2026-24421
4863-3900-4356.1
RESOLUTION NO. 2026-2442
RESOLUTION AUTHORIZING THE ISSUANCE OF $26,095,000
GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2026, OF THE
CITY OF JANESVILLE, WISCONSIN, AND
PROVIDING THE DETAILS THEREOF
Be it resolved by the Common Council of the City of Janesville, Wisconsin, as follows:
Authority and Purpose. This resolution is adopted pursuant to
Section 67.12(12) of the Wisconsin Statutes to authorize the issuance of notes for the
improvements or purposes described below.
General Obligation Promissory Notes, Series 2026 (the “Notes”) for the following
purposes:
(a)$4,962,000 to construct and improve streets;
(b)$2,720,600 to acquire, improve and maintain parks and public grounds;
(c) $6,101,000 to acquire, improve and maintain public buildings and grounds;
(d) $2,941,400 to acquire capital equipment;
(e) $4,265,000 to construct and close landfills;
(f)$1,475,000 to extend and improve the waterworks system; and
(g)$3,630,000 to extend and improve the sanitary sewer system.
The foregoing improvements or purposes are each hereby authorized to be made or
undertaken by the City of Janesville, Wisconsin (the “City”). For the purpose of paying principal
of and interest on the Notes, there is hereby levied on all the taxable property in the City a direct,
annual, irreparable tax sufficient for that purpose.
Authorization and Terms of Notes. To meet part of the estimated cost of the
improvements or purposes described in Section 1 of this resolution, there is hereby appropriated
the aggregate sum of $26,095,000. For the purpose of financing said appropriation, the Notes of
the City shall be issued and sold in an aggregate principal amount of $26,095,000. The Notes
shall be designated as described in Section 1 and shall be issuable in the denominations of $5,000
or any integral multiple thereof. The Notes shall be numbered consecutively from 1 upwards in
order of their issuance and may bear such other identifying numbers or letters as may be useful
to facilitate the registration, transfer and exchange thereof. Each Note shall be dated as of the
interest payment date next preceding the date of issuance thereof, except that (a) if such date of
issuance shall be prior to the first interest payment date, said Note shall be dated as of the date
of its initial delivery, (b) if such date of issuance shall be an interest payment date, said Note shall
be dated as of such interest payment date, or (c) if interest due on said Note shall not have been
paid in full, then, notwithstanding any of the foregoing provisions, said Note shall be dated as of
the date to which interest has been paid in full on said Note. The Notes shall mature and bear
interest on the dates and in the amounts established by subsequent action of the City Council.
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The principal of and premium, if any, on the Notes shall be payable in lawful money of the
United States of America at the principal corporate trust office of the bank, trust company or
national banking association designated in Section 7 of this resolution, as note registrar, or at any
additional or successor paying agent or fiscal agent designated by the City pursuant to
Section 67.10(2), Wisconsin Statutes. Interest on the Notes shall be payable in lawful money of
the United States of America on each interest payment date to the registered owners of record
thereof appearing on the registration books maintained by the City for such purpose at the
principal office of the note registrar, as of the close of business on the fifteenth day of the calendar
month next preceding the applicable interest payment date. Interest on the Notes shall be paid
by check or draft mailed to such registered owners at their addresses appearing on the registration
books.
The Notes shall be subject to redemption prior to maturity as provided by subsequent
action of the City Council.
In the event of the redemption of less than all of a series of Notes of like maturity, the
aggregate principal amount thereof to be redeemed shall be $5,000 or an integral multiple thereof,
and the note registrar shall assign each Note of such maturity a distinctive number for each $5,000
principal amount of such Note and shall select by lot from the numbers so assigned as many
numbers as, at $5,000 for each number, shall equal the principal amount of such Notes to be
redeemed. The Notes to be redeemed shall be the Notes to which were assigned the numbers
so selected, provided that only so much of the principal amount of each Note shall be redeemed
as shall equal $5,000 for each number assigned to it and so selected.
Notice of the redemption of Notes shall be mailed not less than 30 days nor more than
60 days prior to the date fixed for such redemption to the registered owners of Notes to be
redeemed at their last addresses appearing on said registration books. The Notes or portions
thereof specified in said notice shall become due and payable at the applicable redemption price
on the redemption date therein designated, and if, on the redemption date, moneys for payment
of the redemption price of all the Notes or portions thereof to be redeemed, together with interest
to the redemption date, shall be available for such payment on said date, then from and after the
redemption date interest on such Notes or portions thereof shall cease to accrue and shall
become payable. If there shall be drawn for redemption less than all of a Note, the City shall
execute and the note registrar shall authenticate and deliver, upon the surrender of such Note,
without charge to the owner thereof, for the unredeemed balance of the Note so surrendered,
Notes of like maturity and of the denomination of $5,000 or any integral multiple thereof.
The Notes may be initially issued in temporary form and shall be exchanged for definitive
printed Notes as soon as possible. The temporary Notes shall be executed as provided herein
and shall be in substantially the form set forth in Section 5 hereof.
Execution and Authentication of Notes. The Notes shall be executed in the
name of the City by the manual or facsimile signatures of its City Manager and City Clerk, and
the corporate seal of the City, or a facsimile thereof, shall be thereunto affixed, impressed or
otherwise reproduced thereon.
In case any officer whose signature, or a facsimile of whose signature, shall appear on
any Notes shall cease to hold such office before the issuance of the Notes, such Notes shall
nevertheless be valid and sufficient for all purposes, the same as if the person whose signature,
or a facsimile thereof, appears on such Notes had not ceased to hold such office. Any Note may
be signed, sealed or attested on behalf of the City by any person who, on the date of such act,
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shall hold the proper office, notwithstanding that at the date of such Note such person may not
have held such office. No recourse shall be had for the payment of any Notes against any officer
who executes the Notes.
