Federal Emergency Management
Agency (FEMA) grant, generated through and managed by the Iowa Homeland Security
and Emergency Management Division (HSEMD). The remaining twenty-five percent
(25%) of the eligible costs are provided by non-federal sources. The State of Iowa
typically funds ten percent (10%) of the non-federal share, leaving the community to fund
the remaining fifteen percent (15%).
Is participation in the program voluntary?
This property acquisition program is because all participants (i.e., the Federal
Government, the State Government, the Local Government and the Property Owner)
must voluntarily participate in the program. The Federal Government cannot force the
State Government to participate and vice versa. Likewise, the State Government cannot
force the Local Government to participate. Moreover, the City or County cannot use the
community's power of eminent domain to purchase property with federal funds; these
property acquisitions must be strictly voluntary. At any point in the process, any party
may decide not to participate in the acquisition process.
Will I be forced to sell my home if my community is granted funding for
an HMGP acquisition project?
Acquisition projects funded under the HMGP are voluntary, and you are under no
obligation to sell your home. Although communities may consider many mitigation
options, the State and local officials may determine that property acquisition in a hazard
area is the most effective mitigation action. Acquisition projects are based on the
principle of fair compensation for property. Property acquisitions present owners with an
opportunity to recoup a large part of their investment in property that probably has lost
some, if not most of its value due to damage. But, it will not compensate you or your
family for your entire emotional and financial loss.
What is required for a community to apply for a HMGP property
acquisition project?
As with all FEMA mitigation programs, the voluntary property acquisition programs
must be administered in an equitable and impartial manner, without discrimination on the
grounds of race, color, religion, nationality, sex, age, economic status, or disability. The
program must comply with Section 308 of the Stafford Act and Title VI of the Civil
Rights Act of 1964. State and local governments distributing Federal assistance must
comply with Title VI, ensuring there are no discriminatory practices. The City or County
must consider fairness, equity, and equal access when prioritizing and selecting
properties to submit with the grant application.
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
For property acquisition projects, the primary consideration for communities is the
mitigation of properties that are the most vulnerable to flooding. Communities will take
into consideration the history of flooding for the property, the benefits (financial and
otherwise) that the acquisition of the structure would produce for the community and the
property owner, and the changes to the community that the project would bring into
being. These and other factors are all carefully considered when a community considers
applying for an HMGP property acquisition project grant.
To be eligible for HMGP funding, a City or County must be in compliance with and a
participant in good standing with the National Flood Insurance Program, if the
community is mapped. A community also must have an approved Multi-Hazard
Mitigation Plan, as outlined in 44 CFR Part 201.
Once the community has met the applicant eligibility criteria, minimum eligibility
requirements apply to any proposed project. To be eligible for HMGP funding, a project
must:
• Conform to the State's Hazard Mitigation Plan and the Local Hazard Mitigation Plan
• Have a beneficial impact upon the designated disaster area, whether or not the project
is located in the designated area
• Conform to 44 CFR Part 9, Floodplain Management and Protection of Wetlands, and
44 CFR Part 10, Environmental Considerations
• Independently solve or be a functional part of a solution where there is assurance that
the project as a whole will be completed
• Prove to be cost-effective and a substantial reduction of future risk because it:
- Addresses a problem that is repetitive or poses a significant risk to health and
safety
- Is the most practical, effective, and environmentally sound alternative among a
range of alternatives considered
- Is or contributes to a long-term solution to a problem
- Considers long-term changes to the areas and entities it protects
- Costs less than its anticipated benefits
What types of costs are eligible for HMGP funding?
Costs related directly to the implementation and completion of an approved HMGP
project generally are allowable and eligible. Examples of typically eligible costs for
HMGP property acquisition projects include:
• Pre-flood fair market value of the property
• Demolition and debris removal costs
• Legal, closing, permits and fees
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
Direct project management costs
Replacement housing benefits, moving allowances, and rental assistance (as
defined by the Uniform Relocation Assistance Act)
What steps are involved in completing a successful HMGP Property
Acquisition Project?
All HMGP Property Acquisition Projects begin with a community's decision to
participate in the HMGP program. It is important to know that the community makes this
decision, determining for itself what is in its best interests. If requested by a community,
State and Federal support is available to the community during the decision-making
process.
Once the community has decided to participate in the HMGP program, it must prepare an
HMGP application. The application is a complex document, which requires extensive
documentation and technical analysis. The application requires highly detailed
information and documentation, including:
• Information about specific properties to be acquired
• Maps, latitude and longitude coordinates, and photographs for each property
• Environmental and Historic Preservation compliance information
• Information about previous damages to the structures
• A completed benefit-cost analysis
• A Statement of Voluntary Participation signed by the property owners
• A commitment by the community that the acquired land will be maintained in
perpetuity as green space
The community works with the State to develop a complete application for their proposed
project. The State formally submits the project application to FEMA for funding
consideration and approval.
Once the project application is approved by FEMA, the local community is notified that
their project has been approved for funding. Representatives from the community meet
with representatives from the State to formalize an agreement for management and
administration of the grant. The community accepts the grant and adopts an acquisition
administrative plan.
At this point, the community is ready to begin the acquisition process, which includes:
• Property title searches
• Final offers to property owners
• Transfer of property and closing
• Recording of deed restrictions
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
After a community has acquired a property, all structures on the property are demolished,
all utilities are capped or removed, and all debris is removed. The property is restored to
its pre-development state and is allowed to return to its natural function as a floodplain.
In accordance with Federal regulations, use of the acquired property is restricted to green
space. However, there are some types of allowable uses for the property, including:
• A public facility that is open on all sides and is functionally related to a
designated open space or recreational use
• A rest room
• Public park
• Nature reserve
• Unimproved parking lots
How will the pre-flood fair market value of my property be determined?
For every property to be acquired, the community will establish and document a value
based on fair market value, usually pre-flood. Typically, acquisition projects require the
valuation of the property (land and structures as a whole).
