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Notice 03-03-2025 : Notice: Spring weight limits on all town roads begin Tuesday, March 4, 2025. The weight limits are 6 tons per axle and 10 tons per tandem axles under 8 feet apart.

Resolution 2025-01: Temporary Loan to Fund 100th St. Construction

RESOLUTION NUMBER 2025-01

 WHEREAS, the Town Board of the Town of Richmond, St. Croix County, Wisconsin, at a regular meeting held on the 13th day of March, 2025, hereby adopts the following resolution:

 WHEREAS, the governing body of the Town of Richmond, after due consideration, has determined that it is necessary to borrow an amount not to exceed the sum of One Million Dollars ($1,000,000.00) for the purpose of the reconstruction/reconditioning of 100th Street in the Town of Richmond. 

NOW, THEREFORE, be it resolved, that for the purposes hereinabove set forth the Town of Richmond, by its Chairman and Clerk, pursuant to Section 67.12(12), Wisconsin Statutes, borrow from First National Community Bank in New Richmond Wisconsin (Lender), from time to time, in one or more advances, a maximum aggregate amount of $1,000,000.00 or, if less, the aggregate principal amount of all advances as may be required to meet the above stated purpose.

BE IT FURTHER RESOLVED that each such advance shall be requested in writing by the Town Clerk, Town Treasure, and/or Town Chairman, which request may be conclusively relied upon by the Lender;

BE IT FURTHER RESOLVED that to evidence such indebtedness, said Chairman and Town Clerk shall make, execute and deliver to the Lender for and on behalf of the Town, the promissory note of the Town, in said principal amount with interest at the rate of 6.75% per annum and payable as follows:

  1. Interest only payments to be paid monthly on the outstanding balance.
  2. Unlimited number of draws.
  3. No prepayment penalty.
  4. Loan Origination fee of $1000.00.
  5. 12 Month maturity date. All outstanding principal and interest due at that time.

BE IT FURTHER RESOLVED that there be, and there hereby is levied on all taxable property of the Town, a direct annual irrepealable tax sufficient in the amount to pay the principal and interest on said note as the same becomes due and payable.

Adopted by the Town Board on March 13, 2025.

The motion of the adoption of the foregoing Resolution was made by Supervisor Dave Stephens and duly seconded by Supervisor Peirson and, upon vote being taken it passed unanimously.  Whereupon, said Resolution was declared duly passed and adopted, and approved and signed by the Town Chairman and attested by the Town Clerk.

Published: March 14, 2025.

Signed by
Gary Knutson, Town Chair

Attest
Patrick Earley, Town Clerk

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