The Town Board of Koshkonong on May 8, 2024 approved a motion to secure a $71,000 bank loan for the purpose of funding the 2024 budget operational deficit. The loan wil be obtained from Premier Bank, Fort Atkinson, WI. The terms agreed upon for the loan include $71,000 principal amount, with a 1 year repayment term at an interest rate of 5.85% annually. The ful principal and interest payment wil be due on June 1, 2025, with a maturity date of June 1, 2025.

The Town Board of the Town of Koshkonong, Jefferson County, Wisconsin, has the specific authority under Wisconsin State Statute 82.03 to adopt this resolution for the repayment of the above specified loan.

WHEREAS the Town Board of Koshkonong has entered into an agreement to procure the above stated loan and wishes to specify the repayment of said loan and

WHEREAS the Town Board of Koshkonong wil be required to make a principal and interest payment to Premier Bank on June 1, 2025, and

WHEREAS the Town Board of Koshkonong has approved by a unanimous vote at a Town Board meeting on May 8, 2024, with a quorum present, that the principal and interest loan payment for 2025, wil be added to the 2024 town levy, increasing the levy by approximately $75,153, and

WHEREAS the Town Board of Koshkonong has designated this repayment plan to be satisfied on June 1, 2025.

NOW THEREFORE BE TI RESOLVED that the Town of Koshkonong shall obtain a loan from Premier Bank of Fort Atkinson, Wisconsin, for the amount of $71,000, for the 2024 budget operational deficit. The terms agreed upon for the loan include: $71,000 principal amount, with a 1 year repayment term at an interest rate of 5.85% annually. The first principal and interest payment wil be due on June 1, 2025 and with a maturity date of June 1, 2025. The loan principal and interest payment wil be added to the town levy in 2024, and

BE IT FURTHER RESOLVED that future town budgets wil be based on this plan and that the terms of the loan contract be considered and adhered to by this and future Town of Koshkonong Boards.

This resolution is adopted this 8th day of May 2024 and wil be published and posted as required.