The property value must be derived from a methodology that results in a reasonable
determination of fair market value. The community will coordinate with the State to
determine the methodology to be used, and this methodology will be applied consistently
to all properties to be acquired.
There are various methodologies that a community may use to determine pre-event fair
market value for properties to be acquired. When practical, communities often choose to
base valuation on appraisals. Appraisals must be conducted by an appraiser in
accordance with the Uniform Standards of Professional Appraisal Practice (USPAP).
The appraiser must comply with relevant State laws and requirements, and shall have the
appropriate certification, qualifications, and competencies based on the type of property
being appraised.
Communities may choose instead to use the tax assessed value of a property, and add an
adjustment factor. For example, a community may choose to use 110% of the tax
assessed value as the pre-flood fair market value for the property. Using an adjustment
factor enables a community to determine apre-flood fair market value for each property
so that the reasonable value of the property is reflected.
Will the community be able to redevelop my property after acquiring
it?
Under the Stafford Act, any land purchased with HMGP funds must be restricted in
perpetuity to green space, recreational, and wetlands management uses. Most often, a
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
local government takes responsibility, but even if a State or Federal Agency takes
ownership of the land, the deed restrictions still apply.
Will every property owner who wants to participate in the HMGP
program be accepted?
The community will consider and determine which properties will be included in the
HMGP property acquisition application. Because HMGP funding for the property
acquisition grant program is limited, States and local communities must make difficult
decisions regarding the most effective use of available grant funds. There are other
considerations that a community must work through before the final decision is made.
Therefore, some properties may not be included.
What is a Benefit-Cost Analysis (BCA)?
Benefits are future damages that do not occur because a project has been implemented
and properties are no longer in harm's way. Because acquisition projects permanently
eliminate flood risks for purchased properties, their benefits continue far into the future.
The BCA compares the present-day cost of a project to its long-term benefits. A project is
cost-effective if the ratio of the project's benefits is equal to or higher than the costs.
Technical assistance is available to communities for support with BCA questions.
What is anon-federal cost share?
All funds awarded under the HMGP are subject to the cost-share requirements
established in the Stafford Act and in the FEMA-State Agreement. The percentage of the
program funded by FEMA cannot exceed seventy-five percent (75%). The remaining
twenty-five percent (25%) must come from other, non-federal sources. The State of Iowa
typically funds ten percent (10%) of the non-federal share, leaving the community to fund
the remaining fifteen percent (15%).
In general, the following are examples of eligible non-federal cost share:
• Cash
• Third-party donations
• In-kind contributions
• Private Funds
HMGP funds do not lose their federal identity upon disbursement and may not be used as
match for another Federally-funded project. Likewise, funds from most other Federal
agencies and programs may not be used as a match for HMGP. However, there are
exceptions to this funding rule. Examples include:
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
• Communities may use Community Development Block Grant (CDBG) monies as
a match for HMGP property acquisition projects as long as the project is eligible
under both programs
• Bureau of Indian Affairs funds may be used as a match for HMGP funds
How is Increased Cost of Compliance (ICC) coverage used as a non-
federal cost share?
Increased Cost of Compliance (ICC) coverage benefits under the National Flood
Insurance Program (NFIP) may be used as non-federal cost share for HMGP property
acquisition projects. ICC coverage provides for the payment of a claim for the cost of a
substantially damaged property to comply with a community floodplain management
ordinance after a direct physical loss by flooding. ICC claims can only be used for NFIP-
approved costs; these can then be applied to the HMGP non-federal cost share. For
example, ICC can't be used to pay for property acquisition but should be used to pay for
demolition of acquired structures (when available).
What is Duplication of Benefits (DOB)?
HMGP funding is supplemental to other funding sources and must be reduced by
amounts reasonably available (even if not sought or received) from other sources to
address the same purpose or loss. Insurance payments, FEMA housing needs assistance,
property-related legal claims and/or funds from any other sources that are available for
the purpose of making repairs to or replacing a structure, or other compensation for the
value of the real property are considered duplicated amounts. In this case, the eligible
project costs are reduced by the duplicative amount. This has the effect of reducing both
the Federal and non-Federal shares of the project and ensures that mitigation grant funds
do not duplicate benefits available to owners and tenants from another source for the
same purpose.
The State, community, and property owner must take reasonable steps to recover all such
amounts. Amounts that are reasonably available to the individual or entity shall be treated
as benefits available for the same purpose, even if they did not seek them. Duplications
can occur at any time in such cases, and if amounts for these purposes are received
subsequent to the property settlement they must be reimbursed to FEMA.
Some DOB examples include the following:
• When a property owner is offered pre-flood fair market value, duplication may occur if
homeowners have insurance, loans, repair grants, or other assistance available to them to
help address the damage to the structure. The duplication occurs because paying full pre-
flood fair market value also compensates the owner for the loss of value that occurs due
to damage. The community must make the deductions from the established pre-flood fair
market value purchase offer before making a final mitigation offer to the property owner
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
• Duplication may occur when insurance benefits are available to the property owner
under an existing policy, whether they submitted a claim or not
Deductions are not taken, however, for amounts expended on repairs or cleanup that the
owner can verify with receipts. Communities may not credit property owners for the
property owners' own labor hours for repair work.
What is a Substantial Damage Determination?
A qualified local official may determine a building to be substantially damaged when
"...damage of any origin is sustained by a structure whereby the cost of restoring
the structure to its before-damaged condition would equal or exceed fifty percent
(50%) of the market value of the structure before the damage occurred."
Making a determination of substantial damage is one of the most important
responsibilities of the local floodplain administrator. The local floodplain administrator
(e.g., building department official) must determine whether damage to a building equals
or exceeds fifty percent (50%) of its pre-flood market value.
Local floodplain administrators must ensure that market values are reasonably accurate
and that the cost estimate reasonably reflects the actual costs to fully repair the damage
and make any other improvements to the building.
How may a property owner find out more information about
participating in an HMGP Property Acquisition Project?
