Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue and Revenue Refunding Bonds in a Principal Amount Not to Exceed $295,000,000 (Ordinance 2026-03)
Body
Agenda of: April 22, 2026
Item No.: 2026-110
Amount: Not to Exceed $295,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: April 22, 2026
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue and Revenue Refunding Bonds in a Principal Amount Not to Exceed $295,000,000 (Ordinance 2026-03)
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 the Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue and Revenue Refunding Bonds in a Principal Amount Not to Exceed $295,000,000 (Ordinance 2026-03) as presented, and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Great Lakes Water Authority ("GLWA") annually evaluates funding needed for its capital improvement program for the upcoming fiscal year within the available resources established by the annual budget and charge setting process. In addition, GLWA also utilizes this process to identify potential bond refunding candidates to reduce the cost of debt service as well as other debt structure considerations to support effective financial management. GLWA, working with a team of public finance professionals, has performed a preliminary scope analysis for the upcoming bond transaction in relation to market conditions. To prepare for all reasonable scenarios, the documents presented with this agenda item encompass both new money and refunding strategies....
Click here for full text