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File #: 22-0158    Version: 1 Name: 2/7/22 Notice of Intent to Issue Water Revenue Bonds
Type: Resolution Status: Passed
File created: 2/7/2022 In control: City Council
On agenda: 2/7/2022 Final action: 2/7/2022
Enactment date: 2/7/2022 Enactment #: R-22-030
Title: Resolution Authorizing Publication of Notice of Intent to Issue Revenue Bonds (Water Supply System Revenue Bonds) ($6,180,000.00) (Roll Call Vote)
Attachments: 1. Affidavit of Publication - revenue bond issuance.pdf
Title
Resolution Authorizing Publication of Notice of Intent to Issue Revenue Bonds (Water Supply System Revenue Bonds) ($6,180,000.00) (Roll Call Vote)
Memorandum
This memorandum requests approval of a resolution authorizing publication of a Notice of Intent to issue $6,180,000.00 in revenue bonds backed by the Water Supply System.

On June 21, 2021 City Council approved the Barton Pump Station Valve Improvement Project (R-21-221) and authorized staff to apply for the State of Michigan Drinking Water Revolving Fund (DWRF) loan. The DWRF funding is desirable because the lower-than market interest rate and the potential for loan forgiveness.

Since Council's approval of the project, staff has designed the project, sought construction bids, and has been selected by the State to participate in the FY 2022 3rd Quarter Closing. In order to issue the bonds, the city is required to publish a Notice of Intent. After a 45 day referendum period is completed, a resolution requesting authorization to issue the bond will be provided for Council consideration.

Budget/Fiscal Impact: This project is included in the Water Supply System Capital Improvement Plan and will be funded by the Michigan Department of Environment, Great Lakes and Energy, Drinking Water Revolving Fund program, resulting in a debt service payment to the Water Supply System Fund.
Staff
Prepared by: Marti Praschan, Financial Services Area Administrator and CFO
Reviewed by: Michelle Landis, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., Interim City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan

RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENT TO ISSUE REVENUE BONDS
(Water Supply System Revenue Bonds)

Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 7th day of February, 2022, at 7:00 o'clock p.m. Eastern Time.

PRESENT: Councilmembers

ABSENT: Councilmembers...

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