Village Board — Other

April 14, 2026 SALE DAY REPORT FOR: Village of Jackson, Wisconsin $2,500,000 General Obligation Promissory Notes, Series 2026A Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 Brian Roemer, Senior Municipal Advisor Ariana Schmidt, Associate Municipal Advisor BUILDING COMMUNITIES. IT’S WHAT WE DO. Sale Day Report for Village of Jackson, Wisconsin 1 Competitive Sale Results PURPOSE: For public purposes, including paying the cost of street improvement projects and financing a development incentive for Glacier Hills Credit Union in TID 7. RATING: Build America Mutual S&P Global Ratings "AA" Underlying Rating: Moody's Investor's Service "A1" NUMBER OF BIDS: 7 LOW BIDDER: Raymond James & Associates, Inc., St. Petersburg, Florida COMPARISON FROM LOWEST TO HIGHEST BID: (TIC as bid) LOW BID:* 3.8866% HIGH BID: 4.0589% Summary of Sale Results: Principal Amount*: $2,500,000 Underwriter’s Discount: $21,484 Reoffering Premium: $74,112 True Interest Cost: 3.8852% Costs of Issuance: $75,925 Yield: 3.00%-3.90% Total Net P&I $3,854,253 NOTES: Bond Trust Services Corporation, Minneapolis, Minnesota will serve as Paying Agent on the Notes. The Notes maturing May 1, 2036 and thereafter are callable May 1, 2035 or any date thereafter. * Subsequent to bid opening, the issue size was decreased from $2,530,000. CLOSING DATE: May 1, 2026 VILLAGE BOARD ACTION: Adopt a resolution awarding the sale of $2,500,000 General Obligation Promissory Notes, Series 2026A. Sale Day Report for Village of Jackson, Wisconsin 2 SUPPLEMENTARY ATTACHMENTS • Bid Tabulation • Rating Report • Table 1: 2026 CIP • Table 2: Sources & Uses of Funds • Table 3: Debt Service Schedule • Table 4: Financing Plan Tax Impact – 2026 G.O. Notes • Table 5: Financing Plan Tax Impact – 2026-2033 CIP • Table 6: General Obligation Debt Capacity Analysis – Impact of 2026 Financing Plan • Table 7: General Obligation Debt Capacity Analysis – Impact of 2026-2033 CIP BID TABULATION $2,530,000* General Obligation Promissory Notes, Series 2026A Village of Jackson, Wisconsin SALE: April 14, 2026 AWARD: RAYMOND JAMES & ASSOCIATES, INC. **Build America Mutual Rating: "S&P Global Ratings "AA"" Underlying Rating: Moody's Investor's Service "A1" Tax Exempt - Bank Qualified NAME OF INSTITUTION MATURITY (May 1) COUPON RATE REOFFERING YIELD PRICE TRUE INTEREST RATE RAYMOND JAMES & ASSOCIATES, INC. $2,568,543.42 3.8866% St. Petersburg, Florida 2027 3.000% 3.000% 2028 3.000% 3.010% 2029 3.000% 3.020% 2030 3.000% 3.030% 2031 3.000% 3.040% 2032 5.000% 3.000% 2033 5.000% 3.100% 2034 5.000% 3.150% 2035 5.000% 3.200% 20361 4.000% 3.400% 20371 4.000% 3.400% 20382 4.000% 3.650% 20392 4.000% 3.650% 20402 4.000% 3.650% 20413 4.000% 3.700% 20423 4.000% 3.700% 2043 4.000% 3.750% 2044 4.000% 3.800% 20454 4.000% 3.900% 20464 4.000% 3.900% * Subsequent to bid opening the issue size was decreased to $2,500,000. Adjusted Price: $2,538,497.50 Adjusted Net Interest Cost: $1,354,252.50 Adjusted TIC: 3.8852% ** Build America Mutual insurance purchased by RAYMOND JAMES & ASSOCIATES, INC. 1 $150,000 Term Bond due 2037 with mandatory redemption in 2036. 2 $265,000 Term Bond due 2040 with mandatory redemption in 2038-2039. 3 $480,000 Term Bond due 2042 with mandatory redemption in 2041. 4 $530,000 Term Bond due 2046 with mandatory redemption in 2045. NAME OF INSTITUTION TRUE INTEREST RATE Bid Tabulation April 14, 2026 Village of Jackson, Wisconsin $2,530,000* General Obligation Promissory Notes, Series 2026A Page 2 BAIRD 3.9132% Milwaukee, Wisconsin NORTHLAND SECURITIES, INC. 3.9266% Minneapolis, Minnesota HILLTOPSECURITIES 3.9336% Dallas, Texas BOK FINANCIAL SECURITIES, INC. 3.9520% Milwaukee, Wisconsin STIFEL, NICOLAUS & COMPANY, INCORPORATED 3.9810% Birmingham, Alabama TD FINANCIAL PRODUCTS LLC 4.0589% New York, New York Rating Action: Moody's Ratings assigns A1 to Jackson (Village of), WI's GO notes; assigns A2 to revenue bonds 07 Apr 2026 New York, April 07, 2026 -- Moody's Ratings (Moody's) has assigned an A1 to the Village of Jackson, WI's General Obligation Promissory Notes, Series 2026A with an expected par amount of about $2.5 million. We have also assigned an A2 to the Village of Jackson's Water and Sewer System Revenue Bonds, Series 2026B with an expected par amount of about $1.5 million. We maintain the village's A1 issuer rating, the A1 rating on the village's outstanding general obligation unlimited tax (GOULT) bonds and the A2 rating on the village's outstanding water and sewer revenue bonds. Following the sale, the village will have about $40 million of debt outstanding. RATINGS RATIONALE The A1 issuer rating reflects a solid local economy in the Milwaukee area as well as strong finances, moderated by increasing leverage. The village's full value per capita has roughly doubled in the last decade to about $184,000 in 2026 and the resident income ratio is about 120%. While regional economic growth lagged the nation over the past five years, the village has seen consistent growth in housing development. The village's net cash and available fund balance ratios are strong at 123% and 68%, respectively, but would be somewhat lower excluding unspent bond proceeds. Net of these proceeds, available fund balance would be closer to 50%. Cash is higher than reserves because of funds restricted for capital improvements and TID projects. The village closed fiscal 2025 (year-end Dec. 31) with an estimated growth in general fund balance of nearly $700,000. The fiscal 2026 budget is balanced. Inclusive of both issuances, the village's long-term liabilities ratio will remain above similarly rated peers at about 320%. Leverage will likely increase given the village's capital plans to accommodate its growth. The village anticipates additional borrowing for a majority of its nearly $50 million five-year capital improvement plan. This includes $27 million for wastewater treatment upgrades intended to be funded by Wisconsin Clean Water Fund loans. The A1 rating on the village's GOULT bonds is at the same level as the issuer rating. The GOULT bonds are backed by the village's full faith and credit pledge and are paid from a dedicated property tax that is not limited by rate or amount and is levied on all taxable property within the village. The A2 water and sewer revenue rating reflects the combined system's modestly sized operations with operation