Norwalk approves water revenue bonds to fund Central Iowa Water Works buy-in and water tower project

Summary

Council approved two resolutions to authorize water revenue bonds: Series 2025A for approximately $5.97 million to cover Central Iowa Water Works member buy-in costs and Series 2025B for approximately $4.925 million toward a water tower project (project cost just over $6 million). Closings are scheduled for Dec. 19.

Norwalk City Council voted to authorize two sets of water revenue bonds on Dec. 4. The first resolution approves issuance and security for approximately $5,970,000 in Series 2025A bonds to cover the city’s Central Iowa Water Works member buy-in costs and secure additional water capacity. Staff said the city will close on the issue on Dec. 19 and place the check on the next claims list.

The council also approved a resolution for Series 2025B bonds, authorizing up to $4,925,000 for a water-tower project. Staff reported the total project cost is slightly more than $6 million and that borrowing will be drawn down as the project progresses rather than as a single payment. Both resolutions passed by roll call.

City staff characterized these as standard financing steps to secure necessary water capacity and infrastructure funding; no speakers objected during the proceedings.