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Council approves contracts, bonds, grants and community contributions in consent and action items
Summary
At its March 11 meeting the Clinton City Council approved bid awards for chip seal and crack seal projects, authorized several general obligation note issuances, approved contributions to local organizations and set other routine items on file.
The Clinton City Council on March 11 approved a series of resolutions and routine items, including contract awards, capital financing authorizations and community contributions. The items below summarize the formal actions taken and their outcomes as recorded by roll call.
- Chip-seal project U-2025: The council adopted a resolution accepting bids and awarding contract for project U-2025 (chip seal). The resolution was moved by Council member Musman and adopted by roll call (unanimous yes vote recorded).
- Crack-seal project T-2025: The council adopted a resolution accepting bids and awarding contract for project T-2025 (crack seal). The resolution was moved and seconded and adopted by roll call (unanimous yes vote recorded).
- Capital loan notes (essential corporate purposes): The council adopted a resolution instituting proceedings for issuance of not to exceed $9,630,000 general obligation capital loan notes for essential corporate purposes (ECP). The resolution was moved by Council member Shemmers and adopted by roll call.
- General corporate purposes notes: The council adopted a resolution instituting proceedings for issuance of not to exceed $920,000 general obligation capital loan notes for general corporate purposes (GCP). The resolution was moved by Council member Seeley and adopted by roll call.
- Issuance and levy for bond series 2025: The council approved a resolution authorizing issuance of general obligation capital loan notes, series 2025, and levying a tax for payment of the notes (motion presented by Council member Davis). The motion was adopted by roll call.
- SRF refunding / Iowa Finance Authority loan note: The council approved a loan and disbursement agreement with the Iowa Finance Authority and issuance of $2,473,000 general obligation capital loan notes series 2025A to refund an SRF loan (moved by Council member Davis). The resolution was adopted by roll call; staff noted the refinancing places the loan in compliance and that early years would include higher interest/interest-only portions per the payment schedule presented.
- Additional routine approvals and community contributions: The council adopted multiple consent-agenda items and approved donations and agreements: $10,000 contribution to the Clinton Historical Society; $12,500 to the Clinton Area Showboat Theater; $6,000 for the Fourth of July festival; and a tourism agreement with Greater Clinton Partners / Grow Clinton for FY2025. Appointments to boards and commissions were approved as presented.
- Collateral assignment for economic development grants: The council adopted a resolution approving a collateral assignment of economic development and LMI fund grants from College Brough LLC to Iowa Trust and Savings Bank; staff explained the assignment routes incentive payments to the bank for loan repayment in accordance with the development agreement.
All of the above resolutions were adopted by roll call during the meeting. Where a specific mover was stated in the record it is noted above; when the second or mover was not explicitly identified on the transcript it is listed as not specified. The council had no unscheduled public comment and moved to adjourn at the end of the agenda.