Please contact your local City or County government officials to express your interest in
participating in an HMGP property acquisition project and obtain their instructions.
Thank you!
As of 08/06/08
Iowa Homeland Security and Emergency Management Division
Mitigation Section
. ~'~~\
'~~., ~~ FEMA
...
Purchasing Flood-Prone Property
Release Date: August 28, 2008
Release Number: 1763-175
» More Information on Iowa Severe Storms, Tornadoes, and Flooding
DES MOINES, Iowa -- Because of the widespread interest in buyouts, disaster officials have released the
following information about the process for the federal/state program.
The key points federal and state officials emphasize are these.
1. Purchase of flood-prone property is a lengthy process that typically takes one year to 18 months before it
is completed and the property is purchased.
2. This is a hazard mitigation program, meaning it is designed to reduce the impact of future disasters.
3. Acquisition projects are voluntary and homeowners are never forced to sell their property. The
decision to buy damaged property is made by the local government and the property owners, not by Iowa
Homeland Security and Emergency Management (HSEMD) or the Federal Emergency Management
Agency (FEMA).
The federal/state program is called the "Hazard Mitigation Grant Program." It is funded 75 percent by FEMA
and 25 percent by a combination of state, local or individual sources. The program requires that:
. All sales must involve willing sellers.
. The purchase price for properties must be at their pre-flood fair market value.
. Acquired property must revert to natural floodplain or be maintained as open space.
. No future disaster payments will be made for the purchased site.
Tenants who are displaced because of a buyout may receive moving and replacement rental expenses (or can use
those funds toward buying a home).
The basic steps in the buyout process are as follows.
. The community submits a Notice of Interest to the Iowa HSEMD that identifies property owners who are
interested in a buyout. This notice is due September 12.
. The Iowa HSEMD reviews the Notice of Interest to determine if the community is eligible. (It must have a
FEMA approved Local Hazard Mitigation Plan and be in good standing with the National Flood Insurance
Program.)
. The Iowa HSEMD invites (or declines) the community to complete a formal Hazard Mitigation Grant
Program application.
. The application is prepared by local officials with input from the community and from affected
homeowners.
. The Iowa HSEMD reviews the application and forwards those that are consistent with state mitigation
objectives to FEMA for approval.
. FEMA reviews the application to ensure it
o Is consistent with the state mitigation plan,
o Provides a beneficial impact to the state,
o Is cost effective,
o Is an environmentally sound use of funds, and
o Solves a problem independently.
If FEMA grants approval, the state authorizes the local government to begin the acquisition process. The local
community then identifies willing sellers, conducts appraisals, purchases properties and takes title.
After a home is purchased, it is demolished and the land is cleared. The property title is deed-restricted and the
land must remain forever as public open space.
It is important to note that before any funds can be received for a project under this program, the community
must have aFEMA-approved local hazard mitigation plan in place. If a community has destroyed homes and is
engaged in the planning process now, it may still have an opportunity to be awarded funds.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of,
responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
r .~
M~~ _.
September 9 ,2008
The City Clerk of Iowa City, Iowa, met in the Emma J. Harvat Hall, City Hall,
Iowa City, Iowa, at 10:00 o'clock A .M., on the above date, to open sealed bids
received, access electronic bids and to refer the sale of the notes to the best and most
favorable bidder for cash, subject to approval by the City Council at 7 :00 o'clock
~.M. on the above date.
The following persons were present:
Kevin O'Malley, Marian Karr, Cyndi Ambrose,
Jon Burmeister
********
-1-
This being the time and place for the opening of bids for the sale of $
General Obligation Refunding Capital Loan Notes, Series 2008B, the meeting was
opened for the receipt of bids for the notes. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
William Blair & Company Chicago, IL
2. The Finance Director 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. Electronic bids received were accessed and announced as follows:
Name & Address
Piper Jaffray
Raymond James & Associates, Inc.
BMO Capital Markets
Hutchinson, Shockey, Erley & Co.
KEy~Banc Capital Markets
of Bidders:
Minneapolis, MN
St. Petersburg, FL
Chicago, IL
Chicago, IL
Cleveland, OH
4. The best bid was determined to be as follows:
Name & Address of Bidder: Wi 11 i am B1 air & Company of Chicago, I L
Net Interest Cost: $~~ 68Q, 20 ~ _ ~n
True Interest Rate: 3.1739
A.11 bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
September 9 ,2~0g
'The City Council of Iowa City, Iowa, met in regular session, in the Emma J.
Harvat Hall, City Hall, Iowa City, Iowa, at ~ : 00 o'clock P .M., on the above date.
There were present Mayor Bailey , in the chair, and the
following named Council Members:
Bailey, Champion, Correia, Hayek, O'Donnell,
Wilburn, Wright
Absent: None
*******
-3-
13
Council Member Champion introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ 17 , 235,000 GENERAL
OBLIGATION REFUNDING CAPITAL LOAN NOTES, SERIES 2008B" and moved
its adoption. Council Member Wright seconded the motion to adopt.
The roll was called and the vote was,
AYES; Hayek, O'Donnell, Wilburn, Wright,
Bailey, Champion, Correia
NAYS: None
`'~Jhereupon, the Mayor declared the following Resolution duly adopted:
Resolution No. 08-278
RESOLUTION DIRECTING SALE OF $ 17 , 235 , 000
GENERAL OBLIGATION REFUNDING CAPITAL LOAN
NOTES, SERIES 2008B
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the notes described as follows and the best bid received is determined to be
the following:
$17 ,~., noo GENERAL OBLIGATION
REFUNDING CAPITAL LOAN NOTES, SERIES 2008B:
Bidder: 4~illiam Blair & Company of Chicago. IL
the terms of the bid being:
Purchase Price: $ 17 , 366 , 940.05
7,rue Interest Rate: 3.17 39
I~Tet Interest Cost $ 2 , 689 , 201.20
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
Section 2. That the statement of information for bidders and the form of contract
for the sale of the notes are hereby approved and the Mayor and Clerk are authorized to
execute the same on behalf of the City.