and maintenance at $2.6 million in fiscal 2024. Asset conditions are strong at 27 years. The customer base is growing as the village increases its population. Debt service coverage will likely be around 1.4x following the issuance and will likely rise given recent and anticipated rate increases in both water and sewer rates. Water rates require approval by the Wisconsin Public Service Commission (PSC); however, this limitation is balanced by the flexibility to set sewer rates locally. RATING OUTLOOK We do not assign outlooks to local government issuers with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Sustained maintenance of available fund balance ratio around current levels coupled with successful execution of capital projects and maintenance of long-term liabilities ratio below 300% - Significant bolstering of days cash on hand and debt service coverage metrics (water and sewer revenue rating) FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Reduction of available fund balance ratio approaching 25% - Sustained increase in the long-term liabilities ratio to levels approaching 400% - Significant deterioration of liquidity or debt service coverage (water and sewer revenue rating) - Material increase in debt burden (water and sewer revenue rating) PROFILE The Village of Jackson is located in eastern Wisconsin, just northwest of the City of Milwaukee with a population of roughly 7,900 residents. 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PRC: Any SPO: (1) does not constitute a PRC Green Bond Assessment as defined under any relevant PRC laws or regulations; (2) cannot be included in any registration statement, offering circular, prospectus or any other documents submitted to the PRC regulatory authorities or otherwise used to satisfy any PRC regulatory disclosure requirement; and (3) cannot be used within the PRC for any regulatory purpose or for any other purpose which is not permitted under relevant PRC laws or regulations. For the purposes of this disclaimer, "PRC" refers to the mainland of the People's Republic of China, excluding Hong Kong, Macau and Taiwan. Table 1 Capital Improvement Plan & Funding Uses Village of Jackson, WI Projects Department Purpose Plan Issue Funding 2026 Totals Linden, Aspen, Hawthorne, Eagle Street Improvements Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 1,577,630 1,577,630 Linden, Aspen, Hawthorne, Eagle Street Improvements Water Water - Improvements 2026 Revenue Bonds Revenue Debt 219,657 219,657 Linden, Aspen, Hawthorne, Eagle Street Improvements Sewer Sewer - Improvements 2026 Revenue Bonds Revenue Debt 1,130,524 1,130,524 Street Lighting - Ridgeway, Chestnut, Hickory Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 176,000 176,000 Street Lighting - Ridgeway, Chestnut, Hickory Cap. Projects Streets - Improvements None Cash 99,000 99,000 Eagle/Stonewall Intersectioin Improvement - Watermain Break Repair Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 70,000 70,000 Eagle/Stonewall Intersectioin Improvement - Watermain Break Repair Water Water - Improvements 2026 Revenue Bonds Revenue Debt 30,000 30,000 Linden, Aspen, Hawthorne, Eagle - Electric/Telecomm We Energies Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 500,000 500,000 CPR Training Equipment - Manikins/AED Trainers Fire/EMS Fire - Building None Cash 3,400 3,400 Heart Montiors - 1250, 1251, Paramedic First Responder Fire/EMS Fire - Equip. None Grants/Aids 112,000 112,000 AED's - first responders, 1285 Fire/EMS Fire - Equip. None Cash 18,600 18,600 EQS #9 - Turf Mower (2018) Cap. Projects Streets - Equip./Vehicle None Cash 16,000 16,000 EQS #10 - Turf Mower (2019) Cap. Projects Streets - Equip./Vehicle None Cash 16,000 16,000 ENG #2 - Engineering Tech Vehicle Cap. Projects Streets - Equip./Vehicle None Cash 30,000 30,000 EQS #6 - Vermeer Chipper Cap. Projects Streets - Equip./Vehicle None Cash 110,000 110,000 4 Badger Books Cap. Projects Treasurer None Cash 12,000 12,000 JCC HVAC Unit Replacement Cap. Projects Community Center None Cash 18,000 18,000 Fiber Internet & Security Cameras - Hickory Lane Park & Splash Pad Cap. Projects Parks & Rec None Cash 45,000 45,000 Fiber Internet & Security Cameras - Jackson Park Cap. Projects Parks & Rec None Cash 75,000 75,000 Jackson Park - Picnic Table Replacement Cap. Projects Parks & Rec None Cash 17,000 17,000 Hasmer Lake Park - Park Development Engineering Cap. Projects Parks & Rec None Special Assessment/Impact Fees 100,000 100,000 Fiber and Cameras to Well 1, 4 and 5 Water Water - Improvements None Cash 170,000 170,000 EQWW5 - Electric Scissors Lift Sewer Sewer - Equip./Vehicle None Cash 25,000 25,000 EQWW8 - Toro Turf Mower Sewer Sewer - Equip./Vehicle None Cash 16,000 16,000 2026 Fleet Addition - Pick Up Truck Sewer Sewer - Equip./Vehicle None Cash 35,000 35,000 Fiber and Cameras to Lift Station Sherman Road Sewer Sewer - Improvements None Cash 35,000 35,000 Digitizing Clerk files, Treasurer Files, DPW files Cap. Projects Admininstration None Cash 25,000 25,000 WWTP Improvements Phase 2A - Aeration Basin Sewer Sewer - Improvements None Cash 880,000 880,000 TID #7 Incentive Payment TID 7 GHU Incentive 2026 G.O. Notes G.O. Debt 117,295 117,295 Actual CIP Costs 5,679,106 5,679,106 Sources of Funding G.O. Debt 2,440,925 2,440,925 Cap. Projects 2,323,630 2,323,630 TID 7 117,295 117,295 Revenue Debt 1,380,181 1,380,181 Water 249,657 249,657 Sewer 1,130,524 1,130,524 Grants/Aids 112,000 112,000 Fire/EMS 112,000 112,000 Special Assessment/Impact Fees 100,000 100,000 Cap. Projects 100,000 100,000 Cash 1,646,000 1,646,000 Water 170,000 170,000 Sewer 991,000 991,000 Cap. Projects 463,000 463,000 Fire/EMS 22,000 22,000 Total 5,679,106 5,679,106 Water 419,657 419,657 Sewer 2,121,524 2,121,524 Cap. Projects 2,886,630 2,886,630 Fire/EMS 134,000 134,000 TID 7 117,295 117,295 Debt Obligations 2026 G.O. Notes 2,440,925 2,440,925 2026 Revenue Bonds 1,380,181 1,380,181 None 1,858,000 1,858,000 Total 5,679,106 5,679,106 Notes: Table 2 Sources & Uses of Funds Village of Jackson, WI 2026 2026 G.O. Notes Levy Portion TID #7 Portion Revenue Bonds Water Portion Sewer Portion CIP Projects1 Water - 249,657 249,657 Sewer - 1,130,524 1,130,524 Cap. Projects 2,323,630 2,323,630 - TID 7 117,295 117,295 - Additional Funds (Rounding) 1,457 1,457 4,535 4,530 5 Subtotal Project Costs 2,442,382 2,325,087 117,295 1,384,715 