Newspaper Article Archive of
The Kalona News
Kalona, Iowa
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Newspaper Article Archive of
The Kalona News

August 9, 2018 Supervisors OK obligation bond
Article Pages -- as published on the The Kalona News website.

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ARTICLE DESCRIPTION:

County supervisors, Tuesday, approved sale of $3.565 million in general obligation bonds to purchase state-mandated 911 communications equipment. The bond sale will be handled by Northland Securities.

The board was assured that the sum will cover all costs involved for a year, including debt service and the approximate $12,000 to $14,000 fee to review the county’s credit rating.

The $3.4 million is restricted entirely to equipment purchase and installation and to cover the recently approved contract with RAYCOM of Marshalltown.

A second bond sale is expected in early 2019, possibly for $6.7 million, and will cover the rest of the cost, including the new communications building at Orchard Hill.

Building costs are estimated between $1.4 and $5 million. The bond sale was split to allow the county to have funds as needed and is a cost-saving measure.

Last year, the county was authorized to borrow funds, not to exceed $10.5 million for the required equipment/communications/radio tower updates. However, actual costs are expected to be less and, to date, bids have been below estimates.

The loan term is 10-11 years and could possibly be shorten to 7-8 years, Northland noted.

The board was assured that its previously passed $1.11 per $1,000 valuation levy will cover the full amount within that 10-11 year period, which is considered a short term for municipal borrowing.

In a related matter, the board approved a contract with Neumann Monson Architects for design of the new communications building.

Approval was recommended by Carl A. Nelson Construction, project manager. Deadline for completion is July 1, 2019, and full operation of the new facility in January 2020.

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