general obligation bonds

'Sports complex' allocated millions in proposed city budget; project yet to be publicly discussed

The proposed Bettendorf city budget would allocate more than $15 million to build a "sports complex" that has yet to be discussed publicly by aldermen.

The budget – which will be discussed at an all-day public work session Saturday (2/11) – includes $2 million for purchase of land for the "sports complex," more than $2 million for roads, lighting and sewer extensions for the project, and lists the issuance of $11.2 million in debt (bonds and notes) to finance the facility construction.

Interest rates on bonds to finance Bettendorf's capital improvements come in higher than expected; post-election expectations cited as factor in hike

The election of Donald Trump may have many meanings around the country, but in Bettendorf one of the most immediate impacts will be higher interest rates on new city debt.

And, that translates into higher costs for the coming slate of capital improvements, ranging from a new $250,000 ice-skating rink to $1.4 million in downtown redevelopment to $700,000 for a Great Lawn in the new Forest Grove Park.

The higher interest rates also prompted the city to scrap a $28-million General Obligation (GO) bond refinancing plan, at least temporarily.

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