Tama County Supervisors Kendall Jordan and Dan Anderson met on Monday, Jan 28, to review a resolution for authorizing a loan agreement and providing for the issuance of $7,450,000 General Obligation Urban Renewal County Purpose Bonds. Supervisor Larry Vest was absent for the meeting due to weather.
Jordan and Anderson voted in favor of the resolution.
Auditor Laura Kopsa said the action will enable new tax money collected from the recently completed Vienna Wind Farm near Gladbrook and Garwin to be used to pay the bonds under a tax increment financing arrangement (TIF).
Wind turbines have been built in both Tama and Marshall counties by Mid-American Energy as parts of the Vienna project.
The Loan Agreement in the total aggregate principal amount of $7,450,000 to be dated February 13, 2013, maturing on June 1 in each of the years, 2016 through 2032.
County Engineer Lyle Brehm provided these details of the projects and estimated costs:
completion of resurfacing of a portion of County Road D65 from Lincoln to U.S. Highway 63 in the area east and west from Dinsdale -$2.5 million.
resurfacing of T47 from the Grundy County line to Gladbrook -$2.25 million
resurfacing of E29 from Garwin to U.S. Highway 63 - $1.75 million.
roadway surface work near Union Grove Lake -$500,000
Brehm said the D65 work is set for bidding in April and local bidding is also expected for the other projects in April.
It involves grinding and relaying the existing surfaces and coating with 3 inches of asphalt.
Brehm said the projects are vital because of the condition of the roadways which "are not acceptable to the public."
He said funding this work through TIF will allow the county to direct resources to other roads around the county which are also in need of work now.
Bankers Trust Company, Des Moines, Iowa, is designated as the Registrar and Paying Agent for the Bonds. Tama County will enter into an agreement with Bankers Trust to prepay the bonds. Tama County reserves the right to prepay part or all of the Bonds maturing in each of the years 2021 to 2032, prior to and in any order of maturity, on June 1, 2020 or on any date after on terms of par and accrued interest.
In other business:
Wednesday, Jan. 30, has been set for the drainage district election canvas.
the recorder's quarterly report was reviewed and approved. Total remitted to the County Treasurer for this quarter was $37,381.
Brehm gave his weekly report, stating they had not been out trying to remove the thin layer of ice on Sunday. Brehm says they would do more damage than good, and since the weather report shows the temperature to be at a degree to melt the ice on Monday, it would not be feasible for county workers to go out.
A permit for Windstream to do work near Gladbrook and on the east side of E Avenue was approved.
claims for the past week totaled $80,885.