Title
RESOLUTION TO APPROVE THE SERIES ORDINANCE AUTHORIZING ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $12,000,000 (ORDINANCE 2019-01)
Body
Agenda of: April 24, 2019
Item No.: 2019-166
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: April 24, 2019
RE: RESOLUTION TO APPROVE THE SERIES ORDINANCE AUTHORIZING ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $12,000,000 (ORDINANCE 2019-01)
MOTION
That the 2019 SRF-1 Series Ordinance, in the form presented to this meeting, is approved and adopted, and the Chairperson and the Secretary are authorized to authenticate the 2019 SRF-1 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
On March 8, 2017, the Great Lakes Water Authority ("GLWA") Board of Directors approved the "Resolution of the Great Lakes Water Authority Authorizing Publication of Notice of Intent to Issue Water Supply System Revenue Bonds in a principal amount not to exceed $25,000,000" (the "Notice of Intent"). This is the second series of water bonds from that Notice of Intent and will be in an amount not to exceed $12,000,000. The first series of water bonds was issued on June 13, 2017, on behalf of the Detroit Water and Sewerage Department (DWSD) for its water main replacement project for $8,675,000 sold through the Drinking Water Revolving Fund (DWRF).
The approval of the Series Ordinance presented today is the next formal step required by the GLWA Board of Directors in the bond issuance process. The Series Ordinance authorizes the issuance of the Bonds by GLWA, sets forth the guidelines for the DWRF Bonds, designates the Bonds as 2019 SRF-1 Junior Lien Bonds, and authorizes the Chief Executive Officer ...
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