In a recent government meeting, Cedar Falls officials discussed the successful solicitation of bids for the sale of $4,520,000 in general obligation loan notes, series 2024. John Burmeister from PFM presented the bid results, highlighting the city's impressive AAA credit rating, which only two other cities in Iowa share. This rating, he noted, significantly enhances the city's appeal to investors and underwriters.

Burmeister reported that the city received seven competitive bids from various underwriting firms, with a total of 42 underwriters from across the United States vying for the bonds. The lowest bid came in at a true interest cost of 3.176%, reflecting favorable market conditions as interest rates have recently declined.

During the discussion, concerns were raised about maintaining the AAA rating, especially in light of a potential $100 million borrowing for a future wastewater treatment plant project. Burmeister reassured council members that the city is managing its finances prudently, with a focus on gradual growth in debt and increasing cash reserves.

Council members expressed appreciation for the competitive bidding process and acknowledged the efforts of city staff in maintaining strong financial management. The meeting also included a public inquiry regarding the allocation of funds previously associated with a local hospital, which had been moved to a sewer account. City officials agreed to investigate this matter further.

Overall, the meeting underscored Cedar Falls' strong financial standing and proactive approach to future capital projects, while also addressing community concerns about fiscal transparency and health-related funding.