Fiscal Note
This resolution authorizes the issuance of general obligation taxable promissory notes totaling $20.1 million and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes. These notes will be used to finance current year support for economic development and affordable housing projects authorized in the 2022 capital budget. The true interest cost of this series is 3.95%. Repayment is scheduled over the next 10 years, including $4.4 million in interest payments.
Title
Authorizing the issuance of $20,160,000 Taxable General Obligation Promissory Notes, Series 2022-B, of The City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.
Body
Please see Legistar File No. 72901 Body in Attachments.