The Notes shall bear thereon a certificate of authentication executed manually by the note
registrar. No Note shall be entitled to any right or benefit under this resolution or shall be valid or
obligatory for any purpose until such certificate of authentication shall have been duly executed
by the note registrar.
General Obligations. The full faith and credit of the City are hereby
irrevocably pledged to the punctual payment of the principal of and interest on the Notes. The
Notes shall be direct and general obligations of the City, and the City shall be obligated to levy
ad valorem taxes upon all the taxable property in the City for the payment of the Notes and the
interest thereon, without limitation as to rate or amount.
Form of Notes. The Notes shall be issued as fully registered Notes and shall
be substantially in the following form, the blanks to be appropriately completed when the Notes
are printed:
[remainder of page is intentionally left blank]
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4863-3900-4356.1
[FORM OF NOTE]
United States of America
State of Wisconsin
County of Rock
CITY OF JANESVILLE
GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2026
REGISTERED NO.REGISTERED $
Dated Date Interest Rate Maturity Date CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
The CITY OF JANESVILLE, a municipal corporation of the State of Wisconsin situate in
the County of Rock, acknowledges itself indebted and for value received hereby promises to pay
to the registered owner identified above, or registered assigns, the principal amount specified
above on the maturity date specified above, unless this note shall be redeemable and shall have
previously been called for redemption and payment of the redemption price made or provided for,
and to pay interest on such principal amount from the dated date hereof at the interest rate per
annum specified above, payable in lawful money of the United States of America on February 1,
2027, and semiannually thereafter on the first days of August and February in each year until the
principal amount shall have been paid, by check or draft mailed to the registered owner of record
hereof as of the fifteenth day of the calendar month next preceding such interest payment date,
at the address of such owner appearing on the registration books maintained by the City for such
purpose at the principal corporate trust office of Associated Trust Company, National Association,
in the City of Green Bay, Wisconsin, as fiscal agent pursuant to Section 67.10(2), Wisconsin
Statutes, and as note registrar or its successor (the “Note Registrar”). This note, as to principal
and premium, if any, when due, will be payable in lawful money of the United States of America
upon presentation and surrender of this note at the office of the Note Registrar. The full faith and
credit of the City are irrevocably pledged for the punctual payment of the principal of and interest
on this note according to its terms.
This note is part of a series of notes issued in the aggregate principal amount of
$26,095,000, which are all of like tenor except as to date, maturity, option of redemption and rate
of interest. The notes are being issued for the following purposes: (i) to construct and improve
streets; (ii) to acquire, improve and maintain parks and public grounds; (iii) to acquire, improve
and maintain public buildings and grounds; (iv) to acquire capital equipment; (v) to construct and
close landfills, (vi) to extend and improve the waterworks system; and (vii) to extend and improve
the sanitary sewer system.
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The notes are authorized and issued under and pursuant to Section 67.12(12) of the
Wisconsin Statutes and under and in accordance with resolutions adopted by the City Council of
the City on May 18, 2026 and entitled: “Resolution Authorizing the Issuance of $26,095,000 in
Promissory Notes for Financing Various Public Purposes”; on June 8, 2026 and entitled:
“Resolution Authorizing the Issuance of $26,095,000 General Obligation Promissory Notes,
Series 2026, of the City of Janesville, Wisconsin, and Providing the Details Thereof”; and on July
13, 2026 and entitled: “Resolution Awarding $26,095,000 General Obligation Promissory Notes,
Series 2026, of the City of Janesville, Wisconsin, Establishing Interest Rates Thereon and Levying
Taxes Therefor.”
The notes maturing on or after February 1, 2035 are subject to redemption prior to maturity
as a whole or in part at the option of the City upon notice as herein provided, 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.
Notice of the redemption of notes shall be mailed not less than 30 days nor more than
60 days prior to the date fixed for such redemption to the registered owners of notes to be
redeemed at their last addresses appearing on such registration books. The notes or portions
thereof specified in said notice shall become due and payable at the applicable redemption price
on the redemption date therein designated, and if, on the redemption date, moneys for payment
of the redemption price of all the notes or portions thereof to be redeemed, together with interest
to the redemption date, shall be available for such payment on said date, then from and after the
redemption date interest on such notes or portions thereof shall cease to accrue and shall become
payable.
This note is transferable only upon such registration books by the registered owner hereof
in person, or by his attorney duly authorized in writing, upon surrender hereof at the office of the
Note Registrar together with a written instrument of transfer satisfactory to the Note Registrar duly
executed by the registered owner or by his duly authorized attorney, and thereupon a new
registered note or notes, in the authorized denominations of $5,000 or any integral multiple thereof
and of the same aggregate principal amount, maturity and interest rate as this note shall be issued
to the transferee in exchange therefor. In like manner, this note may be exchanged for an equal
aggregate principal amount of notes of the same maturity and interest rate and of any of such
authorized denominations. The City or the Note Registrar may make a charge sufficient to
reimburse it for any tax, fee or other governmental charge required to be paid with respect to the
transfer or exchange of this note. No other charge shall be made for the privilege of making such
transfer or exchange. The City and the Note Registrar may treat and consider the person in whose
name this note is registered as the absolute owner hereof for the purpose of receiving payment
of, or on account of, the principal, premium, if any, and the interest due hereon and for all other
purposes whatsoever.
This note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been duly executed by the Note Registrar.
