The Reedsburg Common Council approved Resolution 4580-25 on a roll-call vote to authorize issuance and sale of $28,500,000 in taxable sanitary sewage system mortgage revenue bonds. The council approved the resolution after receiving a presentation on the timing and refinancing plan.

Council staff said the bonds are the final section of a three-part financing package for the city’s sanitary sewer system and will be sold in September. "The actual sale for this portion will be September 4, closing on September 18," Staff member Jacob said. He told the council the city expects to refinance the bonds into a USDA loan after issuance.

Jacob also gave the council an estimated short-term interest rate for this issuance and said the bonds are intended to be temporary. "The estimated interest rate is about 4.075 percent," Jacob said, and he noted market movement could change the final rate. He said the city expects the USDA refinancing to take place by May 2026 and that there is a call option in February 2026.

Council member Peterson moved to approve Resolution 4580-25; Council member Bauer seconded. The clerk took a roll-call vote; council members present voted aye and the motion carried.

The resolution authorizes sale of the bonds and describes timing and refinancing steps; the council did not change the substantive structure of the financing at the meeting. Further steps described by staff — including the city’s rating call and final interest-rate determination — remain pending prior to closing.