Packet.Pdf Town of Lisbon

1. Agenda

Documents:

1-2021-02-22-TB-AGENDA.PDF

2. Meeting Materials

Documents:

2021-02-22-TB-PACKET.PDF TOWN OF LISBON

W234 N8676 Woodside Rd. Lisbon, WI 53089

Join Zoom Meeting Online: https://zoom.us/j/92461107796?pwd=aGlhRmh5Q1JMeDk2VkFsMW5vNEVVdz09 Join Zoom by Phone: Dial 1-312-626-6799 Meeting ID: 924 6110 7796 Passcode: 472051

TOWN BOARD MEETING AGENDA Richard Jung Fire Station – N54W26455 Lisbon Road (CTH K) Monday, February 22, 2021 – immediately after the Special Town Meeting at 6:30 p.m.

1. Roll Call.

2. Pledge of Allegiance.

3. Comments from citizens present. Citizens are invited to share their questions, comments, or concerns with the Town Board. When speaking, citizens should state their name and address for the record and limit their presentation to three minutes. Where possible, the Board will answer factual questions immediately. If a response would involve discussion of Board policy or decisions, which might be of interest to citizens, not present at the meeting, the Board may place the item on a future meeting agenda.

4. Meeting Minutes. • Discussion and necessary action regarding approval of February 8, 2021 Town Board minutes.

5. Accounts Payable. • Authorize the payment of the bills in the amount of $118,650.87.

6. Announcements/Correspondence. • Town Board – Monday 3/8/21 at 6:30p.m., Town Hall • Plan Commission – Thursday 3/11/21 at 6:30p.m., Richard Jung Fire Station • Parks Committee – Monday, 3/15/21 at 6:30p.m., Richard Jung Fire Station • Sanitary Sewer District #1 Commission – Wednesday, 3/17/21 at 6:30p.m., Town Hall

7. Administrator’s Report.

8. Supervisor’s Reports. This is an opportunity for Supervisors to report on respective Committees, Commissions, and Boards of which they serve as a member. Matters require no action or approval.

9. Unfinished Business. A. Discussion and necessary action on Ordinance 2021-03 related to the rezoning of N48W27368 Lynndale Road/ LSBT 0268.999, from AD-10 Agricultural Density to R-2 Single-Family Residential. (approved by Town Board on 1/25/21)

B. Discussion and necessary action on Ordinance 2021-04 related to the rezoning of lands on County Line Road/ LSBT 0150.997, from A-10 Agricultural and C-1 Conservancy to R-2 Single-Family Residential. (approved by Town Board on 1/25/21)

10. Plan Commission Recommendations A. Discussion and necessary action on Ordinance 2021-05 related to the request by Joe Bukovich for MLG/PF Twin Pines LLC for approval of the rezoning of lands on Lake Five Road/ LSBT 0171.995, Town Board Agenda Monday, February 22, 2021 Page 2 of 2

from A-10 Agricultural District to R-1 Suburban Single family Residential District. (approved by Lisbon- Merton JPC on 2/1/21 and PC on 2/11/21)

B. Discussion and necessary action on Ordinance 2021-06 related to the repeal and recreation of various sections of Chapter 11 of the Lisbon Zoning Code related to Conditional Use Permits, due to 2017’s Wisconsin Act 67. (approved 2/11/21)

11. New Business. A. Presentation by City of Pewaukee for possible contract for Fire Protection services, and discussion and necessary action regarding same.

B. Discussion and necessary action regarding Resolution No. 2021-04: Resolution Authorizing the Issuance and Sale of $3,390,000 Taxable General Obligation Promissory Notes, Series 2021A.

C. Discussion and necessary action regarding possible renaming of Town Hall and Town Park.

12. Adjournment.

NOTE: Individual members of the Town Board will be available after the meeting to discuss town related issues with citizens who are present. Please notify the Town of Lisbon 72 hours in advance if you plan to attend and will need an interpreter or assistive hearing device. NOTICE: It is possible that members of and possibly a quorum of members of other governmental bodies of the municipality may be in attendance at the above-stated meeting to gather information: no action will be taken by any governmental body at the above-stated meeting other than the governmental body specifically referred to above in this notice.

TOWN OF LISBON

W234 N8676 Woodside Rd. Lisbon, WI 53089

Join Zoom Meeting Online: https://zoom.us/j/92461107796?pwd=aGlhRmh5Q1JMeDk2VkFsMW5vNEVVdz09 Join Zoom by Phone: Dial 1-312-626-6799 Meeting ID: 924 6110 7796 Passcode: 472051

TOWN BOARD MEETING AGENDA Richard Jung Fire Station – N54W26455 Lisbon Road (CTH K) Monday, February 22, 2021 – immediately after the Special Town Meeting at 6:30 p.m.

1. Roll Call.

2. Pledge of Allegiance.

4. Meeting Minutes. • Discussion and necessary action regarding approval of February 8, 2021 Town Board minutes.

5. Accounts Payable. • Authorize the payment of the bills in the amount of $118,650.87.

7. Administrator’s Report.

8. Supervisor’s Reports. This is an opportunity for Supervisors to report on respective Committees, Commissions, and Boards of which they serve as a member. Matters require no action or approval.

from A-10 Agricultural District to R-1 Suburban Single family Residential District. (approved by Lisbon- Merton JPC on 2/1/21 and PC on 2/11/21)

11. New Business. A. Presentation by City of Pewaukee for possible contract for Fire Protection services, and discussion and necessary action regarding same.

B. Discussion and necessary action regarding Resolution No. 2021-04: Resolution Authorizing the Issuance and Sale of $3,390,000 Taxable General Obligation Promissory Notes, Series 2021A.

C. Discussion and necessary action regarding possible renaming of Town Hall and Town Park.

12. Adjournment.

TOWN OF LISBON TOWN BOARD MINUTES FEBRUARY 8, 2021

DRAFT Regular Meeting

The regular meeting of the Town of Lisbon Plan Commission was held on Monday, February 8, 2021, in the Lisbon Town Hall Board Room, W234N8676 Woodside Road, Lisbon, WI.

Chairman Osterman called the regular Town Board meeting to order at 6:30 p.m.

Roll Call: Present: Chairman Osterman, Supervisors Brahm, Moonen, Beal, and Plotecher. Also present were Administrator Kathy Nickolaus and Clerk Elisa Cappozzo to record the minutes.

Citizen Comment: None.

Administrator Report Administrator Nickolaus gave a brief update on current Town projects and departments.

Supervisor Reports Fire Department liaison Supervisor Brahm reported that the Lisbon Fire Department was part of the mutual aid response to the large industrial fire in Town of Brookfield over the weekend. There were no reports of any injuries to first responders nor citizens. No action was taken.

Meeting Minutes – January 25, 2021 Town Board Motion by Beal, second by Moonen, to approve the minutes of the January 25, 2021 Regular Town Board meeting as presented. Motion carried unanimously.

Accounts Payable. A. Authorize the payment of the bills in the amount of $161,808.96 Motion by Beal, second by Moonen, to approve the Vouchers Payable report dated 2/4/2021 as presented. Motion carried unanimously. B. Monthly report of ACH & Autopays – January 2021 Motion by Moonen, second by Plotecher, to place the January 2021 report of ACH & Autopays on file. Motion carried unanimously.

Upcoming Town Boards, Commissions, and Committee Meetings • Plan Commission & Joint Public Hearings – Thursday 2/11/21 at 6:30p.m., Richard Jung Fire Station • Parks Committee – Monday 2/15/21 at 6:30p.m., Richard Jung Fire Station • Spring Primary Election – Tuesday, February 16, 2021 • Sanitary Sewer District #1 Commission: Wednesday, 2/17/21 at 6:30p.m., Town Hall • Special Town Meeting & Town Board - Monday 2/22/21 at 6:30p.m., Richard Jung Fire Station

Unfinished Business Consideration of possible amendment to Barnwood Development Agreement related to tree sizes Administrator Nickolaus reported that the Plan Commission indicated the tree size was inserted by the developer, and that they had no objections to amend the tree size from 4” to 2”.

Office: (262) 246-6100 - E-Mail: [email protected] – www.townoflisbonwi.com Town Board Minutes Monday, February 8, 2021 Page 2 of 2

Motion by Osterman, second by Beal, to approve the amendment of the Developer’s Agreement for Barnwood Conservancy to allow minimum 2” diameter trees to be planted in each lot. Motion carried unanimously.

New Business Consideration of a Non-Compliance/Citizen Complaint policy Administrator Nickolaus noted that there has been a lack of consistency with how citizen complaints and/or non-compliance issues had been handled in the past. A draft policy and complaint form were presented for review. Motion by Beal, second by Plotecher, to approve the Non-Compliance policy and Citizen Complaint form as presented. Further discussion raised concerns regarding potential for liability, privacy issues, and possible abuse. The motion was voted on and failed 1:4 (Beal).

Motion by Moonen, second by Brahm, to table until March 8th meeting, and direct Administrator Nickolaus to obtain similar policies from surrounding municipalities for comparison. The motion was voted on and carried 4:1 (Beal).

Closed Session It was determined that a Closed Session discussion was unnecessary at this time. No action was taken.

Adjournment Motion by Beal, second by Moonen, to adjourn the meeting at 7:06p.m. Motion carried unanimously.

Respectfully Submitted,

Elisa M. Cappozzo Municipal Clerk

Office: (262) 246-6100 - E-Mail: [email protected] – www.townoflisbonwi.com Town of Lisbon WI Payment Approval Report Page: 1 Report dates: 2/9/2021-2/18/2021 Feb 18, 2021 08:36AM

Vendor Vendor Name Invoice Number Description Invoice Date Net GL Account and Title Invoice Amount

1ST AYD CORPORATION 2 1ST AYD CORPORATION PSI427970 DEGREASER, GLOVES, TOWELS, AIR 02/01/2021 238.11 10-533-530-3100 SUPPLIES - HIGHWAY

Total 1ST AYD CORPORATION: 238.11

AIR ONE EQUIPMENT INC 23 AIR ONE EQUIPMENT INC 165543 REPLACE BROKEN ONE, GAS METER 02/15/2021 1,048.00 10-522-530-5410 EQUIPMENT MAINTENANCE - FD 23 AIR ONE EQUIPMENT INC 165544 CO MONITORS FOR MED BAGS 02/15/2021 897.00 10-523-530-3860 MEDICAL SUPPLIES - AMBO

Total AIR ONE EQUIPMENT INC: 1,945.00

Ali & Hammad LLC 2800 Ali & Hammad LLC 41185 POSTAGE PORT-COUNT MACHINE 01/12/2021 56.45 10-522-530-3100 SUPPLIES - FD

Total Ali & Hammad LLC: 56.45

CANON FINANCIAL SERVICES INC 157 CANON FINANCIAL SERVICES I 26253116 TOWN HALL COPIER CONTRACT 02/09/2021 593.56 10-518-530-4000 EQUIPMENT LEASES - GEN GOV'T

Total CANON FINANCIAL SERVICES INC: 593.56

COMPASS MINERALS AMERICA 194 COMPASS MINERALS AMERICA 753564 84.64 TON ROAD SALT DELIVERED 01/29/2021 6,331.92 10-542-530-3530 SALT - HIGHWAY 194 COMPASS MINERALS AMERICA 755683 62.55 TON ROAD SALT DELIVERED 02/02/2021 4,679.37 10-542-530-3530 SALT - HIGHWAY

Total COMPASS MINERALS AMERICA: 11,011.29

EMERGENCY SERVICES MARKETING 281 EMERGENCY SERVICES MARK MAR 2021 I AM RESPONDING RENEWAL 02/04/2021 810.00 10-522-530-4400 CONTRACTED SERVICES - FD

Total EMERGENCY SERVICES MARKETING: 810.00

FALLS AUTO PARTS & SUPPLIES 307 FALLS AUTO PARTS & SUPPLIE 612844 AM/FM ANTENNA TRK#4 02/09/2021 16.48 10-533-530-5500 VEHICLE MAINTENANCE - HIGHWAY 307 FALLS AUTO PARTS & SUPPLIE 613017 OIL & FLTR TRK#10 02/11/2021 46.04 10-533-530-5500 VEHICLE MAINTENANCE - HIGHWAY

Total FALLS AUTO PARTS & SUPPLIES: 62.52

FLEMING'S FIRE 1 INC. 330 FLEMING'S FIRE 1 INC. 118550 BADGES FOR PLAQUES 02/08/2021 102.00 10-522-530-3810 UNIFORMS - FD Town of Lisbon WI Payment Approval Report Page: 2 Report dates: 2/9/2021-2/18/2021 Feb 18, 2021 08:36AM

Vendor Vendor Name Invoice Number Description Invoice Date Net GL Account and Title Invoice Amount

Total FLEMING'S FIRE 1 INC.: 102.00

GALLS, LLC 2604 GALLS, LLC 017512348 STRYKER EMS PANTS 01/26/2021 77.08 10-522-530-3810 UNIFORMS - FD

Total GALLS, LLC: 77.08

HAMILTON SCHOOL DISTRICT 413 HAMILTON SCHOOL DISTRICT JAN 2021 JAN MOBILE HOME PARKING FEES 01/31/2021 3,977.60 10-200-250-4620 MOBILE HOME DUE TO HAMILTON

Total HAMILTON SCHOOL DISTRICT: 3,977.60

ITU ABSORB TECH INC. 469 ITU ABSORB TECH INC. 7640807 MATS & RUGS TOWN HALL 02/15/2021 73.35 10-516-530-4400 CONTRACTED SVS -TOWN HALL

Total ITU ABSORB TECH INC.: 73.35

JOURNAL SENTINEL INC. 541 JOURNAL SENTINEL INC. 3682509 LEGAL NOTICES 01/31/2021 206.88 10-518-530-3600 LEGAL NOTICES PUBLICATIONS

Total JOURNAL SENTINEL INC.: 206.88

JX ENTERPRISES, INC. 499 JX ENTERPRISES, INC. 12134630P MIRRORS PASSENGER TRK#4 02/09/2021 46.33 10-533-530-5500 VEHICLE MAINTENANCE - HIGHWAY

Total JX ENTERPRISES, INC.: 46.33

KERSHEK LAW OFFICES 509 KERSHEK LAW OFFICES 02/21 18854 Prosecutorial Services 02/10/2021 750.00 10-518-530-4120 LEGAL FEES - MUNICIPAL COURT

Total KERSHEK LAW OFFICES: 750.00

LAKESIDE INTERNATIONAL 547 LAKESIDE INTERNATIONAL 3085339P THERMO HOUSING & FLTR TRK#17 02/11/2021 356.83 10-533-530-5500 VEHICLE MAINTENANCE - HIGHWAY

Total LAKESIDE INTERNATIONAL: 356.83

LANGE ENTERPRISES INC. 552 LANGE ENTERPRISES INC. 75293 SIGN BRACKETS & ADDRESS TILES/H 02/01/2021 560.10 10-533-530-3540 SIGNS - HIGHWAY Town of Lisbon WI Payment Approval Report Page: 3 Report dates: 2/9/2021-2/18/2021 Feb 18, 2021 08:36AM

Vendor Vendor Name Invoice Number Description Invoice Date Net GL Account and Title Invoice Amount

Total LANGE ENTERPRISES INC.: 560.10

MENARDS -- PEWAUKEE 607 MENARDS -- PEWAUKEE 78107 WINDOW PLASTIC FOR TH 02/09/2021 23.97 10-516-530-3100 OFFICE SUPPLIES - TOWN HALL 607 MENARDS -- PEWAUKEE 78108 TILES FOR COMMUNITY RM 02/09/2021 36.48 10-522-530-5200 BLDG MAINTENANCE - FD 607 MENARDS -- PEWAUKEE 78110 WHITE PAINT FOR SHOP 02/09/2021 195.00 10-533-530-5200 BUILDING MAINTENANCE - HIGHWAY 607 MENARDS -- PEWAUKEE 78110 LUMBER & SUPPLIES FOR MAILBOXE 02/09/2021 343.61 10-533-530-3100 SUPPLIES - HIGHWAY 607 MENARDS -- PEWAUKEE 78125 LIGHT BULBS BOTH STATIONS 02/09/2021 197.77 10-522-530-5200 BLDG MAINTENANCE - FD 607 MENARDS -- PEWAUKEE 78214 GEAR DRYER REIMB BY FF INC 02/11/2021 370.50 10-522-530-3810 UNIFORMS - FD

Total MENARDS -- PEWAUKEE: 1,167.33

MERTON ATHLETIC ASSOCIATION 613 MERTON ATHLETIC ASSOCIATI 2021-02 MAA 2021 CONTRIBUTION FEE 02/16/2021 2,500.00 10-553-530-3860 MERTON ATHLETIC ASSOCIATION

Total MERTON ATHLETIC ASSOCIATION: 2,500.00

OSI ENVIRONMENTAL INC. 699 OSI ENVIRONMENTAL INC. 1053503 RECYCLED OIL FILTERS 03/02/2021 45.00 10-546-530-7870 RECYCLING - OIL/ANTFZ/FILTERS

Total OSI ENVIRONMENTAL INC.: 45.00

PAYNE & DOLAN INC. 709 PAYNE & DOLAN INC. 106064-03 2020 RESURFACING PRGM - BAL DUE 02/04/2021 22,030.00 70-533-570-8200 ROAD IMPROVEMENTS - HIGHWAY

Total PAYNE & DOLAN INC.: 22,030.00

POMP'S TIRE SERVICE INC 738 POMP'S TIRE SERVICE INC 60233092 TIRES & INSTALL CAT M318D 01/28/2021 4,016.00 10-533-530-5410 EQUIP MAINTENANCE - HIGHWAY

Total POMP'S TIRE SERVICE INC: 4,016.00

RELIANT FIRE APPARATUS INC. 776 RELIANT FIRE APPARATUS INC. CI002703 TAGS FOR DRAINS/VALVES 02/04/2021 20.07 10-522-530-5500 VEHICLE MAINTENACE - FD 776 RELIANT FIRE APPARATUS INC. WI000698 COMPUTER CODE FIX, UHP REPAIR 02/05/2021 4,048.66 10-522-530-5500 VEHICLE MAINTENACE - FD

Total RELIANT FIRE APPARATUS INC.: 4,068.73 Town of Lisbon WI Payment Approval Report Page: 4 Report dates: 2/9/2021-2/18/2021 Feb 18, 2021 08:36AM

Vendor Vendor Name Invoice Number Description Invoice Date Net GL Account and Title Invoice Amount

STAPLES ADVANTAGE 865 STAPLES ADVANTAGE 3467827680 STAMPS, PENCILS, BNDR CLPS, PPR 01/26/2021 28.43 10-516-530-3100 OFFICE SUPPLIES - TOWN HALL 865 STAPLES ADVANTAGE 3467827680 MARKERS, SHEET PROTECTORS 01/26/2021 22.88 10-513-530-3100 SUPPLIES - ELECTION

Total STAPLES ADVANTAGE: 51.31

SUPPLY ZONE 889 SUPPLY ZONE 2170 TP, TOWELS 02/03/2021 170.95 10-522-530-3100 SUPPLIES - FD

Total SUPPLY ZONE: 170.95

SUSSEX ACE HARDWARE 7 SUSSEX ACE HARDWARE 196129 SAWALL BLADES 01/23/2021 134.90 10-522-530-5410 EQUIPMENT MAINTENANCE - FD 7 SUSSEX ACE HARDWARE 196236 LAUNDRY, WD40 01/31/2021 26.07 10-522-530-3100 SUPPLIES - FD

Total SUSSEX ACE HARDWARE: 160.97

UNIFIRST CORPORATION 2349 UNIFIRST CORPORATION 096 1169047 DPW UNIFORMS & MATS 02/08/2021 91.33 10-533-530-3630 UNIFORMS/MATS - HIGHWAY

Total UNIFIRST CORPORATION: 91.33

W.S. Darley & Co. 227 W.S. Darley & Co. 17424487 STRUCTURAL FF BOOTS 02/10/2021 347.92 10-522-530-3810 UNIFORMS - FD

Total W.S. Darley & Co.: 347.92

WAUKESHA COUNTY 2404 WAUKESHA COUNTY JAN 2021 REIMB RECORDING FEES 02/02/2021 60.00 10-563-530-3100 WC ROD & LARGE FORMAT SCANNING

Total WAUKESHA COUNTY: 60.00

WAUKESHA COUNTY TREASURER 2390 WAUKESHA COUNTY TREASUR 2020-0000000 COUNTY HRS Q4 REIMB LATE BILLIN 12/31/2020 58.68 10-563-530-4400 WC PLANNER- PC - REIMB 2390 WAUKESHA COUNTY TREASUR 2021-5005001 MAR 2021 POLICE SERVICES 02/12/2021 62,622.79 10-521-530-4400 CONTRACTED SERVICES - WCSD

Total WAUKESHA COUNTY TREASURER: 62,681.47

WCTC 2411 WCTC S0735443 TUITIONS & FEES - CHELMINIAK 01/25/2021 80.00 10-522-530-7700 EDUCATION - FD Town of Lisbon WI Payment Approval Report Page: 5 Report dates: 2/9/2021-2/18/2021 Feb 18, 2021 08:36AM

Vendor Vendor Name Invoice Number Description Invoice Date Net GL Account and Title Invoice Amount

2411 WCTC S0735443 TUITIONS & FEES - DOROW 01/25/2021 54.73 10-522-530-7700 EDUCATION - FD 2411 WCTC S0735443 TUITIONS & FEES - GRETZINGER 01/25/2021 54.73 10-522-530-7700 EDUCATION - FD 2411 WCTC S0735443 TUITIONS & FEES - KOEPPEN 01/25/2021 54.73 10-522-530-7700 EDUCATION - FD 2411 WCTC S0735443 TUITIONS & FEES - LUGER 01/25/2021 93.84 10-522-530-7700 EDUCATION - FD 2411 WCTC S0735443 TUITIONS & FEES - SANCHEZ 01/25/2021 54.73 10-522-530-7700 EDUCATION - FD

Total WCTC: 392.76

Grand Totals: 118,650.87

Dated: ______

Chairman: ______

Board Member #1: ______

Board Member #2: ______

Board Member #3: ______

Board Member #4: ______

Report Criteria: Detail report. Invoices with totals above $0.00 included. Only unpaid invoices included.

ADMINISTRATOR REPORT

PREPARED BY: Kathy Nickolaus, Administrator

REPORT DATE: Monday February 22, 2021

The Election had a turnout of 545 out of 7961 registered voters or 6.8% turnout. This was the first time Badger books were used. After speaking with the chief inspectors most voters were happy to use them.

I will have monthly updates on development on the Lied’s site. Sanitary permit has been approved and received from the county. We have met with the Village of Sussex and Hamilton school district about easements for the water main going down Main street through where Richard road will be built and across Hamilton property to attached to the main on the property. This will be phase 1.

Joe from Briohn has sent over some possible building placement and is in talks with a vendor that is looking at around 120-130 thousand sq ft building and another spec building about the same size.

He also has a connection that would like to build a dance studio in the Commercial area. I have been reaching out to a couple of commercial businesses for the non-industrial area.

Public records requests: Jeff Fillinger request has been completed. A new request was made by the Wisconsin Institute for Law & Liberty concerning the Grant we received from CTCL.

DOT has announced a 2026 Hwy 164 project. In the review of the project, they will be evaluating Plainview road intersection for control needs.

Parks is gearing up for the Easter Extravaganza on March 27th from 12:30 to 2:00 pm.

The website continues to be worked on and we are reviewing the design currently with an expected date to go line on May 26th.

Fire department had a total of 124 calls in January with $290,000 in fire loss. There were 51 Medical calls and 39 Inter-facility transports.

DPW In January the department when out 11 times on winter events, picked up Christmas trees, helped getting water to the ice rink, performed maintenance on 4 fire department vehicles. The new ceiling fans a and garage doors have been installed at the Goodhope Fire/DPW building.

Treasurer has been working on papers for audit finalizing 2020 reconciliation. Our Moody rating continues at Aa3 after their review last week.

STATE OF WISCONSIN TOWN OF LISBON WAUKESHA COUNTY

ORDINANCE 2021-03

ORDINANCE REZONING APPROXIMATELY 47 ACRES OF LAND AT N48W27368 LYNNDALE ROAD, LSBT 0268.999, FROM AD-10 AGRICULTURAL DENSITY 10-ACRE TO R-2 SINGLE-FAMILY RESIDENTIAL IN THE TOWN OF LISBON, WAUKESHA COUNTY, WISCONSIN

WHEREAS, Property owner KKNN Lyndale LLC (Mike Kaerek) requests to rezone property from the AD-10 Agricultural Density 10-Acre District to the R-2 Single-Family Residential District; and

WHEREAS, the change in zoning is consistent with the Town of Lisbon Comprehensive Land Use Plan; and

WHEREAS, the Lisbon Plan Commission and Town Board of Supervisors held a Joint Public Hearing on the rezoning request on Thursday, January 14, 2021.

NOW, THEREFORE, the Town Board of the Town of Lisbon, Waukesha County, Wisconsin, does ordain as follows:

SECTION 1: The following described property is rezoned from the AD-10 Agricultural Density 10-Acre District to R-2 Single-Family Residential:

PT SE1/4 SEC 31 T8N R19E; COM S1/4 COR SEC 31; N88°34'02"E 66.80 FT; N88°39'51"E 1344.05 FT; N00°27'28"W 588.61 FT; N89°57'48"E 890.06 FT; N05°23'57"W 159.54 FT; N89°56'23"E 383.50 FT; N00°03'37"W 1101.00 FT; S86°54'59"W 2662.43 FT; S00°09'03"W 1739.18 FT TO BGN :: DOC# 4256437 ALSO KNOWN AS LSBT 0268.999

SECTION 2: All ordinances or parts of ordinances conflicting with or contravening the provisions of this ordinance are hereby repealed.

SECTION 3: This ordinance shall take effect upon passage and posting as provided by law.

Ordinance 2021-03 – Rezone LSBT 0268.999 from AD-10 to R-2 Page 2 of 2

PASSED AND ADOPTED by the Town Board of the Town of Lisbon, Waukesha County, Wisconsin this ____ day of ______, 2021.

TOWN BOARD, TOWN OF LISBON WAUKESHA COUNTY, WISCONSIN

BY: JOSEPH OSTERMAN, Chairman

BY: DOUG BRAHM, Supervisor

BY: MARC MOONEN, Supervisor

BY: LINDA BEAL, Supervisor

BY: REBECCA PLOTECHER, Supervisor

ATTEST:

BY: ELISA M. CAPPOZZO, Town Clerk

STATE OF WISCONSIN TOWN OF LISBON WAUKESHA COUNTY

ORDINANCE 2021-04

ORDINANCE REZONING APPROXIMATELY 42 ACRES OF UNPLATTED LANDS LOCATED ON COUNTY LINE ROAD, LSBT 0150.997, FROM A-10 AGRICULTURAL AND C-1 CONSERVANCY TO R-2 SINGLE-FAMILY RESIDENTIAL IN THE TOWN OF LISBON, WAUKESHA COUNTY, WISCONSIN

WHEREAS, Mike Kaerek on behalf of property owner Riteway Bus LLC requests to rezone property from the A-10 Agricultural and C-1 Conservancy Districts to the R-2 Single-Family Residential District; and

WHEREAS, the change in zoning is consistent with the Town of Lisbon Comprehensive Land Use Plan; and

WHEREAS, the Lisbon Plan Commission and Town Board of Supervisors held a Joint Public Hearing on the rezoning request on Thursday, January 14, 2021.

NOW, THEREFORE, the Town Board of the Town of Lisbon, Waukesha County, Wisconsin, does ordain as follows:

SECTION 1: The following described property is rezoned from A-10 Agricultural and C-1 Conservancy to R-2 Single-Family Residential:

W1/2 NW1/4 SEC 2 T8N R19E EX VOL 732/570 DEEDS EX VOL 811/493 DEEDS EX VOL 811/495 DEEDS EX R110/203 EX HWY EX 4 FT STRIP EX CERT SURV 4373 DOC# 4063852 ALSO KNOWN AS LSBT 0150.997

SECTION 2: All ordinances or parts of ordinances conflicting with or contravening the provisions of this ordinance are hereby repealed.

SECTION 3: This ordinance shall take effect upon passage and posting as provided by law.

Ordinance 2021-04 – Rezone LSBT 0150.997 from A-10 and C-1 to R-2 Page 2 of 2

PASSED AND ADOPTED by the Town Board of the Town of Lisbon, Waukesha County, Wisconsin this ____ day of ______, 2021.

TOWN BOARD, TOWN OF LISBON WAUKESHA COUNTY, WISCONSIN

BY: JOSEPH OSTERMAN, Chairman

BY: DOUG BRAHM, Supervisor

BY: MARC MOONEN, Supervisor

BY: LINDA BEAL, Supervisor

BY: REBECCA PLOTECHER, Supervisor

ATTEST:

BY: ELISA M. CAPPOZZO, Town Clerk

STATE OF WISCONSIN TOWN OF LISBON WAUKESHA COUNTY

ORDINANCE 2021-05

ORDINANCE REZONING APPROXIMATELY 53 ACRES OF UNPLATTED LANDS LOCATED ON LAKE FIVE ROAD, LSBT 0171.995, FROM A-10 AGRICULTURAL TO R-1 SUBURBAN SINGLE-FAMILY RESIDENTIAL IN THE TOWN OF LISBON, WAUKESHA COUNTY, WISCONSIN

WHEREAS, Property owner Joe Bukovich for MLG/PF Twin Pines LLC requests to rezone property from the A-10 Agricultural District to the R-1 Single-Family Residential District; and

WHEREAS, the change in zoning is consistent with the Town of Lisbon Comprehensive Land Use Plan; and

WHEREAS, the Lisbon-Merton Joint Plan Committee considered the rezoning request on Monday, February 1, 2021, and recommended approval; and

WHEREAS, the Lisbon Plan Commission and Town Board of Supervisors held a Joint Public Hearing on the rezoning request on Thursday, February 11, 2021.

NOW, THEREFORE, the Town Board of the Town of Lisbon, Waukesha County, Wisconsin, does ordain as follows:

SECTION 1: The following described property is rezoned from A-10 Agricultural to R-1 Suburban Single-Family Residential:

PT SW1/4 SEC 7 T8N R19E; COM W1/4 COR; N89°08'02"E 1973.23 FT TO NW COR LOT 1 CSM #4646; S00°30'20"W 479.47 FT TO SW COR OUTLOT 1 CSM #4646; N89°02'20"E 283.09 FT TO E LI SW1/4; S00°30'20"W 468.00 FT TO ELY EXTENSION OF N LI CSM #1047; N89°29'40"W 292.64 FT TO NW COR CSM #1047; S00°30'20"W 158.12 FT TO SW COR CSM #1047; N88°42'51"E 292.78 FT TO E LI SW1/4; S00°30'20"W 6.10 FT; S88°59'59"W 2264.55 FT TO W LI SW1/4; N00°55'30"E 1107.59 FT TO BGN :: DOC #4361918 ALSO KNOWN AS LSBT 0171.995

SECTION 2: All ordinances or parts of ordinances conflicting with or contravening the provisions of this ordinance are hereby repealed.

SECTION 3: This ordinance shall take effect upon passage and posting as provided by law.

Ordinance 2021-05 – Rezone LSBT 0171.995 from A-10 to R-1 Page 2 of 2

PASSED AND ADOPTED by the Town Board of the Town of Lisbon, Waukesha County, Wisconsin this ____ day of ______, 2021.

TOWN BOARD, TOWN OF LISBON WAUKESHA COUNTY, WISCONSIN

BY: JOSEPH OSTERMAN, Chairman

BY: DOUG BRAHM, Supervisor

BY: MARC MOONEN, Supervisor

BY: LINDA BEAL, Supervisor

BY: REBECCA PLOTECHER, Supervisor

ATTEST:

BY: ELISA M. CAPPOZZO, Town Clerk

600 W. Virginia Street, Suite 601 Milwaukee, WI 53204 (262) 875-5000 phone (608) 826-0530 FAX www.vierbicher.com

January 29, 2021 – revised February 4, 2021

Chairperson Osterman and Town Plan Commission Members Town of Lisbon W23N8676 Woodside Road Lisbon, WI 53089

Re: Twin Pine Farms III Subdivision – Proposed Rezone and Concept Plan (MLG/PF Twin Pines LLC)

Dear Plan Commission Members:

The above-referenced applications for a Rezoning and Concept Plan review were received in our office for review on behalf of the Town of Lisbon. Joe Bukovich of MLG/PF Twin Pines LLC, applicant and owner, has filed the request. The site is located on the west side of Lake Five Road (Tax Key LSBT0171995). We have reviewed the following application materials:

 Lisbon Rezoning Application  Proposed Rezoning Exhibit Map  Concept Plan dated January 13, 2021

Summary Joe Bukovich of MLG-PF Twin Pines LLC is proposing to develop approximately 53 acres for a single- family residential subdivision known as Twin Pine Farms III (see proposed Concept Plan). A pre- application meeting was held with Lisbon staff on December 17, 2020, and previous developer agreements reviewed. The Twin Pine Farms subdivision was started in 2005 with approval of a preliminary plat and a final plat for Phase I. A few years later, the Twin Pine Farms II plat was approved for Phases IIA and IIB. These earlier phases are substantially built out, though several lots remain available.

The proposed new phase would require a rezoning, and approval of a preliminary plat and final plat. The developer is in the process of preparing a preliminary plat for submittal at a later date. The subject parcel was included in the original Twin Pine Farms preliminary plat in 2005. However, the developer proposes changes to the layout for this phase, specifically:

 Removing the road connection to Center Oak Road;  One additional lot proposed (for a total of 37 lots vs 36 previously); and  Minor adjustments to the internal road layout and lot arrangement, primarily in the south end.

These layout changes, and the fact that the original plats were approved under previous Town ordinances, are typically reasons to require a new preliminary plat submittal. Lisbon adopted completely new zoning and subdivision ordinances in 2010.

The property is subject only to Town of Lisbon zoning; there is no County Shoreland zoning on the site. The site is within the Joint Planning Area (JPA) and extraterritorial jurisdiction of the Village of Merton, per the new Cooperative Plan adopted in 2020. The Cooperative Plan states that the JPC shall “receive, consider, and comment upon all applications for rezoning, conditional uses, PUDs, and plats that arise within the JPA.” The JPC met on February 1, 2021 to discuss the concept plan and they recommended approval of the rezoning to the Merton and Lisbon Plan Commissions.

February 4, 2021 Page 2 of 3

Future plat submittals will require approval by both the Town and Waukesha County. The property is also within the extraterritorial jurisdiction of the Village of Merton. The rezoning and future plat submittals will be subject to Merton’s extraterritorial review.

Application Review

Property Information

Property owner: MLG-PF Twin Pines LLC

Location: West side of Lake Five Rd, north of Plainview Road and south of Perennial Terrace

Tax Key: LSBT0171995

Adjacent land uses and zoning: North: Residential Twin Pine Farms subdivision (zoned R-1) East: Agricultural / rural residential (zoned A-10) South: Agricultural / rural residential (zoned A-10) West: Marshall Drive subdivision / residential (zoned R-1 and A-1, in the Town of Merton)

Existing Zoning: A-10 Agricultural (Town jurisdiction only)

Proposed Zoning: R-1 Suburban Single Family Residential

Recommended Land Use: Low Density Residential / 20,000 sq. ft. to 1.4 acres per dwelling unit

Zoning Map Amendment Review Comments Because the current A-10 zoning has a minimum lot size of ten (10) acres, a zoning map amendment is required in order to allow for potential subdivision of the property. The applicant proposes R-1 zoning in order to match the zoning of first two phases of Twin Pine Farms to the north. Any amendment to the Zoning Map for this property must be consistent with the Recommended Land Use Map.

Consistency with Lisbon’s Comprehensive Development Plan The Applicant’s Concept Plan proposes 37 lots at a minimum of 1 acre in size. The average density for the site as a whole is 1.4 acres per dwelling unit, consistent with the Recommended Land Use Map. This is also consistent with the Exhibit E Joint Planning Area – Land Use Plan in the current Lisbon-Merton intergovernmental agreement.

