Title
Approval of Term Sheet for a Memorandum of Understanding ("MOU") between the Detroit Water and Sewerage Department and the Great Lakes Water Authority
Body
Agenda of: April 3, 2018
Item No.: 2018-685
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: March 29, 2018
RE: Approval of Term Sheet for a Memorandum of Understanding
("MOU") between the Detroit Water and Sewerage Department and
the Great Lakes Water Authority
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer (CFO) and Randal M. Brown, General Counsel, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA):
1) Authorizes GLWA's Chief Executive Officer (CEO), CFO and General Counsel to finalize, and the CEO execute on behalf of the GLWA, the attached Term Sheet for a Memorandum of Understanding ("MOU") between the Detroit Water and Sewerage Department (DWSD) and the GLWA (the Term Sheet);
2) Following execution of the Term Sheet by all parties, the CEO, CFO and General Counsel shall prepare, finalize and execute a MOU consistent with the provisions of the Term Sheet and shall, on at least a monthly basis keep the Board advised of the progress of finalizing the MOU, including any material changes to the Term Sheet or MOU affecting GLWA;
3) If the CEO determines that terms of the MOU have materially changed in a manner that is adverse to the GLWA, the CEO or General Counsel shall advise the Board of such change and terminate the authorization provided in paragraph 1 of this Resolution;
4) Notes that fiv...
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