Iowa Central rolls out its spending plan
7 Mar 2018
Iowa Central Community College’s $25.5 million general obligation bond, which will pay for a variety of building improvement projects, will be broken down into phases and sold with multiple bond sales, according to Angie Martin, the college’s vice president of business affairs.
The Iowa Central board of directors discussed the bond during its regular meeting inside the Warren Hunt Conference Center on the college’s main campus Tuesday night.
“We are working on when and how the bond sales will occur,” Martin said. “We are looking at a $10 million bond sale for the initial phase.”
Martin said the bond sales will be announced through multiple board meetings.
“Right now we are looking at the April, May, June meetings for that to occur,” she said. “We are working through the details with our legal counsel and financial advisors.”
At the meeting, the board unanimously approved a pre-levy resolution and a reimbursement resolution.
The pre-levy resolution allows the college to levy to taxpayers. That’s necessary because the bond debt will be paid off with property tax revenue.
The levy to taxpayers was essentially approved when area voters OK’d the bond in February, but Martin said the board’s passage of the resolution was a necessary step.