What: Special City Council Meeting

When: Nov.18, 2019, Noon

Where: City Hall Council Chambers, 10 W. State St.

Agenda Item: Resolution awarding sale of general obligation corporate purpose and refunding bonds, series 2019.

The Issue: City council discussed and voted over a period of several meetings to sell general obligation corporate purpose bonds to finance a number of public works projects. The Essential Corporate Purpose Loan is for $8,830,000 – $5,600,000 to fund new projects and $3,230,000 for the refinancing of outstanding principal balance of general obligation 2011.

New Projects:

Timber Creek Bridge Replacement – $500,000

West End Park Phase 1 – $425,000

East Merle Hibbs Phase 1 – $4,000,000

Sidewalk Gaps – $375,000

Anson Park Shelter/Restrooms – $300,000

Total New Projects – $5,600,000

Existing Debt:

Refunding general obligation bond – $3,230,000

Total Debt to be Borrowed – $8,830,000

What’s Next: Reiteration of need may be reviewed by city staff. Council to award sale.

Visit the city’s website for the complete agenda packet and to subscribe to agenda notices and department news: www.marshalltown-ia.gov.