Title
Authorization to Retain Robert L. Schwartz as Bond Counsel for the GLWA Board of Directors for the Possibility of a FY 2019 Bond Transaction
Body
Agenda of: July 25, 2018
Item No.: 2018-882
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: July 25, 2018
RE: Authorization to Retain Robert L. Schwartz as Bond Counsel for the GLWA Board of Directors for the Possibility of a FY 2019 Bond Transaction
MOTION
Upon recommendation of William M. Wolfson, Chief Administrative and Compliance Officer and Randal M. Brown, General Counsel, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), authorizes GLWA General Counsel to retain Robert L. Schwartz, Esq. as Bond Counsel for GLWA’s Board for the possibility of a FY 2019 Bond Transaction; and authorizes the CEO and General Counsel to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
If GLWA decides to offer and sell bonds in FY 2019, GLWA’s Board will have certain disclosure responsibilities and liabilities under federal securities laws. Similar to the 2016 Bond transaction, GLWA’s General Counsel believes that it is prudent that the GLWA Board is advised by bond counsel on its responsibilities and liabilities under these laws.
JUSTIFICATION
Given the Board’s legal obligations and responsibilities for any potential offer and sale of securities, it is prudent that the Board has the ability to consult with bond counsel to address any questions or concerns that the Board may have.
BUDGET IMPACT
None. The Board’s bond counsel will be compensated out of any potential bond proceeds and/or out of the General Counsel’s budget allocation for legal services.
COMMITTEE REVIEW
This matter was presented to the Legal Committee on July 25, 2018. The Legal Committee unanimously recommended that the GLWA Board retain Robert L. Schwartz as bond counsel for the Board.
SHARED SERVICES IMPACT
This item does not impact the shared services agreement between GLWA and DWSD.