Richland County approved the sale of $1,085,000 in general obligation promissory notes intended to pay for capital projects in the 2026 capital plan.

Carol (Wisconsin public finance professional on the call) presented the sale results: four underwriting bids were received and the winning bid came from Piper Sandler with a net interest rate of 4.57 percent. The notes are tax‑exempt municipal securities, will close on Nov. 19, 2025, and are scheduled to be repaid on March 1, 2026. County staff said the proceeds will be placed in a project account and may only be used for capital projects; federal tax rules require the proceeds to be spent within three years, and the county expects to spend them within a year.

Why it matters: Short‑term borrowing lets the county move forward on capital projects in 2026 without immediately raising additional operating taxes. The debt service will be collected through the county’s debt levy and reflected in the 2026 levy calculations.

Key details

- Amount: $1,085,000 in general obligation promissory notes
- Underwriter: Piper Sandler & Co. (winning bid)
- Net interest rate (winning bid): 4.57% (other bids were higher)
- Closing date: Nov. 19, 2025
- Repayment: principal and interest due March 1, 2026
- Use: proceeds restricted to capital projects listed in the resolution; not for operating expenses

Board action

The board approved Resolution 25‑87 to authorize the borrowing. (Motion: Supervisor McKee; second: Supervisor Manning; roll call/voice: ayes prevailed and resolution adopted; one opposing vote was recorded in the voice tally.)

Ending: County staff and the finance advisor said the premium received from investors (net of underwriter compensation) will be applied to debt service and that borrowing documentation and closing steps will occur before Nov. 19.