Other more specific objectives in the Lisbon Comprehensive Plan – such as wetland protection, stormwater management, locating lots where soils are most suitable, and maintaining adequate separation from groundwater – are typically and most properly addressed in subsequent stages of project planning, if the rezoning is approved the project moves forward.

Concept Plan Review Comments Under the Cooperative Plan between Lisbon and Merton, “the zoning and other codes of the Town shall govern all reviews or other matters undertaken by the JPC.” If the rezoning is approved, the development will be subject to compliance with the Town Chapter 11 Zoning Ordinance, Chapter 12 Land Division Ordinance, and all other applicable Chapters. The following are preliminary comments:

1. The new road configuration for Marshall Drive would create a gap between two road segments with the same name. Public access would be cut off at this location; however the concept plan shows an easement for emergency access purposes, to enable EMS vehicles a connection to the neighborhood from Marshall Drive to Center Oak Road. The applicant has been in contact with Lisbon Fire Department, and has been asked to contact the Merton Fire Department as well per feedback received at the Lisbon-Merton JPC meeting on February 1, 2021. February 4, 2021 Page 3 of 3

2. Construction plans, including plan and profiles for all new streets, shall be submitted with the plat. The project will be subject to Lisbon’s design standards for streets, as established by the Town Engineer in concert with the Director of Public Works.

3. The plat should anticipate dedicating public right-of-way on both Center Oak Road (in the Town of Merton) and Lake Five Road (in Lisbon). The applicant has been advised to contact the Town of Merton regarding their requirements for Center Oak Road.

4. Soil testing has been done for the site; results of the testing shall be provided to the Town and the Town Engineer with the plat submittal.

5. The Town Engineer shall determine whether a new stormwater management plan needs to be prepared and submitted with the preliminary plat. To date, no previous stormwater plan has been found on file with Lisbon nor the Town Engineer, so the applicant is asked to provide this when plans are available.

6. Town Ch 12 subdivision ordinance requires trails in all new developments, subject to Plan Commission’s discretion. The original preliminary plat did not contain trails. However, the new Five Year Park Plan approved by Lisbon in January identifies the need for a neighborhood park within the three northwestern-most sections in the town. Lisbon may want to confirm whether or not they want this development to dedicate any of these facilities.

7. The concept plan identifies a potential wetland within Outlot 3. A field delineation is needed to verify the presence of any wetlands. Lisbon ordinances require a 75-foot setback for all structures from wetlands, as does Waukesha County. The applicant has been advised of the need to contact Waukesha County about the permit process related to this site, as the County has DNR jurisdiction and can advise on the process and timeline for wetland-related permits, as needed.

Recommendation – Rezoning Planning staff recommends approval of the rezoning request to amend the Zoning Map from A-10 to R-1 Single-Family Residential.

The issues outlined above are meant to act as a guideline to assist you in discussions as to what issues you feel need to be addressed in order for you to review this proposal. I will be in attendance at the Lisbon Plan Commission meeting on February 11 to answer questions.

Sincerely,

Rachel Holloway, AICP Town Planner

Encl: Lisbon-Merton Exhibit E JPA/ETZ Planned Land Use Map Pages from Lisbon Five-Year Park Plan 2020 cc: Elisa Cappozzo, Town Clerk, Town of Lisbon Kathy Nickolaus, Town Administrator, Town of Lisbon Joe Bukovich, MLG-PF Twin Pines LLC Tom Nelson, Village Administrator-Clerk-Treasurer, Village of Merton

M:\Lisbon, Town of\200200 - 2020 Town Planning Services\2020 Tasks\2020.33 - Twin Pine Farms III Subdivision (MLG)\Reviews\2021-01-29 PC-JPC Review Ltr\2021-01-29 Ltr - Twin Pine Farm III Rezone.docx

HALL S C

A T M

MARSHALL

COPPERCT

C O

P C P MARSHALL ER TWIN PINE CIR

CENTER OAK RD

LAKEFIVE RD

MARSHALL DR

R D

L L

A «M

Subject Parcel Parcel ID LSBT0171995: Site Map Town of Lisbon Boundary Town of Lisbon 1 inch = 375 feet 0 185 370 740 REEDSBURG - MADISON - PRAIRIE DU CHIEN - MILWAUKEE Source: Esri, Maxar, GeoEye, Earthstar Geographics, CNES/Airbus 600DS, W USDA,Virginia St SuiteUSGS, 601, Milwaukee, AeroGRID, WI 53204 IGN, Feet and the GIS User Community Phone: (262) 875-5000 Fax: (608) 826-0530

Document Path: M:\Lisbon, Town of\200200 - 2020 Town Planning Services\2020 Tasks\2020.33 - Twin Pine Farms III Subdivision (MLG)\Mapping and Exhibits\1_Site Map.mxd Data Sources: Vierbicher, Town of Lisbon, Waukwsha County, ESRI

HALL S C

A T M

MARSHALL A-1 R-1

COPPERCT

C O

P C P MARSHALL ER TWIN PINE CIR

CENTER OAK RD

R-2

LAKEFIVE RD

A-10

R-2 MARSHALL DR R-1

R-3

R D

L L

A «M

Subject Parcel Parcel ID LSBT0171995: Current Zoning Town of Lisbon Boundary Town of Lisbon AD-10 A-5 R-2 B-1 B-4 M-1 C-1 1 inch = 375 feet RD-5 A-3 R-3 B-2 B-P M-2 UC 0 185 370 740 REEDSBURG - MADISON - PRAIRIE DU CHIEN - MILWAUKEE Source: Esri, Maxar, GeoEye, Earthstar Geographics, CNES/Airbus 600DS, W USDA,Virginia St SuiteUSGS, 601, Milwaukee, AeroGRID, WI 53204 IGN, Feet A-10 R-1 RM B-3 Q-1 andP-I the GISPR User Community Phone: (262) 875-5000 Fax: (608) 826-0530

Document Path: M:\Lisbon, Town of\200200 - 2020 Town Planning Services\2020 Tasks\2020.33 - Twin Pine Farms III Subdivision (MLG)\Mapping and Exhibits\2_Current Zoning.mxd Data Sources: Vierbicher, Town of Lisbon, Waukwsha County, ESRI

HALL S C

A T M

MARSHALL

COPPERCT

C O

P C P MARSHALL ER TWIN PINE CIR

CENTER OAK RD

LAKEFIVE RD

MARSHALL DR

R D

L L

A «M

Subject Parcel Parcel ID LSBT0171995: Proposed Zoning Town of Lisbon Boundary Town of Lisbon AD-10 A-5 R-2 B-1 B-4 M-1 C-1 1 inch = 375 feet RD-5 A-3 R-3 B-2 B-P M-2 UC 0 185 370 740 REEDSBURG - MADISON - PRAIRIE DU CHIEN - MILWAUKEE Source: Esri, Maxar, GeoEye, Earthstar Geographics, CNES/Airbus 600DS, W USDA,Virginia St SuiteUSGS, 601, Milwaukee, AeroGRID, WI 53204 IGN, Feet A-10 R-1 RM B-3 Q-1 andP-I the GISPR User Community Phone: (262) 875-5000 Fax: (608) 826-0530

Document Path: M:\Lisbon, Town of\200200 - 2020 Town Planning Services\2020 Tasks\2020.33 - Twin Pine Farms III Subdivision (MLG)\Mapping and Exhibits\3_Proposed Zoning.mxd Data Sources: Vierbicher, Town of Lisbon, Waukwsha County, ESRI

CONCEPT PLAN TWIN PINE PHASE 3 TOWN OF LISBON, WAUKESHA COUNTY, WISCONSIN

GRAPHIC SCALE 50 0 50 100 200

( IN FEET ) SHEET 11OF

S:\5168364\dwg\ EX101D.dwg \ W274 N8442 Lake Five Road S:\5168364\dwg\EX101D.dwg, W274 N8442 Lake Five Road, 1/14/2021 10:31:20 AM, wrh T

HICKORY RD Y

I F RED H FOX LO N T OK RU

O H E UT C S T C N T S R

U U R

C A S N W

N O EXHIBIT E C S E D T O A GE T E T T M AWA M C Y LN

Legend W R O D

D E A G Joint Planning Area Boundary E ER D T PER M I IAL ENNIAL TER R N R N SCOTT LN RE D R E Tax Parcels I P T Y C

H A

E IVATE RD E PR

N R

I A

Proposed Amendment (Rural Density to Suburban E P E

N I A Density Residential I) I

H M

T A TWIN

6 E PINE DR I High Denisty Residential (Less than 6,000 square feet 1 T E

R A H D V E

I of area per dwelling unit) T R R R P

S R P S O T D P H C C R A L Medium Density Residential (6,000-19,999 square L feetof area per dwelling unit) FA IR V IE W

Low Density Residential 20,000 square feet to LN VISTA DR MARSHALL 1.4acres of area per dwelling unit) DR

D E RD Suburban Density I Residential (1.5 to 2.9 acres of R PRIVAT L

L K

T A area per dweilling unit) A C

O R K S D

D C R R N

A E A O

L Suburban Density II Residential (3.0 to 4.9 acres of T M

B M

N D PLAINVIEW RD A E

I R

area per dweilling unit)

C D

F Rural Density and Other Agricultural Land ((5.0 to E

34.9 acres of area per dwelling unit or equivalent A

density) S

S GARNET

R CT N D

Farmland Preservation (>35 acres of area per L

PKWY Y dwelling unit) ETT A

L J BART Farmland Preservation w/ EC (>35 acres of area per OAKWOOD RD H RD dwelling unit) C NE R TO N I S I ER C MM F SU TR Other Open Lands to be Preserved OW BRI DG R E T T I R S D I L W M Recreational ILDF N G L I O Y WER B

E T N E A LN KETTL E

U C R LN W VE U R CO T

Primary Environmental Corridor VATE J I S PR PHYLLIS D RD N N IER A R AC WAY O D GL S D E T T S M S U S R

A N Secondary Enviornmental Corridor S P K IE W E K O I N B E E A D L D WOODS O D H A R V D T E BL O O T O G SK D T E EDGE W E R L D L E C Isolated Natural Resource Area N C T WAY O L K A S M T L I A M IL IL H A S O E M LP S A L O H N K B TE O N O A S I E T D A D S O H DG C E E Surface Water W K Y N W T V A N D D W OO C D I H Y N R W U D C N T D R R T S A IN R I T H L L G U D Y O TO D D I R N L R S Y T Governmental and Institutional S O R E N R T L K LESLIE LN R O R R E I O A K D V A C E IC M N O T W O H C Y HARDIMAN T AS E C C

H S R I Commercial and Office Park W C D R DR S ON O T EVIEW LN E O W GH STEEPL AL RI V KD D A B A S I O C N I Y D C L T Mixed Use E

I O C R T R

CTH EF CTH VV I A R DR N CREST Industrial L L D P O R A IVATE RD NAD R A F A C K RGY S T L

L N E A DR DR E L L

E E L I R A D Transportation, Communication and Utilities K R N B D H A I K R R L L E R N D A P Y V R W L F O A H I E O P E E E I W O V B W R R B G W E Highway Rights of Way J K E O E A D M D L I R C H A D S I E T I C T T R T L W A C T T L O R K C I E E C T R I R S N H I R W

D O Landfill M ICK L A V

OR D O G A L Y IL B

P O P UBY HIL E L L R L DR H I D

L O E C I K H CIR I T D R A H C Extractive O T H I

B R R SCHOL W L CT D I T

A E T Y

E G

N D

C I R T D MEGHAN H

R M CT L

ITY D ADAMS CT L N I SERE B

A H DR S

R Y YBECK H N DR LY R A RACK R M B A D MAPLE ST

M L N E K K

A TE KATESBRIDGE KA H TRAPPERS RUN S TESB T CT DR RIDG C DR E AINSWORTH RD WALNUT RD H R R IG T M H D IE D T N YR U E E IN A G I R N E A O D D DR R P L N V I D D R E A D A O O E WS E H O W D R W HA N S G IN TA R OUN D M DU TER MOUNT I LN R DR LAC D MO M UN L WALNUT E T L A I DO AIN MOUNTAIN E CT W H GROV S D MEADOWS DR R H

O R D N E J

R RD V E CTH K RICHMOND

S H L O S D G L

I N I H I G C C R B

A T H H O H A A IN D H N L I E T IR L JAM N O E L S IS C DR JAM L

D E H L V S N R IL DR W E R

D H J N R E SUTT E E ON DR L CT S T G T T R E

A S O W D G C D V I

I I A C R I E

D S

K R R A N T N BANTRY P E C E E D

A L V T A T R R D L C D R R O A WAY R P A O L LAUR W N C H U L E A I AD H H JA D TH NE R E T CT AB IZ EL DR N WILLOW N L R E CREEK DR TI E TRL H MN T Y UTU E T A L A A E W

H DDooddggee W aasshhiinnggttoonn HI B N COURTLAND CIR CK L RY DR O A ER N RY BAYB U C T L N K C S W T ILLOW T H CREEK DR O Y T MARYANNS WA R L C N Y N Y N C S D T S A H E L

E E J K T L W aauukkeesshhaa N F A D

V G CTH JK I R R R EE

P N C HI WB D T LL S R T OF H 1 F 6 H RA MP C ST N N H A K E 16 I A Y D E S E TH R 16 W aallwwoorrtthh RRaacciinnee M B

Date Created: 11/20/2018 EXHIBIT E: Joint Planning Area - Land Use Plan Date Amended:06/27/2019 Date Amended:01/07/2020 Town of Lisbon in Village of Merton « Status: Unapproved Extraterritorial Area

0 0.125 0.25 0.5 Town of Lisbon REEDSBURG - MADISON - PRAIRIE DU CHIEN - MILWAUKEE METRO Miles 999 Fourier Drive, Suite 201, Madison, WI 53717 Data Sources: Phone: (608) 826-0532 Fax: (608) 826-0530

M:\Lisbon, Town of\190047 - 2019 Town Planning Services\2019 Tasks\2019.08 - Lisbon Merton ETZ Comp Plan Amendments 7 Ver. 2.1 12/22/2020 1.6 AREAS SERVICED BY LISBON PARKS

Based on their size and facilities, parks and play areas are intended to serve a particular area. The recommended service radius for each type of park is described in the preceding section. Based on those descriptions, Lisbon has one community park (Lisbon Community Park) and five neighborhood parks (Lisbon Oaks, Fred Keller Field, Town Hall, Stoney C. Halquist and Stone Family). Below is a map depicting the service areas for the Lisbon Parks, overlaid on the current Recommended Land Use Plan (see also page 14 for the current Land Use Plan). Development of the park system should closely match the manner in which the Town is developed in order to serve the residents.

9 Ver. 2.1 12/22/2020 STATE OF WISCONSIN TOWN OF LISBON WAUKESHA COUNTY

ORDINANCE 2021-06

ORDINANCE REPEALING AND RECREATING VARIOUS SECTIONS OF THE LISBON CHAPTER 11 ZONING CODE RELATED TO CONDITIONAL USES, IN THE TOWN OF LISBON, WAUKESHA COUNTY, WISCONSIN

WHEREAS, The Town Board of the Town of Lisbon, Waukesha County, Wisconsin, does ordain as follows:

SECTION 1: Section 4 of the Lisbon Zoning Code is hereby repealed and recreated to read as follows:

SECTION 4 CONDITIONAL USES

(a) Purpose and Applicability 1. This Section provides for certain uses which, because of unique characteristics or potential impacts on neighboring lands, public facilities, or general welfare, warrant special consideration and review. Such uses are not permitted in zoning districts as a matter of right but may be approved in a particular zoning district with appropriate standards and limitations set forth in the Zoning Code. Such uses are classified as conditional uses and are subject to the following provisions.

2. These uses shall be allowed through the issuance of a Conditional Use Permit (CUP) approved by the Plan Commission unless otherwise designated herein, and after ensuring that the use can be appropriately accommodated on the specific property; that it will conform to the adopted comprehensive plan; that it can be constructed and/or operated in a manner that is compatible with the surrounding land uses and overall character of the neighborhood; and that the public interest, health, safety, and general welfare will be promoted.

3. No inherent right exists to receive a CUP. Such authorization must be approved under a specific set of circumstances and conditions. Each application and situation is unique. Every CUP shall, at minimum, comply with all requirements contained in local ordinances, and State and Federal law. Mere compliance with the generally applicable requirements may not be sufficient and additional measures and conditions may be necessary to mitigate the impact of the proposed use.

4. The provisions of this Section apply to any application for a CUP. Conditional uses are those uses that are generally compatible with the land uses permitted by right in a zoning district but require individual review of their location, design, and configuration, and the imposition of conditions or mitigations in order to ensure the appropriateness of the use at a particular location within a given zoning district. Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 2 of 26

5. Other conditional uses as determined by the Plan Commission may be acceptable in a particular zoning district if the requirements of Sections 3(d) and 4 are met.

(b) Application Requirements Applications for a CUP may be made by a property owner or the owner’s authorized representative, or by a municipality, lake management district, sanitary district, or similar agency on behalf of a larger property area where said proposal may benefit a larger group or entire community. Applications shall be made to the Town Clerk and include:

1. A map of the subject property showing all lands for which the conditional use is proposed, clearly dimensioned, and all other lands within 500 feet of the boundaries of the subject property, together with the names and addresses of the owners of all lands on said map. The map shall clearly indicate the current zoning of the property and adjacent lands, the location and use of all existing and proposed buildings, sanitary systems and private water supplies on such land, the ordinary high water mark of any navigable waters within 100 feet of the boundaries of the subject property, a graphic scale and a north arrow, and shall be drawn to a scale of not less than 200 feet to one (1) inch, and properly dimensioned showing all lands within 500 feet of the subject property (including all lot dimensions); 2. A written description of the proposed conditional use describing the type of activities, buildings, and structures proposed for the subject property and their general locations; 3. A Site Plan/Plan of Operation (SPPOO) for the subject property and proposed operation, in accordance with Section 3 and any other applicable sections of the Lisbon Code; 4. When required by the Town, the applicant shall provide a written legal description accurately describing the specific area on the property where the conditional use will operate and the CUP will be effective. As determined by the Plan Commission, the specific area that the conditional use will operate shall be the minimum size necessary to accommodate such use, and need not conform to lot, zoning lot or tax parcel boundaries; 5. Written justification for the proposed conditional use consisting of the reasons why the applicant believes the proposed conditional use complies with this Section 4; 6. Additional information as may be required by local ordinances, the Plan Commission, Town Board, or the Waukesha County Environmental Health Division (“EHD”); 7. Payment in full of all application fees established by the governing body, and execution of the Professional Services Reimbursement Form; 8. Where necessary to comply with the Waukesha County Shoreland and Floodland Protection Ordinance, and certain regulations established by the Wisconsin Statutes and the federal government, applications will be required to be submitted to the Waukesha County Planning and Zoning Division, the Wisconsin Department of Natural Resources (“DNR”), and the U.S. Army Corps of Engineers.

(c) Approval Process 1. Completeness review. The Town Clerk or its designee shall review the CUP application for completeness before review by the Plan Commission. If the

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 3 of 26

application is incomplete, the Town Clerk shall instruct the applicant of any further application materials needed. The applicant may re-submit the application until such time as the Town Clerk determines the application to be complete. An application may be withdrawn by the applicant at any time. 2. Referral to Plan Commission. The Clerk shall promptly refer any complete CUP application to the Plan Commission for review and approval, or for a recommendation to the Town Board if required. 3. Zoning Administrator Review. The Zoning Administrator, or its designee, shall review the CUP application and associated SPPOO and provide a summary and recommended conditions to the Plan Commission. 4. Public Hearing. Upon receipt of a complete application, the Clerk shall establish a date for a public hearing and shall publish a Class 2 notice as provided in Wis. Stat. Ch. 985. The Clerk shall also provide direct notice of the public hearing by regular mail to the owners of all lands within 500 feet of any part of the land included in such conditional use at least seven (7) days before such public hearing. Testimony of all interested parties will be recorded at the public hearing. 5. Plan Commission Action. As soon as practical after the close of the public hearing, the Plan Commission shall take action to grant, grant with conditions, or deny the application. Such decision shall be made in writing and shall include and accurate and complete description of the conditional use and all applicable findings of fact and conditions of approval, or if denied, the reasons for denial. 6. Town Board Action. If required for a particular use, the Town Board shall take action on the application following the Plan Commission’s recommendation. If no Plan Commission recommendation has been received, the Town Board may proceed with determination without a recommendation. If additional time is necessary, such time may be extended with the applicant’s written consent. 7. Effect of Denial. If an application for a CUP is denied, a new application for the same conditional use will not be considered by the Plan Commission for a period of 12 months from the date of denial, except on grounds of new evidence as determined by the Zoning Administrator. 8. Recording. A certified copy of the CUP containing the specific requirements of approval shall be recorded on the property that will operate the conditional use at the applicant’s expense in the Office of the Register of Deeds for Waukesha County. 9. Appeals. Any person aggrieved by the grant or denial of a CUP may appeal any decision of the Plan Commission to the Board of Zoning Appeals, and any decision of the Town Board to the Waukesha County Circuit Court. Aggrieved parties must file their appeal with the Town Clerk within 30 days of the final action.

(d) Review Criteria for Approval – General Standards 1. Substantial evidence. Any decision by the Plan Commission or Town Board to approve or deny a CUP, and any condition imposed, must be based on substantial evidence, as that term is defined in the Wisconsin Statutes, which means facts and information other than merely personal preferences or speculation, directly pertaining to the requirements and conditions an applicant must meet to obtain a CUP and that reasonable persons would accept in support of a conclusion. A conditional use shall be permitted only if the applicant provides substantial evidence that:

A. The proposed conditional use shall comply with all regulations of the applicable zoning district in which it is located.

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 4 of 26

B. The establishment, maintenance, or operation of the proposed use shall not be detrimental to or endanger the public health, safety, or general welfare. C. The proposed conditional use shall be compatible with the character of the neighborhood within the immediate area in which it is located. In making such a determination, consideration shall be given to the following: i. The type and extent of landscaping and screening on the site. ii. Whether the extent, location and intensity of the proposed use furthers and does not conflict with the goals, objectives, and policies of the adopted Lisbon Comprehensive Plan. D. Adequate measures shall be taken to provide ingress and egress so designed as to minimize traffic hazards and traffic congestion on public roads. E. Adequate off-street parking shall be provided to serve the proposed use. F. The proposed use shall not be noxious or offensive by reason of vibration, noise, odor, dust, smoke, or gas. G. The proposed use shall not injure the use of the property in the immediate vicinity for the purposes already permitted, or substantially diminish the property values within the neighborhood. H. The proposed use shall not impede the orderly development and improvement of surrounding property for uses allowed in the zoning district. I. The public interest and welfare supporting the proposed use shall outweigh the individual interests that are adversely affected by the establishment of the proposed use. J. All other conditional use standards identified in Section 4(h) or elsewhere in this Ordinance are met.

(e) Conditions of Approval 1. Standard conditions. In approving a CUP, the Town may impose such conditions or requirements, in addition to or that supersede any standard specified in this Ordinance, as it may deem necessary to protect the public interest and welfare. Such conditions or requirements must be reasonable and, to the extent practicable, measurable. Conditions of approval may include, but not be limited to:

A. Financing and availability of adequate public facilities or services. B. Dedication or reservation of land. C. Recording of restrictive covenants, deed restrictions, or easements. D. Special setbacks and yard requirements. E. Increased screening or landscaping requirements. F. Limits on hours or days of operation, or number of events per year. G. Limits on number of employees, maximum occupancy by people or animals, or number of vehicles on the premises. H. Development phasing. I. Standards pertaining to traffic, noise, lighting, emissions, and protection of environmentally sensitive areas. J. Provision of stormwater management and erosion and sedimentation control. K. Expiration dates on CUPs, except as provided by this ordinance or the Wisconsin Statutes. To continue or extend an expired CUP requires re- application and approval by the Plan Commission and/or Town Board.

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 5 of 26

L. Posting of a performance guarantee acceptable to the Town Attorney and Town Engineer in form, content, and amount, for the specific operation to ensure continued compliance with all conditions and requirements. M. A Development Agreement to guarantee specific aspects of the project. N. Any conditions as may be deemed necessary by the federal government, the State, the Lisbon Plan Commission, the Town Board, or Waukesha County shall be made an integral part of the permit. In the event of conflicting conditions, the more restrictive of the conflicting conditions shall control. Any deviation or alteration of the conditions set forth in the CUP shall constitute a violation of this Ordinance and will be subject to prosecution and penalties as provided herein. If the conditional use is located in a Shoreland and Floodland area, notice of Town action on that conditional use shall be sent to the DNR within 10 days of such action.

2. Compliance Review and Modification of Approved Conditional Uses. All CUPs may be reviewed at least once every year at a time to be determined by the Town in order to ensure compliance with the terms and conditions of the approval. In order to bring a conditional use into compliance with the CUP, the Plan Commission may modify or impose additional reasonable conditions. If no reasonable modification of the conditional use can be made that is consistent with this Ordinance, the Plan Commission may revoke the CUP and direct Lisbon staff and the Town Attorney to seek elimination of the conditional use pursuant to Section 4(g). An applicant may appeal a decision of the Plan Commission under this paragraph to the Board of Zoning Appeals.

3. Other Permits, Approvals. No building permit or certificate of occupancy shall be issued for any development that does not comply with the requirements of the CUP or this Ordinance.

(f) Amendments 1. Application for change, extension, alteration, or modification. If any holder of a CUP wishes to change, modify, extend, or alter the terms of said CUP, including any alteration to the approved SPPOO, he or she must apply for the change, modification, extension, or alteration through the CUP process as detailed in this ordinance.

(g) CUP Duration, Transfers, Existing and Nonconforming Uses 1. Duration. Once granted, a CUP shall remain in effect as long as the conditions upon which the permit was issued are in effect, and the requirements of this Ordinance are followed. However, unless a specific duration is included in a CUP, the permit shall expire in any of the following circumstances: A. If the conditional use changes to a permitted use not requiring a CUP; B. If the conditional use is discontinued or ceases to exist for a continuous period of at least 365 days for any reason. This includes an approved conditional use that has not commenced operation within 12 months of the Town’s action, or construction or development has not commenced within 12 months of issuance of a building permit issued in conjunction with a CUP. Any future use shall conform to the regulations of the district in which it is located.

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 6 of 26

C. After a class 2 notice is published, notice is provided to the owner of the subject property of a public hearing, and the public hearing is held, the Plan Commission determines that the use must be terminated based on one of the following: i. The conditional use has not continued in conformity with the conditions of the CUP; ii. A change in the nature or character of the surrounding area, or of the conditional use itself, causes it to be no longer compatible with surrounding uses. D. An applicant may request that the Plan Commission grant an extension for justifiable reasons.

2. Effect of termination. If the Plan Commission and/or Town Board that originally approved the CUP, later determines that the use must be terminated, the owner of the premises shall be required to bring all lands and structures into conformity with the regulations of the zoning district in which the property is located within 60 days from such a determination. When changes in use or conditions of use upon which the use exists are found to be more appropriate by the Town, any changes shall be made within 60 days.

3. Transfer of ownership. Unless a limitation on the transfer of ownership is included in the CUP, all requirements of an approved CUP shall continue regardless of land ownership. In the event of a transfer of ownership, the Town may require submittal of a new SPPOO under this ordinance.

4. Previously existing conditional uses. A use which existed lawfully on a lot at the time said lot was placed in a district where such use would be permitted only with conditional use approval, shall automatically be granted conditional use status. The grant of conditional use status in such cases shall be based upon the existing conditions at that time, and any expansion of the use shall require a CUP amendment. Application may be made at any time for expansion of the conditional use or other change, and such application shall not prejudice the existing conditional use status as authorized above.

(h) Conditional uses permitted The following may be permitted as conditional uses, as provided in each zoning district enumerated in Sections 6 through 33 of this ordinance:

1. Airports, Landing Fields and Take Off Strips: This conditional use is subject to the review and approval by the Federal Aviation Administration and/or the State of Wisconsin Bureau of Aeronautics, or a letter waiving their approval or indicating such approval is unnecessary.

2. Animal Hospitals, Veterinarian Clinics, Commercial Kennels (including “doggy day care” and pet sitting businesses): The following requirements shall be met:

A. In the BP zoning district, commercial kennels may not be part of the hospital or clinic operation, and all principal structures and uses shall be

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 7 of 26

located a minimum of 100 feet from any residential use.

B. Animal hospitals and clinics not involved in the operation of a commercial kennel may be permitted on lots of not less than one acre and shall conform with building location, height regulations and area regulations of the district in which such facilities are located. A commercial kennel operation shall not be permitted on parcels of less than three acres and 300 feet of minimum average width.

C. No building other than one used only for residential purposes shall be closer than 50 feet to the lot line of an adjoining lot in a zoning district permitting residential use. Where the buildings are to be used to board or house dogs in a commercial kennel, including outdoor kennel runs, such structures and fenced runs shall not be closer than 100 feet to an adjoining lot line of any zoning district.

D. Off street parking shall be provided as required for Office Buildings and Customer Service Establishments.

3. Antique shops, gift shops, arts and crafts studios, and similar uses.

4. Automobile, Gasoline, and Service Stations and Convenience Stores associated with gasoline sales: The following requirements shall be met:

A. No gasoline pumps or other accessory equipment shall be closer than 15 feet to the base setback line and 50 feet offset to the side and rear yards. Underground or aboveground storage tanks shall conform with state standards.

B. Lighting installations shall not create a hazard to traffic or a nuisance to surrounding property and all lights shall be shielded, baffled, or shaded to avoid such hazard or nuisance.

5. Bed and Breakfast Facility: The intent is to provide travelers/guests with temporary accommodations and breakfast, for a fee, on a daily or weekly room rental basis, as an accessory use in any existing structure designed for and occupied as a single family residence. The following requirements shall be met: A. Minimal outward modification of the structure or grounds may be made only if such changes are compatible with the character of the area or neighborhood and the intent of the zoning district in which it is located. For building with significant architectural or historical value, the architectural integrity and arrangement of existing interior spaces must be maintained and the number of guest rooms shall not be increased except as may be required to meet health, safety, and sanitation requirements. Off-street parking shall be provided at the rate of one parking space for each room rented and two spaces for the owner/occupant. The front yard shall not be used for off-street parking for temporary guests unless the parking area is

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 8 of 26

screened from view with natural plant material, and found to be compatible with the neighborhood.

B. The number of rooms shall be limited to five sleep-in rooms or less, excluding those used by the occupants of the facility, and no room may contain more than (2) beds. There must be at least 500 square feet of gross interior floor area for each sleeping room. These facilities providing service to a greater number of guests are not considered "license exempt" under state law and must comply with state hotel/motel restaurant licensing procedures administered by the County or State Health Department. The issuance of such licenses shall not be considered as conferring non-conforming commercial status to the use that would either allow alteration of the facility or otherwise compel rezoning of the property for commercial use beyond the scope of this section.

C. One (1) on-premise sign may be allowed in and shall comply with the standards in Chapter 11 Section 5 Signs.

D. All necessary State and County permits, certifications, or requirements shall be obtained as a condition of approval of a bed and breakfast facility.

E. Room rentals to families or individuals shall not exceed 14 consecutive days during any 30-day period.

F. The bed and breakfast facility must be accessory to and contained within the single family dwelling occupied by the owner (e.g., not a manager) of said premises.

G. The only meal to be provided to travelers/guests shall be breakfast and it shall only be served to guests taking overnight lodging in the facility.

H. The EHD shall examine both the water system and the sewage disposal system, and shall conduct a general health and safety inspection of the proposed facility. The EHD may impose any conditions required to ensure that all necessary health and safety standards have been met. The applicant shall not initiate any construction activity and other improvements related to the bed and breakfast facility or begin operation of the facility until a determination, in writing, by the EHD that the necessary inspections have been completed and any deficiencies have been corrected. The proprietor shall have a water quality evaluation conducted by a recognized water testing laboratory on an annual basis following the certification of adequacy by the EHD. The results of that test shall be submitted to the EHD with a copy to the Lisbon Building Inspector. All conditions and requirements contemplated under this Section must be incorporated into the terms of the CUP.

6. Business Park and Shopping Center Uses: The following requirements shall be met:

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 9 of 26

A. The proposed development shall have adequate drainage and stormwater retention facilities, sewage and water facilities. Restrictions may be placed on uses without public sewer.

7. Cemeteries and Mausoleums for the Burial of Human Remains Only: This conditional use is subject to the approval of the Town Board following the Plan Commission’s recommendation.

8. Churches, Synagogues, and Other Buildings for Religious Assembly: The following requirements shall be met:

A. The floor area ratio shall not be more than 50%.

B. Such use shall conform to the setback, height, and double the offset requirements of the district in which it is located. C. The height limitation may be extended to a maximum of 50 feet provided the minimum required setbacks and offsets are increased two feet for every additional foot of height in excess of the permitted maximum in that district. The aforesaid height regulation shall not apply to the spire or belfry of a church except where airport safety zone regulations specifically limit the maximum height.

9. Commercial Fish Ponds, Bait Ponds, or Fish Hatcheries: The following requirements shall be met:

A. The minimum lot area shall be at least five acres.

B. No building, other than one used only for residential purposes, shall be closer than 50 feet to the lot line of an adjoining lot in a district permitting residential use.

10. Commercial Truck Parking: The following requirements shall be met:

A. The minimum lot area shall be at least three acres.

B. Parking and storage of commercial or industrial type vehicles (trucks, construction vehicles, grading equipment, buses, semi-trailers and tractors, similar vehicles and related equipment, other trailers, etc.) may be allowed as long as the vehicle is owned or leased and operated by the owner or occupant of the premises. No such use shall be allowed on any parcel except as may front directly upon, and have access to, an arterial or collector street as defined in the Lisbon Code of Ordinances.

C. No more than three such vehicles and equipment may be parked or stored on the occupant's property. The type of vehicles allowed shall be specified in the CUP application or conditions of approval. All such vehicles and

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 10 of 26

equipment shall be fully operative and in active use. Where considered appropriate, two semi-trailers may be allowed, but no more than one semi- tractor or "cab" unit.

D. The Plan Commission shall specify the area on the property where the vehicles shall be parked or stored. No such vehicle may be parked or stored closer than 50 feet to any adjacent lot line, and not closer than 100 feet from the base setback line. In the case of refrigerator trucks, the refrigeration unit shall only be operated in an area with adequate screening from view from adjacent properties and public rights of way, except when entering or leaving the property.

E. If a CUP application involves the storage of more than three (3) vehicles, or involves the construction of buildings to house, service, or maintain the vehicles, the use shall not be considered a commercial parking lot and not to be considered as a conditional use under this section.

F. Notwithstanding anything contained herein to the contrary, the parking of agricultural equipment in an agricultural zoning district, and the parking of one panel van or pickup truck of a commercial nature in any zoning district, shall be permitted and shall not be subject to the requirements provided by this section.

G. The requirements of Section 3 (j) (4) through (11) shall be met.

11. Contractor’s Yard: The following requirements shall be met:

A. The minimum lot area shall be at least five (5) acres.

B. All buildings used in the conduct of the business shall be located at least 100 feet from the lot line of an adjoining lot permitting a residential use or at least 50 feet from a lot line of an adjoining lot in any other district.

C. No such use shall be allowed on any parcel, unless the parcel fronts directly upon and has access to an arterial or major collector street, as defined in the Lisbon Code of Ordinances, or within an established industrial park, where the roads can accommodate the heavy equipment.

D. A planting screen at least six feet high in initial height shall be provided between any abutting property line and the proposed use. The plan commission may increase or decrease the planting screen requirements as may be deemed appropriate. E. The SPPOO must include the type and quantity of equipment and vehicles owned or leased by the property owner, the storage of materials, and hours of operation.

