2025-23641
4936-2171-5301.2
RESOLUTION NO. 2025-2364
RESOLUTION AWARDING $7,155,000 TAXABLE GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2025B, OF THE CITY
OF JANESVILLE, WISCONSIN, ESTABLISHING INTEREST RATES
THEREON AND LEVYING TAXES THEREFOR
WHEREAS, this City Council has heretofore authorized the issuance and sale of $7,240,000
Taxable General Obligation Promissory Notes, Series 2025B (the “Notes”), in a resolution adopted
on August 11, 2025 and entitled “Resolution Authorizing the Issuance of $7,240,000 Taxable General
Obligation Promissory Notes, Series 2025B, of the City of Janesville, Wisconsin, and Providing the
Details Thereof”; and
WHEREAS, pursuant to advertised public sale the following sealed bids were received for
the Notes on September 8, 2025, by 10:30 a.m., local time:
Names of Bidders
(Account Manager) True Interest Rates
Robert W. Baird & Co., Inc., Milwaukee, WI 4.606468%
HilltopSecurities, Dallas, TX 4.622250
Northland Securities, Inc., Minneapolis, Mn 4.627324
Piper Sandler & Co., Chicago, IL 4.649384
BOK Financial Securities, Inc., Dallas, TX 4.651403
Raymond James & Associates, Inc., Memphis, TN 4.759740
*Subsequent to receipt of bids, the issue size was adjusted to $7,155,000, resulting in a purchase
price of $7,154,217.48, a gross interest cost of $2,683,843.25, discount of $782.52 and a net interest
cost of $2,684,625.77, and a true interest rate of 4.6040195%; and
WHEREAS, it has been determined that the highest and best bid for the Notes was that of
Robert W. Baird & Co., Inc., Milwaukee, Wisconsin, which bid is as follows:
[Remainder of page intentionally left blank – bid form to follow on next page]
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[end of bid form]
WHEREAS, it is now necessary to award the Notes to the successful bidder and to establish
the interest rates thereon;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Janesville,
Wisconsin, as follows:
Section 1. Sale of the Notes. The sale of $7,155,000 Taxable General Obligation
Promissory Notes, Series 2025B, to Robert W. Baird & Co., Inc., Milwaukee, Wisconsin, at a price
of $7,154,217.48 and accrued interest to the date of delivery is hereby ratified and confirmed.
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Section 2. Interest Rates. The Notes shall mature on February 1 of the following years,
and bear interest at the following rates, payable on February 1, 2026 and each August 1 and
February 1 thereafter
Maturities Amounts ($) Interest Rates (%)
2026 380,000 5.00
2027 350,000 5.00
2028 365,000 5.00
2029 385,000 5.00
2030 405,000 5.00
2031 425,000 5.00
2032 450,000 5.00
2033 470,000 4.10
2034 490,000 4.20
2035 510,000 4.30
2036 535,000 4.40
2037 555,000 4.50
2038 585,000 4.60
2039 610,000 4.70
2040 640,000 4.80
Section 3. Redemption Provisions. The Notes maturing on or after February 1, 2035 shall
be subject to redemption prior to maturity as a whole or in part at the option of the City upon notice
as therein provide, in any order of maturity and by lot within a single maturity, on February 1, 2034,
and on any date thereafter, at a redemption price equal to 100% of the principal amount thereof to
be redeemed plus accrued interest to the redemption date and without premium.
Section 4. Execution and Delivery; Borrowed Money Fund. The Notes shall be executed
by the City Manager and the City Clerk in the manner heretofore provided, and upon authentication
by Associated Trust Company, National Association, City of Green Bay, Wisconsin, as note registrar,
shall thereupon be delivered by the City Clerk to the purchaser upon payment of the purchase price.
The principal proceeds from the sale of the Notes shall be paid into the City treasury and entered in
a fund separate and distinct from all other funds, which fund shall be designated “Taxable General
Obligation Promissory Notes, Series 2025B, Borrowed Money Fund.” Money in said funds shall be
used solely for the purposes for which the Notes were issued, including repayment of any temporary
loan or reimbursement of any temporary advance made in anticipation of the issuance of said Notes.
Section 5. Tax Levy. For the purpose of paying the principal amounts of the Notes as the
same shall mature, and to pay the interest thereon as the same shall come due, there is hereby
levied, for each year in which any of the Notes shall be outstanding, direct, annual, irrepealable taxes
in amounts fully sufficient to pay such principal and interest, and the specific amounts levied for each
year are as follows:
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Year of Levy
Notes
Amount ($) of
Principal and
Interest
2025 654,905.75
2026 656,845.00
2027 653,970.00
2028 655,220.00
2029 655,470.00
2030 654,720.00
2031 657,845.00
2032 656,960.00
2033 657,035.00
2034 655,780.00
2035 658,045.00
2036 653,787.50
2037 657,845.00
2038 655,055.00
2039 655,360.00
Section 6. Extension of Taxes. The amounts of taxes levied pursuant to Section 4 hereof
shall be carried onto the tax roll by the City from year to year and collected as other taxes are
collected, and such amounts may be reduced in any year only by any amount of surplus money in
the Debt Service Funds created pursuant to Section 67.11, Wisconsin Statutes.
Section 7. Debt Service Fund. There is hereby created a fund to be known as “Taxable
General Obligation Promissory Notes, Series 2025B, Debt Service Fund,” to be established and
maintained in accordance with generally accepted accounting principles.
Into the Debt Service Fund, there shall be deposited the following: (a) all premium and
accrued interest from the sale of the Notes; (b) all allocable money raised by taxation pursuant to
Section 5 hereof; (c) any surplus in the Borrowed Money Fund created in Section 4 hereof; and
(d) such additional amounts as may at any time be necessary to pay the principal of and interest on
the Notes, as the same shall become due.
Section 8. Dated Date. The Notes shall be initially dated the date of their delivery.
Section 9. Continued Validity. If any section, paragraph, clause or provision of this
resolution shall be invalid or ineffective for any reason, the remainder of this resolution shall remain
in full force and effect, it being expressly hereby found and declared that the remainder of this
resolution would have been adopted by the City Council despite the invalidity of such section,
paragraph, clause or provision.
Section 10. Effective Date. All orders or resolutions in conflict herewith are hereby
repealed insofar as such conflict exists, and this resolution shall take effect immediately upon its
passage, the public welfare requiring it.
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ADOPTED:
APPROVED:
Kevin Lahner, City Manager
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: City Manager
Prepared by: Justin Reppe, Bond Counsel
Motion by:
Second by:
Councilmember Aye Nay Pass Absent
Cass
Burdick
Neeno
Erdman
Miller
Squire
Williams
September 8, 2025 Squire
Cass
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