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On the agenda: Keokuk Agenda for the September 17, 2026 Council Meeting — Data Center (Sep 17)

Past ⚠ Agenda Watch Keokuk, Iowa · Thursday, September 17, 2026 — 1 month ago

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The published agenda for the September 17, 2026 meeting contains: "Data Center". The meeting has passed. The agenda stays here as a permanent public record.

WhenThursday, September 17, 2026
Check the agenda document for the meeting time.

WhereKeokuk, Iowa

BodyAgenda for the September 17, 2026 Council Meeting

Money$ 130.06 was at stake

On the record“Data Center”

The agenda, word for word

Government public record — the full text of the published document, archived September 19, 2026. Gold highlighting of key terms is ours, not the original’s. Read the original document ↗

66 pages · scroll to read

Page 1 of 66

AGENDA
CITY COUNCIL MEETING
September 17, 2026
501 Main Street
5:30 P.M.

Call to Order.

Pledge of Allegiance:

Roll Call.

Mayor’s Report:

Citizens’ Comments:

Consent Agenda.
● Minutes of the Civil Service meeting of September 1, 2026, and the Certified List for
Keokuk Police Department;
● Minutes of the Regular Council meeting of September 3, 2026;
● Minutes of the Civil Service meeting of September 9, 2026, and the Certified List for
Keokuk Fire Department;
● Cash Receipts & Treasurer’s Report for August 2026;
● Resolution Approving a Liquor License for Dollar General #2385, 300 Main Street,
Class B Retail Alcohol License – effective September 21, 2026,
● Resolution Approving a Liquor License for American Legion, Keokuk Post #41, 727
Main Street, Class C Retail Alcohol License – effective September 28, 2026;
● Motion to pay bills and transfers listed in Register No.’s 5562-5564;

Consider resolution approving the Annual Financial Report for the Fiscal Year ending June
30, 2026.

Consider resolution approving master agreement for professional services including Task
Order 1 Regulatory Support Services with HDR Engineering, Inc. for Wastewater Regulatory
Compliance.

Consider resolution accepting the return of property located at 604 Grand Avenue, Keokuk,
Iowa.

10.

Consider resolution authorizing the execution of an agreement with Iowa Economic
Development Authority nuisance property and abandoned building remediation fund.

11.

Council Liaison Reports:

12.

Staff Reports:

13.

Adjourn Meeting.

Page 2 of 66

MINUTES
CITY COUNCIL MEETING
September 3, 2026
501 Main Street
5:30 P.M.
The City Council of the City of Keokuk met in regular session on September 3, 2026, at 501 Main Street. Mayor Mark Smidt called
the meeting to order at 5:30 p.m. There were seven council members present, two absent. Todd Marshall, Tyler Walker, Kathie
Mahoney, Doug Matlick, Steve Andrews, Michael Greenwald and Roger Bryant, were present. Devon Dade and Matt VanBerkum
were absent. Staff in attendance: City Administrator Jim Ferneau, City Clerk Celeste El Anfaoui, Community Development Director
Pam Broomhall, Police Chief Zeth Baum, Assistant Police Chief Andrew Whitaker, Waste Water Treatment Plant Manager Tom
Wills as well as other city staff.
MAYOR’S REPORT: The Mayor read a statement from Insight regarding grant funding requirements necessary to continue with
emergency care facility plans. Bruce Billings was sworn in as Sergeant with the Keokuk Police Department.
CITIZENS’ COMMENTS: Amanda Rogers, Project Director of The Best You Coalition, provided an update on upcoming events
and services. James Rauner expressed concerns regarding snow removal on City sidewalks and the bridge on South 7th Street.
Motion made by Mahoney, second by Andrews to approve the agenda, including the consent agenda. (7) AYES,
(0) NAYS. Motion carried.
● Minutes of the Regular Council meeting of August 20, 2026;
● Re-appointment of Risa Langedal and Sylvia Mills-Echols to the Keokuk Housing
Authority, term to expire September 5, 2028;
● Motion to pay bills and transfers listed in Register No.’s 5560-5561;
Motion made by Greenwald, second by Andrews to approve initial reading of an Ordinance establishing Chapter 11.20 in the Code
of Ordinances of the City of Keokuk, Iowa, regulating after-hours access and loitering on city owned property.
Roll Call Vote: (7) AYES – Marshall, Walker, Mahoney, Matlick, Andrews, Greenwald, and Bryant; (0) NAYS, (2) ABSENT –
Dade and VanBerkum. Motion carried.
Motion made by Mahoney, second by Marshall to waive the second and third reading of the Ordinance.
Roll Call Vote: (7) AYES – Marshall, Walker, Mahoney, Matlick, Andrews, Greenwald, and Bryant; (0) NAYS, (2) ABSENT –
Dade and VanBerkum. Motion carried.
Motion made by Greenwald, second by Mahoney to adopt & give final approval of ORDINANCE NO. 2066: Establishing Chapter
11.20 in the Code of Ordinances of the City of Keokuk, Iowa, regulating after-hours access and loitering on city owned property.
Roll Call Vote: (7) AYES – Marshall, Walker, Mahoney, Matlick, Andrews, Greenwald, and Bryant; (0) NAYS, (2) ABSENT –
Dade and VanBerkum. Motion carried.
Motion made by Bryant, second by Matlick to approve the following proposed RESOLUTION NO. 171-2026: “ A RESOLUTION
APPROVING AGREEMENT WITH MOJESKI & MASTERS TO PROVIDE ANNUAL INSPECTION OF THE KEOKUK
MUNICIPAL BRIDGE.” (7) AYES, (0) NAYS. Motion carried.
Motion made by Mahoney, second by Walker to approve the following proposed RESOLUTION NO. 172-2026: “ A
RESOLUTION APPROVING HIRING OF A COMMUNITY DEVELOPMENT DIRECTOR AND SETTING THE WAGE FOR
THE POSITION.” (7) AYES, (0) NAYS. Motion carried.
STAFF REPORTS: Wills reported that a new operator has started at the plant and that Matt Briggs is training with the goal of
eventually filling the position previously held by Bell. Ferneau informed the Council of a Data Center town meeting scheduled for
Thursday, September 24, 2026, at 5:00 p.m. at the Heritage Center. He noted the importance of tracking community members’
opinions to gauge public sentiment regarding the topic. Ferneau also provided an update on the Southeast Iowa Development
Center.
Motion made by Walker, second by Marshall to adjourn the meeting at 5:58 p.m.

Page 3 of 66

CASH RECEIPTS
AUGUST 2026

General Fund
Park Maint/Improv Total
Road Use Tax
Employee Benefit Total
Sales Tax - Human Dev Total
Economic Development Total
Library Trust Total
Capital Improv Project Totals
Perpetual Care
WPC Maint/Operation Total
WPC Impr Reserve Total
Solid Waste Total
Municipal Bridge Total
Internal Service Fund Total

$
$
$
$
$
$
$
$
$
$
$
$
$
$

508,159.95
8,365.41
145,251.52
4,957.73
123,446.36
34,817.00
1,419.95
1,000.00
267.50
269,303.84
52.40
93,774.12
26,636.63
59,069.95

TOTAL

1,276,522.36

Page 4 of 66

Thu Sep 10, 2026 8:24 AM

FUND
001
002
003
087
110
112
119
121
122
125
160
165
167
168
169
182
199
200
301
302
303
304
305
306
500
610
611
612
613
614
617
670
671
672
690
810

Page

TREASURER'S REPORT

CALENDAR 8/2026, FISCAL 2/2027

ACCOUNT TITLE

LAST MONTH
END BALANCE

RECEIVED

DISBURSED

LIABILITY

END BALANCE

GENERAL
1,297,357.30
508,159.95
851,550.71
1,972.25951,994.29
PARK MAINT/IMPROV
146,608.16
8,365.41
3,241.93
.00
151,731.64
POLICE ASSET FUND/FORFE
1,073.50
.00
.00
.00
1,073.50
PUBLIC WKS EQUIP REP
12,800.78
.00
.00
.00
12,800.78
ROAD USE
1,721,692.42
145,251.52
213,074.97
2.09 1,653,871.06
EMPLOYEE BENEFIT
1,077,697.72
4,957.73
3,999.51
.00 1,078,655.94
EMER - TAX LEVY
.00
.00
.00
.00
.00
SALES TAX - HUMAN DEV
1,397,909.73
123,446.36
.00
.00 1,521,356.09
SALES TAX - INFRASTRUCT
.00
.00
.00
.00
.00
TAX INCREMENT FINANCING 1,034,537.51
.00
50,000.00
.00
984,537.51
ECONOMIC DEVELOPMENT
63,901.31
34,817.00
.00
.00
98,718.31
HOUSING DEVELOPMENT
250,000.00
.00
.00
.00
250,000.00
LIBRARY TRUST
126,211.05
1,419.95
280.00
.00
127,351.00
GRAND THEATRE RESERVE
1,051.17
.00
.00
.00
1,051.17
MARY E TOLMIE FUND
80,816.61
.00
.00
.00
80,816.61
SWIMMING POOL RESERVE
1,070.00
.00
.00
.00
1,070.00
AMERICAN RESCUE PLAN
.00
.00
.00
.00
.00
DEBT SERVICE
754,593.60
.00
.00
.00
754,593.60
CAPITAL IMPROV PROJECTS 3,634,284.43
1,000.00
271,936.91
.00 3,363,347.52
RIVERFRONT BARGE
.00
.00
.00
.00
.00
CAP SOUTHEAST IA DEV CT
58,562.80.00
38,008.83
.00
96,571.63CAP PROJ ELKEM/BROWNFIE
151,335.04.00
79,037.37
.00
230,372.41CAP AIRPORT PROJ
367,702.22.00
2,393.35
.00
370,095.57CAP PROJ-FACILITY/EQUIP
616,983.95
.00
69,713.40
.00
547,270.55
PERPETUAL CARE
522,787.79
267.50
.00
.00
523,055.29
WPC MAINT/OPERATION
1,975,201.41
269,303.84
234,100.75
2,653.94 2,013,058.44
WPC IMPR RESERVE
624,808.19
52.40
5,496.58
.00
619,364.01
SEWER MAINT EQUIP REPL
.00
.00
.00
.00
.00
WAT POL CONTR CAP
124,206.49
.00
.00
.00
124,206.49
SEWER IMPROV RESERVE
31,570.28
.00
.00
.00
31,570.28
CDBG SWR POINT REPAIR
1,157,219.40
.00
.00
.00 1,157,219.40
SOLID WASTE
316,526.68
93,774.12
83,844.36
.05
326,456.49
SOL WAS EQUIP PRELACE
.00
.00
.00
.00
.00
CAP PROJ REMEDIAL
.00
.00
.00
.00
.00
MUNICIPAL BRIDGE
1,625,243.91
26,636.63
38,789.64
567.49 1,613,658.39
INTERNAL SERVICE FUND
63,665.10
59,069.95
51,578.98
.00
71,156.07
--------------------------------------------------------------------------Report Total
18,082,218.43 1,276,522.36 1,997,047.29
1,251.32 17,362,944.82

GLTREARP 07/01/21

OPER: AB

CITY OF KEOKUK

Statement Writer: 00 Summary By: FUND

Page 5 of 66

RESOLUTION NO.
A RESOLUTION APPROVING A CLASS B RETAIL ALCOHOL LICENSE FOR
DOLLAR GENERAL STORE #2385
WHEREAS, Application has been made by Dolgencorp, LLC for a Class B Retail
Alcohol License for Dollar General Store #2385, 300 Main Street; AND
WHEREAS, Iowa Code Chapter 123 and Section 4.16.030 of the Keokuk
Municipal Code require that the City Council conduct a formal investigation into the good
moral character of the applicant; AND
WHEREAS, such an investigation has been conducted.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF KEOKUK, IOWA:
THAT, Dolgencorp, LLC has been found to be of good moral character and meets
the requirements of Section 123.40 of the Code of Iowa; and that the Class B Retail Alcohol
License for Dollar General Store #2385, 300 Main Street, effective September 21, 2026,
be approved and endorsed to the Iowa Alcoholic Beverage Division.

Passed this 17th day of September 2026.

CITY OF KEOKUK, LEE COUNTY, IOWA

By: ____________________________________
Mark Smidt, Mayor

ATTEST: ________________________________
Celeste El Anfaoui, City Clerk

Page 6 of 66

RESOLUTION NO.
A RESOLUTION APPROVING A CLASS C RETAIL ALCOHOL LICENSE FOR
THE AMERICAN LEGION, KEOKUK POST #41
WHEREAS, Application has been made by American Legion, Keokuk Post #41
for a Class C Retail Alcohol License for American Legion, Keokuk Post #41, 727 Main
Street; AND
WHEREAS, Iowa Code Chapter 123 and Section 4.16.030 of the Keokuk
Municipal Code require that the City Council conduct a formal investigation into the good
moral character of the applicant; AND
WHEREAS, such an investigation has been conducted.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF KEOKUK, IOWA:
THAT, American Legion, Keokuk Post #41 has been found to be of good moral
character and meets the requirements of Section 123.40 of the Code of Iowa; and that the
Class C Retail Alcohol License for American Legion, Keokuk Post #41, 727 Main Street,
effective September 28, 2026, be approved and endorsed to the Iowa Alcoholic Beverage
Division.
Passed this 17th day of September 2026.

CITY OF KEOKUK, LEE COUNTY, IOWA

By: ____________________________________
Mark Smidt, Mayor

ATTEST: ________________________________
Celeste El Anfaoui, City Clerk

Page 7 of 66

PAYMENT OF THE FOLLOWING CLAIMS FOR THE CITY ARE APPROVED AND CLAIMS
FOR THE LIBRARY AND AIRPORT ARE ACKNOWLEDGED FOR THE PURPOSE OF
PAYING THE SEMI-MONTHLY BILLS FOR THE COUNCIL MEETING OF SEPTEMBER 17, 2026.
REGISTER NO. 5562
AHLERS & COONEY, P.C.
PROF.SERVICES URBAN RENEWAL
$
KEOKUK MUNICIPAL WATER WORKS
GARBAGE/SEWER BILLING
$
GATE CITY PUBLISHING
PUBLICATIONS
$
KEOKUK TERMITE & PEST CONTROL
PEST CONTROL VARIOUS LOCATIONS
$
GRAY QUARRIES, INC
ROADROCK/SUPER PATCH
$
JIM BAIER, INC
PARTS
$
HARTRICK'S LUMBER
SUPPLIES
$
KEOKUK HOMESTORE
SUPPLIES
$
S. J. SMITH WELDING SUPPLY
SUPPLIES
$
MICROBAC LABORATORIES, INC
WPC TEST SAMPLES
$
TASKE FORCE, INC.
SERVICE
$
MCFARLAND-SWAN OFFICE CITY
SUPPLIES
$
ALLIANT
SERVICE
$
THE CARDBOARD BOX
UPS CHARGES WWTP
$
CENTURY LINK
SERVICE
$
GREAT RIVER REGIONAL WASTE
SERVICE
$
TRUCK REPAIR, INC
PARTS STREET DEPT.
$
HARNETIAUX FARM & HOME SUPPLY
PARTS/SUPPLIES AIRPORT
$
VAN METER INDUSTRIAL
PARTS/SUPPLIES
$
SOUTHEASTERN COMMUNITY COLLEGE
SAFETY TRAINING CLASSES
$
GOODYEAR AUTO SERVICE CENTER
4 TIRES KEOKUK PD #18
$
W. L. MILLER COMPANY
MC-30 & MC-3000 STREET DEPT.
$
IOWA DEPARTMENT OF JUSTICE
TRANSFER TITLE FORFEITURE VEHICLE
$
DOWNEY'S FIRE EQUIPMENT
SERVICE
$
IOWA LEAGUE OF CITIES
MEMBER DUES 7/1/26-6/30/27
$
SEIRPC
PER CAPITA DUES FY27
$
YOUNGGREN SHOES
SAFETY SHOES JODY ROSS CEMETRY
$
KNAPHEIDE TRUCK EQ CENTER
FORD F350 EQUIPMENT INSTALLED
$
PIPER SANDLER & CO.
GO CAPITAL LOAN PFS 26-1181
$
TERMINAL SUPPLY CO.
PARTS/SUPPLIES STREET DEPT.
$
FASTENAL COMPANY
PARTS/SUPPLIES VEHICLE MAINT.
$
USA BLUE BOOK
SUPPLIES SEWER DEPT.
$
AT&T MOBILITY
SERVICE
$
FERGUSON ENTERPRISES LLC #1657
CREDIT ON ACCOUNT
$
DOUBLE A" GLASS L.L.C. "
2013FORD WINDSHIELD REPLACEMNT
$
WISS & WISS EQUIPMENT INC.
PARTS AIRPORT
$
HEIMAN INC
SMOKE EJECTOR HOLDER-LOAD LOCK
$
DISCOUNT TIRE & SERVICE
4 POWER KING TIRES WPC
$
WM. J. KRAUS & SON, INC.
SERVICE/LABOR/MATERIAL GRAND
$
O'REILLY AUTOMOTIVE INC.
PARTS
$

