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Monona authorizes bond refundings: $3.9M GO, $1.55M taxable GO for TIF strategy, and $2.95M water/sewer revenue bonds
Summary
Council authorized three authorizations to proceed to market for bond refundings: $3.9 million general obligation refunding (Series 2025B) to refinance a short-term note on the Sam Damiano property; $1.55 million taxable GO refunding (Series 2025C) intended to support TIF donor strategy; and $2.95 million in water/sewer revenue refundings (Series
The Monona City Council on Oct. 20 authorized staff to proceed to market for three separate bond refundings to refinance existing debt and to pursue a strategic reallocation of increment to a donor TIF.
First, the council authorized the sale of $3.9 million in general obligation refunding bonds (Series 2025B) to refinance a short-term 2021 note used to acquire the Sam Damiano property. Staff said the city has been making principal and interest payments of about $324,000 and that refinancing is necessary because the note is due in…
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