Title
Resolution Authorizing 2022 Michigan Transportation Fund Bonds (Not to Exceed $15,000,000.00) (General Obligation - Limited Tax) (7 Votes Required)
Memorandum
This resolution requests City Council approval for the issuance of 2022 Michigan Transportation Bonds (General Obligation - Limited Tax) in the maximum principal amount of $15,000,000.00, for purposes of financing road repair and reconstruction projects. The bonds are secured with Michigan Transportation Fund revenues pursuant to Act 51, Public Acts of Michigan, 1951, as amended.
The City of Ann Arbor's 2021 pavement ratings indicate that 22% of major streets and 39% of local streets are in poor, very poor, or in a failed condition. Based on a scale of 1-10, the average rating of the Major Street and Local Street network are 5.66 (fair) and 4.74 (fair) respectively. The proposed funding is necessary to improve our capacity to address and improve the current road conditions on an accelerated basis in the City of Ann Arbor.
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
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RESOLUTION AUTHORIZING 2022 MICHIGAN TRANSPORTATION FUND
BONDS (GENERAL OBLIGATION - LIMITED TAX)
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 18th day of April 2022, at 7:00 o'clock p.m. Eastern Time.
PRESENT: Members
ABSENT: Members
The following preamble and resolution were offered by Member and supported by Member :
WHEREAS, pursuant to the provisions of Act 175, Public Acts of Michigan, 1952, as amended ("Act 175"), the City of Ann Arbor, County of Washtenaw, Michigan (the "City") proposes to issue its 2022 Michigan Transportation Fund Bonds (General Obligati...
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