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Vernon County sells $4.91M promissory notes at a 3.62% true interest cost; board approves sale 19–0
Summary
County municipal advisor reported a competitive sale of general obligation promissory notes with an affirmed AA- rating; board voted unanimously to award the $4.91 million sale, citing savings relative to prior year estimates.
The Vernon County Board unanimously approved Resolution 2026-23 to award the sale of general obligation promissory notes to finance capital projects, the clerk announced after a roll-call vote of 19–0.
Peter Madall, municipal advisor with Ehlers, told the board the county received seven bids and the winning true interest cost was 3.6208% from Stifel, Nicolaus & Company. Madall noted the county's AA-minus rating helped produce a tight spread between the best and worst bids and said the all-in cost (including issuance expenses) was about 3.886%, below 4%. He added that, on a 20-year assumption and absent refunding options, total principal and interest on the issue would be approximately $6,533,683, with the issue eligible for refunding after eight years.
Supervisors asked technical questions about prepaying principal maturities and the difference between earlier estimates and final sale totals; Madall explained premium received at sale allowed the county to reduce the not-to-exceed amount presented in March. The clerk recorded a 19–0 roll-call vote in favor of the resolution.