It is hereby certified, recited and declared that all acts, conditions and things required to
be done, exist and be performed precedent to and in the issuance of this note in order to make it
a legal, valid and binding obligation of the City have been done, exist and have been performed
in regular and due time, form and manner as required by law, that a direct, annual, irreparable tax
has been levied by the City sufficient to pay the interest when it falls due and also to pay and
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discharge the principal at maturity, and that the series of notes of which this note is one, together
with all other indebtedness of the City, is within every debt or other limit prescribed by law.
IN WITNESS WHEREOF, the CITY OF JANESVILLE has caused this note to be executed
in its name and on its behalf by the manual or facsimile signatures of its City Manager and its City
Clerk, and its corporate seal, or a facsimile thereof, to be hereunto affixed or otherwise reproduced
hereon.
CITY OF JANESVILLE
By
City Manager
By
City Clerk
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CERTIFICATE OF AUTHENTICATION
Date of Authentication:
This note is one of the General Obligation Promissory Notes, Series 2026 described in
the within-mentioned resolutions.
ASSOCIATED TRUST COMPANY,
NATIONAL ASSOCIATION, as Note Registrar
By
Authorized Officer
ASSIGNMENT
For value received the undersigned sells, assigns and transfers
unto the within note and hereby irrevocably constitutes and
appoints attorney to transfer the said note on the books kept
for registration thereof, with full power of substitution in the premises.
Dated
Signature Guarantee
Transfer, Exchange and Registry. The Notes shall be negotiable, subject to
the provisions for registration of transfer contained herein. Each Note shall be transferable only
upon the registration books maintained by the City for that purpose at the office of the note
registrar, by the registered owner thereof in person or by his attorney duly authorized in writing,
upon surrender thereof together with a written instrument of transfer satisfactory to the note
registrar and duly executed by the registered owner or his duly authorized attorney. Upon the
surrender for transfer of any such Note, the City shall execute and the note registrar shall
authenticate and deliver a new Note or Notes registered in the name of the transferee, of the
same aggregate principal amount, maturity and interest rate as the surrendered Note. Notes,
upon surrender thereof at the office of the note registrar, with a written instrument satisfactory to
the note registrar, duly executed by the registered owner or his attorney duly authorized in writing,
may be exchanged for an equal aggregate principal amount of Notes of the same maturity and
interest rate and of the denominations of $5,000 or any integral multiple thereof.
For every such exchange or registration of transfer of Notes, the City or the note registrar
may make a charge sufficient to reimburse it for any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer, which sum or sums shall be paid
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by the person requesting such exchange or transfer as a condition precedent to the exercise of
the privilege of making such exchange or transfer. No other charge shall be made for the privilege
of making such transfer or exchange.
The note registrar shall not be required to transfer or exchange any Note after notice of
the redemption of all or a portion thereof has been mailed. The note registrar shall not be required
to transfer or exchange any Note during a period of 15 days next preceding the mailing of a notice
of redemption that could designate for redemption all or a portion of such Note.
The City and the note registrar may deem and treat the person in whose name any Note
shall be registered upon the registration books as the absolute owner of such Note, whether such
Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the
principal of, premium, if any, or interest thereon and for all other purposes whatsoever, and all
such payments so made to any such registered owner or upon his order shall be valid and
effectual to satisfy and discharge the liability upon such Note to the extent of the sums or sums
so paid, and neither the City nor the note registrar shall be affected by any notice to the contrary.
In order to provide for the initial issuance of the Notes in a form that provides for a system
of book-entry only transfers, the ownership of one fully registered Note for each maturity in the
aggregate principal amount of such maturity shall be registered in the name of Cede & Co., as a
nominee of The Depository Trust Company, New York, New York (“DTC”). In the event that the
City determines that the system of book-entry only transfers through DTC (or a successor
securities depository) is not in the best interests of the Beneficial Owners (as hereinafter defined)
of the Notes or is burdensome to the City, the City may notify DTC, whereupon DTC will notify
the DTC Participants (as hereinafter defined) of the availability through DTC of Note certificates.
In such event, the City shall issue and the note registrar shall authenticate, transfer and exchange
note certificates as requested by DTC of like principal amount, series and maturity, in
denominations of $5,000 or any integral multiple thereof to the identifiable Beneficial Owners, in
replacement of such Beneficial Owners’ beneficial interests in the Notes. For the purposes of this
paragraph, the term “Beneficial Owners” shall mean (a) those persons for whom DTC was created
to hold their securities (“DTC Participants”), and (b) the persons for whom the DTC Participants
acquire interests in the Notes as nominees.
Note Registrar. The City has contracted with and designated Associated
Trust Company, National Association, Green Bay, Wisconsin, to serve as fiscal agent pursuant
to Section 67.10(2), Wisconsin Statutes, and as note registrar. The City covenants that it maintain
at the designated office of such note registrar a place where Notes may be presented for payment
and registration of transfer or exchange and that it shall require that the note registrar maintain
proper registration books and perform the other duties and obligations imposed upon it by this
resolution in a manner consistent with the standards, customs and practices of the municipal
securities business.
The note registrar shall signify its acceptance of the duties and obligations imposed upon
it by this resolution by executing the certificate of authentication on any Note, and by such
execution the note registrar shall be deemed to have certified to the City that it has all requisite
power to accept, and has accepted, such duties and obligations not only with respect to the Note
so authenticated but with respect to all the Notes. The note registrar is the agent of the City and
shall not be liable in connection with the performance of its duties except for its own negligence
or default. The note registrar shall, however, be responsible for any representation in its certificate
of authentication on the Notes.
