City of Brillion successfully issued $2.645 Million of Series 2015B General Obligation Corporate Purpose Bonds
The Bonds are Non-Rated
The Bonds are being issued for the public purposes of financing street improvement projects; water system projects; storm water improvement projects; and to refund certain obligations of the City. The Bonds are valid and binding general obligations of the City, and all the taxable property in the City is subject to the levy of a tax to pay the principal of and interest on the Bonds as they become due which tax may, under current law, be levied without limitation as to rate or amount.
The City of Brillion, with a current estimated population of 3,191, comprises an area of 1,135 acres and is located approximately 25 miles south of the City of Green Bay. The City’s 2014 estimated equalized value totaled $191.98 million. The top ten taxpayers in the City accounted for 21.48% of estimated equalized value, the largest of which was Ariens Company (commercial lawn mower manufacturer, corporate headquarters) representing 5.18%. Following this issuance the City will have approximately $8.1 million in general obligation debt outstanding. This translates to a debt to equalized value ratio of 4.22% and a debt per capita ratio of $2,539.
Bernardi Credit Overview
Purpose: The Bonds are being issued for essential service improvements, specifically street, water, and sewer. Additionally, a portion of the issue, approximately $750,000 will advance refund the City’s Series 2006 General Obligation Corporate Purpose Bonds. The refunding will provide the City with interest cost savings.
Security: The Bonds have been duly authorized and executed by the City and are valid and binding general obligations. All the taxable property in the City is subject to the levy of ad valorem taxes to pay principal of, and interest on, the Bonds, without limitation as to rate or amount. The Issuer is required by law to include in its annual tax levy the principal and interest coming due on the Bonds. See Article XI, Section 3 of the Wisconsin Constitution.
Structure: The Bonds are structured to mature serially, May 1st, 2016 to May 1st, 2035. Property tax statements are distributed to taxpayers by the town, village, and city clerks in December of the levy year. Personal property taxes, special assessments, special charges and special taxes must be paid to the town, city or village treasurer in full by January 31, unless the municipality, by ordinance, permits special assessments to be paid in installments. Current state law requires counties to pay 100% of the real property taxes levied to cities, villages, towns, school districts and other taxing entities on or about August 20 of the collection year.