12. Fur Farms, Pig Farms, Creameries, Condenseries, Wholesale Fattening of

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 11 of 26

Livestock, Pea Vineries, Commercial Poultry and Egg Production, Commercial or Custom Grain Drying Operations: The following requirements shall be met:

A. No building other than one used only for residential purposes shall be located closer than 100 feet to the lot line of an adjoining lot permitting a residential use. In all other cases a minimum offset of 50 feet shall be maintained.

B. The Plan Commission shall determine that the method by which animal waste will be handled is in a safe and healthful manner.

C. The minimum lot area shall be at least 20 acres.

13. In Law Unit: The following requirements shall be met:

A. The EHD shall certify that the septic system will accommodate the proposed use and in accordance with the County’s code and Chapter Comm 83 of the Wisconsin Administrative Code.

B. Maximum living area of the in-law unit shall not exceed 800 square feet and shall not contain more than two bedrooms. There shall be an additional off street parking space for the in law unit. There shall not be more than one in-law unit per single family lot.

C. The architecture of the residence shall be compatible with the adjacent residential neighborhood and shall appear to be a single family residence. The principal living unit shall comply with all other applicable zoning district requirements. A common entrance to the residence and in law unit should be designed into the structure so that a separate front entrance off of the common entrance is available and the structure does not appear to be a duplex.

D. The Plan Commission shall determine if it is appropriate to have an interior door between the in law unit and the principal residence.

E. Prior to issuance of the Building Permit, a Deed Restriction shall be filed in the Waukesha County Register of Deeds Office and a copy of the recorded document presented to the Building Inspector. This Deed Restriction shall state that (i) the in-law unit is to be occupied by persons related by blood, adoption, or marriage to the family occupying the principal unit; (ii) the CUP is not transferable, unless approved by the Plan Commission without necessity of a public hearing; and (iii) the unit will be used as intended. 14. Land-altering Activities: Land-altering activities in excess of the limits set forth in Section 3(c) of this Ordinance may be permitted as a conditional use in any district, except the Conservancy/Wetland District. The UC district limits disturbance to 15% of the lot. The following requirements shall be met:

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 12 of 26

A. Highway construction which may be exempted by Wisconsin Statutes by a written Memorandum of Understanding between the DNR and Wisconsin Department of Transportation for a specific highway project, new home construction and the attendant limited grading and filling necessary to achieve positive drainage away from the foundation, dredging as may be allowed in Section 3(c) of this Ordinance, and minor grading as defined in the Ordinance, shall be excluded from regulation under this provision, but may be regulated elsewhere in this Ordinance. B. Detailed plans of the project, at a scale of not less than 1" = 100', including all areas to be graded, filled, or otherwise altered along with seeding and/or vegetation plans, a planting schedule, and erosion and sedimentation practices to be employed shall be submitted for review and approval. C. No such use shall create flooding, concentrated runoff, inadequate drainage, unfavorable topography, excessive erosion and sedimentation, or restrict navigation in navigable waters. D. Such use shall comply with any ordinances or regulations established by the Town and the County, and the Wisconsin Statutes, including Chapters 30, 87, and 281, and any federal regulations. E. Such use conforms to Section 3(c) of this Ordinance. F. If a rezoning is required, the procedure established in this Ordinance shall be complied with and the map amendment shall be approved in conjunction with the conditional use approval. G. Such use shall conform to Lisbon’s Storm Water Management and Erosion Control Ordinance (refer to Addendum F and Section 3(c)(11)) and a permit under that ordinance must be issued prior to the issuance of the CUP.

15. (Reserved)

16. Limited Family Business or Service Oriented Businesses: A CUP for limited family business/service oriented business (“LFB/SOB”) is designed to accommodate small family businesses without the necessity for relocation or rezoning while also protecting the interests of the adjacent property owners and any future development of the area.

A. The Plan Commission shall determine whether or not a business is considered a LFB/SOB. Examples of a LFB/SOB include, but not limited to, the following: i. Non-health related professional office or studio (architect, lawyer, accountant, realtor, travel agent, photographer, insurance agent, salesman, interior decorator, artist, crafter, tailor, shoe repair, beautician, barber, housekeeping, woodworker, music or dance teacher, massage therapist, etc.). ii. Small engine repair. iii. Outdoor or indoor storage for off-season vehicles (boats, snowmobiles, etc.), or retail products (vending machine items). iv. A business where the only part of the business located on the

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 13 of 26

property is the business office and/or the storage of the vehicles used for the business that are used at an off-site location.

B. The following requirements shall be met: i. The main portion of the LFB/SOB must be owned and operated by members of the family residing on the premises. ii. All employees, except one full-time equivalent, shall be members of the family residing on the premises. The LFB/SOB shall not employ more than one person who is not a resident on such lot, whether they are family members of not. iii. The LFB/SOB shall not operate on a parcel having less than the minimum parcel size required for the district in which it is located. iv. The LFB/SOB shall be operated in the residence, the attached garage, or detached accessory building, and only where the principal use of the property is single family residential and the business use is clearly incidental to the residential use of the property. v. The LFB/SOB is operated entirely within a building(s). The structures used in the LFB/SOB shall be considered to be residential accessory buildings and shall meet all of the requirements for such buildings. The design and size of the structures are subject to conditions in the CUP. vi. The Plan Commission shall determine the total percentage of the buildings that may be devoted to the LFB/SOB. However, the total percentage used shall not exceed 20% of what is available. vii. The LFB/SOB is run primarily for monetary gain or financial support. viii. There shall be no manufacturing or assembling of products, and no removal of sand, gravel, or stone from the premises for commercial purposes. There shall be no sale of products on the premises unless the products are those produced by the LFB/SOB, although the limited sale of products as accessories to the LFB/SOB may be permitted or limited by the CUP conditions (i.e. hair care products such as shampoo and conditioners normally associated with a business that cuts or styles hair). ix. The LFB/SOB shall not include the use of any machinery, tools, or other appliances, unless specifically allowed by the CUP. Any machinery or equipment allowed must be stored indoors. If the use of any machinery, tools, or other appliances can reasonably be construed as creating an abnormal nuisance to the surrounding property owners, the Plan Commission may consider termination of said business after a public hearing is held. x. Adequate off-street parking facilities are provided adjacent, or reasonably adjacent, to the building that houses such business. xi. A business nameplate sign shall not exceed three (3) square feet in area. xii. The CUP shall automatically expire and terminate upon the sale of the property or its transfer to a non-occupant of the property. 17. Marinas and Boat Liveries: The following requirements shall be met:

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 14 of 26

A. Such use shall be located at least 500 feet from the nearest public bathing beach or park.

B. Such use is designed and constructed so as to not interfere with adjacent riparian owners' uses of the water for swimming, fishing, or boating; nor interfere or obstruct the public's free navigation.

C. The minimum lot area shall be at least three acres with a minimum average lot width at least 300 feet.

D. Sewerage disposal field shall be located no closer than 100 feet from the ordinary high-water mark.

E. Fuel pumps shall be located two feet above the ordinary high-water mark. Fuel storage tanks shall be located no closer than 50 feet from the ordinary high-water mark, shall be located above ground, and shall be adequately screened and fireproofed. The offset requirements for fuel pumps shall be at least 20 feet from the side lot line and storage tanks shall be located no closer than 50 feet from any side lot line.

F. No lighting installation shall create a hazard to any type of vehicular traffic or nuisance to surrounding properties.

G. No pier may be permitted to extend beyond the pierhead line if established. The total length of all piers, and T's or L's extending from the pier may not exceed the total length of the lake frontage of the property and in no case greater than 150 feet from shore, unless DNR requirements are more restrictive.

H. Any other condition of operation such as long-term boat storage, launching, or other associated commercial activity may be included in the CUP in order to make the facility compatible with the neighborhood and the lake and to meet the spirit and intent of the Ordinance.

18. Mobile Home Parks and Trailer Camps: The following requirements shall be met:

A. The provisions of all other trailer camp or mobile home ordinances shall be met. Reference Chapter 14, Mobile Homes and Mobile Home Parks, of the Lisbon Code of Ordinances (Addendum C).

B. No such use shall be allowed unless municipal sewage facilities are used and the minimum lot size per unit is one-half (1/2) acre having a minimum width of not less than 120 feet, offsets of 20 feet and a setback of 50 feet. 19. Motels and Hotels: The following requirements shall be met:

A. The minimum lot area shall be at least three acres.

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 15 of 26

B. No building shall be closer than 50 feet to the lot line of an adjoining lot in a district permitting residential use.

C. All provisions of the County Community Health Code shall be met.

20. Multiple Family Units: Multiple family units shall be defined as those units in buildings containing more than two dwelling units. The following requirements shall be met:

A. The minimum lot area shall be at least one acre. The number of units shall be based on a maximum density of four (4) units per acre, exclusive of wetlands or 100-Year Floodplain or lands zoned C-1. The width of the lot shall be increased as the size of the lot increases in order to avoid excessively long and narrow lots and shall, however, be no less than 180 feet in width. The minimum amount of open space on the property shall be 4,000 square feet per unit.

B. Approval of sewer availability prior to any Plan Commission approval of the proposed conditional use.

C. The minimum total floor area per unit shall be 900 square feet.

D. Plan Commission review and approval of architectural building plans for the project is required.

E. There shall be two off-street parking spaces required for each unit. The location and arrangement of parking spaces shall be subject to Plan Commission approval.

F. A minimum 440 square foot garage is required for each unit. If more than two single-family dwelling units are attached, the garages may be detached from the dwelling units, otherwise they must be attached to the dwelling units.

G. The offset and landscaping requirements are subject to Plan Commission approval. However, the offset requirements shall not be reduced to less than 20 feet from any lot in an adjoining residential district. The road setback minimum shall be 50 feet, and the shore/floodplain/wetland/C-1 setback shall be a minimum of 75 feet. The maximum height shall not exceed 35 feet as measured in accordance with this ordinance. Additional height may be permitted if the offset and setback requirements are increased by one foot for each additional one foot in height beyond 35 feet. H. Lisbon may allow multi-family development where the ownership is held in common under Chapter 703 of the Wisconsin Statutes (condominiums). Because of its multi-family nature, this development must also be served by

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 16 of 26

public sewer. Lisbon provides regulations to guide said development in accordance with Section 4(h)(20) or Section 33 of this ordinance.

21. Reserved.

22. Private Clubs and Resorts: Such conditional uses include, but are not limited to, private (not open to the general public) clubs and resorts such as outdoor/indoor recreational facilities, driving ranges, campgrounds, golf courses, racquet clubs, soccer clubs, swimming pools, beaches, yacht clubs, boarding stables, firing and archery ranges and gun clubs, recreational camps, riding academies, etc. In all cases, the following requirements shall be met:

A. No such use shall be permitted on a lot less than three acres in area except in the B-1 Restricted Business District.

B. No building, other than one used only for residential purposes shall be closer than 50 feet to the lot line of an adjoining lot in a district permitting residential use.

C. This conditional use shall not include the operation of a commercial facility such as a bar, restaurant, or arcade, unless specifically authorized in the grant of a CUP.

23. Public and Commercial Disposal Operations for Noncombustible Materials: Disposal operations for inert clean fill materials, as defined in this ordinance and by the DNR, such as concrete, stone, brick, sand, dirt, gravel, and similar materials; gravel pit and quarry spoils; nonorganic materials as allowed by state law; and excavated materials; may be allowed. In all cases, the following requirements shall be met:

A. A detailed restoration plan shall be submitted to, and approved by, the Town Board following a recommendation from the Plan Commission.

B. The SPPOO and the Restoration Plan shall be approved or disapproved upon consideration of the effects on: topography, drainage, water supply, soil conditions, roads and traffic, present and ultimate land development and use, and any other factors involved in the specific operation.

C. Disposal operations are prohibited within the following areas unless written permission is obtained from the appropriate State of Wisconsin agency:

i. Within 1,000 feet of any navigable lake, pond, or flowage. The DNR shall determine if the water body is navigable. ii. Within 300 feet of a navigable river or stream, or to the landward side of the 100-year floodplain, whichever distance is greater. The DNR shall determine if the water body is navigable. If the 100-year floodplain has not been established in the area of the proposed use, then a flood study shall be conducted, reviewed, and approved in

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 17 of 26

conjunction with requesting the proposed conditional use. iii. Within an area from which solid waste or leaching there from may be carried into any surface water, or may have a detrimental effect on the groundwater. iv. Within 1,000 feet of the nearest edge of the right-of-way of any state trunk highway or the boundary of a public park unless written permission has first been obtained from the State of Wisconsin and the entity governing the public park.

D. A license shall be obtained from the Town Board, who shall review the license for possible renewal on an annual basis (January 1) of each year. The fee shall be as established by Lisbon and may increase on a yearly basis. If required, a license shall also be obtained from the State of Wisconsin.

E. Any organic materials shall be prohibited and shall be appropriately recycled.

F. All state and federal laws relating to the use shall be adhered to.

24. Public and Semi-Public Buildings and Uses: The following requirements shall be met: A. The height limitation may be extended to a maximum of 50 feet provided the minimum required setbacks and offsets shall be increased two feet for every additional foot of height in excess of the permitted maximum height of that district.

25. Quarrying: The following requirements shall be met:

A. Procedure for application:

i. Permit: No quarrying operation shall take place in any district until a CUP and quarrying permit have been secured from the Town Board. Such permits shall be for an initial period as is deemed appropriate by Lisbon to the specific situation but not exceed five years, and may be renewed thereafter for periods not to exceed three years provided application thereof shall be made at least 60 days and no more than 120 days before expiration of the original permit. Application for renewal after such date shall be treated as an original application.

ii. Application: All applications for a quarrying CUP shall include:

a. A full and adequate description of all phases of the contemplated operation and the specific mention of type of machinery and equipment, which will be or might be necessary to carry on the operation. Where the operation is

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 18 of 26

to include the washing of sand and gravel, the estimated daily quantity of water required, its source, and its disposition shall be made part of the description. b. A legal description of the proposed property with a map showing its location with indications of private access roads, existing or proposed, and of public highways adjacent to the site which will be affected by the operation. c. A topographic map of the area at a minimum contour interval of two feet extending beyond the site to the nearest public street or highway or to a minimum distance of 300 feet on all sides. d. A restoration plan as required by Chapter NR 135 of the Wisconsin Administrative Code.

B. Procedure for action on application and other requirements:

i. Referral to Plan Commission for Public Hearing: The application shall be referred to the Plan Commission for a public hearing and a recommendation to the Town Board. In addition to the normal posting and publishing, notices also shall be sent through the mail or otherwise placed in the hands of all land owners within a half mile radius of the approximate center of the proposed quarrying operation. These notices shall be mailed or delivered at least 10 days prior to the date of hearing. Substantial compliance with the notice requirements of this section shall be deemed sufficient. No hearing shall be required prior to issuing a permit in a Quarrying District.

ii. Action by the Town Board: In addition to the general CUP requirements, the Town Board shall give particular consideration to the following factors:

a. The effect of the proposed operation on existing roads and traffic movement in terms of adequacy, maintenance, repair, safety, and efficiency. b. The effect of the proposed operation on drainage and water supply. c. The practical possibility of restoration of the site. d. The need for this limited natural resource to construct local infrastructure, roads, and housing, its economic effects on the community, and whether or not it is in the public interest.

iii. Renewals: The procedure as designated in i. and ii. above shall also apply to applications of renewal of a permit. Determination in regard to renewal shall be based particularly on an evaluation of the effect of the continuance of the use in relation to changing conditions in the area. Where renewal is not granted, the reasons

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 19 of 26

for refusal shall be presented to the applicant in writing and made a part of the records of Lisbon.

C. General Requirements: i. No part of the quarrying operation, including any accessory access roads, parking areas, office buildings, etc., but not including the restoration based on the approved plan, shall be permitted closer than 1,000 feet to a residential zoning district, unless approved by the Town Board after public hearing and upon proper notice as required in this section, and in accordance with Section 4(25)(B)(iii)a-h above, but in no case shall such quarrying operation, access roads, parking areas, etc. be permitted closer than 200 feet to any residential zoning district. Further, no part of the quarrying operation, including any accessory access roads, parking areas, office buildings, etc., shall be permitted closer than 75 feet to any shoreline, river, or stream, or 50 feet to any other environmentally sensitive area as defined in this ordinance. ii. No quarrying operation shall be permitted, except in a Q-1 or M-2 district, if 30 or more families reside within a one-half mile radius of the center of the proposed property.

D. Road setback requirements: No part of the quarrying operation other than access roads shall be located closer than 200 feet, nor shall any parking area, stock pile, or office building be located closer than 100 feet, to the base setback line along any street or highway.

E. Offset requirements: No part of the quarrying operation shall be permitted closer than 200 feet, nor shall any access road, parking area, or office building be located closer than 50 feet to any property line, except with the written consent of the owner of adjoining property, or except where said line is abutting a Q-1 or M-2 district, or abutting an existing quarrying operation, but in no case shall such operation be closer than 20 feet to any property line, except by agreement between abutting quarrying operations, or be in conflict with the provisions of Section 3(c)(5) relating to the preservation of topography.

F. Operational Requirements:

i. Fencing or other suitable barrier shall be erected and maintained around the property or around portions of the site where, in the determination of the Town Board, such fencing or barrier is necessary for the protection of the public, and shall be of a type approved by the Town Board. ii. All machinery and equipment used in the quarrying operation shall be constructed, maintained, and operated in such a manner as to minimize dust, noise, and vibration. Access and haulage roads on the site shall be maintained in a manner to minimize dust by

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 20 of 26

surfacing or treatment as directed by the Town Engineer. iii. The crushing, washing, refining, or other processing other than the initial removal of material, may be permitted as an accessory use only as specifically authorized under the terms of the grant of the permit or as otherwise provided in a Q-1 or M-2 district. iv. In stone quarries the production or manufacturing of veneer stone, sills, lintels, cut flagstone, hearthstones, paving stone, and similar architectural or structural stone, and the storing or stock-piling of such products on the site shall be considered a permissible part of the operation, provided such production does not require the use of crushing or other heavy machinery, except as may be otherwise specifically authorized under the terms of the grant of the permit or as otherwise provided in a Q-1 or M-2 district. v. The manufacture of concrete building blocks or other similar blocks, the production or manufacture of lime products, the production of ready-mixed concrete and any similar production or manufacturing processes which might be related to the quarrying operation shall not be permitted, except as otherwise provided in a Q-1 or M-2 district. vi. The washing of sand and gravel shall be prohibited in any operation where the source of water is of doubtful capacity or where the quantity of water will, in the opinion of the Town Engineer, seriously affect the supply of other uses in the area. vii. Landscaping shall be provided where deemed necessary by the Town Board to screen the operation so far as practical from normal view, to enhance the general appearance from the public right-of- way. Such planting shall be started as soon as practicable, but no later than one year after quarrying operations have begun and shall be done according to the recommendations of the Plan Commission. viii. Quarrying operations shall be limited to 6:00 a.m. to 6:00 p.m. unless previously authorized by the Town Board, and no operation shall take place on Sundays or legal holidays. During periods of national or unusual emergency, days and hours of operation may be altered at the discretion of the Town Board and through the issuance of a special permit which shall be renewable at 30-day intervals.

G. Restorative requirements: In order to ensure that the area of the quarrying operation is restored to a condition of practical usefulness and reasonable physical attractiveness, the owner or operator shall, prior to the issuance of a permit, submit to the Town Board a copy of a plan for such restoration that meets the requirements of NR 135 and any other applicable ordinances and that has been approved by the Waukesha County Land Resources Division who is the governing body responsible for the administration and enforcement of the restoration plan.

H. Exceptions:

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 21 of 26

i. The provisions of this section, Section 4(h)(25), shall not apply to the removal of sod. ii. When the operation is limited to the removal of topsoil, the Plan Commission may, consistent with the intent of these regulations, modify any or all of the provisions of this section, Section 4(h)(25), provided, however, that in no case shall such operation be permitted closer than 10 feet to any property line, or to a depth in excess of 18 inches, or so as to adversely affect the drainage of the area. iii. The provisions of this section, Section 4(h)(25), shall not apply to an operation which is incident to a legitimate use of the premises; provided, however, where such operation involves the commercial disposal of the material removed, the approval of a CUP by the Plan Commission shall be required and such operation shall be limited to a maximum period of six months. iv. In a Q-1 or M-2 district the Plan Commission may, consistent with the intent of these regulations, modify the provisions relative to permitted hours of operation; and where the character of terrain, of surrounding development, or other special conditions would justify such modification may permit a reduction in the required setbacks or offsets; provided, however that in no case shall the setback be less than 100 feet, or the offset be less than 100 feet for quarrying operations, or 20 feet for any access road, parking area, or office building except as may be otherwise provided by Section 4(h)(25)(E).

26. Restaurants, Supper Clubs, Lake Resorts (open to the general public), Taverns, Dance Halls, Pool Halls, Bowling Alleys, and Similar Uses: The following requirements shall be met:

A. The minimum lot area shall be at least two acres and at least 200 feet in minimum in average width.

B. Off-street parking shall be provided within 200 feet of the building in which such use is occurring, and all parking, including access drives and aisles shall be offset 20 feet from any lot line of an adjacent property zoned agricultural or residential.

C. A planting screen of at least six feet in initial height shall be provided between any abutting residential district and the proposed conditional use. The Plan Commission may require additional screening. A planting plan prepared by a Registered Landscape Architect shall be submitted for review and approval as a condition of approval.

D. The proposed building shall be offset at least 50 feet from any adjoining residential district and 100 feet from the high water mark of any lake or navigable body of water.

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 22 of 26

27. Testing Laboratories (Experimental or Analytical): Agricultural laboratory testing is allowed as a conditional use in the A-10 and A-5 zoning districts. Medical, biological, food processing, and industrial design and manufacturing laboratory testing is allowed as a conditional use in the B-2, B-3, Q-1, M-1, and M-2 zoning districts. The following requirements shall be met:

A. The minimum lot size shall be at least three acres.

B. The minimum offset for a building housing only testing facilities shall be 50 feet where the zoning upon the adjoining lot permits residential use.

28. (Reserved)

29. Communication Towers and Related Facilities. This conditional use includes any plant or equipment used to carry wireless, mobile, broadband, video, radio, or other commercial telecommunications services by radio signal or other electromagnetic waves, such as towers, antennas, equipment buildings, parking area, and other accessory development. The purpose and intent of this Section is to strike a balance between the expansion of technology relating to communication towers and antennas and the Town’s interest in protecting residential areas and land uses from the potential adverse impacts of towers and antennas, minimizing the total number of towers throughout the community, encouraging the joint use of new and existing tower sites as a primary siting option rather than construction of additional single-use towers, minimizing the visual impact of towers and antennas, and avoiding potential damage to adjacent properties from tower failure through engineering and careful siting of tower structures. The following requirements shall be met:

A. All towers, antennas, and equipment shall meet and conform with all applicable standards and requirements in the Wisconsin Statutes governing uses contemplated by this section. Towers and antennas of any height shall conform with all other applicable local, state, and Federal requirements. B. All new towers and related facilities shall be located so as to minimize their visibility and the number of tower sites. The applicant shall make a good faith effort to achieve co-location between the applicant and an existing tower location elsewhere in the Town. No tower shall be installed closer than one-quarter mile from another tower, unless it is a tower situated on a multi-tower lot or there is a clear need for a new tower and co-locating it on an existing site is infeasible. C. A CUP shall not be granted unless the tower is located so that there is sufficient radius of clear land around the tower so that its collapse shall be completely contained on the property. D. All new towers and related facilities shall be designed to blend into the surrounding environment to the greatest extent feasible and all the

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 23 of 26

following measures shall be implemented: i. Towers shall be constructed out of metal or other nonflammable material; ii. Equipment rooms, utilities, and equipment enclosures shall be constructed out of nonreflective materials (visible exterior surfaces only) to all extent possible and, where possible, shall be sited below the ridge line or designed to minimize their impact; iii. Equipment buildings, shelters, and cabinets shall look like a building or facility typically found in the area and shall be located, designed, and screened to reduce visual impacts to the extent feasible considering the technological requirements of the proposed use, the need to be compatible with neighboring residences, and the character of the community; and iv. The Town may require reasonable special design, such as materials, architectural features, and color where findings of particular sensitivity are made. For example, proximity to historic or aesthetically significant structures, views, and/or community features.

E. The Plan Commission may impose any other condition or requirement of approval that is consistent with the standards and requirements in the Wisconsin Statutes governing uses contemplated by this section or other applicable local, state, or federal law.

30. Outdoor Commercial Recreation Facilities/Uses. This category includes those facilities and uses listed in Section 10 of this ordinance, and such facilities and uses open to the public, including but not limited to, amusement parks, water parks, batting cages, paintball ranges, laser tag ranges, orienteering, trampolines, racquet sports, athletic courts, stadiums, indoor/outdoor recreational facilities, etc. No such conditional use shall include the operation of a commercial facility such as a bar, restaurant, or arcade except as may be specifically authorized in the grant of a CUP pursuant to Section 4(h)(26).

31. Outdoor Storage and Display.

32. Drive-Through Facilities.

33. Truck Terminals (of any size), Warehousing, Distribution Centers, Storage Facilities for Distributors, and Mail-Order Centers over 50,000 square feet or with more than five overhead doors.

34. Factory Outlets and retail sales of products made onsite in the principal industrial operation. 35. General Sale of Industrial Products.

36. Self Service Storage (Mini-Warehouses): The following information shall be

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 24 of 26

submitted for review and approval, and the following requirements shall be met:

A. The use must be located on a collector or arterial street as defined in the Lisbon Code of Ordinances. In no case shall the use be located on a minor street as defined in the Code of Ordinances.

B. The use must be served with adequate public services as approved by the appropriate utilities, and must be able to be adequately served by local services such as police, fire, etc.

C. A Landscape and Maintenance Plan shall address the aesthetics of the site and relationship to surrounding lands, and shall include treatment for the building foundation, parking area, and street frontage.

D. A Screening, Berming, Wall or Fencing Plan shall address the aesthetics of the site and the relationship of the use to adjacent properties in the area.

E. Security measures and access control, as required and approved by the Plan Commission, shall be implemented to protect the site and reduce the potential for incident.

F. An Exterior Lighting Plan, including a site photometric plan and fixture details, shall be required. All lighting shall be directed downward and no lighting shall be directed onto adjacent properties or the roadways.

G. State Approved Building Plans, as required, shall be submitted and approved by the Town Building Inspector. If phasing is proposed, a Phasing Plan shall also be submitted.

H. Architectural Plans, with elevation renderings, interior floor plans, and illustrating the design and character of the proposed structure, shall be submitted. The Plan Commission may impose architectural standards as deemed appropriate including, but not limited to, building materials, building colors, roof pitch, height, architectural breaks, etc.

I. A Parking, Circulation, and Maneuverability Plan shall be submitted and include snow removal areas.

J. A Waste Disposal and Recycling Plan shall be submitted. All containers shall be enclosed with lids that remain closed at all times and all containers shall be totally concealed or screened from public view with fencing, walls, and/or landscaping/planting screens. K. An Outdoor Storage Plan shall be submitted for review and approval. Lisbon may consider outdoor storage on a case-by-case basis. In no case shall there be any display or sale of items on the site.

L. There shall be no commercial business activity or office use, either retail or

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 25 of 26

wholesale, operated within any mini-warehouse facility or unit or on the property, other than a facility manager’s office, if proposed on site; and there shall be absolutely no human habitation of any units in the form of a living unit. Per the definition in Section 2(b), the units shall be for personal storage purposes only.

37. Truck Washes: The following requirements shall be met:

A. The use must be located on a collector or arterial street as defined in the Lisbon Code of Ordinances, unless a location on a minor street is determined to be acceptable by the Town Plan Commission and Public Works Director.

B. A Waste Disposal and Recycling Plan shall be submitted for review and approval, including specifics on the use and/or disposal of water used to wash trucks and trailers. All refuse containers shall be enclosed with lids that remain closed at all times and all containers shall be totally concealed or screened from public view with fencing, walls, and/or landscaping/planting screens.

C. The use shall comply with all standards for wastewater treatment and water quality performance standards in Section 3(f) and other applicable sections of this ordinance.

SECTION 2. In addition, the following sections of the Lisbon Zoning Code related to Conditional Uses are repealed and recreated to read as follows:

SECTION 3 GENERAL PROVISIONS 3(d) Use Regulations 3. Unclassified Uses: Any use not specifically listed as a permitted use or conditional use, shall be considered to be prohibited except as hereinafter provided. Where deemed appropriate, the Plan Commission shall have the authority to authorize uses not specifically enumerated herein (e.g., unspecified conditional use) under the terms of Section 4 (h) 28 of this Ordinance and shall state, in writing, the justification for allowing or denying said application for conditional use.

SECTION 30 Q-1 QUARRYING DISTRICT 30(d) Conditional Uses

1. Public and semi public buildings and uses 2. Contractors yards 3. Churches, Synagogues, and Other Buildings for Religious Assembly 4. Public and Commercial Disposal Operations for Noncombustible Materials 5. Private clubs and resorts 6. Commercial fish or bait ponds or hatcheries 7. Communication towers 8. Testing laboratories 9. Quarrying 10. Self Service Storage (Mini-Warehouses) 11. Truck washes

Ordinance 2021-06 – Zoning Ordinance CUP Amendments Page 26 of 26

SECTION 3: All ordinances or parts of ordinances conflicting with or contravening the provisions of this ordinance are hereby repealed.

SECTION 4: This ordinance shall take effect upon passage and posting as provided by law.

PASSED AND ADOPTED by the Town Board of the Town of Lisbon, Waukesha County, Wisconsin this ___ day of February, 2021.

TOWN BOARD, TOWN OF LISBON WAUKESHA COUNTY, WISCONSIN

BY: JOSEPH OSTERMAN, Chairman

BY: DOUG BRAHM, Supervisor

BY: MARC MOONEN, Supervisor

BY: LINDA BEAL, Supervisor

BY: REBECCA PLOTECHER, Supervisor

ATTEST:

BY: ELISA M. CAPPOZZO, Town Clerk

600 W. Virginia Street, Suite 601 Milwaukee, WI 53204 (262) 875-5000 phone (608) 826-0530 FAX www.vierbicher.com

February 17, 2021

Chairperson Osterman and Town Board Members Town of Lisbon W23N8676 Woodside Road Lisbon, WI 53089

Re: Chapter 11 Zoning Code Updates – Section 4 Conditional Uses

Dear Town Board Members:

The state legislature enacted Act 67 in 2017, which established new standards for the municipal review and approval of conditional use permits (CUPs). In order comply with the new state legislation, amendments have been drafted to update Section 4 and other related sections of the Lisbon Zoning Ordinance.

In December, the Plan Commission held a public hearing and reviewed draft amendments to Section 4. Additional edits were reviewed at the January 14 meeting. Based on that feedback and other comments received, including public comments, an updated draft was provided for review in February. At its February 11 meeting, the Plan Commission recommended Town Board approval of the enclosed ordinance text.

The amendments were drafted in coordination with the Town Attorney. The proposed amendments attempt to maintain the existing code requirements as much as possible, while updating the language to reflect new legal requirements for the review and approval process for CUPs, and also making other edits to simplify the ordinance for ease of use and administration. Redlined versions of the text were provided in recent Plan Commission packets to show the specific changes made between each meeting.

To summarize, the recommended changes include the following:

 Edits throughout Section 4 to use a more consistent style for references to various agencies and other sections of the zoning ordinance, and to eliminate redundant words. For example: o Using numbers for quantities with more than one syllable, such as “180” instead of “one hundred and eighty”; o Replacing phrases like “in order to” with “to”; o Striking more requirements that were listed under individual land uses when they already apply generally to all CUPs. o Corrections to references to the B-4 and BP zoning districts, which were amended in 2020 – as well as a few other incorrect district or code section references.  More general references to Wisconsin Statutes, versus specific sections, so that the zoning code will not be out of date if the applicable statutes are changed.

February 17, 2021 Page 2 of 3

 Removal of redundant language repeated within Section 4, for a reduction in total size from 43 pages to 26 pages (including removal of the PUD language, which Lisbon already approved with an amendment in 2020).  Sec. 4(a)5 – Removed sentence about authorizing only listed CUs, as this is addressed in Sec. 3(d)3.  Sec. 4(b)4 – Now requires legal description only “when required by the Town”.  Sec. 4(c)4 and 6 – Still requires legal notices to be sent out 500 feet from the subject property, but removes the 60 day and 90 day time limits for Plan Commission and Town Board action, respectively.  Sec. 4(d)1 – References “Wisconsin Statutes” regarding the definition of “substantial evidence” that is required as a basis for decisions on CUPs, but still proposes to include a working definition.  Sec. 4(g)1.B – Gives applicants 12 months to commence operation or obtain a building permit. Removed language about seasonal businesses as no longer necessary.  Sec. 4(h) no longer restates where various land uses are permitted, prohibited, or conditional in most cases. Instead, this section notes that the individual land uses are “as provided in each zoning district enumerated in Sections 6 through 33 of this ordinance”, to make clear that the provisions in those sections control.  Edits to specific conditional uses listed in Sec. 4(h) include, but are not limited to: o Sec. 4(h)10 Commercial Truck Parking – As amended, will now require a 3-acre lot size whether or not the land is a plat/CSM lot or unplatted. o Sec. 4(h)11 Contractors Yards – Now requires a planting screen 6 feet in initial height, versus 10 feet currently. o Sec. 4(h)17 Marinas and Board Liveries – Removed former subsection G regarding arcades, per Commission’s feedback. o Sec. 4(h)22 Private Clubs and Resorts – Removed some language the Commission deemed unnecessary, kept the main requirements intact. o Sec. 4(h)24 Public and Semi-Public Buildings and Uses – Removed the “double offset” requirement, since additional setbacks could be required in the CUP process if needed. o Sec. 4(h)25 Quarrying – Cut some language regarding the public hearing process and the applicable standards, where it seemed redundant to the general requirements for all CUPs. Kept language unique to quarries (e.g. the half mile radius for public notices). Removed sub paragraph I regarding renewal permits for operations existing prior to the zoning code adoption, per Commission feedback. o Sec. 4(h)29 Communication Towers and Related Facilities – This section was updated to comply with current statutes. For example these facilities must be allowed in any zoning district. o Sec. 4(h)30 Outdoor Commercial Recreation Facilities/Uses – Corrected a code reference from 4(h)10 (incorrect) to Section 10 per County staff feedback. o Sec. 4(h36 Self Service Storage / Mini-Warehouses – Some redundant text removed from the requirements. o Sec. 4(h)37 Truck Washes – The addition of a “truck wash” land use, listed in the Q-1 district (though it may be allowed elsewhere where deemed appropriate), and requirements specific to that use, based on the need identified last winter to enable Lisbon to better respond to proposals for this type of use.

February 17, 2021 Page 3 of 3

Any zoning code amendments approved by Lisbon will also require approval by Waukesha County. The draft ordinance was shared with County staff last month and they provided comments for consideration prior to taking action on the code amendments. Some edits were made based on these comments and discussed with the Plan Commission.

I will be in attendance at the February 22 Board meeting and available to discuss the above matters or answer questions as needed.

