City borrows from Bank of Mauston
The Mauston City Council Tuesday night approved authorizing the issuance of 3-million 225-million dollars of General Obligation Promissory Notes. The purchaser is the Bank of Mauston at an interest rate of 1.8-percent. City Finance Committee Chair, Alderman Paul Huebner said, “the City will have the ability to draw down on the note as funds are needed. Interest shall only accrue on amounts used.” The interim financing will be used to fund some of the City’s improvements including the Highway 82 bike and pedestrian pathway and improvements to Riverside Park. TIF revenue will be used to pay back the short term borrowing.
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