$9.5M bond issue prepared
Process of borrowing to pay for projects has begun
The process of borrowing money to pay for a variety of projects was launched by the Fort Dodge City Council on Monday.
The council is preparing to borrow $9,525,000 through a general obligation bond issue to be paid off with property tax revenue.
Funding for these major projects is included in the bond issue:
• $4.3 million for removing the dams on the Des Moines River;
• $1 million for street improvements;
• $1 million for storm sewers on 15th Avenue South;
• $700,000 for the first phase of renovations at the firehouse;
• $700,000 for the next phase of Municipal Building renovations;
• $425,000 for a new roof on the Fort Dodge Public Library;
• $400,000 for additional trail construction;
• $360,000 for Oleson Park improvements;
• $200,000 for improvements to the Snell-Crawford and Phinney Park trails.
Councilman Jeff Halter described the list of projects as “lots of good stuff.”
A contract for replacing the library roof has already been awarded.
On Feb. 26, the council hired Academy Roofing & Sheet Metal of the Midwest, from Des Moines, to do the job at a cost of $424,800.
On Monday, the council held five public hearings related to the bond issue and passed two resolutions related to it. No written or oral comments were received during any of the public hearings.
Additional council action will be needed for the local government to enter the bond markets and borrow the money.