City of Racine - File #: 0196-25

• File #: 0196-25
• Version: A
• Name: Subject: Communication sponsored by Alder Horton, on behalf of the Finance Director, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March
• Type: Communication
• Status: Passed
• File created: 2/17/2025
• In control: Finance and Personnel Committee
• On agenda: 3/4/2025
• Final action: 3/4/2025
• Title: Subject: Communication sponsored by Alder Horton, on behalf of the Finance Director, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. Recommendation of the Finance and Personnel Committee on 02-24-2025: To approve a presentation of sale results and related resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. Fiscal Note: Short term note ...

Date	Ver.	Action By	Action	Result
3/4/2025	A	Common Council	Approved	Pass
2/24/2025	A	Finance and Personnel Committee	Recommended For Approval
2/19/2025	A	Common Council

Title

Subject: Communication sponsored by Alder Horton, on behalf of the Finance Director, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. 

Recommendation of the Finance and Personnel Committee on 02-24-2025: To approve a presentation of sale results and related resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. 

Fiscal Note: Short term note to cover construction costs before other funding sources are available. Estimated interest rate is 4.21% with payments due in the years 2026 through 2027.