Section 3. That all acts of the Clerk done in furtherance of the sale of the notes are
hereby ratified and approved.
PASSED AND APPROVED, this 9th day of September , 2008.
ATTEST:
City Clerk
-5-
13
Council Member introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ GENERAL
OBLIGATION REFUNDING CAPITAL LOAN NOTES, SERIES 2008B" and moved
its adoption. Council Member seconded the motion to adopt.
The roll was called and the vote was,
AYES:
NAYS:
~'Jhereupon, the Ma r declared the foll
RESOLUTION RECTING SA
GENERAL OBLI TION REF
NOTES, SERIES 20 8B
WHEREAS, pursuant to notice
public sale for the notes described as f
the following:
$ G
REFUNDING CAPITA,
OBLIGATION
TOTES, SERIES 2008B:
Bidder: of
the terms of the bid being:
Purchase Price: $
True Interest Rate:
Net Interest Cost
NOW, THE ORE, BE IT RESOLVED BY THE CITY C UNCIL OF THE
CITY OF IOWA CITY, IOWA:
ution duly adopted:
)F $
ING CAPITAL LOAN
y~red by law, bids have been received at
and the best bid received is determined to be
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
Section 2. at the statement of information for bidders and the form of contract
for the sale of the not are hereby approved and the Mayor and Clerk are authorized to
execute the same on beli~lf of the City.
Section 3. That all acts of the Clerk done ~ furtherance of the sale of the notes are
hereby ratified and approved.
PASSED AND APPROVE this _~ day of , 2008.
Mayor
ATTEST:
City Clerk
-5-
M.~
14
Council Member Champion introduced the following Resolution
entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION BONDS, SERIES 1998, DATED APRIL 1, 1998, SERIES
1999, DATED MARCH 15, 1999 AND THE SERIES 2000, DATED JULY 1, 2000 OF
THE CITY OF IOWA CITY, IOWA, AND DIRECTING NOTICE BE GIVEN" and
moved its adoption. Council Member 0' Donnell seconded the motion to
adopt.. The roll was called and the vote was,
AYES: O'Donnell, Wilburn, Wright, Bailey,
Champion, Correia, Hayek
NAYS:
None
Whereupon, the Mayor declared the resolution duly adopted as follows:
Resolution No. 08-279
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING GENERAL OBLIGATION BONDS,
SERIES 1998, DATED APRIL 1, 1998, SERIES 1999,
DATED MARCH 15, 1999 AND THE SERIES 2000,
DATED JULY 1, 2000 OF THE CITY OF IOWA CITY,
IOWA, AND DIRECTING NOTICE BE GIVEN
WHEREAS, the City did by resolution dated March 24, 1998, authorize the
issuance of $8,500,000 General Obligation Bonds dated April 1, 1998 (the "Series 1998
Bonds"); and
WHEREAS, the City did by resolution dated March 16, 1999, authorize the
issuance of $9,000,000 General Obligation Bonds dated March 15, 1999 (the "Series
1999 Bonds"); and
WHEREAS, the City did by resolution dated June 29, 2000, authorize the issuance
of $14,310,000 General Obligation Bonds dated July 1, 2000 (the "Series 2000 Bonds");
and
WHEREAS, the Series 1998 Bonds are redeemable in any order of their
numbering on June 1, 2007 or any date thereafter upon giving notice in the manner
provided in the resolution authorizing the issuance of the Bonds; and
-6-
WHEREAS, the Series 1999 Bonds are redeemable in any order of their
numbering on June 1, 2008, or any date thereafter upon giving notice in the manner
provided in the resolution authorizing the issuance of the Bonds; and
WHEREAS, the Series 2000 Bonds are redeemable in any order of their
numbering on June 1, 2008 or any date thereafter upon giving notice in the manner
provided in the resolution authorizing the issuance of the Bonds; and
WHEREAS, it is deemed necessary and advisable that all of the Series 1998 Bonds
in the amount of $2,750,000 Bonds be so redeemed on October 15, 2008 and notice of
redemption be given; it is deemed necessary and advisable that $4,750,000 of the Series
1999 Bonds be so redeemed on October 15, 2008 and notice of redemption be given; and
it is deemed necessary and advisable that $9,580,000 of the Series 2000 Bonds re so
redeemed on October 15, 2008 and notice of redemption be given; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That the outstanding Series 1998 Bonds, dated April 1, 1998, in the
principal amount of $2,750,000, be and the same are hereby redeemed as of October 15,
2008; that outstanding Series 1999 Bonds, dated March 15, 1999, in the principal amount
of $4,750,000, be and the same are hereby redeemed as of October 15, 2008, and the
outstanding Series 2000 Bonds, dated July 1, 2000, in the principal amount of $9,580,000,
be and the same are hereby redeemed as of October 15, 2008.
Zee Controller is hereby authorized and directed to cause each notice of
redemption be given not less than thirty (30) days prior to the redemption date and to
cause notice of redemption to be mailed to the registered owners of the Bonds by
ordinary mail.
Section 2. The City Controller is hereby authorized and directed to cause to be
deposited in a separate fund sum sufficient to pay all principal and interest on the
redeemed bonds to the date of redemption.
Section 3. That the form of each notice be substantially as follows:
-7-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $8,500,000
Bond Issue: General Obligation Bonds, Series 1998
Dated Date: April 1, 1998
Redemption Date: October 15, 2008
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Bond Principal Interest Maturity
Numbers Numbers Amount Rate June 1st
462308 QEO 11 $550,000 4.60% 2009
462308 QF7 12 $550,000 4.70% 2010
462308 QGS 13 $550,000 4.70% 2011
462308 QH3 14 $550,000 4.75% 2012
462308 QJ9 15 $550,000 4.75% 2013
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
'The above bonds should be presented to the City Controller, City Hall, 410 E.
