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Whitefish Bay authorizes parameters for roughly $14.45 million note sale to fund 2026–27 CIP
Summary
The board adopted Resolution 3199 to authorize parameters for the sale of general-obligation promissory notes to implement the village's adopted capital improvement plan for 2026–27. Staff said about $4.3 million of the program will be paid from non-levy sources and that the estimated property-tax impact on the average $685,000 home is roughly $2 in 2027.
The Whitefish Bay Village Board on April 20 approved a parameters resolution authorizing the issuance of general obligation promissory notes to fund capital projects adopted in the 2026–2031 capital improvement plan. Kelsey introduced the item and municipal adviser Kayla Thorp of Ellers's public finance advisors reviewed the pre-sale report and proposed sale parameters.
Thorp said the board previously adopted the CIP; the purpose of the resolution is to authorize a parameters sale so advisors can select an optimal sale date and award the bid if it meets the listed constraints. "You have the legal authority under state statute 671212 to issue general obligation promissory notes," Thorp said, describing statutory authority and the plan to seek Moody's rating as part of the sale process. She described a 20-year maximum amortization and a true-interest-cost cap included in the parameters.
Thorp and staff said approximately $4.3 million of the issue would be repaid from sources that do not affect the tax roll—grants, special assessments and TID 1—so the levy impact is limited. Staff presented calculations showing the estimated property-tax impact for an average home valued at $685,000 would be about $2 in 2027 and that levy-driven debt service would decline in 2028. The pre-sale schedule lists distribution of the official statement on May 6, bid award on May 13 and closing on May 28 to provide funds for summer projects.
The board moved, seconded and approved Resolution 3199 by voice vote. Staff said they will apply about $640,000 of cash-on-hand to reduce the levy-supported portion and that the village's overall identical debt-capacity analysis shows the village will remain well below statutory limits even after the issuance.
Clarifying note: the transcript contains two slightly different par-amount figures in separate places; the motion recorded in the meeting text used "not to exceed $14,445,000." Staff will circulate the final signed resolution and sale documents to confirm the exact authorized par amount.
