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Village of Greendale approves about $23.57 million in promissory notes to fund capital projects
Summary
The Village Board authorized the issuance and sale of $16.6 million in tax-exempt general obligation promissory notes (Series 2026A) and $6.97 million in taxable notes (Series 2026B) to fund street, utility and other capital improvements; trustees heard detailed bond-sale results and Moody's rating comments before voting.
The Village of Greendale Village Board on Monday approved two promissory-note issues totaling roughly $23.57 million to finance capital improvement projects.
Trustee Barbian, presenting the finance committee recommendation, asked the board to authorize a tax-exempt Series 2026A issue with a final par of about $16,600,000 and a taxable Series 2026B issue of $6,970,000. The village's financial adviser walked trustees through competitive-sale results and a Moody's rating conversation, saying the A issue priced well and saved the village interest costs compared with presale estimates.
"This is why we recommend you issue competitive sales out in the open market," the financial adviser said, explaining that the low bid versus the high bid saved roughly $680,000 in interest and that the structure produced about $1.6 million in savings on the tax-exempt issue.
Trustees asked how Moody's could move the rating higher; the adviser said continued budgetary performance and adherence to fund-balance policy could lead to an upgrade to AA2 if 2026 results mirror 2025 performance.
After brief questions the board voted to approve the resolutions authorizing both issues. A roll-call vote showed the motion carried (majority aye) and staff said the A issue par is $16,600,000 while the B issue par is $6,970,000.
The board was presented with tables breaking out funded projects, sample tax impacts (an illustrative $350,000 home faces about $360 in additional cost over 20 years for the new debt), and bid-tab details for transparency. Trustees praised staff for managing costs and noted the sale's favorable pricing.
The village manager and finance staff said they will continue to monitor markets and provide further updates as the financial-management plan evolves.
