City of Racine - File #: 0691-26

• 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: Introduced In Council
• File created: 7/30/2026
• In control: Finance and Personnel Committee
• 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. Staff Recommendation: 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 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 $15.61 borrowing is the permanent borrowing for this project and will be amortized over 18 years with...

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.

Staff Recommendation: 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 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 $15.61 borrowing is the permanent borrowing for this project and will be amortized over 18 years with principal payment beginning in 2028.