Dubuque City Council approves $21.1M bond financing on 7-0 vote

REAL DUBUQUE NEWS (RDN) DUBUQUE, Iowa - The Dubuque City Council voted 7-0 Monday night to approve the financing plan for up to $22.25 million in general obligation bonds, combining the loan agreements, setting the bond sale for Nov. 16 and authorizing the preliminary official statement. City CFO Jennifer Larson told the council the actual borrowing totals $21,135,000: $10,370,000 in tax-exempt Series 2026A bonds and $10,765,000 in taxable Series 2026B bonds. State law requires the taxable and tax-exempt pieces to be issued separately, and combining the proceedings is an efficiency step, Larson said. The proceeds break down to $20,223,131 for previously approved budgeted capital projects, $335,550 in issuance costs and a $576,819 contingency for interest-rate and cost movement. The project list includes street, sidewalk, ADA curb ramp and corridor work, the 14th Street Overpass, fire vehicles and radios, fire station improvements, an outdoor warning siren, solid waste collection vehicles and Five Flags building improvements. Larson also told the council the city's Moody's rating call was held last week and an affirmation of the Aa2 rating is expected with no concerns raised. She said the city's debt stands at about 33 percent of the 5 percent statutory debt limit, down from 88 percent under the city's debt-reduction plan, and that only four of Iowa's 11 cities over 50,000 population use less of their limit. One resident, Katherine Sarnson of 2613 Jackson St., objected during the public hearing. She said the item felt rushed, questioned the city's roughly $293 million in total debt and $33 million in annual debt service, opposed paying interest on small projects and asked about Comiskey Park funding figures and the interest rates on the two series, which are not yet set. In a separate hearing, the council voted 7-0 to approve the ImOn Ice Arena cooling tower replacement. Staff told the council the tower is, in their words, on its last leg and needs replacement within the year. No members of the public spoke on that item. The council's formal minutes for the Nov. 2 meeting have not been posted; this account is based on the city's meeting video.