At the July 19th Washington City Council meeting, the council approved a joint bid of $3.6 million from Hills Bank and UMB Bank for general obligation loan notes. The funds received from these bids could be used to fund major infrastructure projects or other long-term projects. Washington Mayor Jaron Rosien talks about what makes this type of bond spending unique. “You’re looking at bigger projects that last for a longer number of years. For example, if you waited long enough to save up for a new water treatment plant, you’d never have it by the time you needed it, so bond spending is used for the big picture, long-term projects, and investments.”

Another key takeaway from this approval was the interest Washington received from UMB Bank, based out of Kansas City, MO. Mayor Rosien talks about how Washington’s deliberate decision-making has led to entities outside the state taking an interest in their credit. “That’s the awesome takeaway that through smart, deliberate decision making about the loans we take out, we have an A+ rating. We had more people bid on our bonds than the large city of Cedar Falls, which says a lot.”

Any questions about these bonds can be directed to the City Administrator’s Office. The next Washington City Council meeting will be on August 2nd at 6 pm in the Council Chambers at City Hall.