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Council authorizes sale of taxable GO bonds, sets refinancing hearing and releases ArenaCo loan obligations; approves fund transfers
Summary
Coralville authorized the issuance of Taxable General Obligation Bonds, Series 2026A, set a public hearing on bond refinancing for July 14, 2026, adopted a resolution releasing ArenaCo from certain loan obligations, and approved transfers to align General Fund balances with policy and a new tax law limit of 35%.
At its June 9 meeting the Coralville City Council authorized several financial actions including approving a loan agreement and authorizing the sale and issuance of Taxable General Obligation Bonds, Series 2026A, adopting Resolution No. 2026‑97.
Council also set a public hearing for July 14, 2026 on bond refinancing via Resolution No. 2026‑98 and approved Resolution No. 2026‑99 releasing ArenaCo from specified loan obligations connected to Iowa River Landing projects. Finance Director Ann Hester reviewed the city's fiscal year results and explained that projected General Fund surplus amounts were being moved to other funds to meet the city's financial policy and the cited new tax law limiting the General Fund balance to 35%.
The council adopted Resolution No. 2026‑100 authorizing transfers, redirections and consolidation of funds to bring reserves and fund balances into compliance. Specific bond sale amounts beyond procedural authorization were not specified in the transcript; the resolutions were introduced and adopted by roll call vote.
