Weidner said she is currently unsure of which pension fund the city will use as a source of funding for the replacement. City bond fund rates can “vary widely,” she said, which will affect how much the city makes in return. Low interest rates during COVID-19 reduced that amount, Weidner said.
“It’s really not very much,” she said. “It just depends. It’s like anything you’d have in your savings account. It’s not much, but sometimes it can fill a void we have.”
The interest money would come from bonds Waterloo has borrowed over the past four years, Weidner said. It did not immediately release a number for the city’s total pension funds during that period.
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She said the city plans to prioritize replacing logos on uniforms, after which they could be replaced by replacing cars, guns, and other miscellaneous items. WPD estimated the total logo replacement at more than $ 150,000. A single expense would mean more than $ 61,000 for weapons, more than $ 11,000 for vehicles, and other money for various items.
“I don’t like to use bonds for something that will be used up in a year,” said Weidner. “But these are more long-term things.”
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She said the city could use the interest money to start replacing if the rebranding committee chooses a final design that is then approved by Waterloo City Council. The committee has recently further restricted the submission of public designs Consent to send top designs to a patch provider to evaluate them physically.