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Mayville approves up to $26.49 million in sewer revenue bonds and accepts DNR financing terms for treatment plant upgrade
Summary
The council authorized sale of up to $26,490,832 in sewer system revenue bonds for a wastewater treatment facility upgrade and approved related state financing and principal forgiveness agreements tied to DNR project 4012-11.
The Mayville Common Council on Tuesday authorized the sale of up to $26,490,832 in sewer system revenue bonds (series 2025) to finance a wastewater treatment plant upgrade and approved related state financing agreements, including principal forgiveness terms associated with Department of Natural Resources project number 4012-11.
The resolution authorizing the bond issuance and related financial documents passed on a roll call after a motion by Alderperson Newman and a second by Alderperson Henkel. The council also approved the State of Wisconsin financial-assistance agreements and a principal-forgiveness financing agreement tied to the same DNR project; those votes likewise passed on roll calls.
Why it matters: The actions create the financing structure for the city—s wastewater facility upgrade. Council identified the project by DNR number 4012-11 in the resolution and recorded the bond authorization amount at up to $26,490,832.
Details and implementation
Council identified Quarles & Brady and bond counsel as the parties handling the bond sale process; staff confirmed the DNR project number and financing assistance elements included principal forgiveness and state loan elements. The council approved the series-2025 revenue bond authorization, the DNR financial-assistance agreement and the related principal forgiveness program and directed staff to execute the financing agreements.
Ending
Council approved the bond authorization and the related DNR financing agreements; staff will proceed with bond-sale steps and coordination with bond counsel and the DNR as required by the financing documents.