216.00
3,815.00
787.35
435.00
1,688.68
1,066.34
191.26
52.75
20.09
1,438.75
4,219.50
946.53
54,625.10
166.49
327.43
594,697.94
41.54
47.25
112.24
790.00
568.00
46,295.60
600.00
75.00
5,109.00
12,738.00
175.99
10,816.16
12,500.00
577.52
92.09
1,157.19
688.14
(470.20)
452.26
127.02
88.38
1,000.00
1,090.00
1,684.53

Page 8 of 66

REGISTER NO. 5563
DAVID DYE
HILL'S PET NUTRITION SALES,INC
IMI EQUIPMENT, LLC
LEXISNEXIS RISK DATA
MIDWEST SAFETY COUNSELORS, INC
LEE COUNTY TREASURER
DRAKE-SCRUGGS EQUIPMENT, INC.
KEOKUK VETERINARY HOSPITAL
TELEDYNE INSTRUMENTS, INC
MACQUEEN EQUIPMENT, LLC
TWO RIVERS VETERINARY CENTER
WEST CENTRAL FS INC.
VERIZON WIRELESS
GLOBAL TECHNICAL SYSTEMS, INC.
INTERSTATE BILLING SERVICE,INC
LYNCH DALLAS, PC.
CINTAS CORP
TSS
COMMERCIAL CONTRACTING
BROCKWAY MECHANICAL & ROOFING
ICONNECTYOU
KUCKELMAN LAW OFFICE, P.C. AND
RADIO KEOKUK
STEVEN R LONG
NEWBERRY LANDSCAPING LLC
QUADIENT FINANCE USA, INC
QUADIENT, INC.
ZACH MULLIN
NORRIS ASPHALT PAVING
SHARED IT INC
MICHAEL CLARK
TRI-STATE HEATING & ELECTRIC
VERTICAL COMMUNICATIONS INC.
SCOTT'S ULTRA CLEAN LLC
EXCEL IT SERVICES
SchraGIS Solutions
MASON SCHAU
MIDWEST AUTO COLLISION LLC
BRIAN CARROLL
HEY BRUCE INC.
JONES CONTRACTING CORP.
CENGAGE LEARNING INC./GALE
EOCENE ENVIRONMENTAL GROUP,INC

SERVICE
ANIMAL CONTROL SUPPLIES
PARTS BRIDGE DEPT.
SERVICE KPD
INSTRUMENT CALIBRATION/TRIP
FILING FEE SPECIAL ASSESSMT
BUCKET COVER,24X24 ST.DEPT.
ANIMAL SERVICES
LABOR/SHIPPING WWTP
BROOM STREET CLEANING
ANIMAL SERVICES
BULK OIL
SERVICE
WARNING SIREN AMP&DRIVR REPAIR
CREDIT ON ACCOUNT
PROF.SERVICES GENERAL LEGAL
SERVICE
SERVICE
CONTRACT WORK
LABOR/MAT&EQUIP 249 CARBIDE ROOF
SERVICE
SERVICE
ADVERTISING AUGUST 2026
CITY HALL JANITORIAL SERVICE
NUISANCE CLEANUPS
POSTAGE METER REFILL
POSTAGE METER LEASE SEPT-DEC26
REIMB.TRAVEL EXPENSES PER DIEM
1/2' SURFACE STREET DEPT.
IT SERVICES
REIMB.TRAVEL EXPENSES
NUISANCE MOWINGS
SERVICE
JANITOR SERVICE KEOKUK PD 9/26
LIBRARY IT SERVICES
GIS MAINTENANCE
REIMB.CLOTHING FOR KPD
KPD 017 24 DODGE DURANGO 6970
TRAVEL REIMBURSEMENT
MOWING/OTHER KEOKUK MUN.AIRPRT
APP#3 BEL-AIR ST.RECONSTRUCTION
SUPPLIES KEOKUK PUBLIC LIBRARY
EPA BROWNFIELD CLEANUP

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,845.15
15.61
925.98
155.77
1,100.00
255.00
231.11
19.50
453.62
804.13
1,673.00
1,623.15
629.31
3,251.75
(9.69)
1,075.00
2,407.72
100.00
300.00
57,889.00
537.37
350.00
500.00
600.00
2,180.00
1,000.00
75.00
127.00
810.81
1,877.00
375.00
1,800.00
109.15
550.00
738.97
600.00
90.20
500.00
375.00
1,659.49
307,454.98
187.50
44,224.70

Page 9 of 66

MCCLOUD SERVICES
BOLTON & MENK, INC.
TEST INC.
POINTE COMMERCIAL
REBECCA LAWIN MCCARLEY
HTS NEXUS
AMAZON CAPITAL SERVICES
IMON COMMUNICATIONS, LLC
STATE CHEMICAL SOLUTIONS
CLA-VAL COMPANY
T-MOBILE
MCCLURE MASONRY INC.

REGISTER NO. 5564
GENERAL PEST CONTROL SEIDC
TIMEA STREET ASPHALT
WPC BIOSOLIDS
BATTERY DEODORIZER @ LIBRARY
CONSULTING/ADD'L EXP.HISTORIC
SERVICE GRAND THEATRE
SUPPLIES KEOKUK PUBLIC LIBRARY
SERVICE
SAFETY SOLVENT,WEED KILLER
THRUST NUT NON STD PART WWTP
SERVICE
LABOR,MATERIAL,EQUPT.@CEMTERY

$
130.06
$
27,850.00
$
464.00
$
14.90
$
2,751.93
$
105.34
$
492.89
$
999.71
$
583.51
$
312.26
$
935.75
$
28,558.00
$ 1,265,715.55

Page 10 of 66

) 9-17-2026
'(#)- El Anfaoui/Ferneau
* ) Approval of Annual Financial Report

# )" 7

('%)$#
The annual financial report for fiscal year 25/26 is complete and is being presented to The City
Council for approval. This report reflects that actual revenues and expenditures for the fiscal year
25/26.

()(*))"
# )"

✔

"$*#)*)
)*!$()
#'+'
*##$*'(

%')"#)(

()()"#)

✔

'$ )*"'

Page 11 of 66

#-%'+$*($*#!)$#(
)$#

)

Annual Approval

$""#)$#
Staff recommends approval.

&*')$#

✔ 027,21

12$&7,215(48,5('

)$#!$""#)(

:DUG:DUG :DUG$W/DUJH $W/DUJH:DUG:DUG:DUG:DUG

Page 12 of 66

RESOLUTION NO.
A RESOLUTION APPROVING THE ANNUAL FINANCIAL REPORT FOR
THE FISCAL YEAR ENDING JUNE 30, 2026
WHEREAS, the City of Keokuk has prepared its Annual Financial Report (AFR) for
the fiscal year ending June 30, 2026;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF KEOKUK, IOWA, THAT:
1. The Annual Financial Report for the fiscal year ending June 30, 2026, is hereby
approved in its entirety.
2. The City Clerk is authorized and directed to publish and submit the approved
AFR to the Iowa Department of Management.
PASSED AND APPROVED this 17th day of September 2026.

CITY OF KEOKUK, LEE COUNTY, IOWA
By:
Mark Smidt, Mayor
Attest: ______________________________
Celeste El Anfaoui, City Clerk

Page 13 of 66

STATE OF IOWA
2026
FINANCIAL REPORT
FISCAL YEAR ENDED
JUNE 30, 2026
CITY OF KEOKUK, IOWA
DUE: December 1, 2026

16205600400000
CITY OF KEOKUK
501 Main Street
KEOKUK IA 52632-0400
POPULATION: 9900

NOTE - The information supplied in this report will be shared by the Iowa State Auditor's Office, the U.S. Census Bureau, various public interest groups, and State and federal
agencies.
ALL FUNDS
Governmental
Proprietary
Total Actual
Budget
(a)
(b)
(c)
(d)
Revenues and Other Financing Sources
Taxes Levied on Property
7,445,915
7,445,915
7,341,450
Less: Uncollected Property Taxes-Levy Year
0
0
0
Net Current Property Taxes
7,445,915
7,445,915
7,341,450
Delinquent Property Taxes
0
0
0
TIF Revenues
1,661,680
1,661,680
1,676,273
Other City Taxes
4,221,515
0
4,221,515
4,229,993
Licenses and Permits
91,218
1,850
93,068
81,350
Use of Money and Property
537,217
229,390
766,607
510,753
Intergovernmental
4,951,806
0
4,951,806
7,851,409
Charges for Fees and Service
67,689
4,168,335
4,236,024
4,683,500
Special Assessments
0
0
0
0
Miscellaneous
1,511,680
703
1,512,383
1,846,300
Other Financing Sources
0
45,000
45,000
5,500,500
Transfers In
5,691,253
8,500
Total Revenues and Other Sources
26,179,973
4,453,778
Expenditures and Other Financing Uses
Public Safety
6,527,281
Public Works
3,237,502
Health and Social Services
0
Culture and Recreation
2,947,996
Community and Economic Development
979,649
General Government
2,430,655
Debt Service
3,881,791
Capital Projects
2,052,000
Total Governmental Activities Expenditures
22,056,874
0
BUSINESS TYPE ACTIVITIES
4,602,124
Total All Expenditures
22,056,874
4,602,124
Other Financing Uses
0
0
Transfers Out
5,699,753
0
Total All Expenditures/and Other Financing Uses
27,756,627
4,602,124
Excess Revenues and Other Sources Over (Under)
-1,576,654
-148,346
Expenditures/and Other Financing Uses
Beginning Fund Balance July 1, 2025
13,763,878
6,100,000
Ending Fund Balance June 30, 2026
12,187,224
5,951,654
NOTE - These balances do not include the following, which were not budgeted and are not available for city operations:
Non-budgeted Internal Service Funds
Pension Trust Funds
Private Purpose Trust Funds
Agency Funds
Indebtedness at June 30, 2026
General Obligation Debt
Revenue Debt
TIF Revenue Debt

5,699,753
30,633,751

5,999,404
39,720,932

6,527,281
3,237,502
0
2,947,996
979,649
2,430,655
3,881,791
2,052,000
22,056,874
4,602,124
26,658,998
0
5,699,753
32,358,751

7,130,531
3,598,424
0
3,341,069
1,530,995
2,478,243
4,029,338
4,712,400
26,821,000
5,017,374
31,838,374

-1,725,000

1,883,154

19,863,878
18,138,878

13,593,298
15,476,452

Indebtedness at June 30, 2026
Amount
24,761,000 Other Long-Term Debt
280,000 Short-Term Debt
0
General Obligation Debt Limit

Amount
0
25,041,000
38,356,257

CERTIFICATION
The forgoing report is correct to the best of my knowledge and belief
Publication
Signature of Preparer
Printed name of Preparer

Phone Number
Date Signed

Signature of Mayor or Mayor Pro Tem (Name and Title)
PLEASE PUBLISH THIS PAGE ONLY

5,999,404
37,837,778

Page 14 of 66

Total Federal Grants and Reimbursements

Total Use of Money and Property
Section D - Intergovernmental
Federal Grants and Reimbursements
Federal Grants
Community Development Block Grants
Housing and Urban Development
Public Assistance Grants
Payment in Lieu of Taxes

Section A - Taxes
Taxes levied on property
Less: Uncollected Property Taxes - Levy Year
Net Current Property Taxes
Delinquent Property Taxes
Total Property Tax
TIF Revenues
Other City Taxes
Utility Tax Replacement Excise Taxes
Utility Franchise Tax (Chapter 364.2, Code of Iowa)
Parimutuel Wager Tax
Gaming Wager Tax
Mobile Home Tax
Hotel / Motel Tax
Other Local Option Taxes
Total Other City Taxes
Section B - Licenses and Permits
Section C - Use of Money and Property
Interest
Rents and Royalties
Other Miscellaneous Use of Money and Property

Item Description

NON-GAAP/CASH BASIS

REVENUE P2

315,059

24
26
27
28
29
30
31
32
33
600,000

600,000

1,313,449

66,600

4,827

66,600

291,075

1,632,641
1,986,625

3,327
1,500

291,075

353,984

2,300,970

2,500,060

8
379,375
9 1,099,825
10
11
113,398
12
13
351,217
14
15 1,943,815
16
91,218
17
18
384,029
19
81,761
20
21
22
465,790

2,300,970

2,500,060

1,661,680

2,300,970

2,500,060

1,628,508
0
600,000
0
0
0
2,228,508

387,356
149,861
0
0
537,217

1,024,434
1,099,825
0
113,398
0
351,217
1,632,641
4,221,515
91,218

7,445,915
0
7,445,915
0
7,445,915
1,661,680

229,390

105,187
124,203

0
1,850

1
2
3
4
5
6
7

24
26
1,628,508 27
0 28
600,000 29
0 30
0 31
0 32
2,228,508 33

1,024,434 8
1,099,825 9
0 10
113,398 11
0 12
351,217 13
1,632,641 14
4,221,515 15
93,068 16
17
492,543 18
274,064 19
0 20
0 21
766,607 22

7,445,915
0
7,445,915
0
7,445,915
1,661,680

Grand Total
Special Revenue TIF Special Revenue Debt Service Capital Projects Permanent Total Governmental Proprietary
(Sum of (a) through (f))
(Sum of (g) and (h))
(b)
(c)
(d)
(e)
(f)
(h)
(g)
(i)

1
2 2,644,885
3
4 2,644,885
5
6 2,644,885
7

General
(a)

CITY OF KEOKUK
REVENUE AND OTHER FINANCING SOURCES FOR YEAR ENDED JUNE 30, 2026

Page 15 of 66

Section E -Charges for Fees and Service
Water
Sewer
Electric
Gas
Parking
Airport
Landfill/garbage
Hospital

Total Intergovernmental (Sum of lines 33, 60, and 70)

Total Local Grants and Reimbursements

County Contributions
Library Service
Township Contributions
Fire/EMT Service

Local Grants and Reimbursements

275,061

72
73
74
75
76
77
78
79
80

2,211,103

1,611,103

690,138
275,061

113,742

100,000

3,649

159,355

460,410
70,373

1,393,712

6,016

140,980

1,313,449

0
0
0
0
0
0
0
0

4,951,806

275,061
0
0
0
0
0
0
275,061

464,059
70,373
0
100,000
0
420,093
0
0
0
0
0
2,448,237

1,393,712

1,089,279

3,079,056

72
0 73
3,079,056 74
0 75
0 76
0 77
0 78
1,089,279 79
0 80

4,951,806 71

275,061 63
0 64
0 65
0 66
0 67
0 68
0 69
275,061 70

48
464,059 49
70,373 50
0 51
100,000 52
0 53
420,093 54
0 55
0 56
0 57
0 58
0 59
2,448,237 60

41
43
1,393,712 44

Grand Total
General Special Revenue TIF Special Revenue Debt Service Capital Projects Permanent Total Governmental Proprietary
(Sum of (a) through (f))
(Sum of (g) and (h))
(a)
(b)
(c)
(d)
(e)
(f)
(h)
(g)
(i)