Washington Street, Iowa City, Iowa 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-8-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $9,000,000
Bond Issue: General Obligation Bonds, Series 1999
Dated Date: March 15, 1999
Redemption Date: October 15, 2008
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Bond Principal Interest Maturity
Numbers Numbers Amount Rate June 1st
462308 QU4 10 $475,000 4.300% 2009
462308 QV2 11 $475,000 4.400% 2010
462308 QWO 12 $475,000 4.500% 2011
462308 QX8 13 $475,000 4.600% 2012
462308 QY6 14 $475,000 4.700% 2013
462308 QZ3 15 $475,000 4.750% 2014
462308 RA7 16 $475,000 4.750% 2015
462308 RBS 17 $475,000 4.750% 2016
462308 RC3 18 $475,000 4.750% 2017
472308 RD 1 19 $475,000 4.750% 2018
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 E.
Washington Street, Iowa City, Iowa 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-9-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $14,310,000
Bond Issue: General Obligation Bonds, Series 2000
Dated Date: July 1, 2000
Redemption Date: October 15, 2008
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Bond Principal Interest Maturity
Numbers Numbers Amount Rate June 1st
462308 RN9 9 $ 745,000 5.00% 2009
462308 RP4 10 $ 785,000 5.10% 2010
462308 RQ2 11 $ 830,000 5.10% 2011
462308 RRO 12 $ 870,000 5.10% 2012
462308 RS8 13 $ 920,000 5.15% 2013
462308 RT6 14 $ 970,000 5.25% 2014
462308 RU3 15 $1,025,000 5.30% 2015
462308 RV1 16 $1,080,000 5.35% 2016
462308 RW9 17 $1,145,000 5.45% 2017
462308 RX7 18 $1,210,000 5.50% 2018
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 E.
Washington Street, Iowa City, Iowa 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-10-
PASSED AND APPROVED this 9th day of September ,
2008
ATTES i
City ~erk
-11-
CIG-3
9/91
CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF JOHNSON )
I, the undersigned City Clerk of Iowa City, 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 11th
day of September , 2008.
City k, Iowa City, Iowa
SEAL
569695.1\WP 10714090
M ~ : _.:
September 9 ,2008
The City Clerk of Iowa City, Iowa, met in the Emma J. Harvat Hall, City Hall,
Iowa City, Iowa, at 10:30 o'clock ~.M., on the above date, to open sealed bids
received, access electronic bids and to refer the sale of the notes to the best and most
favorable bidder for cash, subject to approval by the City Council at 7:00 o'clock
.IVi. on the above date.
The following persons were present:
Kevin O'Malley Marian Karr, Cyndi Ambrose,
Jon Burmeister
********
-1-
This being the time and place for the opening of bids for the sale of $ 24, 940 , 000
Sewer Revenue Refunding Capital Loan Notes, Series 2008C, the meeting was opened
for the receipt of bids for the notes. The following actions were taken:
1. Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
2. Tlie Finance Director 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. Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
BMO Capital Markets Chicago, IL
Raymond James & Associates St. Petersburg, F1
4. The best bid was determined to be as follows:
Name & Address of Bidder: BMO Capital Markets of Chicago, IL
Net Interest Cost: $ 7 , 311, 7 99.12
True Interest Rate: 3.982955
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
Seytember 9 ,2008
The City Council of Iowa City, Iowa, met in regular session, in the Emma J.
Harvat Hall, City Hall, Iowa City, Iowa, at ~ : 00 o'clock P .M., on the above date.
There were present Mayor Bailey , in the chair, and the
following named Council Members:
Bailey, Champion, Correia, Hayek, O'Donnell,
Wilburn, Wright
Absent: None
*******
-3-
15
Council Member Aright introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ SEWER REVENUE
REFUNDING CAPITAL LOAN NOTES, SERIES 2008C" and moved its adoption.
Council Member Hayek seconded the motion to adopt. The roll was
called and the vote was,
AYES: Wilburn, Wright, Bailey, Champion,
Correia,Hayek, O'Donnell
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
Resolution No. 08-280
RESOLUTION DIRECTING SALE OF $~,g40,000
SEWER REVENUE REFUNDING CAPITAL LOAN
NOTES, SERIES 2008C
W~-IEREAS, pursuant to notice as required by law, bids have been received at
public sale for the notes described as follows and the best bid received is determined to be
the following:
$ 24,940,000 SEWER REVENUE REFUNDING
CAPITAL LOAN NOTES, SERIES 2008C
Bidder: BMO Capital Markets of Chicago, IL
the terms of the bid being:
Purchase Price: $ 25,335,826.71
True Interest Rate: 3.982955
Net Interest Cost $ 7 , 311, 799.12
?~;SOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITE' OF IOWA CITY, IOWA:
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
Section 2. That the statement of information for bidders and the form of contract
for the sale of the notes are hereby approved and the Mayor and Clerk are authorized to
execute the same on behalf of the City.
Section 3. That all acts of the Clerk done in furtherance of the sale of the notes are
hereby ratified and approved.
PASSED AND APPROVED, this 9th day of september , 2008.
ATTEST':
~ ~~ ~
City .,lerk
-S-
15
C'.ouncil Member introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ SEWER REVENUE
REFUNDING CAPITAL LOAN NOTES, SERIES 2008C" and moved its adoption.
Council Member seconded the motion to adopt. The roll was
called and the vote was,
AYES:
YS:
Whereupon, the yor declared the followi g Resolution duly adopted:
RESOLUTION IRECTING S OF $
SEWER REVEN REFUND CAPITAL LOAN
NOTES, SERIES 20 C
W~-IEREAS, pursuant to notice a quired by law, bids have been received at
public sale for the notes described as fol and the best bid received is determined to be
the following:
$ S R RE REFUNDING
CAPITAL OAN NOTES, RIES 2008C
Bidder: of
the terms of the bid being:
Purchase Price:
True Interest Rate:
Net Interest Cost $
?`dOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITE' OF IOWA CITY, IOWA:
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
2. That the statement of information for bidders and the form of contract
for the sale o e notes are hereby approved and the Mayor and Clerk are authorized to
execute the same behalf of the City.