254,187 1,130,529 CIP Projects1 2,442,382 2,325,087 117,295 1,384,715 254,187 1,130,529 Premium Underwriter's Premium (built into rates) (74,112) (67,984) (6,128) (56,060) (14,740) (41,320) Premium Dep. To Debt Service 38,497 34,079 4,418 0 0 0 Net Premium 2,406,768 2,291,182 115,586 1,328,656 239,447 1,089,209 Debt Service Reserve DSR Funds On Hand 0 0 0 (539,582) (97,239) (442,343) New DSR Requirement 0 0 0 509,319 91,785 417,533 Reserve Fund Requirement 0 0 0 (30,263) (5,454) (24,809) Estimated Issuance Expenses 111,539 106,245 5,294 126,958 22,879 104,079 Municipal Advisor (Ehlers) 25,100 23,955 1,145 35,400 6,380 29,020 Bond Counsel 21,500 20,468 1,032 25,000 4,505 20,495 Disclosure Counsel 13,975 13,304 671 16,250 2,928 13,322 Rating Fee 14,500 13,804 696 19,000 3,424 15,576 Maximum Underwriter's Discount 8.59 21,484 20,453 1,031 9.12 12,903 2,325 10,577 Paying Agent 850 809 41 850 153 697 Bond Insurance 5.65 14,130 13,452 678 12.41 17,556 3,164 14,392 Subtotal Issuance Expenses 111,539 106,245 5,294 126,958 22,879 104,079 TOTAL TO BE FINANCED 2,518,307 2,397,427 120,880 1,425,351 256,873 1,168,479 Estimated Interest Earnings 3.00% (18,307) (17,427.23) (879.71) 3.00% (10,351) (1,872.43) (8,478.93) Assumed spend down (months) 3.00 3.00 Rounding (0) (0) 0 0 (0) 0 NET SIZE 2,500,000 2,380,000 120,000 1,415,000 255,000 1,160,000 Notes: 1) Project Total Estimates per staff direction following 2026 bids. Table 3 Allocation of Debt Service - 2026 G.O. Notes Village of Jackson, WI Year Year Ending Principal Est. Rate1 Interest Premium Total Principal Est. Rate Interest Premium Total Ending Principal (5/1) Interest Premium Total 2026 0 0 2026 0 0 0 0 2027 30,000 3.00% 142,575 (4,829) 167,746 10,000 3.00% 6,900 (4,418) 12,482 2027 40,000 149,475 (9,247) 180,228 2028 30,000 3.00% 94,000 (4,250) 119,750 10,000 3.00% 4,250 14,250 2028 40,000 98,250 (4,250) 134,000 2029 30,000 3.00% 93,100 (25,000) 98,100 10,000 3.00% 3,950 13,950 2029 40,000 97,050 (25,000) 112,050 2030 90,000 3.00% 91,300 181,300 10,000 3.00% 3,650 13,650 2030 100,000 94,950 0 194,950 2031 65,000 3.00% 88,975 153,975 10,000 3.00% 3,350 13,350 2031 75,000 92,325 0 167,325 2032 65,000 5.00% 86,375 151,375 10,000 5.00% 2,950 12,950 2032 75,000 89,325 0 164,325 2033 65,000 5.00% 83,125 148,125 10,000 5.00% 2,450 12,450 2033 75,000 85,575 0 160,575 2034 65,000 5.00% 79,875 144,875 10,000 5.00% 1,950 11,950 2034 75,000 81,825 0 156,825 2035 65,000 5.00% 76,625 141,625 10,000 5.00% 1,450 11,450 2035 75,000 78,075 0 153,075 2036 65,000 4.00% 73,700 138,700 10,000 4.00% 1,000 11,000 2036 75,000 74,700 0 149,700 2037 65,000 4.00% 71,100 136,100 10,000 4.00% 600 10,600 2037 75,000 71,700 0 146,700 2038 65,000 4.00% 68,500 133,500 10,000 4.00% 200 10,200 2038 75,000 68,700 0 143,700 2039 65,000 4.00% 65,900 130,900 0 4.00% 0 0 2039 65,000 65,900 0 130,900 2040 125,000 4.00% 62,100 187,100 0 4.00% 0 0 2040 125,000 62,100 0 187,100 2041 240,000 4.00% 54,800 294,800 0 4.00% 0 0 2041 240,000 54,800 0 294,800 2042 240,000 4.00% 45,200 285,200 0 4.00% 0 0 2042 240,000 45,200 0 285,200 2043 240,000 4.00% 35,600 275,600 0 4.00% 0 0 2043 240,000 35,600 0 275,600 2044 240,000 4.00% 26,000 266,000 0 4.00% 0 0 2044 240,000 26,000 0 266,000 2045 265,000 4.00% 15,900 280,900 0 4.00% 0 0 2045 265,000 15,900 0 280,900 2046 265,000 4.00% 5,300 270,300 0 4.00% 0 0 2046 265,000 5,300 0 270,300 Total 2,380,000 1,360,050 (34,079) 3,705,971 120,000 32,700 (4,418) 148,282 Total 2,500,000 1,392,750 (38,497) 3,854,253 Notes: Preliminary 2,530,000 1,543,505 0 4,073,505 Difference (30,000) (150,755) (38,497) (219,252) Levy Portion TID #7 Portion Totals Table 4 Financing Plan Tax Impact - 2026 G.O. Notes Village of Jackson, WI 2026 G.O. Notes Net Debt Change Annual Taxes 2,500,000 Total Levy Change Total Tax Annual Taxes Annual Taxes Year Service From Prior Tax Rate $365,000 Dated: 5/1/2026 Less: Less: Net Debt from Prior Rate for $365,000 Difference Year Ending Levy Year Levy Per $1,000 Home Total Prin. & Int. CP Fund TID 7 Service Levy Year Debt Home From Existing Ending 2026 1,754,766 $1.28 $467.31 0 0 1,754,766 $1.28 $467 $0 2026 2027 1,755,364 599 $1.24 $452.95 180,228 (103,944) (12,482) 1,819,166 64,400 $1.29 $469 $2 $16 2027 2028 1,693,508 (61,857) $1.16 $423.43 134,000 (220,180) (14,250) 1,593,077 (226,088) $1.09 $398 ($71) ($25) 2028 2029 1,627,683 (65,825) $1.08 $394.34 112,050 (72,887) (13,950) 1,652,896 59,818 $1.10 $400 $2 $6 2029 2030 1,401,233 (226,450) $0.90 $328.94 194,950 0 (13,650) 1,582,533 (70,363) $1.02 $371 ($29) $43 2030 2031 1,420,240 19,008 $0.86 $315.30 167,325 (13,350) 1,574,215 (8,317) $0.96 $349 ($22) $34 2031 2032 1,417,422 (2,818) $0.84 $304.91 164,325 (12,950) 1,568,797 (5,418) $0.92 $337 ($12) $33 2032 2033 1,403,425 (13,997) $0.80 $292.53 160,575 (12,450) 1,551,550 (17,247) $0.89 $323 ($14) $31 2033 2034 1,378,521 (24,904) $0.76 $278.42 156,825 (11,950) 1,523,396 (28,154) $0.84 $308 ($16) $29 2034 2035 1,366,505 (12,016) $0.73 $267.42 153,075 (11,450) 1,508,130 (15,266) $0.81 $295 ($13) $28 2035 2036 1,355,296 (11,208) $0.70 $256.03 149,700 (11,000) 1,493,996 (14,133) $0.77 $282 ($13) $26 2036 2037 1,349,514 (5,783) $0.67 $244.60 146,700 (10,600) 1,485,614 (8,383) $0.74 $269 ($13) $25 2037 2038 1,332,800 (16,714) $0.64 $234.07 143,700 (10,200) 1,466,300 (19,314) $0.71 $258 ($12) $23 2038 2039 1,304,999 (27,802) $0.61 $222.08 130,900 0 1,435,899 (30,402) $0.67 $244 ($13) $22 2039 2040 1,096,000 (208,999) $0.49 $177.99 187,100 0 1,283,100 (152,799) $0.57 $208 ($36) $30 2040 2041 813,156 (282,844) $0.35 $127.95 294,800 0 1,107,956 (175,144) $0.48 $174 ($34) $46 2041 2042 794,538 (18,619) $0.33 $121.14 285,200 0 1,079,738 (28,219) $0.45 $165 ($10) $43 2042 2043 770,613 (23,925) $0.31 $113.85 275,600 0 1,046,213 (33,525) $0.42 $155 ($10) $41 2043 2044 702,138 (68,475) $0.28 $100.51 266,000 0 968,138 (78,075) $0.38 $139 ($16) $38 2044 2045 262,438 (439,700) $0.10 $36.40 280,900 0 543,338 (424,800) $0.21 $75 ($63) $39 2045 2046 0 (262,438) $0.00 $0.00 270,300 0 270,300 (273,038) $0.10 $36 ($39) $36 2046 2047 0 0 $0.00 $0.00 0 0 0 (270,300) $0.00 $0 ($36) $0 2047 Total 25,000,156 3,854,253 (397,011) (148,282) $566 Total Total Cost of new DS to sample taxpayer Notes: Proposed DebtExisting Debt Abatements Debt Service Levy Taxes Tax Levy Change from Prior Year Table 5 Financing Plan Tax Impact - 2026-2033 CIP