Onalaska council authorizes up to $8.1 million debt issue, approves transfers for fire truck and to pay short-term borrowing

The Onalaska City Council adopted a resolution authorizing the city to issue up to $8,100,000 in notes for refinancing and capital projects and approved several related budget transfers and fund designations at a regular meeting reported in the transcript.

The authorization covers refinancing a $4 million short-term note for the community center, about $3.985 million for levy-supported capital improvements and $410,000 for water, sewer and storm enterprise projects, according to Brad, financial advisor with Baird. "This resolution would authorize issuance up to $8,100,000," he said during a presentation to the council.

Why it matters: combining the refinancing and capital financing into a single note is intended to reduce issuance and administrative costs and improve marketability, the adviser said. Council members discussed two repayment‑term options — a shorter maturity (2039) and a longer one (2041) — and were told the shorter option would lower total interest costs by roughly $340,000 over the life of the issue.

Sabrina, the city finance director, told the council the Omni Center and the general fund finished the year with surpluses. "We are showing a surplus in the Omni, and that will only grow. So good news for the Omni Center this year," she said when presenting the financials. The council approved the Omni Center 2024 financials and the…