I-1 - Preliminary Official Statement - GO Bond 2025

SUMMARY OF DEBT AND DEBT STATISTICS Statutory Debt Limit Article XI, Section 3 of the State of Iowa Constitution limits the amount of debt outstanding at any time of any county, municipality or other political subdivision to no more than five percent (5%) of the actual value of all taxable property within the corporate limits, as taken from the last certified state and county tax list. The debt limit for the County, based on its most recent certified (2023) valuation, is as follows: Computation of Legal Debt Limit as of March 2, 2025: 2023 [2024/2025] Gross Valuation of 100% Actual Value of Property $ 710,824,685 Less Military Exemption ( 1,015,297) Add Captured Tax Increment Value 91,082,373 Actual Value for Debt Limit Calculation $ 800,891,761 Times 5% of Actual Value for Debt Limit Calculation x .05 Legal Debt Limit $ 40,044,588 Outstanding bonds applicable to debt limit: $5,140,000 G.O. Corporate Purpose Bonds, Series 2017A $ 3,355,000 $1,100,000 G.O. Annual App. Fire Truck Acquisition Bonds, Series 2018A 45,000 1 $4,500,000 G.O. Corporate Purpose Bonds, Series 2019A 2,980,000 $7,670,000 G.O. Urban Renewal and Refunding Bonds, Series 2020A 5,490,000 $2,510,000 G.O. Annual Appropriation Corporate Purpose Refunding Bonds, Series 2021A 355,000 $2,740,000 G.O. Corporate Purpose Bonds, Series 2022A 2,420,000 $3,565,000 G.O. Corporate Purpose Bonds, Series 2024A 3,565,000 $5,500,000 G.O. Corporate Purpose Bonds, Series 2025A (This Issue) 5,500,000 TIF Rebate Agreements 1,118,009 2 Total debt applicable to debt limit $ 24,828,009 Legal Debt Margin $ 15,216,579 (Remainder of page left intentionally blank) 1 Only the annual appropriation debt coming due in the current year applies to the City’s statutory debt limit. 2 These rebate agreements count against the City’s statutory debt limit to the extent of the current fiscal year rebate amount. – 24 –