Des Moines County approves $1.139M tax-exempt note and $3.088M taxable note to fund projects and insurance

The Des Moines County Board of Supervisors on June 16 approved two loan agreements that together authorize $4,227,000 in notes to fund county capital projects and the purchase of insurance.

Vice Chair Tom Broeker spoke during consideration of Resolution No. 2026-037, the Series 2026A loan, saying the financing "is to fund our capital expenses and saves us 0.15 to 0.16 cents on the levy. We do not pay taxes on this." The resolution authorizes a $1,139,000 tax-exempt General Obligation County Purpose Note, Series 2026A, to pay for parking and entrance remodeling at sheriff's facilities, general county building repairs, information technology equipment, elections equipment and a small jail expansion. The note is structured as a single-term instrument with a final maturity date of June 30, 2027 and an interest rate of 6.25 percent per annum. Jim Cary moved to approve the resolution; Broeker seconded and the motion carried unanimously.

The Board also approved Resolution No. 2026-038 to enter a Series 2026B Loan Agreement and issue a $3,088,000 taxable General Obligation County Purpose Note, Series 2026B, to fund the county's insurance acquisition. The 2026B note is likewise a single-term note maturing June 30, 2027, carrying an interest rate of 6.50 percent per annum. The Board authorized entering into the loan agreement with Danville State Savings Bank, Danville, Iowa. Cary moved to approve; Broeker seconded and the motion passed unanimously.

Both resolutions repeat the list of capital projects in their preambles and allow the county auditor to request advances on each note as needed; the resolutions anticipate delivery of the notes on or about June 30, 2026. The Board's actions follow a hearing previously held on April 7, 2026, as cited in the resolutions.

The approvals were routine and unanimous. The Board adjourned at 9:47 a.m.; minutes and the meeting recording are posted on the county website.