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Council Authorizes Loan Agreements

Sheldon, Iowa — After two public hearings Wednesday, the Sheldon City Council authorized loan agreements for several projects.

One of the loan agreement authorizes general obligation capital loan notes in an amount not to exceed $850,000 which will help pay for infrastructure in the new business park. The other in an amount not to exceed $1,250,000 will be used for reimbursement to the SCDC for the business park property.

In other business, the council approved a preliminary official statement on loan notes in the amount of $4,380,000. These funds will be used for the wastewater treatment plant, the 16th Street project, and the new industrial park.

The council also passed a resolution of support for the 16th Street project. This is necessary in order for the city to get support from federal funds.

And the council also heard reports from SCAT, the police department, and the Public Works Director. We’ll have details on these reports on later newscasts.

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