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Keokuk council amends and adopts resolution to assume KEDC loan; principal and payoff figures corrected
Summary
Council voted Feb. 20 to take from the table and amend a resolution to assume a Southeast Iowa Development Center loan from Keokuk Economic Development Corporation, updating the principal and payoff figures (principal shown as $272,346.47; payoff as of Feb. 20, 2025, $273,179.57; daily interest $48.64) before approving the amended resolution.
The Keokuk City Council took from the table and amended a resolution Feb. 20 to assume a loan from the Keokuk Economic Development Corporation (KEDC) on behalf of the Southeast Iowa Development Center.
A council member (speaker 8) moved to correct the resolution’s dates and dollar figures and read revised amounts aloud: current principal $272,346.47, payoff as of Feb. 20, 2025 $273,179.57, with daily interest of $48.64. A second was recorded and the council approved the amendment. The council then considered the amended resolution and approved it on a subsequent voice vote.
Council did not place a roll-call tally into the record during the meeting; the action was recorded as passed via voice vote. Council members said the amendment was intended to reflect updated information received from the bank about the KEDC account and loan amounts.
The resolution is intended to formalize city assumption of the loan; no additional implementation details (repayment schedule, source of repayment funds or contingencies tied to dissolution of KEDC) were specified in the meeting record beyond the corrected figures read into the motion.
