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Le Mars council approves bond purchase to finance water main, well and treatment project
Summary
At a Jan. 14 special meeting the Le Mars City Council approved Resolution No. 25 to authorize a bond purchase agreement to fund a raw water main, Well No. 15 and a reverse osmosis water treatment project through Water Revenue Bond Series 2025.
LE MARS, Iowa — The Le Mars City Council on Jan. 14 approved Resolution No. 25, authorizing a bond purchase agreement to finance a raw water main, Well No. 15 and a reverse osmosis water treatment project through the issuance of Water Revenue Bond Series 2025.
City staff told the council the bids for the bond sale returned an average interest rate of about 4.44 percent. The administration recommended approval of the attached resolution at a special meeting called to consider the financing.
Councilmember Goodchild, Councilmember Wick, Councilmember Bruns and Councilmember Sturgeon voted yes on the motion to adopt Resolution No. 25; the motion carried. No other discussion or amendments were recorded in the meeting transcript. The council then adjourned.
No effective date for the bond issuance or a subsequent closing schedule was specified in the transcript; further administrative steps and timing were not discussed during the meeting.
