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Tomah committee recommends audit acceptance, $1.53M in bills and sale of debt instruments totaling $8.27M
Summary
The Committee of the Whole recommended formal acceptance of the FY2024 audit, approved payment of $1,525,527.28 in monthly bills, and recommended council approval to issue Series 2026A promissory notes ($1,050,000) and Series 2026B/C water and sewer revenue bonds ($3,405,000 and $3,815,000 respectively). One council member opposed the Series 2026A resolution.
The Tomah Committee of the Whole voted to recommend that the Common Council accept the City’s Fiscal Year 2024 independent audit, approve payment of monthly bills totaling $1,525,527.28, and authorize parameters for the sale of several debt instruments.
Motions included a recommendation to authorize issuance and parameters for sale of up to $1,050,000 in general obligation promissory notes (Series 2026A), up to $3,405,000 in water system revenue bonds (Series 2026B), and up to $3,815,000 in sewer system revenue bonds (Series 2026C). The committee recorded one dissent: Council member Richard Yarrington opposed the Series 2026A promissory notes motion. Motions for the other resolutions carried.
The combined not-to-exceed totals for the three debt authorizations equal $8,270,000. The payment of monthly bills was approved as presented; the amount recorded in the minutes was $1,525,527.28. The committee forwarded the recommendations to the Common Council for final action.
Next steps: the Common Council will consider the audit acceptance, payment resolution and debt-authorizing resolutions at future meetings.
