Iowa Central to seek $25.5M in bonds

Iowa Central to seek $25.5M in bonds Main Photo

15 Nov 2017


Bill Shea

Voters in nine area counties will be asked early next year to approve a $25.5 million general obligation bond issue to finance numerous building upgrades at Iowa Central Community College.

Voters in nine area counties will be asked early next year to approve a $25.5 million general obligation bond issue to finance numerous building upgrades at Iowa Central Community College.

The college’s Board of Directors voted Tuesday evening to schedule a Feb. 6 referendum on the bonds.

The money would pay for security and electrical upgrades, changes needed to comply with the Americans with Disabilities Act, and a new biofuels testing lab.

The biggest part of the proposed bond issue is $6 million for the planned Greehey Family Student Success Center on the Fort Dodge campus. It would house enrollment, financial aid, academic advising, counseling and career planning services in one place. Bill Greehey, a Fort Dodge Senior High graduate who was the chief executive officer of Valero Energy Corp., donated $3 million for the center in June.

The investments funded by the bond issue would not be limited to the college’s main campus in Fort Dodge. Improvements are planned at the Eagle Grove, Storm Lake and Webster City centers also.

The bond issue must be approved by 60 percent of those voting in Buena Vista, Calhoun, Greene, Hamilton, Humboldt, Pocahontas, Sac, Webster and Wright counties.

Paying off the bond debt would cost the owner of a home with an assessed value of $100,000 just $12 a year, according to college President Dan Kinney.

The board called for a new referendum less than a year after a similar proposal failed by a slim margin. Voters in the nine counties went to the polls on Dec. 5, 2016, to act on a $29.5 million general obligation bond issue.

That bond issue was approved by 58.6 percent of those who voted, falling just short of the needed 60 percent level.

Full article.

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