MASON CITY — The City Council in Mason City tonight will set a public hearing for the sale of bonds connected to capital improvement projects that are part of the Fiscal Year 2020 budget.
The council during the recently completed budget session approved the city’s Fiscal Years 2020-to-2024 capital improvements plan with projects to be funded with approximately $5.9 million of general obligation bonds. City Finance Director Kevin Jacobson says since some of the projects will be in the beginning stages starting this week, the city will need to issue bonds to cover the costs. Among the largest items to be covered in capital improvement projects include $1.6 million for water meter replacements and $580,000 for sewer collection system maintenance.
In addition to the capital improvements projects, Jacobson says the city will need to issue $4 million of taxable urban renewal bonds to cover the anticipated costs of the River City Renaissance project. He says the bonding will require the city to use local option sales tax, hotel-motel tax, and tax increment financing incremental valuation for the retirement of the debt.
The council would hold the hearing on the sale of the bonds at their July 23rd meeting.
The council meets at 7 o’clock tonight in the Mason City Room of the Public Library.