CITY OF KEOKUK
REVENUE AND OTHER FINANCING SOURCES FOR YEAR ENDED JUNE 30, 2026

71 1,280,258

63
64
65
66
67
68
69
70

48
49
50
51
52
53
54
55
56
57
58
59
60

Other state grants and reimbursements
State grants
Iowa Department of Transportation
Iowa Department of Natural Resources
Iowa Economic Development Authority
CEBA grants
C&I Replacement and Tier I Business Tax Replacement

Total State

41
43
44

Section D - Intergovernmental - Continued
State Shared Revenues
Road Use Taxes

Item Description

NON-GAAP/CASH BASIS

REVENUE P3

Page 16 of 66

107
108 72,156
109 82,035
110 239,429
111 51,221
112
113 134,741
114 39,866
115
116
117
118
119
120 619,448

Total Miscellaneous

Total Charges for Service
Section F - Special Assesments

22,027

3,290
5,818

4,582

Section G - Miscellaneous
Contributions
Deposits and Sales/Fuel Tax Refunds
Sale of Property and Merchandise
Fines
Internal Service Charges
Refunds
Grand Theatre Donations- Restricted

8,337

89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
106

82
83
84
85
86
87
88

892,749

718,079
104,606

70,064

45,662

44,822

840

-5,810

5,293

136,410
82,035
244,722
51,221
718,079
239,347
39,866
0
0
0
0
0
1,511,680

0
8,337
0
4,582
0
0
0
0
0
0
4,130
5,818
0
44,822
0
67,689
0

0
0
0
0
0
0

703

4,168,335

82
83
84
85
86
87
88

107
136,410 108
82,035 109
244,722 110
51,221 111
718,079 112
240,050 113
39,866 114
0 115
0 116
0 117
0 118
0 119
1,512,383 120

0 89
8,337 90
0 91
4,582 92
0 93
0 94
0 95
0 96
0 97
0 98
4,130 99
5,818 100
0 101
44,822 102
0 103
4,236,024 104
0 106

0
0
0
0
0
0

CITY OF KEOKUK
REVENUE AND OTHER FINANCING SOURCES FOR YEAR ENDED JUNE 30, 2026

Nursing Home
Police Service Fees
Prisoner Care
Fire Service Charges
Ambulance Charges
Sidewalk Street Repair Charges
Housing and Urban Renewal Charges
River Port and Terminal Fees
Public Scales
Cemetery Charges
Library Charges
Park, Recreation, and Cultural Charges
Animal Control Charges
nuisance abatement

Transit
Cable TV
Internet
Telephone
Housing Authority
Storm Water
Other:

Section E - Charges for Fees and Service - Continued

Item Description

NON-GAAP/CASH BASIS

REVENUE P4

Page 17 of 66

Item Description

Total Revenues and Other Financing Sources
(Sum of lines 132 and 134)

Total Other Financing Sources
Total Revenues Except for Beginning Balances (Sum of lines 121
and 131)
Beginning Fund Balance July 1, 2025

Proceeds of capital asset sales
Proceeds of long-term debt (Excluding TIF internal borrowing)
Proceeds of anticipatory warrants or other short-term debt
Regular transfers in and interfund loans
Internal TIF loans and transfers in

Section H - Other Financing Sources

136 14,450,526

12,319,369

4,357,069

134

3,960,125

321,274
7,962,300

321,274

7,641,026

3,422,960

7,067,441

Special
Revenue
(b)

132 10,490,401

124
125
126
127
128
129
130
131

123

121

General
(a)

2,065,896

398,200

1,667,696

TIF Special
Revenue
(c)

4,341,975

11,931

4,330,044

1,597,019

579,000
1,018,019

2,733,025

Debt
Service
(d)

6,243,297

4,519,058

1,724,239

350,000

1,374,239

Capital
Projects
(e)

522,788

517,495

5,293

6,100,000

4,453,778

53,500

8,500

45,000

4,400,278

39,943,851 10,553,778

13,763,878

26,179,973

0
0
0
4,673,234
1,018,019
0
0
5,691,253

20,488,720

50,497,629 136

19,863,878 134

30,633,751 132

45,000 124
0 125
0 126
4,681,734 127
1,018,019 128
0 129
0 130
5,744,753 131

123

24,888,998 121

Total Governmental
Grand Total
Permanent (Sum of (a) through Proprietary (Sum of (g) and
(f)
(f))
(h)
(h))
(g)
(i)

CITY OF KEOKUK
REVENUE AND OTHER FINANCING SOURCES FOR YEAR ENDED JUNE 30, 2026

Total All Revenues (Sum of lines 6, 7, 15,16,22, 71, 104, 106, and
120)

NON-GAAP/CASH BASIS

REVENUE P5

Page 18 of 66

29
30
31
32
33
34
35
36
37
38

Section C - Health and Social Services

Welfare Assistance
City Hospital
Payments to Private Hospitals
Health Regulation and Inspections
Water, Air, and Mosquito Control
Community Mental Health
Other Health and Social Services

41
42
43
44
45
46
47
48
49
50

Library Services
Museum, Band, Theater
Parks
Recreation
Cemetery
Community Center, Zoo, Marina, and Auditorium
Other Culture and Recreation

Total Culture and Recreation

Section D - Culture and Recreation

Total Health and Social Services

Total Public Works

16
17
18
19
20
21
22
23
24
25
26
27
28

Roads, Bridges, Sidewalks
Parking Meter and Off-Street
Street Lighting
Traffic Control Safety
Snow Removal
Highway Engineering
Street Cleaning
Airport (if not an enterprise)
Garbage (if not an enterprise)
Other Public Works

Total Public Safety
15

Section B - Public Works

Line

2
3
4
5
6
7
8
9
10
11
12
13
14

Item Description

2,883,459

162,626

303,015

622,230
137,052
1,658,536

64,537

23,753

40,784

1,885,273

980,888

274,816

77,049

82,423

1,450,985

Special Revenue (b)

279,727

654,806

6,908
39,447

6,521,168

134,854

391,885

8,306
2,805,974

3,180,149

General
(a)

TIF Special
Revenue
(c)
Debt Service
(d)

371,341

367,702

3,639

6,113

Capital Projects
(e)

CITY OF KEOKUK
EXPENDITURES AND OTHER FINANCING USES FOR FISCAL YEAR ENDED JUNE 30, 2026

Police Department/Crime Prevention
Jail
Emergency Management
Flood control
Fire Department
Ambulance
Building Inspections
Miscellaneous Protective Services
Animal Control
Other Public Safety
PUBLIC SAFETY BUILDING ROOF

Section A - Public Safety

NON-GAAP/CASH BASIS

EXPENDITURES P6

Permanent (f)

663,014
137,052
1,682,289
0
303,015
0
162,626
0
0
2,947,996

0
0
0
0
0
0
0
0
0

1,454,624
0
6,908
39,447
82,423
0
77,049
1,022,508
0
554,543
0
0
3,237,502

3,180,149
0
0
8,306
2,805,974
0
391,885
0
134,854
0
6,113
0
6,527,281

Total
Governmental
(Sum of cols.
(a) through (f))
(g)
Proprietary
(h)

663,014
137,052
1,682,289
0
303,015
0
162,626
0
0
2,947,996

0
0
0
0
0
0
0
0
0

1,454,624
0
6,908
39,447
82,423
0
77,049
1,022,508
0
554,543
0
0
3,237,502

3,180,149
0
0
8,306
2,805,974
0
391,885
0
134,854
0
6,113
0
6,527,281

Grand Total
(Sum of
col. (g))
(i)

41
42
43
44
45
46
47
48
49
50

30
31
32
33
34
35
36
37
38

16
17
18
19
20
21
22
23
24
25
26
27
28

2
3
4
5
6
7
8
9
10
11
12
13
14

Line

Page 19 of 66

84
85

76
77
78
79
80
81
82
83

TIF Rebates are expended out of the TIF Special Revenue Fund within the
Community and Economic Development program's activity "Other"

Total Governmental Activities Expenditures
(Sum of lines 14, 28, 39, 50, 59, 70, 74, 83)

Subtotal TIF Capital Projects
Total Capital Projects

STREET REPAIR
ELKEM
Subtotal Regular Capital Projects
TIF Capital Projects - Specify

Total Debt Service
Section H - Regular Capital Projects - Specify

Section F - General Government
Mayor, Council and City Manager
Clerk, Treasurer, Financial Administration
Elections
Legal Services and City Attorney
City Hall and General Buildings
Tort Liability
Other General Government
PUBLIC T.V.
HEALTH INS/FLEX
Total General Government
Section G - Debt Service
KEDC SEIDC LOAN PAYOFF

60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75

52
53
54
55
56
57
58
59

Total Community and Economic Development

Community beautification
Economic development
Housing and urban renewal
Planning and zoning
Other community and economic development
TIF Rebates

Line

11,993,081

0
0

1,458,193

392,911
625
2,093
186,668
82,288
480,509
309,112
3,987

149,373

147,234
2,139

General
(a)

3,512,365

0
0

745,619
745,619

816,936

Special
Revenue
(b)

13,340

TIF Special
Revenue
(c)

3,636,127

0
0

3,636,127

0
3,636,127

Debt Service
(d)

2,901,961

0
2,052,000

1,695,566
356,434
2,052,000

245,664

226,843

Capital Projects
(e)

0
0

Permanent
(f)

22,056,874

0
0
0
2,052,000

392,911
625
2,093
186,668
309,131
480,509
309,112
3,987
745,619
2,430,655
3,636,127
245,664
0
3,881,791

0
816,936
0
147,234
2,139
13,340
0
979,649

Grand Total
(Sum of
col. (g))
(i)

1,695,566
356,434
2,052,000

Proprietary
(h)

1,695,566
356,434
2,052,000

392,911
625
2,093
186,668
309,131
480,509
309,112
3,987
745,619
2,430,655
3,636,127
245,664
0
3,881,791

0
816,936
0
147,234
2,139
13,340
0
979,649

Total
Governmental
(Sum of cols.
(a) through (f))
(g)

CITY OF KEOKUK
EXPENDITURES AND OTHER FINANCING USES FOR FISCAL YEAR ENDED JUNE 30, 2026 -- Continued

Section E - Community and Economic Development

Item description

NON-GAAP/CASH BASIS

EXPENDITURES P7

84
85

76
77
78
79
80
81
82
83

60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75

52
53
54
55
56
57
58
59

Line

Page 20 of 66

Total Business Type Activities

Section I - Business Type Activities
Water - Current Operation
Capital Outlay
Debt Service
Sewer and Sewage Disposal - Current Operation
Capital Outlay
Debt Service
Electric - Current Operation
Capital Outlay
Debt Service
Gas Utility - Current Operation
Capital Outlay
Debt Service
Parking - Current Operation
Capital Outlay
Debt Service
Airport - Current Operation
Capital Outlay
Debt Service
Landfill/Garbage - Current operation
Capital Outlay
Debt Service
Hospital - Current Operation
Capital Outlay
Debt Service
Transit - Current Operation
Capital Outlay
Debt Service
Cable TV, Telephone, Internet - Current Operation
Capital Outlay
Housing Authority - Current Operation
Capital Outlay
Debt Service
Storm Water - Current Operation
Capital Outlay
Debt Service
Other Business Type - Current Operation
Capital Outlay
Debt Service
Internal Service Funds - Specify

Item description

NON-GAAP/CASH BASIS

EXPENDITURES P8

129

87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128

Line

General
(a)

Special
Revenue
(b)
TIF Special
Revenue
(c)
Debt Service
(d)

Capital
Projects
(e)
Permanent
(f)

Total
Governmental
(Sum of cols.
(a) through (f))
(g)

CITY OF KEOKUK
EXPENDITURES AND OTHER FINANCING USES FOR FISCAL YEAR ENDED JUNE 30, 2026 -- Continued

4,602,124

411,846

79,630

1,272,549

2,432,804
405,295

Proprietary (h)

4,602,124

0
0

0
0
0
2,432,804
405,295
0
0
0
0
0
0
0
0
0
0
0
0
0
1,272,549
0
79,630
0
0
0
411,846
0
0
0
0
0
0
0
0
0
0
0
0
0

Grand Total
(Sum of
col. (g))
(i)

129

87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128

Line

Page 21 of 66

4,485,044

4,485,044
4,485,044
12,319,369

2,032,715
2,097,671
2,097,671
14,450,526

137
138
139
140
141
142
143
144
145
146
147
148

Ending fund balance June 30, :
Governmental:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Governmental
Proprietary
Total Ending Fund Balance June 30,
Total Requirements (Sum of lines 136 and 147)

7,834,325

4,321,960

64,956

359,774
12,352,855

136

4,321,960

359,774

Total Other Financing Uses
Total Expenditures and Other Financing Uses
(Sum of lines 130 and 135)

3,512,365

Special
Revenue
(b)

11,993,081

130
131
132
133
134
135

Line

General
(a)

1,034,537
2,065,896

1,034,537

1,031,359

1,018,019

13,340

TIF Special
Revenue
(c)

705,848
4,341,975

705,848

3,636,127

Debt Service
(d)

3,341,336
6,243,297

3,341,336

2,901,961

Capital Projects (e)

522,788
522,788

522,788

12,187,224
39,943,851

522,788
6,290,385
3,341,336
0
2,032,715
12,187,224

27,756,627

5,951,654
5,951,654
10,553,778

4,602,124

522,788
6,290,385
3,341,336
0
2,032,715
12,187,224
5,951,654
18,138,878
50,497,629

32,358,751

137
138
139
140
141
142
143
144
145
146
147
148

136

Total
Grand Total
Governmental Proprietary
(Sum of
(Sum of cols.
Line
(h)
col. (g))
(a) through (f))
(i)
(g)
0
22,056,874
4,602,124
26,658,998
130
131
4,681,734
4,681,734
132
1,018,019
1,018,019
133
0
0
134
0
5,699,753
0
5,699,753
135

Permanent
(f)

CITY OF KEOKUK
EXPENDITURES AND OTHER FINANCING USES FOR FISCAL YEAR ENDED JUNE 30, 2026 -- Continued

Subtotal Expenditures (Sum of lines 84 and 129)
Section J - Other Financing Uses Including Transfers Out
Regular transfers out
Internal TIF loans/repayments and transfers out

Item description

NON-GAAP/CASH BASIS

EXPENDITURES P9

Page 22 of 66

8,500
33

Transit Subsidies

Libraries
Police protection
Sewerage
Sanitation
All other

Amount paid to other
local governments
Highways
All other

Purpose
11,125

Amount paid to State

Actual valuation -- January 1, 2024

DEBT LIMITATION FOR GENERAL OBLIGATIONS

Cash and investments - Include
cash on hand, CD's, time,
checking and savings deposits,
Federal securities, Federal agency
securities, State and local
government securities, and all
other securities. Exclude value of
real property.

Type of asset

Part VII CASH AND INVESTMENT ASSETS AS OF JUNE 30, 2026

Part VI

Outstanding as of July 1, 2025
Outstanding as of JUNE 30, 2026

B. Short-Term Debt Amount

Water Utility
Sewer Utility
Electric Utility
Gas Utility
Transit-Bus
Industrial Revenue
Mortgage Revenue
TIF Revenue
Other Purposes / Miscellaneous
GO
Parking
Airport
Stormwater
Section 108
Total Long-Term

Bond and
interest funds
(a)

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

Line

3,341,336

Issued
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
737,000
0
0
0
0
0
0
70,000
2,078,000
0
0
0
0
2,885,000

Retired

Bond construction
funds
(b)

0
6,846,000
0
0
0
0
0
0
350,000
20,730,000
0
0
0
0
27,926,000

Debt
Outstanding
JULY 1,
2025

If you budget on a NON-GAAP CASH BASIS, the amount in the
Total above SHOULD EQUAL the above summed amounts on

Debt During the Fiscal Year

Purpose

Part V Debt Outstanding, Issued, and Retired
Transit subsidies
A. Long-Term Debt

Total Salaries and Wages Paid

YOU ARE REQUIRED TO ENTER SALARY DOLLARS
IN THE Amount areas FOR SALARIES AND WAGES PAID

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

767,125,155

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

14,797,542

Amount

18,138,878

Total
(e)

0
75,492
0
0
0
0
0
0
9,630
724,750
0
0
0
0
809,872

Interest Paid This Year

38,356,257.75

Other

All other Funds
(d)

x.05 = $

Amount

0
0
0
0
0
0
0
0
280,000
0
0
0
0
0
280,000

Revenue

27,926,000
25,041,000

TIF Revenue

Pension/retirement
funds
(c)

Amount

0
6,109,000
0
0
0
0
0
0
0
18,652,000
0
0
0
0
24,761,000

General Obligation

Debt Outstanding JUNE 30, 2026

6,697,707

Part IV
Wages & Salaries
Report here the total salaries and wages paid to all employees of your government before deductions of social security, retirement, etc. Include also salaries and wages paid to employees of any utility owned and operated by your government, as well as salaries and
wages of municipal employees charged to construction projects.

