On the agenda: Verona meeting — data center (Aug 24)

CITY OF VERONA
111 Lincoln Street
Verona, WI 53593
(608) 845-6495
veronawi.gov

FINANCE COMMITTEE
DATE:

MONDAY, AUGUST 24, 2026

LOCATION:

CONFERENCE ROOM D110
CITY HALL
111 LINCOLN STREET
VERONA, WI 53593

TIME: 5:45 PM

1. Call to Order
2. Roll Call
3. Public Comment
4. Discussion and Possible Action re: Recommended Approval of the August 17, 2026, Finance Committee
Minutes
5. Discussion and Possible Action re: Resolution 26-031 Authorizing the Issuance and Establishing
Parameters for the Sale of Not to Exceed $2,515,000 General Obligation Promissory Notes, Series 2026A
6. Discussion and Possible Action re: 2027 Budget Updates and Presentations (Police Department and
Emergency Preparedness)
7. Discussion and Possible Action re: Quote for BS&A Cloud Upgrade
8. Discussion and Possible Action re: Payment of Bills
9. Adjournment.
Mara Helmke - Chairperson
POSTED:

August 21, 2026
Verona City Hall
Verona Public Library
Miller’s Market
All agendas are posted on the City website at: veronawi.gov

Notice: If you need an interpreter, materials in alternative formats, or other accommodation to access the meeting, please contact the City
Clerk at (608) 845-6495 at least 48 hours preceding the meeting. Every reasonable effort will be made to accommodate your request.
Notice is hereby given that a quorum of the members of the City Council or other standing committees of the City Council may be present at
the meeting of the Finance Committee to gather information about a subject over which they have decision-making responsibility. The City
Council and any other standing committees will not take formal action at this meeting.

City of Verona
Finance Committee
City Hall – 111 Lincoln Street
Verona, WI 53593-1520

MINUTES
FINANCE COMMITTEE
AUGUST 17, 2026
The meeting was called to order by Chairperson Mara Helmke at 5:00 p.m.
Roll Call: Chairperson Mara Helmke, Alder Patrick Lytle and Alder Spencer Harrison were
present.
Also present: Mayor Luke Diaz, Finance Director Brian Lamers, Fire Chief David Hensley, EMS
Chief Partick Anderson and Senior Center Director Stephanie Ehle
Public Comment: None
Discussion and Possible Action regarding approval of August 10, 2026 Finance Committee
minutes: Motion was made by Lytle, seconded by Harrison to approve the August 10, 2026
Finance Committee minutes with no changes noted. Motion carried 3-0.
Discussion and Possible Action regarding the 2027 Budget Updates and Presentations for Fire,
FitchRona EMS, Senior Center: EMS Chief Patrick Anderson went through the budget
presentation for EMS. He went through the changes in staffing which was the main increase in
the EMS budget. He stated the increase to the City of Verona is $33,716 or 4.61%. He stated
there is a request for the replacement of an ambulance in 2027 budget with an estimated cost for
the City of Verona at $172,958.
Senior Center Director Stephanie Ehle did a presentation for the Committee showing the
operation and the increase in participation and programs. She went over the additional staffing
request including a Volunteer Coordinator, Programs Coordinator and adding Van Drivers,
Exercise Class Instructors and Interns as employees. She talked about the capital request of
furniture upgrades, fire panel and projector replacement. She stated that she applied for an Epic
grant for a portion of the furniture and has not heard back yet. Lamers stated that instead of
purchasing the furniture over two years, fund balance may be able to be utilized for the purchase
all in 2027.
Fire Chief David Hensley went through the budget presentation for the Fire Department. He
went over the amounts of calls, inspections and citations for comparisons. He stated he
increased the budget for equipment repairs by $20,000 and building and ground repairs by
$25,000. He talked about the staffing and the request for one position in 2028. He discussed the
capital request and the need for two replacement vehicles in the amount of $80,000 each.
Discussion took place regarding the possibility of electric vehicles and if they would be an
option.
www.veronawi.gov

Lamers updated the Committee on any other budget items. He stated the League membership
went from $10,042 to $10,663. He also stated we received the library minimum funding amount.
The amount is going from $1,424,453 to $1,328,709 for a decrease of $95,744. Lamers said he
received an email from Library Director Stacey Burkart that she would like to still fund the
library at the amount of the draft budget of $1,451,776, which is an increase in levy from last
year of $27,323. Lamers stated with the addition staffing for Sunday hours requested was
approximately $200,000, but some of that will be offset by the increase of Dane County funding
of $173,995. Lamers stated he want to make the Committee aware of this because it could
impact the budget as a whole.
Discussion and Possible Action regarding the Revenue and Expenditure Summary Report-July
2026: Lamers stated nothing new to report.
Discussion and Possible Action regarding the City Investment Report-July 2026: Lamers stated
nothing significant noted.
Adjournment: Motion was made by Helmke, seconded by Harrison to adjourn the Finance
Committee Meeting at 8:02 p.m. Motion carried 3-0.
Respectfully submitted,
Brian Lamers CPA
Finance Director

www.veronawi.gov

RESOLUTION NO. 26-031
RESOLUTION AUTHORIZING THE ISSUANCE AND
ESTABLISHING PARAMETERS FOR THE SALE OF NOT TO
EXCEED $2,515,000 GENERAL OBLIGATION PROMISSORY
NOTES, SERIES 2026A
WHEREAS, the Common Council hereby finds and determines that it is necessary,
desirable and in the best interest of the City of Verona, Dane County, Wisconsin (the "City") to
raise funds for public purposes, including paying the cost of an intersection study, trail
improvements and sanitary sewer improvements within the City's Tax Incremental District
No. 11 (collectively, the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within
the City's power to undertake and therefore serves a "public purpose" as that term is defined in
Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, the City is authorized by the provisions of Section 67.12(12), Wisconsin
Statutes, to borrow money and issue general obligation promissory notes for such public
purposes;
WHEREAS, it is the finding of the Common Council that it is in the best interest of the
City to direct its financial advisor, Ehlers & Associates, Inc. ("Ehlers"), to take the steps
necessary for the City to offer and sell general obligation promissory notes (the "Notes") at
public sale and to obtain bids for the purchase of the Notes; and
WHEREAS, in order to facilitate the sale of the Notes in a timely manner, the Common
Council hereby finds and determines that it is necessary, desirable and in the best interest of the
City to delegate to either the City Administrator or the Finance Director/Treasurer (each, an
"Authorized Officer") the authority to accept on behalf of the City the bid for the Notes that
results in the lowest true interest cost for the Notes (the "Proposal") and meets the terms and
conditions provided for in this Resolution by executing a certificate in substantially the form
attached hereto as Exhibit A and incorporated herein by reference (the "Approving Certificate").
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization and Sale of the Notes; Parameters. For the purpose of paying
the cost of the Project, the City is authorized to borrow pursuant to Section 67.12(12), Wisconsin
Statutes, the principal sum of not to exceed TWO MILLION FIVE HUNDRED FIFTEEN
THOUSAND DOLLARS ($2,515,000) upon the terms and subject to the conditions set forth in
this Resolution. Subject to satisfaction of the condition set forth in Section 17 of this Resolution,
the Mayor and City Clerk are hereby authorized, empowered and directed to make, execute,
issue and sell to the financial institution that submitted the Proposal (the "Purchaser") for, on
behalf of and in the name of the City, Notes aggregating the principal amount of not to exceed
TWO MILLION FIVE HUNDRED FIFTEEN THOUSAND DOLLARS ($2,515,000). The
purchase price to be paid to the City for the Notes shall not be less than 99.0% nor more than
110.0% of the principal amount of the Notes.
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Section 2. Terms of the Notes. The Notes shall be designated "General Obligation
Promissory Notes, Series 2026A"; shall be issued in the aggregate principal amount of up to
$2,515,000; shall be dated as of their date of issuance; shall be in the denomination of $5,000 or
any integral multiple thereof; shall be numbered R-1 and upward; and shall mature or be subject
to mandatory redemption on the dates and in the principal amounts set forth below, provided that
the principal amount of each maturity or mandatory redemption amount may be increased or
decreased by up to $145,000 per maturity or mandatory redemption amount and that the
aggregate principal amount of the Notes shall not exceed $2,515,000. The schedule below
assumes the Notes are issued in the aggregate principal amount of $2,515,000.
Date
04-01-2027
04-01-2028
04-01-2029
04-01-2030
04-01-2031
04-01-2032
04-01-2033
04-01-2034
04-01-2035
04-01-2036

