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Monroe council authorizes parameters for up to $12.785 million in general obligation notes
Summary
The Common Council authorized parameters to issue up to $12,785,000 in general obligation promissory notes (Series 2026A) and heard a presale report from financial advisor Ehlers outlining project uses, debt-service allocation, and estimated levy impacts including an estimated $700,000 increase in debt service levy for 2027.
The Monroe Common Council on Dec. 15 authorized a parameters resolution to allow the sale of general obligation promissory notes not to exceed $12,785,000 (Series 2026A).
Greg of Ehlers presented the presale report to the council and summarized the financing plan: the borrowing will fund multiple capital projects (airport, parks, streets, sewer improvements), some costs attributable to Tax Incremental District (TID) No. 12, and acquisition of vehicles and equipment. He told council "the total amount in the resolution is $12,785,000" and said the estimated gross principal and interest on the borrowing would be about $19,697,035 under the parameters shown.
Ehlers walked through allocations and timing: most debt service will be repaid by the property tax levy, some by sewer revenues and potentially TID 12 increment if available. He said the debt service levy is projected to increase by roughly $700,000 from 2026 to 2027 and gave a worked estimate of about $66 per year for every $100,000 of assessed value for the portion of the levy tied to debt service.
The parameters resolution also sets sale limits (borrowing amount and a maximum true interest cost—transcript reflects a maximum true interest cost of 4.38%) and delegates authority to the mayor or city administrator to accept sale results if the sale meets the stated financial targets. Council members asked procedural and purchaser-related questions during the presentation and then voted to authorize the resolution on a roll call vote.
What’s next: the city financial advisor will conduct the parameter sale on a scheduled date; staff will report sale results per standard practice and the council delegated award acceptance under the specified parameters.
