By Marcy Knaack
There were no written or oral objections at the public hearing for the proposed issuance of a General Obligation Capital Loan Note not to exceed $250,000 for paying cost of construction, equipment and furnishing of the Crayon School Learning Center.
Loan proposal request letters will be mailed to Farmers Savings Bank, Marshalltown, Farmers Saving Bank, Traer, F & M Bank, Gladbrook and Lincoln Savings Bank, Reinbeck. The length of the note will be for 10 years. Proposals are to be to City Clerk Lori Bearden by noon Friday, August 7th with the Council accepting a bid at their regular meeting on Monday, August 10th. Closing date will be August 17, 2009.
The Council approved paying a total of $17,500 for architectural fees with the G-R School District also paying $17,500 to Ament, Inc of Cedar Rapids. A public hearing will be held Monday, July 13th at 7:30 p.m. to accept architect plans and authorize sending out bid plans.
In other business the Council approved the transfer of $37,398.47 LOST revenue from the Special Revenue Fund to the Debt Service Fund for the payment of principal and interest of debt incurred by the City of Gladbrook for street improvements and economic development and $21,582.87 LOST revenue from the Special Revenue Fund to the General Fund for the reduction of taxes. TIF money totaling $17,422.27 received from Tama County was transferred to the Debt Service Fund. $5,452.18 of emergency revenue received from Tama County was transferred from the Special Revenue Fund to the General Fund and Special Revenue Levy for employee benefits of $6,307 was transferred from the Special Revenue Fund to the General Fund for employee benefits expenditures and $3,686 from the Special Revenue Fund to the
Road Use Fund for employee benefits expenditures. There is a balance of $5,244.44 in the Employee Benefits Special Revenue fund to reduce future tax levies for employee benefits.
A public hearing for a building variance will be held Monday, July 13 at 7:30 p.m. Shauntay Rickett's request to build a deck to the front of her property was denied as it does not fall within the code guidelines.