276,700
138,680

2,345
520

Correction
Health
Highways

Purpose

OTHER P10
Intergovernmental Expenditures
Part III Please report below expenditures made to the State or to other local governments on a reimbursement or cost sharing basis. Include these expenditures in part II. Enter amount.

Page 23 of 66

10 GO

11 GO

12 GO

13 GO

G.O. SERIES 2023 D

G.O. SERIES 2024

G.O. SERIES 2025

14 15 16 17 18 19 20 -

9 GO

8 GO

6 Revenue

G.O. REFUNDING
SERIES 2023 A (SRF)
G.O. REFUNDING
SERIES 2023 B (SRF)
G.O REFUNDING
SERIES 2023 C (SRF)

79-2022

05-192022
01-192023
02-162023
02-162023
04-062023
02-152024
06-052025

5 GO

G.O REFUNDING
SERIES 2020
SOLID WASTE
CAPITAL LOAN
NOTE, SERIES 2020

7 GO

126-20

07-022020

4 GO

G.O SERIES 2019A

G.O. SERIES 2022

63-20

3 GO

227-2025

21-2024

215-2023

194-2023

193-2023

180-2023

268-19

107-16

109-16

2 GO

G.O. REFUNDING
SERIES 2016B
G.O. REFUNDING
SERIES 2016A

TIF

06-302026
06-022016
06-022016
06-062019
03-192020

4.09 4.09
0.75 0.75
1.35 1.35
1.75 1.75
4.00 4.00
2.43 2.43
4.00 4.00

2.75 2.75

2.17 2.17
2.22 2.22
3.87 3.87
2.72 2.72

Date of
Debt
Rate
Issuance Resolution Range

TIF
1 Agreement

Type of
Debt

TIF Agreements

Debt Series Name

CITY DEBT DETAIL - LT DEBT1

1,765,000 1,570,000

No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
438,000
0

5,500,000 5,500,000

205,000

148,000

254,000

335,000

70,000

780,000

215,000

370,000

13,340

2,251,241 1,825,000

4,995,000 4,800,000

1,383,000 965,000

3,160,000 2,416,000

4,435,000 3,465,000

695,000

350,000

7,315,000 2,640,000

1,800,000 1,800,000

3,155,000 1,050,000

4,515,000 1,545,000

Principal
Fiscal Year
Amount Outstanding
Principal
of Issue July 1, 2025
Paid

No Vote Non-GO

No Vote Non-GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO
No Vote Essential GO

Voted

226,142

44,348

192,000

16,888

32,616

25,988

65,080

9,630

69,500

69,617

23,823

34,240

Fiscal
Year
Interest
Paid

FIRE TRUCK, GARBAGE TRUCK, STREET
REPAIR, CAPITAL
-

PAID OFF RAND PARK TUNNEL

STREET REPAIR

General
Obligation (GO)
General
Obligation (GO)
General
Obligation (GO)
-

Sewer Utility

TRANSITIONED SEWER NOTE TO GO-VICTORY
PARK
TRANSITIONED SEWER NOTE TO GO- SOAP
CREEK

TRANSITIONED SEWER NOTE TO GO-WPC

BELT PRESS

GARBAGE TRUCK

REFINANCE

HOUSING/URBAN DEV

REFINANCED 2010- TRANSPORTATION

REFINANCED 2009 A/B TRANSPORTATION

TIF agreement payments

Projects Funded by Debt

Sewer Utility

General
Obligation (GO)

Other
Purposes/Misc

General
Obligation (GO)
General
Obligation (GO)
General
Obligation (GO)
General
Obligation (GO)

TIF Revenue

Tied to
Other Purpose of Debt
Debt

Page 24 of 66

Debt Series Name

21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 -

Type of Date of
Issuance
Debt

CITY DEBT DETAIL - LT DEBT2
Debt
Resolution
-

Rate
Amount
Range Voted of Issue

Principal
Outstanding
July 1, NaN
Fiscal Year
Principal Paid

Fiscal Year
Interest Paid
-

Tied to
Other Debt Purpose of Debt
-

Projects Funded by Debt

Page 25 of 66

Debt Series Name

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 -

Type of Date of
Issuance
Debt

CITY DEBT DETAIL - LT DEBT3
Debt
Resolution
-

Rate
Amount
Range Voted of Issue

Principal
Outstanding
July 1, NaN
Fiscal Year
Principal Paid

Fiscal Year
Interest Paid
-

Tied to
Other Debt Purpose of Debt
-

Projects Funded by Debt

Page 26 of 66

Debt Series Name

61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 -

Type of Date of
Issuance
Debt

CITY DEBT DETAIL - LT DEBT4
Debt
Resolution
-

Rate
Amount
Range Voted of Issue

Principal
Outstanding
July 1, NaN
Fiscal Year
Principal Paid

Fiscal Year
Interest Paid
-

Tied to
Other Debt Purpose of Debt
-

Projects Funded by Debt

Page 27 of 66

Debt Series Name

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 -

Type of Date of
Issuance
Debt

CITY DEBT DETAIL - LT DEBT5

Rate
Debt
Amount
Resolution Range Voted of Issue

Principal
Outstanding
July 1, NaN
Fiscal Year
Principal Paid

Fiscal Year
Interest Paid
-

Tied to
Other Debt Purpose of Debt
-

Projects Funded by Debt

Page 28 of 66

Debt Series Name

101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 -

Type of Date of
Issuance
Debt

CITY DEBT DETAIL - LT DEBT6

Rate
Debt
Amount
Resolution Range Voted of Issue

Principal
Outstanding
July 1, NaN
Fiscal Year
Principal Paid

Fiscal Year
Interest Paid
-

Tied to
Other Debt Purpose of Debt
-

Projects Funded by Debt

Page 29 of 66

Notes & Remarks
REMARKS
-

Page 30 of 66

) 9/31726
'(#)- Jim Ferneau
* ) Approval Engineering Agreement HDR

# )" 8

('%)$#
The City of Keokuk multiple issues that it currently needs to address with regulatory agencies. There
have been multiple concerns raised about our Pretreatment program since at least 2022, beginning
with ADM program compliance shortfalls. We have made progress in this area, but are still striving
to complete revamping how the program is structured. We also have had multiple issues arise in
regards to missing a deadline with our local limits evaluation reporting requirements last spring,
missing key milestones with the First Flush Study portion of our Long-Term Control Plan designed to
address EPA's CSO Consent Order with the City, and multiple updates needed to be made in our
overall wastewater system structural controlling documents. We are recommending that we
transition our work in these arenas over to HDR Engineering from Askew Environmental Services.

()(*))"

✔

# )" 610-815-6490

)! Wastewater Operation - Professional Fees

"$*#)*) 130,000.00
)*!$()

$46,435.00

#'+'

----

*##$*'(

%')"#)(

()()"#)

✔

'$ )*"'

Page 31 of 66

#-%'+$*($*#!)$#(
)$#

)

$""#)$#
Recommend Approval.

&*')$#

✔ 027,21

12$&7,215(48,5('

)$#!$""#)(

:DUG:DUG :DUG$W/DUJH $W/DUJH:DUG:DUG:DUG:DUG

Page 32 of 66

RESOLUTION NO. ______
A RESOLUTION APPROVING MASTER AGREEMENT FOR
PROFESSIONAL SERVICES INCLUDING TASK ORDER 1
REGULATORY SUPPORT SERVICES WITH HDR ENGINEERING, INC.
WHEREAS, the City of Keokuk, Iowa operates a wastewater treatment plant; and
WHEREAS, the wastewater treatment plant is subject to state and federal
regulations under both an Iowa Department of Natural Resources (DNR) National
Pollution Discharge Elimination System (NPDES) permit as well as under a
Combined Sewer Overflow (CSO) Consent Order for its elimination; and
WHEREAS, the general framework of the state and federal regulatory
environment has multiple reporting requirements that need to be met over time;
and
WHEREAS, HDR Engineering, Inc. has proposed a contract for providing their
assistance through a Master Contract for Professional Services and Task Order
One for Regulatory Support Services inclusive of a required Local Limits Update.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF KEOKUK, IOWA, that the attached Master
Contract and its associated Task Order One are hereby approved.
PASSED, APPROVED, AND ADOPTED this 17th day of September 2026.
_____________________________
Mark Smidt, Mayor
Attest: _______________________________
Celeste El Anfaoui, City Clerk

Page 33 of 66

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ϯ͘ KǁŶĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͗
Ă͘ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶǁĞĞŬůǇƉƌŽũĞĐƚƐƚĂƚƵƐŵĞĞƚŝŶŐƐǁŝƚŚŶŐŝŶĞĞƌWƌŽũĞĐƚDĂŶĂŐĞƌ
ĂŶĚŝŶĐůƵĚŝŶŐĂĚĚŝƚŝŽŶĂůKǁŶĞƌƐƚĂĨĨŝŶƚŚĞƐĞƵƉĚĂƚĞŵĞĞƚŝŶŐƐĂƐŶĞĞĚĞĚ͘
ď͘ WƌŽǀŝĚĞƌĞƋƵĞƐƚĞĚŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞƉƌŽũĞĐƚƚŽŶŐŝŶĞĞƌĂƚĂŐƌĞĞĚ
ƵƉŽŶĚƵĞĚĂƚĞƐ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ͗
Ă͘ dŚŝƐƚĂƐŬŽƌĚĞƌŝŶĐůƵĚĞƐWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚŝƐ
ƚĂƐŬŽƌĚĞƌĂŶĚĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞƐĐŚĞĚƵůĞďĞůŽǁ͘
ď͘ WƌŽũĞĐƚƐƚĂƚƵƐŵĞĞƚŝŶŐƐǁŝůůďĞĐŽŶĚƵĐƚĞĚǀŝƌƚƵĂůůǇ͘

Page 46 of 66

Đ͘ ŶŐŝŶĞĞƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůĂƚƚĞŶĚĂůůƉƌŽũĞĐƚƐƚĂƚƵƐŵĞĞƚŝŶŐƐ͘ĚĚŝƚŝŽŶĂů
ŶŐŝŶĞĞƌƐƚĂĨĨǁŝůůďĞŝŶĐůƵĚĞĚĂƐŶĞĞĚĞĚĂŶĚĂƐĂŐƌĞĞĚƵƉŽŶǁŝƚŚKǁŶĞƌ
ƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚ͘
Ě͘ dŚĞƉƌŽũĞĐƚǁŝůůďĞŵĂŶĂŐĞĚƚŽƚŚĞƌŽůůͲƵƉƚĂƐŬŽƌĚĞƌƚŽƚĂůĂŵŽƵŶƚ͕ŶŽƚƚŽƚŚĞ
ƐƵďͲƚĂƐŬůĞǀĞů͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ͗
Ă͘ DŽŶƚŚůǇŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͘
ď͘ ĐƚŝŽŶŝƚĞŵƐůŽŐĨŽƌƉƌŽũĞĐƚƐƚĂƚƵƐŵĞĞƚŝŶŐƐ͘

dĂƐŬ^ĞƌŝĞƐϮϬϬ͗>ŽĐĂů>ŝŵŝƚƐhƉĚĂƚĞ

dŚĞdĂƐŬϮϬϬƐĐŽƉĞŝƐĨŽƌŶŐŝŶĞĞƌƚŽƉƌŽǀŝĚĞĞŶŐŝŶĞĞƌŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƌĞůĂƚĞĚƚŽƚŚĞ
,ĞĂĚǁŽƌŬƐ>ŽĐĂů>ŝŵŝƚƐ^ƚƵĚǇhƉĚĂƚĞĨŽƌƚŚĞtĂƚĞƌZĞƐŽƵƌĐĞZĞĐŽǀĞƌǇ&ĂĐŝůŝƚǇ;tZZ&ͿEW^
WĞƌŵŝƚ͘dŚĞKǁŶĞƌŚĂƐƌĞĐĞŝǀĞĚŶŽƚŝĨŝĐĂƚŝŽŶĨƌŽŵƚŚĞ/ŽǁĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ
;/EZͿƚŚĂƚƚŚŝƐƵƉĚĂƚĞƐŚŽƵůĚďĞĐŽŵƉůĞƚĞĚĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞ͘WƌŝŵĂƌǇĞůĞŵĞŶƚƐŽĨƚŚĞ
WZK:dĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĂƐĨŽůůŽǁƐ͘
ͻ
KďƚĂŝŶĂŶĚƌĞǀŝĞǁďĂĐŬŐƌŽƵŶĚŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĂƚĂ͘
ͻ
/ĚĞŶƚŝĨǇƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶ;WKͿĨŽƌƚŚĞtZZ&͘
ͻ
ĞƚĞƌŵŝŶĞƚŚĞŵĂǆŝŵƵŵĂůůŽǁĂďůĞŚĞĂĚǁŽƌŬƐůŽĂĚŝŶŐ;D,>ͿĂŶĚŵĂǆŝŵƵŵĂůůŽǁĂďůĞ
ŝŶĚƵƐƚƌŝĂůůŽĂĚŝŶŐ;D/>ͿĨŽƌĞĂĐŚWK͘
ͻ
WƌĞƉĂƌĞƐƵŵŵĂƌǇƌĞƉŽƌƚŽĨĨŝŶĚŝŶŐƐ͘

dĂƐŬϮϭϬʹĂƚĂŽůůĞĐƚŝŽŶĂŶĚǀĂůƵĂƚŝŽŶ͗
ϭ͘ KďũĞĐƚŝǀĞ͗
ZĞǀŝĞǁĂŶĚƌĞĨŝŶĞƉƌŽũĞĐƚŽďũĞĐƚŝǀĞƐ͕ĐŽůůĞĐƚĂŶĚĞǀĂůƵĂƚĞĞǆŝƐƚŝŶŐĚĂƚĂĂŶĚďĂĐŬŐƌŽƵŶĚ
ŝŶĨŽƌŵĂƚŝŽŶ͘

