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Wausau council approves up to $14.96 million in promissory notes, adopts multiple budget modifications
Summary
The council authorized presale parameters for a not-to-exceed $14.96 million general obligation promissory note to refinance TID projects and fund capital needs, and approved a set of budget modifications for lead-service-line shortfalls, parks, airport hangar repairs, a public safety chiller and bus purchases under a VW settlement grant.
The Wausau Common Council on Aug. 26 authorized the city to issue a general obligation promissory note not to exceed $14,960,000 to finance several capital projects and refinance tax-increment district (TID) obligations.
Phil Kassem of Ehlers presented the presale report, which recommended a parameter sale to give the city flexibility on timing and maturities. Kassem said the city has seen valuation growth that keeps borrowing capacity manageable and that Wausau’s rating with Moody’s (Aa3) was expected to be retained. He told the council the borrowing would be split by purpose — TID 3 and TID 8 projects would be repaid from increment, while general-city projects would be paid from the debt service levy — and noted the issue is callable in 2032.
After discussion the council adopted the presale parameters for the not-to-exceed $14,960,000 GO promissory note (file 250812). The motion was moved by…
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