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Council approves package of bond issuances, loans and professional contracts totaling tens of millions
Summary
Waterloo’s council approved multiple resolutions June 15 including debt instruments (a $33.5M SRF revenue note, $10.3M and $1.7M general obligation bonds), smaller professional services contracts, and payment‑agent appointments. Council discussed procurement rules for professional services and approved an AECOM supplemental agreement for a $3.5M lift‑station project.
The Waterloo City Council on June 15 approved a package of financing and contract measures that together clear the way for water‑and‑sewer projects and other capital needs.
Key approvals included a resolution authorizing the city to issue a $33,500,000 revenue capital loan note (SEER revenue capital loan note 2026A) and related tax‑exempt documentation; authorization for $10,300,000 general obligation bonds (series 2026B) and $1,700,000 taxable GO bonds (series 2026C); and appointment of paying agents and registrars where required. The council also approved smaller contracts such as a $5,500 agreement with Ramp Business Corporation for a purchasing‑card platform and a three‑year renewal with 5th Asset Inc. (Debtbook) for debt and lease management.
Councilmembers asked staff to explain the purpose and oversight of the debt‑management software and the rationale for selecting firms on specific infrastructure projects. Finance Director Bridgette Wood said Debtbook “helps assist with our audit every year, in creating our journal entries when it comes to managing any leases ... and then any of our debt issuances” and keeps those records in one place.
On infrastructure procurement, council heard a detailed presentation on a supplemental professional services agreement (not to exceed $385,100) with AECOM Technical Services for design, bidding oversight and construction administration tied to the Cattle Congress lift‑station and force‑main project (estimated $3.5 million construction cost). Council members expressed concern that professional services contracts were not competitively bid; AECOM representatives and city staff explained that Iowa code requires quality‑based selection for many professional services and that AECOM’s local presence reduces inspection travel costs.
Votes at a glance (selected items approved June 15): - SEER revenue capital loan note 2026A, $33,500,000 — approved (roll call) - General obligation bonds, series 2026B, $10,300,000 — approved (roll call) - Taxable general obligation bond, series 2026C, $1,700,000 — approved (roll call) - Sewer revenue capital loan notes series 2026A, $3,500,000 (paying agent/registrar appointment) — approved (roll call) - AECOM supplemental agreement (Cattle Congress lift station) — approved (roll call) - Ramp Business Corp. purchasing card agreement, $5,500 — approved (roll call) - Debtbook (5th Asset Inc.) three‑year renewal — approved (roll call)
Councilors asked staff to confirm bid and procurement documentation for future professional services requests; staff said attachments for some items were in error or not included in the packet and would be provided. The measures passed by roll call during the regular meeting.
