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Village OKs $14.83 million GO note; UBS wins competitive sale at 3.69%
Summary
The board authorized issuance of $14,830,000 General Obligation Promissory Notes, Series 2025A, following a competitive sale that produced nine bids; proceeds will fund TID projects including an 116th/120th Avenue project and refinance municipal revenue obligation debt.
The Village of Pleasant Prairie authorized the issuance and sale of $14,830,000 in general obligation promissory notes (Series 2025A) on May 10. Finance staff reported a competitive sale held the same day that produced nine bids; UBS (New York) submitted the winning bid at an effective rate of 3.69% for a 15‑year note.
Finance staff explained the borrowing is structured for two primary purposes: financing part of the TID 11 116th/120th Avenue project (the board is initially borrowing $5.5 million of an estimated $7.4 million project cost) and refinancing outstanding municipal revenue obligation (MRO) debt (approximately $9.3 million of an outstanding ~$10.1 million balance). Staff noted a call feature permits earlier payoff and that Standard & Poor’s assigned a double-A stable rating to the issuance.
Kathy (finance staff) told the board the sale is expected to close May 28; a roll-call vote was taken and the motion to authorize the sale carried. Trustee questions about bid spreads were answered: the top bid in the pool was 4.03% while UBS submitted the low bid accepted at 3.69%.
