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Des Moines County board approves two loan agreements and sale of Douglas Avenue parcels
Summary
Supervisors approved Resolution 2026-037 (tax-exempt $1,139,000 note) and Resolution 2026-038 (taxable $3,088,000 note) and voted to sell three Douglas Avenue parcels for $34,900 to Troy M. Thompson; the board cited Iowa Code provisions for property disposal and scheduled a closed session on redemption.
The Des Moines County Board of Supervisors voted on June 16 to authorize two borrowing measures and to sell three county-owned Douglas Avenue parcels to an offeror at the asking price.
Chair Ali Longquist read Resolution 2026-037, authorizing a loan agreement for the issuance of a tax‑exempt general obligation note in the amount of $1,139,000 (Series 2026A) to support capital expenditures. Longquist said the county uses the borrowing as a short-term line of credit to smooth cash flow and estimated it "probably saves the county 15 or 16¢ on the levy." He said the interest rate on the tax‑exempt note is 6.25%.
The board then carried Resolution 2026-038 authorizing a taxable general obligation note of $3,088,000 (Series 2026B) for insurance needs; Longquist described that note as taxable and said it carries an interest rate of about 6.5%. Both resolutions were moved, seconded and recorded on the roll call as passing with recorded assent by Jim Carey and Tom (Brooker/Broker as recorded in the transcript).
Separately, the board considered Resolution 2026-039 regarding the sale of three parcels on Douglas Avenue. The resolution states that "Des Moines County desires to dispose of interest in real property" and cites "Iowa code section 331.3361" as the county's disposal authority. The asking price for all three parcels combined was $34,900; the board reported it had received an offer at that amount and directed county staff to move forward with closing the sale to Troy M. Thompson. The motion passed on roll call.
The chair also announced a planned closed session to discuss property redemption under "Iowa code 21.5 paragraph 1 paragraph j sub paragraph j," which the board listed as the basis for an upcoming executive discussion about redemption matters.
Votes recorded during the meeting were noted verbally on the roll call; the transcript records "Jim Carey? Yes" and "Tom Brooker/Broker? Yes" for several items. The board did not debate the resolutions at length during this session.
