The Oconto Falls City Council voted Nov. 12 to approve the issuance and sale of $2.02 million worth of general obligation promissory notes to fund a major street reconstruction and other purchases in the 2025 city budget.
Joe Murray, municipal adviser for the Ehlers Inc. public finance advisory firm, said the city received four bids for the notes, all of them at interest rates higher than the hoped-for 3.1%.
The council approved a bid from Baird to issue the bonds at 3.95%, which Murray said will result in interest costs about $48,000 higher over the 20-year life of the notes.
“I don’t remember how many bids it was the last time the city went to market, but four bids in this market is good,” he said.
The funds are expected to cover the local share of costs for the reconstruction of Columbia Street and other street improvement projects, department of public works projects and equipment, City Hall projects and parks and recreation projects during 2025.
The council also passed a $3.083 million budget for 2025, a 6% increase over this year with a proper tax levy of $1,584,294 for city purposes, an increase of about 3.2%.
No one from the public went to the official public hearing on the budget that preceded the council meeting, and City Administrator Peter Wills reported that he had received no calls or emails with questions from the public.
wbluhm@newmedia-wi.com
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