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A business in Washington has received city approval regarding industrial bonds. City Administrator Brent Hinson says the United Presbyterian Home approached the city about the refinancing of bonds. He says the city became involved because of an Iowa law that allows industries to have a tax-exempt status on their bonds to obtain a lower interest rate.
This bond request was first approved in 1995 and now the bonds are being brought back to a local bank with a lower interest rate. Hinson says the council approving this request has no risk to the taxpayers of Washington.
The next step is to hold a public hearing and approve a resolution to adopt the request. The public hearing will be part of the October 17th City Council meeting.
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