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Council authorizes parameters to sell up to $20.2 million in GO notes to finance fire station and related costs
Summary
City approved resolution authorizing parameters for a competitive parameter sale of general obligation promissory notes, series 2025B, intended to finance the new fire station and related reimbursable costs; Ehlers outlined term, call features and timing for a possible September sale.
The West Bend Common Council approved a resolution on Aug. 4 authorizing parameters for sale of not-to-exceed $20,200,000 general obligation promissory notes (series 2025B) to finance the city’s capital needs including reimbursement of earlier costs for the new fire station.
Phil Costin of Ehlers presented the presale report and told the council the issue would be a 20-year general obligation borrowing (the maximum term allowed for this type of debt under state law) with an early-call provision after eight years. Costin said the sale would be competitive, non bank-qualified because the city expects to borrow…
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