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Finance Committee approves telephonic-CPR grant funding and amends promissory-note resolution ahead of planned note sale
Summary
The Finance Committee accepted a $2,965.95 Wisconsin Department of Health Services grant to cover telephonic CPR training (Powerphone) and passed a resolution modifying prior parameters to state the series 2025A general obligation promissory note will not be bank-qualified because combined borrowing will exceed the $10 million threshold.
The Finance Committee approved two items affecting the city’s finances: acceptance and appropriation of a Wisconsin Department of Health Services telephonic cardiopulmonary resuscitation (TCPR) grant of $2,965.95 to cover Powerphone telephonic-CPR training for emergency medical dispatchers, and a cleanup resolution modifying the parameters sale resolution for the city’s general obligation promissory note series 2025A to indicate the issue will not be bank-qualified.
Assistant/Chief (presenting the grant) said the city had applied for and received a grant covering 11 of 12 months of the annual Powerphone contract; staff asked that the received $2,965.95 be transferred into contractual services to pay for the training. The committee approved the appropriation and transfer.
Phil Kossen of Ehlers joined the meeting virtually and described the promissory-note item as a “cleanup” amendment to a parameters resolution previously approved March 17. He explained tax code for bank qualification: municipalities that issue less than $10 million in a calendar year may have debt classified as bank-qualified, which provides certain favorable tax treatment for financial institutions that purchase the debt. After the March 17 action, staff learned of a potential fire-station borrowing that, combined with current capital borrowing, would push the city above the $10 million threshold. Kossen said the change would not affect receipt of bids or interest rates materially but ensures the city does not mistakenly represent the issue as bank-qualified. He also provided a market update and said staff expected to proceed with the public sale later in the week unless market volatility required another delay. The committee approved the resolution.
Ending: Both committee items were approved during the April 21 meeting; the grant funds will be used for training and staff will proceed with the note sale process consistent with the amended parameters resolution unless market conditions alter plans.
