The Atlantic City Council this (Wednesday) evening, passed three Resolutions dealing with a Vision Iowa grant, Ash Street Extension Infrastructure Improvements, and a loan agreement providing for the issuance of $4.66-million in General Obligation Corporate Purpose and Refunding Bonds.

City Administrator John Lund said the City’s Park and Recreation Board was notified by the State that the City could not spend money on the playground or ADA accessible fishing pier for the Schildberg Recreation Area. Accordingly, the City and County need to amend their resolutions committing matching funds for the Vision Iowa Grant.  The City’s portion of the matching funds amounts to $100,000. The County did its part, last Friday. Atlantic Parks & Rec Dept. Assistant Director Seth Staashelm said the grant application package was submitted on-time to Vision Iowa, and they have a presentation scheduled before the Board to explain the project, next Wednesday.

With regard to the Ash Street Improvement portion of the agenda, John Lund said that involves Tax Increment Financing (TIF) for private subdivision development. Marty Boose, of Boose Building Construction, L.C., authorized completion of the 2015 Ash Street Extension Subdivision, and the dedication of 66-feet platted Right-of-Way in front of Street Lots 65-68 and 109-110 in the Nishna Hills Addition. The City simply needed to accept the road work and utility extensions in order for them to officially being considered part of the public right-of-way.

And, the Resolution for issuance of bonds, is simply another legal step, and standard procedure the City must go through, according to Lund, in order to engage in the open market for the sale of bonds. Chip Schultz, Senior Vice President of Public Finance with UMB Bank, said the Resolution simply finances the interest rates and other issues. Funds from the bonds will be delivered to the City on May 19th. That will establish escrow for calling-in and refunding the Series 2011 bonds that are due in 2019 through 2026. It also funds the so-called “New money” projects, such as those involving library, street and storm water improvements, along with police and fire equipment. The City is taking advantage of historically low interest rates and borrowing now, to pay off a higher interest loan in 2019. The move should save the City about $80,000 in interest.

In other business, the Atlantic City Council, Wednesday, set May 18th as the date for a Public Hearing on an Amendment to the Fiscal Year 2016 Budget. John Lund says in March 2015, the Council approved a budget for management of the cash the City received and spends for the period of July 1, 2015 through June 30, 2016. The City needs to reconcile any changes made where they stepped outside the budget boundaries, and must due so during the month of May, in order to comply with State law. Among the budget changes that have been made, is: The purchase of a fire truck; Approximately $4-million in revenue from increased sales and gas tax and new bond proceeds; New traffic signals; Higher library salaries and City Attorney fees.

The Council also approved the appointment of Judd Meneely to the Atlantic Municipal Utilities Board. He succeeds Larry Turner who has retired from the Board. They also approved an order for a Parade Permit in advance of the May 21st, for the Ba-da Ba-da Bing Bang Military Vehicle Rally.