Ϯ͘ ŶŐŝŶĞĞƌĐƚŝǀŝƚŝĞƐ͗
Ă͘ WƌŽǀŝĚĞ/EZ;ĞŶ,ƵĐŬĂͿĂŶĚdĂŶǇĂEŝǆ;WͿŶŽƚŝĐĞͬƵƉĚĂƚĞŽĨŶŐŝŶĞĞƌ͛Ɛ
ƐĐŚĞĚƵůĞĨŽƌ>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚƐƵďŵŝƚƚĂů͘
ď͘ <ŝĐŬŽĨĨDĞĞƚŝŶŐ͘WƌĞƉĂƌĞĨŽƌĂŶĚĐŽŶĚƵĐƚĂƚĂƐŬŽƌĚĞƌŬŝĐŬŽĨĨŵĞĞƚŝŶŐǁŝƚŚ
KǁŶĞƌƐƚĂĨĨ;t^ϮϬϬͲϭͿ͘ŐĞŶĚĂƚŽŝŶĐůƵĚĞ͗ZĞǀŝĞǁƉƌŽƉŽƐĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͖
ZĞǀŝĞǁĂŶĚƌĞĨŝŶĞƉƌŽũĞĐƚŽďũĞĐƚŝǀĞƐ͖ZĞǀŝĞǁĂŶĚĚŝƐĐƵƐƐŬĞǇŝƐƐƵĞƐ͘
Đ͘ ĂƚĂZĞǀŝĞǁ͕ǀĂůƵĂƚŝŽŶĂŶĚ^ƵŵŵĂƌǇdĂďůĞƐ͘tŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇǁŝƚŚƚŚĞ
KǁŶĞƌƚŽŝĚĞŶƚŝĨǇĂŶĚĐŽůůĞĐƚĂǀĂŝůĂďůĞĚĂƚĂĂƉƉůŝĐĂďůĞƚŽƚŚĞƐƚƵĚǇ͘sĞƌŝĨǇ
ƚŝŵĞůŝŶĞĂŶĚƋƵĂŶƚŝƚǇŽĨĚĂƚĂƚŽďĞĂŶĂůǇǌĞĚ͘dŚĞĨŽůůŽǁŝŶŐĚĂƚĂŝƐĂŶƚŝĐŝƉĂƚĞĚ
ƚŽďĞŵĂĚĞĂǀĂŝůĂďůĞƚŽŶŐŝŶĞĞƌďǇKǁŶĞƌŝŶĞůĞĐƚƌŽŶŝĐĨŽƌŵĂƚ͗
ŝ͘ tZZ&ĚĂŝůǇŝŶĨůƵĞŶƚĂŶĚĞĨĨůƵĞŶƚĨůŽǁ͕Kϱ;ĐKϱͿ͕d^^͕ĂŵŵŽŶŝĂ͕
d<E͕dE͕ĂŶĚdWĚĂƚĂĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ŝŝ͘ ĂŝůǇĨůŽǁ͕Kϱ;ĐKϱͿ͕d^^͕d<E͕dE͕ĂŶĚdWĚĂƚĂĨŽƌ'ƌŽƵƉ///
/ŶĚƵƐƚƌŝĂůƵƐƚŽŵĞƌƐĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ŝŝŝ͘ tZZ&ŝŶĨůƵĞŶƚĂŶĚĞĨĨůƵĞŶƚŵĞƚĂůƐĚĂƚĂĂŶĚĐŽƌƌĞƐƉŽŶĚŝŶŐĨůŽǁĚĂƚĂĨŽƌ
ƉĂƐƚĨŝǀĞǇĞĂƌƐ͘DĞƚĂůƐĚĂƚĂĂŶĚĐŽƌƌĞƐƉŽŶĚŝŶŐĨůŽǁĚĂƚĂĨŽƌ'ƌŽƵƉ/͕//
ĂŶĚ////ŶĚƵƐƚƌŝĂůƵƐƚŽŵĞƌƐĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ŝǀ͘ WŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶĐŽŶĐĞŶƚƌĂƚŝŽŶĂŶĚĨůŽǁĚĂƚĂĨŽƌĚŽŵĞƐƚŝĐĂŶĚ

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ƵŶƌĞŐƵůĂƚĞĚĐŽŵŵĞƌĐŝĂůƐŽƵƌĐĞƐĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ǀ͘ WŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶĐŽŶĐĞŶƚƌĂƚŝŽŶĂŶĚĨůŽǁĚĂƚĂĨŽƌŚĂƵůĞĚǁĂƐƚĞ
ĚŝƐĐŚĂƌŐĞĚƚŽƚŚĞWKdtĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ǀŝ͘ &ůŽǁĂŶĚĐŽŶĐĞŶƚƌĂƚŝŽŶĚĂƚĂĨŽƌĂŶǇŬŶŽǁŶƉĂƐƐͲƚŚƌŽƵŐŚŽƌ
ŝŶƚĞƌĨĞƌĞŶĐĞŽĐĐƵƌƌĞŶĐĞƐĚƵĞƚŽŝŶĚƵƐƚƌŝĂůĚŝƐĐŚĂƌŐĞĨŽƌƉĂƐƚĨŝǀĞǇĞĂƌƐ͘
ǀŝŝ͘ ůĞĐƚƌŽŶŝĐĐŽƉǇŽĨĐƵƌƌĞŶƚŝŶĚƵƐƚƌŝĂůƵƐĞƌĂŐƌĞĞŵĞŶƚƐĂŶĚͬŽƌƚĂďƵůĂƚŝŽŶ
ŽĨŝŶĚƵƐƚƌŝĞƐĂŶĚĐŽƌƌĞƐƉŽŶĚŝŶŐůŝŵŝƚƐ͘
ǀŝŝŝ͘ tZZ&ƉƌŽĐĞƐƐĨůŽǁĚŝĂŐƌĂŵƐŚŽǁŝŶŐĨůŽǁŵĞĂƐƵƌĞŵĞŶƚĂŶĚƐĂŵƉůŝŶŐ
ƉŽŝŶƚůŽĐĂƚŝŽŶƐ͘
ŝǆ͘ tZZ&ƐĞƌǀŝĐĞĂƌĞĂĚŝĂŐƌĂŵƐŚŽǁŝŶŐĨůŽǁŵĞĂƐƵƌĞŵĞŶƚĂŶĚƐĂŵƉůŝŶŐ
ƉŽŝŶƚůŽĐĂƚŝŽŶƐ͘

ϯ͘ KǁŶĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͗
Ă͘ KǁŶĞƌǁŝůůŚĂǀĞĂƉƉƌŽƉƌŝĂƚĞƐƚĂĨĨĂƚƚĞŶĚt^ϮϬϬͲϭĂŶĚĂƐƐŝƐƚŶŐŝŶĞĞƌŝŶ
ƌĞǀŝĞǁŝŶŐ<ĞǇ/ƐƐƵĞƐ͘
ď͘ KǁŶĞƌƐƚĂĨĨǁŝůůŵĂŬĞĚĂƚĂŝĚĞŶƚŝĨŝĞĚĂďŽǀĞĂǀĂŝůĂďůĞƚŽŶŐŝŶĞĞƌŝŶƐƉƌĞĂĚƐŚĞĞƚ
ĨŽƌŵĂƚƉƌŝŽƌƚŽt^ϮϬϬͲϭ͘
Đ͘ KǁŶĞƌǁŝůůƉƌŽĐĞĞĚǁŝƚŚƐĂŵƉůŝŶŐĂŶĚƚĞƐƚŝŶŐĨŽƌĂŶǇŽďǀŝŽƵƐƐĂŵƉůŝŶŐĂŶĚ
ƚĞƐƚŝŶŐŶĞĞĚƐ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ͗
Ă͘ ZĞƋƵĞƐƚĞĚĚĂƚĂĚĞĨŝŶĞĚĂďŽǀĞĂŶĚǀŝĂZ&/ĂǀĂŝůĂďůĞŝŶĞǆĐĞůƐƉƌĞĂĚƐŚĞĞƚĨŽƌŵĂƚ͘
ď͘ t^ϮϬϬͲϭƚŽďĞŝŶƉĞƌƐŽŶ͘ŶŐŝŶĞĞƌĂƚƚĞŶĚĞĞƐƚŽŝŶĐůƵĚĞWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚ
WƌŽũĞĐƚŶŐŝŶĞĞƌ͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ͗
Ă͘ ZĞƋƵĞƐƚ&Žƌ/ŶĨŽƌŵĂƚŝŽŶ;Z&/ͿŵĞŵŽ͘
ď͘ t^ϮϬϬͲϭĂŐĞŶĚĂĂŶĚƐƵŵŵĂƌǇ͘

dĂƐŬϮϮϬʹWŽůůƵƚĂŶƚƐŽĨŽŶĐĞƌŶ
ϭ͘ KďũĞĐƚŝǀĞ͗
/ĚĞŶƚŝĨǇƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶĨŽƌƚŚĞtZZ&ĂŶĚƉƌŽǀŝĚĞƚŚĞďĂƐŝƐĨŽƌĞůŝŵŝŶĂƚŝŶŐŽƚŚĞƌƐ
ĨƌŽŵĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘

Ϯ͘ ŶŐŝŶĞĞƌĐƚŝǀŝƚŝĞƐ͗
Ă͘ WĞƌŵŝƚĂŶĚZĞŐƵůĂƚŽƌǇZĞǀŝĞǁ͘
ŝ͘ ZĞǀŝĞǁĂƉƉůŝĐĂďůĞWƌĞŐƵůĂƚŽƌǇƐƚĂƚƵƚĞƐ͘
ŝŝ͘ ZĞǀŝĞǁĂƉƉůŝĐĂďůĞ^ƚĂƚĞŽĨ/ŽǁĂƌĞŐƵůĂƚŽƌǇƐƚĂƚƵĞƐ͘
ŝŝŝ͘ ZĞǀŝĞǁƌĞůĞǀĂŶƚĂƐƉĞĐƚƐŽĨDƵŶŝĐŝƉĂůŽĚĞ͘ZĞǀŝĞǁƚŚĞtZZ&EW^
ƉĞƌŵŝƚ͘
ď͘ ĂůĐƵůĂƚŝŽŶƐĂŶĚǀĂůƵĂƚŝŽŶŽĨ>ŝŵŝƚWŽůůƵƚĂŶƚƐŽĨŽŶĐĞƌŶ͘
ŝ͘ ŽŵƉĂƌĞƉĞƌŵŝƚƚĞĚtZZ&ǁĂƚĞƌ;ƐŚŽƌĞůŝŶĞĂŶĚĚŝĨĨƵƐĞƌͿ͕ůĂŶĚ͕ĂŶĚĂŝƌ
ĚŝƐĐŚĂƌŐĞƐĨŽƌW͛ƐϭϱƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶƚŽĂǀĂŝůĂďůĞĚŝƐĐŚĂƌŐĞĚĂƚĂ
ĨƌŽŵůŽĐĂůŝŶĚƵƐƚƌŝĂůƐŽƵƌĐĞƐ͕ƌĞůĂƚŝǀĞĂŶĚĂǀĂŝůĂďůĞtZZ&ŝŶĨůƵĞŶƚ͕
ĞĨĨůƵĞŶƚ͕ůĂŶĚĂƉƉůŝĞĚƐůƵĚŐĞ͕ĂŶĚŝŶĐŝŶĞƌĂƚĞĚƐůƵĚŐĞĚĂƚĂ͘
ŝŝ͘ WĞƌĨŽƌŵĞĨĨůƵĞŶƚĂŶĚůĂŶĚĂƉƉůŝĐĂƚŝŽŶ,>ĐĂůĐƵůĂƚŝŽŶƐƵƐŝŶŐĂƐƐƵŵĞĚ
ůŝƚĞƌĂƚƵƌĞǀĂůƵĞƌĞŵŽǀĂůĞĨĨŝĐŝĞŶĐŝĞƐĨŽƌĐŽŵƉĂƌŝƐŽŶƚŽĐƵƌƌĞŶƚŝŶĨůƵĞŶƚ
ůŽĂĚŝŶŐ͘

Page 48 of 66

ŝŝŝ͘ ǀĂůƵĂƚĞĚĂƚĂƚŽŝĚĞŶƚŝĨǇƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶĨŽƌƚŚĞtZZ&͘
ŝǀ͘ ŽĐƵŵĞŶƚƌĞŵĂŝŶŝŶŐƉŽůůƵƚĂŶƚƐŶŽƚŝĚĞŶƚŝĨŝĞĚĂƐƉŽůůƵƚĂŶƚŽĨĐŽŶĐĞƌŶ
ĨŽƌƚŚĞtZZ&͘

ϯ͘ KǁŶĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
Ă͘ KǁŶĞƌǁŝůůƉƌŽǀŝĚĞƵƉƚŽĚĂƚĞĞůĞĐƚƌŽŶŝĐĐŽƉŝĞƐŽĨƚŚĞƌĞůĞǀĂŶƚƉŽƌƚŝŽŶƐŽĨƚŚĞ
<ĞŽŬƵŬDƵŶŝĐŝƉĂůŽĚĞĂŶĚƚŚĞtZZ&EW^ƉĞƌŵŝƚ͘
ď͘ KǁŶĞƌǁŝůůƉƌŽǀŝĚĞĂŶĞƐƚŝŵĂƚĞŽĨĐŽŶƚƌŽůůĞĚ;ŽƌŝŶĚƵƐƚƌŝĂůͿĂŶĚƵŶĐŽŶƚƌŽůůĞĚ
;ĚŽŵĞƐƚŝĐͲƌĞƐŝĚĞŶƚŝĂůĂŶĚĐŽŵŵĞƌĐŝĂůͿŐƌŽǁƚŚĨŽƌƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ
Ă͘ ŶŐŝŶĞĞƌĂŶĚKǁŶĞƌǁŝůůǁŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇƚŽƌĞƐŽůǀĞĐŽŵƉůĞƚĞŶĞƐƐĂŶĚ
ĂĐĐƵƌĂĐǇŽĨĚĂƚĂǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶĂďŝůŝƚǇƚŽĞƐƚĂďůŝƐŚƌĞĂƐŽŶĂďůĞŵĂƐƐďĂůĂŶĐĞƐ
ĂŵŽŶŐƚŚĞtZZ&ŝŶĨůƵĞŶƚ͕ĞĨĨůƵĞŶƚ͕ĂŶĚůĂŶĚĂƉƉůŝĞĚƐůƵĚŐĞ͘
ď͘ /ƚŝƐƌĞĐŽŐŶŝǌĞĚƚŚĂƚĂůůĚĂƚĂŵĂǇŶŽƚŚĂǀĞŵĂƚĐŚŝŶŐƚĞƐƚŝŶŐĚĂƚĞƐ͕ĂŶĚďĞƐƚ
ƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚǁŝůůďĞƵƐĞĚƚŽĞǀĂůƵĂƚĞƚŚĞŽǀĞƌĂůůƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŝŶ
ƚŚĞĚĂƚĂ͘
Đ͘ ǀĂůƵĂƚŝŽŶǁŝůůďĞůŝŵŝƚĞĚƚŽW͛ƐϭϱƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶ;ĂƌƐĞŶŝĐ͕ĐĂĚŵŝƵŵ͕
ĐŚƌŽŵŝƵŵ͕ĐŽƉƉĞƌ͕ĐǇĂŶŝĚĞ͕ůĞĂĚ͕ŵĞƌĐƵƌǇ͕ŶŝĐŬĞů͕ƐŝůǀĞƌ͕ǌŝŶĐ͕ŵŽůǇďĚĞŶƵŵ͕
ƐĞůĞŶŝƵŵ͕ϱͲĚĂǇďŝŽĐŚĞŵŝĐĂůŽǆǇŐĞŶĚĞŵĂŶĚ;KϱͿ͕ƚŽƚĂůƐƵƐƉĞŶĚĞĚƐŽůŝĚƐ
;d^^Ϳ͕ĂŵŵŽŶŝĂͿ͕d<E͕dŽƚĂůE͕ĂŶĚdŽƚĂůW͘
Ě͘ /ĨƐƵƉƉůĞŵĞŶƚĂůĂŶĂůǇƚŝĐĂůŶĞĞĚƐĂƌĞŝĚĞŶƚŝĨŝĞĚ͕ƚŚĞǇǁŝůůďĞƐĞůĨͲƉĞƌĨŽƌŵĞĚďǇ
ƚŚĞKǁŶĞƌŽƌǀŝĂKǁŶĞƌͬ>ĂďŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚ͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ
Ă͘ ǀĂůƵĂƚŝŽŶƐƵŵŵĂƌǇƚĂďůĞƐĂŶĚŐƌĂƉŚŝĐƐĨŽƌŝŶĐŽƌƉŽƌĂƚŝŽŶŝŶƚŽƚŚĞdĂƐŬϮϰϬ
>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚ͘

dĂƐŬϮϯϬʹDĂǆŝŵƵŵůůŽǁĂďůĞ,ĞĂĚǁŽƌŬƐ>ŽĂĚŝŶŐ;D,>Ϳ
ϭ͘ KďũĞĐƚŝǀĞ͗
/ŶŝƚŝĂůůǇĚĞƚĞƌŵŝŶĞDĂǆŝŵƵŵůůŽǁĂďůĞ,ĞĂĚǁŽƌŬƐ>ŽĂĚŝŶŐƐ;D,>ͿĂŶĚDĂǆŝŵƵŵ
ůůŽǁĂďůĞ/ŶĚƵƐƚƌŝĂů>ŽĂĚŝŶŐƐ;D/>ͿĨŽƌĞĂĐŚƉŽůůƵƚĂŶƚŽĨĐŽŶĐĞƌŶŝĚĞŶƚŝĨŝĞĚĨŽƌƚŚĞ
tZZ&͘