Principal Amount
$320,000
330,000
340,000
350,000
365,000
150,000
155,000
160,000
170,000
175,000

Interest shall be payable semi-annually on April 1 and October 1 of each year
commencing on April 1, 2027. The true interest cost on the Notes (computed taking the
Purchaser's compensation into account) shall not exceed 4.50%. Interest shall be computed upon
the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of
the Municipal Securities Rulemaking Board.
Section 3. Redemption Provisions. The Notes shall be subject to optional redemption as
set forth in the Approving Certificate. If the Proposal specifies that certain of the Notes shall be
subject to mandatory redemption, the terms of such mandatory redemption shall be set forth in an
attachment to the Approving Certificate labeled as Schedule MRP. Upon the optional
redemption of any of the Notes subject to mandatory redemption, the principal amount of such
Notes so redeemed shall be credited against the mandatory redemption payments established in
the Approving Certificate in such manner as the City shall direct.
Section 4. Form of the Notes. The Notes shall be issued in registered form and shall be
executed and delivered in substantially the form attached hereto as Exhibit B and incorporated
herein by this reference.
Section 5. Tax Provisions.
(A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the
principal of and interest on the Notes as the same becomes due, the full faith, credit and
resources of the City are hereby irrevocably pledged, and there is hereby levied upon all of the
taxable property of the City a direct annual irrepealable tax in the years 2026 through 2035 for
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the payments due in the years 2027 through 2036 in the amounts as are sufficient to meet the
principal and interest payments when due.
(B) Tax Collection. So long as any part of the principal of or interest on the
Notes remains unpaid, the City shall be and continue without power to repeal such levy or
obstruct the collection of said tax until all such payments have been made or provided for. After
the issuance of the Notes, said tax shall be, from year to year, carried onto the tax roll of the City
and collected in addition to all other taxes and in the same manner and at the same time as other
taxes of the City for said years are collected, except that the amount of tax carried onto the tax
roll may be reduced in any year by the amount of any surplus money in the Debt Service Fund
Account created below.
(C) Additional Funds. If at any time there shall be on hand insufficient funds
from the aforesaid tax levy to meet principal and/or interest payments on said Notes when due,
the requisite amounts shall be paid from other funds of the City then available, which sums shall
be replaced upon the collection of the taxes herein levied.
Section 6. Segregated Debt Service Fund Account.
(A) Creation and Deposits. There shall be and there hereby is established in the
treasury of the City, if one has not already been created, a debt service fund, separate and distinct
from every other fund, which shall be maintained in accordance with generally accepted
accounting principles. Debt service or sinking funds established for obligations previously
issued by the City may be considered as separate and distinct accounts within the debt service
fund.
Within the debt service fund, there hereby is established a separate and distinct account
designated as the "Debt Service Fund Account for General Obligation Promissory Notes, Series
2026A" (the "Debt Service Fund Account") and such account shall be maintained until the
indebtedness evidenced by the Notes is fully paid or otherwise extinguished. There shall be
deposited into the Debt Service Fund Account (i) all accrued interest received by the City at the
time of delivery of and payment for the Notes; (ii) any premium which may be received by the
City above the par value of the Notes and accrued interest thereon; (iii) all money raised by the
taxes herein levied and any amounts appropriated for the specific purpose of meeting principal of
and interest on the Notes when due; (iv) such other sums as may be necessary at any time to pay
principal of and interest on the Notes when due; (v) surplus monies in the Borrowed Money
Fund as specified below; and (vi) such further deposits as may be required by Section 67.11,
Wisconsin Statutes.
(B) Use and Investment. No money shall be withdrawn from the Debt Service
Fund Account and appropriated for any purpose other than the payment of principal of and
interest on the Notes until all such principal and interest has been paid in full and the Notes
canceled; provided (i) the funds to provide for each payment of principal of and interest on the
Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be
invested in direct obligations of the United States of America maturing in time to make such
payments when they are due or in other investments permitted by law; and (ii) any funds over
and above the amount of such principal and interest payments on the Notes may be used to
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reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing
the Notes as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or in permitted
municipal investments under the pertinent provisions of the Wisconsin Statutes ("Permitted
Investments"), which investments shall continue to be a part of the Debt Service Fund Account.
Any investment of the Debt Service Fund Account shall at all times conform with the provisions
of the Internal Revenue Code of 1986, as amended (the "Code") and any applicable Treasury
Regulations (the "Regulations").
(C) Remaining Monies. When all of the Notes have been paid in full and
canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service
Fund Account shall be transferred and deposited in the general fund of the City, unless the
Common Council directs otherwise.
Section 7. Proceeds of the Notes; Segregated Borrowed Money Fund. The proceeds of
the Notes (the "Note Proceeds") (other than any premium and accrued interest which must be
paid at the time of the delivery of the Notes into the Debt Service Fund Account created above)
shall be deposited into a special fund (the "Borrowed Money Fund") separate and distinct from
all other funds of the City and disbursed solely for the purpose or purposes for which borrowed.
Monies in the Borrowed Money Fund may be temporarily invested in Permitted Investments.
Any monies, including any income from Permitted Investments, remaining in the Borrowed
Money Fund after the purpose or purposes for which the Notes have been issued have been
accomplished, and, at any time, any monies as are not needed and which obviously thereafter
cannot be needed for such purpose(s) shall be deposited in the Debt Service Fund Account.
Section 8. No Arbitrage. All investments made pursuant to this Resolution shall be
Permitted Investments, but no such investment shall be made in such a manner as would cause
the Notes to be "arbitrage bonds" within the meaning of Section 148 of the Code or the
Regulations and an officer of the City, charged with the responsibility for issuing the Notes, shall
certify as to facts, estimates, circumstances and reasonable expectations in existence on the date
of delivery of the Notes to the Purchaser which will permit the conclusion that the Notes are not
"arbitrage bonds," within the meaning of the Code or Regulations.
Section 9. Compliance with Federal Tax Laws. (a) The City represents and covenants
that the projects financed by the Notes and the ownership, management and use of the projects
will not cause the Notes to be "private activity bonds" within the meaning of Section 141 of the
Code. The City further covenants that it shall comply with the provisions of the Code to the
extent necessary to maintain the tax-exempt status of the interest on the Notes including, if
applicable, the rebate requirements of Section 148(f) of the Code. The City further covenants
that it will not take any action, omit to take any action or permit the taking or omission of any
action within its control (including, without limitation, making or permitting any use of the
proceeds of the Notes) if taking, permitting or omitting to take such action would cause any of
the Notes to be an arbitrage bond or a private activity bond within the meaning of the Code or
would otherwise cause interest on the Notes to be included in the gross income of the recipients
thereof for federal income tax purposes. The City Clerk or other officer of the City charged with
the responsibility of issuing the Notes shall provide an appropriate certificate of the City
certifying that the City can and covenanting that it will comply with the provisions of the Code
and Regulations.
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(b)
The City also covenants to use its best efforts to meet the requirements and
restrictions of any different or additional federal legislation which may be made applicable to the
Notes provided that in meeting such requirements the City will do so only to the extent