Sincerely,

Rachel Holloway, AICP Town Planner cc: Kathy Nickolaus, Town Administrator, Town of Lisbon Elisa Cappozzo, Town Clerk, Town of Lisbon Michael Van Kleunen, Lisbon Town Attorney, Cramer, Multhauf & Hammes, LLP

M:\Lisbon, Town of\200200 - 2020 Town Planning Services\General Tasks\13_CUP Updates\Draft docs\For 2021-02-22 TB\2020-02-17 TB Memo Ch 11 CUP Code Updates.docx

RESOLUTION NO. 2021-04

RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $3,390,000 TAXABLE GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2021A

WHEREAS, on January 25, 2021, the Town Board of the Town of Lisbon, Waukesha County, Wisconsin (the "Town") adopted a resolution (the "Set Sale Resolution"), providing for the sale of Taxable General Obligation Promissory Notes, Series 2021A (the "Notes") for public purposes, including paying the cost of water, sewer and street improvements in Tax Incremental District No. 1 (the "Project");

WHEREAS, the Town 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, due to certain provisions contained in the Internal Revenue Code of 1986, as amended, it is necessary to issue such Notes on a taxable rather than tax-exempt basis;

WHEREAS, pursuant to the Set Sale Resolution, the Town has directed Ehlers & Associates, Inc. ("Ehlers") to take the steps necessary to sell the Notes to pay the cost of the Project;

WHEREAS, Ehlers, in consultation with the officials of the Town, prepared a Notice of Sale (a copy of which is attached hereto as Exhibit A and incorporated herein by this reference) setting forth the details of and the bid requirements for the Notes and indicating that the Notes would be offered for public sale on February 22, 2021;

WHEREAS, the Town Clerk (in consultation with Ehlers) caused a form of notice of the sale to be published and/or announced and caused the Notice of Sale to be distributed to potential bidders offering the Notes for public sale on February 22, 2021;

WHEREAS, the Town has duly received bids for the Notes as described on the Bid Tabulation attached hereto as Exhibit B and incorporated herein by this reference (the "Bid Tabulation"); and

WHEREAS, it has been determined that the bid proposal (the "Proposal") submitted by the financial institution listed first on the Bid Tabulation fully complies with the bid requirements set forth in the Notice of Sale and is deemed to be the most advantageous to the Town. Ehlers has recommended that the Town accept the Proposal. A copy of said Proposal submitted by such institution (the "Purchaser") is attached hereto as Exhibit C and incorporated herein by this reference.

NOW, THEREFORE, BE IT RESOLVED by the Town Board of the Town that:

Section 1. Ratification of the Notice of Sale and Offering Materials. The Town Board hereby ratifies and approves the details of the Notes set forth in Exhibit A attached hereto as and

QB\66982475.1

for the details of the Notes. The Notice of Sale and any other offering materials prepared and circulated by Ehlers are hereby ratified and approved in all respects. All actions taken by officers of the Town and Ehlers in connection with the preparation and distribution of the Notice of Sale, and any other offering materials are hereby ratified and approved in all respects.

Section 1A. Authorization and Award of the Notes. For the purpose of paying the cost of the Project, there shall be borrowed pursuant to Section 67.12(12), Wisconsin Statutes, the principal sum of THREE MILLION THREE HUNDRED NINETY THOUSAND DOLLARS ($3,390,000) from the Purchaser in accordance with the terms and conditions of the Proposal. The Proposal of the Purchaser offering to purchase the Notes for the sum set forth on the Proposal, plus accrued interest to the date of delivery, resulting in a true interest cost as set forth on the Proposal, is hereby accepted. The Chairperson and Town Clerk or other appropriate officers of the Town are authorized and directed to execute an acceptance of the Proposal on behalf of the Town. The good faith deposit of the Purchaser shall be applied in accordance with the Notice of Sale, and any good faith deposits submitted by unsuccessful bidders shall be promptly returned. The Notes shall bear interest at the rates set forth on the Proposal.

Section 2. Terms of the Notes. The Notes shall be designated "Taxable General Obligation Promissory Notes, Series 2021A"; shall be issued in the aggregate principal amount of $3,390,000; shall be dated March 17, 2021; shall be in the denomination of $5,000 or any integral multiple thereof; shall be numbered R-1 and upward; and shall bear interest at the rates per annum and mature on March 1 of each year, in the years and principal amounts as set forth on the Pricing Summary attached hereto as Exhibit D-1 and incorporated herein by this reference. Interest shall be payable semi-annually on March 1 and September 1 of each year commencing on March 1, 2022. 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. The schedule of principal and interest payments due on the Notes is set forth on the Debt Service Schedule attached hereto as Exhibit D-2 and incorporated herein by this reference (the "Schedule").

Section 3. Redemption Provisions. The Notes maturing on March 1, 2030 and thereafter are subject to redemption prior to maturity, at the option of the Town, on March 1, 2029 or on any date thereafter. Said Notes are redeemable as a whole or in part, and if in part, from maturities selected by the Town, and within each maturity by lot, at the principal amount thereof, plus accrued interest to the date of redemption.

[If the Proposal specifies that any of the Notes are subject to mandatory redemption, the terms of such mandatory redemption shall be set forth on an attachment hereto as Exhibit MRP and incorporated herein by this reference. 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 Exhibit MRP for such Notes in such manner as the Town 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 E and incorporated herein by this reference.

-2- QB\66982475.1

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 Town are hereby irrevocably pledged, and there is hereby levied upon all of the taxable property of the Town a direct annual irrepealable tax in the years 2021 through 2030 for the payments due in the years 2022 through 2031 in the amounts set forth on the Schedule.

(B) Tax Collection. So long as any part of the principal of or interest on the Notes remains unpaid, the Town 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 Town and collected in addition to all other taxes and in the same manner and at the same time as other taxes of the Town 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 Town 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 be and there hereby is established in the treasury of the Town, 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 Town 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 Taxable General Obligation Promissory Notes, Series 2021A, dated March 17, 2021" (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 Town at the time of delivery of and payment for the Notes; (ii) any premium which may be received by the Town 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

-3- QB\66982475.1

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 reduce the next succeeding tax levy, or may, at the option of the Town, 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.

(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 Town, unless the Town Board 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 Town 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. Execution of the Notes; Closing; Professional Services. The Notes shall be issued in printed form, executed on behalf of the Town by the manual or facsimile signatures of the Chairperson and Town 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 Town 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 Town 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 Town hereby authorizes the officers and agents of the Town 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.

-4- QB\66982475.1

Section 9. Payment of the Notes; Fiscal Agent. The principal of and interest on the Notes shall be paid by [______, ______, ______, which is hereby appointed as the Town's registrar and fiscal agent pursuant to the provisions of Section 67.10(2), Wisconsin Statutes] [the Town Clerk or Town Treasurer] (the "Fiscal Agent"). [The Town hereby authorizes the Chairperson and Town Clerk or other appropriate officers of the Town to enter a Fiscal Agency Agreement between the Town and the Fiscal Agent. Such contract may provide, among other things, for the performance by the Fiscal Agent of the functions listed in Wis. Stats. Sec. 67.10(2)(a) to (j), where applicable, with respect to the Notes].

Section 10. Persons Treated as Owners; Transfer of Notes. The Town 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.

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 Chairperson and Town 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 Town shall cooperate in any such transfer, and the Chairperson and Town Clerk are authorized to execute any new Note or Notes necessary to effect any such transfer.

Section 11. 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 Town at the close of business on the Record Date.

Section 12. 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 Town agrees to the applicable provisions set forth in the Blanket Issuer Letter of Representations, which the Town Clerk or other authorized representative of the Town is authorized and directed to execute and deliver to DTC on behalf of the Town to the extent an effective Blanket Issuer Letter of Representations is not presently on file in the Town Clerk's office.

Section 13. Payment of Issuance Expenses. The Town authorizes the Purchaser to forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses to Old National Bank at Closing for further distribution as directed by Ehlers.

-5- QB\66982475.1

Section 14. Official Statement. The Town Board hereby approves the Preliminary Official Statement with respect to the Notes and deems 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 officers of the Town 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 Closing, the appropriate Town official shall certify the Preliminary Official Statement and any addenda or final Official Statement. The Town Clerk shall cause copies of the Preliminary Official Statement and any addenda or final Official Statement to be distributed to the Purchaser.

Section 15. Undertaking to Provide Continuing Disclosure. The Town 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 Town 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 Chairperson and Town Clerk, or other officer of the Town 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 Town's Undertaking.

Section 16. Record Book. The Town 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 17. Bond Insurance. If the Purchaser determines to obtain municipal bond insurance with respect to the Notes, the officers of the Town are authorized to take all actions necessary to obtain such municipal bond insurance. The Chairperson and Town Clerk are authorized to agree to such additional provisions as the bond insurer may reasonably request and which are acceptable to the Chairperson and Town 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.

-6- QB\66982475.1

Section 18. Conflicting Resolutions; Severability; Effective Date. All prior resolutions, rules or other actions of the Town Board 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 February 22, 2021.

______Joseph Osterman Chairperson ATTEST:

______Elisa Cappozzo Town Clerk (SEAL)

-7- QB\66982475.1

EXHIBIT A

Notice of Sale

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

(See Attached)

QB\66982475.1

EXHIBIT B

Bid Tabulation

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

(See Attached)

QB\66982475.1

EXHIBIT C

Winning Bid

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

(See Attached)

QB\66982475.1

EXHIBIT D-1

Pricing Summary

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

(See Attached)

QB\66982475.1

EXHIBIT D-2

Debt Service Schedule and Irrepealable Tax Levies

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

(See Attached)

QB\66982475.1

[EXHIBIT MRP

Mandatory Redemption Provision

The Notes due on March 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 March 1 of each year the respective amount of Term Bonds specified below:

For the Term Bonds Maturing on March 1,

Redemption Date Amount ____ $______(maturity)

For the Term Bonds Maturing on March 1,

Redemption Date Amount ____ $______(maturity)

For the Term Bonds Maturing on March 1,

Redemption Date Amount ____ $______(maturity)

For the Term Bonds Maturing on March 1,

Redemption Date Amount ____ $______(maturity)]

QB\66982475.1

EXHIBIT E

(Form of Note)

UNITED STATES OF AMERICA REGISTERED STATE OF WISCONSIN DOLLARS WAUKESHA COUNTY NO. R-___ TOWN OF LISBON $______TAXABLE GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2021A

MATURITY DATE: ORIGINAL DATE OF ISSUE: INTEREST RATE: CUSIP:

March 1, _____ March 17, 2021 ____% ______

DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO.

PRINCIPAL AMOUNT: ______THOUSAND DOLLARS ($______)

FOR VALUE RECEIVED, the Town of Lisbon, Waukesha County, Wisconsin (the "Town"), 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 March 1 and September 1 of each year commencing on March 1, 2022 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 Town Clerk or Town 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 Town are hereby irrevocably pledged.

This Note is one of an issue of Notes aggregating the principal amount of $3,390,000, all of which are of like tenor, except as to denomination, interest rate, maturity date and redemption provision, issued by the Town pursuant to the provisions of Section 67.12(12), Wisconsin Statutes, for public purposes, including paying the cost of water, sewer and street improvements in Tax Incremental District No. 1, as authorized by a resolution adopted on February 22, 2021 (the "Resolution"). Said resolution is recorded in the official minutes of the Town Board for said date.

QB\66982475.1

The Notes maturing on March 1, 2030 and thereafter are subject to redemption prior to maturity, at the option of the Town, on March 1, 2029 or on any date thereafter. Said Notes are redeemable as a whole or in part, and if in part, from maturities selected by the Town, 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[s] referred to above, 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 Town, 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 is transferable only upon the books of the Town 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 Town 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 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 Town 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 Town may treat and consider

-2- QB\66982475.1

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, fully-registered 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.

IN WITNESS WHEREOF, the Town of Lisbon, Waukesha 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 Chairperson and Town Clerk; and to be sealed with its official or corporate seal, if any, all as of the original date of issue specified above.

TOWN OF LISBON WAUKESHA COUNTY, WISCONSIN

By: ______Joseph Osterman Chairperson

(SEAL)

By: ______Elisa Cappozzo Town Clerk

-3- QB\66982475.1

[Date of Authentication: ______, ______

CERTIFICATE OF AUTHENTICATION

This Note is one of the Notes of the issue authorized by the within-mentioned resolution of the Town of Lisbon, Waukesha County, Wisconsin.

______, ______

By______Authorized Signatory]

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 (Depository or Nominee Name) or Securities Firm)

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)

-2- QB\66982475.1

This Preliminary Official Statement and the information contained herein are subject to completion and amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This Preliminary Official Statement is in a form deemed final as of its date for purposes of SEC Rule 15c2-12(b) (1), but is subject to revision, amendment and completion in a Final Official Statement. MATURITY: DATE NOTES: OF Wisconsin. LLP, Milwaukee, &Brady Quarles of legal opinion anapproving of receipt to subject is Delivery amount. or rate asto limitation without levied be law, current under may, tax which due become they as Notes the on interest and of principal the pay to tax a of levy the to subject is Town the in property taxable the andall Town, the of obligations general are Notes No. 1.The Statutes, for public purposes, including paying the cost of water, sewer and street improvements in (the of "Notes") the Tax Town of Lisbon, (the are Wisconsin "Town") Incremental being issued pursuant to Section District 67.12(12), Wisconsin PURPOSE/AUTHORITY/SECURITY: OPENING BID financial institutions to deduct interest expenses allocable to the Notes to the extent permitted under prior law. prior under permitted extent the to Notes the to allocable expenses interest deduct to institutions financial The Town will NOT designate the Notes as "qualified tax-exempt pursuant obligations" to Section 265 of the Internal Revenue Code of 1986, as amended, which permits taxes. franchise or income Wisconsin present exempt from isnot Notes the on interest The herein. OFINTEREST" "TAXABILITY See purposes. for federal income income tax gross in isincluded Notes the on interest existing law under Counsel, of Quarles In &the opinion LLP,Bond Brady BOOK-ENTRY-ONLY: MUNICIPALADVISOR: COUNSEL: BOND PAYINGAGENT: DEPOSIT: FAITH GOOD MAXIMUMBID: BID: MINIMUM REDEMPTION: OPTIONAL INTEREST: BONDS: TERM ADJUSTMENTS: MATURITY New Issue New $3,390,000* TAXABLE GENERAL OBLIGATION NOTES,SERIES2021A PROMISSORY : February 22, 2021, 10:30 A.M., C.T. A.M., 22,2021,10:30 February : PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 16,2021 March 1asfollows: March 17,2021 March 05100022 0,0 012,615,000 100,000 $100,000 2031 2030 Amount* 2029 Year 100,000 100,000 $100,000 2028 Amount* 2027 2026 Year 100,000 100,000 $75,000 2025 Amount* 2024 2023 Year See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser). the by specified otherwise (unless See "Book-Entry-Only herein System" Inc. andAssociates, Ehlers LLP. &Brady Quarles Issuer. the by benamed To funds. of transfer wire by bidder winning the bemade by $67,800shall of amount the in deposit faith goodA $3,593,400. optional prior for $3,356,100. call to subject are thereafter interest. accrued plus par of aprice at thereafter, anydate and 1,2029or onMarch redemption 2030 1, March on maturing Notes thereafter. 1,2022andsemiannually March herein. BondOption" See "Term any $1,000. per spread gross same the to maintain in made be may decreases or Increases maturity. If each. any principal amounts $5,000 are adjusted, the purchase price proposed of will be adjusted increments in sale, of day The Town reserves the * right to increase or decrease the principal amount of the Notes on the TOWN OFLISBON,WISCONSIN The $3,390,000* Taxable General Obligation Promissory Notes, Series 2021A (Waukesha County) (Waukesha Rating Application Made: Moody's Investors Service, Inc. Investors Moody's Rating Application Made: CONSIDERATION : February 22, 2021, 6:30 P.M., C.T. P.M., 22,2021,6:30 February : REPRESENTATIONS

No dealer, broker, salesperson or other person has been authorized by the Town to give any information or to make any representation other than those contained in this Preliminary Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Town. This Preliminary Official Statement does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.

This Preliminary Official Statement is not to be construed as a contract with the Syndicate Manager or Syndicate Members. Statements contained herein which involve estimates or matters of opinion are intended solely as such and are not to be construed as representations of fact. Ehlers and Associates, Inc. prepared this Preliminary Official Statement and any addenda thereto relying on information of the Town and other sources for which there is reasonable basis for believing the information is accurate and complete. Bond Counsel has not participated in the preparation of this Preliminary Official Statement and is not expressing any opinion as to the completeness or accuracy of the information contained therein. Compensation of Ehlers and Associates, Inc., payable entirely by the Town, is contingent upon the delivery of the Notes.

COMPLIANCE WITH S.E.C. RULE 15c2-12

Certain municipal obligations (issued in an aggregate amount over $1,000,000) are subject to Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Rule").

Preliminary Official Statement: This Preliminary Official Statement was prepared for the Town for dissemination to potential investors. Its primary purpose is to disclose information regarding the Notes to prospective underwriters in the interest of receiving competitive proposals in accordance with the sale notice contained herein. Unless an addendum is posted prior to the sale, this Preliminary Official Statement shall be deemed nearly final for purposes of the Rule subject to completion, revision and amendment in a Final Official Statement as defined below.

Review Period: This Preliminary Official Statement has been distributed to prospective bidders for review. Comments or requests for the correction of omissions or inaccuracies must be submitted to Ehlers and Associates, Inc. at least two business days prior to the sale. Requests for additional information or corrections in the Preliminary Official Statement received on or before this date will not be considered a qualification of a proposal received from an underwriter. If there are any changes, corrections or additions to the Preliminary Official Statement, interested bidders will be informed by an addendum prior to the sale.

Final Official Statement: Copies of the Final Official Statement will be delivered to the underwriter (Syndicate Manager) within seven business days following the proposal acceptance.

Continuing Disclosure: Subject to certain exemptions, issues in an aggregate amount over $1,000,000 may be required to comply with provisions of the Rule which require that underwriters obtain from the issuers of municipal securities (or other obligated party) an agreement for the benefit of the owners of the securities to provide continuing disclosure with respect to those securities. This Preliminary Official Statement describes the conditions under which the Town is required to comply with the Rule.

CLOSING CERTIFICATES

Upon delivery of the Notes, the Underwriter will be furnished with the following items: (1) a certificate of the appropriate officials to the effect that at the time of the sale of the Notes and all times subsequent thereto up to and including the time of the delivery of the Notes, this Preliminary Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (2) a receipt signed by the appropriate officer evidencing payment for the Notes; and (3) a certificate evidencing the due execution of the Notes, including statements that (a) no litigation of any nature is pending, or to the knowledge of signers, threatened, restraining or enjoining the issuance and delivery of the Notes, (b) neither the corporate existence or boundaries of the Town nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Notes have been repealed, revoked or rescinded.

ii TABLE OF CONTENTS

INTRODUCTORY STATEMENT...... 1 TAX LEVIES AND COLLECTIONS...... 18 TAX LEVIES AND COLLECTIONS...... 18 THE NOTES...... 1 PROPERTY TAX RATES...... 19 GENERAL...... 1 LEVY LIMITS...... 19 OPTIONAL REDEMPTION...... 1 AUTHORITY; PURPOSE...... 2 THE ISSUER...... 21 ESTIMATED SOURCES AND USES...... 2 TOWN GOVERNMENT...... 21 SECURITY...... 2 EMPLOYEES; PENSIONS...... 21 RATING...... 2 OTHER POST EMPLOYMENT CONTINUING DISCLOSURE...... 3 BENEFITS...... 22 LEGAL OPINION...... 3 LITIGATION...... 23 STATEMENT REGARDING BOND COUNSEL MUNICIPAL BANKRUPTCY...... 23 PARTICIPATION...... 3 FUNDS ON HAND...... 24 TAXABILITY OF INTEREST...... 4 ENTERPRISE FUNDS...... 24 NON-QUALIFIED TAX-EXEMPT SUMMARY GENERAL FUND OBLIGATIONS...... 4 INFORMATION...... 25 ORIGINAL ISSUE DISCOUNT...... 4 BOND PREMIUM...... 5 GENERAL INFORMATION...... 26 MUNICIPAL ADVISOR...... 5 LOCATION...... 26 MUNICIPAL ADVISOR AFFILIATED LARGER EMPLOYERS...... 26 COMPANIES...... 5 BUILDING PERMITS...... 27 INDEPENDENT AUDITORS...... 6 U.S. CENSUS DATA...... 28 RISK FACTORS...... 6 EMPLOYMENT/UNEMPLOYMENT DATA...... 28 VALUATIONS...... 9 WISCONSIN PROPERTY VALUATIONS; FINANCIAL STATEMENTS...... A-1 PROPERTY TAXES...... 9 CURRENT PROPERTY VALUATIONS. . . 10 FORM OF LEGAL OPINION...... B-1 2020 EQUALIZED VALUE BY CLASSIFICATION...... 10 BOOK-ENTRY-ONLY SYSTEM...... C-1 TREND OF VALUATIONS...... 10 LARGER TAXPAYERS...... 11 FORM OF CONTINUING DISCLOSURE CERTIFICATE...... D-1 DEBT...... 12 DIRECT DEBT...... 12 NOTICE OF SALE...... E-1 SCHEDULE OF GENERAL OBLIGATION DEBT...... 13 BID FORM SCHEDULE OF SEWER REVENUE DEBT...... 15 DEBT LIMIT...... 16 OVERLAPPING DEBT...... 16 DEBT RATIOS...... 17 DEBT PAYMENT HISTORY...... 17 FUTURE FINANCING...... 17

iii TOWN OF LISBON TOWN BOARD

Term Expires Joseph Osterman Town Chairman April 2021 Linda Beal Town Supervisor April 2022 Douglas Brahm Town Supervisor April 2022 Marc Moonen Town Supervisor April 2021 Rebecca Plotecher Town Supervisor April 2021

ADMINISTRATION

Kathleen Nickolaus, Town Administrator Elisa Cappozzo, Town Clerk Joan Siefert, Town Treasurer

PROFESSIONAL SERVICES

James Hammes, Town Attorney, Waukesha, Wisconsin

Quarles & Brady LLP, Bond Counsel, Milwaukee, Wisconsin

Ehlers and Associates, Inc., Municipal Advisors, Waukesha, Wisconsin (Other offices located in Roseville, Minnesota and Denver, Colorado)

iv INTRODUCTORY STATEMENT

This Preliminary Official Statement contains certain information regarding the Town of Lisbon, Wisconsin (the "Town") and the issuance of its $3,390,000* Taxable General Obligation Promissory Notes, Series 2021A (the "Notes"). Any descriptions or summaries of the Notes, statutes, or documents included herein are not intended to be complete and are qualified in their entirety by reference to such statutes and documents and the form of the Notes to be included in the resolution authorizing the issuance and sale of the Notes ("Award Resolution") to be adopted by the Board of Supervisors on February 22, 2021.

Inquiries may be directed to Ehlers and Associates, Inc. ("Ehlers" or the "Municipal Advisor"), Waukesha, Wisconsin, (262) 785-1520, the Town's municipal advisor. A copy of this Preliminary Official Statement may be downloaded from Ehlers’ web site at www.ehlers-inc.com by connecting to the Bond Sales link and following the directions at the top of the site.

THE NOTES

GENERAL

The Notes will be issued in fully registered form as to both principal and interest in denominations of $5,000 each or any integral multiple thereof, and will be dated, as originally issued, as of March 17, 2021. The Notes will mature on March 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will be payable on March 1 and September 1 of each year, commencing March 1, 2022, to the registered owners of the Notes appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board ("MSRB"). All Notes of the same maturity must bear interest from the date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.

Unless otherwise specified by the purchaser, the Notes will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As long as the Notes are held under the book-entry system, beneficial ownership interests in the Notes may be acquired in book-entry form only, and all payments of principal of, premium, if any, and interest on the Notes shall be made through the facilities of DTC and its participants. If the book-entry system is terminated, principal of, premium, if any, and interest on the Notes shall be payable as provided in the Award Resolution.

The Town will select a bank or trust company to act as paying agent (the "Paying Agent"). The Town will pay the charges for Paying Agent services. The Town reserves the right to remove the Paying Agent and to appoint a successor.

OPTIONAL REDEMPTION

At the option of the Town, the Notes maturing on or after March 1, 2030 shall be subject to optional redemption prior to maturity on March 1, 2029 or any date thereafter, at a price of par plus accrued interest.

Redemption may be in whole or in part of the Notes subject to prepayment. If redemption is in part, the selection of the amounts and maturities of the Notes to be redeemed shall be at the discretion of the Town. If only part of the Notes having a common maturity date are called for redemption, then the Town or Paying Agent, if any, will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed.

*Preliminary, subject to change. 1 Notice of such call shall be given by sending a notice by registered or certified mail, facsimile or electronic transmission, overnight delivery service or in any other manner required by DTC, not less than 30 days nor more than 60 days prior to the date fixed for redemption to the registered owner of each Note to be redeemed at the address shown on the registration books.

AUTHORITY; PURPOSE

The Notes are being issued pursuant to Section 67.12(12), Wisconsin Statutes, for public purposes, including paying the cost of water, sewer and street improvements in Tax Incremental District No. 1.

ESTIMATED SOURCES AND USES*

Sources Par Amount of Notes $3,390,000 Estimated Interest Earnings 2,060 Total Sources $3,392,060 Uses Total Underwriter's Discount $33,900 Costs of Issuance 61,875 Deposit to Project Construction Fund 3,295,475 Rounding Amount 810 Total Uses $3,392,060

*Preliminary, subject to change.

SECURITY

For the prompt payment of the Notes with interest thereon and for the levy of taxes sufficient for this purpose, the full faith, credit and resources of the Town will be irrevocably pledged. The Town will levy a direct, annual, irrepealable tax on all taxable property in the Town sufficient to pay the interest on the Notes when it becomes due and also to pay and discharge the principal on the Notes at maturity, in compliance with Article XI, Section 3 of the Wisconsin Constitution. Such tax may, under current law, be levied without limitation as to rate or amount.

RATING

General obligation debt of the Town, with the exception of any outstanding credit enhanced issues, is currently rated "Aa3" by Moody's Investors Service, Inc. ("Moody’s").

The Town has requested a rating on the Notes from Moody's, and bidders will be notified as to the assigned rating prior to the sale. Such rating reflects only the views of such organization and explanations of the significance of such rating may be obtained from Moody's. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgment of such rating agency circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Notes.

2 Such rating is not to be construed as a recommendation of the rating agency to buy, sell or hold the Notes, and the rating assigned by the rating agency should be evaluated independently. Except as may be required by the Disclosure Undertaking described under the heading "CONTINUING DISCLOSURE" neither the Town nor the underwriter undertake responsibility to bring to the attention of the owner of the Notes any proposed changes in or withdrawal of such rating or to oppose any such revision or withdrawal.

CONTINUING DISCLOSURE

In order to assist brokers, dealers, and municipal securities dealers, in connection with their participation in the offering of the Notes, to comply with Rule 15c2-12 promulgated by the Securities and Exchange Commission, pursuant to the Securities and Exchange Act of 1934, as amended (the "Rule"), the Town shall agree to provide certain information to the Municipal Securities Rulemaking Board ("MSRB") through its Electronic Municipal Market Access ("EMMA") system, or any system that may be prescribed in the future. The Rule was last amended, effective February 27, 2019, to include an expanded list of material events.

On the date of issue and delivery, the Town shall execute and deliver a Continuing Disclosure Certificate, under which the Town will covenant for the benefit of holders including beneficial holders, to provide electronically, or in a manner otherwise prescribed, certain financial information annually and to provide notices of the occurrence of certain events enumerated in the Rule (the "Disclosure Undertaking"). The details and terms of the Disclosure Undertaking for the Town are set forth in Appendix D. Such Disclosure Undertaking will be in substantially the form attached hereto.

A failure by the Town to comply with any Disclosure Undertaking will not constitute an event of default on the Notes. However, such a failure may adversely affect the transferability and liquidity of the Notes and their market price.

In the previous five years, the Town believes it has not failed to comply in all material respects with its prior undertakings under the Rule. The Town has reviewed its continuing disclosure responsibilities along with any changes to the Rule, to ensure compliance. Ehlers is currently engaged as dissemination agent for the Town.

LEGAL OPINION

An opinion as to the validity of the Notes will be furnished by Quarles & Brady LLP, of Milwaukee, Wisconsin, bond counsel to the Town. The legal opinion will be issued on the basis of existing law and will state that the Notes are valid and binding general obligations of the Town; provided that the rights of the owners of the Notes and the enforceability of the Notes may be limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors' rights and by equitable principles (which may be applied in either a legal or equitable proceeding).

STATEMENT REGARDING BOND COUNSEL PARTICIPATION

Bond Counsel has not assumed responsibility for this Official Statement or participated in its preparation (except with respect to the section entitled "Taxability of Interest" in the Official Statement and the ?Form of Legal Opinion" found in the Appendix B) and has not performed any investigation as to its accuracy, completeness or sufficiency.

3 TAXABILITY OF INTEREST

Interest on the Notes is included in gross income for present Federal income tax purposes. Interest on the Notes is not exempt from present Wisconsin income or franchise taxes.

NON-QUALIFIED TAX-EXEMPT OBLIGATIONS

The Town will NOT designate the Notes as "qualified tax-exempt obligations" pursuant to Section 265 of the Internal Revenue Code of 1986, as amended, which permits financial institutions to deduct interest expenses allocable to the Notes to the extent permitted under prior law.

ORIGINAL ISSUE DISCOUNT

To the extent that the initial public offering price of certain of the Notes is less than the stated principal amount payable at maturity, such Notes will be considered to be issued with original issue discount unless the amount of original issue discount is "de minimis." The amount of original issue discount with respect to a Note will be "de minimis" if the amount of discount is less than one-fourth of 1% of the principal amount payable at maturity multiplied by the number of complete years from the issue date until the maturity date.

If the amount of discount with respect to a Bond is considered "de minimis," then the amount of original issue discount with respect to the Bond will be zero. In that case, owners of those Notes will not be required to include any amount of original issue discount in income until the principal amount is repaid, at which time the owner will recognize capital gain (assuming the Bond is held as a capital asset) equal to the excess of the amount received at maturity over the issue price.

If the amount of discount with respect to a Bond is more than "de minimis," then the Notes will contain original issue discount and owners of the Notes will be required to include original issue discount in income. The Internal Revenue Code of 1986, as amended (the "Code") contains a number of very complex provisions requiring holders of debt instruments with original issue discount to include such original issue discount in income as it accrues ratably over the life of the debt instrument. In the case of a Bond with original issue discount, the owner may be required to include the original issue discount in income before the owner receives the associated cash payment, regardless of the owner's regular method of accounting for tax purposes. Any such original issue discount that is included in income is treated in the same manner as interest. Any original issue discount that is included in income by an owner with respect to a Bond will increase the holder's tax basis in the Bond.

The Code contains certain provisions relating to the accrual of original issue discount (including de minimis original issue discount) in the case of subsequent purchasers of obligations such as the Notes. Owners who do not purchase Notes in the initial public offering should consult their own tax advisors with respect to the tax consequences of the acquisition and ownership of Notes.

Owners who purchase Notes in the initial public offering but at a price different than the initial offering price at which a substantial amount of that maturity of the Notes was sold to the public should consult their own tax advisors with respect to the tax consequences of the acquisition and ownership of the Notes.

Owners of Notes should consult their own tax advisors with respect to the state and local tax consequences of owning the Notes.

4 BOND PREMIUM

To the extent that the initial offering price of certain of the Notes ("Premium Bonds") is more than the principal amount payable at maturity, the Premium Bonds will be considered to have "bond premium" equal to the difference between the issue price and the stated redemption price at maturity.

Any Premium Bond purchased in the initial offering at the issue price will have "amortizable bond premium" within the meaning of Section 171 of the Code. Owners of Premium Bonds, the interest on which is subject to tax, may make an election to amortize the bond premium and to offset the taxable interest income with the amortizable bond premium for the year. Any amortizable bond premium that reduces the amount of interest income also reduces the owner's adjusted tax basis in the Bond by a corresponding amount. The adjusted tax basis in a Premium Bond will be used to determine taxable gain or loss upon a disposition (for example, upon a sale, exchange, redemption, or payment at maturity) of such Premium Bond. If the election is made, it is effective for all Notes acquired during that year and all future years unless the taxpayer receives permission from the IRS to revoke the election. Owners of Premium Bonds should consult with their tax advisors regarding the calculation and treatment of bond premium for federal income tax purposes, as well as the manner of making the election.

Owners of the Premium Bodns who do not purchase such Premium Bonds in the initial offering at the issue price should consult with their tax advisors regarding the tax consequences of owning the Premium Bonds.

Owners of Premium Bonds should consult with their tax advisors regarding the state and local tax consequences of owning such Premium Bonds.

MUNICIPAL ADVISOR

Ehlers has served as municipal advisor to the Town in connection with the issuance of the Notes. The Municipal Advisor cannot participate in the underwriting of the Notes. The financial information included in this Preliminary Official Statement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. Ehlers is not a firm of certified public accountants. Ehlers is registered with the Securities and Exchange Commission and the MSRB as a municipal advisor. Ehlers makes no representation, warranty or guarantee regarding the accuracy or completeness of the information in this Preliminary Official Statement, and its assistance in preparing this Preliminary Official Statement should not be construed as a representation that it has independently verified such information.

MUNICIPAL ADVISOR AFFILIATED COMPANIES

Bond Trust Services Corporation ("BTSC") and Ehlers Investment Partners, LLC ("EIP") are affiliate companies of Ehlers. BTSC is chartered by the State of Minnesota and authorized in Minnesota, Wisconsin, Colorado, and Illinois to transact the business of a limited purpose trust company. BTSC provides paying agent services to debt issuers. EIP is a Registered Investment Advisor with the Securities and Exchange Commission. EIP assists issuers with the investment of bond proceeds or investing other issuer funds. This includes escrow bidding agent services. Issuers, such as the Town, have retained or may retain BTSC and/or EIP to provide these services. If hired, BTSC and/or EIP would be retained by the Town under an agreement separate from Ehlers.

5 INDEPENDENT AUDITORS

The basic financial statements of the Town for the fiscal year ended December 31, 2019, have been audited by Baker Tilly Virchow Krause, LLP, Milwaukee, Wisconsin, independent auditors (the "Auditor"). The report of the Auditor, together with the basic financial statements, component units financial statements, and notes to the financial statements are attached hereto as "APPENDIX A – FINANCIAL STATEMENTS". The Auditor has not been engaged to perform and has not performed, since the date of its report included herein, any procedures on the financial statements addressed in that report. The Auditor also has not performed any procedures relating to this Preliminary Official Statement.

RISK FACTORS

Following is a description of possible risks to holders of the Notes without weighting as to probability. This description of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here.

Taxes: The Notes are general obligations of the Town, the ultimate payment of which rests in the Town's ability to levy and collect sufficient taxes to pay debt service. In the event of delayed billing, collection or distribution of property taxes, sufficient funds may not be available to the Town in time to pay debt service when due.

State Actions: Many elements of local government finance, including the issuance of debt and the levy of property taxes, are controlled by state government. Future actions of the state may affect the overall financial condition of the Town, the taxable value of property within the Town, and the ability of the Town to levy and collect property taxes.

Future Changes in Law: Various State and federal laws, regulations and constitutional provisions apply to the Town and to the Notes. The Town can give no assurance that there will not be a change in or interpretation of any such applicable laws, regulations and provisions which would have a material effect on the Town or the taxing authority of the Town.

Ratings; Interest Rates: In the future, the Town's credit rating may be reduced or withdrawn, or interest rates for this type of obligation may rise generally, either possibility resulting in a reduction in the value of the Notes for resale prior to maturity.

Continuing Disclosure: A failure by the Town to comply with the Disclosure Undertaking for continuing disclosure (see "CONTINUING DISCLOSURE") will not constitute an event of default on the Notes. Any such failure must be reported in accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealer before recommending the purchase or sale of the Notes in the secondary market. Such a failure may adversely affect the transferability and liquidity of the Notes and their market price.

Book-Entry-Only System: The timely credit of payments for principal and interest on the Notes to the accounts of the Beneficial Owners of the Notes may be delayed due to the customary practices, standing instructions or for other unknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices to holders of these obligations will be delivered by the Town to DTC only, there may be a delay or failure by DTC, DTC participants or indirect participants to notify the Beneficial Owners of the Notes.

6 Depository Risk: Wisconsin Statutes direct the local treasurer to immediately deposit upon receipt thereof, the funds of the municipality in a public depository designated by the governing body. A public depository means a federal or state credit union, federal or state savings and loan association, state bank, savings and trust company, mutual savings bank or national bank in Wisconsin or the local government pooled investment fund operated by the State Investment Board. It is not uncommon for a municipality to have deposits exceeding limits of federal and state insurance programs. Failure of a depository could result in loss of public funds or a delay in obtaining them. Such a loss or delay could interrupt a timely payment of municipal debt.

