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West Bend reports strong debt sale results; council to forward resolution to council for approval
Summary
City officials reported a competitive sale of $10.85 million in general obligation promissory notes with a true interest cost of 3.504% and projected lifetime debt service savings of $300,952 versus presale estimates; finance committee recommended advancing the resolution to council.
City finance staff and bond counsel reported favorable results from the city’s sale of $10,850,000 in general obligation promissory notes, series 2026A, at the Finance Committee meeting April 20.
Jesse (city staff) introduced the issuance as the financing step for the adopted capital budget that funds projects including the second phase of a new fire station, vehicle and equipment purchases, facility repairs and road programs. John Cameron of Ehlers said nine bids were received, and Standard & Poor’s affirmed the city’s rating at a double-A level with a stable outlook. “We had a true interest cost of 3.504% with the winning bidder being FHN Financial Capital Markets,” Cameron reported, adding the sale produced a lower overall principal-and-interest expense of $300,952 compared with the presale report.
Committee members had no questions about the rate results and approved forwarding the resolution to the full council; the council later approved the resolution by voice vote when it came to the floor. City staff said they would return the formal resolution to the council for adoption during the regular process.
