RESOLUTION NO. 10783-080607

BY COMMITTEE OF THE WHOLE

RESOLUTION REAFFIRMING RESOLUTION NO. 10677-091906

BY RESTATING THE AUTHORIZATION

OF THE MAYOR AND CITY CLERK

TO EXECUTE DOCUMENTS RELATED TO

SECURITIES REGISTERED TO THE CITY OF OAK CREEK

THROUGH THE EQUITABLE/AXA COMPANIES.

WHEREAS, at the meeting of September 19, 2006, the Oak Creek Common Council  declared the City’s intention to liquidate stock certificates registered in the name of the City of Oak Creek through the Equitable/AXA Companies by adopting Resolution No. 10677-091906, authorizing the Mayor and City Clerk to execute documents on behalf of the City of Oak Creek in order to liquidate said stock certificates; and,

WHEREAS,  the City of Oak Creek engaged the brokerage services of Savaglia Investments and Planning to handle the transaction on the City’s behalf; and,

            WHEREAS, the lengthy liquidation process has progressed through numerous steps as required by Federal law, and final settlement procedures are pending; and,

            WHEREAS, the financial service handling the stock liquidation for Equitable/AXA has now advised Savaglia Investments and Planning that an updated authorization is needed from the City.

            NOW, THEREFORE, BE IT RESOLVED that the terms of Resolution No. 10677-091906 are hereby reaffirmed, and Richard R. Bolender, Mayor, and Beverly A. Buretta, City Clerk, are hereby authorized to sell, assign and endorse for transfer, certificates representing stocks, bonds, or other securities now registered or hereafter registered in the name of the City of Oak Creek, that have accrued to the City through the Equitable/AXA Companies.

            BE IT FURTHER RESOLVED that a certified copy of this resolution shall be provided by the City Clerk’s office to Savaglia Investments and Planning for distribution to Equitable/AXA financial services.

            Introduced at a meeting of the Common Council of the City of Oak Creek held this 6^th day of August, 2007.

                                                                                                _______________________

                                                                                                President, Common Council

            Approved this 6^th day of August, 2007.

                                                                                                _______________________

ATTEST:                                                                                 Mayor

___________________________                             

City Clerk                                                                                VOTE:  Ayes _____ Noes _____