consistent with the proceedings authorizing the Notes and the laws of the State of Wisconsin and
to the extent that there is a reasonable period of time in which to comply.
Section 10. Designation as Qualified Tax-Exempt Obligations. The Notes are hereby
designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code,
relating to the ability of financial institutions to deduct from income for federal income tax
purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
Section 11. Execution of the Notes; Closing; Professional Services. The Notes shall be
issued in printed form, executed on behalf of the City by the manual or facsimile signatures of
the Mayor and City Clerk, authenticated, if required, by the Fiscal Agent (defined below), sealed
with its official or corporate seal, if any, or a facsimile thereof, and delivered to the Purchaser
upon payment to the City of the purchase price thereof, plus accrued interest to the date of
delivery (the "Closing"). The facsimile signature of either of the officers executing the Notes
may be imprinted on the Notes in lieu of the manual signature of the officer but, unless the City
has contracted with a fiscal agent to authenticate the Notes, at least one of the signatures
appearing on each Note shall be a manual signature. In the event that either of the officers
whose signatures appear on the Notes shall cease to be such officers before the Closing, such
signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as if they
had remained in office until the Closing. The aforesaid officers are hereby authorized and
directed to do all acts and execute and deliver the Notes and all such documents, certificates and
acknowledgements as may be necessary and convenient to effectuate the Closing. The City
hereby authorizes the officers and agents of the City to enter into, on its behalf, agreements and
contracts in conjunction with the Notes, including but not limited to agreements and contracts for
legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate calculation services.
Any such contract heretofore entered into in conjunction with the issuance of the Notes is hereby
ratified and approved in all respects.
Section 12. Payment of the Notes; Fiscal Agent. The principal of and interest on the
Notes shall be paid by the City Clerk or City Treasurer (the "Fiscal Agent") unless a third party
fiscal agent is specified in the Approving Certificate. The City hereby authorizes the Mayor and
City Clerk or other appropriate officers of the City to enter into a Fiscal Agency Agreement
between the City and a third party Fiscal Agent. Such contract may provide, among other things,
for the performance by the third party Fiscal Agent of the functions listed in Wis. Stats. Sec.
67.10(2)(a) to (j), where applicable, with respect to the Notes.
Section 13. Persons Treated as Owners; Transfer of Notes. The City shall cause books
for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. The person in
whose name any Note shall be registered shall be deemed and regarded as the absolute owner
thereof for all purposes and payment of either principal or interest on any Note shall be made
only to the registered owner thereof. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note to the extent of the sum or sums so paid.
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Any Note may be transferred by the registered owner thereof by surrender of the Note at
the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment
duly executed by the registered owner or his attorney duly authorized in writing. Upon such
transfer, the Mayor and City Clerk shall execute and deliver in the name of the transferee or
transferees a new Note or Notes of a like aggregate principal amount, series and maturity and the
Fiscal Agent shall record the name of each transferee in the registration book. No registration
shall be made to bearer. The Fiscal Agent shall cancel any Note surrendered for transfer.
The City shall cooperate in any such transfer, and the Mayor and City Clerk are
authorized to execute any new Note or Notes necessary to effect any such transfer.
Section 14. Record Date. The 15th day of the calendar month next preceding each
interest payment date shall be the record date for the Notes (the "Record Date"). Payment of
interest on the Notes on any interest payment date shall be made to the registered owners of the
Notes as they appear on the registration book of the City at the close of business on the Record
Date.
Section 15. Utilization of The Depository Trust Company Book-Entry-Only System. In
order to make the Notes eligible for the services provided by The Depository Trust Company,
New York, New York ("DTC"), the City agrees to the applicable provisions set forth in the
Blanket Issuer Letter of Representations, which the City Clerk or other authorized representative
of the City is authorized and directed to execute and deliver to DTC on behalf of the City to the
extent an effective Blanket Issuer Letter of Representations is not presently on file in the City
Clerk's office.
Section 16. Payment of Issuance Expenses. The City authorizes the Purchaser to
forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses
to a financial institution selected by Ehlers at Closing for further distribution as directed by
Ehlers.
Section 17. Condition on Issuance and Sale of the Notes. The issuance of the Notes and
the sale of the Notes to the Purchaser are subject to approval by an Authorized Officer of the
principal amount, definitive maturities, redemption provisions, interest rates and purchase price
for the Notes, which approval shall be evidenced by execution by an Authorized Officer of the
Approving Certificate.
The Notes shall not be issued, sold or delivered until this condition is satisfied. Upon
satisfaction of this condition, an Authorized Officer is authorized to execute a Proposal with the
Purchaser providing for the sale of the Notes to the Purchaser.
Section 18. Official Statement. The Common Council hereby directs an Authorized
Officer to approve the Preliminary Official Statement with respect to the Notes and deem the
Preliminary Official Statement as "final" as of its date for purposes of SEC Rule 15c2-12
promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934 (the "Rule"). All actions taken by an Authorized Officer or other officers
of the City in connection with the preparation of such Preliminary Official Statement and any
addenda to it or final Official Statement are hereby ratified and approved. In connection with the
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Closing, the appropriate City official shall certify the Preliminary Official Statement and any
addenda or final Official Statement. The City Clerk shall cause copies of the Preliminary
Official Statement and any addenda or final Official Statement to be distributed to the Purchaser.
Section 19. Undertaking to Provide Continuing Disclosure. The City hereby covenants
and agrees, for the benefit of the owners of the Notes, to enter into a written undertaking (the
"Undertaking") if required by the Rule to provide continuing disclosure of certain financial
information and operating data and timely notices of the occurrence of certain events in
accordance with the Rule. The Undertaking shall be enforceable by the owners of the Notes or
by the Purchaser on behalf of such owners (provided that the rights of the owners and the
Purchaser to enforce the Undertaking shall be limited to a right to obtain specific performance of
the obligations thereunder and any failure by the City to comply with the provisions of the
Undertaking shall not be an event of default with respect to the Notes).
To the extent required under the Rule, the Mayor and City Clerk, or other officer of the
City charged with the responsibility for issuing the Notes, shall provide a Continuing Disclosure
Certificate for inclusion in the transcript of proceedings, setting forth the details and terms of the
City's Undertaking.
Section 20. Record Book. The City Clerk shall provide and keep the transcript of
proceedings as a separate record book (the "Record Book") and shall record a full and correct
statement of every step or proceeding had or taken in the course of authorizing and issuing the
Notes in the Record Book.
Section 21. Bond Insurance. If the Purchaser determines to obtain municipal bond
insurance with respect to the Notes, the officers of the City are authorized to take all actions
necessary to obtain such municipal bond insurance. The Mayor and City Clerk are authorized to
agree to such additional provisions as the bond insurer may reasonably request and which are
acceptable to the Mayor and City Clerk including provisions regarding restrictions on investment
of Note proceeds, the payment procedure under the municipal bond insurance policy, the rights
of the bond insurer in the event of default and payment of the Notes by the bond insurer and
notices to be given to the bond insurer. In addition, any reference required by the bond insurer to
the municipal bond insurance policy shall be made in the form of Note provided herein.

