Dubuque City Council Approves Loan Restructuring | News from the three states
Dubuque City Council took the following notable actions at its regular meeting on Monday:
Action: City council members voted, 7-0, to issue about $ 49.5 million in general bonds to cover the costs of various city projects, while reducing long-term interest payments on loans already issued .
Background: City staff intend to use the majority of the borrowed funds, approximately $ 40.5 million, to repay previously issued series of bonds in order to use lower interest rates, which is expected to generate approximately $ 3.1 million in interest savings.
Portions of the loan will also go to a variety of urban projects, including improvements to Chavenelle Road, the rehabilitation of Town Clock Plaza and the installation of new facilities at Jackson Park.
And after: General obligations will be paid through various city funding sources, including local option sales tax, Dubuque Industrial Center West and Grand Downtown tax increment funding, gaming revenue and utility charges.
Action: City council members voted, 7-0, to schedule a public hearing for April 19 to approve a $ 180,000 rental agreement for the use of a postage and insert machine.
Background: In 2019, city staff entered into a general fund rental agreement with Postal Source to use the company’s mail machine, document processing software, and inserter / folder system. The equipment is used by the city for printing, inserting and mailing utility bills, paychecks, accounts payable checks and postage. However, more than a year after the rental agreement was approved, city staff determined that the equipment provided was performing “well below expectations and standards, resulting in a significant financial and time burden. for staff, ”state documents from the city.
City staff are now recommending that a new lease be approved with Pitney Bowes, which will provide the same mailing equipment.
And after: If approved on April 19, the city will enter into a new lease agreement with Pitney Bowes, effective April 20. The company will charge the city a monthly cost of $ 3,350 for the use of its postal equipment, or about $ 535 more per month than was billed by Postal Source.
action: City Council members voted, 7-0, to approve a cost-sharing agreement between the City and the Town of Asbury for an asphalt paving project for parts of Pennsylvania Avenue.
Background: Under the proposed agreement, the city would provide the labor, material equipment and traffic control to place a two-inch asphalt mat on the westbound lanes for two sections of Pennsylvania Avenue, which Asbury is responsible for maintenance. The sections include a 1,350 foot section beginning at the intersection of Heacock Road and extending eastward and a 1,320 foot section located just east of the intersection with Seippel Road. The asphalt covering of the eastbound lanes, for which Dubuque is responsible, will be carried out by a private contractor for which the town of Dubuque will pay.
And after: As part of the agreement, the City of Asbury will pay $ 48,155 for the project. The project is expected to be completed by the end of June.