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Bayside board authorizes parameters for up to $3.09 million in promissory notes to fund streets and sewers
Summary
The Village of Bayside approved a resolution authorizing parameters for the sale of up to $3,090,000 in General Obligation Promissory Notes, Series 2025A, to fund planned street improvements and sanitary sewer upgrades; the village’s municipal advisor noted a Moody’s AA2 rating. Motion carried unanimously.
The Village of Bayside Board of Trustees on July 24 authorized parameters for the sale of up to $3,090,000 in General Obligation Promissory Notes, Series 2025A, to finance planned infrastructure work.
Joe Murray, municipal advisor with Ehlers, presented the presale report and noted the village’s Moody’s rating of AA2. Village Manager Andy Pederson said the borrowing was postponed as long as practicable to reduce costs and that the proposed borrowing reflects planned infrastructure needs, with roughly half allocated to street improvements and half to sanitary sewer upgrades.
Trustee Margaret Zitzer moved to approve the resolution authorizing the issuance and establishing parameters for the sale; Trustee Ben Minkin seconded. The measure passed unanimously. The board did not set final interest rates or a sale date at the meeting; the resolution establishes a selling range and authorizes staff to complete the sale under those parameters.
Next steps include final pricing and closing under the parameters authorized by the board. The proceeds will be applied to the projects described in the presale materials and related engineering estimates.
