* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. VICE CHAIR. [00:00:09] IT'S FIVE 30. I WILL CALL THIS MEETING OF THE EXECUTIVE COMMITTEE TO ORDER. UH, WE ARE ALL HERE. UH, THE MEETING WAS POSTED BY THE CLERK'S OFFICE IN ACCORDANCE WITH THE APPROPRIATE STATUTES WILL RISE FOR A MOMENT OF SILENT PRAYER AND THE PLEDGE OF ALLEGIANCE. [Call to Order, Roll Call, Affidavit of Posting, A Moment of Silent Prayer, and Pledge of Allegiance] I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR RICHES STANCE ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL. OUR FIRST ITEM FOR ACTION IS, UM, A RESOLUTION AWARDING THE SALE OF A MILLION AND A HALF GENERAL OBLIGATION PROMISSORY NOTES FOR THE GOLF COURSE IMPROVEMENT. I NEED A MOTION AND A SECOND, PLEASE. I MOVE. SUPERVISOR SCHULTY. SUPERVISOR SHARAN. [Discussion or Possible Action] IS THERE ANY DISCUSSION? [a. 2025 Resolution – Resolution Awarding the Sale of a $1,500,000 General Obligation Promissory Note, Series 2025B] ALL RIGHT, GO AHEAD AARON. UM, GOOD EVENING EVERYONE. UM, I DO HAVE A, UM, THERE'S A PRESENTATION THAT WE WOULD LIKE TO SHOW. UM, WE HAVE, UH, ERIC CASS HERE AS WELL FROM PMA, UM, WHO CAN, WHO CAN DO THE BULK OF THE PRESENTATION. UM, JAMIE'S HERE TO ANSWER QUESTIONS ABOUT THE PROJECT. IF YOU'VE GOT 'EM, I CAN ANSWER SOME TECHNICAL QUESTIONS. AND THEN WE'VE GOT DAVE OWENS HERE FROM THE FINANCE DEPARTMENT AS WELL. SO, UH, SO WE HAVE OF TVS, OH, YOU'RE PUT IN THE PODIUM. OH, I AM. YES. GOOD EVENING, EVERYONE. GOOD EVENING. AS AARON SAID, MY NAME'S ERIC CASS. I'M A DIRECTOR OF PUBLIC FINANCE FOR PMA. UM, I'VE BEEN WORKING WITH MARGIE ON AN APPROACH FOR THIS, UM, CONSIDERATION THIS EVENING. AS AARON SAID, IT IS FOR A $1.5 MILLION GEO PROMISSORY NOTE SERIES 2025 B. UH, WE DID RECEIVE BIDS LAST FRIDAY, AND WE ARE HERE THIS EVENING SEEKING APPROVAL AT THE COUNTY BOARD MEETING. IF YOU GET INTO THE NEXT, JUST SOME HIGHLIGHTS, UM, A LITTLE BIT DIFFERENT APPROACH THIS TIME AROUND. NORMALLY WHEN YOU'RE CONSIDERING THE APPROVAL OF DEBT, UH, WE GO THROUGH A VERY IN-DEPTH PROCESS FOR THAT ISSUANCE, AND WE DO IT THROUGH THE COMPETITIVE MARKET. DUE TO THE SIZE AND THE SHORTER AMORTIZATION OF THIS, WE DECIDED STRATEGICALLY TO PIVOT AND GO, UH, WHAT'S CALLED A DIRECT SALE. SO MARGIE IDENTIFIED 13 QUALIFIED BANKS THAT WE REACHED OUT TO AND MARKETED THE OPPORTUNITY TO. A COUPLE REASONS WHY WE DO THAT. UM, THE MAJOR ONE IS JUST THE COST OF ISSUANCE. SO WHENEVER YOU ISSUE DEBT, THERE ARE FEES ASSOCIATED WITH THAT. SO WE DIDN'T HAVE TO PAY FOR A RATING