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Monona authorizes financial advisor to seek market for $3.3 million promissory notes
Summary
Council authorized the city’s financial advisor, Huntington, to go to market to sell $3.3 million in general obligation promissory notes, with the official sale to return to council for approval once rates are known.
The Monona Finance Committee on April 8 adopted a resolution authorizing financial advisors to seek market bids for $3,300,000 in general obligation promissory notes, series 2025A. The resolution allows the advisors to solicit and report pricing, with the council scheduled to consider an official sale at a future meeting when rates are finalized.
Mark (Finance staff) explained the resolution: “this is authorizing our financial advisors, Huntington, to go to the bond market.” He said the formal approval of the official sale will return to the council once market rates are known.
Mark walked the committee through adjustments that led to the $3.3 million figure, saying he compared the approved capital budget to current project needs and identified items to subtract or defer, including a $400,000 city campus design allowance that staff now expect could be postponed or folded into a later borrowing. He said certain bands are coming due in 2025 and will need refinancing into longer-term notes, and that the city will present final rates for approval at the next meeting.
A motion to approve the resolution was seconded by Patrick and passed on a voice/roll call vote.
Councilors and staff noted the financing step is procedural: the authorization lets advisors solicit bids and return an official sale for council action once pricing is known.
