Oak Creek approves plan to issue $22.44 million in general-obligation notes, sets parameters for up to $23 million and calls 2014B bonds

The Oak Creek Common Council on March 4 adopted a plan of finance to issue $22,440,000 in general-obligation promissory notes and separately approved a parameters resolution allowing sale of notes up to $23,000,000; the council also approved redeeming the city's Series 2014B general-obligation refunding bonds and using TID cash on hand to pay the remaining principal.

The plan of finance passed by roll call after a staff presentation laying out three purposes: to permanently finance two note anticipation notes tied to the Lake Bluff Stabilization and Revetment Project (about $13.7 million), to fund $3.0 million for the enhanced surface transportation rehabilitation program, and to potentially refund $5.9 million of 2015A general-obligation refunding bonds. Deputy City Administrator and Finance Officer Max Gagan presented the plan; Justin Fisher, managing director of…