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Monona Council approves bond refundings and other finance measures; roll calls recorded
Summary
The Monona City Council approved several finance resolutions Nov. 17: a general-obligation refunding (par reduced to $3.64M), a taxable GO refunding tied to TIF strategy ($1.55M), and $4.6M water/sewer revenue bonds. Council also approved a resolution on future compensation for the mayor and council.
The Monona City Council on Nov. 17 approved multiple finance actions proposed by the finance director and the city's financial advisor, taking advantage of favorable market conditions to refinance short-term notes and restructure existing debt.
What passed: Council approved three separate bond resolutions:
- Resolution 25-11-2846 — General obligation refunding bonds: staff explained the market produced $263,475 in premium and the city applied $2,000,000 of cash on hand (a Dane County grant) to reduce the par amount; the par amount being issued was reported as $3,640,000 (down from an expected $3.9M).…
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