Village of Jackson, WI 2026 G.O. Notes 2027 G.O. Notes 2028 G.O. Notes 2029 G.O. Notes 2030 G.O. Notes 2032 G.O. Notes 2033 G.O. Notes Net Debt Change Annual Taxes 2,500,000 5,560,000 3,065,000 1,705,000 1,995,000 2,655,000 3,045,000 Total Levy Change Total Tax Annual Taxes Annual Taxes Year Service From Prior Tax Rate $365,000 Dated: 5/1/2026 Dated: 6/1/2027 Dated: 6/1/2028 Dated: 6/1/2029 Dated: 6/1/2030 Dated: 6/1/2032 Dated: 6/1/2033 Less: Less: Less: Less: Less: Net Debt from Prior Rate for $365,000 Difference Year Ending Levy Year Levy Per $1,000 Home Total Prin. & Int. Total Prin. & Int. Total Prin. & Int. Total Prin. & Int. Total Prin. & Int. Total Prin. & Int. Total Prin. & Int. CP Fund TID 7 Fire/EMS Sewer Water Service Levy Year Debt Home From Existing Ending 2026 1,754,766 1,370,601,400 $1.28 $467.31 0 0 0 0 0 0 0 0 0 0 0 1,754,766 $1.28 $467 $0 2026 2027 1,755,364 599 1,414,511,217 $1.24 $452.95 180,228 0 0 0 0 0 0 (103,944) (12,482) 0 0 0 1,819,166 64,400 $1.29 $469 $2 $16 2027 2028 1,693,508 (61,857) 1,459,827,769 $1.16 $423.43 134,000 391,420 0 0 0 0 0 (220,180) (93,743) 0 0 (21,409) 1,883,596 64,430 $1.29 $471 $2 $48 2028 2029 1,627,683 (65,825) 1,506,596,122 $1.08 $394.34 112,050 341,708 229,290 0 0 0 0 (72,887) (111,236) (51,381) (45,881) (79,978) 1,949,367 65,771 $1.29 $472 $1 $78 2029 2030 1,401,233 (226,450) 1,554,862,788 $0.90 $328.94 194,950 402,219 230,550 115,759 0 0 0 0 (119,361) (138,438) (30,588) (63,973) 1,992,351 42,984 $1.28 $468 ($5) $139 2030 2031 1,420,240 19,008 1,644,088,868 $0.86 $315.30 167,325 391,785 237,085 131,224 188,251 0 0 (127,171) (157,923) (81,353) (158,725) 2,010,739 18,388 $1.22 $446 ($21) $131 2031 2032 1,417,422 (2,818) 1,696,760,376 $0.84 $304.91 164,325 413,958 238,373 129,326 149,888 0 0 (133,816) (155,373) (70,293) (110,794) 2,043,016 32,277 $1.20 $439 ($7) $135 2032 2033 1,403,425 (13,997) 1,751,119,315 $0.80 $292.53 160,575 413,400 238,295 126,879 152,638 194,501 0 (139,196) (270,723) (104,220) (113,454) 2,062,120 19,104 $1.18 $430 ($10) $137 2033 2034 1,378,521 (24,904) 1,807,219,745 $0.76 $278.42 156,825 412,328 231,935 123,881 149,648 178,230 229,766 (144,061) (305,963) (146,314) (185,249) 2,079,547 17,427 $1.15 $420 ($10) $142 2034 2035 1,366,505 (12,016) 1,865,117,460 $0.73 $267.42 153,075 410,740 225,575 120,884 146,008 185,068 201,703 (148,411) (293,801) (129,685) (189,756) 2,047,902 (31,645) $1.10 $401 ($19) $133 2035 2036 1,355,296 (11,208) 1,932,116,638 $0.70 $256.03 149,700 409,838 219,215 117,886 142,368 186,474 223,015 (152,871) (310,855) (128,035) (188,606) 2,023,424 (24,478) $1.05 $382 ($19) $126 2036 2037 1,349,514 (5,783) 2,013,771,161 $0.67 $244.60 146,700 409,670 218,348 120,053 138,728 182,736 218,590 (157,491) (312,331) (126,435) (182,534) 2,005,546 (17,878) $1.00 $364 ($19) $119 2037 2038 1,332,800 (16,714) 2,078,286,142 $0.64 $234.07 143,700 409,088 222,758 122,271 135,413 184,205 214,540 (161,696) (319,026) (124,985) (181,854) 1,977,213 (28,334) $0.95 $347 ($16) $113 2038 2039 1,304,999 (27,802) 2,144,867,983 $0.61 $222.08 130,900 408,090 216,953 124,268 132,423 180,880 210,865 (155,686) (315,673) (123,635) (176,416) 1,937,966 (39,247) $0.90 $330 ($17) $108 2039 2040 1,096,000 (208,999) 2,247,583,800 $0.49 $177.99 187,100 436,055 211,148 135,819 163,628 182,436 207,190 (188,839) (312,089) (122,285) (141,669) 1,854,494 (83,472) $0.83 $301 ($29) $123 2040 2041 813,156 (282,844) 2,319,589,413 $0.35 $127.95 294,800 344,850 210,235 136,925 159,028 178,874 203,515 0 (308,275) (120,935) (147,400) 1,764,773 (89,721) $0.76 $278 ($23) $150 2041 2042 794,538 (18,619) 2,393,901,862 $0.33 $121.14 285,200 340,201 204,215 132,920 154,428 180,193 199,840 0 (304,231) (119,585) (147,816) 1,719,901 (44,871) $0.72 $262 ($15) $141 2042 2043 770,613 (23,925) 2,470,595,051 $0.31 $113.85 275,600 330,449 252,013 133,804 149,828 181,274 196,165 0 (304,839) (167,160) (148,021) 1,669,724 (50,178) $0.68 $247 ($16) $133 2043 2044 702,138 (68,475) 2,549,745,253 $0.28 $100.51 266,000 359,866 253,413 134,465 145,228 182,118 192,490 0 (300,098) (173,445) (143,119) 1,619,055 (50,669) $0.63 $232 ($15) $131 2044 2045 262,438 (439,700) 2,631,431,181 $0.10 $36.40 280,900 705,880 269,060 134,904 160,168 197,368 252,223 0 (304,900) (262,289) (133,320) 1,562,430 (56,625) $0.59 $217 ($15) $180 2045 2046 0 (262,438) 2,715,734,073 $0.00 $0.00 270,300 679,320 278,740 144,898 183,958 275,124 264,873 0 (304,135) (332,059) (143,288) 1,317,730 (244,700) $0.49 $177 ($40) $177 2046 2047 0 0 2,802,737,769 $0.00 $0.00 0 633,020 267,990 212,889 235,678 270,743 266,788 0 (307,791) (319,981) (157,493) 1,101,841 (215,889) $0.39 $143 ($34) $143 2047 2048 0 0 2,892,528,792 $0.00 $0.00 0 0 296,308 209,050 235,788 393,036 473,068 0 (315,618) (342,115) (112,100) 837,416 (264,425) $0.29 $106 ($38) $106 2048 2049 0 0 2,985,196,442 $0.00 $0.00 0 0 0 102,275 171,891 381,920 434,355 0 (258,870) (137,738) (53,726) 640,108 (197,309) $0.21 $78 ($27) $78 2049 2050 0 0 3,080,832,876 $0.00 $0.00 0 0 0 0 66,528 326,485 372,073 0 (169,790) (132,611) (36,885) 425,799 (214,309) $0.14 $50 ($28) $50 2050 2051 0 0 3,179,533,204 $0.00 $0.00 0 0 0 0 0 204,555 394,731 0 (167,310) (176,170) (35,378) 220,429 (205,370) $0.07 $25 ($25) $25 2051 2052 0 0 3,281,395,585 $0.00 $0.00 0 0 0 0 0 204,950 186,180 0 (159,631) (197,644) (33,855) 0 (220,429) $0.00 $0 ($25) $0 2052 2053 0 0 3,386,521,320 $0.00 $0.00 0 0 0 0 0 0 235,923 0 (15,386) (158,991) (61,545) 0 0 $0.00 $0 $0 $0 2053 2054 0 0 3,495,014,958 $0.00 $0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 $0.00 $0 $0 $0 2054 Total 25,000,156 3,854,253 8,643,883 4,751,495 2,710,378 3,161,508 4,451,168 5,177,890 (397,011) (1,846,062) (6,164,448) (3,874,430) (3,148,360) $2,863 Total Total Cost of new DS to sample taxpayer Notes: Existing Debt Proposed Debt Abatements Debt Service Levy Taxes Equalized Value (TID OUT) Tax Levy Change from Prior Year Table 6 General Obligation Debt Capacity Analysis - Impact of 2026 Financing Plan Village of Jackson, WI Projected Existing Year Equalized Principal Year Ending Value (TID IN)1 Debt Limit Outstanding % of Limit 2026 G.O. Notes % of Limit Residual % of Limit Residual Ending 2025 1,431,604,400 71,580,220 26,484,893 37% $26,484,893 37% $45,095,327 62% $16,463,239 2025 2026 1,474,500,560 73,725,028 24,973,713 34% 2,500,000 $27,473,713 37% $46,251,315 62% $16,761,303 2026 2027 