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Bettendorf officials outline $21M bond sale to fund streets, bridge and first phase of police station
Summary
Finance staff told the council a bond sale scheduled for next Tuesday will seek bids on just under $21 million in general obligation bonds split among CIP work, an urban-renewal bridge finish and a first $10 million phase for a police station; projected levy impacts were described as smaller than referendum estimates due to growth in assessed value.
Bettendorf City finance staff briefed the council on an imminent general obligation bond sale that will seek bids next Tuesday at 10 a.m. for just under $21 million in par bonds, with expected premium bringing net proceeds to nearly $22 million. The package is structured in three parts: $8,485,000 for the city’s capital improvement program (streets, alleys, sidewalks and resurfacing), about $2.845 million tied to urban renewal to finish the Gateway Bridge over Middle Bridal, and roughly $10 million as the first phase of police station construction approved by referendum.
Finance director (identified in…
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