Iowa City Community School District Approves $8 Million Loan Amid Financial Challenges
The Iowa City Community School District Board of Directors has unanimously approved a loan of up to $8 million from Hills Bank and Trust Company. The loan, approved with a 5-0 vote (Director Mitch Lingo was absent), is intended to serve as a contingency plan to help the district navigate its current financial challenges. The anticipatory warrant for the loan will become effective on September 11, carrying a 7 percent interest rate and maturing on June 1, 2027. The district plans to repay the loan using incoming state aid, property taxes, and other appropriated funds from its fiscal year 2027 general fund budget. Board President Ruthina Malone expressed hope that this measure is precautionary, similar to a previous $3 million warrant in March that the district never had to draw from. 