1,518,682,048 75,934,102 23,288,171 31% 2,460,000 $25,748,171 34% $50,185,932 57% $19,812,291 2027 2028 1,564,187,377 78,209,369 21,610,000 28% 2,420,000 $24,030,000 31% $54,179,369 51% $22,895,621 2028 2029 1,611,056,214 80,552,811 20,065,000 25% 2,380,000 $22,445,000 28% $58,107,811 46% $25,886,686 2029 2030 1,698,742,514 84,937,126 18,695,000 22% 2,280,000 $20,975,000 25% $63,962,126 41% $29,987,275 2030 2031 1,749,643,120 87,482,156 17,260,000 20% 2,205,000 $19,465,000 22% $68,017,156 37% $33,024,294 2031 2032 1,802,068,896 90,103,445 15,780,000 18% 2,130,000 $17,910,000 20% $72,193,445 33% $36,152,067 2032 2033 1,860,251,561 93,012,578 14,270,000 15% 2,055,000 $16,325,000 18% $76,687,578 29% $39,482,547 2033 2034 1,921,909,040 96,095,452 12,755,000 13% 1,980,000 $14,735,000 15% $81,360,452 26% $42,922,271 2034 2035 1,992,695,939 99,634,797 11,210,000 11% 1,905,000 $13,115,000 13% $86,519,797 22% $46,665,878 2035 2036 2,061,255,856 103,062,793 9,640,000 9% 1,830,000 $11,470,000 11% $91,592,793 19% $50,367,676 2036 2037 2,129,511,089 106,475,554 8,040,000 8% 1,755,000 $9,795,000 9% $96,680,554 15% $54,090,333 2037 2038 2,200,003,103 110,000,155 6,385,000 6% 1,680,000 $8,065,000 7% $101,935,155 12% $57,935,093 2038 2039 2,296,747,374 114,837,369 4,725,000 4% 1,615,000 $6,340,000 6% $108,497,369 9% $62,562,421 2039 2040 2,372,736,616 118,636,831 3,635,000 3% 1,490,000 $5,125,000 4% $113,511,831 7% $66,057,098 2040 2041 2,451,214,381 122,560,719 2,825,000 2% 1,250,000 $4,075,000 3% $118,485,719 6% $69,461,431 2041 2042 2,532,261,480 126,613,074 2,005,000 2% 1,010,000 $3,015,000 2% $123,598,074 4% $72,952,844 2042 2043 2,615,961,329 130,798,066 1,180,000 1% 770,000 $1,950,000 1% $128,848,066 2% $76,528,840 2043 2044 2,702,400,033 135,120,002 385,000 0% 530,000 $915,000 1% $134,205,002 1% $80,157,001 2044 2045 2,791,666,472 139,583,324 0 0% 265,000 $265,000 0% $139,318,324 0% $83,484,994 2045 2046 2,883,852,391 144,192,620 0% 0 $0 0% $144,192,620 0% $86,515,572 2046 2047 2,979,052,491 148,952,625 0% $0 0% $148,952,625 0% $89,371,575 2047 2048 3,077,364,523 153,868,226 0% $0 0% $153,868,226 0% $92,320,936 2048 Notes: 1) Projected TID IN EV based on 5-year average at 3.0% annual inflation. Existing Debt Proposed Debt Combined Principal Existing & Proposed Statutory Limit (5% EV) Village Limit (3% EV) Table 7 General Obligation Debt Capacity Analysis - Impact of 2026-2033 CIP Financing Plan Village of Jackson, WI Projected Existing Year Equalized Principal Year Ending Value (TID IN)1 Debt Limit Outstanding % of Limit % of Limit Residual % of Limit Residual Ending 2025 1,431,604,400 71,580,220 26,484,893 37% $26,484,893 37% $45,095,327 62% $16,463,239 2025 2026 1,474,500,560 73,725,028 24,973,713 34% $27,473,713 37% $46,251,315 62% $16,761,303 2026 2027 1,518,682,048 75,934,102 23,288,171 31% $31,308,171 41% $44,625,932 69% $14,252,291 2027 2028 1,564,187,377 78,209,369 21,610,000 28% $32,615,000 42% $45,594,369 70% $14,310,621 2028 2029 1,611,056,214 80,552,811 20,065,000 25% $30,890,000 38% $49,662,811 64% $17,441,686 2029 2030 1,698,742,514 84,937,126 18,695,000 22% $29,145,000 34% $55,792,126 57% $21,817,275 2030 2031 1,749,643,120 87,482,156 17,260,000 20% $27,355,000 31% $60,127,156 52% $25,134,294 2031 2032 1,802,068,896 90,103,445 15,780,000 18% $25,485,000 28% $64,618,445 47% $28,577,067 2032 2033 1,860,251,561 93,012,578 14,270,000 15% $23,570,000 25% $69,442,578 42% $32,237,547 2033 2034 1,921,909,040 96,095,452 12,755,000 13% $21,640,000 23% $74,455,452 38% $36,017,271 2034 2035 1,992,695,939 99,634,797 11,210,000 11% $19,670,000 20% $79,964,797 33% $40,110,878 2035 2036 2,061,255,856 103,062,793 9,640,000 9% $17,665,000 17% $85,397,793 29% $44,172,676 2036 2037 2,129,511,089 106,475,554 8,040,000 8% $15,615,000 15% $90,860,554 24% $48,270,333 2037 2038 2,200,003,103 110,000,155 6,385,000 6% $13,490,000 12% $96,510,155 20% $52,510,093 2038 2039 2,296,747,374 114,837,369 4,725,000 4% $11,360,000 10% $103,477,369 16% $57,542,421 2039 2040 2,372,736,616 118,636,831 3,635,000 3% $9,700,000 8% $108,936,831 14% $61,482,098 2040 2041 2,451,214,381 122,560,719 2,825,000 2% $8,280,000 7% $114,280,719 11% $65,256,431 2041 2042 2,532,261,480 126,613,074 2,005,000 2% $6,845,000 5% $119,768,074 9% $69,122,844 2042 2043 2,615,961,329 130,798,066 1,180,000 1% $5,350,000 4% $125,448,066 7% $73,128,840 2043 2044 2,702,400,033 135,120,002 385,000 0% $3,835,000 3% $131,285,002 5% $77,237,001 2044 2045 2,791,666,472 139,583,324 0 0% $2,315,000 2% $137,268,324 3% $81,434,994 2045 2046 2,883,852,391 144,192,620 0% $1,160,000 1% $143,032,620 1% $85,355,572 2046 2047 2,979,052,491 148,952,625 0% $290,000 0% $148,662,625 0% $89,081,575 2047 2048 3,077,364,523 153,868,226 0% $0 0% $153,868,226 0% $92,320,936 2048 Notes: 1) Projected TID IN EV based on 5-year average at 3.0% annual inflation. Proposed DebtExisting Debt Statutory Limit (5% EV) Combined Principal Existing & Proposed Village Limit (3% EV) April 14, 2026 SALE DAY REPORT FOR: Village of Jackson, Wisconsin $1,415,000 Water and Sewer System Revenue Bonds, Series 2026B Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 Brian Roemer, Senior Municipal Advisor Ariana Schmidt, Associate Municipal Advisor BUILDING COMMUNITIES. IT’S WHAT WE DO. Sale Day Report for Village of Jackson, Wisconsin 1 Competitive Sale Results PURPOSE: To provide funds for the public purpose of financing additions, improvements and extensions to the Village's Water System and Sewer System (collectively, the "Utility System"). RATING: Build America Mutual S&P Global Ratings "AA" Underlying Rating: Moody's Investor's Service "A2" NUMBER OF BIDS: 5 LOW BIDDER: Raymond James & Associates, Inc., St. Petersburg, Florida COMPARISON FROM LOWEST TO HIGHEST BID: (TIC as bid) LOW BID:* 3.9356% HIGH BID: 4.0399% Summary of Sale Results: Principal Amount*: $1,415,000 Underwriter’s Discount: $12,903 Reoffering Premium: $56,060 True Interest Cost: 3.9269% Costs of Issuance: $96,500 Yield: 3.00%-4.00% Total Net P&I $2,061,800 NOTES: Bond Trust Services Corporation, Minneapolis, Minnesota will serve as Paying Agent on the Bonds. The Bonds maturing May 1, 2036, and thereafter are callable May 1, 2035, or any date thereafter. * Subsequent to bid opening, the issue size was decreased from $1,475,000. CLOSING DATE: May 1, 2026 Sale Day Report for Village of Jackson, Wisconsin 