Economy: A combination of economic, climatic, political or civil disruptions or terrorist actions outside of the control of the Town, including loss of major taxpayers or major employers, could affect the local economy and result in reduced tax collections and/or increased demands upon local government. Real or perceived threats to the financial stability of the Town may have an adverse effect on the value of the Notes in the secondary market.

Secondary Market for the Notes: No assurance can be given that a secondary market will develop for the purchase and sale of the Notes or, if a secondary market exists, that such Notes can be sold for any particular price. The underwriters are not obligated to engage in secondary market trading or to repurchase any of the Notes at the request of the owners thereof. Prices of the Notes as traded in the secondary market are subject to adjustment upward and downward in response to changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future market value of the Notes. Such market value could be substantially different from the original purchase price.

Bankruptcy: The rights and remedies of the holders may be limited by and are subject to the provisions of federal bankruptcy laws, to other laws, or equitable principles that may affect the enforcement of creditors’ rights, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The opinion of Bond Counsel to be delivered with respect to the Notes will be similarly qualified. See "MUNICIPAL BANKRUPTCY" herein.

Cybersecurity: The Town is dependent on electronic information technology systems to deliver services. These systems may contain sensitive information or support critical operational functions which may have value for unauthorized purposes. As a result, the electronic systems and networks may be targets of cyberattack. There can be no assurance that the Town will not experience an information technology breach or attack with financial consequences that could have a material adverse impact.

Impact of the Spread of COVID-19: In late 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, Hubei Province, China. COVID-19 has spread throughout the world, including to the United States, resulting in the World Health Organization proclaiming COVID-19 to be a pandemic and President Trump declaring a national emergency. In response to the spread of COVID-19, the United States government, state governments, local governments and private industries have taken measures to limit social interactions in an effort to limit the spread of COVID-19. The effects of the spread of COVID-19 and the government and private responses to the spread continue to rapidly evolve. COVID-19 has caused significant disruptions to the global, national and State economy. The extent to which the coronavirus impacts the Town and its financial condition will depend on future developments, which are highly uncertain and cannot be predicted by the Town, including the duration of the outbreak and measures taken to address the outbreak.

On March 12, 2020, Wisconsin Governor Tony Evers declared a public health emergency in the State in response to the growing threat of COVID-19. That declaration included direction to the state Department of Health Services to use any and all required resources to respond to and contain the outbreak. Governor Evers followed that up with a "safer at home" order (the "Order") on March 24, 2020, closing nonessential businesses, banning gatherings of any size and imposing strict travel restrictions through April 24, 2020. On April 16, 2020, the Order was extended from April 24, 2020 through May 26, 2020. Schools remained closed for the duration of the 2019-2020 school year, but certain non-essential businesses were allowed to open operations on a limited basis during this time, including curbside pickup, delivery, mailings and minimum basic operations.

7 Also on April 16, 2020, President Trump outlined "Guidelines for Opening Up America Again," a three-phased approach to restarting the economy based on public health experts’ advice. The guidelines start with a set of criteria that should be met before starting phases one to three. The criteria include a downward trajectory of people with flu- like and COVID-19-like symptoms for 14 days; a downward trajectory of documented cases for 14 days or a downward trajectory of positive tests as a percentage of total tests over a 14-day period; and hospitals with the ability to treat all patients without crisis care and a robust testing program for at-risk healthcare workers.

On April 20, 2020, Governor Evers announced Wisconsin’s three-phased approach to reopening the State’s economy, based on President Trump’s guidelines, including similar criteria to be met before phase one can begin. On April 21, 2020, Republican legislators in the State filed a lawsuit challenging the legality of the Order. On May 13, 2020, the Wisconsin Supreme Court ruled that the State's Order is unlawful, invalid and unenforceable because the emergency rulemaking procedures under Section 227.24 of the Wisconsin Statutes and procedures established by the Wisconsin Legislature for rulemaking if criminal penalties were to follow were not followed in connection with the Order. The Supreme Court's decision does not invalidate any local health officials' orders or prevent future local health officials' orders related to the COVID-19 pandemic.

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") provides for federal payments from the Coronavirus Relief Fund to the State for the discrete purpose of covering expenses directly incurred as a result of COVID-19 between March 1 and December 30, 2020. On May 27, 2020, Governor Tony Evers announced a program titled, "Routes to Recovery: Local Government Aid Grants," which will distribute $190 million of the State's Coronavirus Relief Fund monies to all counties, cities, villages and towns across Wisconsin for unbudgeted eligible expenditures incurred due to COVID-19 between March 1 and November 17, 2020. The State allocated funds based on population with a guaranteed minimum allocation of $5,000. The Town's allocation is $171,078. These funds will be disbursed up to the amount of the allocation after eligible expenditures are reported through the State's cost tracker application.

On July 30, 2020, Governor Evers issued Executive Order #82, declaring a public health emergency in Wisconsin to combat the spread of COVID-19. In conjunction with Executive Order #82, Governor Evers issued Emergency Order #1, requiring most people to wear face coverings when indoors, with certain exemptions in accordance with CDC guidelines. The public health emergency and mask orders have been extended multiple times, with the most recent extension on January 19, 2021 through March 20, 2021.

On October 6, 2020, Emergency Order #3 was issued, which limited public gatherings to no more than 25% of the total occupancy limits for the room or building (or no more than 10 people for indoor spaces without occupancy limits), with certain exceptions. Emergency Order #3 expired November 6, 2020.

The foregoing is intended only as a summary of certain risk factors attendant to an investment in the Notes. In order for potential investors to identify risk factors and make an informed investment decision, potential investors should be thoroughly familiar with this entire Official Statement and the Appendices hereto.

8 VALUATIONS

WISCONSIN PROPERTY VALUATIONS; PROPERTY TAXES

Equalized Value

Section 70.57, Wisconsin Statutes, requires the Department of Revenue to annually determine the equalized value (also referred to as full equalized value or aggregate full value) of all taxable property in each county and taxation district. The equalized value is an independent estimate of value used to equate individual local assessment policies so that property taxes are uniform throughout the various subdivisions in the State. Equalized value is calculated based on the history of comparable sales and information about value changes or taxing status provided by the local assessor. A comparison of the State-determined equalized value and the local assessed value, expressed as a percentage, is known as the assessment ratio or level of assessment. The Department of Revenue notifies each county and taxing jurisdiction of its equalized value on August 15; school districts are notified on October 1. The equalized value of each county is the sum of the valuations of all cities, villages, and towns within its boundaries. Taxing jurisdictions lying in more than one municipality, such as counties, school districts, or special taxing districts, use the equalized value of the underlying units in calculating and levying their respective levies. Equalized values are also used to apportion state aids and calculate municipal general obligation debt limits.

Assessed Value

The "assessed value" of taxable property in a municipality is determined by the local assessor, except for manufacturing properties which are valued by the State. Each city, village or town retains its own local assessor, who must be certified by the State Department of Revenue. Assessed value is used by these municipalities to determine tax levy mill rates and to apportion levies among individual property owners. Each taxing district must assess property at full value at least once in every five-year period. The State requires that the assessed values must be within 10% of State equalized values at least once every four years. The local assessor values property as of January 1 each year and submits those values to each municipality by the second Monday in June. The assessor also reports any value changes taking place since the previous year, to the Department of Revenue, by the second Monday in June.

The economic impact of COVID-19 may impact assessed and equalized valuations of property in the State, including in the Town. The Town cannot predict the extent of any such changes, but a material decrease in the equalized valuations of property in the Town may materially adversely affect the financial condition of the Town (see "RISK FACTORS - Impact of the Spread of COVID-19" herein).

9 CURRENT PROPERTY VALUATIONS

2020 Equalized Value $1,402,089,000 2020 Equalized Value Reduced by Tax Increment Valuation $1,400,979,300 2020 Assessed Value $1,132,029,166

2020 EQUALIZED VALUE BY CLASSIFICATION 2020 Percent of Total Equalized Value1 Equalized Value Residential $ 1,299,576,900 92.689% Commercial 67,200,200 4.793% Manufacturing 18,076,500 1.289% Agricultural 1,132,700 0.081% Undeveloped 2,601,700 0.186% Ag Forest 3,229,200 0.230% Forest 1,468,800 0.105% Other 4,833,500 0.345% Personal Property 3,969,500 0.283% Total $ 1,402,089,000 100.000%

TREND OF VALUATIONS Percent Assessed Equalized Increase/Decrease Year Value Value1 in Equalized Value 2016 $1,062,244,111 $1,164,817,900 7.68% 2017 1,076,970,435 1,192,883,600 2.41% 2018 1,090,571,753 1,241,417,799 4.07% 2019 1,109,803,669 1,322,314,000 6.52% 2020 1,132,029,166 1,402,089,000 6.03%

Source: Wisconsin Department of Revenue, Bureau of Equalization and Local Government Services Bureau.

1 Includes tax increment valuation.

10 LARGER TAXPAYERS

2020 Percent of Equalized Town's Total Taxpayer Type of Business/Property Value1 Equalized Value Alex Rentals Rentals $ 6,495,272 0.46% Individual Residential Real Estate 4,236,628 0.30% American Mobile Home Communities Mobile Home Park 4,230,312 0.30% Barnwood Conservancy Commercial Real Estate 4,183,742 0.30% Storage Works Storage 3,606,695 0.26% John & Marilynn Spitz Joint Trust Golf Course 3,379,419 0.24% Jeff Fillinger Storage Units 3,220,883 0.23% Individual Residential Real Estate 2,945,179 0.21% Kroeger Properties Commercial Real Estate 2,589,711 0.18% West Shore Holdings Commercial Real Estate 2,559,119 0.18% Total $ 37,446,960 2.21%

Town's Total 2020 Equalized Value2 $1,402,089,000

Source: The Town.

1 Calculated by dividing the 2020 Assessed Values by the 2020 Aggregate Ratio of assessment for the Town.

2 Includes tax increment valuation.

11 DEBT

DIRECT DEBT1

General Obligation Debt (see schedules following)

Total General Obligation Debt (includes the Notes)* $ 10,158,623

Revenue Debt (see schedules following)

Total revenue debt secured by sewer revenues $ 812,722

*Preliminary, subject to change.

1 Outstanding debt is as of the dated date of the Notes.

12 Town of Lisbon, Wisconsin Schedule of Bonded Indebtedness General Obligation Debt Secured by Taxes (As of 03/17/2021)

Promissory Bank Notes Promissory Bank Notes Promissory Bank Notes Promissory Notes (Radio Note) Promissory Bank Notes

331446 334356 331447 334357 331448 334358 336540 343236 331449 334360 Dated 08/01/2011 08/15/2012 08/01/2013 02/15/2014 03/01/2014 Amount $650,000 $594,250 $567,000 $23,304 $539,250

Maturity 08/01 08/15 08/01 02/15 03/01

Calendar Year Ending Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest

13 2021 65,000 1,024 59,425 1,189 56,700 1,701 0 0 0 2,398 2022 59,425 1,189 56,700 2,268 2,913 0 53,925 3,957 2023 56,700 1,134 53,925 2,372 2024 53,925 791 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

65,000 1,024 118,850 2,377 170,100 5,103 2,913 0 161,775 9,518

‐‐Continued on next page Town of Lisbon, Wisconsin Schedule of Bonded Indebtedness continued General Obligation Debt Secured by Taxes (As of 03/17/2021)

Promissory Notes State Trust Fund Loan Promissory Bank Note Taxable Promissory Notes Series 2016A Series 2021A 328741 330491 329224 331367 335480 342067 339477 348922 Dated 07/07/2016 07/26/2016 02/28/2020 03/17/2021 Amount $8,060,000 $1,700,000 $250,000 $3,390,000*

Maturity 03/01 03/15 01/15 03/01

Calendar Calendar Estimated Principal Year Year Ending Principal Interest Principal Interest Principal Interest Principal Interest Total Principal Total Interest Total P & I Outstanding % Paid Ending

14 2021 0 46,750 0 0 0 2,143 0 0 181,125 55,204 236,329 9,977,498 1.78% 2021 2022 900,000 84,500 70,537 47,624 35,714 3,929 0 73,236 1,179,214 216,703 1,395,917 8,798,284 13.39% 2022 2023 915,000 66,350 73,006 45,156 35,714 3,214 75,000 50,071 1,209,345 168,297 1,377,642 7,588,939 25.30% 2023 2024 935,000 47,850 75,444 42,717 35,714 2,500 100,000 49,478 1,200,084 143,335 1,343,419 6,388,855 37.11% 2024 2025 955,000 28,950 78,202 39,960 35,714 1,786 100,000 48,753 1,168,916 119,448 1,288,364 5,219,939 48.62% 2025 2026 970,000 9,700 80,939 37,223 35,714 1,071 100,000 47,978 1,186,653 95,972 1,282,625 4,033,286 60.30% 2026 2027 83,771 34,390 35,714 357 100,000 47,153 219,486 81,900 301,385 3,813,801 62.46% 2027 2028 86,617 31,544 100,000 46,228 186,617 77,772 264,389 3,627,184 64.29% 2028 2029 89,735 28,426 100,000 45,188 189,735 73,614 263,349 3,437,449 66.16% 2029 2030 92,876 25,286 100,000 43,898 192,876 69,183 262,059 3,244,573 68.06% 2030 2031 96,126 22,035 2,615,000 21,574 2,711,126 43,609 2,754,735 533,446 94.75% 2031 2032 99,440 18,722 99,440 18,722 118,161 434,007 95.73% 2032 2033 102,971 15,190 102,971 15,190 118,161 331,036 96.74% 2033 2034 106,575 11,586 106,575 11,586 118,161 224,460 97.79% 2034 2035 110,305 7,856 110,305 7,856 118,161 114,155 98.88% 2035 2036 114,155 4,006 114,155 4,006 118,161 0 100.00% 2036

4,675,000 284,100 1,360,699 411,722 214,286 15,000 3,390,000 473,554 10,158,623 1,202,397 11,361,020

* Preliminary, subject to change. Town of Lisbon, Wisconsin Schedule of Bonded Indebtedness Revenue Debt Secured by Sewer Revenues (As of 03/17/2021)

Sewer System Revenue Bonds (CWFL‐Sussex) Series 2007 335396 347104 Dated 08/22/2007 Amount $1,912,596

15 Maturity 05/01

Calendar Calendar Principal Year Year Ending Principal Interest Total Principal Total Interest Total P & I Outstanding % Paid Ending

2021 107,529 19,331 107,529 19,331 126,860 705,193 13.23% 2021 2022 110,268 16,557 110,268 16,557 126,825 594,925 26.80% 2022 2023 113,076 13,713 113,076 13,713 126,789 481,849 40.71% 2023 2024 115,956 10,796 115,956 10,796 126,752 365,892 54.98% 2024 2025 118,910 7,805 118,910 7,805 126,715 246,983 69.61% 2025 2026 121,938 4,738 121,938 4,738 126,676 125,044 84.61% 2026 2027 125,044 1,592 125,044 1,592 126,637 0 100.00% 2027

812,722 74,531 812,722 74,531 887,253 DEBT LIMIT

The constitutional and statutory general obligation debt limit for Wisconsin municipalities, including towns, cities, villages, and counties (Article XI, Section 3 of the Wisconsin Constitution and Section 67.03, Wisconsin Statutes) is 5% of the current equalized value.

Equalized Value $ 1,402,089,000 Multiply by 5% 0.05

Statutory Debt Limit $ 70,104,450 Less: General Obligation Debt (includes the Notes)* (10,158,623)

Unused Debt Limit* $ 59,945,827

*Preliminary, subject to change.

OVERLAPPING DEBT1 2020 Town's Equalized % In Total Proportionate Taxing District Value2 Town G.O. Debt3 Share Waukesha County $ 62,620,157,900 2.24% $ 84,665,000 $ 1,896,496 Hamilton School District 3,975,428,783 18.44% 53,505,000 9,866,322 Arrowhead UHS 6,752,140,019 9.91% 432,628 42,873 Merton School District 1,055,290,360 33.16% 331,818 110,031 Waukesha County Technical College District 64,072,165,069 2.19% 23,080,000 505,452

Town's Share of Total Overlapping Debt $12,421,174

1 Overlapping debt is as of the dated date of the Notes. Only those taxing jurisdictions with general obligation debt outstanding are included in this section.

2 Includes tax increment valuation.

3 Outstanding debt based on information obtained on EMMA and the Municipal Advisor's records.

16 DEBT RATIOS Debt/Equalized Debt/ Per Value Capita G.O. Debt $1,402,089,000 10,5641

Total General Obligation Debt (includes the Notes)* $ 10,158,623 0.72% $ 961.63

Town's Share of Total Overlapping Debt 12,421,174 0.89% 1,175.80

Total* $ 22,579,797 1.61% $ 2,137.43

*Preliminary, subject to change.

DEBT PAYMENT HISTORY

The Town has no record of default in the payment of principal and interest on its debt.

FUTURE FINANCING

Aside from the Notes, the Town plans to refinance the 2016 State Trust Fund Loan for approximately $1.4 million within the next 12 months.

1 Estimated 2020 population.

17 TAX LEVIES AND COLLECTIONS

TAX LEVIES AND COLLECTIONS

Levy/Equalized Value Reduced by Tax Levy for Town Increment Valuation Tax Year Purposes Only % Collected in Dollars per $1,000 2016/17 $3,853,077 100% $3.31 2017/18 4,049,921 100% 3.40 2018/19 4,168,181 100% 3.36 2019/20 4,253,507 100% 3.22 2020/21 4,410,606 In Process 3.15

Property tax statements are distributed to taxpayers by the town, village, and city treasurers in December of the levy year. Current state law requires counties to pay 100% of the real property taxes levied to cities, villages, towns, school districts and other taxing entities on or about August 20 of the collection year.

Personal property taxes, special assessments, special charges and special taxes must be paid to the town, city or village treasurer in full by January 31, unless the municipality, by ordinance, permits special assessments to be paid in installments. Real property taxes must be paid in full by January 31 or in two equal installments by January 31 and July 31. Alternatively, municipalities may adopt a payment plan which permits real property taxes to be paid in three or more equal installments, provided that the first installment is paid by January 31, one-half of the taxes are paid by April 30 and the remainder is paid by July 31. Amounts paid on or before January 31 are paid to the town, city or village treasurer. Amounts paid after January 31, are paid to the county treasurer unless the municipality has authorized payment in three or more installments in which case payment is made to the town, city or village treasurer. On or before January 15 and February 20 the town, city or village treasurer settles with other taxing jurisdictions for all collections through December and January, respectively. In municipalities which have authorized the payment of real property taxes in three or more installments, the town, city or village treasurer settles with the other taxing jurisdictions on January 15, February 20 and on the fifteenth day of each month following the month in which an installment payment is required. On or before August 20, the county treasurer must settle in full with the underlying taxing districts for all real property taxes and special taxes. Any county board may authorize its county treasurer to also settle in full with the underlying taxing districts for all special assessments and special charges. The county may then recover any tax delinquencies by enforcing the lien on the property and retain any penalties or interest on the delinquencies for which it has settled. Uncollected personal property taxes owed by an entity that has ceased operations or filed a petition for bankruptcy, or are due on personal property that has been removed from the next assessment roll are collected from each taxing entity in the year following the levy year.

The spread of COVID-19 and responses taken by the United States government, state governments, local governments and private industries have caused significant disruptions to the national and State economy. See "RISK FACTORS - Impact of the Spread of COVID-19" herein. On April 15, 2020, Governor Tony Evers signed into law 2019 Wisconsin Act 185, which provided that for property taxes payable in 2020, a taxation district could, after making a general or case-by-case finding of hardship, choose to waive interest or penalties on property tax installment payments paid after April 1, 2020 but on or before October 1, 2020. In order to take such action, the county board of supervisors was required to first adopt a resolution authorizing such waiver and determining criteria for determining hardship and then the taxation district was required to subsequently adopt a similar resolution. In the case of a county adopting such a resolution, the county proportionally settled with the taxation districts any taxes, interest and penalties collected on or before July 31, 2020 on August 20, 2020, and settled the remaining unpaid

18 taxes, interest, and penalties on September 20,2020. The County and the Town did not adopt such resolutions. The Town cannot predict whether any similar legislation may be adopted in the future or whether and how much payment of property taxes will be impacted by COVID-19 in future years. Any delays or reduction in the receipt of property taxes may materially adversely impact the Town's finances and payment of debt obligations, including the Notes.

PROPERTY TAX RATES

Full value rates for property taxes expressed in dollars per $1,000 of equalized value (excluding tax increment valuation) that have been collected in recent years have been as follows:

Year Levied/ Year Collected Schools1 County Local Other2 Total 2016/17 $9.84 $2.28 $3.31 $0.21 $15.64 2017/18 9.38 2.22 3.40 0.04 15.04 2018/19 9.12 2.15 3.36 0.04 14.67 2019/20 9.03 2.06 3.22 0.07 14.38 2020/21 8.26 2.00 3.15 0.04 13.45

Source: Property Tax Rates were extracted from Statement of Taxes prepared by the Wisconsin Department of Revenue, Division of State and Local Finance.

LEVY LIMITS

Section 66.0602 of the Wisconsin Statutes, imposes a limit on property tax levies by cities, villages, towns and counties. No city, village, town or county is permitted to increase its tax levy by a percentage that exceeds its valuation factor (which is defined as a percentage equal to the greater of either the percentage change in the political subdivision's January 1 equalized value due to new construction less improvements removed between the previous year and the current or zero percent). The base amount in any year to which the levy limit applies is the actual levy for the immediately preceding year. In 2018, and in each year thereafter, the base amount is the actual levy for the immediately preceding year plus the amount of the payment from the State under Section 79.096 of the Wisconsin Statutes (an amount equal to the property taxes formerly levied on certain items of personal property), and the levy limit is the base amount multiplied by the valuation factor, minus the amount of the payment from the State under Section 79.096 of the Wisconsin Statutes. This levy limitation is an overall limit, applying to levies for operations as well as for other purposes.

A political subdivision that did not levy its full allowable levy in the prior year can carry forward the difference between the allowable levy and the actual levy, up to a maximum of 1.5% of the prior year's actual levy. The use of the carry forward levy adjustment needs to be approved by a majority vote of the political subdivision's governing body (except in the case of towns) if the amount of carry forward levy adjustment is less than or equal to 0.5% and

1 The Schools tax rate reflects the composite rate of all local school districts and technical college district.

2 Includes the state reforestation tax which is apportioned to each county on the basis of its full value. Counties, in turn, apportion the tax to the tax districts within their borders on the basis of full value. It also includes taxes levied for special purpose districts such as metropolitan sewerage districts, sanitary districts, and public inland lake protection districts. Tax increment values are not included. State property taxes were eliminated in the State's 2017 - 2019 budget act.

19 by a super majority vote of the political subdivision's governing body (three-quarters vote if the governing body is comprised of five or more members, two-thirds vote if the governing body is comprised of fewer than five members) (except in the case of towns) if the amount of the carry forward levy adjustment is greater than 0.5% up to the maximum increase of 1.5%. For towns, the use of the carry forward levy adjustment needs to be approved by a majority vote of the annual town meeting or special town meeting after the town board has adopted a resolution in favor of the adjustment by a majority vote if the amount of carry forward levy adjustment is less than or equal to 0.5% or by two-thirds vote or more if the amount of carry forward levy adjustment is greater than 0.5% up to the maximum of 1.5%.

Beginning with levies imposed in 2015, if a political subdivision does not make an adjustment in its levy as described in the above paragraph in the current year, the political subdivision may increase its levy by the aggregate amount of the differences between the political subdivision’s valuation factor in the previous year and the actual percent increase in a political subdivision’s levy attributable to the political subdivision’s valuation factor in the previous year, for the five years before the current year, less any amount of such aggregate amount already claimed as an adjustment in any of the previous five years. The calculation of the aggregate amount available for such adjustment may not include any year before 2014, and the maximum adjustment allowed may not exceed 5%. The use of the adjustment described in this paragraph requires approval by a two-thirds vote of the political subdivision’s governing body, and the adjustment may only be used if the political subdivision’s level of outstanding general obligation debt in the current year is less than or equal to the political subdivision’s level of outstanding general obligation debt in the previous year.

Special provisions are made with respect to property taxes levied to pay general obligation debt service. Those are described below. In addition, the statute provides for certain other exclusions from and adjustments to the tax levy limit. Among the items excluded from the limit are amounts levied for any revenue shortfall for debt service on a revenue bond issued under Section 66.0621. Among the adjustments permitted is an adjustment applicable when a tax increment district terminates, which allows an amount equal to the prior year's allowable levy multiplied by 50% of the political subdivision's percentage growth due to the district's termination.

With respect to general obligation debt service, the following provisions are made:

(a) If a political subdivision's levy for the payment of general obligation debt service, including debt service on debt issued or reissued to fund or refund outstanding obligations of the political subdivision and interest on outstanding obligations of the political subdivision, on debt originally issued before July 1, 2005, is less in the current year than in the previous year, the political subdivision is required to reduce its levy limit in the current year by the amount of the difference between the previous year's levy and the current year's levy.

(b) For obligations authorized before July 1, 2005, if the amount of debt service in the preceding year is less than the amount of debt service needed in the current year, the levy limit is increased by the difference between the two amounts. This adjustment is based on scheduled debt service rather than the amount actually levied for debt service (after taking into account offsetting revenues such as sales tax revenues, special assessments, utility revenues, tax increment revenues or surplus funds). Therefore, the levy limit could negatively impact political subdivisions that experience a reduction in offsetting revenues.

(c) The levy limits do not apply to property taxes levied to pay debt service on general obligation debt authorized on or after July 1, 2005.

The Notes were authorized after July 1, 2005 and therefore the levy limits do not apply to taxes levied to pay debt service on the Notes.

20 THE ISSUER

TOWN GOVERNMENT

The Town was incorporated in 1839 and is governed by a five-member Board, including Chairperson. All Board Members are elected to two-year terms. The appointed Town Administrator, Town Clerk and Town Treasurer are responsible for administrative details and financial records.

EMPLOYEES; PENSIONS

The Town employs a staff of 17 full-time, 53 part-time, and 13 seasonal employees. All eligible employees in the Town are covered under the Wisconsin Retirement System ("WRS") established under Chapter 40 of the Wisconsin Statutes ("Chapter 40"). The WRS is a cost-sharing multiple-employer defined benefit pension plan. The Department of Employee Trust Funds ("ETF") administers the WRS. Required contributions to the WRS are determined by the ETF Board pursuant to an annual actuarial valuation in accordance with Chapter 40 and the ETF's funding policies. The ETF Board has stated that its funding policy is to (i) ensure funds are adequate to pay benefits; (ii) maintain stable and predictable contribution rates for employers and employees; and (iii) maintain inter-generational equity to ensure the cost of the benefits is paid for by the generation that receives the benefits.

Town employees are generally required to contribute half of the actuarially determined contributions, and the Town generally may not pay the employees' required contribution. During the fiscal year ended December 31, 2017 ("Fiscal Year 2017"), the fiscal year ended December 31, 2018 ("Fiscal Year 2018") and the fiscal year ended December 31, 2019 ("Fiscal Year 2019"), the Town’s portion of contributions to WRS (not including any employee contributions) totaled $77,446, $75,349 and $86,628 respectively.

The Town implemented Governmental Accounting Standards Board Statement No. 68 ("GASB 68") for Fiscal Year 2016.

GASB 68 requires calculation of a net pension liability for the pension plan. The net pension liability is calculated as the difference between the pension plan's total pension liability and the pension plan's fiduciary net position. The pension plan's total pension liability is the present value of the amounts needed to pay pension benefits earned by each participant in the pension plan based on the service provided as of the date of the actuarial valuation. In other words, it is a measure of the present value of benefits owed as of a particular date based on what has been earned only up to that date, without taking into account any benefits earned after that date. The pension plan's fiduciary net position is the market value of plan assets formally set aside in a trust and restricted to paying pension plan benefits. If the pension plan's total pension liability exceeds the pension plan's fiduciary net position, then a net pension liability results. If the pension plan's fiduciary net position exceeds the pension plan's total pension liability, then a net pension asset results.

As of December 31, 2018, the total pension liability of the WRS was calculated as $100.3 billion and the fiduciary net position of the WRS was calculated as $96.7 billion, resulting in a net pension liability of $3.6 billion. The spread of COVID-19 has significantly impacted investment markets, which may impact the funded status of the WRS and future contribution requirements as a result (see "RISK FACTORS - Impact of the Spread of COVID-19" herein).

Under GASB 68, each participating employer in a cost-sharing pension plan must report the employer's proportionate share of the net pension liability or net pension asset of the pension plan. Accordingly, for Fiscal Year 2019, the Town reported a liability of $257,018 for its proportionate share of the net pension liability of the WRS. The net pension liability was measured as of December 31, 2018 based on the Town’s share of contributions to the pension plan relative to the contributions of all participating employers. The Town’s proportion was 0.00722431% of the aggregate WRS net pension liability as of December 31, 2018.

21 The calculation of the total pension liability and fiduciary net position are subject to a number of actuarial assumptions, which may change in future actuarial valuations. Such changes may have a significant impact on the calculation of net pension liability of the WRS, which may also cause the ETF Board to change the contribution requirements for employers and employees. For more detailed information regarding the WRS and such actuarial assumptions, see "APPENDIX A - FINANCIAL STATEMENTS" attached hereto.

Recognized and Certified Bargaining Units

All eligible Town personnel are covered by the Municipal Employment Relations Act ("MERA") of the Wisconsin Statutes. Pursuant to that law, employees have rights to organize and collectively bargain with municipal employers. MERA was amended by 2011 Wisconsin Act 10 (the "Act") and by 2011 Wisconsin Act 32, which altered the collective bargaining rights of public employees in Wisconsin.

As a result of the 2011 amendments to MERA, the Town is prohibited from bargaining collectively with municipal employees, other than public safety and transit employees, with respect to any factor or condition of employment except total base wages. Even then, the Town is limited to increasing total base wages beyond any increase in the consumer price index since 180 days before the expiration of the previous collective bargaining agreement (unless Town were to seek approval for a higher increase through a referendum). Ultimately, the Town can unilaterally implement the wages for a collective bargaining unit.

Under the changes to MERA, impasse resolution procedures were removed from the law for municipal employees of the type employed by the Town, including binding interest arbitration. Strikes by any municipal employee or labor organization are expressly prohibited. As a practical matter, it is anticipated that strikes will be rare. Furthermore, if strikes do occur, they may be enjoined by the courts. Additionally, because the only legal subject of bargaining is the base wage rates, all bargaining over items such as just cause, benefits, and terms of conditions of employment are prohibited and cannot be included in a collective bargaining agreement. Impasse resolution for public safety employees and transit employees is subject to final and binding arbitration procedures, which do not include a right to strike. Interest arbitration is available for transit employees if certain conditions are met.

The Town does not work with any bargaining units that may represent employees of the Town.

OTHER POST EMPLOYMENT BENEFITS

The Town provides "other post-employment benefits" ("OPEB") (i.e., post-employment benefits, other than pension benefits, owed to its employees and former employees) to employees who have terminated their employment with the Town and have satisfied specified eligibility standards through a single-employer defined benefit plan. Membership of the plan consisted of 1 retiree receiving benefits and 11 active plan members as of December 31, 2019, the date of the latest actuarial valuation.

OPEB calculations are required to be updated every three years. Prior to fiscal years beginning after June 15, 2017, OPEB calculations were required to be prepared in accordance with Statement No. 45 of the Governmental Accounting Standards Board ("GASB 45") regarding retiree health and life insurance benefits, and related standards. For fiscal years beginning after June 15, 2017, OPEB calculations are required to be prepared in accordance with Statements No. 74 and No. 75 of the Governmental Accounting Standards Board ("GASB 74/75"). An actuarial study for the plan prepared in accordance with GASB 74/75 was most recently completed by Key Benefits Concepts, LLC in March, 2019 with an actuarial valuation date of December 31, 2017 (the "Actuarial Report").

For Fiscal Year 2019, the Town's contributions for the plan totaled $10,255. The Town's current funding practice is to pay the amount of benefits due in a given year on a "pay-as-you-go" basis.

22 Under GASB 75, a net OPEB liability (or asset) is calculated as the difference between the plan's total OPEB liability and the plan's fiduciary net position, which terms have similar meanings as under GASB 68 for pension plans.

As of December 31, 2019, the plan's total OPEB liability was $250,689 and the plan fiduciary net position was $0, resulting in a net OPEB liability of $250,689.

The calculation of the total OPEB liability and fiduciary net position are subject to a number of actuarial assumptions, which may change in future actuarial valuations. For more detailed information, see "APPENDIX A - FINANCIAL STATEMENTS" attached hereto.

LITIGATION

There is no litigation threatened or pending questioning the organization or boundaries of the Town or the right of any of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver the Notes or otherwise questioning the validity of the Notes.

MUNICIPAL BANKRUPTCY

Municipalities are prohibited from filing for bankruptcy under Chapter 11 (reorganization) or Chapter 7 (liquidation) of the U.S. Bankruptcy Code (11 U.S.C. §§ 101-1532) (the "Bankruptcy Code"). Instead, the Bankruptcy Code permits municipalities to file a petition under Chapter 9 of the Bankruptcy Code, but only if certain requirements are met. These requirements include that the municipality must be "specifically authorized" under State law to file for relief under Chapter 9. For these purposes, "State law" may include, without limitation, statutes of general applicability enacted by the State legislature, special legislation applicable to a particular municipality, and/or executive orders issued by an appropriate officer of the State’s executive branch.

As of the date hereof, Wisconsin law contains no express authority for municipalities to file for bankruptcy relief under Chapter 9 of the Bankruptcy Code.

Nevertheless, there can be no assurance (a) that State law will not change in the future, while the Notes are outstanding, in a way that would allow the Town to file for bankruptcy relief under Chapter 9 of the Bankruptcy Code; or (b) even absent such a change in State law, that an executive order or other executive action could not effectively authorize the Town to file for relief under Chapter 9. If, in the future, the Town were to file a bankruptcy case under Chapter 9, the relevant bankruptcy court would need to consider whether the Town could properly do so, which would involve questions regarding State law authority as well as other questions such as whether the Town is a municipality for bankruptcy purposes. If the relevant bankruptcy court concluded that the Town could properly file a bankruptcy case, and that determination was not reversed, vacated, or otherwise substantially altered on appeal, then the rights of holders of the Notes could be modified in bankruptcy proceedings. Such modifications could be adverse to holders of the Notes, and there could ultimately be no assurance that holders of the Notes would be paid in full or in part on the Notes. Further, under such circumstances, there could be no assurance that the Notes would not be treated as general, unsecured debt by a bankruptcy court, meaning that claims of holders of the Notes could be viewed as having no priority (a) over claims of other creditors of the Town; (b) to any particular assets of the Town, or (c) to revenues otherwise designated for payment to holders of the Notes.

Moreover, if the Town were determined not to be a "municipality" for the purposes of the Bankruptcy Code, no representations can be made regarding whether it would still be eligible for voluntary or involuntary relief under Chapters of the Bankruptcy Code other than Chapter 9 or under similar federal or state law or equitable proceeding regarding insolvency or providing for protection from creditors. In any such case, there can be no assurance that the consequences described above for the holders of the Notes would not occur.

23 FUNDS ON HAND (as of February 5, 2021)

Total Cash Fund and Investments LGIP - General $ 374,952 LGIP - Police 58,015 LGIP - Fire 233,847 Tri City Money Market 112,993 Waukesha State Bank Money Market 525,860 Waukesha State Bank Payroll Checking 15,042 Waukesha State Bank AP 284,938 Waukesha State Bank Tax Savings 8,927,390 Waukesha State Bank Sewer Study CD 117,887 Waukesha State Bank CD 209,988 Town Bank CD 568,654 Waukesha State Bank Brokerage Account 425,623 Total Funds on Hand $ 11,855,189

ENTERPRISE FUNDS

Revenues available for debt service for the Town's enterprise funds have been as follows as of December 31 each year:

2017 2018 2019 Audited Audited Audited

Storm Water Total Operating Revenues $ 234,870 $ 227,541 $ 232,187 Less: Operating Expenses (152,944) (201,399) (165,428) Operating Income $ 81,926 $ 26,142 $ 66,759 Plus: Depreciation 8,402 8,950 9,264 Revenues Available for Debt Service $ 90,328 $ 35,092 $ 76,023

24 SUMMARY GENERAL FUND INFORMATION Following are summaries of the revenues and expenditures and fund balances for the Town's General Fund. These summaries are not purported to be the complete audited financial statements of the Town, and potential purchasers should read the included financial statements in their entirety for more complete information concerning the Town. Copies of the complete audited financial statements are available upon request. See Appendix A for the Town's 2019 audited financial statements.

