Council approves resolution to issue up to $26.91 million in sanitary sewer bond anticipation notes

The Common Council voted to approve Resolution 4581-25 authorizing the issuance and establishing parameters for the sale of not-to-exceed $26,910,000 in taxable sanitary sewer system revenue bond anticipation notes.
City staff member Jake said, “Perfect. So there's no change from the last council meeting. Just a couple dates to keep in mind. This Thursday is our first pre closing or our second pre closing for this, and then next Thursday is the final closing.”
The resolution passed on a roll-call vote after a motion by Councilmember Peterson and a second from Councilmember Becker; the clerk recorded ayes from Moon, Heid, Schulte, Becker, Friends, Peterson, Coomer, Bauer and one additional “Kate.”
Nut graf: The council authorized short-term borrowing ahead of final financing for the municipal sanitary sewer system. According to staff remarks at the meeting, this action is the third of three financings and keeps previously reviewed financing parameters in place.
In the discussion, no council member raised substantive questions; the mayor called for a motion and the council moved directly to a roll-call vote. Jake, representing city finance staff, reiterated the closing timetable and said the current plan reflects no changes from prior briefings.
The approval allows city staff and financing counsel to complete the near-term steps described: the pre-closing this week and the final closing next week. The resolution sets a not-to-exceed principal amount and authorizes officers to finalize sale documents under the parameters approved by the council.
Ending: Councilmembers said they expected no further changes before closing; staff will return with final documents as required by municipal finance processes.