Notice of Public Hearing - Repurpose GO Loan

NOTICE OF PUBLIC HEARING ON PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER TO FACILITATE THE REPURPOSING OF PRIOR BOND PROCEEDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,025,000

(GENERAL OBLIGATION)

The Board of Supervisors of Muscatine County, Iowa (the “County”), will meet on April 13, 2026, at the Muscatine County Administration Building, Muscatine, Iowa, at 9 o’clock a.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement (the “Loan Agreement”) and to borrow money thereunder to facilitate the repurposing of prior bond proceeds in a principal amount not to exceed $1,025,000 for the purpose of paying the costs, to that extent, of: (a) renovating the Deep Lakes Park Maintenance Facility ($100,000); (b) undertaking general physical maintenance and repairs to County facilities ($200,000); (c) undertaking repairs to the Community Services Building ($275,000); and (d) improving the geothermal field for heating and cooling County buildings ($450,000).

The Loan Agreement is proposed to be entered into, and bonds will be issued thereunder, pursuant to authority contained in Section 331.402 of the Code of Iowa.  To the extent and additional credit facility were to be undertaken, the Loan Agreement would constitute a general obligation of the County.

The County intends to use its borrowing authority under the Loan Agreement to repurpose a portion of the proceeds of a prior issuance of General Obligation Levee Improvements Note, Series 2022, dated July 21, 2022.  As a result, there will be no annual increase in property taxes on a residential property with an actual valuation of one hundred thousand dollars resulting from the County entering into the Loan Agreement.

At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement to facilitate the repurposing of prior bond proceeds.  After receiving objections, the County may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.

By order of the Board of Supervisors of Muscatine County, Iowa.

/s/Tibe Vander Linden

County Auditor