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Vernon County board approves $5.5 million promissory notes at 4.0327%
Summary
The board adopted Resolution 2025-26 to award $5,500,000 in General Obligation Promissory Notes, Series 2025A (20-year issue). Presenters said the county received an AA- rating and the winning bid carried a 4.0327% rate.
The Vernon County Board of Supervisors voted to adopt Resolution 2025-26 to award the sale of $5,500,000 in General Obligation Promissory Notes, Series 2025A. Shawn Lentz of Ehlers presented the sale details, reporting a bond rating of AA- and a winning bid with an interest rate of 4.0327% on a 20-year issue. Board discussion noted required scheduled payments for the first eight years and the county’s ability to pay additional principal beginning in 2034.
Chair Lorn Goede called the question and the resolution passed on a voice vote with 14 in favor, 3 nays and 2 absent. The resolution authorizes the County to pledge its full faith and credit, establishes a segregated debt service fund and a borrowed money fund for project proceeds, and directs execution and closing procedures consistent with Wisconsin statutory authority (see resolution text referencing Section 67.12(12), Wisconsin Statutes).
