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Quarles & Brady explains types of municipal debt, coverage rules to Wausau council
Summary
Bond counsel Quarles & Brady told the Wausau Common Council how general obligation and revenue bonds differ, reviewed statutory limits and coverage covenants, and answered council questions about the city’s outstanding debt and reporting practices.
Wausau bond counsel Quarles & Brady reviewed the city’s outstanding debt and the legal rules that govern different borrowing methods during the Jan. 14, 2025, Common Council meeting.
The presentation, led by Jake Lichter of Quarles & Brady, explained the firm’s limited role in issuances and the distinction between general obligation debt and revenue-backed debt. “Our role as bond counsel is a limited special engagement with the city,” Lichter said, adding that bond counsel issues an objective legal opinion on validity and tax treatment and reviews compliance with state and federal tax laws used by bond purchasers.
The nut of the presentation: general obligation debt is secured by the city’s full faith and credit and counts toward a…
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