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Dane County approves sale of three series of general-obligation promissory notes
Summary
The Dane County Board approved resolutions to sell three series of 2025 general-obligation promissory notes to finance airport parking improvements and other taxable items; one series is taxable and another is subject to the alternative minimum tax.
The Dane County Board of Supervisors on Sept. 4 approved three resolutions authorizing sale of 2025 general-obligation promissory notes: series 2025A, 2025B and 2025C.
County staff told the board the offering drew strong market interest for the Series A notes and that the county maintained its A bond rating during the issuance process. "We had 3 series of notes ... we had good interest in the market on the A's. We had 11 bids," an unnamed county staff member said during the meeting.
The board described the uses for each series. Series A was the competitively bid portion that attracted strong investor interest, according to staff. Series B are taxable notes intended to finance items that cannot be financed tax-exempt, including Affordable Housing Development Fund activities and methane-related work. Series C, reported by staff to be "just under $80,000,000," is dedicated to airport projects, specifically parking-facility improvements; staff noted the Series C notes are subject to the alternative minimum tax, which was cited as a reason for separating the series.
Supervisor Glazer moved the motions to approve the resolutions. Votes were taken by voice; board members present indicated assent and the chair declared the motions carried. No roll-call tallies were specified in the meeting record.
The board advanced all three resolutions as presented and proceeded to the next agenda item. The meeting adjourned after remaining business was handled.