FEE THROUGH MOODY'S, WHICH CAN BE 10 TO 15,000. OUR FEE IS SUBSTANTIALLY LESS, AS WELL AS BOND COUNCIL'S FEE IS SUBSTANTIALLY LESS. SO THAT'LL BE REFLECTED IN THE FINAL INTEREST RATES. AND WE WERE VERY PLEASED WITH THE RESULTS, AS HE ALREADY ALLUDED TO THE PURPOSES TO FUND COUNTY GOLF COURSE RENOVATION PROJECTS. UM, EVEN THOUGH IT IS A SKINNY DOWN VERSION OF A FULL MARKET ISSUANCE, WE DO DEVELOP WHAT WE CALL A TERM SHEET. IT HAS A LOT OF PERTINENT INFORMATION RELATED TO THE COUNTY, AS WELL AS HIGHLIGHTING THE STRENGTH OF YOUR UNDERLYING AAA CREDIT QUALITY. ONE OF SIX COUNTIES IN THE STATE OF WISCONSIN THAT HAS THAT. AND IF APPROVED, THIS EVENING IS HIGHLIGHTED UP THERE, THE FUNDS WOULD BECOME AVAILABLE TO PAY FOR, UM, COSTS ASSOCIATED WITH THE PROJECTS ON DECEMBER 29TH, 2025. SO THE RESULTS ARE ON THE NEXT SLIDE. UM, WE DID RECEIVE THREE RESPONSES. SORRY, IF I COULD JUST, OH, SORRY. IF I COULD JUST INTERRUPT. ONE, ONE, UM, ONE POINT I JUST WANTED TO MAKE WITH THE DIRECT SALE PROCESS, UM, THOSE OF YOU, THERE'S, UM, SEVERAL OF YOU THAT WOULD HOPEFULLY REMEMBER THIS. AT, AT ONE POINT IN TIME, WE HAD BOUGHT SOME, UH, WE, WE HAD BOUGHT SOME DEBT FROM THE KI WASUM SCHOOL DISTRICT, RIGHT? THAT WAS, UH, THEY WENT THROUGH THIS SAME PROCESS AND WE BOUGHT THAT DEBT, RIGHT? SO, UM, IN THIS CASE, WE ARE THE KI WASUM SCHOOL DISTRICT, BUT THAT IS THE MECHANISM WE'RE USING HERE. SO I JUST KIND OF WANTED TO LINK THAT BACK TO THOSE OF YOU THAT MAYBE REMEMBER THAT FROM WHEN WE DID IT WHEN WE WERE ON THE OTHER END OF THIS. SO THANK YOU. SO THE RESULTS OUTTA THOSE 13, UM, REQUESTS THAT WENT OUT, WE DID RECEIVE THREE RESPONSES, BMO, HUNTINGTON AND JOHNSON FINANCIAL GROUP. THE TICK IS THE TRUE INTEREST COST. SO THAT'S THE INTEREST RATE OR WHAT WE CALL THE YIELD ASSOCIATED. UM, THAT'S A BLENDED YIELD. EACH OF THE MATURITIES HAS A SLIGHTLY DIFFERENT ONE, BUT WHEN WE BLEND IT TOGETHER, UM, WE CAME UP WITH BMO [00:05:01] BANK AT A 3.93% FOR THE ISSUANCE. AND THEN ON THE LAST SLIDE, JUST WANTED TO HIGHLIGHT A COUPLE OF ITEMS. SO, AS I SAID, THE FUNDS WOULD BE AVAILABLE DECEMBER 29TH. UM, WE WERE ABLE TO DEVELOP A 12 YEAR AMORTIZATION GIVEN THE PARAMETERS FOR MARGIE OF STAYING WITHIN 150, 160,000 TO RETIRE THE DEBT. AND THEN THE LAST PIECE I WANTED TO HIGHLIGHT IS, ALL DEBT FROM 2033 THROUGH 2038 IS CALLABLE, OR SORRY, 2037 IS CALLABLE. SO IF THERE IS ADDITIONAL CASH AT THAT POINT IN TIME OR LOWER INTEREST RATES, THE COUNTY DOES HAVE THE OPPORTUNITY TO PAY OFF THOSE LAST FOUR YEARS EARLY TO RETIRE IT IN EIGHT YEARS, UM, OR