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Board approves $2.015 million promissory notes for roads and buildings; several appointments confirmed
Summary
Polk County Board on June 17 approved Resolution 19-25 to issue $2,015,000 in promissory notes to fund highway resurfacing and county building improvements, and confirmed multiple board appointments and reappointments.
The Polk County Board of Supervisors voted June 17 to approve Resolution 19-25, authorizing the issuance of $2,015,000 in promissory notes to fund highway resurfacing and improvements to county-owned buildings. The sale was executed the morning of June 17, with a true interest cost reported at 4.07 percent; closing is set for July 8, 2025.
Eric Kass, municipal advisor with PMA, told the board the borrowing is part of a 2024 board authorization tied to the county's 2025 operating and capital budget and that Moody's assigned a double-A2 credit rating for the county. "The double A2 rating ... reflects the county's healthy financial position, stable local economy, and modest leverage," Kass said. He said the notes are noncallable and, if not prepaid, will amortize over a 10-year schedule with principal maturities beginning Feb. 1, 2026, and final payment in 2035.
Kass summarized the sale results: the county received nine bids in the competitive process; PMA reported a true interest cost of 4.07 percent and noted a local bank submitted a competitive offer. The advisor also presented an amortization schedule and a debt-service projection that, under current assumptions, would allow the county to keep a level tax levy while repaying the debt.
The motion to adopt Resolution 19-25 was made, seconded, and approved by voice vote. The resolution text and presentation materials were distributed to supervisors; the county staff noted the proceeds will be deposited on the July 8 closing date.
The board also approved a slate of appointments and reappointments by voice vote, including five reappointments to the Local Emergency Planning Commission (Terry Howard; Tony Carter; Greg Marston; Tim Strobosch; Darren Ben Blarcon), a three-year reappointment of Steve Carducer to the Board of Adjustments, the reappointment of Rita Mckee to Health and Human Services, and the new appointment of Dr. Rebecca Layman to Health and Human Services to replace Dr. Arnie Lagos. Motions for each appointment were made, seconded, and approved without recorded roll-call tallies.
No formal dissent or roll-call vote counts were recorded in the transcript; actions were adopted by voice vote.