2 VILLAGE BOARD ACTION: Adopt a resolution awarding the sale of $1,415,000 Water and Sewer System Revenue Bonds, Series 2026B. SUPPLEMENTARY ATTACHMENTS • Bid Tabulation • Rating Report • Table 1: 2026 Capital Improvement Plan • Table 2: Sources & Uses of Funds • Table 3: Debt Service Schedule • Table 4: All -In Debt Coverag e – 2026 G.O. Notes BID TABULATION $1,475,000* Water and Sewer System Revenue Bonds, Series 2026B Village of Jackson, Wisconsin SALE: April 14, 2026 AWARD: RAYMOND JAMES & ASSOCIATES, INC. **Build America Mutual Rating: "S&P Global Ratings "AA"" Underlying Rating: Moody's Investor's Service "A2" Tax Exempt - Bank Qualified NAME OF INSTITUTION MATURITY (May 1) COUPON RATE REOFFERING YIELD PRICE TRUE INTEREST RATE RAYMOND JAMES & ASSOCIATES, INC. $1,499,821.12 3.9356% St. Petersburg, Florida 2027 3.000% 3.000% 2028 3.000% 3.010% 2029 3.000% 3.020% 2030 3.000% 3.030% 2031 5.000% 3.000% 2032 5.000% 3.100% 2033 5.000% 3.150% 2034 5.000% 3.200% 2035 5.000% 3.300% 20361 4.000% 3.500% 20371 4.000% 3.500% 20382 4.000% 3.700% 20392 4.000% 3.700% 20402 4.000% 3.700% 20413 4.000% 3.850% 20423 4.000% 3.850% 20433 4.000% 3.850% 20444 4.000% 4.000% 20454 4.000% 4.000% 20464 4.000% 4.000% * Subsequent to bid opening the issue size was decreased to $1,415,000. Adjusted Price: $1,440,601.29 Adjusted Net Interest Cost: $621,198.71 Adjusted TIC: 3.9269% ** Build America Mutual insurance purchased by RAYMOND JAMES & ASSOCIATES, INC. 1 $160,000 Term Bond due 2037 with mandatory redemption in 2036. 2 $225,000 Term Bond due 2040 with mandatory redemption in 2038-2039. 3 $225,000 Term Bond due 2043 with mandatory redemption in 2041-2042. 4 $225,000 Term Bond due 2046 with mandatory redemption in 2044-2045. NAME OF INSTITUTION TRUE INTEREST RATE Bid Tabulation April 14, 2026 Village of Jackson, Wisconsin $1,475,000* Water and Sewer System Revenue Bonds, Series 2026B Page 2 BAIRD 3.9655% Milwaukee, Wisconsin NORTHLAND SECURITIES, INC. 3.9741% Minneapolis, Minnesota BOK FINANCIAL SECURITIES, INC. 3.9743% Milwaukee, Wisconsin TD FINANCIAL PRODUCTS LLC 4.0399% New York, New York Rating Action: Moody's Ratings assigns A1 to Jackson (Village of), WI's GO notes; assigns A2 to revenue bonds 07 Apr 2026 New York, April 07, 2026 -- Moody's Ratings (Moody's) has assigned an A1 to the Village of Jackson, WI's General Obligation Promissory Notes, Series 2026A with an expected par amount of about $2.5 million. We have also assigned an A2 to the Village of Jackson's Water and Sewer System Revenue Bonds, Series 2026B with an expected par amount of about $1.5 million. We maintain the village's A1 issuer rating, the A1 rating on the village's outstanding general obligation unlimited tax (GOULT) bonds and the A2 rating on the village's outstanding water and sewer revenue bonds. Following the sale, the village will have about $40 million of debt outstanding. RATINGS RATIONALE The A1 issuer rating reflects a solid local economy in the Milwaukee area as well as strong finances, moderated by increasing leverage. The village's full value per capita has roughly doubled in the last decade to about $184,000 in 2026 and the resident income ratio is about 120%. While regional economic growth lagged the nation over the past five years, the village has seen consistent growth in housing development. The village's net cash and available fund balance ratios are strong at 123% and 68%, respectively, but would be somewhat lower excluding unspent bond proceeds. Net of these proceeds, available fund balance would be closer to 50%. Cash is higher than reserves because of funds restricted for capital improvements and TID projects. The village closed fiscal 2025 (year-end Dec. 31) with an estimated growth in general fund balance of nearly $700,000. The fiscal 2026 budget is balanced. Inclusive of both issuances, the village's long-term liabilities ratio will remain above similarly rated peers at about 320%. Leverage will likely increase given the village's capital plans to accommodate its growth. The village anticipates additional borrowing for a majority of its nearly $50 million five-year capital improvement plan. This includes $27 million for wastewater treatment upgrades intended to be funded by Wisconsin Clean Water Fund loans. The A1 rating on the village's GOULT bonds is at the same level as the issuer rating. The GOULT bonds are backed by the village's full faith and credit pledge and are paid from a dedicated property tax that is not limited by rate or amount and is levied on all taxable property within the village. The A2 water and sewer revenue rating reflects the combined system's modestly sized operations with operation and maintenance at $2.6 million in fiscal 2024. Asset conditions are strong at 27 years. The customer base is growing as the village increases its population. Debt service coverage will likely be around 1.4x following the issuance and will likely rise given recent and anticipated rate increases in both water and sewer rates. Water rates require approval by the Wisconsin Public Service Commission (PSC); however, this limitation is balanced by the flexibility to set sewer rates locally. RATING OUTLOOK We do not assign outlooks to local government issuers with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Sustained maintenance of available fund balance ratio around current levels coupled with successful execution of capital projects and maintenance of long-term liabilities ratio below 300% - Significant bolstering of days cash on hand and debt service coverage metrics (water and sewer revenue rating) FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Reduction of available fund balance ratio approaching 25% - Sustained increase in the long-term liabilities ratio to levels approaching 400% - Significant deterioration of liquidity or debt service coverage (water and sewer revenue rating) - Material increase in debt burden (water and sewer revenue rating) PROFILE The Village of Jackson is located in eastern Wisconsin, just northwest of the City of Milwaukee with a population of roughly 7,900 residents. 