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Section 22. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
rules or other actions of the Common Council or any parts thereof in conflict with the provisions
hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the
event that any one or more provisions hereof shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take
effect immediately upon adoption and approval in the manner provided by law.
Adopted, approved and recorded August 24, 2026.

_____________________________
Luke Diaz
Mayor
ATTEST:

____________________________
Holly Licht
City Clerk
(SEAL)

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EXHIBIT A
APPROVING CERTIFICATE
The undersigned [City Administrator] [Finance Director/Treasurer] of the City of
Verona, Dane County, Wisconsin (the "City"), hereby certifies that:
1.
Resolution. On August 24, 2026, the Common Council of the City adopted a
resolution (the "Resolution") authorizing the issuance and establishing parameters for the sale of
not to exceed $2,515,000 General Obligation Promissory Notes, Series 2026A of the City (the
"Notes") after a public sale and delegating to me the authority to approve the Preliminary
Official Statement, to approve the purchase proposal for the Notes, and to determine the details
for the Notes within the parameters established by the Resolution.
2.
Proposal; Terms of the Notes. On the date hereof, the Notes were offered for
public sale and the bids set forth on the Bid Tabulation attached hereto as Schedule I and
incorporated herein by this reference were received. The institution listed first on the Bid
Tabulation, ____________________ (the "Purchaser") offered to purchase the Notes in
accordance with the terms set forth in the Proposal attached hereto as Schedule II and
incorporated herein by this reference (the "Proposal"). Ehlers & Associates, Inc. recommends
the City accept the Proposal. The Proposal meets the parameters and conditions established by
the Resolution and is hereby approved and accepted.
The Notes shall be issued in the aggregate principal amount of $__________, which is
not more than the $2,515,000 approved by the Resolution, and shall mature on April 1 of each of
the years and in the amounts and shall bear interest at the rates per annum as set forth in the
Pricing Summary attached hereto as Schedule III and incorporated herein by this reference. The
amount of each annual principal or mandatory redemption payment due on the Notes is not more
than $145,000 more or less per maturity or mandatory redemption amount than the schedule
included in the Resolution as set forth below:
Date
04-01-2027
04-01-2028
04-01-2029
04-01-2030
04-01-2031
04-01-2032
04-01-2033
04-01-2034
04-01-2035
04-01-2036

Resolution Schedule
$320,000
330,000
340,000
350,000
365,000
150,000
155,000
160,000
170,000
175,000

Actual Amount
$___________
___________
___________
___________
___________
___________
___________
___________
___________
___________

The true interest cost on the Notes (computed taking the Purchaser's compensation into
account) is _________%, which is not in excess of 4.50%, as required by the Resolution.

QB\104049024.1

3.
Purchase Price of the Notes. The Notes shall be sold to the Purchaser in
accordance with the terms of the Proposal at a price of $_________, plus accrued interest, if any,
to the date of delivery of the Notes, which is not less than 99.0% nor more than 110.0% of the
principal amount of the Notes, as required by the Resolution.
4.
Redemption Provisions of the Notes. The Notes maturing on April 1, 20__ and
thereafter shall be subject to redemption prior to maturity, at the option of the City, on April 1,
20__ or on any date thereafter. Said Notes shall be redeemable as a whole or in part, and if in
part, from maturities selected by the City and within each maturity by lot, at the principal amount
thereof, plus accrued interest to the date of redemption. [The Proposal specifies that [some of]
the Notes are subject to mandatory redemption. The terms of such mandatory redemption are set
forth in an attachment hereto as Schedule MRP and incorporated herein by this reference.]

[Payment of the Notes; Fiscal Agent. Pursuant to the Resolution,
______________________________ is named fiscal agent for the Notes.]
5.

6.
Direct Annual Irrepealable Tax Levy. For the purpose of paying the principal of
and interest on the Notes as the same respectively falls due, the full faith, credit and taxing
powers of the City have been irrevocably pledged and there has been levied on all of the taxable
property in the City, pursuant to the Resolution, a direct, annual irrepealable tax in an amount
and at the times sufficient for said purpose. Such tax shall be for the years and in the amounts
set forth on the debt service schedule attached hereto as Schedule IV.
7.
Preliminary Official Statement. The Preliminary Official Statement with respect
to the Notes is hereby approved and deemed "final" as of its date for purposes of SEC Rule 15c212 promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934.
8.
Approval. This Certificate constitutes my approval of the Proposal, and the
principal amount, definitive maturities, interest rates, purchase price and redemption provisions
for the Notes and the direct annual irrepealable tax levy to repay the Notes, in satisfaction of the
parameters set forth in the Resolution.

-2QB\104049024.1

IN WITNESS WHEREOF, I have executed this Certificate on ______________, 2026
pursuant to the authority delegated to me in the Resolution.

[
Jamie J. Aulik
City Administrator]
OR

[
Brian Lamers
Finance Director/Treasurer]

-3QB\104049024.1

SCHEDULE I TO APPROVING CERTIFICATE
Bid Tabulation

To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.

(See Attached)

QB\104049024.1

SCHEDULE II TO APPROVING CERTIFICATE
Proposal

To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.

(See Attached)

QB\104049024.1

SCHEDULE III TO APPROVING CERTIFICATE
Pricing Summary

To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.

(See Attached)

QB\104049024.1

SCHEDULE IV TO APPROVING CERTIFICATE
Debt Service Schedule and Irrepealable Tax Levies

To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.

(See Attached)

QB\104049024.1

[SCHEDULE MRP TO APPROVING CERTIFICATE
Mandatory Redemption Provision
The Notes due on April 1, ____, ____ and ____ (the "Term Bonds") are subject to
mandatory redemption prior to maturity by lot (as selected by the Depository) at a redemption
price equal to One Hundred Percent (100%) of the principal amount to be redeemed plus accrued
interest to the date of redemption, from debt service fund deposits which are required to be made
in amounts sufficient to redeem on April 1 of each year the respective amount of Term Bonds
specified below:
For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)]

QB\104049024.1

EXHIBIT B
(Form of Note)

UNITED STATES OF AMERICA
STATE OF WISCONSIN
DANE COUNTY
CITY OF VERONA
GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2026A

REGISTERED

DOLLARS

NO. R-___

$_______

MATURITY DATE:

ORIGINAL DATE OF ISSUE:

INTEREST RATE:

CUSIP:

April 1, _____

__________, 2026

____%

______

DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO.
PRINCIPAL AMOUNT:

_______________________ THOUSAND DOLLARS
($__________)

FOR VALUE RECEIVED, the City of Verona, Dane County, Wisconsin (the "City"),
hereby acknowledges itself to owe and promises to pay to the Depository or its Nominee Name
(the "Depository") identified above (or to registered assigns), on the maturity date identified
above, the principal amount identified above, and to pay interest thereon at the rate of interest per
annum identified above, all subject to the provisions set forth herein regarding redemption prior
to maturity. Interest shall be payable semi-annually on April 1 and October 1 of each year
commencing on April 1, 2027 until the aforesaid principal amount is paid in full. Both the
principal of and interest on this Note are payable to the registered owner in lawful money of the
United States. Interest payable on any interest payment date shall be paid by wire transfer to the
Depository in whose name this Note is registered on the Bond Register maintained by

