Elm Grove board approves parameters for up to $16.09 million in promissory notes

The Village of Elm Grove Board of Trustees voted Sept. 29 to approve Parameters Resolution 20260929A, authorizing the issuance of general obligation promissory notes in an amount not to exceed $16,090,000 to complete capital projects, purchase equipment and refund certain outstanding municipal obligations.

President Koleski summarized the resolution’s review at the finance and licensing committee, saying the committee "had a ½ pt cushion built into the proforma" and that the proforma covers the items being brought forward for funding. Trustee Castile moved to approve the resolution and Trustee Schindler seconded; the motion passed on a 5–0 vote with President Koleski, Trustee Castile, Trustee Schindler, Trustee Sayas and Trustee Olson recorded as ayes.

The resolution authorizes the form and award of notes and the levy of taxes as required to support the debt; the board also authorized President Koleski, Village Manager Harrigan and Finance Director Lahey to execute the resolution documents. The minutes identify Todd Taves of Ehlers as present; Ehlers is commonly engaged by municipalities for debt advisement, though the motion and vote record in the minutes are the formal board actions recorded.

The draft minutes list the board’s approval as part of the regular agenda; no dollar-by-dollar project breakdown or schedule for bond sale appears in the draft minutes. Staff-level details on which capital projects will be financed or the timing of issuance were not specified in the record.