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Additional terms with respect to Second Party Opinions and Net Zero Assessments (as defined in Moody's Ratings Rating Symbols and Definitions): Please note that neither a Second Party Opinion ("SPO") nor a Net Zero Assessment ("NZA") is a "credit rating". The issuance of SPOs and NZAs is not a regulated activity in many jurisdictions, including Singapore. EU: In the European Union, each of Moody's Deutschland GmbH and Moody's France SAS provide services as an external reviewer in accordance with the applicable requirements of the EU Green Bond Regulation. JAPAN: In Japan, development and provision of SPOs and NZAs fall under the category of "Ancillary Businesses", not "Credit Rating Business", and are not subject to the regulations applicable to "Credit Rating Business" under the Financial Instruments and Exchange Act of Japan and its relevant regulation. PRC: Any SPO: (1) does not constitute a PRC Green Bond Assessment as defined under any relevant PRC laws or regulations; (2) cannot be included in any registration statement, offering circular, prospectus or any other documents submitted to the PRC regulatory authorities or otherwise used to satisfy any PRC regulatory disclosure requirement; and (3) cannot be used within the PRC for any regulatory purpose or for any other purpose which is not permitted under relevant PRC laws or regulations. For the purposes of this disclaimer, "PRC" refers to the mainland of the People's Republic of China, excluding Hong Kong, Macau and Taiwan. Table 1 Capital Improvement Plan & Funding Uses Village of Jackson, WI Projects Department Purpose Plan Issue Funding 2026 Totals Linden, Aspen, Hawthorne, Eagle Street Improvements Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 1,577,630 1,577,630 Linden, Aspen, Hawthorne, Eagle Street Improvements Water Water - Improvements 2026 Revenue Bonds Revenue Debt 219,657 219,657 Linden, Aspen, Hawthorne, Eagle Street Improvements Sewer Sewer - Improvements 2026 Revenue Bonds Revenue Debt 1,130,524 1,130,524 Street Lighting - Ridgeway, Chestnut, Hickory Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 176,000 176,000 Street Lighting - Ridgeway, Chestnut, Hickory Cap. Projects Streets - Improvements None Cash 99,000 99,000 Eagle/Stonewall Intersectioin Improvement - Watermain Break Repair Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 70,000 70,000 Eagle/Stonewall Intersectioin Improvement - Watermain Break Repair Water Water - Improvements 2026 Revenue Bonds Revenue Debt 30,000 30,000 Linden, Aspen, Hawthorne, Eagle - Electric/Telecomm We Energies Cap. Projects Streets - Improvements 2026 G.O. Notes G.O. Debt 500,000 500,000 CPR Training Equipment - Manikins/AED Trainers Fire/EMS Fire - Building None Cash 3,400 3,400 Heart Montiors - 1250, 1251, Paramedic First Responder Fire/EMS Fire - Equip. None Grants/Aids 112,000 112,000 AED's - first responders, 1285 Fire/EMS Fire - Equip. None Cash 18,600 18,600 EQS #9 - Turf Mower (2018) Cap. Projects Streets - Equip./Vehicle None Cash 16,000 16,000 EQS #10 - Turf Mower (2019) Cap. Projects Streets - Equip./Vehicle None Cash 16,000 16,000 ENG #2 - Engineering Tech Vehicle Cap. Projects Streets - Equip./Vehicle None Cash 30,000 30,000 EQS #6 - Vermeer Chipper Cap. Projects Streets - Equip./Vehicle None Cash 110,000 110,000 4 Badger Books Cap. Projects Treasurer None Cash 12,000 12,000 JCC HVAC Unit Replacement Cap. Projects Community Center None Cash 18,000 18,000 Fiber Internet & Security Cameras - Hickory Lane Park & Splash Pad Cap. Projects Parks & Rec None Cash 45,000 45,000 Fiber Internet & Security Cameras - Jackson Park Cap. Projects Parks & Rec None Cash 75,000 75,000 Jackson Park - Picnic Table Replacement Cap. Projects Parks & Rec None Cash 17,000 17,000 Hasmer Lake Park - Park Development Engineering Cap. Projects Parks & Rec None Special Assessment/Impact Fees 100,000 100,000 Fiber and Cameras to Well 1, 4 and 5 Water Water - Improvements None Cash 170,000 170,000 EQWW5 - Electric Scissors Lift Sewer Sewer - Equip./Vehicle None Cash 25,000 25,000 EQWW8 - Toro Turf Mower Sewer Sewer - Equip./Vehicle None Cash 16,000 16,000 2026 Fleet Addition - Pick Up Truck Sewer Sewer - Equip./Vehicle None Cash 35,000 35,000 Fiber and Cameras to Lift Station Sherman Road Sewer Sewer - Improvements None Cash 35,000 35,000 Digitizing Clerk files, Treasurer Files, DPW files Cap. Projects Admininstration None Cash 25,000 25,000 WWTP Improvements Phase 2A - Aeration Basin Sewer Sewer - Improvements None Cash 880,000 880,000 TID #7 Incentive Payment TID 7 GHU Incentive 2026 G.O. Notes G.O. Debt 117,295 117,295 Actual CIP Costs 5,679,106 5,679,106 Sources of Funding G.O. Debt 2,440,925 2,440,925 Cap. Projects 2,323,630 2,323,630 TID 7 117,295 117,295 Revenue Debt 1,380,181 1,380,181 Water 249,657 249,657 Sewer 1,130,524 1,130,524 Grants/Aids 112,000 112,000 Fire/EMS 112,000 112,000 Special Assessment/Impact Fees 100,000 100,000 Cap. Projects 100,000 100,000 Cash 1,646,000 1,646,000 Water 170,000 170,000 Sewer 991,000 991,000 Cap. Projects 463,000 463,000 Fire/EMS 22,000 22,000 Total 5,679,106 5,679,106 Water 419,657 419,657 Sewer 2,121,524 2,121,524 Cap. Projects 2,886,630 2,886,630 Fire/EMS 134,000 134,000 TID 7 117,295 117,295 Debt Obligations 2026 G.O. Notes 2,440,925 2,440,925 2026 Revenue Bonds 1,380,181 1,380,181 None 1,858,000 1,858,000 Total 5,679,106 5,679,106 Notes: Table 2 Sources & Uses of Funds Village of Jackson, WI 2026 2026 G.O. Notes Levy Portion TID #7 Portion Revenue Bonds Water Portion Sewer Portion CIP Projects1 Water - 249,657 249,657 Sewer - 1,130,524 1,130,524 Cap. Projects 2,323,630 2,323,630 - TID 7 117,295 117,295 - Additional Funds (Rounding) 1,457 1,457 4,535 4,530 5 Subtotal Project Costs 2,442,382 2,325,087 117,295 1,384,715 254,187 1,130,529 CIP Projects1 2,442,382 2,325,087 117,295 1,384,715 254,187 1,130,529 Premium Underwriter's Premium (built into rates) (74,112) (67,984) (6,128) (56,060) (14,740) (41,320) Premium Dep. To Debt Service 38,497 34,079 4,418 0 0 0 Net Premium 2,406,768 2,291,182 115,586 1,328,656 239,447 1,089,209 Debt Service Reserve DSR Funds On Hand 0 0 0 (539,582) (97,239) (442,343) New DSR Requirement 0 0 0 509,319 91,785 417,533 Reserve Fund Requirement 0 0 0 (30,263) (5,454) (24,809) Estimated Issuance Expenses 111,539 106,245 5,294 126,958 22,879 104,079 Municipal Advisor (Ehlers) 25,100 23,955 1,145 35,400 6,380 29,020 Bond Counsel 21,500 20,468 1,032 25,000 4,505 20,495 Disclosure Counsel 13,975 13,304 671 16,250 2,928 13,322 Rating Fee 14,500 13,804 696 19,000 3,424 15,576 Maximum Underwriter's