City of Oak Creek

Common Council Report

Meeting Date: 03-31-08

Item No.:

Recommendation: To authorize the borrowing of $7,000,000 through a two-year Bond Anticipation Note (BAN) for the construction of a new street department facility.

Background: The Common Council has approved the construction of a new street department facility, awarding a contract to VJS Construction during the March 18^th meeting and amending the 2008 budget accordingly. Staff has calculated the borrowed funds at $7,000,000 based on the total anticipated construction costs less the available cash on hand.

If approved, the Council will be presented with the final resolution and sale on May 6^th and proceeds forwarded to the city of May 20^th.

Fiscal Impact: The final cost associated with issuance of the Note will be determined at the time of sale and dependant upon the interest rate charged that day.

Prepared and Submitted by: Patrick DeGrave City Administrator

Fiscal Review by: Beverly A. Buretta, CMC City Clerk