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Eau Claire council authorizes $24.7 million in promissory notes to fund 2025 capital plan
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Summary
Council approved resolutions accepting winning bids for two series of general-obligation promissory notes totaling $24.7 million to fund capital projects in the 2025 CIP and refinance a balloon payment; staff reported a maintained AA2 rating and favorable interest rates from competitive bidding.
The Eau Claire City Council on Oct. 28 approved resolutions authorizing the issuance and sale of general-obligation promissory notes to support the city's 2025 capital-improvement plan.
The council accepted winning bids for two note series: a $17,900,000 non-taxable general-obligation promissory note (Series 2025A) and a $6,800,000 taxable general-obligation promissory note (Series 2025B). Staff said the proceeds will fund projects including streets and transportation work, building and equipment purchases (including fire apparatus), Carson Park grandstand improvements, a flexible housing initiative, land-acquisition reserves and the refinancing of a balloon payment.
Finance staff reported nine bids for the taxable and non-taxable offerings, which they said showed strong market interest. Staff cited a maintained AA2 credit rating and said the non-taxable bid came in at a rate below the estimate used in planning. Council members thanked finance staff and outside advisors for the process and asked follow-up questions about the rating and long-term debt strategy.
Both resolutions were approved by unanimous roll call.