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The City may remove the note registrar at any time. In case at any time the note registrar
shall resign or shall be removed or shall become incapable of acting, or shall be adjudged a
bankrupt or insolvent, or if a receiver, liquidator or conservator of the note registrar, or of its
property, shall be appointed, or if any public officer shall take charge or control of the note registrar
or of its property or affairs, the City covenants and agrees that it will thereupon appoint a
successor note registrar. The City shall mail notice of such appointment made by it to each
registered owner of Notes within 20 days after such appointment. Any successor note registrar
appointed under the provisions of this Section, other than the Finance Director, shall be a bank,
trust company or national banking association maintaining a corporate trust office in the State of
Wisconsin, the City of Chicago, Illinois, or the Borough of Manhattan, City and State of New York.
Sale of Notes. The Notes shall be advertised for sale by the City Clerk in the
manner provided herein, and the City Clerk is authorized to circulate an Official Statement
prepared by Wisconsin Public Finance Professionals, LLC, Brookfield, Wisconsin, and an Official
Notice of Sale.
When the Notes shall have been sold, this Council will adopt the proceedings to award
the Notes, fix the interest rates thereon in accordance with the bid accepted, and levy taxes to
meet principal thereof and interest thereon at maturity as required by law.
Application and Investment of Note Proceeds. Following the sale of the
Notes, the City Manager and City Clerk are hereby authorized and directed to execute and deliver
the Notes to the purchasers thereof upon payment therefor; and the principal proceeds from the
sale of the Notes shall be used only for the purposes and in the manner required by law and by
this resolution. The proceeds may be invested in the manner permitted by law, subject to the
restrictions contained in the next succeeding section.
Tax Covenants.
(a)The City shall not take, nor omit to take, any action that is lawful and within
its power to take, which action or omission would cause interest on any Note to become
subject to federal income taxes in addition to federal income taxes to which interest on
such Note is subject on the date of issuance thereof.
(b)The City shall not permit any of the proceeds of the Notes, or any facilities
financed with such proceeds, to be used in any manner that would cause any Note to
constitute a “private activity bond” within the meaning of Section 141 of the Internal
Revenue Code of 1986 (the “Code”).
(c) The City shall not permit any of the proceeds of the Notes or other moneys
to be invested in any manner that would cause any Note to constitute an “arbitrage bond”
within the meaning of Section 148 of the Code.
(d)The City shall comply with the provisions of Section 148(f) of the Code
relating to the payment of certain investment earnings at periodic intervals to the
United States of America; provided, however, that such payment shall not be required to
the extent the City receives an opinion of nationally recognized bond counsel (which
opinion may be given in reliance upon a ruling or rulings of the Internal Revenue Service)
to the effect that such payment is not necessary to preserve the exemption from federal
income taxes of interest on the Notes.
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(e) The City does not designate the Notes as "qualified tax-exempt obligations"
within the meaning of Section 265(b)(3) of the Code.
Continuing Disclosure. In connection with the sale of the Notes, the
Finance Director or his designee (an “Authorized Officer”) is hereby authorized to execute and
deliver a Continuing Disclosure Undertaking (the “Continuing Disclosure Undertaking”)
evidencing the City’s agreement to comply with the requirements of Section (b)(5) of Rule
15c2-12, adopted by the Securities and Exchange Commission under the Securities Exchange
Act of 1934. Upon its execution and delivery on behalf of the City as herein provided, the
Continuing Disclosure Undertaking will be binding on the City, and the officers, employees and
agents of the City are hereby authorized to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Continuing
Disclosure Undertaking as executed. Any Authorized Officer is hereby further authorized to
amend the Continuing Disclosure Undertaking in accordance with its respective terms from time
to time following its execution and delivery as said officer shall deem necessary. In addition, an
Authorized Officer is authorized to make or cause to be made all future filings with the Municipal
Securities Rulemaking Board with respect to any debt obligations, all in accordance with the
provisions of Securities and Exchange Commission Rule 15c2-12(b)(5) promulgated under the
Securities Exchange Act of 1934. Notwithstanding any other provision of this Resolution, the sole
remedies for any failure by the City to comply with the Continuing Disclosure Undertaking shall
be the ability of the beneficial owner of any applicable Note to seek mandamus or specific
performance by court order to cause the City to comply with its obligations under the Continuing
Disclosure Undertaking.
Defeasance and Payment of Notes.
(a) If the City shall pay or cause to be paid to the registered owners of the
Notes of a series the principal, premium, if any, and interest due or to become due thereon,
at the times and in the manner stipulated therein and in this resolution, then the pledge of
taxes, securities and funds hereby pledged and the covenants, agreements and other
obligations of the City to the registered owners and the beneficial owners of the Notes
shall be discharged and satisfied.
(b) Any Notes, whether at or prior to the maturity or the redemption date of
such Notes, shall be deemed to have been paid within the meaning of this Section if (i) in
case any such Notes are to be redeemed prior to the maturity thereof, there shall have
been taken all action necessary to call such Notes for redemption and notice of such
redemption shall have been duly given or provision shall have been made for the giving
of such notice, and (ii) there shall have been deposited in trust with a bank, trust company
or national banking association acting as fiduciary for such purpose either (A) moneys in
an amount which shall be sufficient, or (B) “Federal Obligations” as defined in paragraph
(c) of this Section, the principal of and the interest on which when due will provide moneys
which, together with any moneys on deposit with such fiduciary at the same time for such
purpose, shall be sufficient to pay when due the principal of, redemption premium, if any,
and interest due and to become due on said Notes on and prior to the applicable
redemption date or maturity date thereof.
