Monona County NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS FOR THE INCURRENCE OF NONCURRENT DEBT IN A PRINCIPAL AMOUNT NOT TO EXCEED $500,000 (NONCURRENT DEBT) The Board of Supervisors of Monona County, Iowa, will meet on May 31, 2022, in the Board of Supervisor’s Room, Onawa, Iowa at 11:00 o’clock a.m., for the purpose of instituting proceedings and taking action on a proposal to incur noncurrent debt (the “Noncurrent Debt”) in a principal amount not to exceed $500,000 for the purpose of financing the costs of constructing the County Highway E60 Improvements Project (the “Project”) in the Monona County Urban Renewal Area. At that time and place, oral or written objections may be filed or made to the proposal to incur the Noncurrent Debt. After receiving objections, the County may determine to incur the Noncurrent Debt. The Noncurrent Debt will be in the form of an internal advance of funds from the County’s Secondary Roads Fund for the payment of costs related to funding the Project, including legal and administrative fees, and shall be repaid with incremental property tax revenues derived from the Monona County Urban Renewal Area on or before June 1, 2030. The Noncurrent Debt will be incurred pursuant to authority contained in Chapter 403 and in Section 331.478 and Section 331.479 of the Code of Iowa. By order of the Board of Supervisors of Monona County, Iowa. Peggy Rolph County Auditor MP5-19-22
