Urbandale News

Posted on: February 16, 2017

Urbandale to Sell $19.1 Million in Bonds

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The proceeds from the anticipated April 2017 sale of these bonds would be used for the construction of various public improvement projects during construction year 2017 and the refunding of 3 existing bonds.  To cover the funding needs of Urbandale's Capital Improvements Program projects in 2017, it is necessary to issue general obligation bonds in an amount not to exceed $7,125,000.  Theses bonds would be services by the City's debt service tax levy rate of $2.20/$1,000 of valuation.  To cover the funding needs for the Urbandale's TIF supported projects recommended in the Capital Improvements Program, it will is necessary to issue urban renewal general obligation bonds in an amount not to exceed $8,750,000.  In addition, the City will call and refund $2,700,00 of Series 2009B, $490,000 of Series 2006B and 85,000 of Series 2007 bonds.  The City's Financial consultant projects the net present value of interest savings to be $74,639 over the four year life of the new debt.

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