Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department 
Resolution 23-39
ITEM 4.H.
Council Action: 2/13/2023
Description

Resolution instituting proceedings to take additional action for the issuance of not to exceed $6,000,000 General Obligation Bonds, Series 2023 (Essential Corporate Purpose).
Background/Discussion

Issuance of not to exceed $6,000,000 General Obligation Bonds in order to provide funds to pay the costs of:

a) The acquisition, construction, reconstruction, extension, improvement, and equipping of works and facilities useful for the collection, treatment, and disposal of sewage and industrial waste in a sanitary manner, and for the collection and disposal of surface waters and streams;

b) The equipping of the fire department;

c) The acquisition, construction, reconstruction, enlargement, improvement, and repair of bridges, culverts, retaining walls, viaducts, underpasses, grade crossing separations and approaches thereto;

d) The construction, reconstruction, and repair of sidewalks and pedestrian underpasses and overpasses;

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

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

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 FY24-FY28 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 FY24. 
ATTACHMENTS:
DescriptionTypeUpload Date
FY24 CIPOther1/31/2023
FY24 CIP Supplemental InfoOther1/31/2023
GO Bond ProcessOther1/31/2023
Resolution 23-39Resolution2/7/2023