Title
Resolutions Authorizing Publication of Notice of Intent to Issue Water Supply System and Sewage Disposal System Revenue Bonds
Body
Agenda of: July 29, 2022
Item No.: 2022-312
Amount: Not to Exceed $900,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: July 27, 2022
RE: Resolutions Authorizing Publication of Notice of Intent to Issue Water Supply System and Sewage Disposal System Revenue Bonds
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer//Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approve the Resolutions Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds of $250,000,000 and Sewage Disposal System Revenue Bonds of $650,000,000 in an Amount Not to Exceed $900,000,000 as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
While the GLWA is presently preparing for a 2022 bond transaction, it is also time to look to authorization for future transactions, particularly related to state revolving fund loan programs. This process begins with the publication of the Notice of Intent (NOI) to Issue Water Supply System Revenue Bonds and Sewage Disposal System Revenue Bonds. The NOI is required pursuant to Section 33 of Public Act 94 of 1933 to begin the 45-day referendum period. "If within 45 days after the publication of the notice a petition, signed by not less than 10% or 15,000 of the registered electors, whichever is less, residing within the limits of the borrower, is filed with the clerk, or other recording officer, of the borrower, requesting a referendum upon the question of the issuance of the bonds, then the bonds shall not be issued until approved by the vote of a majority of the electors of the borrower qualified to ...
Click here for full text