(c) As used in this Section, the term “Federal Obligations” means
(i) noncallable, direct obligations of the United States of America, (ii) noncallable and
nonprepayable, direct obligations of any agency of the United States of America, which
are unconditionally guaranteed by the United States of America as to full and timely
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payment of principal and interest, (iii) noncallable, nonprepayable coupons or interest
installments from the securities described in clause (i) or clause (ii) of this paragraph,
which are stripped pursuant to programs of the Department of the Treasury of the
United States of America, or (iv) coupons or interest installments stripped from bonds of
the Resolution Funding Corporation.
Resolution To Constitute a Contract. The provisions of this resolution shall
constitute a contract between the City and the owner or owners of the Notes. Any pledge made
in this resolution and the provisions, covenants and agreements herein set forth to be performed
by or on behalf of the City shall be for the equal benefit, protection and security of the owners of
any and all of the Notes. All of the Notes, regardless of the time or times of their issuance, shall
be of equal rank without preference, priority or distinction of any of the Notes over any other
thereof except as expressly provided in or pursuant to this resolution. This resolution and the
resolution awarding the Notes, fixing the interest rates and levying taxes for the payment thereof
shall constitute full authority for the issuance of the Notes and, to the extent that the provisions of
this resolution conflict with the provisions of any other resolution of the City, the provisions of this
resolution, as amended, shall control. If any section, paragraph or provision of this resolution shall
be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining provisions of this resolution.
Notice. The City Clerk is authorized to publish a notice of the issuance of the
Notes as a class 1 notice pursuant to Section 893.77, Wisconsin Statutes.
Effective Date. This resolution shall become effective immediately upon its
passage, the public welfare requiring it.
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ADOPTED:
APPROVED:
Jay Shambeau, Interim 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
Erdman
Miller
Neeno
Pope
Seeman
Squire
June 8, 2026 Squire
Neeno
X
X
X
X
X
X
X
Jay Shambeau (Jun 9, 2026 12:46:32 CDT)
Jay Shambeau
Category Project Title Priority
G.O. Note
Issue General
G.O. Note
Issue
Stormwater
G.O. Note
Issue
Sanitation
G.O. Note
Issue Water
G.O. Note
Issue
Wastewater
G.O. Note
Issue HPL
G.O. Note
Issue TIF
G.O. Note
Issue Golf
Special
Assmt. Total Note Appropriations
Federal /
State Aid Other TOTAL
Axon Fleet 3 Camera/Automatic License Plate
Readers for 10 S uad Cars Public Safety $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27,648.00 $0.00 $0.00 $27,648.00
City Hall Plumbing/Valve Repair $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7,500.00 $7,500.00
Cradlepoints for JPD Squads $74,446.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $74,446.00 $25,524.00 $0.00 $0.00 $99,970.00
Design Oak Hill Cemetery maintenance
buildin facilit u rade $130,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $130,000.00 $0.00 $0.00 $0.00 $130,000.00
Fire Department Fitness Equipment - Health
and Wellness Pro ram Public Safety $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20,000.00 $0.00 $0.00 $20,000.00
Fire Department Vehicle Replacement
Schedule Committed $500,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500,000.00 $48,000.00 $0.00 $0.00 $548,000.00
Fire Station #2 and #5 Bathroom Design $175,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $175,000.00 $0.00 $0.00 $0.00 $175,000.00
Fire Station Landscaping Improvements $50,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $0.00 $0.00 $0.00 $50,000.00
Firefighter gear ensemble replacement Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45,000.00 $0.00 $0.00 $45,000.00
Golf Course Equipment Replacement Other $112,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $112,000.00 $0.00 $0.00 $0.00 $112,000.00
Gravity Advanced Financial Reporting $36,954.00 $0.00 $36,954.00 $38,992.00 $36,954.00 $0.00 $0.00 $0.00 $0.00 $149,854.00 $0.00 $0.00 $0.00 $147,816.00
Hardened Vehicle Barriers Public Safety $233,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $233,000.00 $0.00 $0.00 $0.00 $233,000.00
Implement security cameras in City facilities $142,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $142,000.00 $0.00 $0.00 $0.00 $142,000.00
Install Tote Tipper on Rear Loading Refuse
Truc Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $0.00 $0.00 $50,000.00
JFD Water Rescue Assets PPE Public Safety $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $0.00 $0.00 $50,000.00
JPD vehicle replacement Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $340,000.00 $0.00 $0.00 $340,000.00
Landfill Cell 6 Temporary Gas System $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100,000.00 $0.00 $0.00 $100,000.00
Liebert/CRAC Unit Study $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15,000.00 $0.00 $0.00 $15,000.00
Maintain City network to adapt to evolving
technolo ies -IT Strate ic Plan Other $200,000.00 $0.00 $0.00 $50,000.00 $50,000.00 $0.00 $0.00 $0.00 $0.00 $300,000.00 $0.00 $0.00 $0.00 $300,000.00
Purchase replacement transit bus $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $630,000.00 $0.00 $630,000.00
Rear Load Refuse Vehicles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $80,000.00 $0.00 $0.00 $80,000.00
Replace Network Core Switch Other $0.00 $0.00 $0.00 $17,250.00 $17,250.00 $0.00 $0.00 $0.00 $0.00 $34,500.00 $34,500.00 $0.00 $0.00 $69,000.00
