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Thursday, Aug. 28, 2014

City proceeds with bonding

Tuesday, July 18, 2006

The Cherokee City Council voted unanimously to proceed with the issuance of a 10-year bond note to pay for $400,000 of the city's contribution toward the Bacon Aquatic enter/Gillette Park project.

John Geist of Ruan Securities out of Des Moines, presented the council with the options of a 10-year and a 15-year bond. The total interest of a 10-year bond would amount to about $117,000 and, if paid for totally through debt service levy, would raise property tax between 45 and 47 cents per $1,000 of taxable valuation.

The total interest of a 15-year bond would amount to about $180,000 and, if paid for totally through debt service levy, would raise property tax between 33 and 35 cents per $1,000 of taxable valuation.



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