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Polk City council adopts ordinance amendments and authorizes $1.73 million water revenue loan
Summary
Council adopted second readings of ordinances amending water meter settings and street-use fines, approved a public hearing ordinance to vacate city property, and authorized a $1,730,000 water revenue loan (SRF Series 2025B) to be repaid from water revenues; staff noted an SRF rate of 3.01%.
At its Nov. 24 meeting, the Polk City Council approved multiple second readings of ordinances and authorized a water revenue loan to fund water infrastructure work.
Council approved second readings of three ordinances: 2025-1100 (amending Chapter 91, meter setting), 2025-1200 (amending Chapter 135, street use and fines for placing debris or dumping snow), and 2025-1300 (public hearing to vacate a city-owned parcel near East North Side Drive). Each measure passed on roll call votes.
Chelsea, a city staff member, presented a resolution authorizing a water revenue loan and disbursement agreement through the State Revolving Fund (SRF) and said the council would provide for issuance and secure payment of $1,730,000 in water revenue bonds (Series 2025B), with repayment through the city's water revenue fund. Chelsea noted Polk City’s participating buy-in cost for the project was $1,681,000 and that the SRF loan interest rate at the time was 3.01%.
Council members asked whether the stated loan amount and repayment plan reflect previously modeled rate increases; staff replied that the numbers align with the city’s work with consultants (PFM) and that nothing new beyond those projections was included in the resolution. The council then voted to approve the resolution.
The council also heard routine staff and council reports, including reminders of citywide cleanup dates in April and upcoming community events, before adjourning to Dec. 8.
