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Council approves $3.165 million sewer revenue bond resolution
Summary
Council approved Resolution 2025-35 authorizing a loan and disbursement agreement to secure a $3,165,000 sewer revenue bond series 2025 after staff summarized counsel and adviser guidance on SRF loan redeemability and callability.
The Anamosa City Council on Monday approved Resolution 2025-35 authorizing a loan and disbursement agreement to secure payment of a $3,165,000 sewer revenue bond series 2025.
Staff told the council the city’s financial adviser and bond attorney provided guidance showing SRF loans are redeemable but not “callable” in the traditional sense; a written request to the Iowa Finance Authority would be required to redeem earlier, and the loans are automatically redeemable after 10 years. As staff summarized, “they are not subject to call being callable as a traditional loan… the SRF loans are specified in the state code, but they are, redeemable,” (staff member, speaker 8). Council motioned to approve the resolution and a roll call vote carried the motion.
The resolution was considered as unfinished business following the prior meeting; staff said the bond counsel recommended clearly specifying whether the city wished to proceed under the loan agreement’s stipulations before finalizing. The council’s approval authorizes the city to execute the financing documents and proceed with the bond issuance under the terms discussed.
