The Saukville Village Board approved resolutions for $2.85 million in five general obligation bonds for village projects during its meeting Dec. 7.
Four of the bonds were requested for village projects, with the fifth and largest bond requested for refunding on a general obligation bond from 2011. The refunding bond is for $1.13 million and is "expected to reduce interest expense by approximately $37,608 over the next 15 years," according to the village's presale report. The refunding bond will ultimately benefit the village for refinancing purposes, with interest rates on the refunding between 2.5 and 3.85 percent based on the current market and the 2011 bond's "advance refunding" stage.
The remaining four bonds approved were $445,000 for street improvement projects, $530,000 for water system projects, $560,000 for sewerage projects, and $185,000 for parks and public grounds projects. The parks project bond was specifically directed toward work on Grady Park, which Village Board President Barb Dickmann described as being "in need of a facelift."
Also included in the presale report was the basis of the recommendation for the bonds, which said that "the expectation is that this form of financing will provide the overall lowest cost of funds while also meeting the village’s objectives for term, structure and optional redemption." It also noted that the village has "adequate General Obligation debt capacity to undertake this financing."
Debt services for these bonds will paid through property taxes and utility revenues.
According to Dickmann, the bonds for the village projects were a necessary request with strong support from the board and the village financial advisor.
"We're taking a proactive approach and staying ahead of improvements needed for the community, so we're excited about these projects and the fact that everyone is on board," said Dickmann.
The village board will make an official statement on the sale of the bonds next month, with the estimated closing date set for the end of February.