Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Waverly council authorizes $10.215 million general obligation bonds; levy and disclosure measures approved
Summary
The council unanimously approved resolution 25‑77 authorizing issuance of $10,215,000 in general obligation bonds, amending the tax levy to pay the bonds, and approving required tax‑exemption and continuing disclosure certificates.
WAVERLY, Iowa — The Waverly City Council on May 19 authorized the issuance of $10,215,000 in general obligation bonds (series 2025A), approved the related tax‑exemption certificate and continuing disclosure certificate, and amended the levy of taxes to pay the bonds.
By approving resolution 25‑77, the council authorized issuance of $10,215,000 in general obligation bonds and took the routine steps required before and after a public bond sale, including a tax‑exemption certificate and an annual continuing disclosure certificate for bond investors. The motion passed unanimously on a roll‑call vote.
City financial staff explained the documents: the estimate before the bond sale helps lock in the levy that will be used to pay the bonds once they are sold, and the tax‑exemption certificate documents the bonds' federal tax‑exempt status. As explained during the meeting, "Tax exemption is exactly what it says. We do not pay taxes. There's a formal certificate that says that." Staff also summarized the continuing disclosure requirement: "Every year you provide information for anybody watching your bonds ... to make sure you're keeping up to speed with how we're financially doing."
The council recorded no dissent and approved the resolution as presented. No other changes to the levy or bond structure were recorded in the meeting minutes.
