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Finance committee authorizes $22.75 million promissory note sale to fund capital projects and loan pools
Summary
Finance committee approved a resolution authorizing competitive sale of $22,750,000 in general‑obligation promissory notes to fund capital projects across multiple resolutions, including a CABA high‑impact loan pool. County advisors said the issuance keeps the county within its debt policies; sale is scheduled for Aug. 18 with a Sept. 3 closing.
Kenosha County finance officials and consultants presented a pre‑sale report and the finance committee approved a resolution to proceed with a competitive sale of $22,750,000 in general‑obligation promissory notes.
Greg Johnson of Ehlers walked members through the financing plan, explaining the sources and uses, issuance expenses, projected total principal and interest over the 10‑year note term, and the county’s debt‑policy metrics. Johnson said the county’s adjusted debt burden and debt‑service ratios would remain within policy thresholds under the modeled multi‑year plan. "The interest rates we've used in this analysis are higher than current market conditions…total principal and interest over the 10‑year term is estimated at $28,057,827," Johnson said.
Members discussed the underwriter discount allowance and a proposed pool for CABA high‑impact loans. One supervisor questioned borrowing for an economic‑development loan pool; administration responded that modest incentive dollars can leverage larger private investment and long‑term tax base gains. The committee approved the authorizing resolution; staff said the competitive sale is scheduled for Aug. 18 and closing for Sept. 3.
The committee asked staff to limit the underwriter discount allowance to encourage competitive bids and to report back bid results at the next meeting.
