| | | | | | | | Council Communication
Department: Finance
Case/Project No.:
Submitted by: Finance Department / Kristi Meckna | Resolution 22-21
ITEM 3.I. | Council Action: 1/24/2022 |
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| | | | | | | | Description
Resolution to set a public hearing for February 14, 2022 at 7:00 p.m. on the proposition to issue General Obligation Bonds, not to exceed $8,500,000. |
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| | | | | | | | Background/Discussion
It is deemed necessary and advisable that the City of Council Bluffs should issue General Obligation Bonds, to the amount of not to exceed $8,500,000 as authorized by Section 384.26 of the Code of Iowa, for the purpose of providing funds to pay costs of carrying out essential corporate purpose projects.
Before the Bonds may be issued, it is necessary to comply with the provisions of Chapter 384 of the Code of Iowa, and to publish a notice of the proposal to issue such Bonds and the right to petition for an election. |
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| | | | | | | | Recommendation
The City is currently at Step 2 of the General Obligation Bonding process, which is to set the public hearing, outlining the projects by bond purpose resolution (general corporate or essential corporate). It is in the best interest of the City to move forward in the process of proposing the issuance of General Obligation Bonds to satisfy the funding requirements for capital improvement projects for FY23. |
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