City of Derby Council Meeting Agenda May 2026
Brownstone Wins Bid for $3.69M Derby Temp Notes
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Description
The City of Derby sold $3,685,000 in Temporary Notes, Series 2026-1, to Brownstone Investment Group at a true interest cost of about 3.31% to finance subdivision paving, water, sewer, and drainage improvements. Council action on May 12 will ratify the sale through a note resolution.
Contract Details
Contract Amount
$3,685,000 principal amount of Temporary Notes Series 2026-1
Vendor
BROWNSTONE INVESTMENT GROUP
Agency
City of Derby, IA
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Renewal Info
Short-term note financing; future permanent financing or rollover would require new authorization.
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