City of Oak Creek

Common Council Report

Meeting Date: 05-06-08

Item No.:

Recommendation: That the Common Council adopt Resolution No. 10866-050608, Authorizing the Issuance of $7,000,000 General Obligation Promissory Notes and the Issuance and Sale of $7,000,000 Note Anticipation Notes in Anticipation Thereof, for the construction of a Street Department facility.

Background: The proceeds from this sale will fund the reconstruction of the Street Department office and garage at 800 W. Puetz Road.

Fiscal Impact: The debt for this sale will be serviced with cash on hand during the two-year period. Once the Bond is refinanced, it is anticipated the remaining debt will be serviced by funds received through Public Utility Aid.

Prepared and Submitted by: Patrick DeGrave City Administrator

Fiscal Review by: Pamela S. Bauer, CMC City Clerk