[________________] OR [the City Clerk or City Treasurer] (the "Fiscal Agent") or any
successor thereto at the close of business on the 15th day of the calendar month next preceding
each interest payment date (the "Record Date"). This Note is payable as to principal upon
presentation and surrender hereof at the office of the Fiscal Agent.
For the prompt payment of this Note together with interest hereon as aforesaid and for the
levy of taxes sufficient for that purpose, the full faith, credit and resources of the City are hereby
irrevocably pledged.
This Note is one of an issue of Notes aggregating the principal amount of $__________,
all of which are of like tenor, except as to denomination, interest rate, maturity date and
redemption provision, issued by the City pursuant to the provisions of Section 67.12(12),
Wisconsin Statutes, for public purposes, including paying the cost of an intersection study, trail
improvements and sanitary sewer improvements within the City's Tax Incremental District
No. 11, as authorized by a resolution adopted on August 24, 2026, as supplemented by an

QB\104049024.1

Approving Certificate, dated __________, 20__ (collectively, the "Resolution"). Said
Resolution is recorded in the official minutes of the Common Council for said date.
The Notes maturing on April 1, 20__ and thereafter are subject to redemption prior to
maturity, at the option of the City, on April 1, 20__ or on any date thereafter. Said Notes are
redeemable as a whole or in part, and if in part, from maturities selected by the City, and within
each maturity by lot (as selected by the Depository), at the principal amount thereof, plus
accrued interest to the date of redemption.

[The Notes maturing in the years ________ are subject to mandatory redemption by lot
as provided in the Resolution, at the redemption price of par plus accrued interest to the date of
redemption and without premium.]
In the event the Notes are redeemed prior to maturity, as long as the Notes are in
book-entry-only form, official notice of the redemption will be given by mailing a notice by
registered or certified mail, overnight express delivery, facsimile transmission, electronic
transmission or in any other manner required by the Depository, to the Depository not less than
thirty (30) days nor more than sixty (60) days prior to the redemption date. If less than all of the
Notes of a maturity are to be called for redemption, the Notes of such maturity to be redeemed
will be selected by lot. Such notice will include but not be limited to the following: the
designation, date and maturities of the Notes called for redemption, CUSIP numbers, and the
date of redemption. Any notice provided as described herein shall be conclusively presumed to
have been duly given, whether or not the registered owner receives the notice. The Notes shall
cease to bear interest on the specified redemption date provided that federal or other immediately
available funds sufficient for such redemption are on deposit at the office of the Depository at
that time. Upon such deposit of funds for redemption the Notes shall no longer be deemed to be
outstanding.
It is hereby certified and recited that all conditions, things and acts required by law to
exist or to be done prior to and in connection with the issuance of this Note have been done, have
existed and have been performed in due form and time; that the aggregate indebtedness of the
City, including this Note and others issued simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of Wisconsin; and that a direct annual
irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon,
when and as payable.
This Note has been designated by the Common Council as a "qualified tax-exempt
obligation" pursuant to the provisions of Section 265(b)(3) of the Internal Revenue Code of
1986, as amended.
This Note is transferable only upon the books of the City kept for that purpose at the
office of the Fiscal Agent, only in the event that the Depository does not continue to act as
depository for the Notes, and the City appoints another depository, upon surrender of the Note to
the Fiscal Agent, by the registered owner in person or his duly authorized attorney, together with
a written instrument of transfer (which may be endorsed hereon) satisfactory to the Fiscal Agent
duly executed by the registered owner or his duly authorized attorney. Thereupon a new fully
-2QB\104049024.1

registered Note in the same aggregate principal amount shall be issued to the new depository in
exchange therefor and upon the payment of a charge sufficient to reimburse the City for any tax,
fee or other governmental charge required to be paid with respect to such registration. The
Fiscal Agent shall not be obliged to make any transfer of the Notes (i) after the Record Date,
(ii) during the fifteen (15) calendar days preceding the date of any publication of notice of any
proposed redemption of the Notes, or (iii) with respect to any particular Note, after such Note has
been called for redemption. The Fiscal Agent and City may treat and consider the Depository in
whose name this Note is registered as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the principal or redemption price hereof and interest due hereon
and for all other purposes whatsoever. The Notes are issuable solely as negotiable, fullyregistered Notes without coupons in the denomination of $5,000 or any integral multiple thereof.

[This Note shall not be valid or obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Fiscal Agent.]
No delay or omission on the part of the owner hereof to exercise any right hereunder shall
impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any
default hereunder.

-3QB\104049024.1

IN WITNESS WHEREOF, the City of Verona, Dane County, Wisconsin, by its
governing body, has caused this Note to be executed for it and in its name by the manual or
facsimile signatures of its duly qualified Mayor and City Clerk; and to be sealed with its official
or corporate seal, if any, all as of the original date of issue specified above.
CITY OF VERONA
DANE COUNTY, WISCONSIN

By: ______________________________
Luke Diaz
Mayor
(SEAL)
By: ______________________________
Holly Licht
City Clerk

-4QB\104049024.1

[Date of Authentication: _______________, ______
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue authorized by the within-mentioned Resolution
of the City of Verona, Dane County, Wisconsin.
_______________________

By____________________________
Authorized Signatory]

-5QB\104049024.1

ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
____________________________________________________________________________
(Name and Address of Assignee)
____________________________________________________________________________
(Social Security or other Identifying Number of Assignee)
the within Note and all rights thereunder and hereby irrevocably constitutes and appoints
______________________________________, Legal Representative, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.
Dated: _____________________
Signature Guaranteed:

_____________________________
(e.g. Bank, Trust Company
or Securities Firm)

________________________________
(Depository or Nominee Name)
NOTICE: This signature must correspond with the
name of the Depository or Nominee Name as it
appears upon the face of the within Note in every
particular, without alteration or enlargement or any
change whatever.

____________________________
(Authorized Officer)

-6QB\104049024.1

PRE-SALE REPORT FOR

City of Verona, Wisconsin
$2,515,000 General Obligation Promissory Notes,
Series 2026A

Prepared by:

Advisors:

Ehlers
N19W24400 Riverwood Drive,
Suite 100
Waukesha, WI 53188

Todd Taves, Senior Municipal Advisor
Joe Murray, Municipal Advisor

BUILDING COMMUNITIES. IT’S WHAT WE DO.

EXECUTIVE SUMMARY OF PROPOSED DEBT
Proposed Issue:
$2,515,000 General Obligation Promissory Notes, Series 2026A (“Notes”)

Purposes:
The proposed issue includes financing for and intersection study (Main Street and Verona
Avenue), trail construction, and sanitary sewer improvements within Tax Incremental District
No. 11. Debt service will be paid from ad valorem property taxes. The City expects to abate
the TID No. 11 portion of the debt service payment with revenues generated by that District.

Authority:
The Notes are being issued pursuant to Wisconsin Statute 67.12(12) and will be general
obligations of the City for which its full faith, credit and taxing powers are pledged. The Notes
count against the City’s General Obligation debt capacity limit of 5% of total City equalized
valuation. Following issuance of the Notes, the City’s total General Obligation debt principal
outstanding will be $30,285,000, which is 12% of its limit. Remaining General Obligation
borrowing capacity will be approximately $219.4 million.

Term/Call Feature:
The Notes are being issued for a term of 10 years. Principal on the Notes will be due on April
1 in the years 2027 through 2036. Interest will be due every six months beginning April 1, 2027.
The Notes will be subject to prepayment at the discretion of the City on April 1, 2034 or any
date thereafter.

Bank Qualification:
Because the City is expecting to issue no more than $10,000,000 in tax exempt debt during
the calendar year, the City will be able to designate the Notes as “bank qualified” obligations.
Bank qualified status broadens the market for the Notes, which can result in lower interest
rates.

