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Committee forwards municipal-advisory agreement for short-term borrowing to full county board
Summary
The Executive Finance Committee voted to send a standard municipal advisory agreement with Wisconsin Public Finance Professionals LLC to the full county board, to support short-term borrowing tied to county projects.
The Richland County Executive Finance Committee on Aug. 25 moved a municipal-advisory agreement with Wisconsin Public Finance Professionals LLC to the full county board for approval to support short-term borrowing.
County staff said the agreement is a routine engagement used in recent years to obtain municipal-advisory services and to coordinate with outside bond counsel. The memo in the packet described advisory fees and noted prior relationships with the firm.
Motion and vote Committee member Cooley moved to advance the agreement to the full county board and was seconded by Supervisor Scoone. The committee voted by voice to forward the agreement; no further conditions were recorded in the meeting minutes.
Why it matters Staff said the advisory firm will assist with the issuance of notes tied to short-term borrowing planned for next year, including services such as drafting required resolutions, notices and advising on legal and procedural steps. Staff cited an estimated issuance amount in the packet of $1,085,000, which staff said would include $1,064,000 for the projects themselves and fees for bond counsel and municipal advisory services.
Next steps The committee forwarded the agreement to the full county board for final approval and anticipated additional detail on the specific financing terms will appear with the borrowing resolution to be presented to the board.
