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Oak Creek council approves $6.4 million financing package for road program and land purchase
Summary
Oak Creek approved a plan authorizing $4,000,000 in tax-exempt promissory notes for its enhanced surface transportation rehabilitation program and up to $2,400,000 in taxable notes to finance a recently authorized land purchase; the council also adopted parameters resolutions delegating sale timing to city staff.
Deputy City Administrator and Finance Officer Max Gagan presented a plan of finance that the Oak Creek Common Council adopted on March 3, authorizing two series of general obligation promissory notes: $4,000,000 in tax-exempt notes for the city’s enhanced surface transportation rehabilitation program and a taxable note to fund a land purchase related to a tax-increment district.
The council adopted parameters resolutions to allow staff to sell the notes when market conditions are favorable and within set interest-rate ceilings. "These issuances are structured to support our surface transportation rehabilitation program and to allow us to close on a key land purchase," Max Gagan said, explaining the delegation to the city…
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