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Board authorizes borrowing authority up to $25 million for recreation projects
Summary
Trustees approved a resolution to authorize borrowing not to exceed $25,000,000 as a cap to enable future approval and financing of recreation projects (fitness center and FLW construction); staff said amounts for specific projects will be set later and statutory publication will follow.
Finance staff presented a resolution that would allow the district to borrow up to $25,000,000 to fund recreation projects identified by the recreation committee, noting the figure is a cap and the specific project amounts would be presented later for approval. The staff presentation described the borrowing as nontaxable for fund 80 projects and noted it would follow the applicable statutory notice process.
During the discussion, staff said the borrowing authorization merely opens the board's authority to obligate funds later and that a later promissory note would identify the actual amount if projects receive board approval. The board moved to approve the resolution and the motion passed by voice vote. Staff noted statutory publication steps under the transcript phrase "Wisconsin statute 1 21" would be followed.
