Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Issuance topic
No spam. Unsubscribe anytime.
Platteville council authorizes sale process for $2.82M in GO notes and $3.01M in utility revenue bonds
Summary
Council voted unanimously June 23 to approve separate resolutions to proceed with sale of approximately $2.82 million in general obligation promissory notes (2026A) and $3.01 million in water/sewer revenue bonds (2026B); municipal advisor said sale day is scheduled for Aug. 11 and estimated taxpayer impact for a $200,000 property is about $21 in 2027.
The Platteville Common Council on June 23 approved two separate resolutions to start the sale process for roughly $5.83 million in borrowing to fund the city’s 2026 capital improvement plan and utility projects.
Council adopted resolution 2606 to authorize offering approximately $2,820,000 in general obligation promissory notes (series 2026A) and resolution 2607 to provide for sale of about $3,010,000 in water and sewer system revenue bonds (series 2026B). Both votes were unanimous among members present.
Municipal advisor Brian Wemer of Ellis, who briefed the council, said the city will solicit competitive bids from underwriters and that sale day is scheduled for Aug. 11. He explained the difference between the two issues: the A issue is levy‑supported general obligation debt, and the B issue is revenue‑pledged debt for the utility. Wemer told the council the financing plan shows a sample taxpayer with a $200,000 property would see an estimated increase of about $21 in 2027 attributable to the combined debt service and about $29 in a later year as the structure evolves.
"Over the 20‑year amortization, it's about $620," Wemer said when asked how much the package would cost a taxpayer over time, referring to the per‑parcel cost spread across years for the set of projects. He reviewed debt‑capacity matrices and said the city has remaining general obligation capacity and a self‑imposed policy limit at 3.5% of equalized value, and he flagged that some of the city's debt burden reflects recent legacy projects such as a pool and fire facility.
Wemer also noted market conditions and the board’s control through sale day: if market volatility were severe, staff would consider pulling the sale before award. He recommended obtaining ratings for the issues and pursuing a competitive sale process that can accept premium bids.
Council member Steven moved and Brian seconded each resolution; roll calls recorded Parrott, Badger, Kopp, McFall, Doss and Wisner as voting 'Yes' on both measures.
