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Wausau finance committee authorizes bonding to close 2025 lead service line project
Summary
The City of Wausau Finance Committee on Oct. 28 approved measures to close loans for the 2025 lead service line replacement project, authorizing a taxable general obligation promissory note and water system revenue bonds and approving related state financial assistance agreements.
The City of Wausau Finance Committee on Oct. 28 approved financing measures to close loans for the 2025 lead service line replacement project, authorizing a taxable general obligation promissory note of up to $311,838 and water system revenue bonds of up to $4,596,236 and approving related state financial assistance agreements totaling millions of dollars.
City staff said the approvals are intended to finalize loans and the state financial assistance agreements that will appear before the full City Council on Nov. 11, with loan closings scheduled for Nov. 26. "It will be here for council on November 11. The closings actually set for November 26," Eric, a city staff member, said at the meeting.
The committee voted to approve (voice votes recorded as ayes) both the issuance and sale of the taxable general obligation water system promissory note, authorized up to $311,838 and associated approval of a $9,450,172 financial assistance agreement, and the issuance and sale of up to $4,596,236 in water system revenue bonds and approval of a related $5,407,742 financial assistance agreement. Mary Anne, a city staff member, summarized the split between homeowner and utility portions: the homeowner share is being handled through general obligation financing while the city's public-side portion will be the obligation of the water utility via revenue bonds.
City staff said the 2025 financing differs from 2024, when the work was financed entirely with general obligation debt. They also said Wausau will again participate in the state's Safe Drinking Water program, which will bring a highly discounted interest rate and "a significant amount of principal forgiveness." "Because we're participating in the safe drinking water program," Mary Anne said, "Along with principal forgiveness, a significant amount of principal forgiveness." (Transcript language preserved.)
Committee members did not request amendments to the financing resolution during the discussion. The motions to authorize the promissory note and the revenue bonds were moved and seconded and carried by voice vote.
The financial assistance agreements and bond documents will be returned to the full City Council for final approval on Nov. 11, and staff said closings are targeted for Nov. 26.
Votes at a glance: the committee approved both authorizations by voice vote; no roll-call tallies were recorded in the committee minutes.
