Village of Jackson approves $3.815 million promissory notes, multiple capital payments and planning actions

The Village Board of the Village of Jackson on April 8 voted to approve a revised sale of $3,815,000 in general obligation promissory notes to fund capital projects, and approved a string of change orders, pay requests and land-use items tied to the village’s water, sewer and community center projects.

The board approved the notes after a presentation from Mr. Raymer of Ehlers, the village’s municipal finance advisor, who summarized the sale results, explained that the issue was reduced by $45,000 from presale estimates because of premiums on certain maturities, and said the bonds carried an affirming A1 rating with bond insurance that produced a AA-equivalent rating. Raymer said the sale produced lower-than-expected interest costs and that closing is scheduled for May 1, 2025.

Why it matters: the promissory notes will fund multiple capital improvements identified in the village capital improvement plan, including water and sewer work and street projects. The board’s approvals on pay requests and change orders will affect timelines and budgets for the wastewater treatment and Jackson Community Center projects.

Board action and project approvals - Financial issuance: The board adopted resolution 205-15 authorizing the issuance and sale of $3,815,000 in general obligation promissory notes, series 2025A, with a May 1, 2025 closing. The sale…