Oak Creek council approves plan to issue $22.44 million in promissory notes, sets parameters for up to $23 million

Oak Creek’s Common Council on March 4 approved a plan of finance to issue $22,440,000 in general obligation promissory notes and adopted a parameters resolution authorizing sale of notes not to exceed $23,000,000.

The plan, presented by Deputy City Administrator and Finance Officer Max Gagan, would permanently finance prior note anticipation notes for the Lake Bluff Stabilization and Revetment Project (about $13.7 million), provide $3 million for the Enhanced Surface Transportation Rehabilitation Program and allow up to $5.9 million to refund 2015 general obligation bonds. Gagan told the council, “Before you tonight is a plan of finance, to issue $22,440,000 worth of general obligation promissory notes.”

A finance adviser from Robert W. Baird, Justin Fisher, said the city’s current rating and market conditions support the transaction: “The city has a current outstanding rating of a double A2,” he said, adding that recent movement in Treasury rates and potential Federal Reserve action could produce…