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Middleton committee OKs parameters for up to $4.49 million promissory note
Summary
The committee approved sending Resolution 2026-17 to council, authorizing parameters for a general obligation promissory note not to exceed $4,490,000; financial advisors set minimum and maximum bid bounds (99%–107%) and capped maximum true interest cost at 4%.
The Middleton Finance & Personnel Committee on May 19 approved Resolution 2026-17, establishing sale parameters for a general obligation promissory note of up to $4,490,000 and directing staff to finalize the competitive sale.
Paul Baining of Ellers, available online for the meeting, briefed the committee on the pre-sale report and the parameters. He said the underwriters and bond counsel recommended setting the maximum bid amount at 107%, the minimum at 99% and a maximum true interest cost at 4% "based on what we're seeing in the market." He added staff expects the final true interest cost to come in lower than the 4% cap.
Committee members confirmed the parameters were consistent with prior discussion. A motion to approve Resolution 2026-17 carried unanimously; staff will work with Ellers and bond counsel to finalize the sale and report back on results.
Next steps include completing the competitive sale under the approved parameters and returning the sale results to the committee and council.
