Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department / Kathy KnottĀ 
Resolution 21-33
ITEM 4.B.
Council Action: 2/8/2021
Description

Resolution instituting proceedings to take additional action for the issuance of not to exceed $4,400,000 General Obligation Bonds, Series 2021 (Essential Corporate Purpose).
Background/Discussion

Issuance of not to exceed $4,400,000 General Obligation Bonds in order to provide funds to pay the costs of; 

 

a) The opening, widening, extending, grading, and draining of the right-of-way of streets, highways, avenues, alleys and public grounds, and market places, and the removal and replacement of dead or diseased trees thereon; the construction, reconstruction, and repairing of any street improvements, bridges, grade crossing separations and approaches; the acquisition, installation, and repair of sidewalks, and pedestrian underpasses and overpasses, culverts, retaining walls, storm sewers, sanitary sewers, water service lines, street lighting, and traffic control devices; and the acquisition of any real estate needed for any of the foregoing purposes;


b) The acquisition, construction, reconstruction, and improvement of real and personal property, useful for the reclamation of property situated within the corporate limits of cities from floods or high waters, including the construction of levees, embankments, structures, impounding reservoirs, or conduits, and the development and beautification of the banks and other areas adjacent to flood control improvements;

c) The acquisition, construction, reconstruction, improvement, repair, and equipping of waterworks, water mains, and extensions, and real and personal property, useful for providing potable water to residents of the city;

d) The rehabilitation and improvement of parks already owned, and facilities, equipment, and improvements commonly found in city parks; and

e) The acquisition, restoration, or demolition of abandoned, dilapidated, or dangerous buildings, structures or properties or the abatement of a nuisance;

 

for essential corporate purposes, and that notice of the proposal to issue the Bonds had been published as provided by Section 384.25 of the Code of Iowa.

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 FY22-FY26 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 FY22. 
ATTACHMENTS:
DescriptionTypeUpload Date
GO Bond ProcessOther1/29/2021
Bond Purpose RecapOther1/29/2021
Resolution 21--33Resolution2/3/2021