Discount 8.59 21,484 20,453 1,031 9.12 12,903 2,325 10,577 Paying Agent 850 809 41 850 153 697 Bond Insurance 5.65 14,130 13,452 678 12.41 17,556 3,164 14,392 Subtotal Issuance Expenses 111,539 106,245 5,294 126,958 22,879 104,079 TOTAL TO BE FINANCED 2,518,307 2,397,427 120,880 1,425,351 256,873 1,168,479 Estimated Interest Earnings 3.00% (18,307) (17,427.23) (879.71) 3.00% (10,351) (1,872.43) (8,478.93) Assumed spend down (months) 3.00 3.00 Rounding (0) (0) 0 0 (0) 0 NET SIZE 2,500,000 2,380,000 120,000 1,415,000 255,000 1,160,000 Notes: 1) Project Total Estimates per staff direction following 2026 bids. Table 3 Allocation of Debt Service - 2026 Revenue Bonds Village of Jackson, WI Year Year Ending Principal Est. Rate Interest Total Principal Est. Rate Interest Total Ending Principal (5/1) Interest Total 2026 0 0 2026 0 0 0 2027 40,000 3.00% 14,850 54,850 0 3.00% 71,850 71,850 2027 40,000 86,700 126,700 2028 25,000 3.00% 8,725 33,725 25,000 3.00% 47,525 72,525 2028 50,000 56,250 106,250 2029 25,000 3.00% 7,975 32,975 35,000 3.00% 46,625 81,625 2029 60,000 54,600 114,600 2030 25,000 3.00% 7,225 32,225 35,000 3.00% 45,575 80,575 2030 60,000 52,800 112,800 2031 25,000 5.00% 6,225 31,225 45,000 5.00% 43,925 88,925 2031 70,000 50,150 120,150 2032 25,000 5.00% 4,975 29,975 45,000 5.00% 41,675 86,675 2032 70,000 46,650 116,650 2033 25,000 5.00% 3,725 28,725 45,000 5.00% 39,425 84,425 2033 70,000 43,150 113,150 2034 25,000 5.00% 2,475 27,475 55,000 5.00% 36,925 91,925 2034 80,000 39,400 119,400 2035 25,000 5.00% 1,225 26,225 55,000 5.00% 34,175 89,175 2035 80,000 35,400 115,400 2036 15,000 4.00% 300 15,300 70,000 4.00% 31,400 101,400 2036 85,000 31,700 116,700 2037 0 4.00% 0 0 75,000 4.00% 28,500 103,500 2037 75,000 28,500 103,500 2038 0 4.00% 0 0 75,000 4.00% 25,500 100,500 2038 75,000 25,500 100,500 2039 0 4.00% 0 0 75,000 4.00% 22,500 97,500 2039 75,000 22,500 97,500 2040 0 4.00% 0 0 75,000 4.00% 19,500 94,500 2040 75,000 19,500 94,500 2041 0 4.00% 0 0 75,000 4.00% 16,500 91,500 2041 75,000 16,500 91,500 2042 0 4.00% 0 0 75,000 4.00% 13,500 88,500 2042 75,000 13,500 88,500 2043 0 4.00% 0 0 75,000 4.00% 10,500 85,500 2043 75,000 10,500 85,500 2044 0 4.00% 0 0 75,000 4.00% 7,500 82,500 2044 75,000 7,500 82,500 2045 0 4.00% 0 0 75,000 4.00% 4,500 79,500 2045 75,000 4,500 79,500 2046 0 4.00% 0 0 75,000 4.00% 1,500 76,500 2046 75,000 1,500 76,500 Total 255,000 57,700 312,700 1,160,000 589,100 1,749,100 Total 1,415,000 646,800 2,061,800 Notes: Preliminary 1,475,000 738,232 2,213,232 TIC is 3.92% Difference (60,000) (91,432) (151,432) TotalsWater Portion Sewer Portion Table 4 All In Debt Coverage - Impact of Financing Plan Village of Jackson, WI Year Existing Debt Proposed Debt Total Debt Coverage D.S. Capacity Existing Debt Proposed Debt Total Debt Coverage D.S. Capacity Existing Debt Proposed Debt Total Debt Coverage D.S. Capacity Year $605,211 @ 1.6x 953,478.32 @ 1.6x $1,558,689 @ 1.6x 2025 Net Revenues 2025 Net Revenues 2025 Net Revenues 2026 219,844 0 219,844 2.75 158,413 731,364 0 731,364 1.30 (135,440) 951,208 0 951,208 1.64 22,973 2026 2027 226,138 54,850 280,988 2.15 97,269 733,593 71,850 805,443 1.18 (209,519) 959,731 126,700 1,086,431 1.43 (112,250) 2027 2028 219,888 33,725 253,613 2.39 124,644 723,277 72,525 795,802 1.20 (199,878) 943,164 106,250 1,049,414 1.49 (75,234) 2028 2029 213,638 32,975 246,613 2.45 131,644 703,209 81,625 784,834 1.21 (188,910) 916,847 114,600 1,031,447 1.51 (57,266) 2029 2030 207,388 32,225 239,613 2.53 138,644 693,390 80,575 773,965 1.23 (178,041) 900,777 112,800 1,013,577 1.54 (39,397) 2030 2031 201,138 31,225 232,363 2.60 145,894 683,569 88,925 772,494 1.23 (176,570) 884,706 120,150 1,004,856 1.55 (30,676) 2031 2032 194,888 29,975 224,863 2.69 153,394 683,496 86,675 770,171 1.24 (174,247) 878,384 116,650 995,034 1.57 (20,853) 2032 2033 193,963 28,725 222,688 2.72 155,569 678,897 84,425 763,322 1.25 (167,398) 872,859 113,150 986,009 1.58 (11,829) 2033 2034 188,363 27,475 215,838 2.80 162,419 670,021 91,925 761,946 1.25 (166,022) 858,384 119,400 977,784 1.59 (3,603) 2034 2035 182,963 26,225 209,188 2.89 169,069 661,343 89,175 750,518 1.27 (154,594) 844,306 115,400 959,706 1.62 14,475 2035 2036 177,763 15,300 193,063 3.13 185,194 652,864 101,400 754,264 1.26 (158,340) 830,626 116,700 947,326 1.65 26,855 2036 2037 172,563 0 172,563 3.51 205,694 644,382 103,500 747,882 1.27 (151,958) 816,945 103,500 920,445 1.69 53,736 2037 2038 172,263 0 172,263 3.51 205,994 640,799 100,500 741,299 1.29 (145,375) 813,062 100,500 913,562 1.71 60,619 2038 2039 166,863 0 166,863 3.63 211,394 632,114 97,500 729,614 1.31 (133,690) 798,976 97,500 896,476 1.74 77,704 2039 2040 166,300 0 166,300 3.64 211,957 628,264 94,500 722,764 1.32 (126,840) 794,564 94,500 889,064 1.75 85,117 2040 2041 165,469 0 165,469 3.66 212,788 624,144 91,500 715,644 1.33 (119,720) 789,613 91,500 881,113 1.77 93,068 2041 2042 159,531 0 159,531 3.79 218,726 614,915 88,500 703,415 1.36 (107,491) 774,446 88,500 862,946 1.81 111,234 2042 2043 153,594 0 153,594 3.94 224,663 605,684 85,500 691,184 1.38 (95,260) 759,278 85,500 844,778 1.85 129,403 2043 2044 64,275 0 64,275 9.42 313,982 434,670 82,500 517,170 1.84 78,754 498,945 82,500 581,445 2.68 392,736 2044 2045 66,463 0 66,463 9.11 311,794 66,463 79,500 145,963 6.53 449,961 132,925 79,500 212,425 7.34 761,756 2045 2046 0 0 0 N/A 378,257 0 76,500 76,500 12.46 519,424 0 76,500 76,500 20.38 897,681 2046 2047 0 0 N/A 378,257 0 0 N/A 595,924 0 0 0 N/A 974,181 2047 2048 0 0 N/A 378,257 0 0 N/A 595,924 0 0 0 N/A 974,181 2048 2049 0 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2049 2050 0 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2050 2051 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2051 2052 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2052 2053 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2053 2054 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2054 2055 0 N/A 378,257 0 N/A 595,924 0 0 0 N/A 974,181 2055 Total 3,513,288 312,700 3,825,988 12,506,459 1,749,100 14,255,559 16,019,746 2,061,800 18,081,546 Total Notes: 1) Water has implemented a 24% adjustment, effective 4/1/2026, which is projected to add $370k of additional revenues. 2) Sewer completed a 1/1/2026 18% adjustment which is projected to add $374k of additional revenues. Water Debt Service1 Sewer Debt Service2 Water & Sewer Debt Service