Title
Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System and Sewer Disposal System Revenue Bonds
Body
Agenda of: April 13, 2022
Item No.: 2022-120
Amount: Not to Exceed $600,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Interim Chief Executive Officer
Great Lakes Water Authority
DATE: March 25, 2022
RE: Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System and Sewer 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 $400,000,000 and Sewer Disposal System Revenue Bonds of $200,000,000 in an Amount Not to Exceed $600,000,000 as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The publication of the Notice of Intent to Issue Water Supply System and Sewer Disposal System Revenue Bonds 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 vote and voting on the bonds at a general or special election." If the 45-day referendum period expires without a petition requesting a referendum, then the Authority may authorize and issue such bonds.
JUSTIFICATION
Included with this memo are ...
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