Title
Resolution Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount not to Exceed $45,000,000 (Ordinance 2018-01)
Body
Agenda of: June 20, 2018
Item No.: 2018-812
Amount: $45,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: June 20, 2018
RE: Resolution Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue Bonds in an Amount not to Exceed $45,000,000 (Ordinance 2018-01)
MOTION
Upon recommendation of Sue F. McCormick, Chief Executive Officer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), that the 2018 SRF Series Ordinance, in the form presented to this meeting, is approved and adopted, and the Chairperson and the Secretary are authorized to authenticate the 2018 SRF Series Ordinance in the form approved; and that an affirmative vote of at least 5 members of the Authority Board is necessary for the passage of this Resolution.
BACKGROUND
On March 8, 2017, the Great Lakes Water Authority ("GLWA") Board of Directors approved Resolution 2017-185, "Resolution of the Great Lakes Water Authority Authorizing Publication of Notice of Intent to Issue Sewage Disposal System Revenue Bonds in a principal amount not to exceed $275,000,000" (the "Notice of Intent"). This is the second series of sewer bonds from that Notice of Intent in the amount not to exceed $45,000,000. The first series was issued on June 13, 2017 for the Rouge River Outfall disinfection project in the amount of $38,450,000 through the State Revolving Fund (SRF).
The projects to be funded are two SRF Projects for the GLWA regional system, which will close in September 2018. The projects are the Detroit River Interceptor (DRI) project which is anticipated to be about $29 million and the Central Offload Facility project at the WRRF ...
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