City council approves up to $16.47 million in general obligation promissory notes for 2025 capital projects

The Fond du Lac City Council unanimously approved Resolution No. 9200 on Aug. 20, authorizing the sale of up to $16,470,000 in general obligation promissory notes, series 2025, to finance capital improvement projects. The resolution gives parameters to city administration to complete the sale with a closing tentatively planned for Oct. 1, 2025. Justin Fisher, managing director at Baird, told the council the financing would be structured as a 10‑year bond maturing March 1, 2026, through Feb. 1, 2035, with first interest due March 1, 2026. He said the “estimated interest rate on this financing [is] 4% and a not to exceed parameter of 4.5%.” Fisher said Standard & Poor’s affirmed the city’s AA‑minus credit rating following a rating call. Director of Administration Tricia Davey and city staff described the timeline: council considered the parameters resolution on Aug. 20, a tentative sale week of Sept. 2, and a closing on Oct. 1, 2025. Councilor Heisler moved approval and Councilor Mullen seconded; the motion passed unanimously. The borrowing is tied to the city’s capital improvement program and maintains the city’s statutory borrowing capacity, which staff said would still leave significant available capacity after issuance.