Replace the JATV Media Server $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15,000.00 $0.00 $0.00 $15,000.00
Replace two waste collection vehicle (4381 &
4382 Annual Program $0.00 $0.00 $888,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $888,000.00 $0.00 $0.00 $0.00 $888,000.00
Replacement of Uninterruptible Power Supply
for IT Networ $50,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $0.00 $0.00 $0.00 $50,000.00
Rockport Pool Painting Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $90,000.00 $0.00 $0.00 $90,000.00
Solid Waste Pickup Truck $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45,000.00 $0.00 $0.00 $45,000.00
Transit Passenger Shelter Solar Lighting
Pro ect $27,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27,600.00 $0.00 $22,400.00 $0.00 $50,000.00
Update riverwalk lighting from Milwaukee to
Cente $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $75,000.00 $0.00 $0.00 $75,000.00 $0.00 $325,000.00 $0.00 $400,000.00
Sub Total: $1,731,000.00 $0.00 $924,954.00 $106,242.00 $104,204.00 $0.00 $75,000.00 $0.00 $0.00 $2,941,400.00 $985,672.00 $977,400.00 $7,500.00 $4,909,934.00
Complete annual Parks Division paving
ro ects Committed $100,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100,000.00 $0.00 $0.00 $0.00 $100,000.00
Conduct major concrete joint/panel repairs Committed $135,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $135,000.00 $0.00 $0.00 $0.00 $135,000.00
Construct Mt. Zion MSID (Milton to Pontiac)
Street
Rehabilitation
and Related
$325,000.00 $0.00 $0.00 $330,000.00 $0.00 $0.00 $255,000.00 $0.00 $0.00 $910,000.00 $0.00 $1,970,000.00 $0.00 $2,880,000.00
Crack sealing Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $220,000.00 $0.00 $0.00 $220,000.00
Curb and Gutter Replacement Program Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,000,000.00 $0.00 $0.00 $3,000,000.00
Design reconstruction of STH 26 - Centerway
& Milton (N. Parker to Randolph)
Street
Rehabilitation
and Related
$300,000.00 $0.00 $0.00 $250,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $550,000.00 $0.00 $900,000.00 $0.00 $1,450,000.00
Design Rehabilitation of USH 51/N. Parker
Drive Centerwa to Black Brid e $250,000.00 $0.00 $0.00 $175,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $425,000.00 $0.00 $750,000.00 $0.00 $1,175,000.00
Preliminary Bikeway Design on John Paul Roa
Ice A e Trail to McCormick Road $42,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $42,000.00 $0.00 $132,000.00 $0.00 $174,000.00
Rehab Ruger Ave. Randall to Lexington (DOT
Project)
Street
Rehabilitation
and Related
$50,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $0.00 $1,358,000.00 $0.00 $1,408,000.00
Sidewalk Program Committed $20,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $230,000.00 $250,000.00 $0.00 $0.00 $0.00 $250,000.00
Street Rehabilitation Program - Work toward
im rovin all collector/arterial streets with a Committed $2,500,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,500,000.00 $1,938,000.00 $0.00 $0.00 $4,438,000.00
WisDOT Center Ave Rehabilitation at Delavan
Drive and UPRR Bridge
Street
Rehabilitation
and Related
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,355,000.00 $0.00 $1,355,000.00
Sub Total:$3,722,000.00 $0.00 $0.00 $755,000.00 $0.00 $0.00 $255,000.00 $0.00 $230,000.00 $4,962,000.00 $5,158,000.00 $6,465,000.00 $0.00 $16,585,000.00
Blower/Flare Building & Infrastructure
Re lacement - Phase 2 $0.00 $0.00 $325,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $325,000.00 $300,000.00 $0.00 $0.00 $625,000.00
City of Janesville
2026 Capital Improvement Plan
Funding by Project Category
Capital
Equipment
Construct and
Improve
Streets
1 of 2
Landfill Facility Replacement - Maintenance
Buildin Constructio Other $0.00 $0.00 $3,940,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,940,000.00 $0.00 $0.00 $0.00 $3,940,000.00
Sub Total:$0.00 $0.00 $4,265,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,265,000.00 $300,000.00 $0.00 $0.00 $4,565,000.00
Dawson Softball Complex Improvements Other $1,600,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,600,000.00 $0.00 $0.00 $0.00 $1,600,000.00
Design Rockport Pool Complex Improvements Other $185,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $185,000.00 $0.00 $0.00 $0.00 $185,000.00
Refurbish Peace Park playground Other $650,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $650,000.00 $0.00 $0.00 $15,000.00 $665,000.00
Riverside Golf Course Sand Bunker
Renovation Fairwa Bunkers Other $285,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $285,600.00 $0.00 $0.00 $0.00 $285,600.00
Sub Total:$2,720,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,720,600.00 $0.00 $0.00 $15,000.00 $2,735,600.00
Complete planned, unassigned smaller
building projects and emergency building
re airs
Other $175,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $175,000.00 $0.00 $0.00 $0.00 $175,000.00
Construct CSC Renovations Phase II-c
vehicle maintenance sho central stores Other $2,197,000.00 $0.00 $788,000.00 $295,000.00 $296,000.00 $0.00 $0.00 $0.00 $0.00 $3,576,000.00 $1,182,000.00 $0.00 $0.00 $4,758,000.00
Design CSC Renovations Phase III
administrative office, break/trainin room Other $100,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100,000.00 $350,000.00 $0.00 $0.00 $450,000.00
Design Fire Station #3 Public Safety $1,200,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,200,000.00 $0.00 $0.00 $0.00 $1,200,000.00
Fire Training Center Repairs $200,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200,000.00 $0.00 $0.00 $0.00 $200,000.00
Police Department Building Automation and
Control S stem BACS Re lacement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $50,000.00
Senior Center Exterior Maintenance &
Preservation Other $850,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $850,000.00 $0.00 $0.00 $0.00 $850,000.00
