Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
Pottawattamie County moves forward with $6M bond sale to fund public‑safety communications; sale awarded to Robert W. Baird
Summary
After public hearings and required resolutions, the Board of Supervisors authorized up to $6 million in general obligation capital loan notes to buy emergency communications equipment and towers and directed the sale; the notes were awarded to Robert W. Baird with a resulting true interest rate of 2.9984%.
Pottawattamie County supervisors completed the statutory process needed to authorize and sell up to $6 million in general obligation capital loan notes for purchase and installation of peace‑officer equipment and other emergency services communications systems, including new towers, equipment, microwave links and consoles.
The process began with a February resolution setting a hearing on the proposed loan and issuance of notes and publishing required notices. The board held the public hearing on Feb. 24 and later adopted resolutions instituting proceedings and authorizing issuance (Resolutions No. 18‑2026 and 15‑2026). The county published an estimate of the maximum annual tax increase on a $100,000 residential property related to the financing authority ($8.06), noting the estimate applies only to the financing authority established at the hearing and may change with final issuance.
On April 14 the board directed the sale of the notes and accepted the best bid, awarding the financing to Robert W. Baird. The sale summary in the minutes reports a final par amount of $6,000,000 (subject to adjustment), a purchase price of $6,255,913.75, a true interest rate of 2.9984% and net interest cost of $872,886.
Why it matters: The bond financing will provide the county funds to modernize and expand emergency communications infrastructure. The issuance creates a debt service obligation that the county will levy annually as required by Chapter 76.2 of the Code of Iowa.
Voting and procedure: The record shows roll‑call votes at the hearings and for the resolutions; a minority vote was recorded earlier in the process (Supervisor Wichman recorded as Nay on some bond resolutions), and the eventual sale was approved by the board. The minutes also record the county’s adoption of electronic bidding procedures and the distribution of a Preliminary Official Statement prior to sale.
Next steps: County staff will complete required closing documents and proceed with procurement and installation of communications equipment; the Auditor will levy the debt service tax according to statutory requirements and the schedule approved by the board.