FISCAL YEAR ENDING DECEMBER 31 COMBINED STATEMENT 2021 2017 2018 2019 2020 Adopted Audited Audited Audited Projected1 Budget2 Revenues Taxes $ 2,588,110 $ 2,721,276 $ 2,790,557 $ 2,861,504 $ 2,855,063 Intergovernmental 426,755 481,502 554,554 470,531 630,867 Regulation and compliance 522,093 538,280 448,399 650,294 605,750 Public charges for services 1,302,459 1,536,717 1,913,590 1,932,988 1,334,688 Intergovernmental charges for services 79,743 33,321 43,778 55,000 55,000 Investment income 23,728 58,800 97,483 52,264 63,000 Miscellaneous 75,720 233,667 22,578 92,463 22,866 Total Revenues $ 5,018,608 $ 5,603,563 $ 5,870,939 $ 6,115,044 $ 5,567,234

Expenditures Current: General government $ 932,912 $ 968,747 $ 898,625 $ 997,866 $ 886,859 Public safety 1,662,603 1,845,219 2,309,050 2,119,580 2,171,986 Public works 912,981 934,287 931,312 846,300 1,446,560 Sanitation 749,733 768,759 794,038 830,928 876,600 Culture and recreation 158,244 173,186 148,208 146,828 185,229 Debt service 0 3,159 0 0 340,917 Total Expenditures $ 4,416,473 $ 4,693,357 $ 5,081,233 $ 4,941,502 $ 5,908,151

Excess of revenues over (under) expenditures $ 602,135 $ 910,206 $ 789,706 $ 1,173,542 $ (340,917) Other Financing Sources (Uses) Proceeds from sale of capital assets 0 53,875 1192000 0 0 Transfers in 22,682 0 0 0 0 Transfers out (569,469) (572,019) (826,427) (890,260) 0 Total Other Financing Sources (Uses) $ (546,787) $ (518,144) $ 365,573 $ (890,260) $ 0

Excess of revenues and other financing sources over (under) expenditures and other financing $ 55,348 $ 392,062 $ 1,155,279 $ 283,282 $ (340,917) uses

General Fund Balance January 1 2,490,598 2,545,946 2,938,008 4,093,287 4,376,569 Fund balance applied 0 0 0 0 340,917 General Fund Balance December 31 $ 2,545,946 $ 2,938,008 $ 4,093,287 $ 4,376,569 $ 4,376,569

DETAILS OF DECEMBER 31 FUND BALANCE Nonspendable $ 94,343 $ 88,800 $ 89,643 $ 56,872 Restricted 13,500 0 0 0 Committed 0 0 0 0 Assigned 132,138 760,000 275,000 183,000 Unassigned 2,305,965 2,089,208 3,728,644 4,136,697 Total $ 2,545,946 $ 2,938,008 $ 4,093,287 $ 4,376,569

1 Projected data is as of December 31, 2021.

2 The 2021 budget was adopted on November 23, 2020.

25 GENERAL INFORMATION

LOCATION

The Town, with a 2010 U.S. Census population of 10,157 and a current estimated population of 10,564 comprises an area of approximately 29 square miles and is located in north central Waukesha County. The Town is 20 miles north of Waukesha and 25 miles northwest of Milwaukee.

LARGER EMPLOYERS1

Larger employers in Waukesha County include the following: Estimated No. Firm Type of Business/Product of Employees Kohl’s Corporation Retail stores 5,500 ProHealth Care Medical care 4,338 Froedtert Medical care 4,000 Quad Graphics Printers 3,000 Aurora Health Care Medical care 2,800 Roundy’s (Kroger) Food wholesale/retail 2,579 General Electric Medical Systems Medical products 2,397 Target Corporation Retail 1,830 Eaton Cooper Power Systems Manufacturing 1,675 Wal-Mart Corporation Retail 1,517 School District of Waukesha Education 1,500 Milwaukee Tool/Empire Level Manufacturing 1,500 Waukesha County Government 1,389

Source: Data Axle, written and telephone survey (January 2021), 2021 Waukesha County CAFR.

1 This does not purport to be a comprehensive list and is based on available data obtained through a survey of individual employers, as well as the sources identified above. Some employers do not respond to inquiries for employment data. Estimates provided are accurate as of the date noted and may not reflect changes in the number of employees resulting from the current COVID-19 pandemic. (See "RISK FACTORS - Impact of the Spread of COVID-19").

26 BUILDING PERMITS

2017 2018 2019 2020 20211

New Single Family Homes No. of building permits 33 31 32 52 8 Valuation $12,275,000 $11,988,999 $13,674,000 $19,964,186 $2,876,191

New Multiple Family Buildings No. of building permits 0 0 0 0 0 Valuation $0 $0 $0 $0 $0

New Commercial/Industrial No. of building permits 4 3 4 1 0 Valuation $6,120,000 $36,111,000 $2,950,000 $150,000 $0

All Building Permits (including additions and remodelings) No. of building permits 129 95 117 246 20 Valuation $22,041,200 $50,334,399 $19,629,000 $23,834,301 $3,511,418

Source: The Town.

1 As of February 5, 2021.

27 U.S. CENSUS DATA

Population Trend: The Town

2000 U.S. Census 9,359 2010 U.S. Census 10,157 2020 Estimated Population 10,564 Percent of Change 2000 - 2010 8.53%

Income and Age Statistics Waukesha State of United The Town County Wisconsin States 2019 per capita income $47,035 $46,073 $33,375 $34,103 2019 median household income $100,665 $87,277 $61,747 $62,843 2019 median family income $115,525 $108,123 $78,679 $77,263 2019 median gross rent $1,218 $1,046 $856 $1,062 2019 median value owner occupied units $298,900 $282,300 $180,600 $217,500 2019 median age 49.0 yrs. 43.2 yrs. 39.5 yrs. 38.1 yrs.

State of Wisconsin United States

Town % of 2019 per capita income 140.93% 137.92% Town % of 2019 median family income 146.83% 149.52%

Housing Statistics The Town 2010 2019 Percent of Change All Housing Units 3,661 4,169 13.88%

Source: 2000 and 2010 Census of Population and Housing, and 2019 American Community Survey (Based on a five-year estimate), U.S. Census Bureau (https://data.census.gov/cedsci).

EMPLOYMENT/UNEMPLOYMENT DATA

Rates are not compiled for individual communities with populations under 25,000.

Average Employment Average Unemployment Year Waukesha County Waukesha County State of Wisconsin 2016 217,425 3.4% 4.0% 2017 219,636 2.9% 3.3% 2018 219,707 2.6% 3.0% 2019 218,151 2.9% 3.3% 2020, November1 215,941 4.0% 4.5%

Source: Wisconsin Department of Workforce Development.

1 Preliminary.

28 APPENDIX A

FINANCIAL STATEMENTS

Potential purchasers should read the included financial statements in their entirety for more complete information concerning the Town’s financial position. Such financial statements have been audited by the Auditor, to the extent and for the periods indicated thereon. The Town has not requested or engaged the Auditor to perform, and the Auditor has not performed, any additional examination, assessments, procedures or evaluation with respect to such financial statements since the date thereof or with respect to this Preliminary Official Statement, nor has the Town requested that the Auditor consent to the use of such financial statements in this Preliminary Official Statement. Although the inclusion of the financial statements in this Preliminary Official Statement is not intended to demonstrate the fiscal condition of the Town since the date of the financial statements, in connection with the issuance of the Notes, the Town represents that there have been no material adverse change in the financial position or results of operations of the Town, nor has the Town incurred any material liabilities, which would make such financial statements misleading.

Copies of the complete audited financial statements for the past three years and the current budget are available upon request from Ehlers.

A-1

TOWN OF LISBON Lisbon, Wisconsin

FINANCIAL STATEMENTS

Including Independent Auditors’ Report

As of and for the Year Ended December 31, 2019

A-2 72:12)/,6%21 7$%/(2)&217(176 72:12)/,6%21 $VRIDQGIRUWKH

A-3 )XQG%DODQFHVRI*RYHUQPHQWDO)XQGVWRWKH6WDWHPHQWRI$FWLYLWLHV &RPELQLQJ%DODQFH6KHHW±1RQPDMRUJRYHUQPHQWDOIXQGV 6WDWHPHQWRI1HW3RVLWLRQ±3URSULHWDU\)XQG &RPELQLQJ6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG 6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ1HW3RVLWLRQ± %DODQFHV±1RQPDMRUJRYHUQPHQWDOIXQGV 3URSULHWDU\)XQG

6WDWHPHQWRI&DVK)ORZV±3URSULHWDU\)XQG

6WDWHPHQWRI)LGXFLDU\1HW3RVLWLRQ±&XVWRGLDO)XQG

6WDWHPHQWRI&KDQJHLQ)LGXFLDU\1HW3RVLWLRQ±&XVWRGLDO)XQG

1RWHVWR)LQDQFLDO6WDWHPHQWV ±

INDEPENDENT AUDITORS' REPORT

To the Town Board Town of Lisbon Lisbon, Wisconsin

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Lisbon, Wisconsin, as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Town of Lisbon's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Town of Lisbon's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Town of Lisbon's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. A-4 To the Town Board Town of Lisbon

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Lisbon, Wisconsin, as of December 31, 2019 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note I, Town of Lisbon adopted the provisions of GASB Statement No. 84, Fiduciary Activities, effective January 1, 2019. Our opinions are not modified with respect to this matter.

As discussed in Note I, Town of Lisbon adopted the provisions of GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, effective January 1, 2019. Our opinions are not modified with respect to this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information.

A-5 To the Town Board Town of Lisbon

Supplementary Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Lisbon's basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole.

Milwaukee, Wisconsin April 23, 2020

A-6 TOWN OF LISBON

STATEMENT OF NET POSITION As of December 31, 2019

Primary Government Business - Governmental type Activities Activities Totals ASSETS Cash and investments $ 5,511,131 $ 283,324 $ 5,794,455 Taxes receivable 5,119,766 231,584 5,351,350 Delinquent personal property taxes receivable 4,838 - 4,838 Accounts receivable, net 529,199 - 529,199 Internal balances 4,055 (4,055) - Prepaid items 84,805 - 84,805 Land held for resale 1,709,545 - 1,709,545 Capacity entitlements, net 1,201,017 - 1,201,017 Capital assets Land 558,240 - 558,240 Other capital assets 37,383,836 818,496 38,202,332 Less: Accumulated depreciation/amortization (19,086,158) (51,121) (19,137,279) Total Assets 33,020,274 1,278,228 34,298,502

DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding 23,038 - 23,038 Pension related amounts 708,305 - 708,305 Total Deferred Outflows of Resources 731,343 - 731,343

LIABILITIES Accounts payable and accrued liabilities 367,440 2,931 370,371 Deposits 111,479 200 111,679 Accrued interest payable 96,143 - 96,143 Noncurrent liabilities Due within one year 1,718,479 - 1,718,479 Due in more than one year 9,464,614 - 9,464,614 Total Liabilities 11,758,155 3,131 11,761,286

DEFERRED INFLOWS OF RESOURCES Pension related amounts 356,863 - 356,863 OPEB related amounts 4,397 - 4,397 Unearned revenues 5,139,904 231,584 5,371,488 Total Deferred Inflows of Resources 5,501,164 231,584 5,732,748

NET POSITION Net investment in capital assets 10,393,972 767,375 11,161,347 Restricted: Library 10,710 - 10,710 Park 52,839 - 52,839 Building 169,966 - 169,966 Fire operations 31,819 - 31,819 Sewer study 104,937 - 104,937 Unrestricted 5,728,055 276,138 6,004,193

TOTAL NET POSITION $ 16,492,298 $ 1,043,513 $ 17,535,811

See accompanying notes to financial statements.

A-7 TOWN OF LISBON

STATEMENT OF ACTIVITIES For the Year Ended December 31, 2019

Net (Expenses) Revenues and Program Revenues Changes in Net Position Primary Government Operating Capital Charges for Grants and Grants and Governmental Business-type Functions/Programs Expenses Services Contributions Contributions Activities Activities Totals Governmental activities General government $ 964,660 $ 130,207 $ - $ - $ (834,453) $ - $ (834,453) Public safety 2,517,976 1,249,516 57,544 - (1,210,916) - (1,210,916) Public works 1,808,522 151,624 333,466 62,436 (1,260,996) - (1,260,996) Sanitation 794,038 842,506 - - 48,468 - 48,468 Culture and recreation 174,781 26,889 - - (147,892) - (147,892) Conservation and development 458,157 106,118 - - (352,039) - (352,039) Interest and fiscal charges 226,455 - - - (226,455) - (226,455) Total governmental activities 6,944,589 2,506,860 391,010 62,436 (3,984,283) - (3,984,283)

A-8 Business-type activities Utility District No. 1 - Stormwater and Refuse 165,428 232,187 - - - 66,759 66,759 Total business-type activities 165,428 232,187 - - - 66,759 66,759 Total primary government $ 7,110,017 $ 2,739,047 $ 391,010 $ 62,436 (3,984,283) 66,759 (3,917,524)

General revenues Taxes Property taxes, levied for general purposes 2,680,002 - 2,680,002 Property taxes, levied for debt service 1,488,180 - 1,488,180 Other taxes 110,555 - 110,555 Intergovernmental revenues not restricted to specific programs 177,744 - 177,744 Investment income 102,477 - 102,477 Gain on sale of capital assets 1,192,000 - 1,192,000 Miscellaneous 35,708 - 35,708 Total general revenues 5,786,666 - 5,786,666

Change in net position 1,802,383 66,759 1,869,142

NET POSITION - Beginning of Year 14,689,915 976,754 15,666,669

NET POSITION - END OF YEAR $ 16,492,298 $ 1,043,513 $ 17,535,811

See accompanying notes to financial statements. TOWN OF LISBON

BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2019

Capital Projects - Equipment Nonmajor Total Debt Service Acquisition Governmental Governmental General Fund Fund Funds Funds ASSETS Cash and investments $ 3,400,462 $ 21,279 $ 1,662,731 $ 426,659 $ 5,511,131 Taxes receivable 3,631,586 1,488,180 - - 5,119,766 Delinquent personal property taxes receivable 4,838 - - - 4,838 Accounts receivable (net) 498,047 - 30,242 910 529,199 Due from other funds 501,704 - - - 501,704 Prepaid items 84,805 - - - 84,805

TOTAL ASSETS $ 8,121,442 $ 1,509,459 $ 1,692,973 $ 427,569 $ 11,751,443

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES (DEFICITS) Liabilities Accounts payable $ 177,960 $ - $ 49,716 $ 52,613 $ 280,289 Accrued liabilities 86,992 - - 157 87,149 Deposits 111,479 - - - 111,479 Due to other funds - - - 497,649 497,649 Total Liabilities 376,431 - 49,716 550,419 976,566

Deferred inflows of resources Unearned revenue 3,651,724 1,488,180 - - 5,139,904

Fund Balances (Deficits) Nonspendable 89,643 - - - 89,643 Restricted - 21,279 - 370,271 391,550 Committed - - 1,643,257 38,204 1,681,461 Assigned 275,000 - - - 275,000 Unassigned (deficits) 3,728,644 - - (531,325) 3,197,319 Total Fund Balances (deficits) 4,093,287 21,279 1,643,257 (122,850) 5,634,973

TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES (DEFICITS) $ 8,121,442 $ 1,509,459 $ 1,692,973 $ 427,569

Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental funds are not financial resources and therefore are not reported in the funds. See Note II. A. 18,855,918 The net pension liability does not relate to current financial resources and is not reported in the governmental funds. (257,018) Land held for resale does not relate to current financial resources and is not reported in the governmental funds. 1,709,545 Capacity entitlements do not relate to current financial resources and are not reported in the governmental funds. 1,201,017 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds. 708,305 Deferred outflows of resourcres related to deferred charges for refundings do not relate to current financial resources and are not reported in the governmental funds. 23,038 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds. (356,863) The total other postemployment benefit liability does not relate to current financial resources and is not reported in the governmental funds. (250,689) Deferred inflows of resources related to other postemployment benefits do not relate to current financial resources and are not reported in the governmental funds. (4,397) Some liabilities, including long-term debt, are not due and payable in the current period and, therefore, are not reported in the funds. See Note II. A. (10,771,531)

NET POSITION OF GOVERNMENTAL FUNDS $ 16,492,298

See accompanying notes to the financial statements.

A-9 TOWN OF LISBON

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Year Ended December 31, 2019

Capital Projects - Equipment Nonmajor Total Debt Service Acquisition Governmental Governmental General Fund Fund Funds Funds REVENUES Taxes $ 2,790,557 $ 1,488,180 $ - $ - $ 4,278,737 Intergovernmental revenues 554,554 - - - 554,554 Regulation and compliance 448,399 - - - 448,399 Public charges for services 1,913,590 - - 53,973 1,967,563 Intergovernmental charges for services 43,778 - 62,436 38,353 144,567 Investment income 97,483 - 4,241 753 102,477 Miscellaneous 22,578 - 32,132 3,966 58,676 Total Revenues 5,870,939 1,488,180 98,809 97,045 7,554,973

EXPENDITURES Current General government 898,625 - - - 898,625 Public safety 2,309,050 - - - 2,309,050 Public works 931,312 - - 31,197 962,509 Sanitation 794,038 - - - 794,038 Culture and recreation 148,208 - - 3,604 151,812 Conservation and development - - - 458,157 458,157 Capital Outlay - - 152,761 - 152,761 Debt Service Principal - 1,590,842 - - 1,590,842 Interest - 257,338 - - 257,338 Total Expenditures 5,081,233 1,848,180 152,761 492,958 7,575,132

Excess (deficiency) of revenues over expenditures 789,706 (360,000) (53,952) (395,913) (20,159)

OTHER FINANCING SOURCES (USES) Proceeds from sale of capital assets 1,192,000 - - - 1,192,000 Transfers in - 360,000 466,427 92,644 919,071 Transfers out (826,427) - - (92,644) (919,071) Total Other Financing Sources (Uses) 365,573 360,000 466,427 - 1,192,000

Net Change in Fund Balances 1,155,279 - 412,475 (395,913) 1,171,841

FUND BALANCE - BEGINNING OF YEAR 2,938,008 21,279 1,230,782 273,063 4,463,132

FUND BALANCE (DEFICIT) - END OF YEAR $ 4,093,287 $ 21,279 $ 1,643,257 $ (122,850) $ 5,634,973

See accompanying notes to financial statements.

A-10 TOWN OF LISBON

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Year Ended December 31, 2019

Net change in fund balances - total governmental funds $ 1,171,841

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the statement of activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 152,761 Some items reported as current expenditures were capitalized 30,299 Depreciation is recorded in the government-wide statements (1,117,397) Net book value of assets disposed of (4,000)

Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Principal repaid 1,590,842

Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Acrued sick and vacation pay (55,312) Net pension liability (465,388) Deferred outflows of resources related to pension and OPEB 314,395 Deferred inflows of resources related to pension and OPEB 53,071 Total other postemployment benefit liability 269 Amortization of deferred charge on refunding (11,520) Amortization of premium on long-term debt 30,723 Accrued interest on debt 11,680 Amortization of capacity entitlements 100,119

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 1,802,383

See accompanying notes to financial statements. A-11 TOWN OF LISBON

STATEMENT OF NET POSITION PROPRIETARY FUND As of December 31, 2019

Business-type Activities - Enterprise Fund

Storm Water Fund ASSETS CURRENT ASSETS Cash and investments $ 283,324 Taxes receivable 231,584 Total Current Assets 514,908

NON-CURRENT ASSETS Capital assets Property and equipment 818,496 Less: Accumulated depreciation/amortization (51,121) Total Non-Current Assets 767,375

Total Assets 1,282,283

LIABILITIES CURRENT LIABILITIES Accounts payable 1,549 Accrued liabilities 1,382 Deposits 200 Due to other funds 4,055

Total Current Liabilities 7,186

DEFERRED INFLOWS OF RESOURCES Subsequent year's tax levy 231,584

NET POSITION Investment in capital assets 767,375 Unrestricted 276,138

TOTAL NET POSITION $ 1,043,513

See accompanying notes to financial statements. A-12 TOWN OF LISBON

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - PROPRIETARY FUND For the Year Ended December 31, 2019

Business-type Activities - Enterprise Fund

Storm Water Fund OPERATING REVENUES Charges for services $ 232,187

OPERATING EXPENSES Operation and maintenance 156,164 Depreciation 9,264 Total Operating Expenses 165,428

Operating Income before Capital Contributions 66,759

CAPITAL CONTRIBUTIONS -

Change in Net Position 66,759

NET POSITION - Beginning of Year 976,754

NET POSITION - END OF YEAR $ 1,043,513

See accompanying notes to financial statements. A-13 TOWN OF LISBON

STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended December 31, 2019

Business-type Activities - Enterprise Fund

Storm Water Fund CASH FLOWS FROM OPERATING ACTIVITIES Received from customers $ 232,187 Paid to vendors for goods and services (111,369) Paid to employees for services (48,190) Net Cash Flows from Operating Activities 72,628

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets - Grant received - Net Cash Flows from Capital and Related Financing Activities -

Net Change in Cash and Cash Equivalents 72,628

CASH AND CASH EQUIVALENTS - Beginning of Year 210,696

CASH AND CASH EQUIVALENTS - End of Year $ 283,324

RECONCILIATION OF OPERATING INCOME TO NET CASH FROM OPERATING ACTIVITIES: Operating income $ 66,759 Adjustments to reconcile operating income to net cash from operating activities: Depreciation expense 9,264 Changes in assets and liabilities Taxes receivable (2,659) Accounts payable (4,202) Accrued liabilities 807 Deferred inflow of resources - subsequent year's tax levy 2,659

NET CASH FLOWS FROM OPERATING ACTIVITIES $ 72,628

NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None

See accompanying notes to financial statements. A-14 TOWN OF LISBON

STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUND As of December 31, 2019

Custodial Fund Tax Roll Fund ASSETS Cash and cash equivalents $ 10,706,909 Taxes receivable 4,070,162 Total Assets 14,777,071

LIABILITIES Liabilities Accounts payable 7,210 Due to other taxing units 14,769,861 Total Liabilities 14,777,071

NET POSITION $ -

See accompanying notes to financial statements. A-15 TOWN OF LISBON

STATEMENT OFCHANGE IN FIDUCIARY NET POSITION FIDUCIARY FUND For the Year Ended December 31, 2019

Custodial Fund Tax Roll Fund ADDITIONS Tax collections $ 11,298,117

DEDUCTIONS Payments to overlying districts 11,298,117

Net Change in Net Position -

NET POSITION - BEGINNING OF YEAR -

NET POSITION - END OF YEAR $ -

See accompanying notes to financial statements. A-16 72:12)/,6%21 72:12)/,6%21

,1'(;72127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

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iduciary Activities7KLVVWDWHPHQWHVWDEOLVKHV /DQG+HOGIRU5HVDOH FULWHULDIRULGHQWLI\LQJILGXFLDU\DFWLYLWLHVRIDOOVWDWHDQGORFDOJRYHUQPHQWVIRUDFFRXQWLQJDQGILQDQFLDO UHSRUWLQJSXUSRVHVDQGKRZWKRVHDFWLYLWLHVVKRXOGEHUHSRUWHG7KLVVWDQGDUGZDVLPSOHPHQWHG-DQXDU\ ,, 5HFRQFLOLDWLRQRI*RYHUQPHQW:LGHDQG)XQG)LQDQFLDO6WDWHPHQWV $ ([SODQDWLRQRI&HUWDLQ'LIIHUHQFHV%HWZHHQWKH*RYHUQPHQWDO)XQG%DODQFH 6KHHWDQGWKH6WDWHPHQWRI1HW3RVLWLRQ ,Q0DUFKWKH*$6%LVVXHGVWDWHPHQW1RCertain Disclosures Related to Debt, including Direct ,,, 6WHZDUGVKLS&RPSOLDQFHDQG$FFRXQWDELOLW\ Borrowings and Direct Placements.7KLV6WDWHPHQWGHILQHVGHEWIRUSXUSRVHVRIGLVFORVXUHLQQRWHVWR $ %XGJHWDU\,QIRUPDWLRQ ILQDQFLDOVWDWHPHQWVDQGHVWDEOLVKHVDGGLWLRQDOILQDQFLDOVWDWHPHQWQRWHGLVFORVXUHUHTXLUHPHQWVUHODWHG % ([FHVV([SHQGLWXUHV2YHU$SSURSULDWLRQV WRGHEWREOLJDWLRQVRIJRYHUQPHQWVLQFOXGLQJGLUHFWERUURZLQJVDQGGLUHFWSODFHPHQWV7KLVVWDQGDUGZDV & 'HILFLW%DODQFHV LPSOHPHQWHG-DQXDU\ ' /LPLWDWLRQVRQWKH7RZQ V7D[/HY\ ,9 'HWDLOHG1RWHVRQ$OO)XQGV Government-Wide Financial Statements $ 'HSRVLWVDQG,QYHVWPHQWV % 5HFHLYDEOHV 7KHVWDWHPHQWRIQHWSRVLWLRQDQGVWDWHPHQWRIDFWLYLWLHVGLVSOD\LQIRUPDWLRQDERXWWKHUHSRUWLQJ & &DSLWDO$VVHWV JRYHUQPHQWDVDZKROH7KH\LQFOXGHDOOIXQGVRIWKHUHSRUWLQJHQWLW\H[FHSWIRUILGXFLDU\IXQGV7KH ' ,QWHUIXQG5HFHLYDEOHV3D\DEOHVDQG7UDQVIHUV VWDWHPHQWVGLVWLQJXLVKEHWZHHQJRYHUQPHQWDODQGEXVLQHVVW\SHDFWLYLWLHV*RYHUQPHQWDODFWLYLWLHV ( /RQJ7HUP2EOLJDWLRQV JHQHUDOO\DUHILQDQFHGWKURXJKWD[HVLQWHUJRYHUQPHQWDOUHYHQXHVDQGRWKHUQRQH[FKDQJHUHYHQXHV ) 1HW3RVLWLRQ)XQG%DODQFHV %XVLQHVVW\SHDFWLYLWLHVDUHILQDQFHGLQZKROHRULQSDUWE\IHHVFKDUJHGWRH[WHUQDOSDUWLHVIRUJRRGVRU VHUYLFHV/LNHZLVHWKHSULPDU\JRYHUQPHQWLVUHSRUWHGVHSDUDWHO\IURPFHUWDLQOHJDOO\VHSDUDWH 9 2WKHU,QIRUPDWLRQ FRPSRQHQWXQLWVIRUZKLFKWKHSULPDU\JRYHUQPHQWLVILQDQFLDOO\DFFRXQWDEOH $ (PSOR\HHV 5HWLUHPHQW6\VWHP % 5LVN0DQDJHPHQW 7KHVWDWHPHQWRIDFWLYLWLHVGHPRQVWUDWHVWKHGHJUHHWRZKLFKWKHGLUHFWH[SHQVHVRIDJLYHQIXQFWLRQRU & &RPPLWPHQWVDQG&RQWLQJHQFLHV VHJPHQWDUHRIIVHWE\SURJUDPUHYHQXHV'LUHFWH[SHQVHVDUHWKRVHWKDWDUHFOHDUO\LGHQWLILDEOHZLWKD ' 2WKHU3RVWHPSOR\PHQW%HQHILWV VSHFLILFIXQFWLRQRUVHJPHQW7KHWRZQGRHVQRWDOORFDWHLQGLUHFWH[SHQVHVWRIXQFWLRQVLQWKHVWDWHPHQW ( (IIHFWRI1HZ$FFRXQWLQJ6WDQGDUGVRQ&XUUHQW3HULRG)LQDQFLDO6WDWHPHQWV RIDFWLYLWLHV3URJUDPUHYHQXHVLQFOXGH FKDUJHVWRFXVWRPHUVRUDSSOLFDQWVZKRSXUFKDVHXVHRU ) &DSDFLW\(QWLWOHPHQWV GLUHFWO\EHQHILWIURPJRRGVVHUYLFHVRUSULYLOHJHVSURYLGHGE\DJLYHQIXQFWLRQRUVHJPHQWDQG JUDQWV DQGFRQWULEXWLRQVWKDWDUHUHVWULFWHGWRPHHWLQJWKHRSHUDWLRQDORUFDSLWDOUHTXLUHPHQWVRIDSDUWLFXODU IXQFWLRQRUVHJPHQW7D[HVDQGRWKHULWHPVQRWLQFOXGHGDPRQJSURJUDPUHYHQXHVDUHUHSRUWHGDV JHQHUDOUHYHQXHV,QWHUQDOO\GHGLFDWHGUHVRXUFHVDUHUHSRUWHGDVJHQHUDOUHYHQXHVUDWKHUWKDQDV SURJUDPUHYHQXHV

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW 127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW

B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS FRQW B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS FRQW

Fund Financial Statements Fund Financial Statements FRQW

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

C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION 7KHWRZQUHSRUWVWKHIROORZLQJPDMRUJRYHUQPHQWDOIXQGV

Government-Wide Financial Statements *HQHUDO)XQGDFFRXQWVIRUWKHWRZQ VSULPDU\RSHUDWLQJDFWLYLWLHV,WLVXVHGWRDFFRXQWIRUDQG UHSRUWDOOILQDQFLDOUHVRXUFHVH[FHSWWKRVHDFFRXQWHGIRUDQGUHSRUWHGLQDQRWKHUIXQG 'HEWVHUYLFHIXQGXVHGWRDFFRXQWIRUDQGUHSRUWILQDQFLDOUHVRXUFHVWKDWDUHUHVWULFWHG 7KHJRYHUQPHQWZLGHVWDWHPHQWRIQHWSRVLWLRQDQGVWDWHPHQWRIDFWLYLWLHVDUHUHSRUWHGXVLQJWKH FRPPLWWHGRUDVVLJQHGWRH[SHQGLWXUHIRUWKHSD\PHQWRIJHQHUDOORQJWHUPGHEWSULQFLSDO HFRQRPLFUHVRXUFHVPHDVXUHPHQWIRFXVDQGWKHDFFUXDOEDVLVRIDFFRXQWLQJ8QGHUWKHDFFUXDOEDVLVRI LQWHUHVWDQGUHODWHGFRVWVRWKHUWKDQ7,'RUHQWHUSULVHGHEW DFFRXQWLQJUHYHQXHVDUHUHFRJQL]HGZKHQHDUQHGDQGH[SHQVHVDUHUHFRUGHGZKHQWKHOLDELOLW\LV &DSLWDOSURMHFWVIXQG(TXLSPHQW$FTXLVLWLRQ)XQGXVHGWRDFFRXQWIRUDQGUHSRUWILQDQFLDO LQFXUUHGRUHFRQRPLFDVVHWXVHG5HYHQXHVH[SHQVHVJDLQVORVVHVDVVHWVDQGOLDELOLWLHVUHVXOWLQJ UHVRXUFHVWKDWDUHUHVWULFWHGFRPPLWWHGRUDVVLJQHGWRH[SHQGLWXUHVIRUFDSLWDORXWOD\V IURPH[FKDQJHDQGH[FKDQJHOLNHWUDQVDFWLRQVDUHUHFRJQL]HGZKHQWKHH[FKDQJHWDNHVSODFH3URSHUW\ LQFOXGLQJWKHDFTXLVLWLRQRUFRQVWUXFWLRQRIFDSLWDOIDFLOLWLHVDQGRWKHUFDSLWDODVVHWV WD[HVDUHUHFRJQL]HGDVUHYHQXHVLQWKH\HDUIRUZKLFKWKH\DUHOHYLHG7D[HVUHFHLYDEOHIRUWKHIROORZLQJ \HDUDUHUHFRUGHGDVUHFHLYDEOHVDQGGHIHUUHGLQIORZV*UDQWVDQGVLPLODULWHPVDUHUHFRJQL]HGDV UHYHQXHDVVRRQDVDOOHOLJLELOLW\UHTXLUHPHQWVLPSRVHGE\WKHSURYLGHUDUHPHW6SHFLDODVVHVVPHQWVDUH 7KHWRZQUHSRUWVWKHIROORZLQJPDMRUHQWHUSULVHIXQG UHFRUGHGDVUHYHQXHZKHQHDUQHG8QELOOHGUHFHLYDEOHVDUHUHFRUGHGDVUHYHQXHVZKHQVHUYLFHVDUH SURYLGHG 6WRUP:DWHU)XQGDFFRXQWVIRURSHUDWLRQVRIWKHVWRUPZDWHUV\VWHP $VDJHQHUDOUXOHWKHHIIHFWRILQWHUIXQGDFWLYLW\KDVEHHQHOLPLQDWHGIURPWKHJRYHUQPHQWZLGHILQDQFLDO VWDWHPHQWV([FHSWLRQVWRWKLVJHQHUDOUXOHDUHFKDUJHVEHWZHHQWKHWRZQ VVWRUPZDWHUIXQGDQGYDULRXV RWKHUIXQFWLRQVRIWKHJRYHUQPHQW(OLPLQDWLRQRIWKHVHFKDUJHVZRXOGGLVWRUWWKHGLUHFWFRVWVDQG SURJUDPUHYHQXHVUHSRUWHGIRUWKHYDULRXVIXQFWLRQVFRQFHUQHG

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW 127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW

C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION FRQW D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY Fund Financial Statements 1. Deposits and Investments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

5HYHQXHVVXVFHSWLEOHWRDFFUXDOLQFOXGHSURSHUW\WD[HVPLVFHOODQHRXVWD[HVSXEOLFFKDUJHVIRU I 6HFXULWLHVRIDQRSHQHQGPDQDJHPHQWLQYHVWPHQWFRPSDQ\RULQYHVWPHQWWUXVWVXEMHFWWR VHUYLFHVVSHFLDODVVHVVPHQWVDQGLQWHUHVW2WKHUJHQHUDOUHYHQXHVVXFKDVILQHVDQGIRUIHLWXUHV YDULRXVFRQGLWLRQVDQGLQYHVWPHQWRSWLRQV LQVSHFWLRQIHHVUHFUHDWLRQIHHVDQGPLVFHOODQHRXVUHYHQXHVDUHUHFRJQL]HGZKHQUHFHLYHGLQFDVKRU J 5HSXUFKDVHDJUHHPHQWVZLWKSXEOLFGHSRVLWRULHVZLWKFHUWDLQFRQGLWLRQV ZKHQPHDVXUDEOHDQGDYDLODEOHXQGHUWKHFULWHULDGHVFULEHGDERYH

7KHWRZQKDVDGRSWHGDQLQYHVWPHQWSROLF\7KDWSROLF\IROORZVWKHVWDWHVWDWXWHIRUDOORZDEOH 3URSULHWDU\DQGILGXFLDU\IXQGILQDQFLDOVWDWHPHQWVDUHUHSRUWHGXVLQJWKHHFRQRPLFUHVRXUFHV LQYHVWPHQWV PHDVXUHPHQWIRFXVDQGWKHDFFUXDOEDVLVRIDFFRXQWLQJDVGHVFULEHGSUHYLRXVO\LQWKLVQRWH

