Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department/Danielle Bemis 		Resolution 24-30
ITEM 4.B.		Council Action: 2/12/2024
Description

Resolution instituting proceedings to take additional action for the issuance of not to exceed $700,000 General Obligation Bonds, Series 2024 (GCP-2).
Background/Discussion

Issuance of not to exceed $700,000 General Obligation Bonds, in order to provide funds to pay the costs of:

 

a) The acquisition, construction, reconstruction, extension, improvement, and equipping of city enterprises, including the UP Museum,

 

for general corporate purposes, and that notice of the proposal to issue the Bonds and the right to petition for an election had been published as provided by Section 384.26 of the Code of Iowa, 

Recommendation

This is Step 3 of the General Obligation Bonding process, which is to conduct public hearings to approve the bond purposes by project outlined in the FY25-FY29 CIP. It is in the best interest of the City to continue to move forward in the process of proposing the issuance of General Obligation Bonds to satisfy the funding requirements for capital improvement projects for FY25. 

ATTACHMENTS:
DescriptionTypeUpload Date
FY25 CIPOther1/31/2024
FY25 CIP Supplemental InfoOther1/31/2024
GO Bond ProcessOther1/31/2024
Resolution 24-30Resolution2/7/2024