Title
Resolution Authorizing Publication of Notice of Intent to Issue Revenue Bonds and Reimbursement of Certain Expenses ($45,000,000.00) (6 Votes Roll Call)
Memorandum
Recommended for Mayor and City Council approval is a resolution, which authorizes and directs the City Clerk to publish a notice of intent to issue and sell Water Revenue Bonds not to exceed $45,000,000.00. The publication of the notice of intent is the initial step in the process of issuing bonds, followed by a forty-five day referendum period.
After the referendum period, a water revenue bond ordinance will be submitted for approval by Mayor and Council. The not to exceed amount covers estimated Water System project costs included in the Capital Improvements Plan and the cost of issuance, i.e., underwriting, attorney bond counsel, and paying agent costs.
The notice of intent to issue bonds must be published at least forty-five days before the issuance of the bonds in order to comply with the requirements of Section 33 of Act 94. The City's bond counsel, Dykema Gossett, prepared the resolution and notice of intent with further review by the City Attorney.
Staff
Prepared by: Marti Praschan, Financial Services Area Administrator and CFO
Reviewed b: Michelle Landis, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
RESOLUTION AUTHORIZING PUBLICATION OF
NOTICE OF INTENT TO ISSUE REVENUE BONDS AND
REIMBURSEMENT OF CERTAIN EXPENSES
(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 3rd day of April 2023, at 7:00 o'clock p.m. Eastern Time.
PRESENT: Councilmembers ;
ABSENT: Councilmembers .
The following preamble and resolution were offered by Councilmember __________ and supported by Councilmember __________:
WHEREAS, the City of Ann Arbor, County o...
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