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Pott. Co. Board approves sale of $1.9-million in G.O. bonds

News

August 13th, 2014 by Ric Hanson

The Pottawattamie County Board of Supervisors Tuesday unanimously voted to approve the sale of $1.9 million in general obligation bonds. The Daily NonPareil reports most of the money will go toward funding the new Veterans Affairs Building. Other funds will go toward new vehicles for various departments, including the Sheriff’s Department, that have already been ordered. The bonds will be sold on Tuesday, Aug. 26th.

County Auditor Marilyn Drake told the paper that expenditures which were normally were paid for from the general fund will now be paid by the debt service fund, as a means of increasing the county’s cash carryover. Drake said she expects the interest rate on the bonds to be just 2 percent to 2.5 percent.

The board on Tuesday approved three different bond measures with one of them not to exceed $300,000, though the estimated cost should be in the neighborhood of $222,000. That will pay for seven, maybe eight, new patrol cars.  Another bond, not to exceed $100,000, will pay for such items as bullet-proof vests for the deputies and the installation of automatic external defibrillators to help keep heart victims alive. The third bond, not to exceed $120,000 is for new vehicles for the Planning and Maintenance departments.

Those will be added a $1.5 million bond for the new Veterans Affairs building near the courthouse. Drake said the bonds will be sold Aug. 26th at 2:30 p.m.. She said she expects them to be paid off withing seven-years, through the use of property taxes.  How much each property owner will pay won’t be known until the bonds are purchased.