Title
Resolution Approval of Series Ordinance Authorizing Issuance and Sale of Sewage Disposal System Revenue and Revenue Refunding Bonds in an Amount not to Exceed $325,000,000 (Ordinance 2018-03)
Body
Agenda of: August 8, 2018
Item No.: 2018-875
Amount: $325,000,000
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 Sewage Disposal System Revenue and Revenue Refunding Bonds in an Amount not to Exceed $325,000,000 (Ordinance 2018-03)
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 Sewer Series Ordinance, in the form presented at this meeting, and the Chairperson and the Secretary are authorized to authenticate the attached 2018 Sewer 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 issuance of new sewage disposal system bonds and the refunding of various outstanding water bonds for the purpose of achieving annual debt service savings, the GLWA Board must approve the included resolution approving the Series Ordinance.
The Series Ordinance sets forth the guidelines for the New Money and 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.
New Money Portion- The authorized amount for the New Money Bonds in Section 3, page 4 is for an aggregate principal amount not to exceed $100,000,000 and is fo...
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