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Pleasant Prairie approves $2 million promissory note sale to fund RecPlex projects
Summary
The Village Board authorized issuance of $2,000,000 in general-obligation promissory notes for RecPlex projects (yoga studio upgrades, roof replacement, solar project). The competitive sale drew three bids; TD Financial Products LLC won with an all-in cost of 3.296% and a 4% coupon.
The board on Dec. 8 approved Resolution 25-38 authorizing the issuance and sale of $2,000,000 in general-obligation promissory notes, Series 2025B, to finance several RecPlex capital projects including a yoga-studio upgrade, roof replacement and a solar project. Finance staff reported the sale was competitive with three bids; TD Financial Products LLC submitted the winning bid. "The all inclusive cost of this bond offering was 3.296," staff said during the presentation.
Finance staff and the village’s financial-advisor Jim Towne explained market context and credit-rating implications for pricing. Towne described the rating-spectrum effect on interest rates (AAA generally lower than AA) and said that competitive sales in December can attract fewer bidders because of seasonality, but a double-A rating produced acceptable results. The board approved the resolution after a roll-call vote.
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