Sheldon City Council Votes To Purchase Notes For Western Avenue Project

Sheldon, Iowa — The Sheldon City Council met in special session on Monday evening, October 28th in the council chambers.

There was only one issue on the open-session agenda, and that was a resolution directing the acceptance of a proposal to purchase $3,700,000 (dollar amount subject to change) general obligation capital loan notes for the Western Avenue project.

City Manager Sam Kooiker says he heard from Ryan Dalton at D.A. Davidson, the City’s bond agent, that the rates are finalized, and is estimated at 3.918129%. Dalton says this is down from the previously predicted interest rate of 4.119335%. Kooiker says the slight drop in municipal bonding interest rates will save additional taxpayer dollars over the life of the note.

The council passed the resolution unanimously.

Then, the council moved into closed session to continue to work on the police chief vacancy.

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