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Greenfield council approves $7.485 million general-obligation promissory notes
Summary
The Greenfield Common Council unanimously approved a resolution to sell $7,485,000 in general obligation promissory notes, Series 2025A, locking in a lower-than-expected interest cost and a small increase to the debt-service tax rate, the city's financial adviser said.
The Greenfield Common Council on April 2 unanimously approved a resolution to sell $7,485,000 in general obligation promissory notes, Series 2025A, the council and the city's financial adviser said.
City financial adviser Joe Murray of Ehlers told the council the sale drew five bids and that the winning bidder, R.W. Baird, offered a true interest cost of 3.512%, about 38 basis points lower than the city's projection. "The winning bid came in from RW Baird with a true interest cost, or a TIC, of 3.512%." Murray said. He said the lower rate will reduce the city's net interest cost by about $174,000 compared with prior projections.
Murray also said the structure of the sale produced a premium rather than an underwriter discount, leaving approximately $101,600 available to the city for project costs or to transfer to the debt service fund if not needed. "The city is going to be able to retain $101,600 extra for project costs," Murray said, and recommended keeping the amount available for contingencies.
The adviser said the sale will increase the city's debt-service tax rate by eight cents, from $1.33 to $1.41 per $1,000 of equalized value in the 2026 budget, a change he said had been included in prior projections. After Murray’s presentation, Alderman Centrozewicki moved to approve the resolution and Alderman Kerzewicki seconded the motion. The motion carried on a unanimous voice vote of members present.
Mayor (unnamed) and council members thanked election workers and staff before and after the bond presentation; the council signed documents related to the sale the same evening.
Why it matters: Locking a lower interest rate reduces long-term borrowing costs for the city and preserves a small premium that can cover overruns on funded projects or be applied to debt service. The council recorded the revenue impact as part of its upcoming 2026 budget assumptions.
Votes at a glance: Motion to approve sale of $7,485,000 general obligation promissory notes, Series 2025A — moved by Alderman Centrozewicki; seconded by Alderman Kerzewicki; outcome: approved unanimously.
