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 $2,100,000 (GENERAL OBLIGATION)

The City Council of the City of Sergeant Bluff, Iowa (the “City”), will meet on March 31, 2026, at 501 4th Street, Sergeant Bluff, Iowa, at 5:30 o’clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a Loan Agreement and to borrow money thereunder in a principal amount not to exceed $2,100,000 for the purpose of paying the costs, to that extent, of (a) constructing street, water system, sanitary sewer system, storm water drainage and sidewalk improvements; (b) undertaking improvement to and equipping of existing municipal parks; (c) acquiring vehicles and equipment for the municipal police department; (d) acquiring and equipping a vehicle for the municipal fire department; and (e) acquiring a vehicle for the maintenance of municipal streets.

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 $26.72, 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 Sergeant Bluff, Iowa.

Danny Christoffers

City Clerk