Title
Resolution Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Refunding Bonds in an Amount not to Exceed $225,000,000 (Ordinance 2018-02)
Body
Agenda of: August 8, 2018
Item No.: 2018-874
Amount: $225,000,000
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: August 3, 2018
RE: Resolution Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Refunding Bonds in an Amount not to Exceed $225,000,000 (Ordinance 2018-02)
MOTION
Upon recommendation of Sue F. McCormick, Chief Executive Officer, The Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves and adopts the attached 2018 Water Series Ordinance, in the form presented at this meeting, and the Chairperson and the Secretary are authorized to authenticate the attached 2018 Water Series Ordinance in the form approved; and be it Further that an affirmative vote of at least 5 members of the Authority Board is necessary for the passage of this Resolution.
BACKGROUND
In order for the Great Lakes Water Authority ("GLWA") to proceed with the refunding of various outstanding water supply system bonds for the purpose of achieving annual debt service savings, the GLWA Board must approve the included resolution approving the Series Ordinance. There is no new money as part of this water refunding bond issue.
The Series Ordinance sets forth the guidelines for the Refunding Bonds and authorizes the Chief Executive Officer and the Chief Financial Officer to execute the final terms of the Bonds, paying issuance costs and signing of the Bond Purchase Agreement, within the parameters set forth in the Series Ordinance. The final par amount of the Refunding Bonds will be determined at the time of pricing and is based on current bond market pricing levels, issuance costs and the par amount of...
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