Legislation Details

File #: 0691-26    Version: A Name: Subject: Communication sponsored by Alder Land, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $15,610,000 of 2026 general obligation refunding bonds dated October 28, 2026 to refund the general obl
Type: Communication Status: Committee Report To Council
File created: 7/30/2026 In control: Finance and Personnel Committee
On agenda: 9/1/2026 Final action: 9/1/2026
Title: Subject: Communication sponsored by Alder Land, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $15,610,000 of 2026 general obligation refunding bonds dated October 28, 2026 to refund the general obligation promissory notes issued on March 17, 2025 for the purposes paying the construction costs of the Dr. Martin Luther King Community Center. Recommendation of the Finance and Personnel Committee on 08-24-2026: To approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $16,000,000 of 2026 general obligation refunding bonds dated October 28, 2026 to refund the general obligation promissory notes dated March 17, 2025 for the purposes paying the construction costs of the Dr. Martin Luther King Community Center. Fiscal Note: The original note amount was $17M and has been offset by grants and donations since the initial borrowing. This $16M borrowing is the permanent borrowing for this proj...
Attachments: 1. prs plan of finance_racine finance 082426, 2. Racine, C of - 26 GORBs - Parameters Resolution, 3. #0691-26 Resolution

Title

Subject: Communication sponsored by Alder Land, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $15,610,000 of 2026 general obligation refunding bonds dated October 28, 2026 to refund the general obligation promissory notes issued on March 17, 2025 for the purposes paying the construction costs of the Dr. Martin Luther King Community Center.

 

Recommendation of the Finance and Personnel Committee on 08-24-2026: To approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $16,000,000 of 2026 general obligation refunding bonds dated October 28, 2026 to refund the general obligation promissory notes dated March 17, 2025 for the purposes paying the construction costs of the Dr. Martin Luther King Community Center.

 

Fiscal Note: The original note amount was $17M and has been offset by grants and donations since the initial borrowing.  This $16M borrowing is the permanent borrowing for this project and will be amortized over 18 years with principal payment beginning in 2028.