Sub Total:$4,722,000.00 $0.00 $788,000.00 $295,000.00 $296,000.00 $0.00 $0.00 $0.00 $0.00 $6,101,000.00 $1,532,000.00 $0.00 $50,000.00 $7,683,000.00
Storm sewer cleaning & televising Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $150,000.00 $0.00 $0.00 $150,000.00
Storm sewer lining & point repairs Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $375,000.00 $0.00 $0.00 $375,000.00
Storm sewer replacement
Street
Rehabilitation
and Related
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $900,000.00 $0.00 $0.00 $900,000.00
Storm structure/inlet maintenance Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,925,000.00 $0.00 $0.00 $1,925,000.00
Sub Total:$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,350,000.00 $0.00 $0.00 $3,350,000.00
Sanitary sewer cleaning and televising Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40,000.00 $0.00 $0.00 $40,000.00
Sanitary Sewer Lining, Point Repairs, and
Groutin Committed $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $885,000.00 $0.00 $0.00 $885,000.00
Sanitary Sewer Replacement $0.00 $0.00 $0.00 $0.00 $30,000.00 $0.00 $0.00 $0.00 $0.00 $30,000.00 $0.00 $0.00 $0.00 $30,000.00
Sanitary sewer structure maintenance Committed $0.00 $0.00 $0.00 $0.00 $150,000.00 $0.00 $0.00 $0.00 $0.00 $150,000.00 $635,000.00 $0.00 $0.00 $785,000.00
Wastewater Treatment Plant - DAFT system
im rovements - Construction $0.00 $0.00 $0.00 $0.00 $3,450,000.00 $0.00 $0.00 $0.00 $0.00 $3,450,000.00 $1,400,000.00 $0.00 $0.00 $4,850,000.00
Sub Total: $0.00 $0.00 $0.00 $0.00 $3,630,000.00 $0.00 $0.00 $0.00 $0.00 $3,630,000.00 $2,960,000.00 $0.00 $0.00 $6,590,000.00
Execute fire hydrant replacement program Committed $0.00 $0.00 $0.00 $475,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $475,000.00 $0.00 $0.00 $0.00 $475,000.00
Water main improvements/replacements Committed $0.00 $0.00 $0.00 $600,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $600,000.00 $4,200,000.00 $0.00 $0.00 $4,800,000.00
Water structure & valve replacement Committed $0.00 $0.00 $0.00 $220,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $220,000.00 $50,000.00 $0.00 $0.00 $270,000.00
Water Utility - Roof Replacement at Pump
Station #14 - Constructio $0.00 $0.00 $0.00 $180,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $180,000.00 $13,000.00 $0.00 $0.00 $193,000.00
Sub Total: $0.00 $0.00 $0.00 $1,475,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,475,000.00 $4,263,000.00 $0.00 $0.00 $5,738,000.00
Total for All Projects: 68 $12,895,600.00 $0.00 $5,977,954.00 $2,631,242.00 $4,030,204.00 $0.00 $330,000.00 $0.00 $230,000.00 $26,095,000.00 $18,548,672.00 $7,442,400.00 $72,500.00 $52,156,534.00
Recommended for delay
Commited via contract
Water Utility
Parks and
Public
Grounds
Public
Buildings and
Grounds
Landfill
Stormwater
Wastewater
2 of 2
CITY OF JANESVILLE Policy No. 75
Page 1 of 4
CITY COUNCIL POLICY STATEMENT
Date Issued: 5/13/97
Revised: 8/23/11
4/13/15
2/10/20
General Subject: Administration Effective Date: 2/10/20
Special Subject: Debt Management
Responsible Dept./Div/: City Manager’s Office / Finance Office Cancellation Date
Supersedes
PURPOSE
To record and clarify the City Council's policy regarding the management and issuance of debt.
STATEMENT OF POLICY
In accordance with State Statutes, Chapter 67, the City is granted the authority to issue debt.
The following practices and procedures shall be followed by the City:
1. Conditions for Debt Issuance
The City shall limit the issuance of debt to capital outlays (and costs associated with the
capital outlay), including the acquisition or construction of capital facilities; infrastructure;
vehicles and equipment; and other capital assets.
2. Capital Improvement Plan (CIP)
The Administration prepares an updated five-year Capital Improvement Plan (CIP) on an
annual basis. The CIP will indicate the source of funding for all proposed capital projects
and/or assets.
The first year of the CIP will be included in the annual budget as the Major Capital
Projects budget. Those capital projects and/or assets which require financing through
the issuance of debt will be reconsidered when the City Council awards public works
contracts, commits to borrow funds in a future debt issuance, or undertakes the debt
issuance process.
3.General Obligation Debt
The City will issue General Obligation Debt for those capital projects benefiting the City
as a whole. Such debt would be secured by the full faith, credit, and taxing powers of the
City.
Every capital project proposed for financing through General Obligation Debt should be
accompanied by a full analysis of the future operating and maintenance costs associated
with the project, including the impact of the proposed project on the annual operating
budget.
Whenever possible, the City will finance capital projects by using self-supporting
Revenue or Special Assessment Bonds. Such Bonds assure the greatest degree of
equity because those who benefit from a project closely match those who pay for a
project.
EXHIBIT II
CITY OF JANESVILLE Policy No. 75
Page 2 of 4
CITY COUNCIL POLICY STATEMENT
Date Issued: 5/13/97
Revised: 8/23/11
4/13/15
2/10/20
General Subject: Administration Effective Date: 2/10/20
Special Subject: Debt Management
Responsible Dept./Div/: City Manager’s Office / Finance Office Cancellation Date
Supersedes
4. General Obligation Debt Limit
Section 67.03(1) of the Wisconsin Statutes provides that the amount of General
Obligation indebtedness of a municipality shall not exceed five (5) percent of the
equalized assessed valuation of the taxable property in the municipality.
The City shall limit outstanding General Obligation Debt to less than two and a half (2.5)
percent of the equalized assessed value. The City Council, by super majority vote, may
increase the stated debt limit.
