The Village of Windsor authorized the issuance of a $6.835 million bond during its June 7 meeting.
The bond’s scope covers a multitude of village projects related to its overall capital improvement and five-year plans. The bond’s major component is roadway improvements, but it also contains funds to construct a new public works facility and to implement water/sewer upgrades and for new police facilities, plus professional and financing fees.
Village officials said the bond won’t increase residents’ debt-service payments because debt service is decreasing overall.
Village President Bob Wipperfurth said the bond, despite its multi-million dollar price tag, is likely to enjoy widespread support across the village because road improvements are a commonly requested issue to undertake.
Street work will focus on Clinton Road and Willow Street in Morrisonville, Wipperfurth said, and updated water and sewerage systems will be included there. The Morrisonville streets project was intended to be completed in tandem with work on Hwy. DM, but ongoing conflicts with Dane County have stalled that work.
“Clearly, fixing roads that have been neglected is important,” Wipperfurth said. “People are happy that we’re spending money on roads and trying to make improvements.”
Wipperfurth said storm water management in Morrisonville is also slated to receive attention under the bond’s scope to control flooding caused by the area’s flat landscape during rainfall events.
Another component to the issuance is earthwork leveling, or grading, at the upcoming site for a new public works facility. That construction project was previously awarded a separate $2 million bond, but village officials determined additional funds were necessary.
The bond reaches its maturity in 2032. Annual principal payments gradually increase over the years and range in size from $385,000 in 2020 to $755,000 in 2032.
Village Administrator Tina Butteris said grouping multiple projects into one bond issuance saves money on additional fees and interest rates in the long run.
“You don’t want to go out and bid for individual projects,” Butteris told the DeForest Times-Tribune. “You’re going to get better interest rates because you’re lumping everything together.”
While officials said the recent bond won’t increase residents’ taxes, other factors could cause an uptick. That will be determined in the coming months, Butteris said.
The village’s Standard and Poor’s Global Ratings credit rate remains at AA, or “stable,” according to the village. The village’s S&P report said Windsor is benefitting from strong residential growth and careful fiscal planning with monetary flexibility and good overall budgetary oversight.
The issuance was awarded to financial services company Robert W. Baird & Co.
The sale is slated to be finalized later this month, according to village officials. Six financial firms submitted bids.