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Board approves initial resolution for up-to-$1.085M short-term borrowing; municipal advisor and bond counsel engagements also approved
Summary
Richland County adopted an initial resolution permitting issuance of up to $1,085,000 in general obligation promissory notes for 2026 capital projects, and separately approved agreements with Wisconsin Public Finance Professionals LLC (municipal advisor) and legal engagement with Corals & Brady (bond counsel).
Richland County supervisors adopted an initial resolution on Sept. 16 authorizing the county to borrow up to $1,085,000 through general obligation promissory notes to finance 2026 capital improvement projects. The board also approved contracting with Wisconsin Public Finance Professionals LLC as municipal advisor and with Corals & Brady as bond counsel to assist with the proposed note sale.
Financial advisor Carol (representing Wisconsin Public Finance Professionals LLC) explained the purpose and mechanics of the short-term borrowing: the initial resolution is a statutory first step that sets a "not to exceed" amount and the intended use for capital projects. Because the notes are general obligation and short-term, the debt is not subject to levy limits; the notes would be issued and then paid when taxes are collected in early 2026. The county plans an award date and final action on Oct. 20, with receipt of funds expected Nov. 19 and repayment of the notes due March 1, 2026, according to the presentation.
Carol provided an illustrative estimate of principal and interest at an assumed 4.25% rate, producing estimated debt service of roughly $1,098,065, which would translate to a tax rate impact of about $0.51 per $1,000 of equalized value (roughly $51 per $100,000 of assessed value) on the levy used to pay the notes. She noted interest-rate movements could change the estimate before the sale.
The initial resolution requires a three-quarter majority of the board members-elect to adopt. Because the board had several vacancies at the time, counsel advised reducing the calculation of members-elect, and staff counted the threshold as 13 affirmative votes under current membership; the board reached the required affirmative vote and adopted the initial resolution.
The board also approved a municipal advisory agreement with Wisconsin Public Finance Professionals LLC and a scope-of-engagement with Corals & Brady to prepare the official statement and notice of sale and to conduct the sale process. The board adopted both resolutions on voice votes.
Ending: The board authorized staff to proceed with the borrowing process and instructed staff to return Oct. 20 with a bid-award resolution for formal approval after bids are taken on the scheduled sale date.
