City Council approves general obligation loan notes for Post Street Project

The Postville City Council, on the advice of Financial Adviser  Larry Burger accepted the bids for the $240,000 taxable general obligation refunding capital loan notes series 2017B. The Council accepted a resolution directing the sale $240,000 taxable general obligation loan notes. The low bid was from Bankers’ Bank of Madison Wisc; Fidelity Bank and Trust, Postville.

In a related matter Council Member Moore made a motion to adopt Resolution 1240-17 a resolution directing sale of $1,105,000 general obligation  loan notes. The low bid of Bankers’ Bank, Madison, Wisc; Fidelity Bank and Trust, Postville was accepted in the amount of $1,097,265. Mr. Burger explained that  this was a good time for the project as interest rates are very low. 

The funds are being used for the Post Street project which includes extensive work of Post Street from the 200 through the 500 blocks.

Replacing the old clay sanitary sewer main and manholes in the middle of Post Street between Ogden and Bancroft streets.  New private services will be run into the boulevard from under the street and tied into the existing services to each home.  If homeowners wish to replace their old service all the way into their home at their cost, this may be a good time to do so and they should contact (563) 380-3894 to coordinate this work into the project.

The Council will review water and sewer rates at a special meeting scheduled for June 29.

The meeting concluded with Corey Snitker giving a presentation on the public safety plan that will be enforced during the time that RAGBRAI is in the county.

Read the full article in the June 21 edition of the Postville Herald.