Greenfield council approves sale of up to $7.485 million in promissory notes to fund streets, parks and equipment

GREENFIELD, Wis. — The Greenfield Common Council on Feb. 19 approved a resolution authorizing the sale of general obligation promissory notes not to exceed $7,485,000 to finance streets, parks, law-enforcement facility repairs, City Hall improvements and a package of capital equipment.

The presale report presented to the council said the notes will be issued for a 15-year term, will be bank-qualified because the city does not expect to issue more than $10 million in tax-exempt debt this calendar year, and will be sold competitively on April 2 with an estimated closing about three weeks later. The council voted 4-0 to adopt the resolution.

The presale report outlined project-specific amortizations: street projects amortized over 15 years; parks, the law-enforcement garage roof, City Hall improvements and longer-lived equipment over 10 years; and shorter-lived equipment over five years. The report estimated the new borrowing’s net effect would add about $5.74 over 20 years to the total tax burden on the owner of a $350,000 home (roughly $28 per year on average), while noting the numbers are estimates until the sale locks final rates.

The presale presenter, Paul of Ehlers, told the council the issue amount is…