NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO
ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY
THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $600,000
(GENERAL OBLIGATION)
The City Council of the City of Wellman, Iowa, will meet on December 2, 2024, at the Wellman City Hall, Wellman, Iowa, at 5:30 o’clock p.m., for the purpose of instituting proceedings and taking action to enter into a Loan Agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $600,000 for the purpose of paying the cost, to that extent, of constructing bridge improvements.
The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
It is estimated the annual increase in property taxes on a residential property with an actual valuation of one hundred thousand dollars resulting from the City entering into the Loan Agreement will be $44.11, however the City Council may determine for any fiscal year while the Loan Agreement is outstanding to budget other available revenues to the payment of some or all of the debt service coming due thereunder.
At that time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections, the City 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 City Council of the City of Wellman, Iowa.
Beth Van Winkle
City Clerk
Published in The News, Thursday, November 21, 2024 L-50
