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Committee approves parameters for three mid-year borrowings; sale expected in early August
Summary
De Pere's finance committee authorized parameters for a roughly $11.8 million GO promissory note, a taxable TID financing (parameters ~ $7.15M) and a construction note for the TID 18 parking ramp; the committee set the timetable for sale in early August and closing in September.
The Finance Personnel Committee approved parameters resolutions on July 14 to allow staff to prepare three mid-year borrowings and proceed with issuance steps.
Justin (speaker S8) presented a municipal-market update and a plan-of-finance. He said the first issue would be an $11,800,000 general-obligation promissory note (series 2026A) to cover levy-supported CIP projects (about $9.6 million), portions of TID projects and a $1,000,000 water-supported portion. Justin gave an estimated coupon of about 4.5 percent for that series and a not-to-exceed parameter of 4.75 percent.
The committee also authorized a taxable issuance to fund TID 17 (about $2.45 million) and TID 18 (about $4.6 million) that will include some capitalized interest while project revenues ramp. Justin presented an estimated coupon for that taxable component in the mid-5 percent range (presented as 5.75 percent estimate with a not-to-exceed 6 percent) and, in the presentation, tied a not-to-exceed aggregate parameter near $7.15 million to the capitalized-interest uncertainty.
Finally, the committee approved parameters for a construction/note-anticipation note (series 2026C) to finish the TID 18 parking structure; that note is structured to be refinanced into GO debt later and was presented with an estimated coupon near 4.5 percent and a not-to-exceed parameter around $3.9 million.
Justin gave a tentative schedule: the committee will consider final plan-of-finance authorization on July 21, the official statements are being prepared now, tentative sales are targeted the week of Aug. 5 and closing expected in early September (around Sept. 2). He reported a positive Moody's rating call earlier in the week and noted a strong audit result improves market reception.
Each parameters resolution was moved and seconded separately; the motions carried on voice votes. Staff will return with finalized documents and sale recommendations as market conditions firm up.
Notes on numbers: the committee's packet and presentation consistently cited the $11.8 million GO note and the TID components (approximately $2.45M for TID 17 and $4.6M for TID 18). During the public presentation an apparent transcription error appeared in one slide; the dollar amounts reflected above are taken from the committee presentation and subsequent clarifying remarks in the meeting.
