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Council approves public hearing and proceedings for up to $2.54M SRF loan for Terminal Street pumping station
Summary
The council authorized proceedings to issue not to exceed $2,542,000 in State Revolving Fund sewer revenue capital loan notes for rehabilitation of the Terminal Street pumping station; staff outlined a 20‑year term and variable interest of approximately 2.85% + 0.25% servicing fee, abated from the sanitary sewer fund.
The City of Dubuque set proceedings to issue sewer revenue capital loan notes not to exceed $2,542,000 through the State Revolving Fund for the Terminal Street pumping station rehabilitation project.
Chief Financial Officer Jennifer Larson summarized the proposed financing terms: a variable interest rate of about 2.85% plus a 0.25% servicing fee over a 20‑year term, with debt service abated from the sanitary sewer fund. The resolution was introduced to receive and consider any oral or written objections before authorizing a loan and disbursement agreement with the Iowa Finance Authority. No residents spoke in opposition at the public hearing and the council adopted the resolution 7‑0.
Larson said a summary of objections, if any, will be attached to the proceedings before final action.
