Buchanan County approves $1.032 million EMS equipment note, backs $457,000 internal advance for EMS startup
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Summary
The Board accepted a low bid from Northeast Security Bank and authorized a $1,032,000 General Fund EMS Equipment Note (3.95% interest) to buy ambulances and equipment, and approved a $457,000 internal advance at 3.0% to fund EMS startup payroll pending EMS tax receipts.
Buchanan County supervisors on April 6 authorized two financing actions to support the county’s emergency medical services program: the private placement of a $1,032,000 General Fund EMS Equipment Note, Series 2026, and a separate internal advance of $457,000 to cover startup salaries and benefits until EMS tax receipts are available.
Maggie Burger of Speer Financial presented bids for the equipment note and told the board that, under the bid documents, the county must accept the lowest bid. Bids received were: Northeast Security Bank (3.9490%), BankIowa (4.0589%) and Maynard Savings Bank (5.1982%). The board voted to accept Northeast Security Bank’s proposal (roll-call: Kurtz—aye, Vogel—aye, Wieland—nay).
The board adopted Resolution No. 26-39 authorizing the General Fund Loan Agreement and issuance of the Note. The Note is structured as a single-term issue dated upon delivery (anticipated April 21, 2026) with final maturity on June 1, 2036, bearing interest at 3.95% per annum. Principal will be repaid in ten annual installments due June 1 in 2027–2036 (amounts specified in the resolution). Interest will be paid semiannually beginning Dec. 1, 2026.
Separately, the board adopted Resolution No. 26-42 directing an internal advance of $457,000 from the county General Fund to be used for EMS startup salaries and benefits. The advance will bear interest at 3.00% per annum and is to be repaid from future EMS Tax revenues deposited into the county’s Emergency Medical Services Trust Fund, with repayment scheduled through 2030 per the attached payment schedule in the resolution.
The resolutions authorize the chairperson and county auditor to execute the loan agreement and related documents as required. The private placement and the internal advance together are intended to provide both one-time capital for ambulances and short-term operating liquidity for the EMS program.