–The Algona City Council moved forward with proposals that would see the city issue up to $5 Million in general obligation bonds to finance capital improvement projects over the next two years during their meeting this week. The council held four different public hearings on Monday for the proposed projects. City Administrator Jacob Tjaden discussed the loan notes prior to the council approving them.
Around $2.5 Million will be used to cover the costs of the Nebraska & Thorington Street project, which will include a complete reconstruction of the parking lot at that intersection. Just under a million dollars will be used for the Street Department facility at 1107 N. Main Street, while the remaining funds will be used for 2026 street projects that are yet to be determined.
The city’s long-term debt management plan calls for issuing General Obligation debt every 3 years and front loading the debt payments so that capacity for new debt becomes available without necessarily having to increase the tax levy. If you have questions about the debt issuance or the city finances in general, you can go online to www.algonaiowa.gov or call 515-295-2411.
