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Council approves two water utility revenue bond resolutions totaling $1.39 million
Summary
The City Council on Sept. 2 approved two companion resolutions authorizing issuance and sale of water system revenue bonds of up to $352,978 and $1,038,658.
The City Council on Sept. 2 approved two companion resolutions authorizing the issuance and sale of water system revenue bonds of up to $352,978 and $1,038,658, for a combined total of $1,391,636, to fund water and sanitary utility improvements. Staff said the borrowings would be issued under the Wisconsin Safe Drinking Water Loan Program and would rely entirely on water utility revenue, not the city’s general-obligation taxing authority.
The council discussed the program as a low-interest, recurring financing tool the city has used in most years since 2017. A staff presenter said the program “is a steady, affordable, predictable way” to finance utility infrastructure and recommended approval. The resolutions were considered together and approved by roll call.
Council members voting in favor included Scott Steckmesser, Adam Wojcicki, Darla LeClaire, Mark Bittner, Shannon Derby, Bill Leclerc, Doug Brandt and Tim Petrie. The council recorded no votes against or abstentions during the roll-call votes on the two resolutions.
The resolutions do not increase property taxes because the payments are charged to the water utility’s revenue stream, staff said. City staff and council did not propose any additional policy changes as part of these approvals.
The council moved and seconded both resolutions, and both passed by unanimous recorded vote. The actions enable staff to proceed with the bond issuances and related administrative steps required under the loan program.
