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Shorewood approves $8.22M general-obligation bond sale to fund capital projects
Summary
Trustees approved an ordinance authorizing issuance of approximately $8,220,000 in Series 2024 general-obligation bonds to fund street, sewer, stormwater and water-main projects; Morgan Stanley won the competitive sale at a ~3.73% true interest cost and S&P affirmed the village's AA+ rating.
At the Aug. 27 meeting the board approved on second reading an ordinance authorizing issuance of general‑obligation bonds (Series 2024) with a final par amount revised to $8,220,000 to provide approximately $8.5M in project proceeds after premiums and to cover issuance costs. Finance staff described a competitive online auction that produced 32 bids from six bidders; Morgan Stanley won with a final true interest cost of about 3.7254%.
Finance staff noted the village's AA+ rating from S&P and described the sale as the culmination of a multiweek process that included preparing an official statement and a rating-agency presentation. "The winning bid coming from Morgan Stanley... The final rate, that they bid was a 3.7283% true interest cost," staff said while explaining the auction results and the revised final par amount of $8,220,000.
Trustees moved and seconded approval (motion by Trustee Amos, second by Trustee Carroll) and the ordinance passed on roll call with all present voting yes. The funds will support capital improvements including street lights, sanitary and storm sewer improvements, and water-main replacements; staff said the proceeds were planned as part of the village’s capital program and linked to earlier discussions about funding the YMCA project and other priority infrastructure.
The board took no further amendments at the meeting and approved the ordinance as presented.
