(Red Oak, Iowa) – The Board of Supervisors in Montgomery County, today (Tuesday), passed a resolution to fund courthouse tuckpointing and other relevant improvements. They also approved the Loan Agreement, Registrar and Paying Agent Agreement. The resolution authorized a loan agreement with Houghton State Bank, in the amount of $450,000, for “The placement and issuance of General Obligation Courthouse Improvement Bonds, Series 2024, and providing for the levy of taxes to pay” for the bonds.

Prior to their vote to pass the resolution, the Board heard from Nate Summers, with UMB Bank. Summers provided documents showing the latest property valuations, outstanding principal payments on existing debt, and other financial data.

The interest rate is approximately 4.51-percent. Summer that there were four banks interested in having a loan agreement with the County, but the interest rates were higher. Persons wishing to see the full resolution (2024-16) may do so at the Montgomery County Auditor’s Office during regular business hours. Last August, the supervisors approved the bid of Andrew Tuckpointing LLC out of Clarinda for over $382,000 to perform tuckpointing on the county courthouse and clock tower. The supervisors also set a public hearing for April 23rd at 8:45 a.m. for a budget amendment necessary for the project.

In other business, the Supervisors in Montgomery County received an update from County Engineer Karen Albert.

She said also…

The Board’s next regular meeting is April 9^th, at 8:30-a.m.