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ll Financial Statements ,QYHVWPHQWVDUHVWDWHGDWIDLUYDOXHZKLFKLVWKHDPRXQWDWZKLFKDQLQYHVWPHQWFRXOGEHH[FKDQJHGLQD FXUUHQWWUDQVDFWLRQEHWZHHQZLOOLQJSDUWLHV1RLQYHVWPHQWVDUHUHSRUWHGDWDPRUWL]HGFRVW$GMXVWPHQWV 7KHSUHSDUDWLRQRIILQDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHV QHFHVVDU\WRUHFRUGLQYHVWPHQWVDWIDLUYDOXHDUHUHFRUGHGLQWKHRSHUDWLQJVWDWHPHQWDVLQFUHDVHVRU UHTXLUHVPDQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIDVVHWV GHFUHDVHVLQLQYHVWPHQWLQFRPH,QYHVWPHQWLQFRPHRQFRPPLQJOHGLQYHVWPHQWVRIPXQLFLSDODFFRXQWLQJ GHIHUUHGRXWIORZVRIUHVRXUFHVOLDELOLWLHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVDQGGLVFORVXUHRIFRQWLQJHQW IXQGVLVDOORFDWHGEDVHGRQDYHUDJHEDODQFHV7KHGLIIHUHQFHEHWZHHQWKHEDQNVWDWHPHQWEDODQFHDQG DVVHWVDQGOLDELOLWLHVDWWKHGDWHRIWKHILQDQFLDOVWDWHPHQWVDQGWKHUHSRUWHGDPRXQWVRIUHYHQXHVDQG FDUU\LQJYDOXHLVGXHWRRXWVWDQGLQJFKHFNVDQGRUGHSRVLWVLQWUDQVLW H[SHQGLWXUHVH[SHQVHVGXULQJWKHUHSRUWLQJSHULRG$FWXDOUHVXOWVFRXOGGLIIHUIURPWKRVHHVWLPDWHV

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW 127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW

D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY FRQW NET POSITION OR EQUITY FRQW

1. Deposits and Investments FRQW 3. Prepaid Items

7KH:LVFRQVLQ/RFDO*RYHUQPHQW,QYHVWPHQW3RRO /*,3 LVSDUWRIWKH6WDWH,QYHVWPHQW)XQG 6,) DQG &HUWDLQSD\PHQWVWRYHQGRUVUHIOHFWFRVWVDSSOLFDEOHWRIXWXUHDFFRXQWLQJSHULRGVDQGDUHUHFRUGHGDV LVPDQDJHGE\WKH6WDWHRI:LVFRQVLQ,QYHVWPHQW%RDUG7KH6,)LVQRWUHJLVWHUHGZLWKWKH6HFXULWLHVDQG SUHSDLGLWHPVLQERWKJRYHUQPHQWZLGHDQGIXQGILQDQFLDOVWDWHPHQWV ([FKDQJH&RPPLVVLRQEXWRSHUDWHVXQGHUWKHVWDWXWRU\DXWKRULW\RI:LVFRQVLQ&KDSWHU7KH6,) UHSRUWVWKHIDLUYDOXHRILWVXQGHUO\LQJDVVHWVDQQXDOO\3DUWLFLSDQWVLQWKH/*,3KDYHWKHULJKWWRZLWKGUDZ 4. Capital Assets WKHLUIXQGVLQWRWDORQRQHGD\ VQRWLFH$W'HFHPEHUWKHIDLUYDOXHRIWKHWRZQ VVKDUHRIWKH /*,3 VDVVHWVZDVVXEVWDQWLDOO\HTXDOWRWKHDPRXQWDVUHSRUWHGLQWKHVHVWDWHPHQWV Government-Wide Statements

6HH1RWH,9$IRUIXUWKHULQIRUPDWLRQ &DSLWDODVVHWVZKLFKLQFOXGHSURSHUW\SODQWDQGHTXLSPHQWDUHUHSRUWHGLQWKHJRYHUQPHQWZLGH ILQDQFLDOVWDWHPHQWV&DSLWDODVVHWVDUHGHILQHGE\WKHJRYHUQPHQWDVDVVHWVZLWKDQLQLWLDOFRVWRIPRUH 2. Receivables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

'XULQJWKHFRXUVHRIRSHUDWLRQVWUDQVDFWLRQVRFFXUEHWZHHQLQGLYLGXDOIXQGVWKDWPD\UHVXOWLQDPRXQWV Fund Financial Statements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

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW 127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW

5. Deferred Outflows of Resources 9. Equity Classifications

$GHIHUUHGRXWIORZRIUHVRXUFHVUHSUHVHQWVDFRQVXPSWLRQRIQHWSRVLWLRQIXQGEDODQFHWKDWDSSOLHVWRD Government-Wide Statements IXWXUHSHULRGDQGZLOOQRWEHUHFRJQL]HGDVDQRXWIORZRIUHVRXUFHV H[SHQVHH[SHQGLWXUH XQWLOWKDWIXWXUH WLPH (TXLW\LVFODVVLILHGDVQHWSRVLWLRQDQGGLVSOD\HGLQWKUHHFRPSRQHQWV

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ompensated Absences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

7. Long-Term Obligations/Conduit Debt Fund Statements

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eferred Inflows of Resources WKH7RZQ%RDUG7KLVIRUPDODFWLRQPXVWRFFXUSULRUWRWKHHQGRIWKHUHSRUWLQJSHULRGEXWWKH DPRXQWRIWKHFRPPLWPHQWZKLFKZLOOEHVXEMHFWWRWKHFRQVWUDLQWVPD\EHGHWHUPLQHGLQWKH $GHIHUUHGLQIORZRIUHVRXUFHVUHSUHVHQWVDQDFTXLVLWLRQRIQHWSRVLWLRQIXQGEDODQFHWKDWDSSOLHVWRD VXEVHTXHQWSHULRG$Q\FKDQJHVWRWKHFRQVWUDLQWVLPSRVHGUHTXLUHWKHVDPHIRUPDODFWLRQRI IXWXUHSHULRGDQGWKHUHIRUHZLOOQRWEHUHFRJQL]HGDVDQLQIORZRIUHVRXUFHV UHYHQXH XQWLOWKDWIXWXUH WKH7RZQ%RDUGWKDWRULJLQDOO\FUHDWHGWKHFRPPLWPHQW WLPH

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW 127(,6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6 FRQW

9. Equity Classifications FRQW 12. Basis for Existing Rates

Fund Statements FRQW Storm Water Fund

G$VVLJQHG,QFOXGHVVSHQGDEOHIXQGEDODQFHDPRXQWVWKDWDUHLQWHQGHGWREHXVHGIRUVSHFLILF &XUUHQWVWRUPZDWHUUDWHVDUHDSSURYHGE\WKH7RZQ%RDUGDQQXDOO\DQGSODFHGRQWD[ELOOV SXUSRVHVWKDWGRQRWPHHWWKHFULWHULDWREHFODVVLILHGDVUHVWULFWHGRUFRPPLWWHG7KH7RZQ %RDUGKDVE\UHVROXWLRQDGRSWHGDILQDQFLDOSROLF\DXWKRUL]LQJWKH$GPLQLVWUDWRUWRDVVLJQ 13. Land Held for Resale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

3URSULHWDU\IXQGHTXLW\LVFODVVLILHGWKHVDPHDVLQWKHJRYHUQPHQWZLGHVWDWHPHQWV A.EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND BALANCE SHEET AND THE STATEMENT OF NET POSITION 7KHWRZQFRQVLGHUVUHVWULFWHGDPRXQWVWREHVSHQWILUVWZKHQERWKUHVWULFWHGDQGXQUHVWULFWHGIXQG EDODQFHLVDYDLODEOHXQOHVVWKHUHDUHOHJDOGRFXPHQWVFRQWUDFWVWKDWSURKLELWGRLQJWKLVVXFKDVLQJUDQW 7KHJRYHUQPHQWDOIXQGEDODQFHVKHHWLQFOXGHVDUHFRQFLOLDWLRQEHWZHHQIXQGEDODQFHWRWDO DJUHHPHQWVUHTXLULQJGROODUIRUGROODUVSHQGLQJ$GGLWLRQDOO\WKHWRZQZRXOGILUVWXVHFRPPLWWHGWKHQ JRYHUQPHQWDOIXQGVDQGQHWSRVLWLRQJRYHUQPHQWDODFWLYLWLHVDVUHSRUWHGLQWKHJRYHUQPHQWZLGH DVVLJQHGDQGODVWO\XQDVVLJQHGDPRXQWVRIXQUHVWULFWHGIXQGEDODQFHZKHQH[SHQGLWXUHVDUHPDGH VWDWHPHQWRIQHWSRVLWLRQ7KHGHWDLOVRIWKLVUHFRQFLOLDWLRQLQFOXGHWKHIROORZLQJLWHPV

7KHWRZQKDVDIRUPDOPLQLPXPIXQGEDODQFHSROLF\7KDWSROLF\LVWRPDLQWDLQDZRUNLQJFDSLWDOIXQGRI &DSLWDODVVHWVXVHGLQJRYHUQPHQWDOIXQGVDUHQRWILQDQFLDOUHVRXUFHVDQGWKHUHIRUHDUHQRWUHSRUWHGLQ RIWKHHQVXLQJ\HDU VEXGJHWHGJHQHUDOIXQGH[SHQGLWXUHVZLWKDWDUJHWRI7KHEDODQFHDW\HDU WKHIXQGV HQGZDVDQGLVLQFOXGHGLQXQDVVLJQHGJHQHUDOIXQGIXQGEDODQFH /DQG 6HH1RWH,9)IRUIXUWKHULQIRUPDWLRQ %XLOGLQJVDQGLPSURYHPHQWV (TXLSPHQWDQGIXUQLVKLQJV ,QIUDVWUXFWXUH 10. Pension ,QWDQJLEOHVRIWZDUH /HVV$FFXPXODWHGGHSUHFLDWLRQ )RUSXUSRVHVRIPHDVXULQJWKHQHWSHQVLRQDVVHW OLDELOLW\ GHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHG LQIORZVRIUHVRXUFHVUHODWHGWRSHQVLRQVDQGSHQVLRQH[SHQVHLQIRUPDWLRQDERXWWKHILGXFLDU\QHW SRVLWLRQRIWKH:LVFRQVLQ5HWLUHPHQW6\VWHP :56 DQGDGGLWLRQVWRGHGXFWLRQVIURP:56 ILGXFLDU\QHW &RPELQHG$GMXVWPHQWIRU&DSLWDO$VVHWV SRVLWLRQKDYHEHHQGHWHUPLQHGRQWKHVDPHEDVLVDVWKH\DUHUHSRUWHGE\:56)RUWKLVSXUSRVHEHQHILW SD\PHQWV LQFOXGLQJUHIXQGVRIHPSOR\HHFRQWULEXWLRQV DUHUHFRJQL]HGZKHQGXHDQGSD\DEOHLQ DFFRUGDQFHZLWKWKHEHQHILWWHUPV,QYHVWPHQWVDUHUHSRUWHGDWIDLUYDOXH

11. Postemployment Benefits Other Than Pensions (OPEB)

)RUSXUSRVHVRIPHDVXULQJWKHWRWDO23(%OLDELOLW\GHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHGLQIORZVRI UHVRXUFHVUHODWHGWR23(%DQG23(%H[SHQVHWKH 7RZQ23(%3ODQ UHFRJQL]HVEHQHILWSD\PHQWV ZKHQGXHDQGSD\DEOHLQDFFRUGDQFHZLWKWKHEHQHILWWHUPV

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,,5(&21&,/,$7,212)*29(510(17:,'($1')81'),1$1&,$/67$7(0(176 FRQW 127(,,,67(:$5'6+,3&203/,$1&($1'$&&2817$%,/,7< FRQW

A.EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND BALANCE C. DEFICIT BALANCES SHEET AND THE STATEMENT OF NET POSITION FRQW *HQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVUHTXLUHGLVFORVXUHRILQGLYLGXDOIXQGVWKDWKDYHGHILFLWEDODQFHV /RQJWHUPOLDELOLWLHVDSSOLFDEOHWRWKHWRZQ VJRYHUQPHQWDODFWLYLWLHVDUHQRWGXHDQGSD\DEOHLQWKH DW\HDUHQG FXUUHQWSHULRGDQGDFFRUGLQJO\DUHQRWUHSRUWHGDVIXQGOLDELOLWLHV,QWHUHVWRQORQJWHUPGHEWLVQRW DFFUXHGLQJRYHUQPHQWDOIXQGVEXWUDWKHULVUHFRJQL]HGDVDQH[SHQGLWXUHZKHQGXH$OOOLDELOLWLHVERWK $VRI'HFHPEHUWKHIROORZLQJLQGLYLGXDOIXQGVKHOGDGHILFLWEDODQFH FXUUHQWDQGORQJWHUPDUHUHSRUWHGLQWKHVWDWHPHQWRIQHWSRVLWLRQ )XQG $PRXQW 5HDVRQ %RQGVDQGQRWHVSD\DEOH $FFXPXODWHGVLFNDQGYDFDWLRQSD\ &DSLWDO3URMHFW)XQG7,' ([SHQGLWXUHVH[FHHGLQJUHYHQXH $FFUXHGLQWHUHVW )XQG VRXUFHV 9LOODJHRI6XVVH[FRQWUDFWSD\DEOH 8QDPRUWL]HGGHEWSUHPLXP 7,)GLVWULFWGHILFLWVDUHDQWLFLSDWHGWREHIXQGHGZLWKIXWXUHLQFUHPHQWDOWD[HVOHYLHGRYHUWKHOLIHRIWKH GLVWULFWVZKLFKLV\HDUVIRUWKHGLVWULFWVFUHDWHGEHIRUH2FWREHUDQG\HDUVIRUGLVWULFWV &RPELQHG$GMXVWPHQWIRU/RQJ7HUP FUHDWHGWKHUHDIWHUWKURXJK6HSWHPEHU%HJLQQLQJ2FWREHUWKHOLIHRIQHZGLVWULFWVYDULHV /LDELOLWLHV E\W\SHRIGLVWULFW \HDUV DQGPD\EHH[WHQGHGLQVRPHFDVHV)XQGGHILFLWVDUHDQWLFLSDWHGWREH

A-23 IXQGHGZLWKIXWXUHWD[LQFUHPHQWRUORQJWHUPERUURZLQJ

127(,,,67(:$5'6+,3&203/,$1&($1'$&&2817$%,/,7< D. LIMITATIONS ON THE TOWN'S TAX LEVY

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

B. EXCESS EXPENDITURES OVER APPROPRIATIONS

([FHVV %XGJHWHG $FWXDO ([SHQGLWXUHV )XQGV ([SHQGLWXUHV ([SHQGLWXUHV 2YHU%XGJHW

&DSLWDO3URMHFW)XQG (TXLSPHQWDFTXLVLWLRQIXQG

7KHWRZQFRQWUROVH[SHQGLWXUHVDWWKHIXQFWLRQOHYHO6RPHLQGLYLGXDOIXQFWLRQVH[SHULHQFHGH[SHQGLWXUHV ZKLFKH[FHHGHGDSSURSULDWLRQV7KHGHWDLORIWKRVHLWHPVFDQEHIRXQGLQWKHWRZQ V\HDUHQGEXGJHWWR DFWXDOUHSRUW

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,9'(7$,/('127(621$//)81'6 FRQW 127(,9'(7$,/('127(621$//)81'6 A.DEPOSITS AND INVESTMENTS FRQW A.DEPOSITS AND INVESTMENTS Custodial Credit Risk FRQW 7KHWRZQPDLQWDLQVDFDVKDQGLQYHVWPHQWSRROWKDWLVDYDLODEOHIRUXVHE\DOOIXQGV(DFKIXQGW\SH¶V SRUWLRQRIWKLVSRROLVGLVSOD\HGRQWKHVWDWHPHQWRIQHWSRVLWLRQDQGEDODQFHVKHHWDVFDVKDQG 'HSRVLWV FRQW LQYHVWPHQWV 7KHWRZQGRHVQRWKDYHDQ\GHSRVLWVH[SRVHGWRFXVWRGLDOFUHGLWULVN 7KHWRZQ VGHSRVLWVDQGLQYHVWPHQWVDW\HDUHQGZHUHFRPSULVHGRIWKHIROORZLQJ Credit Risk &DUU\LQJ 6WDWHPHQW 9DOXH %DODQFHV $VVRFLDWHG5LVNV &UHGLWULVNLVWKHULVNWKDWDQLVVXHURURWKHUFRXQWHUSDUW\WRDQLQYHVWPHQWZLOOQRWIXOILOOLWVREOLJDWLRQV 'HSRVLWV &XVWRGLDOFUHGLW /*,3 &UHGLW 7KHWRZQKDGLQYHVWPHQWVLQWKHH[WHUQDO:LVFRQVLQ/RFDO*RYHUQPHQW,QYHVWPHQW3RROZKLFKLVQRW 3HWW\FDVK 1$ UDWHG

A-24 7RWDO'HSRVLWVDQG,QYHVWPHQWV 6HH1RWH,'IRUIXUWKHULQIRUPDWLRQRQGHSRVLWDQGLQYHVWPHQWSROLFLHV

5HFRQFLOLDWLRQWRILQDQFLDOVWDWHPHQWV B. RECEIVABLES

3HUVWDWHPHQWRIQHWSRVLWLRQ $OORIWKHUHFHLYDEOHVRQWKHEDODQFHVKHHWDUHH[SHFWHGWREHFROOHFWHGZLWKLQRQH\HDU 8QUHVWULFWHGFDVKDQGLQYHVWPHQWV 3HUVWDWHPHQWRIILGXFLDU\QHWSRVLWLRQ *RYHUQPHQWDOIXQGVUHSRUWunavailable or unearned revenueLQFRQQHFWLRQZLWKUHFHLYDEOHVIRUUHYHQXHV 7D[5ROO)XQG WKDWDUHQRWFRQVLGHUHGWREHDYDLODEOHWROLTXLGDWHOLDELOLWLHVRIWKHFXUUHQWSHULRG3URSHUW\WD[HVOHYLHGIRU WKHVXEVHTXHQW\HDUDUHQRWHDUQHGDQGFDQQRWEHXVHGWROLTXLGDWHOLDELOLWLHVRIWKHFXUUHQWSHULRG 7RWDO'HSRVLWVDQG,QYHVWPHQWV *RYHUQPHQWDOIXQGVDOVRGHIHUUHYHQXHUHFRJQLWLRQLQFRQQHFWLRQZLWKUHVRXUFHVWKDWKDYHEHHQ UHFHLYHGEXWQRW\HWHDUQHG$WWKHHQGRIWKHFXUUHQWILVFDO\HDUWKHYDULRXVFRPSRQHQWVRIunavailable 'HSRVLWVLQHDFKORFDODQGDUHDEDQNDUHLQVXUHGE\WKH)',&LQWKHDPRXQWRIIRUWLPHDQG revenueDQGunearned revenueUHSRUWHGLQWKHJRYHUQPHQWDOIXQGVZHUHDVIROORZV VDYLQJVDFFRXQWV LQFOXGLQJ12:DFFRXQWV DQGIRUGHPDQGGHSRVLWDFFRXQWV LQWHUHVWEHDULQJ DQGQRQLQWHUHVWEHDULQJ ,QDGGLWLRQLIGHSRVLWVDUHKHOGLQDQLQVWLWXWLRQRXWVLGHRIWKHVWDWHLQZKLFKWKH 8QHDUQHG JRYHUQPHQWLVORFDWHGLQVXUHGDPRXQWVDUHIXUWKHUOLPLWHGWRDWRWDORIIRUWKHFRPELQHG DPRXQWRIDOOGHSRVLWDFFRXQWV 3URSHUW\WD[HVUHFHLYDEOHIRUVXEVHTXHQW\HDU

%DQNDFFRXQWVDUHDOVRLQVXUHGE\WKH6WDWH'HSRVLW*XDUDQWHH)XQGLQWKHDPRXQWRI 7RWDO8QHDUQHG8QDYDLODEOH5HYHQXHIRU*RYHUQPHQWDO +RZHYHUGXHWRWKHQDWXUHRIWKLVIXQGUHFRYHU\RIPDWHULDOSULQFLSDOORVVHVPD\QRWEHVLJQLILFDQWWR DQG3URSULHWDU\)XQGV LQGLYLGXDOPXQLFLSDOLWLHV7KLVFRYHUDJHKDVQRWEHHQFRQVLGHUHGLQFRPSXWLQJFXVWRGLDOFUHGLWULVN

7KHWRZQPDLQWDLQVFROODWHUDODJUHHPHQWVZLWKLWVEDQNV$W'HFHPEHUWKHEDQNVKDGSOHGJHG YDULRXVJRYHUQPHQWVHFXULWLHVLQWKHDPRXQWRIWRVHFXUHWKHWRZQ VGHSRVLWV

Custodial Credit Risk

'HSRVLWV

&XVWRGLDOFUHGLWULVNLVWKHULVNWKDWLQWKHHYHQWRIDILQDQFLDOLQVWLWXWLRQIDLOXUHWKHWRZQ VGHSRVLWVPD\ QRWEHUHWXUQHGWRWKHWRZQ

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,9'(7$,/('127(621$//)81'6 FRQW 127(,9'(7$,/('127(621$//)81'6 FRQW

C. CAPITAL ASSETS C. CAPITAL ASSETS FRQW

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

'HSUHFLDWLRQDPRUWL]DWLRQH[SHQVHZDVFKDUJHGWRIXQFWLRQVDVIROORZV

*RYHUQPHQWDO$FWLYLWLHV *HQHUDOJRYHUQPHQW 3XEOLFVDIHW\ 3XEOLFZRUNV &XOWXUHDQGUHFUHDWLRQ

7RWDO*RYHUQPHQWDO$FWLYLWLHV'HSUHFLDWLRQ$PRUWL]DWLRQ([SHQVH

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,9'(7$,/('127(621$//)81'6 FRQW 127(,9'(7$,/('127(621$//)81'6 FRQW

D. INTERFUND RECEIVABLES/PAYABLES AND TRANSFERS D. INTERFUND RECEIVABLES/PAYABLES AND TRANSFERS FRQW

Interfund Receivables/Payables Transfers

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

7RWDO)XQG)LQDQFLDO6WDWHPHQWV 7RWDO)XQG)LQDQFLDO6WDWHPHQWV A-26 /HVV*RYHUQPHQWZLGHHOLPLQDWLRQV /HVV)XQGHOLPLQDWLRQV 7RWDO,QWHUQDO%DODQFHV*RYHUQPHQW:LGH6WDWHPHQWRI 1HW3RVLWLRQ 7RWDO7UDQVIHUV*RYHUQPHQW:LGH6WDWHPHQW RI$FWLYLWLHV $OODPRXQWVDUHGXHZLWKLQRQH\HDU *HQHUDOO\WUDQVIHUVDUHXVHGWR PRYHUHYHQXHVIURPWKHIXQGWKDWFROOHFWVWKHPWRWKHIXQGWKDWWKH 7KHSULQFLSDOSXUSRVHRIWKHVHLQWHUIXQGVLVWRIXQGFDVKGHILFLWV$OOUHPDLQLQJEDODQFHVUHVXOWHGIURPWKH EXGJHWUHTXLUHVWRH[SHQGWKHP PRYHUHFHLSWVUHVWULFWHGWRGHEWVHUYLFHIURPWKHIXQGVFROOHFWLQJWKH WLPHODJEHWZHHQWKHGDWHVWKDW LQWHUIXQGJRRGVDQGVHUYLFHVDUHSURYLGHGRUUHLPEXUVDEOH UHFHLSWVWRWKHGHEWVHUYLFHIXQGDQG XVHXQUHVWULFWHGUHYHQXHVFROOHFWHGLQWKHJHQHUDOIXQGWR H[SHQGLWXUHVRFFXU WUDQVDFWLRQVDUHUHFRUGHGLQWKHDFFRXQWLQJV\VWHPDQG SD\PHQWVEHWZHHQ ILQDQFHYDULRXVSURJUDPVDFFRXQWHGIRULQRWKHUIXQGVLQDFFRUGDQFHZLWKEXGJHWDU\DXWKRUL]DWLRQV IXQGVDUHPDGH

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,9'(7$,/('127(621$//)81'6 FRQW 127(,9'(7$,/('127(621$//)81'6 FRQW

E. LONG-TERM OBLIGATIONS E. LONG-TERM OBLIGATIONS FRQW

/RQJWHUPREOLJDWLRQVDFWLYLW\IRUWKH\HDUHQGHG'HFHPEHUZDVDVIROORZV General Obligation Debt FRQW

$PRXQWV'XH %HJLQQLQJ (QGLQJ :LWKLQ2QH 'HEWVHUYLFHUHTXLUHPHQWVWRPDWXULW\DUHDVIROORZV %DODQFH ,QFUHDVHV 'HFUHDVHV %DODQFH

7RWDO*RYHUQPHQWDO 7RWDOV $FWLYLWLHV/RQJ7HUP /LDELOLWLHV

,QDFFRUGDQFHZLWK:LVFRQVLQ6WDWXWHVWRWDOJHQHUDOREOLJDWLRQLQGHEWHGQHVVRIWKHWRZQPD\QRWH[FHHG Village of Sussex contracts payable RIWKHHTXDOL]HGYDOXHRIWD[DEOHSURSHUW\ZLWKLQWKHWRZQ VMXULVGLFWLRQ7KHGHEWOLPLWDVRI'HFHPEHU ZDV7RWDOJHQHUDOREOLJDWLRQGHEWRXWVWDQGLQJDW\HDUHQGZDV 9LOODJHRI6XVVH[FRQWUDFWVSD\DEOHDW'HFHPEHUFRQVLVWRIWKHIROORZLQJ

General Obligation Debt *RYHUQPHQWDO$FWLYLWLHV %DODQFH 9LOODJHRI6XVVH[FRQWUDFWV 'DWHRI )LQDO ,QWHUHVW 2ULJLQDO 'HFHPEHU $OOJHQHUDOREOLJDWLRQQRWHVDQGERQGVSD\DEOHDUHEDFNHGE\WKHIXOOIDLWKDQGFUHGLWRIWKHWRZQ1RWHV SD\DEOH ,VVXH 0DWXULW\ 5DWHV ,QGHEWHGQHVV DQGERQGVLQWKHJRYHUQPHQWDOIXQGVZLOOEHUHWLUHGE\IXWXUHSURSHUW\WD[OHYLHVRUWD[LQFUHPHQWV &OHDQ:DWHUIXQGORDQ DFFXPXODWHGE\WKHGHEWVHUYLFHIXQG

7RWDO*RYHUQPHQWDO$FWLYLWLHV9LOODJHRI6XVVH[FRQWUDFWVSD\DEOH *RYHUQPHQWDO$FWLYLWLHV %DODQFH 'DWHRI )LQDO ,QWHUHVW 2ULJLQDO 'HFHPEHU *HQHUDO2EOLJDWLRQ'HEW ,VVXH 0DWXULW\ 5DWHV ,QGHEWHGQHVV

*HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW *HQHUDOREOLJDWLRQGHEW

7RWDO*RYHUQPHQWDO$FWLYLWLHV*HQHUDO2EOLJDWLRQ'HEW 72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(,9'(7$,/('127(621$//)81'6 FRQW 127(,9'(7$,/('127(621$//)81'6 FRQW

E. LONG-TERM OBLIGATIONS FRQW F. NET POSITION/FUND BALANCES FRQW

'HEWVHUYLFHUHTXLUHPHQWVWRPDWXULW\DUHDVIROORZV Governmental Funds

*RYHUQPHQWDO$FWLYLWLHV *RYHUQPHQWDOIXQGEDODQFHVUHSRUWHGRQWKHIXQGILQDQFLDOVWDWHPHQWVDW'HFHPEHULQFOXGH 9LOODJHRI6XVVH[FRQWUDFWV WKHIROORZLQJ SD\DEOH

A-28 7RWDOV SURSHUW\WD[HV 6XEWRWDO Other Debt Information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overnmental Activities 2WKHUSRVWHPSOR\PHQW EHQHILWV 1HW,QYHVWPHQWLQ&DSLWDO$VVHWV ,PSDFWIHHVWXG\ /DQG /LWLJDWLRQ 2WKHUFDSLWDODVVHWVQHWRIDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQ 6XEWRWDO /HVV/RQJWHUPGHEWRXWVWDQGLQJ 8QDVVLJQHG GHILFLW 3OXV8QVSHQWFDSLWDOUHODWHGGHEWSURFHHGV 3OXV8QDPRUWL]HGFKDUJHRQUHIXQGLQJ 7RWDO)XQG%DODQFHV /HVV8QDPRUWL]HGGHEWSUHPLXP 'HILFLW

7RWDO1HW,QYHVWPHQWLQ&DSLWDO$VVHWV

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW 127(927+(5,1)250$7,21 A.EMPLOYEES' RETIREMENT SYSTEM FRQW A.EMPLOYEES' RETIREMENT SYSTEM Post-retirement adjustments7KH(PSOR\HH7UXVW)XQGV%RDUGPD\SHULRGLFDOO\DGMXVWDQQXLW\ Plan description.7KH:56LVDFRVWVKDULQJPXOWLSOHHPSOR\HUGHILQHGEHQHILWSHQVLRQSODQ:56 SD\PHQWVIURPWKHUHWLUHPHQWV\VWHPEDVHGRQDQQXDOLQYHVWPHQWSHUIRUPDQFHLQDFFRUGDQFHZLWKV EHQHILWVDQGRWKHUSODQSURYLVLRQVDUHHVWDEOLVKHGE\&KDSWHURIWKH:LVFRQVLQ6WDWXWHV%HQHILWWHUPV :LV6WDW$QLQFUHDVH RUGHFUHDVH LQDQQXLW\SD\PHQWVPD\UHVXOWZKHQLQYHVWPHQWJDLQV PD\RQO\EHPRGLILHGE\WKHOHJLVODWXUH7KHUHWLUHPHQWV\VWHPLVDGPLQLVWHUHGE\WKH:LVFRQVLQ ORVVHV WRJHWKHUZLWKRWKHUDFWXDULDOH[SHULHQFHIDFWRUVFUHDWHDVXUSOXV VKRUWIDOO LQWKHUHVHUYHVDV 'HSDUWPHQWRI(PSOR\HH7UXVW)XQGV (7) 7KHV\VWHPSURYLGHVFRYHUDJHWRDOOHOLJLEOH6WDWHRI GHWHUPLQHGE\WKHV\VWHP¶VFRQVXOWLQJDFWXDU\$QQXLW\LQFUHDVHVDUHQRWEDVHGRQFRVWRIOLYLQJRURWKHU :LVFRQVLQORFDOJRYHUQPHQWDQGRWKHUSXEOLFHPSOR\HHV$OOHPSOR\HHVLQLWLDOO\HPSOR\HGE\D VLPLODUIDFWRUV)RU&RUHDQQXLWLHVGHFUHDVHVPD\EHDSSOLHGRQO\WRSUHYLRXVO\JUDQWHGLQFUHDVHV%\ SDUWLFLSDWLQJ:56HPSOR\HURQRUDIWHU-XO\DQGH[SHFWHGWRZRUNDWOHDVWKRXUVD\HDU ODZ&RUHDQQXLWLHVFDQQRWEHUHGXFHGWRDQDPRXQWEHORZWKHRULJLQDOJXDUDQWHHGDPRXQW WKH³IORRU´ KRXUVWHDFKHUVDQGVFKRROGLVWULFWHGXFDWLRQDOVXSSRUWHPSOR\HHV DQGH[SHFWHGWREHHPSOR\HGIRU VHWDWUHWLUHPHQW7KH&RUHDQG9DULDEOHDQQXLW\DGMXVWPHQWVJUDQWHGGXULQJUHFHQW\HDUVDUHDVIROORZV DWOHDVWRQH\HDUIURPHPSOR\HH¶VGDWHRIKLUHDUHHOLJLEOHWRSDUWLFLSDWHLQWKH:56 &RUH)XQG 9DULDEOH)XQG (7)LVVXHVDVWDQGDORQH&RPSUHKHQVLYH$QQXDO)LQDQFLDO5HSRUW &$)5 ZKLFKFDQEHIRXQGDW

9HVWHGSDUWLFLSDQWVPD\UHWLUHDWDJH IRUSURWHFWLYHRFFXSDWLRQV DQGUHFHLYHDQDFWXDULDOO\ UHGXFHGEHQHILW3DUWLFLSDQWVWHUPLQDWLQJFRYHUHGHPSOR\PHQWSULRUWRHOLJLELOLW\IRUDQDQQXLW\PD\HLWKHU UHFHLYHHPSOR\HHUHTXLUHGFRQWULEXWLRQVSOXVLQWHUHVWDVDVHSDUDWLRQEHQHILWRUOHDYHFRQWULEXWLRQVRQ GHSRVLWDQGGHIHUDSSOLFDWLRQXQWLOHOLJLEOHWRUHFHLYHDUHWLUHPHQWEHQHILW

7KH:56DOVRSURYLGHVGHDWKDQGGLVDELOLW\EHQHILWVIRUHPSOR\HHV

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW 127(927+(5,1)250$7,21 FRQW

A.EMPLOYEES' RETIREMENT SYSTEM FRQW A.EMPLOYEES' RETIREMENT SYSTEM FRQW

Contributions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

'XULQJWKHUHSRUWLQJSHULRGWKH:56UHFRJQL]HGLQFRQWULEXWLRQVIURPWKHWRZQ &KDQJHVLQDVVXPSWLRQV 1HWGLIIHUHQFHVEHWZHHQSURMHFWHGDQGDFWXDOHDUQLQJVRQ &RQWULEXWLRQUDWHVIRUWKHSODQ\HDUUHSRUWHGDVRI'HFHPEHUDUH SHQVLRQSODQLQYHVWPHQWV

(PSOR\HH&DWHJRU\ (PSOR\HH (PSOR\HU &KDQJHVLQSURSRUWLRQDQGGLIIHUHQFHVEHWZHHQHPSOR\HU

A-30 FRQWULEXWLRQVDQGSURSRUWLRQDWHVKDUHRIFRQWULEXWLRQV *HQHUDO ([HFXWLYHV (OHFWHG2IILFLDOV (PSOR\HUFRQWULEXWLRQVVXEVHTXHQWWRWKHPHDVXUHPHQWGDWH 3URWHFWLYHZLWK6RFLDO6HFXULW\ 7RWDOV 3URWHFWLYHZLWKRXW6RFLDO6HFXULW\ UHSRUWHGDVGHIHUUHGRXWIORZVUHODWHGWRSHQVLRQUHVXOWLQJIURPWKH:56(PSOR\HU¶V Pension Liability, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of FRQWULEXWLRQVVXEVHTXHQWWRWKHPHDVXUHPHQWGDWHZLOOEHUHFRJQL]HGDVDUHGXFWLRQRIWKHQHWSHQVLRQ Resources Related to Pensions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¶VSURSRUWLRQRI

)RUWKH\HDUHQGHG'HFHPEHUWKHWRZQUHFRJQL]HGSHQVLRQH[SHQVHRI

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW 127(927+(5,1)250$7,21 FRQW

A.EMPLOYEES' RETIREMENT SYSTEM FRQW A.EMPLOYEES' RETIREMENT SYSTEM FRQW

Actuarial assumptions.7KHWRWDOSHQVLRQOLDELOLW\LQWKH'HFHPEHUDFWXDULDOYDOXDWLRQZDV Long-term expected return on plan assets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

$VVHW9DOXDWLRQ0HWKRG )DLU9DOXH /RQJ7HUP /RQJ7HUP ([SHFWHG ([SHFWHG /RQJ7HUP([SHFWHG5DWHRI5HWXUQ &XUUHQW$VVHW 1RPLQDO5DWH 5HDO5DWHRI 'LVFRXQW5DWH &RUH)XQG$VVHW&ODVV $OORFDWLRQ RI5HWXUQ 5HWXUQ 6DODU\,QFUHDVHV *OREDO(TXLWLHV

A-31 ,QIODWLRQ )L[HG,QFRPH 6HQLRULW\0HULW ,QIODWLRQ6HQVLWLYH$VVHWV 0RUWDOLW\ :LVFRQVLQ0RUWDOLW\7DEOH 5HDO(VWDWH 3RVWUHWLUHPHQW$GMXVWPHQWV 3ULYDWH(TXLW\'HEW 0XOWL$VVHW * No post-retirement adjustment is guaranteed. Actual adjustments are based on recognized investment return, actuarial experience and other factors. 1.9% is the assumed annual adjustment based on the 7RWDO&RUH)XQG investment return assumption and the post-retirement discount rate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

