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Iowa City begins proceedings for $14.5 million general obligation bond package, sets timeline for sale
Summary
Council approved resolutions to begin issuing up to $14,535,100 in general obligation bonds and set a schedule that includes a Moody’s rating call on April 14, bid opening May 6 and expected closing June 3.
The Iowa City Council on Tuesday approved a series of resolutions to begin the formal process of issuing general obligation bonds that would fund projects included in the city’s amended budget and five-year capital-improvement plan.
Assistant Finance Director Jacqueline Fleagle told the council the package covers multiple projects and that the council’s actions open the bond process. The council voted 6-0 on the resolutions and on a pre-levy authorization covering $14,535,100 in bonds.
Fleagle outlined the near-term timeline: a bond-rating call with Moody’s is scheduled for April 14; the council will consider resolutions to direct…
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