City of Oak Creek

Common Council Report

Meeting Date:  11/16/04

Item No.:         4

Recommendation:  That the Common Council adopt Resolution No. No. 10432-111604, authorizing $67,000,000 City of Oak Creek, Wisconsin, Pollution Control Refunding Revenue Bonds, Series 2004 (Wisconsin Electric Power Company).

Background:  In March, 2004 an initial resolution was passed by the Council pertaining to the refinancing of the tax-exempt borrowing for the revenue bonds.  These bonds will refinance, in full, the 1986 bonds previously issued by the City for Wisconsin Electric Power Company.  Given the size of this bond issue, Davis & Kuelthau is serving as the issuer’s co-counsel with the City Attorney in reviewing all the documents and providing other needed advice and guidance to the City throughout the process in order to protect the City’s interests.  Davis & Kuelthau’s fees will be paid from bond proceeds.  Representatives from Quarles & Brady, Davis & Kuelthau, and Wisconsin Electric Power Company will be present.

Fiscal Impact:  Because the bonds do not constitute an indebtedness of the City and do not give rise to charges against the City’s general credit or taxing powers, there will be no fiscal impact on the City.

Prepared by: Beverly A. Buretta, CMC City Clerk

Respectfully submitted, Barbara S. Blumenfield, PhD City Administrator