NOTICE OF PUBLIC HEARING - GENERAL OBLIGATION BOND
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,828,000
(GENERAL OBLIGATION)
The Board of Supervisors of Des Moines County, Iowa, will meet on April 15, 2025, at the Des Moines County Courthouse, Burlington, Iowa, at 9:00 a.m., for the purpose of instituting proceedings and taking action to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $3,828,000 for the purpose of paying the cost, to that extent, of (a) undertaking parking improvements at the sheriff’s department facilities ($250,000); (b) undertaking general physical plant repairs and improvements at county buildings ($225,000); (c) provision of information technology equipment for county buildings ($515,000); (d) acquiring elections equipment ($61,000); and (e) acquiring insurance for County operations ($2,777,000).
The Loan Agreement is proposed to be entered into pursuant to authority contained in Sections 331.402, 331.441 and 331.443 of the Code of Iowa and will constitute a general obligation of the County.
It is estimated the annual increase in property taxes on a residential property with an actual valuation of one hundred thousand dollars resulting from the County entering into the Loan Agreement will be $78.84, however the Board of Supervisors may determine for any fiscal year while the Loan Agreement is outstanding to budget other available revenues to the payment of some or all of the debt service coming due thereunder.
At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the County may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.
By order of the Board of Supervisors of Des Moines County, Iowa.
Sara Doty
County Auditor
