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Council authorizes up to $20.2 million in notes to finance new fire station
Summary
The finance committee and council approved a parameters resolution allowing competitive sale of general-obligation promissory notes not to exceed $20,200,000 to fund most of the city's new fire station project, with additional borrowing planned in 2026 to finish the work.
The City of West Bend moved forward with financing for a new fire station, authorizing a parameters sale of general-obligation promissory notes not to exceed $20,200,000 to cover the bulk of the project. Phil Costin, with Ehlers, told the Finance Committee the planned issue will be a single-purpose, 20-year borrowing and that the city will use a competitive sale. “This will be a 20 year issue,” Costin said, adding the offering includes a callable feature after eight years and a maximum true interest cost parameter of 5.25 percent. “If…
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