Rating:
The City’s most recent bond issues were rated by Moody’s Investors Service. The current
rating on those bonds is “Aa1”. The City will request a new rating for the Notes.

Presale Report
City of Verona, Wisconsin

Page 1

Basis for Recommendation:
Based on your objectives, financial situation and need, risk tolerance, liquidity needs,
experience with the issuance of Notes and long-term financial capacity, as well as the tax
status considerations related to the Notes and the structure, timing and other similar matters
related to the Notes, we are recommending the issuance of Notes as a suitable option.

Method of Sale/Placement:
We are recommending the Notes be issued as municipal securities and offered through a
competitive underwriting process. You will solicit competitive bids, which we will compile on
your behalf, for the purchase of the Notes from underwriters and banks. An allowance for
discount bidding will be incorporated in the terms of the issue. The discount is treated as an
interest item and provides the underwriter with all or a portion of their compensation in the
transaction. If the Notes are purchased at a price greater than the minimum bid amount
(maximum discount), the unused allowance may be used to reduce your borrowing amount.

Premium Pricing:
In some cases, investors in municipal bonds prefer “premium” pricing structures. A premium
is achieved when the coupon for any maturity (the interest rate paid by the issuer) exceeds
the yield to the investor, resulting in a price paid that is greater than the face value of the
bonds. The sum of the amounts paid above face value is considered “reoffering premium.”
For this issue of Notes, any premium amount received that is more than the underwriting
discount and any capitalized interest amounts must be placed in the debt service fund and
used to pay a portion of the interest payments due on the Notes. The amount of premium
allowed can be restricted in the bid specifications. Restrictions on premium may result in
fewer bids but may also eliminate large adjustments on the day of sale and unintended results
with respect to debt service payment impacts. Ehlers will identify appropriate premium
restrictions for the Notes intended to achieve the City’s objectives for this financing.

Parameters:
The City Council will consider adoption of a Parameters Resolution on August 24, 2026, which
delegates authority to the Finance Director/Treasurer or City Administrator to accept and
approve a bid for the Notes so long as the bid meets certain parameters. These parameters
are:
* Issue size not to exceed $2,515,000
* Maximum Bid of 110%
* Minimum Bid of 99%
* Maximum True Interest Cost (TIC) of 4.5% (estimated TIC based on presale estimate is
4.15%)
* Maturity Schedule Adjustments may increase or decrease by up to $145,000 per maturity.

Presale Report
City of Verona, Wisconsin

Page 2

Other Considerations:
The Notes will be offered with the option of the successful bidder utilizing a term bond
structure. By offering underwriters the option to “term up” some of the maturities at the time
of the sale, it gives them more flexibility in finding a market for your Notes. This makes your
issue more marketable, which can result in lower borrowing costs. If the successful bidder
utilizes a term bond structure, we recommend the City retain a paying agent to handle
responsibility for processing mandatory redemption/call notices associated with term bonds.

Review of Existing Debt:
We have reviewed all outstanding indebtedness for the City and find that there are no
refunding opportunities currently. We will continue to monitor the market and the call dates
for the City’s outstanding debt and will alert you to any future refunding opportunities.

Continuing Disclosure:
Because the City has more than $10,000,000 in outstanding debt subject to a continuing
disclosure undertaking (including this issue) and this issue does not meet an available
exemption from continuing disclosure, the City will be agreeing to provide certain updated
Annual Financial Information and its Audited Financial Statement annually, as well as
providing notices of the occurrence of certain reportable events to the Municipal Securities
Rulemaking Board (the “MSRB”), as required by rules of the Securities and Exchange
Commission (SEC). The City is already obligated to provide such reports for its existing bonds
and has contracted with Ehlers to prepare and file the reports.

Arbitrage Monitoring:
The City must ensure compliance with certain sections of the Internal Revenue Code and
Treasury Regulations (“Arbitrage Rules”) throughout the life of the issue to maintain the taxexempt status of the Notes. These Arbitrage Rules apply to amounts held in construction,
escrow, reserve, debt service account(s), etc., along with related investment income on each
fund/account.
IRS audits will verify compliance with rebate, yield restriction and records retention
requirements within the Arbitrage Rules. The City’s specific arbitrage responsibilities will be
detailed in the Tax Exemption Certificate (the “Tax Compliance Document”) prepared by your
Bond Attorney and provided at closing.
The Notes may qualify for one or more exception(s) to the Arbitrage Rules by meeting 1) small
issuer exception, 2) spend down requirements, 3) bona fide debt service fund limits, 4)
reasonable reserve requirements, 5) expenditure within an available period limitations, 6)
investments yield restrictions, 7) de minimis rules, or; 8) borrower limited requirements.
An Ehlers arbitrage expert will contact the City within 30 days after the sale date to review
the City’s specific responsibilities for the Notes. The City is currently receiving arbitrage
services from Ehlers in relation to the Notes.

Presale Report
City of Verona, Wisconsin

Page 3

Investment of Note Proceeds:
Ehlers can assist the City in developing a strategy to invest your Note proceeds until the funds
are needed to pay project costs.

Risk Factors:
The City expects to abate a portion of the Note debt service payments for the issue with tax
incremental revenues. In the event these revenues are not available, the City is obligated to
levy property taxes in an amount sufficient to make all debt payments.

Other Service Providers:
This debt issuance will require the engagement of other public finance service providers. This
section identifies those other service providers, so Ehlers can coordinate their engagement
on your behalf. Where you have previously used a particular firm to provide a service, we have
assumed that you will continue that relationship. For services you have not previously
required, we have identified a service provider. Fees charged by these service providers will
be paid from proceeds of the obligation, unless you notify us that you wish to pay them from
other sources. Our pre-sale bond sizing includes a good faith estimate of these fees, but the
final fees may vary. If you have any questions pertaining to the identified service providers or
their role, or if you would like to use a different service provider for any of the listed services,
please contact us.
Bond Counsel: Quarles & Brady LLP
Paying Agent: The City, unless winning bid includes term bonds, in which case Bond Trust
Services Corporation will act as paying agent.
Rating Agency: Moody's Investors Service, Inc.

PROPOSED DEBT ISSUANCE SCHEDULE
City Council adopts Parameters Resolution:

August 24, 2026

Due Diligence Call to Review Official Statement:

Week of September 14, 2026

Conference with Rating Agency:

Week of September 14, 2026

Distribute Official Statement:

September 23, 2026

Designated Officials Award Sale of the Notes:

September 30, 2026

Estimated Closing Date:

October 21, 20206

Presale Report
City of Verona, Wisconsin

Page 4

Attachments
Table 1 – Existing G.O. Debt Base Case
Table 2 – Note Sizing Worksheet
Table 3 – Allocation of Note Debt Service
Table 4 – Financing Plan Tax Impact
Bond Buyer Index

HLERS’ CONTACTS
EHLERS’ CONTACTS
Todd Taves, Senior Municipal Advisor

(262) 796-6173

Joe Murray, Municipal Advisor

(262) 796-6196

Dan Pagac, Public Finance Analyst

(262) 796-6163

Beth Mueller, Senior Financial Analyst

(651) 697-8553

Presale Report
City of Verona, Wisconsin

Page 5

Table 1
Existing G.O. Debt Base Case

City of Verona, WI

Year
Ending
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Total

Total G.O.
Debt
Payments

6,006,837
4,730,144
4,464,425
3,857,806
3,641,228
2,967,936
2,778,020
2,768,755
2,359,563
1,271,015
956,328
951,205
610,273
274,860
0
37,638,393