Section 3. That
hereby ratified and
PASSED AND APPRO
of the Clerk done/in furtherance of the sale of the notes are
this _,~ day of
Mayor
ATTEST':
City Clerk
2008.
-5-
~~a
16
Council Member _ champion introduced the following Resolution
entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING
SEWER REVENUE BONDS, SERIES 1996, DATED MARCH 15, 1996, SERIES 1997,
DATED JUNE 1, 1997 AND THE SERIES 1999 DATED FEBRUARY 1, 1999, OF
THE CITY OF IOWA CITY, IOWA, AND DIRECTING NOTICE BE GIVEN" and
moved its adoption. Council Member Correia seconded the motion to
adopt. The roll was called and the vote was,
AYES; Wright, Bailey, Champion, Correia,
Hayek, O'Donnell, Wilburn
NAYS: None
R'hereupon, the Mayor declared the resolution duly adopted as follows:
Resolution No. 08-281
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING SEWER REVENUE BONDS, SERIES
1996, DATED MARCH 15, 1996, SERIES 1997, DATED
JUNE 1, 1997 AND THE SERIES 1999, DATED
FEBRUARY 1, 1999 OF THE CITY OF IOWA CITY,
IOWA, AND DIRECTING NOTICE BE GIVEN
WHEREAS, the City did by resolution dated Apri19, 1996, authorize the issuance
of $18,300,000 Sewer Revenue Bonds, Series 1996, dated March 15, 1996 (the "Series
1996 Bonds"); did by resolution dated June 3, 1997, authorize the issuance of
$10,600,000 Sewer Revenue Bonds, Series 1997, dated June 1, 1997 (the "Series 1997
Bonds"}; and by resolution dated February 9, 1999, authorize the issuance of $7,000,000
Sewer Revenue Bonds dated February 1, 1999 (the "Series 1999 Bonds"); and
WHEREAS, the Series 1996 Bonds are redeemable in any order of their
numbering on July 1, 2006, or any date thereafter upon giving notice in the manner
provided in the resolution authorizing the issuance of the Bonds; the Series 1997 Bonds
are redeemable in any order of their numbering on July 1, 2007 or any date thereafter
upon gi~~ing notice in the manner provided in the resolution authorizing the issuance of
the Bonds and the Series 1999 Bonds are redeemable in any order of their numbering on
July 1, 2008 or any date thereafter upon giving notice in the manner provided in the
resolution authorizing the issuance of the Bonds; and
-6-
WHEREAS, it is deemed necessary and advisable that all of the Series 1996 Bonds
outstanding in the amount of $12,650,000 be so redeemed on October 15, 2008; it is
deemed necessary and advisable that all of the outstanding Series 1997 Bonds in the
amount of $7,600,000 be so redeemed on October 15, 2008; and it is deemed necessary
and advisable that $4,560,000 of the Series 1999 Bonds be so redeemed on October 15,
2008, and notice of redemption be given for all three series of bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That outstanding Sewer Revenue Bonds, Series 1996, dated March 15,
1996, in the principal amount of $12,650,000 be and the same are hereby redeemed as of
October 15, 2008; Sewer Revenue Bonds, Series 1997, dated July 1, 1997, in the principal
amount of $7,600,000 be and the same are hereby redeemed as of October 15, 2008, and
Sewer Revenue Bonds, Series 1999, dated February 1, 1999 in the principal amount of
$4,560,000 be and the same are hereby redeemed as of October 15, 2008.
Tl~e City Controller is hereby authorized and directed to cause notice to be given
of the redemption of the Series 1996 Bonds by registered mail and to cause notice to be
given of the Series 1997 and 1999 Bonds by ordinary mail, not less than thirty (30) days
prior to the redemption date.
Section 2. The City Controller is hereby authorized and directed to cause to be
deposited in a separate fund sum sufficient to pay all principal and interest on the
redeemed bonds to the date of redemption.
Section 3. That the form of each notice be substantially as follows:
-7-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $18,300,000
Bond Issue: Sewer Revenue Bonds, Series 1996
Dated Date: March 15, 1996
I:_edemption Date: October 15, 2008
Redemption Price
CUSIP Bond
Numbers Numbers
Par, plus accrued interest
Bonds Called for Redemption
Principal Interest Maturity
Amount Rate Date
462362FA7 13 $ 675,000 5.40% July 1, 2009
462362FB5 14 $ 725,000 5.50% July 1, 2010
462362FC3 15 $ 775,000 5.60% July 1, 2011
462362 FDl 16 $ 800,000 5.70% July 1, 2012
462362 FH2 17 $ 850,000 ] 5.70% July 1, 2013
462362 $ 900,000 ] 5.70% July 1, 2014
462362 $ 950,000 ]#1 5.70% July 1, 2015
462362 $1,000,000 1 5.70% July 1, 2016
462362,FN9 18 $1,075,000 ] 5.75% July 1, 2017
462362 $1,125,000 ] 5.75% July 1, 2018
462362 $1,200,000 ]#2 5.75% July 1, 2019
462362 $1,250,000 ] 5.75% July 1, 2020
462362 $1,325,000 ] 5.75% July 1, 2021
#1 Perm Bond due July 1, 2016 in the amount of $3,700,000
#2 'Perm Bond due July 1, 2021 in the amount of $5,975,000
-8-
I~[o representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 East
Washington Street, Iowa City, Iowa, 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-9-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $10,600,000
Bond Issue: Sewer Revenue Bonds, Series 1997
Dated Date: June 1, 1997
Redemption Date: October 15, 2008
Redemption Price:
