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 $675,000
(ELECTRIC REVENUE)
The City Council of the City of Sergeant Bluff, Iowa, will meet on May 13, 2025, at the City Council Chambers, 501 4th Street, in the City, 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 $675,000, for the purpose of paying the cost, to that extent, of planning, designing, and constructing improvements and extensions to the Municipal Electric Utility System (the “Utility”) of the City.
The Loan Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation, but, together with any additional obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the net revenues of the Utility.
At the aforementioned 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 Sergeant Bluff, Iowa.
Danny Christoffers
City Clerk
Published in the Sergeant Bluff Advocate weekly newspaper, Thursday, May 1, 2025. The SB-Advocate is the Official Newspaper for the City of Sergeant Bluff and is an Official Woodbury County newspaper. (PN#050125-00089)
