Title From the Interim Capital Finance Manager, Department of Administrative Services, requesting the approval of an initial resolution authorizing the issuance of $330,000 General Obligation Corporate Purpose Bonds. Body Request The Department of Administrative Services (DAS) is requesting the approval of the attached initial authorizing and reimbursement resolutions to authorize the issuance of a not-to-exceed amount of $330,000 to finance improvement costs for capital project WH08901 - S. 13th and Puetz Rd. Intersection and to express the County’s intent to reimburse the project for expenditures incurred prior to the issuance of General Obligation Corporate Purpose Bonds or Notes. The Department of Transportation submitted an appropriation transfer which provides additional information on the justification for the projects. This report focuses on the financing necessary for the projects. S. 13th St. and Puetz Rd. Intersection In February 2010, the City of Oak Creek was notified that the S. 13th and W. Puetz intersection project was selected for the State of Wisconsin Department of Transportation Highway Safety Improvement Program (HSIP). In April of 2011, the Milwaukee County Department of Transportation entered into a contract with the City of Oak Creek for major improvements at the intersection of S. 13th St. and W. Puetz Rd. These improvements include installation of left-turn lanes, through/right turn lanes, traffic signals, sidewalks, and street lights. The agreement indicated that Milwaukee County and Oak Creek would each be responsible for 5% of the estimated costs and 90% of the estimated costs would be covered by HSIP funds. However, there would be no HSIP funds available for cost overruns and Milwaukee County and the City of Oak Creek would equally split these costs. According to the contract Milwaukee County’s estimated costs for the project were $41,150. As work was being done on the project, it was determined that the initial cost estim...
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