Existing Debt
Less:
Water

(283,856)
(198,546)
(129,640)
(136,471)
(34,635)
(14,223)
(13,908)
(13,585)
(23,090)
(22,420)
(21,740)
(21,050)
(20,350)
0
(933,514)

Less:
Sewer

(520,590)
(443,878)
(365,578)
(362,853)
(365,003)
(361,938)
(361,313)
(355,650)
(359,628)
(299,383)
(295,005)
(300,275)
(305,023)
(274,860)
0
(4,970,973)

Less:
Storm

Less:
TID 9

Less:
TID 11

Less:
Impact Fees

Less:
FB Applied

Plus:
Debt Fees

(260,740)
(259,396)
(224,153)
(210,303)
(207,458)
(199,506)
(27,500)
(26,500)
(25,500)
0

(483,256)
(443,941)
(443,925)
(436,925)
(444,050)
(441,100)
(438,975)
(431,925)
(223,550)
(96,900)
0

(143,358)
(119,000)
(118,875)
(118,500)
(117,875)
0

(512,813)

(22,538)

1,887

(1,441,055)

(3,884,547)

(617,608)

(512,813)

(22,538)

1,887

Notes:

Net Tax Levy
0
3,781,573
3,265,382
3,182,255
2,592,755
2,472,208
1,951,170
1,936,325
1,941,095
1,727,795
852,313
639,583
629,880
284,900
0
0
25,257,233

Equalized Value
(TID OUT)
4,049,963,900
4,367,658,000
4,555,253,862
4,750,907,178
4,954,964,026
5,167,785,348
5,389,747,586
5,621,243,354
5,862,682,127
6,114,490,970
6,377,115,287
6,651,019,617
6,936,688,448
7,234,627,079
7,545,362,513
7,869,444,385

Tax Rate
Per $1,000

Annual Taxes
$527,000
Home

$0.00
$0.87
$0.72
$0.67
$0.52
$0.48
$0.36
$0.34
$0.33
$0.28
$0.13
$0.10
$0.09
$0.04
$0.00
$0.00

Legend:
Represents +/- 25% Change over previous year

Verona, WI 2026 Financing Plan 8-3-2026.xlsx
Prepared 8/5/2026

Page 6

$0.00
$456.28
$377.77
$353.00
$275.76
$252.11
$190.78
$181.53
$174.49
$148.92
$70.43
$50.68
$47.85
$20.75
$0.00
$0.00

Year
Ending
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Total

Table 2
Note Sizing Worksheet

City of Verona, WI

2026
G.O. Notes

CIP Projects
Verona/Main Intersection Study
Military Ridge State Trail
Upsize West Side Wastewater Pump Station Pumps, Etc.
Subtotal Project Costs

Levy Portion

840,000
600,000
1,000,000
2,440,000

1,440,000

1,000,000
1,000,000

Estimated Issuance Expenses
Municipal Advisor (Ehlers)
Bond Counsel
Rating Fee
Paying Agent
Subtotal Issuance Expenses

31,600
20,000
14,500
850
66,950

18,658
11,809
8,562
502
39,531

12,942
8,191
5,938
348
27,419

Underwriting Discount Allowance

25,150

14,850

10,300

2,532,100

1,494,381

1,037,719

(18,300)

(10,800)

(7,500)

1,200

1,419

(219)

2,515,000

1,485,000

1,030,000

TOTAL TO BE FINANCED
3.00%
3.00

Estimated Interest Earnings
Assumed spend down (months)
Rounding
NET ISSUE SIZE

Verona, WI 2026 Financing Plan 8-3-2026.xlsx
Prepared 8/5/2026

Page 7

840,000
600,000

TID 11
Portion

Table 3
Allocation of Debt Service

City of Verona, WI
Year
Ending

Principal

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036

125,000
130,000
135,000
140,000
145,000
150,000
155,000
160,000
170,000
175,000

Total

1,485,000

Levy Portion
1
Est. Rate
Interest

3.30%
3.40%
3.45%
3.60%
3.70%
3.80%
3.90%
4.00%
4.10%
4.45%

TID 11 Portion
Total

Principal

51,308
50,175
45,636
40,788
35,585
30,053
24,180
17,958
11,273
3,894

176,308
180,175
180,636
180,788
180,585
180,053
179,180
177,958
181,273
178,894

195,000
200,000
205,000
210,000
220,000

310,848

1,795,848

1,030,000

Est. Rate

Interest

3.30%
3.40%
3.45%
3.60%
3.70%
3.80%
3.90%
4.00%
4.10%
4.45%

Notes:
1) Estimated Rate assumes current GO BQ "Aa1" market rates + 50 bps

Verona, WI 2026 Financing Plan 8-3-2026.xlsx
Prepared 8/5/2026

Page 8

Year

Totals
Interest

Total

Total

Ending

Principal (4/1)

30,790
26,173
19,236
11,920
4,070
0
0
0
0
0

225,790
226,173
224,236
221,920
224,070
0
0
0
0
0

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036

320,000
330,000
340,000
350,000
365,000
150,000
155,000
160,000
170,000
175,000

82,098
76,348
64,873
52,708
39,655
30,053
24,180
17,958
11,273
3,894

402,098
406,348
404,873
402,708
404,655
180,053
179,180
177,958
181,273
178,894

92,188

1,122,188

Total

2,515,000

403,036

2,918,036

Table 4
Financing Plan Tax Impact

City of Verona, WI

Existing Debt

Year
Ending

Total Debt
Payments

Debt Service
Offsets

Net Debt
Service
Levy

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Total

6,006,837
4,730,144
4,464,425
3,857,806
3,641,228
2,967,936
2,778,020
2,768,755
2,359,563
1,271,015
956,328
951,205
610,273
274,860
0
37,638,393

(2,225,264)
(1,464,761)
(1,282,170)
(1,265,051)
(1,169,020)
(1,016,766)
(841,695)
(827,660)
(631,768)
(418,703)
(316,745)
(321,325)
(325,373)
(274,860)
0
(12,381,161)

3,781,573
3,265,382
3,182,255
2,592,755
2,472,208
1,951,170
1,936,325
1,941,095
1,727,795
852,313
639,583
629,880
284,900
0
0
25,257,233

Change
From Prior
Year Levy

(516,190)
(83,127)
(589,500)
(120,548)
(521,038)
(14,845)
4,770
(213,300)
(875,483)
(212,730)
(9,703)
(344,980)
(284,900)
0

Equalized Value
(TID OUT)

Tax Rate
Per $1,000

Annual Taxes
$527,000
Home

4,367,658,000
4,555,253,862
4,750,907,178
4,954,964,026
5,167,785,348
5,389,747,586
5,621,243,354
5,862,682,127
6,114,490,970
6,377,115,287
6,651,019,617
6,936,688,448
7,234,627,079
7,545,362,513
7,869,444,385

$0.87
$0.72
$0.67
$0.52
$0.48
$0.36
$0.34
$0.33
$0.28
$0.13
$0.10
$0.09
$0.04
$0.00
$0.00

$456.28
$377.77
$353.00
$275.76
$252.11
$190.78
$181.53
$174.49
$148.92
$70.43
$50.68
$47.85
$20.75
$0.00
$0.00

2026 G.O. Notes
2,515,000
Dated: 10/21/2026
Total P&I

Abatements

0
402,098
406,348
404,873
402,708
404,655
180,053
179,180
177,958
181,273
178,894
0
0
0
0
2,918,036

