Rock Valley council sets public hearing on up to $3 million disaster-relief note after flood expenses

The Rock Valley City Council voted June 26 to set a public hearing on a proposed Taxable General Obligation Disaster Relief Loan Anticipation Project Note, Series 2024B, in a principal amount not to exceed $3,000,000.

The council heard remotely from bond counsel John Danos and Patty Scallion of Dorsey & Whitney, who outlined options for emergency bonding to cover extensive flood-related expenditures. Leon Freeman of Veenstra & Kimm will provide consulting on FEMA matters after the council approved a contract for his services earlier in the meeting.

Council member Koldenhoven introduced Resolution No. 938-24 to set the public hearing; the motion was seconded by Council member Granstra and carried on a roll-call vote with ayes from De Kam, Granstra, Koldenhoven, Faber and Van't Hul and no nays. The resolution sets a hearing to give the public an opportunity to review and comment on the proposed loan agreement; the transcript does not specify the hearing date.

The council did not take final action to issue debt at the meeting; it only scheduled the public hearing required before any loan issuance. Details about terms, timing, and use of proceeds will be determined in subsequent steps and any required statutory notices.

Next steps: the council will hold the public hearing required by the adopted resolution; further action to approve a loan agreement and issue the note would require separate formal approval.