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Monona approves roughly $3.3 million general obligation promissory note for 2025 capital borrowing
Summary
The City of Monona approved a resolution authorizing the issuance and sale of about $3.3 million in general obligation promissory notes for the citys 2025 capital borrowing; a bond advisor reported competitive bids, a net premium to debt service, and a true interest cost of about 4.33 percent.
The City of Monona Common Council voted to approve a resolution authorizing the issuance and sale of approximately $3.3 million in general obligation promissory notes as part of the citys 2025 capital borrowing.
Council members heard a presentation from Jeff (a Hudson representative) summarizing the bond sale results. Jeff said the citys AA+ rating helped the issue perform well in a choppy market and that the sale produced a net premium of $107,147, which he said would be deposited into the citys debt service fund to offset the first payment next year. "We have basically a true interest cost," Jeff said. "We'll show you a…
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