Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Waukee approves $7 million water revenue loan agreement with Iowa Finance Authority
Summary
Council authorized a $7,000,000 water revenue capital loan note agreement to finance water infrastructure, with staff noting a previously authorized 'not to exceed' $9 million and an interest rate of about 3.01% over 20 years.
The City Council approved a loan and disbursement agreement with the Iowa Finance Authority to issue up to $7,000,000 in water revenue capital loan notes (series 2025). Finance staff said the prior authorization at the last meeting had set a not‑to‑exceed level of $9,000,000; the council approved a $7,000,000 agreement with the city using roughly $1.7 million of cash to cover the remainder of the previously authorized amount.
Finance staff said the notes carry an interest rate of approximately 3.01% and will be issued with a 20‑year repayment schedule. Staff said the funds would be used, in part, to make a payment to Central Iowa Water Works in December and recommended approval of the agreement. The council voted in favor on roll call.
