| | | | | | | | Council Communication
Department: Finance
Case/Project No.:
Submitted by: Finance Department | Resolution 23-46
ITEM 7.C. | Council Action: 2/13/2023 |
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| | | | | | | | Description
Resolution authorizing the issuance of $6,295,000 General Obligation Bonds, Series 2023 and levying a tax for the payment thereof. |
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| | | | | | | | Background/Discussion
General Obligation Bonds, Series 2023, in the amount of $6,295,000 shall be issued pursuant to the provisions of Iowa Code Section 384.25, 284.26, and 384.28 for the purposes covered by the hearings.
For the purpose of providing funds to pay the principal and interest as required under Chapter 76.2, there is levied for each future year following direct annual tax upon all the taxable property in the City of Council Bluffs, State of Iowa. |
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| | | | | | | | Recommendation
The City is currently at Step 5 of the General Obligation Bonding process, which is to request approval of the resolution to collect a tax levy to pay for principal and interest payments. 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. |
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