Board sets hearings and engages bond counsel for potential $19.5M notes
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Summary
County administration engaged bond counsel and set two public hearings to preserve options for issuing up to $19.5 million in general-obligation capital loan notes under alternative statutory authorities; staff noted they are not issuing that full amount now but want flexibility depending on state law outcomes.
The board approved a bond-counsel engagement and scheduled public hearings related to a proposed not-to-exceed $19.5 million general-obligation capital loan-note issuance.
Ryan Erickson of board administration recommended hiring bond counsel (O'Leary Cooney/Aulers Cooney as described in the discussion) and explained the staff’s plan to schedule two hearings under different statutory authorities (urban renewal and non-urban renewal rural economic development) to preserve flexibility depending on forthcoming changes in Iowa law. He emphasized the county is not issuing $19.5 million twice; the higher figure preserves options and a margin above an estimated project cost of about $18 million.
Board members asked questions about timing and the attached engineer’s report; staff provided the report at the meeting. The board approved the counsel engagement and the hearing-resolution schedule unanimously (recorded as 5-0). The county will hold the public hearings on the dates set and return for final debt-issuance actions as required by law.
