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Whitefish Bay board approves up to $9.1 million in general-obligation notes to fund storm-sewer repair and other projects
Summary
The Whitefish Bay Village Board voted Oct. 28 to adopt Resolution 3167, authorizing the sale of up to $9.1 million in general-obligation promissory notes to fund emergency storm-sewer repairs and a package of capital projects; the sale will be structured as a 20-year note with a 10-year call window.
The Whitefish Bay Village Board on Oct. 28 adopted Resolution 3167, authorizing the issuance and parameters for up to $9.1 million in general-obligation promissory notes, Series 2024A, to finance an array of capital projects including an emergency storm-sewer repair.
Joel Murray, the village’s financial advisor, told the board the financing package is intended to cover several items: $5.85 million for the emergency storm-water collapse permanent repairs, roughly $1.075 million for water-main and lead-service-line improvements, $795,000 for library upgrades, $410,000 for refuse and recycling improvements, $395,000 for pedestrian and bicycle safety and sidewalk replacements, $35,000 for playground work and $270,000 for sanitary sewer line repairs.
Murray said the notes would be structured on a 20-year term with a 10-year call provision, and would be issued as bank-qualified paper (the village expects less than $10 million of tax-exempt issuance this calendar year). He told the board he expects a reaffirmation of the village’s Aa1 Moody’s rating following a recent ratings call, and gave a market estimate of roughly a 3.9% true interest cost in current conditions while noting the resolution caps parameters (including a maximum true interest cost of 5%).
Trustee Jacob moved adoption of the resolution and Trustee Jay Saunders seconded; the board approved the measure by voice vote. After the motion carried, President Buckley instructed staff to proceed under the parameters set forth in the resolution and to report back at a subsequent meeting on the bidding outcome.
Why it matters: The bond package shifts a substantial portion of the immediate cost of the emergency storm-sewer fixes into long-term financing, smoothing near-term budget impacts while creating debt-service obligations for the next two decades. The resolution delegates limited authority to the village manager or finance director to accept bids that comply with the parameters set by the board.
What’s next: Staff will undertake the competitive/parameter sale process (Murray indicated a target bid date around Nov. 14), report results to the board, and reflect the adopted structuring and debt-service estimates in the final 2025 budget materials.
