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City approves SRF loan authorization up to $11 million for CIWW asset transfer
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Summary
After a public hearing, the Johnston City Council approved a resolution to proceed with a State Revolving Fund loan up to $11,000,000 to fund asset buy-in costs for Central Iowa Waterworks under the cities' agreement.
The Johnston City Council opened a public hearing Monday and approved Resolution No. 25-238 to proceed with a State Revolving Fund loan not to exceed $11,000,000 to fund asset buy-in amounts due to Central Iowa Waterworks (CIWW) under the city's 2028 agreement.
City staff explained the action is the first procedural step to authorize PFM to assist in closing the SRF loan and to cover asset buy-in costs that become due Jan. 1 under the CIWW agreement. City staff said a portion of the payment—about $408,000—was shown as cash on hand in the materials provided to council; when asked about remaining fund balances, staff said they would follow up with specifics.
Following the public hearing, a motion to approve the resolution carried. The council did not receive public comment on the item during the hearing.
Why this matters: The loan authorization is a financing step to fund water-system asset payments that will affect water enterprise funding and the city's capital financing. Staff described this action as planned and noted intent to pay a portion in cash.
Council action: The council opened and closed a public hearing on the SRF loan resolution, accepted staff explanation and approved Resolution 25-238 to proceed with the loan authorization.
