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Council approves parameters resolution to issue up to $3.215M in promissory notes for 2025 capital projects
Summary
Menasha approved R‑2026, a parameters resolution to issue up to $3,215,000 in general obligation promissory notes to reimburse 2025 capital projects and pay for pool renovations; the council approved the resolution 7–0 after a presale report outlined a maximum true interest cost of 4.5% and a schedule leading to an estimated September closing.
The council approved R‑2026, a parameters resolution authorizing issuance of not to exceed $3,215,000 in general obligation promissory notes to reimburse 2025 capital projects and to fund pool renovations. Director Sassman introduced the financing item and Casey Griffiths of Eller's Financial Advisors presented the presale report, outlining sources and uses, estimated issuance expenses, and a proposed schedule.
Griffiths said the due‑diligence call on the official statement would occur the week of Aug. 3, the official statement distribution is planned for Aug. 12, award of sale by the designated officials on Aug. 19, and an estimated closing in mid‑September. The resolution delegates authority to the finance director and mayor to accept a winning bid that meets parameters, including a not‑to‑exceed issue size of $3,215,000 and a maximum true interest cost of 4.5%.
Griffiths explained the effect on debt service and capacity: with this borrowing the city remains well within the statutory limit on general obligation principal (5% of equalized value), and the city’s projected debt service levy impact for 2027 is an additional ~$228,312 with an estimated tax rate of $0.95 per $1,000 and an example annual tax bill impact shown for a $300,000 home. The council approved the resolution on a roll call vote of 7–0.
