Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Aggregate Amount Not to Exceed $66,096,901 (Ordinance 2024-04)
Body
Agenda of: June 26, 2024
Item No.: 2024-195
Amount: Not to Exceed $66,096,901
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: June 26, 2024
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Aggregate Amount Not to Exceed $66,096,901 (Ordinance 2024-04)
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 related to the Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Aggregate Amount Not to Exceed $66,096,901 (Ordinance 2024-04), and authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
There are two considerations related to this resolution: the projects being funded and financing.
Project Considerations
Regional Sewer System Project:
Northwest Interceptor to Oakwood Combined Sewer Overflow Sewer (NOCSOS) - (CIP #222001, Series 2024-SRF-3): This project consists of improvements to the existing Northwest Interceptor to Oakwood CSO Sewer, including the construction of an approximately 3,500-foot long, 10-foot finished diameter tunnel between the Northwest Interceptor and the Oakwood CSO Control Facility, to divert wet weather flows to the Oakwood CSO Facility for treatment and discharge into the Rouge River.
GLWA submitted this project for funding consideration to the Michigan Department of Environment, Great Lakes, and Energy (EGLE) Fiscal Year 2024 Clean Water Stat...
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