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Thorp council approves $2.08 million borrowing for streets, stormwater and truck
Summary
The City Council approved sale of approximately $2,080,000 in General Obligation Promissory Notes to fund street and stormwater work and a dump truck; the borrowing breaks down to $1,935,000 for streets/stormwater and $145,000 for a dump truck.
The Thorp City Council on June 8 approved Resolution 2026-06-01 to provide for the sale of approximately $2,080,000 in General Obligation Promissory Notes, Series 2026A, to fund planned street and stormwater projects and the purchase of a dump truck.
Peter Meidal of Ehlers & Associates presented the city's pre-sale report and said the estimated borrowing included $1,935,000 for streets and stormwater work and $145,000 for a dump truck. Meidal summarized the estimated sources and the debt service schedule and noted the plan includes tax levies and rates to support debt service.
A motion to approve the resolution, moved by Alderperson Abramczak and seconded by Alderperson Rosemeyer, passed unanimously, 5–0. The resolution sets the sale with an interest rate 0.5 percentage points above the City’s borrowing rate as approved by the council.
