County To Enter Into Loan Agreement
The Palo Alto County Board of Supervisors will meet in the board room at the Palo Alto County Courthouse on Thursday, Dec. 13, at 8 a.m. to enter into a $5 million loan agreement.
This $5 million loan will be a portion of the total $11.8 million general obligation bond that the county will assume for improvements to the county’s aging road system. The bond is scheduled to last 20 years. This will be the largest bond issue that Palo Alto County has ever entered into.
The county is taking advantage of this first of its kind opportunity granted by Iowa Governor Chet Culver. In April 2007, Gov. Culver signed legislation that allows a county to issue a general obligation bond for essential county purposes–without a vote of the people.
Throughout December, public meetings were held in Emmetsburg, Graettinger, Ruthven, Ayrshire, Mallard, and West Bend in order to gain valuable public input from county citizens.
On average, residents of Emmetsburg will see their annual taxes increase by $54.99; residents of other Palo Alto County towns will see a $33.92 increase; rural residents will pay $37.56 more; and ag land will increase by $1.26 per acre.