Ϯ͘ ŽŶƐƵůƚĂŶƚĐƚŝǀŝƚŝĞƐ͗
Ă͘ DĂǆŝŵƵŵůůŽǁĂďůĞ,ĞĂĚǁŽƌŬƐ>ŽĂĚŝŶŐƐ;D,>ͿWƌĞůŝŵŝŶĂƌǇĂůĐƵůĂƚŝŽŶƐ͘
ŝ͘ ƐƚŝŵĂƚĞtZZ&ZĞŵŽǀĂůZĂƚĞƐĨŽƌƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶƵƐŝŶŐŵĞƚŚŽĚƐ
ĨƌŽŵW͛ƐϮϬϬϰ>ŽĐĂů>ŝŵŝƚƐ'ƵŝĚĂŶĐĞŽĐƵŵĞŶƚ;ƚǇƉŝĐĂůůǇͲĂǀĞƌĂŐĞ
ĚĂŝůǇƌĞŵŽǀĂůĞĨĨŝĐŝĞŶĐǇ͕ŵĞĂŶƌĞŵŽǀĂůĞĨĨŝĐŝĞŶĐǇ͕ĚĞĐŝůĞŵĞƚŚŽĚ
ĚĞƉĞŶĚŝŶŐŽŶĂǀĂŝůĂďůĞĚĂƚĂͿ͘
ŝŝ͘ /ŶŝƚŝĂůůǇĚĞƚĞƌŵŝŶĞD,>ƐĨŽƌŵŽŶƚŚůǇĂŶĚĚĂŝůǇůŝŵŝƚƐŽĨƉŽůůƵƚĂŶƚƐŽĨ
ĐŽŶĐĞƌŶƵƐŝŶŐŵĂƐƐďĂůĂŶĐĞĂƉƉƌŽĂĐŚ͘
ď͘ DĂǆŝŵƵŵůůŽǁĂďůĞ/ŶĚƵƐƚƌŝĂů>ŽĂĚŝŶŐƐ;D/>ͿWƌĞůŝŵŝŶĂƌǇůůŽĐĂƚŝŽŶ
ĂůĐƵůĂƚŝŽŶƐ͘
ŝ͘ ŽŵƉĂƌĞĂĐƚƵĂůŝŶĚƵƐƚƌŝĂůůŽĂĚŝŶŐƐƚŽD,>ƚŽĂƐƐĞƐƐƚĂƌŐĞƚůŽĐĂůůŝŵŝƚƐ͘
ŝŝ͘ /ŶŝƚŝĂůůǇĚĞƚĞƌŵŝŶĞD/>ĨŽƌŵŽŶƚŚůǇĂŶĚĚĂŝůǇůŝŵŝƚƐŽĨŝŶĚŝǀŝĚƵĂů
ƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶŝŶĐůƵĚŝŶŐĂĚĞƋƵĂƚĞƌĞƐĞƌǀĞĐĂƉĂĐŝƚǇĨŽƌŐƌŽǁƚŚŽĨ

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ĐŽŶƚƌŽůůĞĚĂŶĚƵŶĐŽŶƚƌŽůůĞĚƐŽƵƌĐĞƐĂŶĚĂĚũƵƐƚŵĞŶƚƐďĂƐĞĚŽŶ
ƐŝŵƵůƚĂŶĞŽƵƐŽĐĐƵƌƌĞŶĐĞŽĨƉĞĂŬĚŝƐĐŚĂƌŐĞƐ͘
ŝŝŝ͘ KǁŶĞƌƚŽƉƌŽǀŝĚĞůŝƐƚŽĨĐƵƌƌĞŶƚĂŶĚƉůĂŶŶĞĚŵĂũŽƌŝŶĚƵƐƚƌŝĂů
ĐƵƐƚŽŵĞƌƐ͘KǁŶĞƌƚŽŝŶƚĞƌĨĂĐĞǁŝƚŚƚŚĞŝƌŝŶĚƵƐƚƌŝĂůĐƵƐƚŽŵĞƌƐ͘
Đ͘ WƌĞůŝŵŝŶĂƌǇZĞƐƵůƚƐtŽƌŬƐŚŽƉ;t^ϮϬϬͲϮͿ͘

ϯ͘ ŝƚǇZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
Ă͘ KǁŶĞƌǁŝůůŚĂǀĞĂƉƉƌŽƉƌŝĂƚĞƐƚĂĨĨĂƚƚĞŶĚt^ϮϬϬͲϮĂŶĚƉƌŽǀŝĚĞĐŽŵŵĞŶƚƐŽŶ
ƚŚĞƉƌĞůŝŵŝŶĂƌǇƌĞƐƵůƚƐ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ
Ă͘ t^ϮϬϬͲϮƚŽďĞŝŶƉĞƌƐŽŶ͘ŶŐŝŶĞĞƌĂƚƚĞŶĚĞĞƐƚŽŝŶĐůƵĚĞWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚ
WƌŽũĞĐƚŶŐŝŶĞĞƌ͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ
Ă͘ tŽƌŬƐŚŽƉĂŐĞŶĚĂ͕ƉƉƚƐůŝĚĞĚĞĐŬ͕ĂŶĚƐƵŵŵĂƌǇ͘
ď͘ ǀĂůƵĂƚŝŽŶƐƵŵŵĂƌǇƚĂďůĞƐĂŶĚŐƌĂƉŚŝĐƐĨŽƌŝŶĐŽƌƉŽƌĂƚŝŽŶŝŶƚŽƚŚĞdĂƐŬϮϰϬ
>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚ͘

dĂƐŬϮϰϬʹ>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚ
ϭ͘ KďũĞĐƚŝǀĞ͗
WƌŽĚƵĐĞĂƐƵŵŵĂƌǇƌĞƉŽƌƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚůǇŝƐƐƵĞĚ
EW^ƉĞƌŵŝƚ͘

Ϯ͘ ŽŶƐƵůƚĂŶƚĐƚŝǀŝƚŝĞƐ͗
Ă͘ ƌĂĨƚ^ƵŵŵĂƌǇZĞƉŽƌƚ͘WƌĞƉĂƌĞĂĚƌĂĨƚƐƵŵŵĂƌǇƌĞƉŽƌƚĨƌŽŵdĂƐŬƐϮϭϬ͕ϮϮϬ͕
ĂŶĚϮϯϬƐƉĞĐŝĨŝĐĂůůǇŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗
ŝ͘ ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉůĂŶƚĂŶĚƐĞƌǀŝĐĞĂƌĞĂ͘
ŝŝ͘ ^ĂŵƉůĞĐŽůůĞĐƚŝŽŶĞĨĨŽƌƚƐ͘
ŝŝŝ͘ ĂƚĂĂŶĂůǇƐŝƐƉĞƌĨŽƌŵĞĚƉƌŝŽƌƚŽD,>ĂŶĚD/>ĐĂůĐƵůĂƚŝŽŶƐ͘
ŝǀ͘ ůŝƐƚŽĨĂůůƉŽƚĞŶƚŝĂůƉŽůůƵƚĂŶƚƐŽĨĐŽŶĐĞƌŶĨŽƌƚŚĞtW&͕ƐƚĂƚŝŶŐƚŚĞ
ƌĞĂƐŽŶ;ƐͿĨŽƌŝŶĐůƵƐŝŽŶŽƌĞǆĐůƵƐŝŽŶŝŶD,>ĂŶĚD/>ĞǀĂůƵĂƚŝŽŶ;Ğ͘Ő͘
ƉŽƚĞŶƚŝĂůƚŽǀŝŽůĂƚĞƉĞƌŵŝƚůŝŵŝƚ͕ƉŽƚĞŶƚŝĂůƚŽĐĂƵƐĞŝŶƚĞƌĨĞƌĞŶĐĞ͕
ƉŽƚĞŶƚŝĂůƚŽĐĂƵƐĞƉĂƐƐƚŚƌŽƵŐŚ͕ĞƚĐ͘Ϳ͘
ǀ͘ ĂůĐƵůĂƚŝŽŶƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞŵĂǆŝŵƵŵĂůůŽǁĂďůĞŚĞĂĚǁŽƌŬƐ
ůŽĂĚŝŶŐƐŝĚĞŶƚŝĨǇŝŶŐƚŚĞƐŽƵƌĐĞ;ƐͿŽĨĚĂƚĂƵƐĞĚ;Ğ͘Ő͘ŵĂƐƐďĂůĂŶĐĞ͕
ůŝƚĞƌĂƚƵƌĞǀĂůƵĞ͕ƐƵƉƉůĞŵĞŶƚĂůƚĞƐƚŵĞĂƐƵƌĞŵĞŶƚƐ͕ĞƚĐ͘Ϳ͘
ǀŝ͘ dŚĞĐŽŶƚƌŝďƵƚŝŽŶŽĨĞĂĐŚƉŽůůƵƚĂŶƚŽĨĐŽŶĐĞƌŶĨƌŽŵƵŶĐŽŶƚƌŽůůĞĚ
ƐŽƵƌĐĞƐĂŶĚĂŶĞǆƉůĂŶĂƚŝŽŶŽĨŚŽǁĞĂĐŚĐŽŶƚƌŝďƵƚŝŽŶǁĂƐĚĞƚĞƌŵŝŶĞĚ͘
ǀŝŝ͘ dŚĞĂůůŽĐĂƚŝŽŶŽĨƚŚĞŵĂǆŝŵƵŵĂůůŽǁĂďůĞŚĞĂĚǁŽƌŬƐůŽĂĚŝŶŐĨŽƌĞĂĐŚ
ƉŽůůƵƚĂŶƚŽĨĐŽŶĐĞƌŶ͕ĂŶĚĂŶĞǆƉůĂŶĂƚŝŽŶŽĨŚŽǁƚŚĞĂůůŽǁĂďůĞůŽĂĚŝŶŐƐ
ǁŝůůďĞĂůůŽĐĂƚĞĚƚŽƐŝŐŶŝĨŝĐĂŶƚŝŶĚƵƐƚƌŝĂůƵƐĞƌƐƌĞŐƵůĂƚĞĚďǇƚŚĞKǁŶĞƌ͛Ɛ
ƉƌĞƚƌĞĂƚŵĞŶƚƉƌŽŐƌĂŵ͘
ď͘ ^ƵďŵŝƚĚƌĂĨƚƐƵŵŵĂƌǇƚŽƚŚĞKǁŶĞƌĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘
Đ͘ ZĞǀŝĞǁDĞĞƚŝŶŐ;t^ϮϬϬͲϯͿƚŽŝƐĐƵƐƐZĞǀŝĞǁŽŵŵĞŶƚƐ͘
Ě͘ &ŝŶĂůZĞƉŽƌƚ͘/ŶĐŽƌƉŽƌĂƚĞĐŽŵŵĞŶƚƐĨƌŽŵƚŚĞKǁŶĞƌŽŶƚŚĞĚƌĂĨƚƌĞƉŽƌƚŝŶƚŽĂ
ĨŝŶĂů,ĞĂĚǁŽƌŬƐ>ŽĐĂů>ŝŵŝƚƐ^ƚƵĚǇZĞƉŽƌƚ͘
Ğ͘ /EZ^ƵƉƉŽƌƚ͘ŶŐŝŶĞĞƌƚŽƐƵďŵŝƚƚŚĞ>ŽĐĂů>ŝŵŝƚƐ^ƚƵĚǇZĞƉŽƌƚƚŽƚŚĞ/EZ

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ĂŶĚďĞĂǀĂŝůĂďůĞƚŽĂĚĚƌĞƐƐ/EZƌĞǀŝĞǁĐŽŵŵĞŶƚƐͬƋƵĞƐƚŝŽŶƐ͘

ϯ͘ KǁŶĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͗
Ă͘ KǁŶĞƌǁŝůůƉƌŽǀŝĚĞĂƉƉƌŽƉƌŝĂƚĞƉĞƌƐŽŶŶĞůĨŽƌǁŽƌŬƐŚŽƉƐͬŵĞĞƚŝŶŐƐͬĐĂůůƐ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ͗
Ă͘ WƌŽĐĞƐƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐƉƌĞůŝŵŝŶĂƌǇD,>ĂŶĚD/>ĨŽƌĞĂĐŚƉŽůůƵƚĂŶƚŽĨ
ĐŽŶĐĞƌŶŝĚĞŶƚŝĨŝĞĚĨŽƌtZZ&ǁŝůůďĞďĂƐĞĚŽŶƚŚĞW͛Ɛ:ƵůǇϮϬϬϰ>ŽĐĂů>ŝŵŝƚƐ
ĞǀĞůŽƉŵĞŶƚ'ƵŝĚĂŶĐĞĂŶĚƉƌŝŽƌ<ĞŽŬƵŬtZZ&>ŽĐĂů>ŝŵŝƚƐ^ƚƵĚǇ͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ͗
Ă͘ t^ϮϬϬͲϯĂŐĞŶĚĂĂŶĚƐƵŵŵĂƌǇ͘
ď͘ ƌĂĨƚĂŶĚ&ŝŶĂů,ĞĂĚǁŽƌŬƐ>ŽĐĂů>ŝŵŝƚƐ^ƵŵŵĂƌǇZĞƉŽƌƚ͘

dĂƐŬϯϬϬ͗ZĞŐƵůĂƚŽƌǇŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉ

ϭ͘ KďũĞĐƚŝǀĞ͗
ĞǀĞůŽƉĂŶŽǀĞƌĂůůĐŽŵƉůŝĂŶĐĞƉƌŽŐƌĂŵƌŽĂĚŵĂƉƚŚĂƚĚĞĨŝŶĞƐĂŶĚƉůĂŶƐĨŽƌƚŚĞKǁŶĞƌ͛Ɛ
ƐǇƐƚĞŵĂƚŝĐŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĐŚĞĐŬͲŽĨĨŽĨĐŽŵƉůŝĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞǁŚŽ͕ǁŚĂƚ͕
ǁŚĞŶƚŽƉƌŽŐƌĞƐƐĨƌŽŵƚŽĚĂǇƚŽĚŵŝŶŝƐƚƌĂƚŝǀĞKƌĚĞƌƚĞƌŵŝŶĂƚŝŽŶ͘

