Pott. County Supervisors approve Vet’s bldg. bonds
August 27th, 2014 by Ric Hanson
The Pottawattamie County Board of Supervisors have approved the sale of $1.94 million in bonds to be repaid at an interest rate of 1.35 percent. According to the Daily NonPareil, the action Tuesday means the sale of the bonds will provide money for a new Veterans Affairs building, along with needs in the Sheriff’s Department and elsewhere. The investment bank of Robert Baird and Co. of Milwaukee, Wis., in association with the UMB Bank of Kansas City, Mo., purchased the bonds while offering the 1.35 percent interest rate, the lowest of four bids received.
The County will be getting $51,000 back in the purchase deal so that the Milwaukee bank can sell its purchased bonds at a higher interest rate that won’t impact taxpayers. The majority of the bond money, $1.5 million to be specific, will be utilized to build a new Veterans Affairs building at Sixth Avenue and Sixth Street. The 6,300-square-foot building will replace a 1,600-square-foot facility in the county’s annex building.
The remaining funds will be used to pay for seven, maybe eight, new patrol cars, new bullet-proof vests for the deputies and the installation of automatic external defibrillators in sheriff’s deputies’ vehicles to help those who suffer acute, life-threatening heart problems. Other funds will go toward new vehicles for the Planning and Maintenance departments.
The bonds are to be paid off in seven years.
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