The City recognizes the importance of issuing debt prudently and should first determine
its long-term financial capability to repay.
5.Revenue Debt
To promote taxpayer equity, the City will consider the issuance of Revenue Debt for
capital projects providing benefits to specific users. Such debt would be secured by
revenues of the financed project.
However, if the projected revenues will not be sufficient to meet the corresponding
annual debt service payments or the credit rating of the proposed Revenue Debt
instrument would result in an adverse interest rate, the City would consider issuing
General Obligation Debt for such projects.
6.Governmental Fund Debt Service Limitations
Annual Governmental Fund Debt Service payments for General Obligation Debt,
exclusive of that funded by enterprise operations or debt approved exceeding the debt
limit described above, shall not exceed twenty (20) percent of annual budgeted
expenditures for Governmental Funds.
7.Review of Financing Alternatives
The City will seek all possible Federal and State reimbursements for mandated projects
and/or programs.
The City will encourage pay-as-you-go financing of capital improvement projects where
feasible. However, it will strive to maintain a balanced relationship between issuing debt
and pay-as-you-go financing to ensure property tax stabilization.
The City will seek to maintain a sufficient General Fund cash balance in order to prevent
the need for external cash flow borrowing.
CITY OF JANESVILLE Policy No. 75
Page 3 of 4
CITY COUNCIL POLICY STATEMENT
Date Issued: 5/13/97
Revised: 8/23/11
4/13/15
2/10/20
General Subject: Administration Effective Date: 2/10/20
Special Subject: Debt Management
Responsible Dept./Div/: City Manager’s Office / Finance Office Cancellation Date
Supersedes
8. Timing of Debt Issuance
Debt should be issued when capital projects are or will be for bid or construction starts
within 6 months. Capital projects funded with borrowed funds shall be completed within
24 months from of the issuance of debt. If funds are not expended within 18 months,
consideration should be given to reprogramming the funds for another approved capital
project.
9. Characteristics of Debt Issuance
The issuance of debt for funding annual general operating expenditures is prohibited.
The use of derivatives is prohibited.
The average maturities of long-term obligations shall only exceed 10 years if the
expected useful life of the capital project or asset financed justifies it.
The scheduled maturities of long-term obligations should not exceed the expected useful
life of the capital project or asset(s) financed.
10. Debt Issuance Process
The City will use competitive sales as the primary means of selling long-term bonds and
notes. Negotiated sales will be permitted only if there is evidence of volatile market
conditions, complex security features, or other unique factors.
Bonds - The issuance of bonds requires the City Council to follow various procedures
identified in State Statutes 67.05. These include separate City Council actions to
authorize and establish the bond details and are comprised of, but not limited to, setting
the final amount of bonds to be issued.
Promissory Notes - Although State Statutes 67.12 permits the City Council to combine
the authorization and details of a note issue into one City Council action, the City Council
will adopt the aforementioned issuance procedure required for bonds.
11. Professional Services
The City shall retain an independent Municipal Advisor for debt structuring, the rating
review process, marketing debt issuances, sale and post-sale services, and to assist in
issuing the City's Official Statement.
CITY OF JANESVILLE Policy No. 75
Page 4 of 4
CITY COUNCIL POLICY STATEMENT
Date Issued: 5/13/97
Revised: 8/23/11
4/13/15
2/10/20
General Subject: Administration Effective Date: 2/10/20
Special Subject: Debt Management
Responsible Dept./Div/: City Manager’s Office / Finance Office Cancellation Date
Supersedes
The City shall retain bond counsel for legal and procedural advice on all debt issuances,
which include determining the legal authority to issue the proposed debt and that it
qualifies for tax-exempt status.
12. Market Relations
The City will maintain effective communications with investors and credit rating agencies
concerning the City's financial condition by posting information to the Municipal
Securities Rulemaking Board (MSRB) Electronic Municipal Market Access (EMMA)
website.
Additionally, the City recognizes there are several key debt ratios used by investors and
credit rating analysts when reviewing the City's credit worthiness. Therefore, the City will
address the following ratios:
•Debt Per Capita.
•Debt as a Percentage of Equalized Property Value.
•Annual Debt Service as a percentage of annual Governmental Fund operating
expenditures.
The City will comply with the Security and Exchange Commission’s (SEC’s) reporting
requirements concerning "Continuing Disclosure Undertakings".
13. Credit Rating Goals
The City will seek to maintain and improve its credit rating to minimize borrowing costs
and to ensure access to markets.
2026-2442
Final Audit Report 2026-06-09
Created:2026-06-09
By:Elizabeth Lopez (lopeze@janesvillewi.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAyqFWLwx47i-D_wXooqGHueF4pD5KWP8_
"2026-2442" History
Document created by Elizabeth Lopez (lopeze@janesvillewi.gov)
2026-06-09 - 4:20:31 PM GMT
Document emailed to Jay Shambeau (ShambeauJ@JanesvilleWi.gov) for signature
2026-06-09 - 4:20:36 PM GMT
Email viewed by Jay Shambeau (ShambeauJ@JanesvilleWi.gov)
2026-06-09 - 5:46:01 PM GMT
Document e-signed by Jay Shambeau (ShambeauJ@JanesvilleWi.gov)
Signature Date: 2026-06-09 - 5:46:32 PM GMT - Time Source: server - Signature Appearance Selected: TYPE
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2026-06-09 - 5:46:34 PM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2026-06-09 - 5:50:44 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2026-06-09 - 5:50:56 PM GMT - Time Source: server - Signature Appearance Selected: IMAGE
Agreement completed.
2026-06-09 - 5:50:56 PM GMT