0
(225,790)
(226,173)
(224,236)
(221,920)
(224,070)
0
0
0
0
0
0
0
0
0
(1,122,188)

Notes:

Verona, WI 2026 Financing Plan 8-3-2026.xlsx
Prepared 8/5/2026

Page 9

Less:
TID 11

Proposed Debt
Debt Service Levy
Total
Levy Change
Net Debt
from Prior
Service Levy
Year
3,781,573
3,441,691
3,362,430
2,773,391
2,652,995
2,131,755
2,116,378
2,120,275
1,905,753
1,033,585
818,476
629,880
284,900
0
0

(339,882)
(79,261)
(589,039)
(120,396)
(521,240)
(15,378)
3,898
(214,523)
(872,168)
(215,109)
(188,596)
(344,980)
(284,900)
0

Total Tax
Rate for
Debt Service

Annual Taxes
$527,000
Home

Taxes
Annual Taxes
Difference
From Prior Year

$0.87
$0.76
$0.71
$0.56
$0.51
$0.40
$0.38
$0.36
$0.31
$0.16
$0.12
$0.09
$0.04
$0.00
$0.00

$456
$398
$373
$295
$271
$208
$198
$191
$164
$85
$65
$48
$21
$0
$0

($58)
($25)
($78)
($24)
($62)
($10)
($8)
($26)
($79)
($21)
($17)
($27)
($21)
$0

Annual Taxes
Difference
From Existing

$0
$20
$20
$19
$18
$18
$17
$16
$15
$15
$14
$0
$0
$0
$0
173
Cost of new debt to Sample Taxpayer

Year
Ending
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Total

20 YEAR TREND IN MUNICIPAL BOND INDICES

The Bond Buyer “20 Bond Index” (BBI) shows average yields on a group of municipal bonds that
mature in 20 years and have an average rating equivalent to Moody’s Aa2 and S&P’s AA.
Source: The Bond Buyer

Page 10

CITY OF VERONA
111 Lincoln Street
Verona, WI 53590-1520

Jamie J. Aulik, City Administrator
Phone: (608) 848-9942 Email: [email protected]

MEMORANDUM
To:
Finance Committee
From: Jamie J. Aulik, City Administrator
Brian Lamers, Finance Director
Date: August 19, 2026
Re:
Transition of BS&A Software to Cloud-Based Subscription

Background:
The City currently operates BS&A, its enterprise financial and accounting system, on an
internal server. The existing environment can continue to support BS&A in the short term,
however, BS&A is transitioning its customers to a cloud-based platform and has indicated
that its on-premise application will eventually be sunset. As a result, continued use of BS&A
as the City’s financial system will ultimately require a transition to BS&A Cloud.
When consulting the City’s IT service and support provider, they have advised that the City’s
planned server replacement could continue to support BS&A. However, they have also
identified several reasons for moving BS&A off the City’s internal network, such as
cybersecurity considerations, the administrative requirements associated with maintaining
the current system, and the fact that the City would otherwise be investing in infrastructure
to support an on-premise application that will eventually require migration to the cloud.
Further, under the current configuration BS&A users require local administrator rights on
their computers because of the frequency and importance of software updates. Local
administrator rights provide users with the ability to install software and make other changes
to their workstations. To keep our local network secure, the City’s IT provider has identified
reducing these administrator rights as a cybersecurity benefit of moving BS&A to a cloudbased environment. BS&A Cloud would also eliminate the City’s need to maintain the
server infrastructure supporting the application.

BS&A Cloud:
BS&A describes its cloud platform as a Software-as-a-Service (SaaS) platform designed for
local governments. The cloud environment provides browser-based access, automatic
software updates, role-based security, disaster recovery, and eliminates the need for customermaintained server hardware. BS&A’s cloud platform is hosted in Microsoft Azure and
includes automated backups and data-breach monitoring. It also eliminates the need for the
municipality to maintain the underlying hardware and storage infrastructure. More
information on the product comparison between their local server-based product and the
cloud-based product is included with this memo.
Financial Considerations:
BS&A’s current proposal, dated April 23, 2026, provides for the City’s financial
management, personnel management, community development and utility billing modules
to be moved to BS&A Cloud.
The current proposal includes:
• Annual BS&A Cloud subscription: $54,410
• Cloud implementation/upgrade services: $69,400
• Total first-year cost: $123,810
The $69,400 implementation/upgrade amount is a one-time cost associated with the
transition. The $54,410 annual subscription would be an ongoing annual software expense.
The current proposal expires August 20, 2026. We have requested an extension of the
proposal period to allow sufficient time to consider the quote.
For comparison, the City received a proposal in 2022 of approximately $121,180 to transition
to BS&A Cloud. At that time, the annual software fee was expected to increase into the
$30,000 range.
If the City remains on the current system, it will continue to incur costs associated with
server infrastructure, IT support, maintenance and software administration. The City’s IT
provider has indicated that the planned server replacement could support BS&A, including
by using one physical server with three virtual servers in place of the City’s current threeserver configuration.

Accordingly, the decision before the City is not simply whether to replace or maintain the
current server environment, it also involves determining when to transition an application
that BS&A has indicated will eventually move away from its on-premise platform.
Timing and Budget Considerations:
The current BS&A proposal expires August 20, 2026 (again, we requested a two-week
extension). Staff is bringing the matter to the Finance Committee at this time for
consideration of whether the transition should be initiated during the current budget year
rather than deferred to a future budget cycle.
There are several factors relevant to that timing:
• BS&A’s direction for its on-premise product. The City will eventually need to
transition from its current environment if it intends to continue using BS&A.
• Current IT infrastructure planning. The City’s planned server replacement can
support the existing BS&A environment, but continuing to operate BS&A onpremise would require the City to maintain the associated server infrastructure
until a future cloud transition occurs.
• Cybersecurity. The City’s IT provider has identified the current requirement for
BS&A users to have local administrator rights as a cybersecurity concern. Moving
to the cloud would eliminate the need to maintain BS&A’s current server-based
update process.
• Current proposal. The existing proposal provides a known implementation cost
and annual subscription cost. A future proposal would be subject to then-current
pricing and contract terms.
• Implementation schedule. Staff is also considering the timing of
implementation and the feasibility of maintaining the proposed January go-live
date.
Recommended Funding Source:
Because the transition involves the replacement of a server-based application with a cloudbased environment and has a significant cybersecurity and IT infrastructure component, staff
recommends that the one-time implementation cost be considered for funding from the
City’s IT Infrastructure capital budget. The ongoing BS&A Cloud subscription would be
budgeted as an operating expense in subsequent years.
Recommendation:

Staff recommend that the Finance Committee recommend approval of the quote to the
Common Council to begin the transition to BS&A Cloud. This approach would allow the
City to address the BS&A transition based on the considerations outlined above.
Thank you for your consideration,
Jamie J. Aulik, City Administrator
Brian Lamers, Finance Director
Encl: BS&A Cloud: The Future of ERP
BS&A Proposal for City of Verona

This document may include content generated with AI assistance. City staff are responsible for the final content and accuracy.

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Assessing &
Property Tax

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Traditional On-Premise Solutions

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Limited security settings by user.

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Disaster recovery included.

Requires hardware and licensing such as a
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Updates must be deployed and installed by IT staff
on each workstation for each module.

Automatic updates, providing an always
modern system.

Users are prevented from using the system while
they are running reports.

Cloud allow for seamless system use by running
reports and processes in the background.

Storage capacities are determined and purchased
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Limited workflow capabilities between users.

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