Greenfield council authorizes $7.485 million promissory notes, orders trucks and approves multiple contracts and appointments

The Greenfield Common Council on Feb. 19 approved a presale resolution to issue $7,485,000 in general obligation promissory notes to finance street projects, parks work, a law-enforcement garage roof, equipment and City Hall improvements, and it voted on a package of contracts, equipment orders and appointments.

The presale report presented by Paul (Ehlers representative) said the notes will be issued for a 15-year maximum term, with different amortization schedules by purpose: streets over 15 years, parks and several longer-lived items over 10 years, and shorter-lived equipment over five years. Paul said the issue will be designated “bank qualified” because the city does not expect to issue more than $10 million in tax-exempt debt this year, and that the city will seek a Moody’s rating call as part of the sale. “I’m happy to take any questions or provide any clarification if anyone has any,” Paul said after the presentation.

Mayor Neitzke and several alderpersons discussed the shift in recent years toward borrowing for capital equipment rather than paying out of levy dollars. Mayor…