Single discount rate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¶VILGXFLDU\QHWSRVLWLRQZDVSURMHFWHGWREHDYDLODEOHWRPDNHDOOSURMHFWHGIXWXUHEHQHILWSD\PHQWV LQFOXGLQJH[SHFWHGGLYLGHQGV RIFXUUHQWSODQPHPEHUV7KHUHIRUHWKHORQJWHUPH[SHFWHGUDWHRIUHWXUQ RQSHQVLRQSODQLQYHVWPHQWVZDVDSSOLHGWRDOOSHULRGVRISURMHFWHGEHQHILWSD\PHQWVWRGHWHUPLQHWKH WRWDOSHQVLRQOLDELOLW\ 72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW 127(927+(5,1)250$7,21 FRQW

A.EMPLOYEES' RETIREMENT SYSTEM FRQW D. OTHER POSTEMPLOYMENT BENEFITS FRQW

Sensitivity of the town’s proportionate share of the net pension liability/(asset) to changes in the GENERAL INFORMATION ABOUT THE OPEB PLAN discount rate. 7KHIROORZLQJSUHVHQWVWKHWRZQ¶VSURSRUWLRQDWHVKDUHRIWKHQHWSHQVLRQOLDELOLW\ DVVHW FDOFXODWHGXVLQJWKHGLVFRXQWUDWHRISHUFHQWDVZHOODVZKDWWKHWRZQ¶VSURSRUWLRQDWHVKDUHRIWKH Plan description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enefits provided.7KHWRZQSURYLGHVKHDOWKFDUHLQVXUDQFHEHQHILWVIRUUHWLUHHV7KHEHQHILWWHUPV 7RZQ¶VSURSRUWLRQDWHVKDUHRIWKHQHW SURYLGHIRUSD\PHQWRISHUFHQWRIKHDOWKLQVXUDQFHSUHPLXPVIRUUHWLUHHV SHQVLRQOLDELOLW\ DVVHW Employees covered by benefit terms.$W'HFHPEHUWKHIROORZLQJHPSOR\HHVZHUHFRYHUHG Pension plan fiduciary net position. 'HWDLOHGLQIRUPDWLRQDERXWWKHSHQVLRQSODQ¶VILGXFLDU\QHWSRVLWLRQ E\WKHEHQHILWWHUPV LVDYDLODEOHLQVHSDUDWHO\LVVXHGILQDQFLDOVWDWHPHQWVDYDLODEOHDWKWWSHWIZLJRYSXEOLFDWLRQVFDIUKWP A-32 $W'HFHPEHUWKHWRZQUHSRUWHGDSD\DEOHWRWKHSHQVLRQSODQRIZKLFKUHSUHVHQWV ,QDFWLYHSODQPHPEHUVRUEHQHILFLDULHVFXUUHQWO\UHFHLYLQJEHQHILW FRQWUDFWXDOO\UHTXLUHGFRQWULEXWLRQVRXWVWDQGLQJDVRIWKHHQGRIWKH\HDU SD\PHQWV $FWLYHSODQPHPEHUV B. RISK MANAGEMENT

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ctuarial assumptions and other inputs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³WKH5HWLUHH+HDOWK3ODQ´ DSSURSULDWHZLWKDGMXVWPHQWVIRUPRUWDOLW\LPSURYHPHQWVEDVHGRQ6FDOH$$ 7KHSODQSURYLGHVKHDOWKLQVXUDQFHEHQHILWVIRUHOLJLEOHUHWLUHHVDQGWKHLUVSRXVHVWKURXJKWKHWRZQ¶V JURXSKHDOWKLQVXUDQFHSODQZKLFKFRYHUVERWKDFWLYHDQGUHWLUHGPHPEHUV3ODQSURYLVLRQVDQG FRQWULEXWLRQUHTXLUHPHQWVDUHHVWDEOLVKHGDQGPD\EHDPHQGHGE\WKHWRZQERDUG

72:12)/,6%21 72:12)/,6%21

127(672),1$1&,$/67$7(0(176 127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW 127(927+(5,1)250$7,21 FRQW

D. OTHER POSTEMPLOYMENT BENEFITS FRQW D. OTHER POSTEMPLOYMENT BENEFITS FRQW

7KHDFWXDULDODVVXPSWLRQVXVHGLQWKH'HFHPEHUYDOXDWLRQZHUHEDVHGRQWKHUHVXOWVRIDQ OPEB EXPENSE AND DEFERRED INFLOWS OF RESOURCES RELATED TO OPEB DFWXDULDOH[SHULHQFHVWXG\FRQGXFWHGLQXVLQJ:LVFRQVLQ5HWLUHPHQW6\VWHPH[SHULHQFHIURP )RUWKH\HDUHQGHG'HFHPEHUWKHWRZQUHFRJQL]HG23(%H[SHQVHRI$W'HFHPEHU WKHWRZQUHSRUWHGGHIHUUHGRXWIORZVRIUHVRXUFHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWR CHANGES IN THE TOTAL OPEB LIABILITY 23(%IURPWKHIROORZLQJVRXUFHV

7RWDO23(% 'HIHUUHG,QIORZVRI /LDELOLW\ 5HVRXUFHV &KDQJHVRIDVVXPSWLRQVRURWKHULQSXWV %DODQFHVDW'HFHPEHU 7RWDO &KDQJHVIRUWKH\HDU 6HUYLFHFRVW $PRXQWVUHSRUWHGDVGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWR23(%ZLOOEHUHFRJQL]HGLQ23(%H[SHQVH ,QWHUHVW DVIROORZV

A-33 &KDQJHVLQDVVXPSWLRQVRURWKHULQSXWV %HQHILWSD\PHQWV

'HFUHDVH 'LVFRXQW5DWH ,QFUHDVH ! 6WDWHPHQW1RLeases

7RWDO23(%OLDELOLW\ ! 6WDWHPHQW1RAccounting for Interest Cost Incurred before the End of a Construction Period Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates. 7KHIROORZLQJ SUHVHQWVWKHQHW23(%OLDELOLW\RIWKHWRZQDVZHOODVZKDWWKHWRZQ VQHW23(%OLDELOLW\ZRXOGEHLILW ! 6WDWHPHQW1RConduit Debt Obligations ZHUHFDOFXODWHGXVLQJKHDOWKFDUHFRVWWUHQGUDWHVWKDWDUHSHUFHQWDJHSRLQWORZHU SHUFHQW GHFUHDVLQJWRSHUFHQW RUSHUFHQWDJHSRLQWKLJKHU SHUFHQWGHFUHDVLQJWRSHUFHQW WKDQWKH :KHQWKH\EHFRPHHIIHFWLYHDSSOLFDWLRQRIWKHVHVWDQGDUGVPD\UHVWDWHSRUWLRQVRIWKHVHILQDQFLDO FXUUHQWKHDOWKFDUHFRVWWUHQGUDWHV VWDWHPHQWV +HDOWKFDUH&RVW 'HFUHDVH 7UHQG5DWHV ,QFUHDVH 'HFUHDVLQJWR 'HFUHDVLQJWR 'HFUHDVLQJWR 7RWDO23(%OLDELOLW\

72:12)/,6%21

127(672),1$1&,$/67$7(0(176 $VRIDQGIRUWKH

127(927+(5,1)250$7,21 FRQW

F. CAPACITY ENTITLEMENTS

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

5(48,5('6833/(0(17$5<,1)250$7,21

A-34

TOWN OF LISBON TOWN OF LISBON SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (ASSET) - SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - WISCONSIN RETIREMENT SYSTEM BUDGET AND ACTUAL For the Year Ended December 31, 2019 GENERAL FUND For the Year Ended December 31, 2019 Proportionate Budgeted Amounts Share of the Net Plan Fiduciary Original and Variance with Proportion Proportionate Pension Liability Net Position Final Actual Final Budget WRS Fiscal of the Net Share of the (Asset) as a as a Percentage REVENUES Year End Pension Net Pension Covered Percentage of of the Total Taxes$ 2,770,316 $ 2,790,557 $ 20,241 Date Asset Liability (Asset) Payroll Covered Payroll Pension Liability (Asset) Intergovernmental revenues 531,735 554,554 22,819 Regulation and compliance 392,640 448,399 55,759 Public charges for services 1,417,562 1,913,590 496,028 12/31/14 0.006753080%$ (165,829) $ 804,079 -20.62% 102.74% Intergovernmental charges for services 35,000 43,778 8,778 12/31/15 0.006773830% 110,073 917,335 12.00% 98.20% Investment income 30,000 97,483 67,483 12/31/16 0.006852040% 56,477 902,432 6.26% 99.12% Miscellaneous 50,766 22,578 (28,188) 12/31/17 0.007018000% (208,370) 900,604 23.14% 102.93% Total Revenues 5,228,019 5,870,939 642,920 12/31/18 0.007224310% 257,018 975,271 26.35% 96.45%

EXPENDITURES Current TOWN OF LISBON General government 826,224 898,625 (72,401) Public safety 1,911,372 2,309,050 (397,678) SCHEDULE OF EMPLOYER CONTRIBUTIONS - WISCONSIN RETIREMENT SYSTEM Public works 998,859 931,312 67,547 For the Year Ended December 31, 2019 Sanitation 838,950 794,038 44,912

A-35 Culture and recreation 186,187 148,208 37,979 Total Expenditures 4,761,592 5,081,233 (319,641) Contributions in Excess of revenues Relation to the Contributions over (under) expenditures 466,427 789,706 323,279 Town's Contractually Contractually Contribution as a Percentage Year End Required Required Deficiency Covered of Covered OTHER FINANCING SOURCES (USES) Date Contributions Contributions (Excess) Payroll Payroll Proceeds from sale of capital assets - 1,192,000 1,192,000 Transfer out (466,427) (826,427) (360,000) Total other financing sources (uses) (466,427) 365,573 832,000 12/31/15 $ 69,036 $-(69,036) $ $ 917,335 7.53% 12/31/16 66,397 (66,397) - 902,432 7.36% Net Change in Fund Balance $ - 1,155,279 $ 1,155,279 12/31/17 70,893 (70,893) - 907,525 7.81% 12/31/18 75,349 (75,349) - 900,683 8.37% FUND BALANCE - Beginning of Year 2,938,008 12/31/19 86,628 (86,628) - 1,041,535 8.32%

FUND BALANCE - END OF YEAR $ 4,093,287

See independent auditors' report and accompanying notes to required supplementary information. 49 See independent auditors' report and accompanying notes to required supplementary information. 50 TOWN OF LISBON TOWN OF LISBON

SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS - SCHEDULE OF EMPLOYER CONTRIBUTIONS - OTHER POSTEMPLOYMENT BENEFITS OTHER POSTEMPLOYMENT BENEFITS OBLIGATION - TOWN RETIREE BENEFITS PLAN OBLIGATION - TOWN RETIREE BENEFITS PLAN For the Year Ended December 31, 2019 For the Year Ended December 31, 2019

2019 2018 2019 2018 Total OPEB Liability Service cost $7,120 $ 7,120 Actuarially determined contribution $ - $ - Interest 8,729 8,396 Contributions in relation to the actuarially determined Prior year activity - 135,283 contribution - - Changes of assumptions (5,863) - Contribution deficiency (excess) $ - $ - Benefit payments (10,255) (1,796) Covered-employee payroll $ 287,430 $ 287,430 Net Change in Total OPEB Liability (269) 149,003 Total OPEB Liability - Beginning 250,958 101,955 Contributions as a percentage of covered-employee payroll 0.00% 0.00% Total OPEB Liability - Ending $ 250,689 $ 250,958

Covered-employee payroll $ 287,430 $ 287,430

Total OPEB liability as a percentage of covered-employee payroll 87.22% 87.31% Note: This schedule is to show information for 10 years. However, until a full 10-year trend is compiled, governments should present information for those years for which information is available. A-36

Note: This schedule is to show information for 10 years. However, until a full 10-year trend is compiled, governments should present information for those years for which information is available.

See independent auditors' report and accompanying notes See independent auditors' report and accompanying notes to required supplementary information. to required supplementary information. 51 52 72:12)/,6%21 127(6725(48,5('6833/(0(17$5<,1)250$7,21 )RUWKH

COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS As of December 31, 2019

Special Revenue Funds Capital Projects Funds

Fire Sewer Total Library Park Building Operations Compost TID #1 Study Nonmajor Fund Fund Fund Fund Fund Fund Fund Funds ASSETS Cash and investments $ 10,710 $ 54,439 $ 185,566 $ 31,819 $ 39,188 $ - $ 104,937 $ 426,659 Accounts receivable - - - - 910 - - 910

TOTAL ASSETS $ 10,710 $ 54,439 $ 185,566 $ 31,819 $ 40,098 $ - $ 104,937 $ 427,569

LIABILITIES AND FUND BALANCES (DEFICITS) Liabilities Accounts payable $ - $ 1,600 $ 15,600 $ - $ - $ 35,413 $ - $ 52,613 Accrued liabilities - - - - 56 101 - 157 Due to other funds - - - - 1,838 495,811 - 497,649 A-38 Total Liabilities - 1,600 15,600 - 1,894 531,325 - 550,419

Fund Balances (Deficits) Restricted 10,710 52,839 169,966 31,819 - - 104,937 370,271 Committed - - - - 38,204 - - 38,204 Unassigned (deficits) - - - - - (531,325) - (531,325) Total Fund Balances (Deficits) 10,710 52,839 169,966 31,819 38,204 (531,325) 104,937 (122,850)

TOTAL LIABILITIES AND FUND BALANCES (DEFICITS) $ 10,710 $ 54,439 $ 185,566 $ 31,819 $ 40,098 $ - $ 104,937 $ 427,569

54 TOWN OF LISBON

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2019

Special Revenue Funds Capital Projects Funds

Fire Sewer Total Library Park Building Operations Compost TID #1 Study Nonmajor Fund Fund Fund Fund Fund Fund Fund Funds REVENUES Public charges for services $ - $ 18,305 $ 35,668 $ - $ - $ - $ - $ 53,973 Intergovernmental charges for services - - - - 38,353 - - 38,353 Investment income - - - 753 - - - 753 Miscellaneous - 3,966 - - - - - 3,966 Total Revenues - 22,271 35,668 753 38,353 - - 97,045 A-39 EXPENDITURES Current Public works - - - - 31,197 - - 31,197 Culture and recreation - 3,604 - - - - - 3,604 Conservation and development - - - - - 458,157 - 458,157 Total Expenditures - 3,604 - - 31,197 458,157 - 492,958

Excess (deficiency) of revenues over expenditures - 18,667 35,668 753 7,156 (458,157) - (395,913)

OTHER FINANCING SOURCES (USES) Transfers in - - 92,644 - - - - 92,644 Transfers out - - - (92,644) - - - (92,644) Total Other Financing Sources (Uses) - - 92,644 (92,644) - - - -

Net Changes in Fund Balance - 18,667 128,312 (91, 891) 7,156 (458, 157) - (395,913)

FUND BALANCE (DEFICIT) - Beginning of Year 10,710 34,172 41,654 123,710 31,048 (73,168) 104,937 273,063

FUND BALANCE (DEFICIT) - END OF YEAR $ 10,710 $ 52,839 $ 169,966 $ 31,819 $ 38,204 $ (531,325) $ 104,937 $ (122,850)

55 APPENDIX B

FORM OF LEGAL OPINION

(See following pages.)

B-1 Quarles & Brady LLP 411 East Wisconsin Avenue Milwaukee, WI 53202

March 17, 2021

Re: Town of Lisbon, Wisconsin ("Issuer") $3,390,000 Taxable General Obligation Promissory Notes, Series 2021A, dated March 17, 2021 ("Notes")

We have acted as bond counsel to the Issuer in connection with the issuance of the Notes. In such capacity, we have examined such law and such certified proceedings, certifications, and other documents as we have deemed necessary to render this opinion.

Regarding questions of fact material to our opinion, we have relied on the certified proceedings and other certifications of public officials and others furnished to us without undertaking to verify the same by independent investigation.

The Notes are numbered from R-1 and upward; bear interest at the rates set forth below; and mature on March 1 of each year, in the years and principal amounts as follows:

Year Principal Amount Interest Rate

2023 $ 75,000 ___% 2024 100,000 ___ 2025 100,000 ___ 2026 100,000 ___ 2027 100,000 ___ 2028 100,000 ___ 2029 100,000 ___ 2030 100,000 ___ 2031 2,615,000 ___

Interest is payable semi-annually on March 1 and September 1 of each year commencing on March 1, 2022.

The Notes maturing on March 1, 2030 and thereafter are subject to redemption prior to maturity, at the option of the Issuer, on March 1, 2029 or on any date thereafter. Said Notes are redeemable as a whole or in part, and if in part, from maturities selected by the Issuer, and within each maturity by lot, 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 Notes, at the redemption price of par plus accrued interest to the date of redemption and without premium.]

QB\66976457.1 B-2 We further certify that we have examined a sample of the Notes and find the same to be in proper form.

Based upon and subject to the foregoing, it is our opinion under existing law that:

1. The Notes have been duly authorized and executed by the Issuer and are valid and binding general obligations of the Issuer.

2. All the taxable property in the territory of the Issuer is subject to the levy of ad valorem taxes to pay principal of, and interest on, the Notes, without limitation as to rate or amount. The Issuer is required by law to include in its annual tax levy the principal and interest coming due on the Notes except to the extent that necessary funds have been irrevocably deposited into the debt service fund account established for the payment of the principal of and interest on the Notes.

3. The interest on the Notes is included for federal income tax purposes in the gross income of the owners of the Notes.

We express no opinion regarding the accuracy, adequacy, or completeness of the Official Statement or any other offering material relating to the Notes. Further, we express no opinion regarding tax consequences arising with respect to the Notes other than as expressly set forth herein.

The rights of the owners of the Notes and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights and may be subject to the exercise of judicial discretion in accordance with general principles of equity, whether considered at law or in equity.

This opinion is given as of the date hereof, and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention, or any changes in law that may hereafter occur.

QUARLES & BRADY LLP

QB\66976457.1 B-3 APPENDIX C

BOOK-ENTRY-ONLY SYSTEM

1. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the securities (the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]

2. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

C-1 5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Town as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Town or Agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Agent, or the Town, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Town or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent's DTC account.

10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Town or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

11. The Town may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

12. The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the Town believes to be reliable, but the Town takes no responsibility for the accuracy thereof.

C-2 APPENDIX D

FORM OF CONTINUING DISCLOSURE CERTIFICATE

(See following pages.)

D-1 CONTINUING DISCLOSURE CERTIFICATE

This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by the Town of Lisbon, Waukesha County, Wisconsin (the "Issuer") in connection with the issuance of $3,390,000 Taxable General Obligation Promissory Notes, Series 2021A, dated March 17, 2021 (the "Securities"). The Securities are being issued pursuant to a resolution adopted on February 22, 2021 (the "Resolution") and delivered to ______(the "Purchaser") on the date hereof. Pursuant to the Resolution, the Issuer has covenanted and agreed to provide continuing disclosure of certain financial information and operating data annually and timely notices of the occurrence of certain events. In addition, the Issuer hereby specifically covenants and agrees as follows:

Section 1(a). Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the holders of the Securities in order to assist the Participating Underwriters within the meaning of the Rule (defined herein) in complying with SEC Rule 15c2-12(b)(5). The Issuer is an obligated person with respect to not more than $10,000,000 in aggregate amount of outstanding municipal securities (including the Securities but excluding obligations exempt from the Rule). References in this Disclosure Certificate to holders of the Securities shall include the beneficial owners of the Securities. This Disclosure Certificate constitutes the written Undertaking required by the Rule.

Section 1(b). Filing Requirements. Any filing under this Disclosure Certificate must be made solely by transmitting such filing to the MSRB (defined herein) through the Electronic Municipal Market Access ("EMMA") System at www.emma.msrb.org in the format prescribed by the MSRB. All documents provided to the MSRB shall be accompanied by the identifying information prescribed by the MSRB.

Section 2. Definitions. In addition to the defined terms set forth in the Resolution, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:

"Annual Report" means any annual report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate.

"Audited Financial Statements" means the Issuer's annual financial statements, which are currently prepared in accordance with generally accepted accounting principles (GAAP) for governmental units as prescribed by the Governmental Accounting Standards Board (GASB) and which the Issuer intends to continue to prepare in substantially the same form.

"Final Official Statement" means the Final Official Statement dated February 23, 2021 delivered in connection with the Securities, which is available from the MSRB.

"Financial Obligation" means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term Financial Obligation shall not include

QB\66976487.1 D-2 municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.

"Fiscal Year" means the fiscal year of the Issuer.

"Governing Body" means the Town Board of the Issuer or such other body as may hereafter be the chief legislative body of the Issuer.

"Issuer" means the Town of Lisbon, Waukesha County, Wisconsin, which is the obligated person with respect to the Securities.

"Issuer Contact" means the Town Administrator of the Issuer who can be contacted at W234 N8676 Woodside Road, Lisbon, Wisconsin 53089, phone (262) 246-6100, fax (262) 820- 2023.

"Listed Event" means any of the events listed in Section 5(a) of this Disclosure Certificate.

"MSRB" means the Municipal Securities Rulemaking Board.

"Participating Underwriter" means any of the original underwriter(s) of the Securities (including the Purchaser) required to comply with the Rule in connection with the offering of the Securities.

"Rule" means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the Securities Exchange Act of 1934, as the same may be amended from time to time, and official interpretations thereof.

"SEC" means the Securities and Exchange Commission.

Section 3. Provision of Annual Report and Audited Financial Statements.

(a) The Issuer shall, not later than 365 days after the end of the Fiscal Year, commencing with the year ended December 31, 2020, provide the MSRB with an Annual Report filed in accordance with Section 1(b) of this Disclosure Certificate and which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross- reference other information as provided in Section 4 of this Disclosure Certificate; provided that the Audited Financial Statements of the Issuer may be submitted separately from the balance of the Annual Report and that, if Audited Financial Statements are not available within 365 days after the end of the Fiscal Year, unaudited financial information will be provided, and Audited Financial Statements will be submitted to the MSRB when and if available.

Section 4. Content of Annual Report. The Issuer's Annual Report shall contain or incorporate by reference financial information and operating data that is customarily prepared and publicly available, to wit:

QB\66976487.1 D-3

1. Audited Financial Statements; and 2. The Issuer's adopted annual budget.

Any or all of the items listed above may be incorporated by reference from other documents, including official statements of debt issues of the Issuer or related public entities, which are available to the public on the MSRB’s Internet website or filed with the SEC. The Issuer shall clearly identify each such other document so incorporated by reference.

Section 5. Reporting of Listed Events.

(a) This Section 5 shall govern the giving of notices of the occurrence of any of the following events with respect to the Securities:

1. Principal and interest payment delinquencies;

2. Non-payment related defaults, if material;

3. Unscheduled draws on debt service reserves reflecting financial difficulties;

4. Unscheduled draws on credit enhancements reflecting financial difficulties;

5. Substitution of credit or liquidity providers, or their failure to perform;

6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701- TEB) or other material notices or determinations with respect to the tax status of the Securities, or other material events affecting the tax status of the Securities;

7. Modification to rights of holders of the Securities, if material;

8. Securities calls, if material, and tender offers;

9. Defeasances;

10. Release, substitution or sale of property securing repayment of the Securities, if material;

11. Rating changes;

12. Bankruptcy, insolvency, receivership or similar event of the Issuer;

13. The consummation of a merger, consolidation, or acquisition involving the Issuer or the sale of all or substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake

QB\66976487.1 D-4 such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;

14. Appointment of a successor or additional trustee or the change of name of a trustee, if material;

15. Incurrence of a Financial Obligation of the Issuer, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Issuer, any of which affect holders of the Securities, if material; and

16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Issuer, any of which reflect financial difficulties.

For the purposes of the event identified in subsection (a)12. above, the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer.

(b) When a Listed Event occurs, the Issuer shall, in a timely manner not in excess of ten business days after the occurrence of the Listed Event, file a notice of such occurrence with the MSRB. Notwithstanding the foregoing, notice of Listed Events described in subsections (a) (8) and (9) need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected Securities pursuant to the Resolution.

(c) Unless otherwise required by law, the Issuer shall submit the information in the format prescribed by the MSRB, as described in Section 1(b) of this Disclosure Certificate.

Section 6. Termination of Reporting Obligation. The Issuer's obligations under the Resolution and this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all the Securities.

Section 7. Issuer Contact; Agent. Information may be obtained from the Issuer Contact. Additionally, the Issuer may, from time to time, appoint or engage a dissemination agent to assist it in carrying out its obligations under the Resolution and this Disclosure Certificate, and may discharge any such agent, with or without appointing a successor dissemination agent.

QB\66976487.1 D-5 Section 8. Amendment; Waiver. Notwithstanding any other provision of the Resolution or this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, if the following conditions are met:

(a)(i) The amendment or waiver is made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Issuer, or the type of business conducted; or

(ii) This Disclosure Certificate, as amended or waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

(b) The amendment or waiver does not materially impair the interests of beneficial owners of the Securities, as determined and certified to the Issuer by an underwriter, financial advisor, bond counsel or trustee.

In the event this Disclosure Certificate is amended for any reason other than to cure any ambiguities, inconsistencies, or typographical errors that may be contained herein, the Issuer agrees the next Annual Report it submits after such amendment shall include an explanation of the reasons for the amendment and the impact of the change, if any, on the type of financial statements or operating data being provided.

If the amendment concerns the accounting principles to be followed in preparing financial statements, then the Issuer agrees that it will give an event notice and that the next Annual Report it submits after such amendment will include a comparison between financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.

Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

Section 10. Default. (a) Except as described in the Final Official Statement, in the previous five years, the Issuer has not failed to comply in all material respects with any previous undertakings under the Rule to provide annual reports or notices of events.

(b) In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate any holder of the Securities may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Issuer to comply with its obligations under the Resolution and this Disclosure Certificate. A

QB\66976487.1 D-6 default under this Disclosure Certificate shall not be deemed an event of default with respect to the Securities and the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with this Disclosure Certificate shall be an action to compel performance.

Section 11. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Participating Underwriters and holders from time to time of the Securities, and shall create no rights in any other person or entity.

IN WITNESS WHEREOF, we have executed this Certificate in our official capacities effective the 17th day of March, 2021.

______Joseph Osterman Chairperson (SEAL) ______Elisa Cappozzo Town Clerk

QB\66976487.1 D-7 APPENDIX E

NOTICE OF SALE

$3,390,000* TAXABLE GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2021A TOWN OF LISBON, WISCONSIN

Bids for the purchase of $3,390,000* Taxable General Obligation Promissory Notes, Series 2021A (the "Notes") of the Town of Lisbon, Wisconsin (the "Town") will be received at the offices of Ehlers and Associates, Inc. ("Ehlers"), 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, municipal advisors to the Town, until 10:30 A.M., Central Time, and ELECTRONIC PROPOSALS will be received via PARITY, in the manner described below, until 10:30 A.M. Central Time, on February 22, 2021, at which time they will be opened, read and tabulated. The bids will be presented to the Board of Supervisors for consideration for award by resolution at a meeting to be held at 6:30 P.M., Central Time, on the same date. The bid offering to purchase the Notes upon the terms specified herein and most favorable to the Town will be accepted unless all bids are rejected.

PURPOSE

The Notes are being issued pursuant to Section 67.12(12), Wisconsin Statutes, for public purposes, including paying the cost of water, sewer and street improvements in Tax Incremental District No. 1. The Notes are general obligations of the Town, and all the taxable property in the Town is subject to the levy of a tax to pay the principal of and interest on the Notes as they become due which tax may, under current law, be levied without limitation as to rate or amount.

DATES AND MATURITIES

The Notes will be dated March 17, 2021, will be issued as fully registered Notes in the denomination of $5,000 each, or any integral multiple thereof, and will mature on March 1 as follows:

Year Amount* Year Amount* Year Amount* 2023 $75,000 2026 $100,000 2029 $100,000 2024 100,000 2027 100,000 2030 100,000 2025 100,000 2028 100,000 2031 2,615,000

ADJUSTMENT OPTION

* The Town reserves the right to increase or decrease the principal amount of the Notes on the day of sale, in increments of $5,000 each. Increases or decreases may be made in any maturity. If any principal amounts are adjusted, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000.

TERM BOND OPTION

Bids for the Notes may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. All dates are inclusive.

INTEREST PAYMENT DATES AND RATES

Interest will be payable on March 1 and September 1 of each year, commencing March 1, 2022, to the registered owners of the Notes appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board. All

E-1 Notes of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.

BOOK-ENTRY-ONLY FORMAT

Unless otherwise specified by the purchaser, the Notes will be designated in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the Notes, and will be responsible for maintaining a book-entry system for recording the interests of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Notes. So long as Cede & Co. is the registered owner of the Notes, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Notes.

PAYING AGENT

OPTIONAL REDEMPTION

Notice of such call shall be given by sending a notice by registered or certified mail, facsimile or electronic transmission, overnight delivery service or in any other manner required by DTC, not less than 30 days nor more than 60 days prior to the date fixed for redemption to the registered owner of each Note to be redeemed at the address shown on the registration books.

DELIVERY

On or about March 17, 2021, the Notes will be delivered without cost to the winning bidder at DTC. On the day of closing, the Town will furnish to the winning bidder the opinion of bond counsel hereinafter described, and certificates verifying that no litigation in any manner questioning the validity of the Notes is then pending or, to the best knowledge of officers of the Town, threatened. Payment for the Notes must be received by the Town at its designated depository on the date of closing in immediately available funds.

LEGAL OPINION

E-2 laws affecting creditors' rights and by equitable principles (which may be applied in either a legal or equitable proceeding).

SUBMISSION OF BIDS

Bids must not be for less than $3,356,100 nor more than $3,593,400 plus accrued interest on the principal sum of $3,390,000 from date of original issue of the Notes to date of delivery. Prior to the time established above for the opening of bids, interested parties may submit a bid as follows:

1) Electronically to [email protected]; or

2) Electronically via PARITY in accordance with this Notice of Sale until 10:30 A.M. Central Time, but no bid will be received after the time for receiving bids specified above. To the extent any instructions or directions set forth in PARITY conflict with this Notice of Sale, the terms of this Notice of Sale shall control. For further information about PARITY, potential bidders may contact Ehlers or i-Deal LLC at 1359 Broadway, 2nd Floor, New York, New York 10018, Telephone (212) 849-5021.

Bids must be submitted to Ehlers via one of the methods described above and must be received prior to the time established above for the opening of bids. Each bid must be unconditional except as to legality. Neither the Town nor Ehlers shall be responsible for any failure to receive a facsimile submission.

A good faith deposit ("Deposit") in the amount of $67,800 shall be made by the winning bidder by wire transfer of funds. Such Deposit shall be received by Ehlers no later than two hours after the bid opening time. Wire transfer instructions will be provided to the winning bidder by Ehlers after the tabulation of bids. The Town reserves the right to award the Notes to a winning bidder whose wire transfer is initiated but not received by such time provided that such winning bidder’s federal wire reference number has been received by such time. In the event the Deposit is not received as provided above, the Town may award the Notes to the bidder submitting the next best bid provided such bidder agrees to such award. The Deposit will be retained by the Town as liquidated damages if the bid is accepted and the Purchaser fails to comply therewith.

The Town and the winning bidder who chooses to so wire the Deposit hereby agree irrevocably that Ehlers shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: 1) All income earned thereon shall be retained by the escrow holder as payment for its expenses; 2) If the bid is not accepted, Ehlers shall, at its expense, promptly return the Deposit amount to the winning bidder; 3) If the bid is accepted, the Deposit shall be returned to the winning bidder at the closing; 4) Ehlers shall bear all costs of maintaining the escrow account and returning the funds to the winning bidder; 5) Ehlers shall not be an insurer of the Deposit amount and shall have no liability hereunder except if it willfully fails to perform or recklessly disregards, its duties specified herein; and 6) FDIC insurance on deposits within the escrow account shall be limited to $250,000 per bidder.

No bid can be withdrawn after the time set for receiving bids unless the meeting of the Town scheduled for award of the Notes is adjourned, recessed, or continued to another date without award of the Notes having been made.

AWARD

The Notes will be awarded to the bidder offering the lowest interest rate to be determined on a True Interest Cost (TIC) basis. The Town’s computation of the interest rate of each bid, in accordance with customary practice, will be controlling. In the event of a tie, the sale of the Notes will be awarded by lot. The Town reserves the right to reject any and all bids and to waive any informality in any bid.

E-3 BOND INSURANCE

If the Notes are qualified for any bond insurance policy, the purchase of such policy shall be at the sole option and expense of the winning bidder. Any cost for such insurance policy is to be paid by the winning bidder, except that, if the Town requested and received a rating on the Notes from a rating agency, the Town will pay that rating fee. Any rating agency fees not requested by the Town are the responsibility of the winning bidder.

Failure of the municipal bond insurer to issue the policy after the Notes are awarded to the winning bidder shall not constitute cause for failure or refusal by the winning bidder to accept delivery of the Notes.

CUSIP NUMBERS

The Town will assume no obligation for the assignment or printing of CUSIP numbers on the Notes or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the winning bidder, if the winning bidder waives any delay in delivery occasioned thereby.

NON-QUALIFIED TAX-EXEMPT OBLIGATIONS

CONTINUING DISCLOSURE

In order to assist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 the Town will enter into an undertaking for the benefit of the holders of the Notes. A description of the details and terms of the undertaking is set forth in Appendix D of the Official Statement.

PRELIMINARY OFFICIAL STATEMENT

Bidders may obtain a copy of the Preliminary Official Statement relating to the Notes prior to the bid opening by request from Ehlers at www.ehlers-inc.com by connecting to the Bond Sales link. The Syndicate Manager will be provided with an electronic copy of the Final Official Statement within seven business days of the bid acceptance. Up to 10 printed copies of the Final Official Statement will be provided upon request. Additional copies of the Final Official Statement will be available at a cost of $10.00 per copy.

Information for bidders and bid forms may be obtained from Ehlers at 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Telephone (651) 697-8500.

By Order of the Board of Supervisors

Joe Osterman, Town Chairman Town of Lisbon, Wisconsin

E-4

BID FORM

The Board of Supervisors February 22, 2021 Town of Lisbon, Wisconsin

RE: $3,390,000* Taxable General Obligation Promissory Notes, Series 2021A (the "Notes") DATED: March 17, 2021

For all or none of the above Notes, in accordance with the Notice of Sale and terms of the Global Book-Entry System (unless otherwise specified by the Purchaser) as stated in this Official Statement, we will pay you $______(not less than $3,356,100 nor more than $3,593,400) plus accrued interest to date of delivery for fully registered Notes bearing interest rates and maturing in the stated years as follows:

% due 2023 % due 2026 % due 2029 % due 2024 % due 2027 % due 2030 % due 2025 % due 2028 % due 2031

All Notes of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.

This bid is subject to the Town’s agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for the Notes.

We have received and reviewed the Official Statement, and any addenda thereto, and have submitted our requests for additional information or corrections to the Final Official Statement. As Syndicate Manager, we agree to provide the Town with the reoffering price of the Notes within 24 hours of the bid acceptance.

This bid is a firm offer for the purchase of the Notes identified in the Notice of Sale, on the terms set forth in this bid form and the Notice of Sale, and is not subject to any conditions, except as permitted by the Notice of Sale.

By submitting this bid, we confirm that we are an underwriter and have an established industry reputation for underwriting new issuances of municipal bonds. YES: ____ NO: ____.

Account Manager: By:

Account Members:

Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award), the total dollar interest cost (including any discount or less any premium) computed from March 17, 2021 of the above bid is $______and the true interest cost (TIC) is ______%.

The foregoing offer is hereby accepted by and on behalf of the Board of Supervisors of the Town of Lisbon, Wisconsin, on February 22, 2021.

By: By: Title: Title: