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Thorp council authorizes Ehlers to pursue $6.5 million bond anticipation note for wastewater work
Summary
The council authorized Ehlers Public Finance Advisors to move forward with a $6,500,000 Sewerage System Revenue Bond Anticipation Note to provide interim financing for wastewater treatment plant improvements in anticipation of a future loan. The motion passed 5–0 on a roll call vote.
The City of Thorp council voted unanimously Sept. 28 to authorize financial adviser Ehlers to proceed with a presale for a $6,500,000 Sewerage System Revenue Bond Anticipation Note to provide interim financing for wastewater treatment plant improvements.
A council motion to approve Ehlers to move forward with the Anticipation Note was made by Alderperson Lawcewicz, seconded by Alderperson Einhorn, and passed by roll call vote: Lawcewicz—aye; Abramczak—aye; Rosemeyer—aye; Einhorn—aye; Korn—aye.
Meeting minutes state the Anticipation Note will provide interim financing in anticipation of an ISDE-RD loan. The report described the note including a draw-as-needed feature and noted that the city would not have proceeds to invest. The minutes do not supply additional details about interest rates, repayment terms, or the timing of the anticipated loan.
Council action authorizes staff and Ehlers to continue presale activity and structuring work; any final financing documents and project disbursements will require subsequent approvals as provided by city procedures. The meeting adjourned at 7:00 p.m.
