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Trustees debate financing, warrants and levy timing as district carries negative balance
Summary
Trustees discussed using warrants, installment terms (Code of Iowa allows 10–20 years), and a 6% interest rate; staff noted the district carries a negative balance and that levying by May 31 affects penalty timing and payments due dates.
Trustees spent substantial time on April 7 discussing how to pay for engineering fees and the construction of the Warren #11 ditch repair. Bolton & Menk engineer Tyler Conley noted the Code of Iowa limits waivered-assessment installments to a minimum of 10 and a maximum of 20 years and recommended 20 installments for a project of this scale because bidders consider payment terms when deciding to bid.
Drainage Clerk Scott Wall told trustees that warrants will be used and that "the county is using a 6% interest rate." Wall said the district has carried a significant negative balance and that levies must be made by May 31 to be payable before Oct. 1 without penalties; meeting minutes record the current balance as -$88,377.93 and project costs to date as $95,128.13. Trustees discussed options: levy now under the existing schedule, levy later in 2027, or pursue reclassification before levying to avoid billing under a schedule they consider inequitable. They did not adopt payment terms at the April 7 meeting and directed staff to continue work on reclassification and the procurement schedule.
