Title
Resolution Regarding Approval of Alternate Debt Service Structure in Connection with the Issuance of Water Supply System Revenue and Revenue Refunding Bonds, Series 2026 (Ordinance 2026-NEW)
Body
Agenda of: April 22, 2026
Item No.: 2026-162
Amount: Not Applicable
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: April 22, 2026
RE: Resolution Regarding Approval of Alternate Debt Service Structure in Connection with the Issuance of Water Supply System Revenue and Revenue Refunding Bonds, Series 2026 (Ordinance 2026-NEW)
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer\Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves the resolution for the Approval of Alternate Debt Service Structure in Connection with the Issuance of Water Supply System Revenue and Revenue Refunding Bonds, Series 2026 (Ordinance 2026-NEW) as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Great Lakes Water Authority ("GLWA") has established an efficient and cost-effective annual cadence for debt issuance for to the purpose of 1) securing new money for its capital program for the upcoming fiscal year and 2) when appropriate, pursuing refunding opportunities to garner debt service savings. This effort begins soon after the budget, charges, and capital improvement plan are approved by the Board of Directors. For FY 2027, those approvals occurred on Wednesday, February 25, 2026.
There are two significant sets of events that occurred subsequent to adoption of the budget.
The first scenario was experiencing water main breaks that a) caused a disruption in service and b) resulted in proactive pipe replacement beyond the break location.
* On Tuesday, February 24, 2026 a utility contractor wo...
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