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Bloomfield council approves up to $520,000 in sewer revenue notes to fund sewer, sidewalk and stormwater projects
Summary
After a public hearing with no oral or written objections, the Bloomfield City Council approved resolutions authorizing up to $520,000 in sewer revenue capital loan notes with the Iowa Finance Authority to fund sewer main work, permeable sidewalks and bio-retention projects including Davis Street and Jefferson–Madison corridors.
The Bloomfield City Council on a unanimous vote approved resolutions to institute proceedings and authorize a loan and disbursement agreement with the Iowa Finance Authority for up to $520,000 in sewer revenue capital loan notes.
The mayor opened a public hearing on the proposed loan, saying the meeting was the time and place to consider the agreement and issuance. Council members then confirmed that notice of the proposed action had been posted under the applicable Code of Iowa provisions. No written protests or oral objections were filed during the hearing.
The loan will provide funds to pay costs of acquisition, construction, reconstruction, extension, remodeling, improving, repairing and equipping all or part of the municipal sewer utility and related work. The resolution and supporting staff materials list sidewalk improvements (including permeable pavement and bio-retention cells) and water-resource restoration projects on Jefferson Street to Madison Street, US 63 to Madison Street, Franklin Street to Jefferson Street, and the Davis Street bio-retention project.
Council also approved the form of the loan and disbursement agreement and authorized issuance and securing of the Series 2024 Sewer Revenue Capital Loan Notes under the Code of Iowa. The council recorded affirmative votes from the council members present; the motion carried and the resolutions were signed as required.
The council noted the process will proceed under state law and that funds will be applied to the listed sewer and stormwater projects once agreements are finalized. The city did not receive any public objections during the hearing and council members emphasized that legal notice requirements were met.
What happens next
Staff will finalize loan documents with the Iowa Finance Authority and proceed with the contracting and project scheduling for the listed sewer lining and water-resource restoration projects. The city will return to the council for contract approvals and pay estimates as specific work is bid and scheduled.
