Title
Resolution to Approve Notice of Intent to Issue Sewage Disposal System Revenue Bonds (Not To Exceed $5,000,000.00) (Roll Call Vote Required)
Memorandum
Recommended for Council is the publication of a notice of intent ("Notice") to issue sewage disposal system revenue bonds in the maximum principal amount of $5,000,000.00, for the purpose of financing the acquisition and construction of additions and improvements to the City's sewage disposal system.
The first series of Bonds to be issued pursuant to the Notice is expected to be sold directly to the Michigan Municipal Bond Authority ("Bond Bank") as part of its Strategic Water Quality Initiatives Fund program, with such Bonds bearing interest at a rate substantially lower than market rates. The Bonds will be secured by and payable solely from revenues of the City's Sewage Disposal System.
The Resolution authorizes the City Clerk to publish the Notice. The City's bond counsel, Dykema Gossett, prepared the Resolution with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Roger W. Fraser, City Administrator
Body
See attachment