Weyauwega to borrow nearly $3.1 million
The Weyauwega Common Council approved the final financing for the city hall project when it met on May 16.
During that meeting, it authorized the issuance and sale of $3.095 million General Obligation Refunding Bonds.
The city had anticipated General Obligation Refunding Bonds of $3.14 million.
“Interest rates have been very good,” said Jon Cameron, a municipal adviser with Ehlers.
He said there were four bids for the refinancing.
BOSC Inc., of Milwaukee, had the low bid – a 2.4896 percent interest rate over the 20-year term.
The firm is a subsidiary of BOK Financial Corporation.
The low bid resulted in the total principal and interest payments over the life of the bonds being $197,111 lower than the presale estimates.
“It’s good news,” said Ald. Keith Najdowski, to which Cameron then replied, “Good news is always good to deliver.”
A year ago, the council authorized interim financing of $3.04 million for the city hall project, as well as $6.05 million for the wastewater treatment plant project.
The refinancing for the treatment plant project will be through the Clean Water Fund Program.
Last month, city officials moved into the remodeled and expanded municipal building, and the May 16 council meeting marked the council’s first meeting in its new chambers.
“It’s really nice to be here,” said Mayor Jack Spierings. “I’m glad tonight we made some motions to move the community center forward.”
The council approved the purchases of a stove and commercial refrigerator for that space.
The parking lot behind the building was scheduled to open on Monday, May 23.
Police Chief Gerald Poltrock noted meeting space in the new building is already being used by his department.
A grand opening and open house at the municipal building and wastewater treatment plant is scheduled for 10 a.m. to noon Saturday, July 9.