Verona council approves parameters for up to $2.12 million promissory note to fund infrastructure projects

The Verona Common Council approved a resolution setting parameters for the sale of general obligation promissory notes not to exceed $2,120,000 to finance multiple city infrastructure projects, the council said Monday.

The action authorizes execution and sale of notes within limits set in the resolution; staff and the mayor or clerk will execute final documents once conditions are met. Council members said delegating limited authority to the administrator or finance director gives the city flexibility to time the sale for favorable market conditions.

The resolution identifies projects to be funded, including signal improvements at Legion Street and West Frontal Avenue, a water system master plan and pressure monitoring and calibration, wastewater system master plan and flow monitoring and calibration, upsizing west side wastewater pump station pumps/motors/controls, a water‑tower siting study in the central pressure zone, rehabilitation of Valve 4, and the replacement of Verona Fire Department Squad 5. The packet noted that, except for the Squad 5 replacement, the debt for the infrastructure projects will be allocated to TIDs 9 and 11.

Council members said the difference from past practice is delegating the sale timing to staff within the resolution’s parameters so the city can delay if market conditions are unfavorable. The resolution requires sale proceeds be at least 99% and no more than 107% of principal (per the document) and authorizes the mayor and city clerk to sign closing documents once the conditions are satisfied.

Council approved the resolution by voice vote; no individual roll‑call tally was recorded in the public minutes for this item. The city noted that Todd from Ehlers (financial advisor) was present to answer questions about the borrowing.