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The City of Muscatine was assigned an Aa2 rating from Moody’s Investors Service based on the city’s stable population trends, a growing tax base, stable financial operations, and healthy reserves

Muscatine, IOWA – According to the city officials, the rating is for the $6.19 million General Obligation Corporate Purpose Bonds, Series 2022.

City officials have announced that the Series 2022 bond issue will be used to fund a variety of City projects that have recently been completed, are currently underway, or will be underway in calendar years 2022 and 2023.

Officials also said that the projects and the proposed bond issue were reviewed with City Council during the budget sessions in January and February.

The Muscatine City Council approved the issuance of the bonds on March 3.

Ladies and gentlemen, the estimated total bond issue is for $6.19 million with $2.5 million earmarked for the Grandview Avenue Reconstruction Project.

Other projects that are part of the bond issuance include $1.08 million for a new fire engine, ambulance, and “demo” ambulance, $200,000 for the vehicle wash bay at Public Works, $200,000 for building demolition projects, $338,500 for playground and Aquatic Center repairs, $450,000 to replace the tipping floor at the Muscatine Transfer Station, $725,000 for the local share of the Park Avenue 4-to-3 Lane Conversion Project, $195,000 for the local share of 2019 flood damages, and $274,000 for deferred building maintenance projects.

More information here.

This is a developing story and it will be updated as new information become available. 

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