CUSIP Bond
Numbers Numbers
Par, plus accrued interest
Bonds Called for Redemption
Principal Interest Maturity
Amount Rate Date
462362 GA6 12 $375,000 5.25% July 1, 2009
462362 GB4 13 $375,000 5.35% July 1, 2010
462362 GC2 14 $400,000 5.40% July 1, 2011
462362 GDO 15 $425,000 5.45% July 1, 2012
462362 GE8 16 $450,000 5.50% July 1, 2013
462362 GJ7 17 $475,000] 5.50% July 1, 2014
462363 $525,000]# 1 5.50% July 1, 2015
462363 $550,000] 5.50% July 1, 2016
462363 575 000 5.50% July 1, 2017
462363 $600,000] 5.50% July 1, 2018
462362 GP3 18 $650,000] 5.50% July 1, 2019
462362 $700,000]#2 5.50% July 1, 2020
462362 $725,000] 5.50% July 1, 2021
462362 775 000 5.50% July 1, 2022
# 1 Term Bond, due July 1, 2017 in the amount of $2,125,000.
#2 Term Bond, due July 1, 2022 in the amount of $3,450,000.
-10-
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 East
Washington Street, Iowa City, Iowa, 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-11-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $7,000,000
Bond Issue: Sewer Revenue Bonds, Series 1999
Dated Date: February 1, 1999
Redemption Date: October 15, 2008
Redemption Price:
CUSIP Bond
Numbers Numbers
Par, plus accrued interest
Bonds Called for Redemption
Principal Interest Maturity
Amount Rate Date
462362 GZ1 10 $330,000 4.250% July 1, 2009
462362 HAS 11 $345,000 4.300% July 1, 2010
462362 HB3 12 $360,000 4.400% July 1, 2011
462362 HC1 13 $375,000 4.500% July 1, 2012
462362 IID9 14 $390,000 4.600% July 1, 2013
462362 HE7 15 $410,000 4.700% July 1, 2014
462362 HF4 16 $430,000 4.750% July 1, 2015
462362 HG2 17 $450,000 4.800% July 1, 2016
462362 I-iH0 18 $470,000 4.850% July 1, 2017
462363 IJK3 19 $490,000] 4.875% July 1, 2018
462363 $510,000] # 1 4.875% July 1, 2019
#1 Term Bond, due July 1, 2019 in the amount of $1,000,000.
-12-
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 East
Washington Street, Iowa City, Iowa, 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-13-
PASSED AND APPROVED this 9th day of September , 2008.
ATTEST:
City erk
-14-
CIG-3
9/91
CERTIFICATE
STA"TE OF IOWA )
SS
COUNTY OF JOHNSON )
I, the undersigned City Clerk of Iowa City, 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 beer, 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 11th
day of se~tember , 2008.
~ ~~
City Jerk, Iowa City, Iowa
SEAL
527785. I \WP 10714083
-IS-
~7
M-f
SP,ntamhar 9 , 2008
The City Clerk of Iowa City, Iowa, met in the Emma J. Harvat Hall, City Hall,
Iowa City, Iowa, at ~ n . ~n o'clock A.M., on the above date, to open sealed bids
received, access electronic bids and to refer the sale of the notes to the best and most
favorable bidder for cash, subject to approval by the City Council at 7:00 o'clock
P.M. on the above date.
The following persons were present:
Kevin O'Ma11e~C, Marian Karr, r.Tncii Ambros~~
Jon Burmeister
********
-1-
This being the time and place for the opening of bids for the sale of $ 7 , ~ 45 , nnn
Water Revenue Refunding Capital Loan Notes, the meeting was opened for the receipt of
bids for the notes. The following actions were taken:
1.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
Northland Securities
2
3.
Minneapolis, MN
T'he Finance Director then declared the time for filing of sealed bids to be closed
acid that the sealed bids be opened. The sealed bids were opened and announced.
Electronic bids received were accessed and announced as follows:
Name & Address of Bidders:
UBS Securities, LLC New York, tlY
BMO Capital Markets Chicago, IL
Raymond James & Associates, Inc. St. Petersburg, FL
4. The best bid was determined to be as follows:
Name & Address of Bidder: UBS Securities, LLC of New York, NY
Net Interest Cost: $ ~,~~~ ,~n~ ~R
True Interest Rate: 4.130593
All bids were then referred to the Council for action in accordance with the Notice
of Sale.
-2-
September 9 ,2008
The City Council of Iowa City, Iowa, met in regular session, in the Emma J.
Harvat Hall, City Hall, Iowa City, Iowa, at 7 ~ o0 o'clock P .M., on the above date.
There were present Mayor Bailey , in the chair, and the
following named Council Members:
Bailey, Champion, Correia, Hayek, O'Donnell,
Wilburn, Wright
Absent: None
*******
-3-
17
Council Member Hayek introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $Z,~45,000 WATER REVENUE
REFUNDING CAPITAL LOAN NOTES, SERIES 2008D" and moved its adoption.
Council Member Correia seconded the motion to adopt. The roll was
called ar~d the vote was,
AYES: Bailey, Champion, Correia, Hayek,
O'Donnell, Wilburn, Wright
NAYS: None
Whereupon, the Mayor declared the following Resolution duly adopted:
Resolution No. 08-282
RESOLUTION DIRECTING SALE OF $ 7 ,145.000
WATER REVENUE REFUNDING CAPITAL LOAN
NOTES, SERIES 2008D.
WHEREAS, pursuant to notice as required by law, bids have been received at
public sale for the notes described as follows and the best bid received is determined to be
the following:
$ 7 ,145 , 000 WATER REVENUE REFUNDING
CAPITAL LOAN NOTES, SERIES 2008D:
Bidder: UBS Securiti,e.g, LI C of New York. NY
the ternis of the bid being:
Furchase Price: $ 7 , 080 , 695.00
True Interest Rate: 4.130593
Net Interest Cost $ 2,661,102.78
I/TOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
Section 2. That the statement of information for bidders and the form of contract
for the sale of the notes are hereby approved and the Mayor and Clerk are authorized to
execute the same on behalf of the City.
Section 3. That all acts of the Clerk done in furtherance of the sale of the notes are
hereby ratified and approved.
