Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department 		Resolution 23-16
ITEM 3.H.		Council Action: 1/23/2023
Description

Resolution to set a public hearing for February 13, 2023 at 7:00 p.m. on the proposition to issue General Obligation Bonds, not to exceed $600,000.
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 $600,000 as authorized by Section 384.26 of the Code of Iowa, for the purpose of providing funds to pay costs of carrying out general 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.

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 FY24. 
ATTACHMENTS:
DescriptionTypeUpload Date
Notice of Public Hearing GCPNotice1/12/2023
FY24 CIPOther1/12/2023
FY24 CIP SupplementalOther1/12/2023
GO Bond ProcessOther1/12/2023
Resolution 23-16Resolution1/18/2023