Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $21,800,000 (Ordinance 2023-04 / Series 2023 SRF-3 / DWSD 7657-01 Water Main Replacement WS-733)
Body
Agenda of: June 28, 2023
Item No.: 2023-180
Amount: Not to Exceed $21,800,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: June 28, 2023
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $21,800,000 (Ordinance 2023-04 / Series 2023 SRF-3 / DWSD 7657-01 Water Main Replacement WS-733)
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 Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $21,800,000 for DWSD 7657-01 Water Main Replacement WS-733 as presented, 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 elements to the background related to this resolution: financing considerations and the project being funded.
Financing Considerations
The Great Lakes Water Authority (GLWA) secures capital improvement financing for the of Detroit Water and Sewerage Department (DWSD) in accordance with foundational documents related to the establishment of GLWA. The amount being financed with revenue bonds via the Drinking Water State Revolving Fund (DWSRF) Bonds is within authorized GLWA limits. On April 13, 2022, the Great Lakes Water Authority ("GLWA") Board of Directors approved Resolution 2022-120, "Resolution of the Great Lakes Water Author...
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