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Winnebago County approves $28 million promissory note after sale yields 3.15% interest rate
Summary
The county moved ahead with a $28 million general obligation promissory note; financial adviser Baird reported a final rate of 3.15% and Moody's affirmed a Aa1 rating. The board carried the resolution after a brief presentation.
Winnebago County approved a $28,000,000 general obligation promissory note to pay 2025 and 2026 capital-improvement costs after hearing a sale report from municipal-finance adviser Baird.
Justin Fisher of Baird told the board the sale resulted in a final interest rate of 3.15% and a Moody's bond credit rating of Aa1. "The final rate that we received was a 3.15%," Fisher said, and the lower rate compared with previous estimates was projected to reduce debt-service costs by about $815,000.
The financing is structured with maturities from April 1, 2026, through 2035 and is callable beginning Oct. 1, 2032. Fisher said local banks, including Nicolet and U.S. Bank, participated in the sale.
Following the presentation, the board moved, seconded and carried the resolution to approve the promissory note; the transcript records the vote as carried with one or more recorded nays.
What happens next: Finance staff will close the financing on the scheduled closing date and update the county's long-term financing plan and debt-service projections in the 2026 budget.
