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Hartland board approves sale plan for $5.075 million general obligation promissory notes
Summary
The Village Board approved a resolution to offer about $5,075,000 in general obligation promissory notes to finance capital improvements, and authorized a bond-sale engagement with Quarles & Brady LLP; Ehlers presented a presale report with repayment and levy impacts.
The Village of Hartland Village Board on Sept. 22, 2025, approved a plan to issue approximately $5,075,000 in general obligation promissory notes, series 2025A, to finance capital improvement projects and authorized legal engagement with Quarles & Brady LLP to support the issuance.
Greg Johnson of Ehlers presented the village’s presale report, explaining that the $5,075,000 would fund a mix of general village projects and utility projects. “These notes finance capital improvement projects that the village plans to undertake in, over the next 2 years,” Johnson said. Ehlers’ presentation showed $3,845,000 of the borrowing would be repaid by the general-levy portion, $800,000 by the water utility and $430,000 by the sewer utility. The levy portion is amortized over 20 years; utility portions are amortized over 10 years.
Ehlers estimated total principal and interest for the issue at $7,429,608 and said the sale of the notes was scheduled to occur Oct. 27, 2025, with proceeds delivered Nov. 13, 2025. The presale report included an analysis of the village’s debt capacity and noted the village would remain well under statutory limits.
The board first voted to authorize a letter of engagement with Quarles & Brady LLP to handle issuance legal work and then approved the resolution providing for the sale of the notes. Both motions carried on voice votes.
Village staff noted the presale schedule and that Ehlers had built a cushion into the estimated interest rates. The presentation said estimated interest assumptions were about 50 basis points higher than the then-current market to provide a margin for the sale.
The board’s decision starts a typical 60-day issuance process during which staff and advisors will finalize the documents, receive bids on Oct. 27 and return to the board to award the sale the same evening. Ehlers advised the board that the repayment structure will first affect the levy in the village’s 2026 budget and that growth in the tax base could moderate the tax-rate impact shown in the presale illustration.
