The Windsor Village Board unanimously authorized the borrowing of $7,765,000 at its meeting Thursday, Feb. 6, for a number of 2020 capital and water systems projects.
Among other things, the money will go for building a new public works building and renovations on a village-owned facility targeted for a new police department.
The rest of the money is earmarked for the village’s annual road program, road work in Morrisonville for County Highway DM, Clinton Road and a portion of Willow Street, the Windsor portion of a new rescue pumper and ambulance for the DeForest-Windsor Fire/EMS Department and revitalization efforts in downtown Windsor.
The village board reviewed all of this at a special meeting in January, although the total is slightly different. It was $7.615 million at that time. Village Administrator Tina Butteris said the difference is, this time the bond issuance expenses have been included in the total, which increases the borrowing. The project needs are the same, she said, and it is the same borrowing request for the projects.
Philip Cosson, senior municipal advisor/board chair with Ehlers, Inc., said he expects to return before the board March 5 with results from the sale of general obligation bonds related to the borrowing.
Although he said recent news about the coronavirus has impacted the market, Cosson added, “I think we’ll come back with good news.”
That’s because he said the size of the bond issue is good and the village’s bond rating is strong.
“I expect we’ll get a number of quality bids,” said Cosson. He also explained he doesn’t expect the borrowing to affect the village’s Standard & Poor’s bond rating, as of 2019, of AA/Stable.
“There’s not a lot of downward pressure on ratings right now,” said Cosson.
As for the impact on the mill rate, anticipated growth in the village “I think will level it out quite a bit,” said Cosson.