LESS THAN 12. UH, SO IT'S A NICE ENHANCEMENT THAT WE'RE ABLE TO PUT IN ON BEHALF OF THE COUNTY WITH BMO, UM, IF IT IS APPROVED. OKAY, ANY QUESTIONS OR DISCUSSION? MM, THERE BEING NONE. ALL IN FAVOR SAY AYE. AYE. AYE. ANY OPPOSED? PASSES UNANIMOUSLY. OUR NEXT ITEM IS THE RESOLUTION TO AUTHORIZE WASHINGTON COUNTY'S WITHDRAWAL FROM THE SOUTHEASTERN WISCONSIN REGIONAL PLANNING COMMISSION. MOTION. AND A SECOND, PLEASE. MOTION SUPERVISOR KEL. SUPERVISOR SCHWAB. UM, I DID RECEIVE A CALL TODAY FROM, UM, SUPERVISOR GU KRIEGER, GUNDRY, [b. 2025 Resolution – Authorize Washington County’s Withdrawal from Southeastern Wisconsin Regional Planning Commission (SEWRPC) ] UM, ASKING ABOUT THE WORD WITHDRAWAL BECAUSE IT'S VERY FINAL AND HARD. UM, BUT I HAD A CONVERSATION WITH OUR ATTORNEY WHO INFORMED ME THAT IT'S WHAT HAS TO BE, IT'S BY STATUTE THAT THAT WORD HAS TO BE USED. UM, DO YOU HAVE ANY FURTHER COMMENT, MR. STERN? NO, THAT'S ACCURATE. OKAY. ANY DISCUSSION THERE WOULD BE COMMENT. I MEAN, IT'S ALREADY BEEN KIND OF PUT THE BUDGET THIS WAY, RIGHT? RIGHT. SO IT'S BEEN, WE'VE TALKED ABOUT IT ALREADY. SO, YEAH. SO YEAH, I THINK THIS IS, UM, UH, THESE DECISIONS AREN'T EASY. UH, WHEN YOU'RE FACED WITH $3.6 MILLION AND BUDGET CUTS, UM, AND, AND YOU WANT TO HOLD THE LINES FOR OUR CONSTITUENTS, WE, WE HAVE TO VALUE EVERY PROGRAM. NOT, YOU KNOW, THERE'S NO SUCH THING AS A SACRED COW, UH, WHERE YOU CAN'T TOUCH THAT. MM-HMM . I ABSOLUTELY BELIEVE, AND I'VE ALWAYS BELIEVED THAT EVERY PROGRAM WE DO OR WE DEAL WITH, EVERYTHING WE DO MUST BE ACCOUNTABLE. IT MUST BE PROVABLE. UH, AND IF THERE'S A WAY WE CAN DO THINGS BETTER OR CHEAPER, OR BOTH, YOU KNOW, UM, IT'S JUST A MATTER OF THE FISCAL, I DON'T KNOW WHAT WOULD BE THE BEST WORD FOR IT, . YOU KNOW, IT'S JUST THE WAY IT IS. UM, SO I THINK IN THIS PARTICULAR CASE, UH, WHEN IT WAS FIRST SUGGESTED, I WAS VERY APPREHENSIVE BECAUSE IT IS A BIG DEAL. UM, BUT I, I WORKED WITH THE CHAIRMAN AND I WORKED WITH, UH, THE COUNTY EXECUTIVE, AND I MET WITH OTHER COUNTIES, AND I, I BECAME SATISFIED THAT THIS IS A VERY POSSIBLE THING. AND I KNOW THERE ARE A LOT OF UNCERTAINTIES WITH IT, BUT I BELIEVE AT THIS TIME IT'S PROBABLY IN THE BEST INTERESTS OF OUR PEOPLE AND OUR BUDGET. SO, UM, I WILL BE SUPPORTING OUR WITHDRAWAL FROM SIR PAK. ANY OTHER DISCUSSION? THERE BEING NONE. WE'LL VOTE. ALL IN FAVOR SAY AYE. AYE. ANY OPPOSED? MOTION PASSES. OUR NEXT MEETING WILL BE NEXT WEDNESDAY, DECEMBER 17TH AT 4:00 PM THIS MEETING'S ADJOURNED. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.