The State of Wisconsin's Industrial Revenue Bond (IRB) Program allows the village to support industrial development through the sale of tax-exempt bonds. The proceeds from the bond sale are loaned to businesses to finance capital investment projects at, primarily, manufacturing facilities.
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Even though IRBs are municipal bonds, they are not general obligations of the municipality. The company or business that will use the facilities provides the interest and principal payments on the loan. The village is in partnership with the business, lending its name but not its credit, to the bond issue.