Ϯ͘ ŽŶƐƵůƚĂŶƚĐƚŝǀŝƚŝĞƐ͗
Ă͘ KďƚĂŝŶƌĞůĞǀĂŶƚĐŽŵƉůŝĂŶĐĞǁŽƌŬĞůĞŵĞŶƚƐĐŽŵƉůĞƚĞĚƚŽĚĂƚĞ;ďǇKǁŶĞƌ
ĂŶĚͬŽƌKƚŚĞƌƐͿ͕ĂŶĚƵŶĚĞƌƐƚĂŶĚĐŽŵƉůĞƚŝŽŶƐƚĂƚƵƐ͘
ď͘ ĞĨŝŶĞĐŽŵƉůŝĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĚĞĨŝŶĞĚƚŽĚĂƚĞďǇ/EZĂŶĚW͘
Đ͘ ŽŶĚƵĐƚt^ϯϬϬͲϭƚŽĞŶƐƵƌĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨKǁŶĞƌ͛ƐĐƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶĂŶĚƚŽ
ĐŽůůĂďŽƌĂƚŝǀĞůǇƌĞǀŝĞǁͬĚŝƐĐƵƐƐͬĞŶĚŽƌƐĞŵĂƚƌŝǆŽĨƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚĚĞĂĚůŝŶĞƐ͘
ŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉĞůĞŵĞŶƚƐŝŶĐůƵĚĞ;ďƵƚŶŽƚůŝŵŝƚĞĚƚŽͿ͗
ŝ͘ &ŝƌƐƚ&ůƵƐŚǀĂůƵĂƚŝŽŶ
ŝŝ͘ ŽůůĞĐƚŝŽŶ^ǇƐƚĞŵDŽŶŝƚŽƌŝŶŐWƌŽŐƌĂŵWůĂŶhƉĚĂƚĞ
ŝŝŝ͘ YWWƉůĂŶƵƉĚĂƚĞ
ŝǀ͘ DKDƌĞǀŝƐŝŽŶƐͬƵƉĚĂƚĞƐ
ǀ͘ tZZ&/ŵƉƌŽǀĞŵĞŶƚƐWůĂŶͬ>ŝƐƚhƉĚĂƚĞ
ǀŝ͘ /WĐŽŶƚĞŶƚƵƉĚĂƚĞ͕ƌĂƚĞŝŵƉůŝĐĂƚŝŽŶƐ͕ĂĨĨŽƌĚĂďŝůŝƚǇĂŶĂůǇƐŝƐ͘
ǀŝŝ͘ ZĂƚĞ^ƚƵĚǇhƉĚĂƚĞ
ǀŝŝŝ͘ /ŶƚĞŐƌĂƚĞĚWůĂŶŶŝŶŐƉƉƌŽĂĐŚĞĐŝƐŝŽŶDĂŬŝŶŐ
ŝǆ͘ &K'WƌŽŐƌĂŵWůĂŶhƉĚĂƚĞ
ǆ͘ WƌŝŽƌŽƌĚŝŶĂŶĐĞƌĞǀŝĞǁĂŶĚhƉĚĂƚĞ
ǆŝ͘ KΘDKƉĞƌĂƚŝŽŶƐKƉƚŝŵŝǌĂƚŝŽŶʹ^KW͕ĞƚĐ͘
ǆŝŝ͘ WƌĞͲdƌĞĂƚŵĞŶƚWƌŽŐƌĂŵWůĂŶhƉĚĂƚĞΘdƌĂŝŶŝŶŐ
ǆŝŝŝ͘ ϮϬϮϳŶŶƵĂůZĞƉŽƌƚ;ĚƵĞŝŶƉƌŝů͕ĂŶŶƵĂůůǇ͕ƚŚƌƵKƚĞƌŵŝŶĂƚŝŽŶͿ
ǆŝǀ͘ hƉĚĂƚĞĚ>dW
Ě͘ ĞǀĞůŽƉĚƌĂĨƚĐŽŵƉůŝĂŶĐĞƌŽĂĚŵĂƉ͘
Ğ͘ ŽŶĚƵĐƚt^ϯϬϬͲϮƚŽƉƌĞƐĞŶƚ͕ĚŝƐĐƵƐƐ͕ĂŶĚĞŶĚŽƌƐĞĚƌĂĨƚĐŽŵƉůŝĂŶĐĞƌŽĂĚŵĂƉ͘
Ĩ͘ ĞǀĞůŽƉĂŶĚƐƵďŵŝƚĨŝŶĂůĐŽŵƉůŝĂŶĐĞƌŽĂĚŵĂƉ͘

Page 51 of 66

ϯ͘ ŝƚǇZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͗
Ă͘ KǁŶĞƌƚŽƉƌŽǀŝĚĞĐƵƌƌĞŶƚƐƚĂƚƵƐĂŶĚĂƐƐŽĐŝĂƚĞĚĚŽĐƵŵĞŶƚĂƚŝŽŶŽĨƌĞƐƉĞĐƚŝǀĞ
ĐŽŵƉůŝĂŶĐĞƌŽĂĚŵĂƉĞůĞŵĞŶƚƐ͘
ď͘ KǁŶĞƌƚŽĐŽŵŵƵŶŝĐĂƚĞĂŶĚĞŶŐĂŐĞǁŝƚŚŽƚŚĞƌŝƚǇĚĞƉĂƌƚŵĞŶƚƐĂƐŶĞĞĚĞĚƚŽ
ƐƵƉƉŽƌƚŽǀĞƌͲĂůůKǁŶĞƌĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂŶĚĞŶĚŽƌƐĞŵĞŶƚ͘

ϰ͘ ƐƐƵŵƉƚŝŽŶƐ͗
Ă͘ t^ϯϬϬͲϭĂŶĚϯϬϬͲϮĂƚƚĞŶĚĞĚŝŶͲƉĞƌƐŽŶďǇŶŐŝŶĞĞƌ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚ
WƌŽũĞĐƚŶŐŝŶĞĞƌ͕ĂŶĚǀŝƌƚƵĂůůǇďǇŶŐŝŶĞĞƌ͛ƐƌĞŐƵůĂƚŽƌǇƐƉĞĐŝĂůŝƐƚƐ͘
ď͘ t^ϯϬϬͲϭƉůĂŶŶĞĚƚŽŽĐĐƵƌĐŽŝŶĐŝĚĞŶƚĂůůǇǁŝƚŚt^ϮϬϬͲϭ͘
Đ͘ t^ϯϬϬͲϮƉůĂŶŶĞĚƚŽŽĐĐƵƌĐŽŝŶĐŝĚĞŶƚĂůůǇǁŝƚŚt^ϮϬϬͲϮ͘
Ě͘ ĐƚŝǀŝƚŝĞƐͬdĂƐŬƐǁŝƚŚŝŶƚŚĞƌŽĂĚŵĂƉǁŝůůďĞĐŽŵƉůĞƚĞĚďǇǀĂƌŝŽƵƐĞŶƚŝƚŝĞƐ
ŝŶĐůƵĚŝŶŐƚŚĞKǁŶĞƌ͕KƚŚĞƌƐ͕ĂŶĚŶŐŝŶĞĞƌ;ǀŝĂƐƵďƐĞƋƵĞŶƚdĂƐŬKƌĚĞƌƐͿ͘

ϱ͘ ĞůŝǀĞƌĂďůĞƐ͗
Ă͘ t^ĂŐĞŶĚĂ͕ƉƉƚƐůŝĚĞĚĞĐŬ͕ĂŶĚƐƵŵŵĂƌǇ͘
ď͘ ƌĂĨƚZĞŐƵůĂƚŽƌǇŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉ͘
Đ͘ &ŝŶĂůZĞŐƵůĂƚŽƌǇŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉ͘

Page 52 of 66

ŶƚŝĐŝƉĂƚĞĚDŝůĞƐƚŽŶĞ^ĐŚĞĚƵůĞ

dŚĞƐĐŚĞĚƵůĞŝƐďĂƐĞĚƵƉŽŶĐŽŶƚƌĂĐƚĂĐĐĞƉƚĂŶĐĞĂŶĚŶŽƚŝĐĞƚŽƉƌŽĐĞĞĚďǇ^ĞƉƚĞŵďĞƌϭϳ͕ϮϬϮϲ͘
dŚĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐǁŝůůďĞĐŽŵƉůĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŵŝůĞƐƚŽŶĞƐĐŚĞĚƵůĞ͗

DŝůĞƐƚŽŶĞ

EŽƚŝĐĞƚŽWƌŽĐĞĞĚ

dĂƐŬϮϬϬ<ŝĐŬͲŽĨĨtŽƌŬƐŚŽƉ;t^ϮϬϬͲϭͿ

dĂƐŬϯϬϬt^ϯϬϬͲϭ

dĂƐŬϮϬϬt^ϮϬϬͲϮ

dĂƐŬϯϬϬt^ϯϬϬͲϮ

dĂƐŬϮϬϬƌĂĨƚ>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚ^ƵďŵŝƚƚĂů

dĂƐŬϮϬϬt^ϮϬϬͲϯ

dĂƐŬϮϬϬ&ŝŶĂů>ŽĐĂů>ŝŵŝƚƐZĞƉŽƌƚ^ƵďŵŝƚƚĂů;KǁŶĞƌΘ/EZͿ
dĂƐŬϯϬϬƌĂĨƚZĞŐƵůĂƚŽƌǇŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉ^Ƶďŵŝƚ
dĂƐŬϯϬϬ&ŝŶĂůZĞŐƵůĂƚŽƌǇŽŵƉůŝĂŶĐĞZŽĂĚŵĂƉ^Ƶďŵŝƚ
dĂƐŬKƌĚĞƌϭŽŵƉůĞƚĞĚ

ĂƚĞ
^ĞƉƚĞŵďĞƌϭϳ͕ϮϬϮϲ
^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϮϲ
^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϮϲ
KĐƚŽďĞƌϭϰ͕ϮϬϮϲ
KĐƚŽďĞƌϭϰ͕ϮϬϮϲ
KĐƚŽďĞƌϮϴ͕ϮϬϮϲ
EŽǀĞŵďĞƌϰ͕ϮϬϮϲ

EŽǀĞŵďĞƌϭϴ͕ϮϬϮϲ
KĐƚŽďĞƌϭϰ͕ϮϬϮϲ
EŽǀĞŵďĞƌϰ͕ϮϬϮϲ
EŽǀĞŵďĞƌϮϱ͕ϮϬϮϲ

Page 53 of 66

) September 17, 2026
'(#)- Pam Broomhall Community Dir.
* ) Return of Property, 604 Grand Ave

# )" 9

('%)$#
On December 21, 2023, the Keokuk City Council approved the conveyance of property located at 604 Grand Avenue, Keokuk, Iowa,
to Marcus Allen and Peggy Jahani pursuant to Resolution No. 311-2023. The conveyance was made in connection with the proposed
development of a dwelling on the property.
Marcus Allen and Peggy Jahani have notified the City that, due to increasing development costs, they do not wish to proceed with the
proposed construction and instead desire to return the property to the City of Keokuk.
A title search has been completed and the property has been determined to be free and clear of liens.
The resolution authorizes the City to accept the return of the property at 604 Grand Avenue from Marcus Allen and Peggy Jahani.
Under the proposed resolution:
1. The City will accept the property back from Marcus Allen and Peggy Jahani.
2. The property will be conveyed to the City by deed.
3. The City will prepare the necessary paperwork and documentation to complete and record the transfer.
Staff recommends that the City Council approve the proposed resolution accepting the return of the property.

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Community Development

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Page 54 of 66

#-%'+$*($*#!)$#(
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Staff recommends approval.

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Page 55 of 66

RESOLUTION NO. ____
A RESOLUTION ACCEPTING THE RETURN OF PROPERTY LOCATED AT 604 GRAND
AVENUE, KEOKUK, IOWA
WHEREAS, the Keokuk City Council approved the disposal of property located at 604 Grand Avenue,
Keokuk, Iowa, to Marcus Allen and Peggy Jahani pursuant to Resolution No. 311-2023; and
WHEREAS, the City Council granted two extensions to allow additional time for construction of the proposed
dwelling, one in May 2025 and one in April 2026; and
WHEREAS, Marcus Allen and Peggy Jahani have informed the City that, due to increasing development
costs, they wish to return the property to the City of Keokuk; and
WHEREAS, a title search has been completed for the property, and the property has been determined to be
free and clear of liens; and
WHEREAS, the City Council has determined that accepting the return of the property is in the best interests
of the City of Keokuk;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Keokuk, Iowa, as follows:
1. Acceptance of Property. The City of Keokuk hereby accepts the return of the real property commonly known
as 604 Grand Avenue, Keokuk, Iowa, legally described as follows:
2. Conveyance to the City. Marcus Allen and Peggy Jahani shall convey the property back to the City of
Keokuk by deed or other appropriate instrument prepared by or on behalf of the City. Based upon the
completed title search, the property is free and clear of liens.
3. City Responsibility for Paperwork. The City of Keokuk shall prepare and complete all necessary paperwork
and documentation required to effectuate the return and acceptance of the property, including the deed or other
conveyance documents and any documents necessary for recording the transfer.
4. No Further Development Obligation. Upon completion and recording of the required conveyance
documents, the City shall accept the return of the property in lieu of further performance of the development
proposal and related deadlines established by Resolution No. 311-2023, Resolution No. 212-2025, and
Resolution No. 92-2026.
5. Authorization. The Mayor, City Clerk, and other appropriate City officials are hereby authorized and
directed to execute any documents and take any actions reasonably necessary to effectuate the return and
acceptance of the property, subject to review and approval by the City Attorney.
6. Effective Date. This Resolution shall be effective upon its approval and adoption. The transfer of the
property shall be effective upon execution, delivery, acceptance, and recording of the appropriate conveyance
documents.
Passed this 17th day of September 2026.
____________________________________
Mark Smidt, Mayor
Attest: ________________________________
Celeste El Anfaoui, City Clerk

Page 56 of 66

) 9/17/26
'(#)- Jim Ferneau
* ) Approval of IEDA Demolition Funds

# )" 10

('%)$#
One of the discussions that was held over the winter with the Iowa Economic Development Authority
(IEDA) in regards to potential redevelopment of the SID Center into housing was how to have this be
a truly transformative project for the surrounding neighborhood and the community as a whole. We
talked about the need to do additional work, including demolishing substandard structures, finding
ways to get other properties improved, and to also see if some in-fill housing can be accomplished in
the area as well to improve the entire neighborhood. At the time, IEDA expressed an interest in
providing demolition funding to assist us in doing improvements in the area. The attached
agreement is a result of these discussions, providing up to $270,000 towards the demolition of 15
properties in the area. The Grant is structured as a forgivable loan, meaning we have to meet their
requirements for where the funds can be expended in order to have the funding forgiven.

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Page 57 of 66

#-%'+$*($*#!)$#(
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Recommend approval.

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Page 58 of 66

RESOLUTION NO. ______
A RESOLUTION AUTHORIZING THE EXECUTION OF AN
AGREEMENT WITH IOWA ECONOMIC DEVELOPMENT
AUTHORITY NUISANCE PROPERTY AND ABANDONED BUILDING
REMEDIATION FUND
WHEREAS, the City of Keokuk, Iowa has sought to address improving the
overall housing stock in our community through a variety of mechanisms; and
WHEREAS, the City Council has entered into a project proposal for the
redevelopment of the Southeast Iowa Development Center (SID Center) to
incorporate approximately 35 new residential units; and
WHEREAS, the City and the State of Iowa recognize that transforming the
neighborhood surrounding the SID Center would be beneficial to the long-term
success of the project in particular as well as the City as a whole; and
WHEREAS, the City and the State of Iowa agree that implementing a focused
demolition program of deteriorated buildings in the neighborhood surrounding the
SID Center would be mutually beneficial.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF KEOKUK, IOWA, that the attached Iowa
Economic Development Authority Nuisance Property and Abandoned Building
Remediation Loan Agreement is approved and that the Mayor is hereby authorized
to sign all documents necessary to accept and process the award.
PASSED, APPROVED, AND ADOPTED this 17th day of September 2026.
_____________________________
Mark Smidt, Mayor
ATTEST: _______________________________
Celeste El Anfaoui, City Clerk

Page 59 of 66

IOWA ECONOMIC DEVELOPMENT AUTHORITY
NUISANCE PROPERTY AND ABANDONED BUILDING REMEDIATION FUND
LOAN AGREEMENT

RECIPIENT:
AGREEMENT NUMBER:
AWARD DATE:
LOAN AMOUNT:
MATURITY DATE:

City of Keokuk
27-NPAB-001
09/01/2026
$270,000
08/31/2031

THIS NUISANCE PROPERTY AND ABANDONED BUILDING REMEDIATION FUND LOAN AGREEMENT
(the "Agreement") is made as of the Award Date by the IOWA ECONOMIC DEVELOPMENT AUTHORITY
("IEDA"), 1963 Bell Avenue, Des Moines, Iowa 50315 and the City of Keokuk, ("Recipient"), 501 Main Street,
Keokuk, Iowa.
WHEREAS, the Recipient submitted an application to IEDA through IowaGrants.gov requesting
financial assistance through the Nuisance Property and Abandoned Building Remediation Loan Fund program
(the “Program”) described at Iowa Code section 15.338, including providing a Project description and Project
budget as described in Attachment A (the "Project"); and
WHEREAS, the Iowa Economic Development Authority Director ("Director") approved the application
and awarded the Recipient a maximum of $270,000 in financial assistance; and
NOW THEREFORE, in consideration of the mutual promises contained herein and intending to be
legally bound, the Recipient and IEDA agree to the following terms:
1. Definitions.
a. “Costs Directly Related” means expenditures that are incurred for acquisition, demolition,
disposal, redevelopment, or rehabilitation of a project to the extent they are attributable directly to the
remediation or redevelopment of the property or its improvements. Examples of “Costs Directly
Related” and expenditures that are not included as “Costs Directly Related are set out 261 Iowa
Administrative Code (IAC) 22.2.
b. IOWAGRANTS.GOV. "IowaGrants.gov" means Iowa’s Funding Opportunity Search and Grant
Management System. This system allows you to electronically apply for and manage awards
received by the state of Iowa. Persons accessing the system for this purpose are required to register
online at www.IowaGrants.gov. The Authority reserves the right to require the Recipient to utilize the
IowaGrants.gov system to conduct business associated with this Contract.
c. “Project” means a proposed plan for the remediation or redevelopment of nuisance properties
and abandoned buildings in a city.
d. “Public Nuisance” means the same as defined in Iowa Code section 657A.1 and includes
buildings with blighted characteristics as described in Iowa Coder section 402.3.
e. “Redevelopment” means development activities associated with a project that are undertaken
either for the purpose of remediating nuisance or abandoned properties, for constructing new
buildings or improvements at a site where formerly existing buildings have been demolished, or for
rehabilitating, reusing, or repurposing existing buildings or improvements at a project site.
f. “Remediation” or “Remediating” means the demolition, disposal, removal, repair,
improvement, or rehabilitation of nuisance property or abandoned buildings at a site included in a

Page 60 of 66

NPAB LOAN : 27-NPAB-001
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project.
2. General Loan Terms. The general terms of the Loan are as follows:
Maturity Date:

August 31, 2031

Interest Rate:

Loan Amount:

$270,000

Disbursement of funds:

Requests for disbursement of funds shall be made through
IowaGrants.gov using a General Accounting Expenditure (GAX) form.
The Recipient will submit proof of incurred or paid costs and
documentation of any other matching funds Directly Related to the
Project in support of each GAX. IEDA will review each GAX and
supporting documentation, determine whether the incurred or paid costs
submitted are Costs Directly Related to the Project and, if so, approve
disbursement of funds. No request for disbursement shall be for an
amount less than $25,000. Project shall be completed by no later than
August 31, 2028.

