Underwood council sets Nov. 21 bond sale date, adopts annual finance report and moves funds to cover debt service

The Underwood City Council voted Nov. 12 to set the sale date for General Obligation Corporate Purpose Bonds, Series 2024, for Nov. 21 and to authorize use of a preliminary official statement in the sale process. The motion to approve Resolution 24-11-01 passed 4-0 (JW Tiarks moved; Jodi Bose seconded).

At the same meeting the council adopted the Annual Finance Report for the fiscal year ending June 30, 2024, by Resolution 24-11-03. That resolution passed on a roll-call vote of 4-0. Council also approved a set of resolutions authorizing transfers from the roads, fire, sewer and other public safety funds into the debt service fund to cover FY2025 debt payments; each transfer resolution passed on roll-call votes of 4-0.

Councilmembers emphasized procedural steps required to prepare for the bond sale and to ensure debt-service payments are supported in the FY2025 budget. No council member voiced opposition during the motions.

Votes at a glance - Resolution 24-11-01 (set bond sale date, authorize preliminary official statement): mover JW Tiarks; second Jodi Bose; outcome: approved 4-0. - Resolution 24-11-03 (Annual Finance Report FYE 6/30/2024): outcome: approved 4-0. - Fund transfer resolutions (multiple funds to debt service for FY2025 payment): outcomes: approved 4-0.

The council approved these items as part of the consent and regular business sections; the clerk will include the approved documents in the official record and the sale process will proceed on the date set by the resolution.