Outstanding County bond debt


At the end of Fiscal Year 2009, Linn County had eight dollars ($8.oo) in net bonded debt – see page 68. Once the $7.3M bonds are sold (see below), Linn County will have about $25M in bond debt. I was wondering how we accumulated this bond debt so I reviewed the County’s bond book maintained by my office. The breakdown by project/public purpose is below. Please let me know if you have any questions. –Joel D. Miller – Linn County Auditor

Project/Public Purpose Principal & Interest Payments
Elections Depot $710,000
County Buildings $1,540,000
Building Improvements $7,450,000
Juvenile Courthouse $2,170,000
Joint Communications System $5,285,000
Monroe Township Fire Station $490,000
Total $17,645,000
G O Urban Renewal 2017A $7,300,000
TOTAL $24,945,000

For more information, contact:

Dawn Jindrich

Budget Director

(319) 892-5116

dawn.jindrich

FOR IMMEDIATE RELEASE

May 12, 2017

Linn County Receives Aaa Bond Rating on General Obligation Bonds

LINN COUNTY, IA – May 12, 2017 – Moody’s Investors Service has announced it has assigned a Aaa rating to Linn County’s $7.3 million Taxable General Obligation Urban Renewal County Purpose Bonds, Series 2017A. Concurrently, Moody’s maintains the Aaa rating on the County’s outstanding general obligation unlimited tax (GOULT) debt. The Aaa rating is the highest rating possible.

The Series 2017A bonds will be used to finance various urban renewal projects that include Linn County’s acquisition of approximately 485 acres of property near Squaw Creek Park. Linn County expects that acquisition of the property and use for recreation and conservation purposes will contribute to the well-being of the County’s residents and will make the County a more attractive location for new commercial and industrial enterprises.

“This rating is a reflection of our long-standing commitment to the County’s financial health and our strategic goal to demonstrate accountability to taxpayers,” said Linn County Budget Director Dawn Jindrich.

Following issuance of the Series 2017A bonds, Linn County will have $25.2 million of GOULT debt outstanding. The Aaa rating reflects the county’s large tax base that is anchored by the diverse and stable economy of the City of Cedar Rapids (Aa1 stable), Linn County’s sound financial operations, healthy reserves, and low debt and pension burden with manageable fixed costs.

According to Moody’s, the stable outlook reflects Moody’s expectation that Linn County’s credit quality will remain strong due to the strength of the regional economy and the health of the county’s financial operations. The report from Moody’s is available at www.moodys.com/researchandratings.

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