Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Cross Plains authorizes $3.865 million GO note after competitive sale at 3.88% TIC
Summary
The Village authorized issuance and sale of a $3,865,000 general obligation promissory note (Series 2025A) after a competitive sale; Bak Financial Securities submitted the winning bid with a true interest cost of 3.88%, producing about $227,000 in net principal-and-interest savings versus the presale estimate.
The Village of Cross Plains on Monday authorized the issuance and sale of a $3,865,000 general obligation promissory note, Series 2025A, to finance public projects including street improvements and village hall construction.
Ariana, representing the municipality’s sale agent, presented the sale day report and said five firms bid on the issue. “Bak Financial Securities came in with the lowest true interest cost of 3.88%,” she said, and explained that a lower interest cost combined with a reoffering premium allowed the village to downsize the par amount from the presale estimate and realize approximately $227,000 in net present savings on principal and interest compared with the earlier presale figures.
Ariana reviewed the supplemental tables in the packet that reconcile the village’s existing debt profile, explained a roughly $2,000 timing adjustment to tie the profile to the debt-service levy, and highlighted a new table converting equalized‑value tax-rate calculations to assessed‑value tax-rate equivalents to ease comparison on taxpayers’ bills. She told trustees the bid form must be signed by the village president and clerk and returned electronically the following day.
Trustees voted by roll call to approve the resolution authorizing issuance and to award the bid to Bak Financial Securities. The motion passed and the board instructed staff to execute the signature pages promptly to finalize the sale.