PASSED AND APPROVED, this 9th day of September , 2008.
ATTEST:
`K - ~~
City rk
-5-
17
Council Member introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ WATER REVENUE
REFUNDING CAPITAL LOAN NOTES, SERIES 2008D" and moved its adoption.
Council Member seconded the motion to adopt. The roll was
called and the vote was,
AYES:
NAYS:
Whereupon, the ayor declared the following Reso tion duly adopted:
RESOLUTIO DIRECTING SALE OF
WATER REVS E REFUNDING C ITAL LOAN
NOTES, SERIES 008D.
WHEREAS, pursuant to noti as
public sale for the notes described as 11
the following:
by law, bids have been received at
the best bid received is determined to be
$ WATER
CAPITAL LO N N
Bidder:
the terms of the bid being:
Purchase Price:
1UE REFUNDING
SERIES 2008D:
0
True Interest Rye:
Net Interest ost $
NOW, TI~REFORE, BE IT RESOLVED BY THE CITY CO IL OF THE
CITY OF IOW CITY, IOWA:
-4-
Section 1. That the bid for the notes as above set out is hereby determined to be
the best and most favorable bid received and, the notes are hereby awarded based on the
bid.
Se 'on 2. That the statement of information for bidders and the form of contract
for the sale o he notes are hereby approved and the Mayor and Clerk are authorized to
execute the sam on behalf of the City.
Section 3. That, all acts of the Clerk done in furtherance of the sale of the notes are
hereby ratified and
PASSED AND APPROVED, this ~_ day of , 2008.
Mayor
ATTEST:
City Clerk
-5-
M-~
18
Council Member Hayek introduced the following Resolution
entitled "A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING
WATER REVENUE BONDS OF THE CITY OF IOWA CITY, IOWA, DATED
MAY 1, 1999, AND DIRECTING NOTICE BE GIVEN" and moved its adoption.
Council Member Wright seconded the motion to adopt. The roll was
called and the vote was,
AYES; Champion, Correia, Hayek, O'Donnell,
Wilburn, Wright, Bailey
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
Resolution No. 08-283
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING WATER REVENUE BONDS OF THE
CITY OF IOWA CITY, IOWA, DATED MAY 1, 1999,
AND DIRECTING NOTICE BE GIVEN
WHEREAS, the City did by resolution dated May 4, 1999, authorize the issuance
of $9.200,000 Water Revenue Bonds dated May 1, 1999; and
~~V~IEREAS, the Bonds are redeemable in any order of their numbering on July 1,
2008 or any date thereafter upon giving notice in the manner provided in the resolution
authorizing the issuance of the Bonds; and
WHEREAS, it is deemed necessary and advisable that $7,045,000 of the Bonds be
so redeemed on October 15, 2008, and notice of redemption be given.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA:
Section 1. That outstanding Water Revenue Bonds, dated May 1, 1999, in the
principal amount of $7,045,000, be and the same are hereby redeemed as of October 15,
2008.
T'he City Controller is hereby authorized and directed to cause notice of such
redemption be given not less than thirty (30) days prior to the redemption date and to
-6-
cause notice of redemption to be mailed to the registered owners of the Bonds by ordinary
mail.
Section 2. The City Controller is hereby authorized and directed to cause to be
deposited in a separate fund sum sufficient to pay all principal and interest on the
redeemed bonds to the date of redemption.
Section 3. That the form of such notice be substantially as follows:
-7-
NOTICE OF THE CALL OF BONDS FOR REDEMPTION
TO THE HOLDERS OF THE FOLLOWING DESCRIBED BONDS:
Please take notice that the bonds described below have been called for redemption.
Owners of the bonds should present their bonds for payment on the redemption date.
Issuer: Iowa City, Iowa
Original
Issue Amount: $9,200,000
Bond Issue: Water Revenue Bonds, Series 1999
Dated Date: May 1, 1999
Redemption Date: October 15, 2008
Redemption Price: Par, plus accrued interest
Bonds Called for Redemption
CUSIP Bond Principal Interest Maturity
Numbers Numbers Amount Rate July 1st
462380 CJ3 10 $305,000 4.75% 2009
462380 CKO 11 $320,000 4.75% 2010
462380 CL8 12 $330,000 4.75% 2011
462380 CM6 13 $345,000 4.75% 2012
462380 CN4 14 $365,000 4.75% 2013
4623$0 CP9 15 $380,000 4.80% 2014
4623 $0 CQ7 16 $400,000 4.80% 2015
462380 CRS 17 $415,000 4.90% 2016
4623$0 CS3 18 $440,000 5.00% 2017
462380 CV6 19 $460,000 ] 5.00% 2018
462380 $480,000 ] #1 5.00% 2019
462380 505 000 5.00% 2020
462380 CZ7 20 $530,000 ] 5.00% 2021
462380 $560,000 ] #2 5.00% 2022
462380 $590,000 ] 5.00% 2023
462380 $620,000 ] 5.00% 2024
# 1 Term B ond, due July 1, 2020 in the amount of $1,445,000.
#2 Term B ond, due July 1, 2024 in the amount of $2,300,000.
-8-
No representation is made as to the accuracy of the CUSIP numbers printed
herein or on the Bonds.
The above bonds should be presented to the City Controller, City Hall, 410 East
Washington Street, Iowa City, Iowa, 52240-1826. This represents a full call of the
outstanding obligations. All interest will cease to accrue on the Redemption Date.
CITY CONTROLLER, Iowa City, Iowa
(End of Notice)
-9-
PASSED AND APPROVED this 9th day of September
2008.
ATTEST:
City C erk
-10-
CIG-3
9/91
CERTIFICATE
STATE OF IOWA )
SS
COiJNTY OF JOHNSON )
I, the undersigned City Clerk of Iowa City, 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 11th
day of September , 200$.
City -k, Iowa City, Iowa
SEAL
MMCG[NLE\569877.1 \WP 10714.092