Repayment Due Date:

September 1, 2031

Repayment Terms:

Recipient to repay full loan amount due by August 31, 2029, provided
that the loan is forgivable and if terms for forgiveness of the loan have
been satisfied. If not forgiven, an amortization schedule will be
prepared.

Properties Address /
Geographic description
of areas boundaries:
Purpose:

15 properties in the SID Center neighborhood (11th-17th Street, Main to
Ridge).
Selected property demolition and clearance activities.

3. Agreement term. This Agreement shall be in full force and effect from complete execution of this
Agreement until the Loan is repaid in full.
4. Covenants. The Recipient covenants as follows:
a. It shall use the loan only for Costs Directly Related to the Project.
b. The Public Nuisance for which the loan shall be used for Redevelopment or Remediation meets
the definition of a “public nuisance” as defined herein and in applicable administrative rules.
c. The information contained in the Recipient’s “Budget Activity” and the Recipient’s Loan
Application, both contained in the Recipient’s IowaGrants.gov account, and other documents
incorporated by this Agreement is true and accurate to the best of the Recipient’s knowledge and
belief.
d. Throughout the term of this Agreement, the Recipient shall remain eligible for and comply with the
requirements of the Program described at Iowa Code section 15.338, 261 IAC Chapter 22, and the
provisions of this Agreement.
5. Loan repayment terms. The Recipient shall repay the Loan on or before the Repayment Due Date.
However, no repayment will be required, and the loan will be forgiven if IEDA determines that the
Recipient has completed the Project by the Project ending date of August 31, 2028. The IEDA shall

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make the final determination as to whether Project activities and costs satisfy Program requirements and
whether the Recipient completed the Project on or before the above-mentioned date.
6. Early repayment. The outstanding balance of the Loan may be prepaid in whole or in part without
premium or penalty.
7. Acceleration upon default. In the event of an unremedied Event of Default under this Agreement,
IEDA may declare the entire unpaid principal immediately due and payable.
8. Default. An unremedied Event of Default may result in termination of this Agreement and repayment
of all or a portion of the Loan disbursed to Recipient plus default interest at a rate of 6% per annum and
costs. Any one or more of the following shall constitute an Event of Default under this Agreement:
a. Failure to make a payment when due (whether by lapse of time, acceleration or otherwise) for
more than ten (10) business days of the due date thereof of any Loan; or
b. Default in the observance or performance of any term of any Security Document required by this
Agreement beyond any applicable grace period set forth therein or any deficient or not perfected
security interest in the appropriate priority; or
c.

Default in the observance or performance of any other provision of this Agreement; or

d. Any representation or warranty made by the Recipient in this Agreement or in any statement or
certificate furnished by it pursuant to this Agreement, or made by the Recipient as found in the
Recipient’s IowaGrants.gov account, or in connection with any of the above, proves untrue in any
material respect as of the date of the issuance or making thereof or the Recipient breaches any
covenant set out herein; or
e. Any change in the financial condition of the Recipient which would have a material adverse effect
on the ability of the Recipient to perform under this Agreement, including, without limitation,
judgments entered against the Recipient; or
f. IEDA in good faith deems the Recipient insecure and reasonably believes, after consideration of
all the facts and circumstances then existing, that the prospect of payment and satisfaction of the
obligations under this Agreement, or the performance of or observance of the covenants in this
Agreement, is or will be materially impaired; or
g. The Recipient or the Recipient’s contractor(s) fails to employ only individuals legally authorized to
work in this state.
9. Prohibition of assignment or transferability. The Recipient shall not sell, trade, transfer or
otherwise assign any portion of the loan or any obligation to repay any portion of the Loan, except as
expressly stipulated in this Agreement.
10. Security. The Recipient shall secure this Agreement by pledging local city funds, including, but not
limited to, General Obligation bonds, revenue bonds, tax receipts, user fees, and other local sources.
11. Disbursements of Award Funds. The obligation of IEDA to disburse funds under this Agreement
shall be subject to the conditions described in this section. Recipient shall submit requests for
disbursement of funds. The minimum request for disbursement shall be $25,000. Recipient shall prepare,
sign and submit disbursement requests and reports as specified in this Agreement in the form and
content required by IEDA. Recipient shall review all disbursement requests and verify that claimed
expenditures or incurred costs are allowable costs. The Recipient shall maintain documentation
adequate to support the claimed costs. Funds will not be disbursed until IEDA has received each of the
following documents, properly executed and completed, and approved by IEDA as to form and
substance:

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a. Fully executed agreement.
b. A fully executed Promissory Note, in the form found in Exhibit A.
c. IEDA shall have received such other contracts, instruments, documents, certificates, and opinions
as the IEDA may reasonably request.
d. Requests for disbursement.
12. Representations and warranties. The Recipient represents and warrants to IEDA as follows:
a. The Recipient has full right and authority to enter into this Agreement. The person signing this
Agreement has full authority on behalf of Recipient to:
i. Sign this Agreement, and
ii. Issue Promissory Notes on behalf of the Recipient, and
iii. Secure Recipient’s obligations under this Agreement, if required, and
iv. Obligate the Recipient to perform each and all of the obligations under the Agreement.
b. The Recipient shall use the Loan only for the Purpose described in this Agreement.
c. Since the IEDA awarded the Loan, there has been no material adverse change in the condition of
the Recipient, financial or otherwise, or the prospects of the Recipient.
d. The statements and other information furnished to the IEDA and its agents by Recipient in its
application and in connection with the negotiation of this agreement do not contain any untrue
statements of a material fact or omit a material fact necessary to make the material statements
contained herein or therein not misleading.
e. The Recipient owns, possesses, or has the right to use all necessary property, intellectual,
personal, real or otherwise, and has all necessary permits to conduct its business.
f. There is no litigation or governmental proceeding pending, nor to the knowledge of the Recipient
threatened, against the Recipient, which if adversely determined, would result in any material adverse
change in the financial condition of the Recipient, nor is the Recipient aware of any existing basis for
any such litigation or governmental proceeding.
g. The Recipient is not in default under the terms or any covenant, indenture, or Agreement of or
affecting the Recipient, which default, if uncured, would have a material adverse effect on its financial
condition of the Recipient.
h. No default or event of default described in this Agreement has occurred or is continuing.
i. These warranties and representations are made as of the Recipient’s execution of this
Agreement and shall be deemed to be renewed and restated by the Recipient at the time of each
request for disbursement of the Loan.
13. Records. The Recipient is required to maintain its books, records and all other evidence pertaining to
this Agreement in accordance with generally accepted accounting principles and such other procedures
specified by IEDA. Records to verify compliance with the terms of this Agreement shall be available at all
times and made available to IEDA and its designees at places and times designated by IEDA for the
duration of this Agreement and any extensions thereof. Recipient shall make its records available to: (i)
IEDA, (ii) IEDA’s internal or external auditors, agents and designees; (iii) the Auditor of the State of Iowa,
the Attorney General of the State of Iowa, (iv) the Iowa Division of Criminal Investigations and any other
applicable law enforcement agencies. Recipient shall retain the records for a period of three (3) years
from the fulfillment of obligations under this Agreement, unless the records are the subject of an audit,

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investigation, or administrative or legal proceeding. In those instances, the records shall be retained until
the audit, investigation or proceeding has been resolved.
14. Reports. The Recipient is required to submit periodic project status/accomplishment reports to IEDA
in the manner and timeframe specified for such reports by IEDA.
15. Indemnification. The Recipient shall indemnify, defend and hold harmless the IEDA, the State of
Iowa, its departments, divisions, agencies, sections, commissions, officers, employees and agents from
and against all losses, liabilities, penalties, fines, damages and claims, including taxes, and all related
costs and expenses, including reasonable attorneys' fees and disbursements and costs of investigation,
litigation, settlement, judgments, interest and penalties, arising from or in connection with any of the
following: any claim, demand, action, citation or legal proceeding arising out of or resulting from the Loan;
any claim, demand, action, citation or legal proceeding arising out of or resulting from a breach by the
Recipient of any representation, warranty or covenant made by the Recipient in this Agreement; any
claim, demand, action, citation or legal proceeding arising out of or related to occurrences that the
Recipient is required to insure against as provided for in this Agreement; and any claim, demand, action,
citation or legal proceeding which results from an act or omission of the Recipient or any of their agents in
its or their capacity as an employer of a person.
16. Choice of Law and Forum. In the event any proceeding of a quasi-judicial or judicial nature is
commenced in connection with this Agreement, the proceeding shall be brought in Des Moines, Iowa, in
Polk County District Court for the State of Iowa, if such court has jurisdiction. This provision shall not be
construed as waiving any immunity to suit or liability in state or federal court which may be available to
the IEDA, the State of Iowa or its members, officers, employees, or agents.
17. Governing Law. This Agreement and the rights and duties of the parties hereto shall be governed by
and construed in accordance with the internal laws of the State of Iowa without regard to principles of
conflicts of laws.
18. Agreement Amendments. Neither this Agreement nor any documents incorporated by reference in
connection with this Agreement may be changed, waived, discharged, or terminated orally, unless done
so in writing and signed by the Recipient and IEDA. Examples of situations requiring an amendment
include, but are not limited to, time extensions and significant alterations of Project activities.
19. Notices. Whenever this Contract requires or permits any funding request, notice, report, or written
request by one party to another, it shall be delivered through IowaGrants.gov. Alternately, the Authority
may rely on the United States Mail as the Authority deems appropriate. Any such notice given hereunder
shall be deemed delivered upon the earlier of actual receipt or two (2) business days after posting. The
Authority may rely on the address of the Recipient set forth in Section 1, as modified from time to time, as
being the address of the Recipient.
20. Headings. Article headings used in this Agreement are for convenience of reference only and are not
a part of this Agreement for any other purpose.
21. Final Authority. The IEDA shall have the authority to reasonably assess whether the Recipient has
complied with the terms of this Agreement. Any IEDA determinations with respect to compliance with the
provisions of this Agreement shall be deemed to be final determinations pursuant to Iowa Code Chapter
17A, Iowa Administrative Procedure Act.
22. Waivers. No waiver by IEDA of any default hereunder shall operate as a waiver of any other default
or of the same default on any future occasion. No delay on the part of the IEDA in exercising any right or
remedy hereunder shall operate as a waiver thereof. No single or partial exercise of any right or remedy
by IEDA shall preclude future exercise thereof or the exercise of any other right or remedy.
23. Survival of Representations. All representations and warranties made herein or in any other
Agreement document or in certificates given pursuant hereto or thereto shall survive the execution and

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delivery of this Agreement and the other Agreement documents and shall continue in full force and effect
with respect to the date as of which they were made until all of Recipient's obligations or liabilities under
this Agreement have been satisfied.
24. Severability of Provisions. Any provision of this Agreement, which is unenforceable in any
jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such unenforceability without
invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in
any other jurisdiction. All rights, remedies and powers provided in this Agreement or any other
Agreement document may be exercised only to the extent that the exercise thereof does not violate any
applicable mandatory provisions of law, and all the provisions of this Agreement and any other
incorporated document are intended to be subject to all applicable mandatory provisions of law which
may be controlling and to be limited to the extent necessary so that they will not render this Agreement or
any other incorporated document invalid or unenforceable.
25. Termination. This Agreement can be terminated under each of the following circumstances:
a. Upon written agreement of the Recipient and IEDA.
b. As a result of the Recipient’s unremedied event of default pursuant to this Agreement.
c. As a result of any termination, reduction, or delay of funds due, in whole or in part, to (i) lack of,
reduction in, or a de-appropriation of revenues previously appropriated or authorized for this
Agreement, or (ii) any other reason beyond the IEDA’s control may, in the IEDA’s discretion, result in
the suspension, reduction or delay of funds available for loans available under the Nuisance Property
And Abandoned Building Remediation Assistance program.
26. Documents Incorporated by Reference. The following documents are incorporated by reference
and considered an integral part of this Agreement:
1. Attachment A - Recipient’s “Loan Application” and “Budget Activity” as found in the Recipient’s
IowaGrants.gov account.
2. Exhibit A - Promissory Note(s)
27. Order of Priority. In the case of any inconsistency or conflict between the specific provisions of this
document and the exhibits, the following order of priority shall control:
1. Articles 1 - 28 of this Agreement.
2. Attachment A - Recipient’s “Loan Application” and “Budget Activity” as found in the Recipient’s
IowaGrants.gov account.
3. Exhibit A - Promissory Note(s)
28. Integration. This Agreement contains the entire understanding between the Recipient and IEDA
relating to the Project and any representations that may have been made before or after the signing of
this Agreement, which are not contained herein, are nonbinding, void and of no effect. None of the Parties
have relied on any such prior representation in entering into this Agreement.
In consideration of the mutual covenants set forth above and for other good and valuable consideration,
the receipt, adequacy, and legal sufficiency of which are hereby acknowledged, the parties have entered
into this Agreement and have caused their duly authorized representatives to execute this Agreement,
effective as of the latest date stated below.

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RECIPIENT: City of Keokuk

BY:
Mark Smidt, Mayor
City of Keokuk
501 Main Street
Keokuk, Iowa 52632

Date

IOWA ECONOMIC DEVELOPMENT AUTHORITY:

BY:
Deborah Durham, Director

Date

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EXHIBIT A
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises to pay to the order of the IOWA ECONOMIC
DEVELOPMENT AUTHORITY, at its office at 1963 Bell Avenue, Des Moines, Iowa 50315, the sum of
$270,000 with interest thereon at 0 percent (0%) to be paid as follows:
1. Full payment of $270,000 by loan maturity date of September 1, 2031.
Upon any event of default, the whole amount then unpaid shall become immediately due and payable at
the option of the holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection,
maintenance of collateral, legal expenses, and attorneys' fees incurred or paid by the holder in collecting
and/or enforcing this Note on default.
This note shall be secured by the Security specified in the Loan Agreement, NPAB Loan # 27-NPDR-002.
Makers, endorsers, and sureties waive demand of payment, notice of non-payment, protest, and notice.
Sureties, endorsers, and guarantors agree to all of the provisions of this note, and consent that the time
or times of payment of all or any part hereof may be extended after maturity, from time to time, without
notice.
RECIPIENT: City of Keokuk

BY:
Mark Smidt, Mayor
City of Keokuk
501 Main Street
Keokuk, Iowa 52632

Date

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