Dubuque council to hold hearing Monday on up to $22.25M in bonds: what residents should know

Dubuque residents get their say Monday on the city's next big borrowing. The City Council holds a public hearing at 6:30 p.m. Nov. 2 on proposals to issue up to $22.25 million in general obligation bonds, Series 2026AB, in the Council Chambers of the Historic Federal Building, 350 W. 6th St. One point of confusion worth clearing up first: the council's 7-0 vote on Oct. 19 did not approve the borrowing. It only scheduled Monday's hearing. The hearing is where residents comment and where the council can take action. General obligation bonds are backed by the city's taxing power, and repayment gets planned into the budget from identified sources. For context on the city's borrowing posture: Moody's affirmed Dubuque's GO rating at Aa2 in January 2025, which keeps borrowing costs down, and the city currently uses about 35% of its statutory debt limit, with a stated goal of reaching 20% by 2034. The five-year capital improvement plan anticipates $221.9 million in new debt across fire equipment and stations, the airport, parks, water and sewer work, the East-West Corridor, and other projects. Monday's agenda also carries a public hearing on the ImOn Ice Arena cooling tower replacement, set at the same Oct. 19 meeting. And for a sense of the council's recent money moves: on Oct. 19 the council also approved $2.071 million in water revenue bonds for the second phase of the private lead service line replacement pilot, the work tied to the Lincoln Avenue closures this fall, and the $1.82 million purchase of the former Dubuque Bank and Trust building at 1398 Central Avenue plus 148 parking spaces for the municipal campus. Looking ahead, Nov. 16 brings public hearings on five housing urban renewal plans: Lake Ridge, Eastgate Court, Thunder Valley, Plaza Drive, and Bies Drive.