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Grimes council opens $14.75 million bond issuance to fund CIP projects, allocates essential-purpose borrowing
Summary
Council moved forward a combined bond issuance not to exceed $14,750,000 (essential purpose portion $8,750,000) to fund parks, streets, sidewalks, fiber upgrades and support prior urban renewal items including the administration building.
The Grimes City Council on March 10 began the process for the city’s annual bond issuance to fund capital-improvement projects, approving a resolution to take additional steps on a combined not-to-exceed borrowing of $14,750,000.
City staff explained the issuance will include an essential-purpose portion of $8,750,000 and $6,000,000 carried from a previously approved urban renewal loan agreement tied to the city administration building project. Staff said projects to be funded or supported by the borrowing include park and trail improvements at Lions Park, Glenstone and Bretton Slough, roadway rehabilitation, an ADA transition sidewalk program, design work for Highway 44 improvements, technology and fiber upgrades and outdoor warning sirens.
Marsha (staff) said the city has used multi-year borrowing to avoid overborrowing and preserve flexibility, noting a similar approach worked with the Public Safety Building project. The council opened and closed the public hearing on the bond item with no members of the public speaking on that resolution.
A council member moved and the council adopted the resolution to take additional action on the proposed essential-purpose loan agreement by roll call. No changes to the use categories presented by staff were recorded during the meeting.
The resolution begins the formal process of preparing an official statement and selling the bonds; staff said additional items will come to future meetings as the city issues the bonds and finalizes sale documents.
