Manitowoc County board approves $2.57 million promissory note sale after receiving lower-than-expected bids

The Manitowoc County Board of Supervisors approved a resolution awarding the sale of $2,570,000 in general obligation promissory notes, series 2025, after receiving a low bid that county finance committee members said was well below earlier estimates.

Supervisor Hanson, chair of the Finance Committee, told the board the county had anticipated bond interest around 4.5 to 4.6 percent but the low bidder, Robert Baer, offered a rate of 3.755 percent; Hanson said the lower cost will allow the county to reallocate funds within next year’s budget.

The lower-than-expected interest rate reduces the county’s debt-service cost on the notes and, according to Hanson, opens up some fiscal flexibility for other projects in the coming budget cycle. The county clerk conducted a roll call and the resolution awarding the sale was approved by the board.

Supervisor Hanson moved the resolution; Supervisor Bry seconded. The clerk conducted the vote and the resolution was approved. The board did not provide a detailed roll-call tally in the meeting record beyond the clerk’s announcement that the resolution had passed.

The county’s finance staff will complete the closing and execute the sale documents; Hanson said the interest savings would allow “JJ” (county finance leadership) to move some money into other budget items for next year. The board did not detail specific reallocations during the open meeting.

No statutory citations or additional legal constraints were referenced on the floor during the discussion. Financial details that were discussed publicly at the meeting included the sale amount ($2,570,000) and the low bid (3.755 percent).