Title
Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds (Not to Exceed $18,500,000.00)
Memorandum
Recommended to Council is the publication of a notice of intent (“Notice”) to issue water supply system revenue bonds in one or more series in the maximum aggregate principal amount of $18,500,000, for the purpose of financing the acquisition and construction of additions and improvements to the City’s water supply system.
The first series of bonds to be issued pursuant to the Notice (expected to be in the principal amount of approximately $3,800,000) will be sold directly to the Michigan Finance Authority (“Bond Bank”) as part of its Drinking Water Revolving Fund program, with such Bonds to bear interest at a rate substantially lower than market rates. The Bonds will be secured by and payable solely from revenues of the City’s Water Supply 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: Matthew V. Horning, Treasurer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Steven D. Powers, 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 1st day of April, 2013, at 7:00 o’clock p.m. Eastern Time.
PRESENT: Councilmembers Kailasapathy, Briere, Lumm, Kunselman, Teall, Higgins, Warpehoski, Anglin and Mayor Hieftje, 10;
ABSENT: Councilmembers Taylor
The following preamble and resolution were offered by Councilmember Kunselman and supported by Councilmember Petersen:
WHEREAS, the City of Ann Arbor, County of Washtenaw, State of Michigan (the “Ci...
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