Notice of Elector Vote – Financing for Halsey Lake Road Project

VOTE BY TOWN ELECTORS – REGULAR TOWN MEETING JULY 16, 2024

RESOLUTION OF ELECTORS AUTHORIZING LOAN APPROVAL FOR HALSEY LAKE ROAD PROJECT

Resolution 2024-3

Whereas, s. 60.10(2)(a) of Wis. Statutes authorizes the town electors of a town to approve the execution of a credit agreement with a government insured financial firm to fund the roadwork project of Halsey Lake Road at a town meeting of the electors.

THEREFORE, it will be proposed at the regular town meeting of the Town of Long Lake, Florence County, Wisconsin, to be held on July 16th, 2024 by a majority vote of the eligible electors duly assembled resolves the following order:

  • The Town Board of the Town of Long Lake is authorized to exercise the right to execute a line of credit in the amount of $973,091.80 used to execute payment of roadwork during the duration of the roadwork project (short-term line of credit for less than 1 year duration). Line of credit may not be required based upon contractual agreement entered into with the Town.
  • The Town Board of the Town of Long Lake is authorized to exercise the right to execute a municipal loan in the amount of $275,000.00 used to fund the responsible portion of roadwork cost at the completion of the project per the LRIP award and estimated project costs (longer-term financing).
  • Review of details of the project costs and financing options shall be again provided as part of the July 16th 2024 Regular Town Monthly Meeting as had been reviewed during the Special Meeting held on June 27th, 2024. This information shall also be provided via mail to the Town of Long Lake taxpayer roll members.

Voting members of the Town of Long Lake are invited to provide comment and cast their vote.  Tax paying members without voting rights are also invited to provide comment regarding the above resolution at the Regular Town Meeting scheduled to be held on July 16th, 2024 at 6:00PM.