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Urbandale council opens hearings and approves authorizations for 2025 general obligation capital loan notes
Summary
After separate public hearings, the Urbandale City Council approved resolutions authorizing three categories of general obligation capital loan notes covering essential corporate purposes, TIF-related ECP, and a small general corporate piece for public art. Finance staff said the sale is expected April 15, 2025.
The Urbandale City Council opened and closed three separate public hearings and approved resolutions authorizing general obligation capital loan notes for 2025, city finance staff said.
Finance Director Nikki Lam told the council the council was considering three not-to-exceed authorizations: an $11,000,000 series for essential corporate purposes (roads, streets, parks and similar non-TIF ECP uses), a $2,250,000 TIF-based urban renewal ECP piece, and a $30,000 general corporate purpose portion earmarked this year for public art. Lam said the not-to-exceed total from the hearings was $13.28 million, while the city’s capital improvement program currently shows an anticipated issuance of about $12.215 million. Lam said the bonds are anticipated to be sold April 15, 2025.
The council opened and closed each hearing individually as required by statute and then moved to adopt the related resolutions. Each motion passed on voice vote with no public speakers recorded during the hearings.
Why it matters: The authorizations will allow the city to finance capital projects in the near term; the distinction between ECP, TIF-backed ECP and general corporate purpose determines which projects and revenue sources are eligible for each portion.
Lam said the three-authority approach reflects classifications defined by law and by the city’s capital plan; she also answered questions about whether the city would issue multiple series in one year and explained that an A/B/C series designation is simply a sequencing convention if more than one sale is done in the same year.
The council’s actions were procedural steps toward a bond sale rather than a final pricing decision; Lam said final issuance size and timing will be refined to match the CIP and market conditions. The city’s public notice for these hearings appeared in the Des Moines Register on Feb. 21, 2025, Lam said.
No council member proposed amendments or raised conditions attached to the approvals during the meeting.
Details of council action: The council approved the related resolutions (recorded in the meeting as resolutions 096-20 25, 097-20 25, 098-20 25 and 099-20 25) following the separate public hearings. Each motion passed on the council’s routine voice or roll call vote.
Looking ahead: Staff said the city will continue procedural steps to prepare for the April bond sale and will reconcile the final issue amounts to the capital improvement program before pricing.
