Title
Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds
Body
Agenda of: May 8, 2019
Item No.: 2019-195
Amount: N/A
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: May 8, 2019
RE: Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds
MOTION
Upon recommendation of Sue McCormick, Chief Executive Officer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approve the Resolution Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds and the Chief Financial Officer/Treasurer is hereby instructed to cause the publication of a notice of intent to issue bonds with respect to the hereinafter-described bonds once in the Detroit Free Press or the Detroit News, so as to be prominently displayed therein, and it is hereby found that each such newspaper has general circulation in the territory of the Authority; and be it further that the notice of intent to issue bonds shall be in substantially the following form with such necessary or desirable changes as may be approved by the Chief Financial Officer, her approval to be conclusively evidenced by the publication of the notice of intent to issue bonds.
BACKGROUND
The publication of the Notice of Intent to Issue Water Supply 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...
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